Atara beats estimates with loss in Q1
Atara Biotherapeutics had a net loss of $78.2 million in the first quarter of fiscal year 2021, slightly higher compared than same quarter a year earlier, when the company had a loss of $73.5 million.
Despite this, Atara, an immunotherapy biotech company based in South San Francisco with some of its major operations in Thousand Oaks, still beat Zacks’ Consensus Estimate projection of 93 cents loss per share. The company’s net loss in the first quarter was 86 cents per share, down from $1.20 a year earlier, according to earnings released May 4.
Atara, an early-stage company, slowed down its burn rate slightly: Net cash used in operating activities was $65.7 million for the first quarter 2021, compared to $67 million for the same period in 2020.
The company did generate $3.6 million in revenue in license and collaboration due to activities performed under its Bayer Collaboration Agreements. Atara did not generate any license and collaboration revenue in the first quarter of 2020.
The company also continues to make headwinds with its Tab-cel therapy, as Atara is in active discussions with the Federal Drug Administration in preparation for a 2022 launch of the product.
Atara’s Tab-cel therapy is an off-the-shelf treatment currently in development that aims to treat people suffering from certain cancers and tumors after organ transplant.
Atara currently holds over $450 million in cash, cash equivalents and small investments. It believes that its cash as of the end of the first quarter 2021 along with projected revenue from tab-cel sales is sufficient to fund its operations into 2023.