Atara Biotherapeutics(US:ATRA)2024-05-09 20:05Regulatory Submissions - Atara Biotherapeutics plans to submit a Biologics License Application (BLA) for tab-cel in Q2 2024, with pivotal data showing a 48.8% Objective Response Rate (ORR) in over 430 patients[2][8]. Financial Performance - Total revenues for Q1 2024 were $27.4 million, a significant increase of $26.2 million compared to $1.2 million in Q1 2023, primarily due to the expanded partnership with Pierre Fabre[8]. - Total revenue for Q1 2024 was $27.357 million, a significant increase from $1.226 million in Q1 2023[20]. - Atara reported a net loss of $31.8 million, or $0.23 per share, for Q1 2024, compared to a net loss of $74.8 million, or $0.72 per share, for the same period in 2023[8]. - Net loss for Q1 2024 was $31.752 million, compared to a net loss of $74.771 million in Q1 2023[20]. - Basic and diluted net loss per common share improved to $(0.23) from $(0.72) year-over-year[20]. Cash and Investments - Cash, cash equivalents, and short-term investments as of March 31, 2024, totaled $46.2 million, down from $51.7 million as of December 31, 2023[7]. - Cash and cash equivalents increased to $35.087 million from $25.841 million as of December 31, 2023[17]. - The company anticipates cash runway into 2027, supported by expected payments of $20 million and $60 million from Pierre Fabre contingent on BLA acceptance and approval[9]. - The company plans to fund its operations into 2027, contingent on cash runway and milestone payments[15]. Operating Expenses - Net cash used in operating activities for Q1 2024 was $29.6 million, a decrease from $38.4 million in the same period in 2023[8]. - Atara expects a 35% reduction in full-year 2024 operating expenses compared to 2023, with most reductions starting in Q2 2024[9]. Research and Development - Research and development expenses for Q1 2024 were $45.5 million, down from $62.2 million in Q1 2023[8]. - Research and development expenses decreased to $45.506 million from $62.156 million year-over-year[20]. - Atara is enrolling patients in a Phase 1 study of ATA3219 for Non-Hodgkin's lymphoma, with initial clinical data expected in Q4 2024[5]. - The company plans to initiate a Phase 1 study of ATA3219 for lupus nephritis in Q4 2024, with initial data anticipated in H1 2025[2][4]. Balance Sheet - Total current liabilities rose to $180.690 million from $142.226 million as of December 31, 2023[18]. - Deferred revenue increased significantly to $123.154 million from $77.833 million[18]. - Total assets slightly decreased to $165.272 million from $165.504 million[17]. Strategic Partnerships - Atara is transitioning activities related to tab-cel to Pierre Fabre, with timing details pending[15].