Atara Biotherapeutics, Inc. reported a net loss of $85.4 million for the year ended December 31, 2024, compared to a net loss of $276.1 million in 2023. The company's total revenue for 2024 was $128.9 million, a significant increase from $8.6 million in 2023. This increase was primarily driven by commercialization revenue of $128.9 million in 2024, compared to $7.9 million in 2023, resulting from the amended and restated Commercialization Agreement with Pierre Fabre Medicament. The company's cost of commercialization revenue also increased to $21.0 million in 2024 from $8.9 million in 2023, largely due to inventory adjustments.
Research and development expenses decreased to $151.5 million in 2024 from $224.8 million in 2023, primarily due to workforce reductions and the termination of the ATA188 program. General and administrative expenses also decreased to $39.9 million in 2024 from $50.9 million in 2023, again reflecting the impact of workforce reductions. The company's cash, cash equivalents, and short-term investments totaled $42.5 million as of December 31, 2024. The company noted that this amount is insufficient to fund planned operations for the next twelve months, raising substantial doubt about its ability to continue as a going concern.
Significant developments during the year included the amended and restated Commercialization Agreement with Pierre Fabre, expanding their exclusive rights to commercialize tab-cel (Ebvallo) globally. This agreement resulted in additional upfront and milestone payments totaling $60 million. The company also announced the sale of certain intermediates used in Ebvallo manufacturing to Pierre Fabre for $15.5 million. Furthermore, Atara implemented several workforce reductions throughout the year, resulting in total restructuring charges of $16.9 million. In January 2025, the FDA issued a Complete Response Letter for the tab-cel BLA and placed a clinical hold on Atara's IND applications, citing manufacturing facility deficiencies.
Operational developments included the pause in development and discontinuation of allogeneic CAR-T cell programs (ATA3219 and ATA3431) in March 2025. As of December 31, 2024, Atara had 153 employees. Subsequent events included further workforce reductions in January and March 2025, resulting in expected severance and related benefits of approximately $10.5 million. The company is actively pursuing strategic alternatives, including potential acquisitions, mergers, or other transactions, to maximize stockholder value.
Atara's outlook includes securing additional capital to fund operations, potentially through equity offerings, debt financings, or strategic transactions. The company is actively engaged in discussions with potential parties regarding strategic alternatives. The success of these efforts and the ultimate outcome of the FDA's review of the tab-cel BLA remain uncertain. The company's ability to generate sufficient revenue to offset operating expenses and achieve profitability also remains uncertain.
About Atara Biotherapeutics, Inc.
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