Atara Biotherapeutics (ATRA)
Market Price (9/21/2026): $9.64 | Market Cap: $144.9 MilSector: Health Care | Industry: Biotechnology
Atara Biotherapeutics (ATRA)
Market Price (9/21/2026): $9.64Market Cap: $144.9 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more. | Weak multi-year price returns2Y Excs Rtn is -36%, 3Y Excs Rtn is -145% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.07 | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -14 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -230% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -97%, Rev Chg QQuarterly Revenue Change % is -96% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 63% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -353%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -353% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 717% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -16% High stock price volatilityVol 12M is 144% Key risksATRA key risks include [1] a critically short financial runway creating substantial doubt about its ability to continue as a going concern, Show more. |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -36%, 3Y Excs Rtn is -145% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.07 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -14 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -230% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -97%, Rev Chg QQuarterly Revenue Change % is -96% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 63% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -353%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -353% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 717% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -16% |
| High stock price volatilityVol 12M is 144% |
| Key risksATRA key risks include [1] a critically short financial runway creating substantial doubt about its ability to continue as a going concern, Show more. |
Qualitative Assessment
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Atara Biotherapeutics (ATRA) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Atara Biotherapeutics reported a significant decline in profitability and commercialization revenue in fiscal Q2 2026, which ended June 30, 2026. The company posted a net loss of $4.8 million for the quarter, compared to a net income of $2.4 million in fiscal Q2 2025. Additionally, commercialization revenue plummeted to $0.6 million from $17.6 million in the prior year's comparable quarter, largely attributed to earlier accelerated deferred revenue recognition.
2. A key $9.0 million milestone cash payment was delayed. An amendment to a purchase and sale agreement pushed back a crucial milestone cash payment of $9.0 million from its original due date of June 30, 2026, to January 1, 2028, impacting the company's near-term cash flow.
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Atara Biotherapeutics (ATRA) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Atara Biotherapeutics reported a significant decline in profitability and commercialization revenue in fiscal Q2 2026, which ended June 30, 2026. The company posted a net loss of $4.8 million for the quarter, compared to a net income of $2.4 million in fiscal Q2 2025. Additionally, commercialization revenue plummeted to $0.6 million from $17.6 million in the prior year's comparable quarter, largely attributed to earlier accelerated deferred revenue recognition.
2. A key $9.0 million milestone cash payment was delayed. An amendment to a purchase and sale agreement pushed back a crucial milestone cash payment of $9.0 million from its original due date of June 30, 2026, to January 1, 2028, impacting the company's near-term cash flow.
3. Persistent regulatory uncertainty surrounds the tabelecleucel (tab-cel) Biologics License Application (BLA). Despite receiving guidance from the FDA in fiscal Q2 2026 for resubmission based on the existing Phase 3 ALLELE trial, this follows a Complete Response Letter (CRL) issued on January 9, 2026, which stated that the single-arm trial was no longer adequate for accelerated approval. This ongoing regulatory back-and-forth continues to create uncertainty regarding the approval timeline for a core pipeline asset.
4. Analyst price targets have seen downward adjustments. While the consensus rating is a "Moderate Buy," the average analyst price target for ATRA stood at $9.50 as of September 4, 2026, suggesting a slight potential downside from the stock's trading price around that time. This average target also represents a notable decrease from previous periods, with one analyst's price target decreased by 32% to $8.67 from $12.67 around August 21, 2026.
