Atara Biotherapeutics Announces Third Quarter 2014 Operating Results
BRISBANE, Calif., Nov. 12, 2014 (GLOBE NEWSWIRE) -- Atara Biotherapeutics, Inc. (Nasdaq:ATRA), a biopharmaceutical development company with a focus on innovative therapies for patients with debilitating diseases, today reported financial results for the third quarter and nine months ended September 30, 2014.
"Atara has made significant accomplishments this year," said Isaac Ciechanover, CEO of Atara. "This past quarter we continued to advance our lead program, PINTA 745, and initiated the trial of our second clinical program, STM 434. Additionally, we entered into an exclusive option agreement with Memorial Sloan Kettering Cancer Center for the development and commercialization of allogeneic T cell therapies for the treatment of certain cancers and persistent viral infections."
Third Quarter 2014 Financial Results
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Atara reported a net loss of $5.9 million, or $4.20 per share, for the third quarter of 2014, compared to a net loss of $2.5 million, or $2.59 per share, for the third quarter of 2013.
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Research and development expenses, including costs paid to Amgen, Inc., increased to $4.2 million for the third quarter of 2014, compared to $1.7 million for the third quarter of 2013, driven primarily by the option and related costs paid to Memorial Sloan Kettering Cancer Center in September 2014 and higher costs related to expanded clinical development activities and increased headcount.
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General and administrative expenses increased to $1.7 million for the third quarter of 2014, compared to $0.9 million for the third quarter of 2013, primarily related to increased headcount and higher professional service fees.
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Operating expenses as described above include non-cash stock-based compensation expense of $0.5 million for the third quarter of 2014, compared to $0.3 million for the third quarter of 2013.
- As of September 30, 2014, Atara had approximately $51.7 million in cash and cash equivalents and short-term available-for-sale investments. This amount excludes $55.8 million of net proceeds from the sale of 5.8 million shares of common stock from Atara's initial public offering in October 2014.
About Atara
Atara Biotherapeutics, Inc. is a biopharmaceutical development company focusing on innovative therapies for patients with debilitating diseases. The company's lead programs are focused on myostatin and activin, members of the TGF-beta family of proteins that have demonstrated the potential to have therapeutic benefit in a number of clinical indications.
| ATARA BIOTHERAPEUTICS, INC. | ||
| Condensed Combined and Consolidated Balance Sheets | ||
| (Unaudited) | ||
| (In thousands, except share and per share amounts) | ||
| September 30, | December 31, | |
| 2014 | 2013 | |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $ 25,703 | $ 51,615 |
| Short-term available-for-sale investments | 25,996 | — |
| Prepaid expenses and other current assets | 323 | 193 |
| Total current assets | 52,022 | 51,808 |
| Property and equipment, net | 14 | 8 |
| Other assets | 2,084 | 12 |
| Total assets | $ 54,120 | $ 51,828 |
| Liabilities, convertible preferred stock and stockholders' deficit | ||
| Current liabilities: | ||
| Accounts payable | $ 569 | $ 606 |
| Accrued compensation | 500 | 331 |
| Income tax payable | 63 | 155 |
| Other accrued liabilities | 1,280 | 432 |
| Total current liabilities | 2,412 | 1,524 |
| Other long-term liabilities | 165 | 230 |
| Total liabilities | 2,577 | 1,754 |
| Commitments and contingencies (Note 5) | ||
| Series A convertible preferred stock—$0.0001 par value, liquidation preference of $20,088 | 19,909 | 19,909 |
| Series A-1 convertible preferred stock—$0.0001 par value, liquidation preference of $3,000 | 2,768 | 2,768 |
| Series B convertible preferred stock—$0.0001 par value, liquidation preference of $52,000 | 51,895 | 38,414 |
| Stockholders' deficit | ||
| Common stock—$0.0001 par value, 12,003,891 and 1,509,712 shares issued and outstanding as of December 31, 2013 and September 30, 2014, respectively | — | 1 |
| Additional paid-in capital | 7,344 | 2,200 |
| Notes receivable from stockholder | -- | (335) |
| Accumulated other comprehensive loss | (11) | — |
| Accumulated deficit | (30,362) | (12,883) |
| Total stockholders' deficit | (23,029) | (11,017) |
| Total liabilities, convertible preferred stock and stockholders' deficit | $ 54,120 | $ 51,828 |
| ATARA BIOTHERAPEUTICS, INC. | ||||
| Condensed Combined and Consolidated Statements of Operations and Comprehensive Loss | ||||
| (Unaudited) | ||||
| (In thousands, except share and per share amounts) | ||||
| Three months ended | Nine months ended | |||
| September 30, | September 30, | |||
| 2014 | 2013 | 2014 | 2013 | |
| Expenses: | ||||
| Research and development | $ 4,241 | $ 1,134 | $ 9,332 | $ 2,057 |
| Research and development costs paid to Amgen | — | 550 | 1,066 | 550 |
| General and administrative | 1,708 | 868 | 7,162 | 2,591 |
| Total operating expenses | 5,949 | 2,552 | 17,560 | 5,198 |
| Loss from operations | (5,949) | (2,552) | (17,560) | (5,198) |
| Interest income | 30 | 3 | 59 | 8 |
| Loss before provision for income taxes | (5,919) | (2,549) | (17,501) | (5,190) |
| Provision (benefit) for income taxes | -- | (13) | (22) | 27 |
| Net loss | $ (5,919) | $ (2,536) | $ (17,479) | $ (5,217) |
| Other comprehensive loss, net of tax: | ||||
| Unrealized losses on investments | (11) | — | (11) | — |
| Other comprehensive loss | (11) | — | (11) | — |
| Comprehensive loss | $ (5,930) | $ (2,536) | $ (17,490) | $ (5,217) |
| Net loss per common share: | ||||
| Basic and diluted net loss per common share | $ (4.20) | $ (2.59) | $ (13.07) | $ (5.73) |
| Weighted-average common shares outstanding - basic and diluted | 1,410,507 | 977,778 | 1,337,501 | 910,839 |
CONTACT: COMPANY CONTACT:
Tina Gullotta
tgullotta@atarabio.com
415-287-2427
Source: Atara Biotherapeutics
Released November 12, 2014