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Jun 30, 2024
Atara Q2 2024 Earnings Report
Atara reported financial results for the second quarter of 2024, highlighted by tab-cel BLA acceptance and progress in clinical development of ATA3219.
Key Takeaways
Atara Biotherapeutics reported increased revenue for Q2 2024, driven by the expanded partnership with Pierre Fabre and accelerated recognition of deferred revenue. The company is advancing its pipeline, including tab-cel and ATA3219, with key milestones expected in the coming year. A leadership transition was announced, with Pascal Touchon becoming Chairman and Cokey Nguyen assuming the role of President and CEO.
Tab-cel U.S. BLA accepted under Priority Review with a PDUFA action date of January 15, 2025.
ATA3219 Lupus Nephritis and Severe Systemic Lupus Erythematosus study initiation expected in Q4 2024; initial clinical data expected mid-2025.
Enrolling ATA3219 Non-Hodgkin’s Lymphoma study; initial clinical data expected Q1 2025.
Cash runway into 2027 enables key pipeline readouts.
Forward Guidance
Atara expects full year 2024 operating expenses to decrease by approximately 35% from 2023 and anticipates that current resources will fund operations into 2027.
Positive Outlook
- Milestone payments for tab-cel BLA acceptance.
- Purchase of tab-cel intermediate inventory by Pierre Fabre.
- Reimbursement for tab-cel global development costs through the BLA transfer by Pierre Fabre.
- Operating efficiencies resulting from completed workforce reductions.
- Anticipated royalties from sales of tab-cel by Pierre Fabre in the U.S. post BLA approval.
Challenges Ahead
- Costly and time-consuming pharmaceutical product development process and the uncertainty of clinical success.
- COVID-19 pandemic and the wars in Ukraine and the Middle East, which may significantly impact business, research, clinical development plans and operations
- COVID-19 pandemic and the wars in Ukraine and the Middle East, which may significantly impact ability to access capital
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