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Stock Movement Drivers
Fundamental Drivers
The -7.8% change in ATRA stock from 5/31/2026 to 9/20/2026 was primarily driven by a -73.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.51 | 9.69 | -7.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 23 | 6 | -73.2% |
| P/S Multiple | 6.4 | 23.5 | 267.7% |
| Shares Outstanding (Mil) | 14 | 15 | -6.3% |
| Cumulative Contribution | -7.8% |
Market Drivers
5/31/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| ATRA | -7.8% | |
| Market (SPY) | 0.9% | 11.3% |
| Sector (XLV) | 12.7% | 30.6% |
Fundamental Drivers
The 78.8% change in ATRA stock from 2/28/2026 to 9/20/2026 was primarily driven by a 4760.2% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.42 | 9.69 | 78.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 152 | 6 | -95.9% |
| P/S Multiple | 0.5 | 23.5 | 4760.2% |
| Shares Outstanding (Mil) | 14 | 15 | -9.8% |
| Cumulative Contribution | 78.8% |
Market Drivers
2/28/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| ATRA | 78.8% | |
| Market (SPY) | 11.6% | 6.7% |
| Sector (XLV) | 5.5% | 15.5% |
Fundamental Drivers
The -19.6% change in ATRA stock from 8/31/2025 to 9/20/2026 was primarily driven by a -96.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.05 | 9.69 | -19.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 189 | 6 | -96.7% |
| P/S Multiple | 0.8 | 23.5 | 2918.9% |
| Shares Outstanding (Mil) | 12 | 15 | -18.9% |
| Cumulative Contribution | -19.6% |
Market Drivers
8/31/2025 to 9/20/2026| Return | Correlation | |
|---|---|---|
| ATRA | -19.6% | |
| Market (SPY) | 19.4% | 10.8% |
| Sector (XLV) | 24.1% | 13.9% |
Fundamental Drivers
The -73.5% change in ATRA stock from 8/31/2023 to 9/20/2026 was primarily driven by a -72.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312023 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 36.50 | 9.69 | -73.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7 | 6 | -9.7% |
| P/S Multiple | 22.4 | 23.5 | 5.2% |
| Shares Outstanding (Mil) | 4 | 15 | -72.0% |
| Cumulative Contribution | -73.5% |
Market Drivers
8/31/2023 to 9/20/2026| Return | Correlation | |
|---|---|---|
| ATRA | -73.5% | |
| Market (SPY) | 75.6% | 17.8% |
| Sector (XLV) | 32.3% | 17.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ATRA Return | -20% | -79% | -84% | 4% | 36% | -46% | -98% |
| Peers Return | -5% | -66% | -28% | -50% | -5% | 48% | -83% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| ATRA Win Rate | 33% | 25% | 33% | 58% | 58% | 67% | |
| Peers Win Rate | 40% | 28% | 42% | 32% | 48% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| ATRA Max Drawdown | -42% | -83% | -96% | -78% | -71% | -77% | |
| Peers Max Drawdown | -58% | -71% | -63% | -71% | -66% | -39% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ALLO, FATE, NTLA, EDIT, BEAM. See ATRA Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)
How Low Can It Go
| Event | ATRA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -31.8% | -18.8% |
| % Gain to Breakeven | 46.6% | 23.1% |
| Time to Breakeven | 20 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -24.3% | -7.8% |
| % Gain to Breakeven | 32.1% | 8.5% |
| Time to Breakeven | 20 days | 18 days |
| 2020 COVID-19 Crash | ||
| % Loss | -61.4% | -33.7% |
| % Gain to Breakeven | 159.4% | 50.9% |
| Time to Breakeven | 65 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -43.6% | -3.7% |
| % Gain to Breakeven | 77.3% | 3.9% |
| Time to Breakeven | 210 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -72.0% | -12.2% |
| % Gain to Breakeven | 257.3% | 13.9% |
| Time to Breakeven | 830 days | 62 days |
In The Past
Atara Biotherapeutics's stock fell -31.8% during the 2025 US Tariff Shock. Such a loss loss requires a 46.6% gain to breakeven.
