Atara reports higher net loss in fourth quarter
Thousand Oaks-based Atara Biotherapeutics reported financial results for the fourth quarter and full year 2023 along with recent business highlights and key upcoming milestones for 2024 on March 28.
Atara reported a net loss of $60.5 million or 56 cents per share in the fourth quarter of 2023 along with a net loss of $276.1 million or $2.61 per share for the full year 2023.
Net cash used in operating activities was $50.4 million and $193 million for the fourth quarter and full year fiscal year 2023, respectively.
Research and development expenses were $49.6 million and $224.8 million for the fourth quarter and fiscal year 2023, respectively.
During the fourth quarter, Atara announced it will be laying off nearly 100 workers, including 48 from its Ventura County locations, before the end of the year. In January, the company announced further layoffs, reducing its headcount by approximately 25% to approximately 170 employees, according to a filing with the state’s WARN Act.
Atara’s cash and cash equivalents to end the year were $51.7 million.
The $51.7 million does not include the approximately $27 million received in January 2024 from Pierre Fabre Laboratories from the closing of the expanded global partnership, nor another $25 million in proceeds from other deals.
With that in hand, Atara expects cash on hand to enable funding of planned operations into 2027.
Atara closed up 3.8% on April 1 compared to its earnings announcement on March 28. Shares closed at 72 cents on March 28.
