Atara Biotherapeutics, Inc. (ATRA): restructuring charge — Atara expands tab-cel partnership worth up to $640M, cuts workforce 30%, Q3 loss $69.8M

Atara Biotherapeutics, Inc.

Expanded global tab-cel deal with Pierre Fabre: up to $640M in payments, ~$30M upfront and $100M regulatory milestones, plus tiered double-digit royalties.
Workforce reduction of ~30% to extend cash runway into Q3 2025; $7M in severance charges expected.
Q3 net loss $69.8M ($0.66/sh) vs $84.1M ($0.82/sh) in prior year; cash, equivalents, and investments $102.4M at Sep 30.
ATA188 Phase 2 EMBOLD primary analysis on track for early Nov; focus shifts to ATA188 and AlloCAR-T programs.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Atara Biotherapeutics, Inc. reported third quarter ended September 30, 2023 results: net income net loss of $69.8 million, EPS $0.66 per share.

Period: third quarter ended September 30, 2023
Net income: net loss of $69.8 million
EPS: $0.66 per share
Result: reported results

Exact text from the filing

Atara reported a net loss of $69.8 million, or $0.66 per share for the third quarter 2023

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Atara Biotherapeutics, Inc. amended Amended and Restated Commercialization Agreement with Pierre Fabre Medicament valued at $20 million (effective 2023-10-31).

Action: amendment
Agreement: license
Counterparty: Pierre Fabre Medicament
Value: $20 million
Effective: 2023-10-31

Exact text from the filing

On October 31, 2023, Atara Biotherapeutics, Inc. (the “Company”) entered into an Amended and Restated Commercialization Agreement (the “A&R Commercialization Agreement”) with Pierre Fabre Medicament (“Pierre Fabre”), which amends and restates that certain Commercialization Agreement dated October 2, 2021, as amended on September 27, 2022 (the “Original Commercialization Agreement”).

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Atara Biotherapeutics, Inc. announced a restructuring with charges of approximately $7.0 million in total for severance and related benefits (approximately 30% of its current employees).

Type: restructuring
Charge: approximately $7.0 million in total for severance and related benefits
Headcount: approximately 30% of its current employees

Exact text from the filing

On November 1, 2023, the Company announced a reduction in its workforce that will impact approximately 30% of its current employees. The Company expects to substantially complete the workforce reduction by December 31, 2023. The Company expects to recognize approximately $7.0 million in total for severance and related benefits for employees laid off under the reduction in force.

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Source: SEC EDGAR

accession 0000950170-23-057146

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