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| Event | ATRA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -31.8% | -18.8% |
| % Gain to Breakeven | 46.6% | 23.1% |
| Time to Breakeven | 20 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -24.3% | -7.8% |
| % Gain to Breakeven | 32.1% | 8.5% |
| Time to Breakeven | 20 days | 18 days |
| 2020 COVID-19 Crash | ||
| % Loss | -61.4% | -33.7% |
| % Gain to Breakeven | 159.4% | 50.9% |
| Time to Breakeven | 65 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -43.6% | -3.7% |
| % Gain to Breakeven | 77.3% | 3.9% |
| Time to Breakeven | 210 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -72.0% | -12.2% |
| % Gain to Breakeven | 257.3% | 13.9% |
| Time to Breakeven | 830 days | 62 days |
In The Past
Atara Biotherapeutics's stock fell -31.8% during the 2025 US Tariff Shock. Such a loss loss requires a 46.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Atara Biotherapeutics (ATRA)
Atara Biotherapeutics, Inc. (ATRA) is a clinical-stage biotechnology company specializing in the development of "off-the-shelf" T-cell immunotherapies. The company's core focus is on creating innovative treatments for patients facing severe conditions, including various cancers, autoimmune disorders like multiple sclerosis, and diseases driven by viruses such as Epstein-Barr Virus (EBV) and Human Papillomavirus (HPV).
The company's most advanced product candidate is tabelecleucel (tab-cel), a T-cell immunotherapy currently in Phase 3 clinical trials for treating Epstein-Barr Virus (EBV)-driven post-transplant lymphoproliferative disease (PTLD), a serious complication that can arise after organ or stem cell transplants. Atara is also developing a pipeline of next-generation CAR T-cell immunotherapies designed to target different types of cancer, including those expressing mesothelin in solid tumors and hematologic malignancies, as well as B-cell malignancies.
Beyond its significant oncology efforts, Atara Biotherapeutics is addressing other therapeutic areas, notably with ATA188 for the treatment of multiple sclerosis. The company collaborates with prominent institutions and partners, including Bayer AG for certain CAR T-cell therapies, to advance its programs. Atara's primary customers are patients with urgent unmet medical needs in the fields of oncology, virology, and autoimmunity, for whom their T-cell immunotherapies aim to provide new treatment options.
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- The 'off-the-shelf' version of CAR T cell therapy pioneers like Gilead Sciences or Novartis.
- A Moderna or BioNTech, but for T-cell based cancer and autoimmune treatments.
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- Tabelecleucel: A T-cell immunotherapy in Phase 3 clinical trials for Epstein-Barr virus (EBV) driven post-transplant lymphoproliferative disease and other hematologic and solid tumors.
- ATA2271 and ATA3271: Next-generation CAR T immunotherapies being developed for mesothelin-expressing hematologic malignancies and solid tumors.
- ATA2431 and ATA3219: Next-generation CAR T immunotherapies targeting B-cell malignancies.
- ATA188: A T-cell immunotherapy in development for the treatment of multiple sclerosis.
- ATA368: A program focused on treatments for human papillomavirus (HPV) associated cancers.
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Cokey Nguyen, Ph.D. President and Chief Executive Officer
Dr. Cokey Nguyen was appointed President and Chief Executive Officer and named to the Board of Directors in September 2024. He is a recognized leader in the fields of cell therapy and oncology, possessing significant experience in the research and development of cell therapies, as well as oncology drug discovery and development within the biotech industry. Dr. Nguyen joined Atara in May 2021 as Chief Scientific Officer, where he focused on leading the development of next-generation allogeneic cell therapies for cancer and autoimmune diseases. Prior to his tenure at Atara, he served as Vice President, Innovation, Research and Development at Fate Therapeutics, where he was responsible for directing discovery and innovation efforts and spearheading corporate collaboration programs with ONO Pharma. Before that, Dr. Nguyen led the targeted immunotherapy group within the Oncology Research & Development team at Pfizer, successfully advancing bispecific antibodies for solid tumors and hematological malignancies into clinical trials.
Yanina Grant-Huerta Chief Accounting Officer & Principal Accounting Officer
Yanina Grant-Huerta was appointed as Chief Accounting Officer and principal accounting officer, effective March 31, 2025. She has been with Atara Biotherapeutics since 2020, having previously served as the Vice President of Financial Planning and Analysis.
K. Amar Murugan EVP and Chief Legal Officer
K. Amar Murugan has served as Executive Vice President and Chief Legal Officer at Atara Biotherapeutics since 2023.
Jim Sesic Senior Vice President of Regulatory Affairs
Jim Sesic is the Senior Vice President of Regulatory Affairs at Atara Biotherapeutics.
Alex Chapman Vice President of Corporate Communications & Investor Relations
Alex Chapman serves as the Vice President of Corporate Communications & Investor Relations for Atara Biotherapeutics.
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Key Risks for Atara Biotherapeutics (ATRA)
- Clinical Trial Outcomes and Regulatory Approval: As a clinical-stage biopharmaceutical company, Atara Biotherapeutics' success is heavily dependent on the successful completion of clinical trials for its product candidates, especially tabelecleucel, which is in Phase 3 clinical trials for Epstein-Barr virus (EBV)-driven post-transplant lymphoproliferative disease, as well as hematologic and solid tumors. The failure of any of its product candidates to demonstrate safety and efficacy in clinical trials, or the inability to obtain necessary regulatory approvals, would significantly jeopardize the company's ability to generate revenue and could lead to a substantial decline in its business prospects and stock value.
- Intense Competition and Rapid Technological Advancements: Atara operates in the highly competitive and rapidly evolving field of T-cell immunotherapy and oncology. The company is developing next-generation CAR T immunotherapies and other T-cell therapies. Competitors, including larger pharmaceutical companies and other biotechnology firms, may develop or commercialize products that are more effective, safer, less expensive, or otherwise superior to Atara's product candidates. Rapid technological advancements could also render Atara's current technologies or product candidates obsolete or non-competitive before they achieve commercial success.
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Atara Biotherapeutics (symbol: ATRA) operates in several significant addressable markets for its main product candidates:
- Tabelecleucel (tab-cel) for Epstein-Barr virus (EBV)-driven Post-Transplant Lymphoproliferative Disease (PTLD): The global Epstein-Barr Virus (EBV) market size was valued at approximately USD 1.5 billion in 2024 and is projected to reach USD 2.67 billion by 2035. North America's EBV market size was USD 0.52 billion in 2024. EBV-associated cancers, including PTLD, accounted for 55.4% of the EBV market in 2024. In the U.S., EBV+ PTLD occurs in fewer than 1,000 cases per year.
- Tabelecleucel for Nasopharyngeal Carcinoma (NPC): The global nasopharyngeal cancer market was valued at approximately USD 1.186.21 million in 2024 and is expected to increase to USD 2032.95 million by 2031. Another estimate places the global market at USD 1.62 billion in 2025, projected to reach USD 2.74 billion by 2032. North America held the largest share in the nasopharyngeal carcinoma treatment market in 2024, with a valuation of USD 1.064 billion. The Asia-Pacific region is projected to be the fastest-growing market and held the largest revenue share of 41.20% in 2025.
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Next-generation CAR T Immunotherapies (including for Mesothelin and B-cell Malignancies):
- Overall CAR T-cell therapy market: The global CAR T-cell therapy market size was estimated at USD 5.82 billion in 2025 and is projected to reach USD 22.36 billion by 2033. Another report estimates the global market at USD 5.206.15 million in 2025, expanding to approximately USD 23,247.29 million by 2034. North America dominated the global CAR T-cell therapy market, holding a 61.14% revenue share in 2025.
- B-cell Malignancies (B-cell Lymphoma): The global B-cell lymphoma market was valued at USD 5.08 billion in 2024 and is projected to reach USD 10 billion by 2034. The global B-cell Non-Hodgkin Lymphoma market was valued at USD 8.2 billion in 2024 and is projected to generate USD 22.3 billion by the end of 2033. The U.S. B-cell lymphoma market size was USD 1.39 billion in 2024 and is projected to be around USD 2.78 billion by 2034. North America held the largest share of 39% in the B-cell lymphoma market in 2024.
- Mesothelin-targeted Therapies: Mesothelin is identified as an emerging target for CAR T-cell treatments for solid tumors. While mentioned as a segment within the broader CAR T-cell therapy market, a specific addressable market size for mesothelin-targeted therapies was not found.
- ATA188 for Multiple Sclerosis: The global multiple sclerosis therapeutic market size was estimated at USD 27.39 billion in 2024 and is projected to reach USD 38.62 billion by 2030. North America leads this market, holding a 38.28% share in 2024, with the U.S. dominating the North American market. The U.S. multiple sclerosis market alone was USD 11 billion in 2024.
- ATA368 program for Human Papillomavirus (HPV) associated cancers: The global HPV associated disorders market size was estimated at USD 18.5 billion in 2024 and is projected to reach USD 28.5 billion by 2033. North America held the largest share of 37.55% of the global HPV associated disorders market in 2024. The U.S. market for HPV associated disorders was valued at USD 6.30 billion in 2024 and is expected to reach USD 6.55 billion in 2025.
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Atara Biotherapeutics (ATRA) anticipates several key drivers for future revenue growth over the next two to three years, primarily centered around its lead T-cell immunotherapy programs.
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Potential U.S. Regulatory Approval and Commercialization of EBVALLO (tabelecleucel): The most significant near-term revenue driver is the potential U.S. Food and Drug Administration (FDA) approval of tabelecleucel (EBVALLO) for Epstein-Barr virus (EBV)-positive post-transplant lymphoproliferative disease (PTLD). Although the FDA issued a Complete Response Letter (CRL) in January 2026, Atara and its partner, Pierre Fabre, are actively addressing the concerns and have scheduled a Type A meeting with the FDA to discuss a resubmission. A successful approval would trigger milestone payments from Pierre Fabre and generate royalties for Atara from U.S. sales.
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Expansion of EBVALLO Sales and Royalties in Licensed Territories: EBVALLO is already approved by the European Commission (EC) and commercialized in Europe, the Middle East, Africa, and other select emerging markets by Pierre Fabre. Continued market penetration and sales growth in these regions will translate into ongoing tiered royalty revenue for Atara, contributing to future top-line growth.
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Clinical Advancement and Potential Partnering of ATA3219: Atara's next-generation CAR T program, ATA3219, is a lead candidate targeting B-cell malignancies, including non-Hodgkin's lymphoma (NHL), and autoimmune diseases such as lupus nephritis. Initial data for the NHL trial was expected in the fourth quarter of 2024, and initial data for lupus nephritis is anticipated in the first half of 2025. Positive clinical trial results and progression through development stages could significantly enhance the program's value, potentially leading to new collaboration agreements, upfront payments, and future milestone payments as development advances.
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Share Issuance
- In February 2026, Atara Biotherapeutics issued a warrant to HealthCare Royalty (HCRx) to purchase up to 400,000 shares of common stock at a nominal exercise price of $0.0001 per share. This issuance was part of an agreement to delay a $9.0 million milestone payment.
Inbound Investments
- Atara Biotherapeutics entered into a strategic collaboration with Pierre Fabre in 2021 to commercialize tabelecleucel (tab-cel®) in Europe, the Middle East, Africa, and other select emerging markets.
- The company is eligible to receive a $40 million milestone payment from Pierre Fabre Laboratories upon FDA approval of the tab-cel Biologics License Application (BLA).
- Atara received $31.0 million (net of certain transaction expenses) from HealthCare Royalty (HCRx) in exchange for the right to receive specific Ebvallo royalties and milestone payments from Pierre Fabre.
Capital Expenditures
- Total operating expenses for full-year 2025 were projected to decrease by at least 60% compared to 2024, a result of transitioning substantially all tab-cel activities and associated costs to Pierre Fabre Laboratories, along with implemented operational efficiencies.
- Research and development expenses saw a significant decline from $43.9 million in the third quarter of 2024 to $2.9 million in the third quarter of 2025. This reduction was primarily due to the winding down of allogeneic CAR-T programs and the transfer of tab-cel-related costs.
- As part of a strategic pivot in 2025, Atara underwent multiple workforce reductions, decreasing its headcount to approximately 15 by October, and implemented a 29% reduction in its workforce.
Peer Outperformance in Biotechnology
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 16.2% | 43.2% | 90.1% | CAH 392% · MCK 346% · COR 168% |
| Managed Health Care | 8 | 40.4% | -5.3% | 2.3% | OSCR 84% · HQY 56% · ELV 17% |
| Health Care Services | 20 | 21.1% | 37.6% | -0.3% | HIMS 239% · RDNT 173% · DGX 76% |
| Health Care Facilities | 24 | 6.0% | 6.5% | -4.5% | NHC 271% · THC 261% · ENSG 129% |
| Health Care Equipment | 50 | -2.7% | -0.2% | -21.1% | POCI 11050% · UFPT 341% · GKOS 222% |
| Pharmaceuticals | 62 | -10.5% | 14.8% | -38.6% | LQDA 2472% · INDV 1099% · ETON 1051% |
| Health Care Supplies | 12 | 14.1% | -8.9% | -39.7% | LNTH 287% · HAE 54% · MMSI 20% |
| Life Sciences Tools & Services | 109 | 4.3% | -11.3% | -68.4% | SNWV 1757% · MEDP 231% · NTRA 199% |
| Health Care Technology | 21 | -25.8% | -52.6% | -79.2% | SPOK 68% · HSTM 3% · VEEV -13% |
| Biotechnology ← | 364 | 0.6% | -21.7% | -79.4% | CELZ 1280% · DNTH 1221% · ELVN 1069% |
Latest Trefis Analyses
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|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 6.20 |
| Mkt Cap | 0.4 |
| Rev LTM | 27 |
| Op Inc LTM | -157 |
| FCF LTM | -113 |
| FCF 3Y Avg | -167 |
| CFO LTM | -111 |
| CFO 3Y Avg | -165 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.6% |
| Rev Chg 3Y Avg | 75.3% |
| Rev Chg Q | -46.2% |
| QoQ Delta Rev Chg LTM | -4.9% |
| Op Inc Chg LTM | 21.0% |
| Op Inc Chg 3Y Avg | 9.8% |
| Op Mgn LTM | -477.0% |
| Op Mgn 3Y Avg | -344.8% |
| QoQ Delta Op Mgn LTM | -15.7% |
| CFO/Rev LTM | -468.0% |
| CFO/Rev 3Y Avg | -339.4% |
| FCF/Rev LTM | -469.7% |
| FCF/Rev 3Y Avg | -346.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Business of developing therapeutics | 121 | 129 | 9 | 64 | 20 |
| Total | 121 | 129 | 9 | 64 | 20 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Business of developing therapeutics | 33 | -85 | -276 |
| Total | 33 | -85 | -276 |
| $ Mil | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|
| Business of developing therapeutics | 588 | 343 | 392 | 218 | 264 |
| Total | 588 | 343 | 392 | 218 | 264 |
Price Behavior
| Market Price | $9.69 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 10/16/2014 | |
| Distance from 52W High | -46.4% | |
| 50 Days | 200 Days | |
| DMA Price | $8.93 | $8.62 |
| DMA Trend | down | down |
| Distance from DMA | 8.5% | 12.4% |
| 3M | 1YR | |
| Volatility | 67.2% | 144.6% |
| Downside Capture | 87.26 | 25.94 |
| Upside Capture | 57.57 | -4.14 |
| Correlation (SPY) | 7.9% | 10.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.86 | 1.15 | 0.88 | 0.90 | 1.30 | 1.60 |
| Up Beta | -0.26 | 0.93 | 1.79 | 3.27 | 4.25 | 1.35 |
| Down Beta | -3.63 | -1.33 | -0.87 | 0.95 | 1.36 | 1.75 |
| Up Capture | 207% | 69% | 77% | 71% | 0% | 269% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 21 | 32 | 59 | 125 | 364 |
| Down Capture | 178% | 299% | 158% | -46% | 54% | 112% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 21 | 32 | 66 | 122 | 376 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ATRA | |
|---|---|---|---|---|
| ATRA | -16.5% | 143.7% | 0.53 | - |
| Sector ETF (XLV) | 24.4% | 16.1% | 1.16 | 13.7% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 10.8% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | 4.4% |
| Commodities (DBC) | 46.3% | 20.6% | 1.73 | -5.7% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | 2.0% |
| Bitcoin (BTCUSD) | -30.6% | 44.3% | -0.70 | 4.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ATRA | |
|---|---|---|---|---|
| ATRA | -52.7% | 122.3% | 0.05 | - |
| Sector ETF (XLV) | 6.4% | 15.2% | 0.24 | 22.2% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 26.4% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | 6.3% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | -2.2% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 22.8% |
| Bitcoin (BTCUSD) | 12.5% | 52.5% | 0.42 | 12.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ATRA | |
|---|---|---|---|---|
| ATRA | -33.3% | 100.4% | 0.12 | - |
| Sector ETF (XLV) | 10.6% | 16.7% | 0.51 | 26.8% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 29.9% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 5.4% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 4.8% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 21.4% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 8.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/12/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/16/2026 | -10.9% | -17.5% | -10.7% |
| 1/12/2026 | -25.7% | -26.5% | -21.9% |
| 11/12/2025 | -0.7% | 7.2% | 43.3% |
| 8/11/2025 | 11.8% | 11.2% | 14.1% |
| 5/15/2025 | 15.1% | 4.4% | 33.4% |
| 3/7/2025 | -10.7% | 5.1% | -17.0% |
| 1/16/2025 | -16.1% | 5.0% | 3.2% |
| 11/12/2024 | 22.2% | -5.8% | -6.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 11 | 9 |
| # Negative | 15 | 13 | 15 |
| Median Positive | 8.2% | 5.1% | 19.3% |
| Median Negative | -10.7% | -10.1% | -17.0% |
| Max Positive | 29.2% | 47.1% | 60.3% |
| Max Negative | -25.7% | -33.2% | -48.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/16/2026 | -10.9% | -17.5% | -10.7% |
| 1/12/2026 | -25.7% | -26.5% | -21.9% |
| 11/12/2025 | -0.7% | 7.2% | 43.3% |
| 8/11/2025 | 11.8% | 11.2% | 14.1% |
| 5/15/2025 | 15.1% | 4.4% | 33.4% |
| 3/7/2025 | -10.7% | 5.1% | -17.0% |
| 1/16/2025 | -16.1% | 5.0% | 3.2% |
| 11/12/2024 | 22.2% | -5.8% | -6.2% |
| 8/12/2024 | 3.2% | -7.5% | 6.9% |
| 5/9/2024 | -2.9% | 10.6% | -4.4% |
| 11/1/2023 | -2.3% | 3.1% | -48.8% |
| 8/8/2023 | -17.2% | -18.9% | -32.2% |
| 5/8/2023 | -17.8% | -25.9% | -44.4% |
| 2/8/2023 | -5.4% | -10.1% | -43.8% |
| 11/8/2022 | -20.8% | 2.2% | -3.3% |
| 8/8/2022 | 29.2% | 47.1% | 25.3% |
| 5/5/2022 | 1.5% | -23.5% | -23.9% |
| 2/28/2022 | -20.5% | -33.2% | -24.4% |
| 11/4/2021 | 6.1% | -7.7% | -8.9% |
| 8/9/2021 | 2.0% | -0.6% | 19.3% |
| 5/4/2021 | -1.1% | 1.9% | -2.3% |
| 3/1/2021 | -1.0% | -5.4% | -16.9% |
| 11/9/2020 | 8.2% | 35.6% | 60.3% |
| 8/5/2020 | -1.3% | -3.2% | 0.6% |
| SUMMARY STATS | |||
| # Positive | 9 | 11 | 9 |
| # Negative | 15 | 13 | 15 |
| Median Positive | 8.2% | 5.1% | 19.3% |
| Median Negative | -10.7% | -10.1% | -17.0% |
| Max Positive | 29.2% | 47.1% | 60.3% |
| Max Negative | -25.7% | -33.2% | -48.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/07/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/08/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/07/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/08/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Recent Forward Guidance
Updated 7/27/2026Latest: Q4 2025 Earnings Reported 3/16/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Cash Runway | Reported | 2,026 | ||||||
Prior: Q4 2025 Earnings Reported 1/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Type A Meeting Grant Timeline | Reported | 45 | ||||||
Q3 2025 Earnings Reported 11/12/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Operating Expenses Decrease | Reported | 0.6 | 0.0% | Affirmed | Guidance: 0.6 for 2025 | |||
| 2026 Milestone Payment | Reported | 40.00 Mil | 0.0% | Affirmed | Guidance: 40.00 Mil for 2026 | |||
Insider Activity
Updated 9/4/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cherry, Brian N | Direct | Buy | 9042026 | 9.60 | 104,166 | 999,994 | 1,598,266 | Form | |
| 2 | Nguyen, Anhco | President and CEO | Direct | Sell | 8262026 | 8.08 | 5,062 | 40,883 | 1,072,344 | Form |
| 3 | Nguyen, Anhco | President and CEO | Direct | Sell | 5202026 | 9.13 | 5,241 | 47,845 | 1,258,300 | Form |
| 4 | Grant-Huerta, Yanina | Chief Accounting Officer | Direct | Sell | 5202026 | 9.13 | 2,414 | 22,036 | 453,107 | Form |
| 5 | Panacea, Innovation Ltd | See Footnote | Sell | 5112026 | 10.10 | 313,446 | 3,165,021 | 10,208,572 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cherry, Brian N | Direct | Buy | 9042026 | 9.60 | 104,166 | 999,994 | 1,598,266 | Form | |
| 2 | Nguyen, Anhco | President and CEO | Direct | Sell | 8262026 | 8.08 | 5,062 | 40,883 | 1,072,344 | Form |
| 3 | Nguyen, Anhco | President and CEO | Direct | Sell | 5202026 | 9.13 | 5,241 | 47,845 | 1,258,300 | Form |
| 4 | Grant-Huerta, Yanina | Chief Accounting Officer | Direct | Sell | 5202026 | 9.13 | 2,414 | 22,036 | 453,107 | Form |
| 5 | Panacea, Innovation Ltd | See Footnote | Sell | 5112026 | 10.10 | 313,446 | 3,165,021 | 10,208,572 | Form | |
| 6 | Ecor1, Capital, Llc | See Note | Buy | 5112026 | 9.35 | 507,407 | 4,744,255 | 14,511,200 | Form | |
| 7 | Grant-Huerta, Yanina | Chief Accounting Officer | Direct | Sell | 3042026 | 5.08 | 2,104 | 10,691 | 161,329 | Form |
| 8 | Nguyen, Anhco | President and CEO | Direct | Sell | 3042026 | 5.09 | 2,996 | 15,237 | 315,214 | Form |
| 9 | Panacea, Innovation Ltd | See Footnotes | Sell | 1142026 | 6.07 | 80,554 | 489,019 | 8,040,314 | Form | |
| 10 | Nguyen, Anhco | President and CEO | Direct | Sell | 11192025 | 13.19 | 2,915 | 38,437 | 856,750 | Form |
| 11 | Grant-Huerta, Yanina | Chief Accounting Officer | Direct | Sell | 11192025 | 13.19 | 1,804 | 23,788 | 441,134 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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