Atara Biotherapeutics, Inc. (ATRA): Business Model Canvas [Dec-2025 Updated]

You're looking at a biotech that just executed a massive strategic shift, and frankly, it's smart. The old model is gone; now, this company is running lean, focusing almost entirely on collecting tiered, double-digit royalties from its partner, Pierre Fabre, for the EBVALLO therapy. This pivot slashed operating expenses by a projected 60% in FY 2025 versus 2024, leaving them with about $13.7 million in cash as of Q3 2025 while they wait for a potential $40 million milestone payment upon FDA approval. It's a classic risk-off move in cell therapy, and understanding the nine blocks of their new Business Model Canvas shows exactly how they plan to maximize shareholder value from here. Let's break down this royalty-focused structure.

Atara Biotherapeutics, Inc. (ATRA) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Atara Biotherapeutics, Inc. (ATRA) relies on to move its pipeline, especially tabelecleucel (tab-cel), toward commercialization in late 2025. These aren't just handshake deals; they involve significant financial commitments and operational handoffs.

Pierre Fabre Laboratories for global commercialization of Tab-cel (EBVALLO)

The partnership with Pierre Fabre Medicament is central to Atara Biotherapeutics, Inc.'s near-term financial outlook and commercial strategy for tab-cel, which is already approved in Europe as EBVALLO by the EMA for PTLD. As of the third quarter 2025, substantially all operational activities and associated costs related to tab-cel have been transitioned to Pierre Fabre Laboratories. You should note that Atara Biotherapeutics, Inc. maintains sponsorship of the Biologics License Application (BLA) with the FDA, though regulatory activities were transferred to Pierre Fabre in October. Pierre Fabre is also responsible for the costs related to remediating the third-party manufacturing facility to address FDA requests supporting the BLA resubmission. This shift helped drive an expected operating expense decrease of at least 60% for full-year 2025 compared to 2024.

The financial structure is heavily weighted toward post-approval milestones and royalties. The original agreement from late 2023 has been amended as of March 31, 2025, adjusting potential future milestones. Here's a breakdown of the key financial elements:

Atara projects that the cash on hand as of September 30, 2025, combined with this potential $40 million milestone payment, will provide significant cash runway to execute strategic priorities.

Contract Manufacturing Organizations (CMOs) for specialized cell therapy production

The manufacturing strategy has seen a significant divestiture, moving from internal control to external partnership for tab-cel. A key historical data point is the April 2022 transaction where FUJIFILM Corporation acquired Atara Biotherapeutics, Inc.'s specialized cell therapy manufacturing facility in Thousand Oaks, California, integrating it into FUJIFILM Diosynth Biotechnologies. This means current production for tab-cel is managed by Pierre Fabre Laboratories and its third-party facilities. For other pipeline assets, like ATA3219, manufacturing relied on a third-party facility that faced Good Manufacturing Practice (GMP) compliance issues, leading to an FDA clinical hold in January 2025, which was lifted on May 5, 2025.

Academic institutions for early-stage research and clinical trials

Atara Biotherapeutics, Inc. continues to build its platform through established academic ties, focusing on next-generation T-cell immunotherapies. The foundation of tab-cel itself stems from a 2015 worldwide license agreement with Memorial Sloan Kettering Cancer Center (MSK).

• Memorial Sloan Kettering Cancer Center (MSK): Original rights to tab-cel; expanded 2018 collaboration for next-generation CAR T using the 1XX co-stimulatory domain.
• Bayer: Entered an exclusive worldwide license and collaboration in 2020 for mesothelin-directed CAR T-cell therapies (ATA3271/ATA2271), which included an initial payment of $60 million.
• Queensland Institute of Medical Research (QIMR Berghofer): Research collaboration from which rights to novel technologies were acquired.
• CareDx: Research collaboration initiated in 2020 for a Next Generation Sequencing (NGS) method.

Regulatory bodies (FDA, EMA) for product approval processes

Engagement with regulatory bodies dictates the timeline for realizing the value of the Pierre Fabre partnership. Tab-cel has the distinction of being the first allogeneic T-cell immunotherapy approved by the EMA (as EBVALLO) for PTLD. For the U.S. market, the BLA resubmission for tab-cel is under Priority Review. The pivotal ALLELE study data supporting the BLA demonstrated a statistically significant 48.8% Objective Response Rate (ORR) (p<0.0001). The FDA issued a Complete Response Letter (CRL) in January 2025, which led to the clinical hold on the EBVALLO program being lifted on May 5, 2025. The FDA granted a Type A meeting to discuss the path forward for the BLA resubmission, which has a Prescription Drug User Fee Act (PDUFA) target action date of January 10, 2026.

Atara Biotherapeutics, Inc. (ATRA) - Canvas Business Model: Key Activities

You're looking at a company that has made some very sharp, necessary pivots to preserve capital while pushing for a major regulatory win. The Key Activities for Atara Biotherapeutics, Inc. (ATRA) as of late 2025 are heavily weighted toward supporting that final push for Tab-cel approval and aggressively managing the remaining resources.

Supporting Pierre Fabre through the Tab-cel BLA process

This is the primary focus, honestly. Atara Biotherapeutics, Inc. completed the transfer of substantially all tab-cel activities, including BLA sponsorship, and associated costs to Pierre Fabre Laboratories in October 2025. Still, Atara Biotherapeutics, Inc. continues to support Pierre Fabre Laboratories with certain regulatory activities related to the BLA, though this support is at Pierre Fabre Laboratories' expense. The big near-term catalyst is the Prescription Drug User Fee Act (PDUFA) Target Action Date, which is set for January 10, 2026, following Priority Review acceptance of the resubmission in July 2025. Approval unlocks a significant financial event for Atara Biotherapeutics, Inc.

Here's the quick math on the financial upside from this activity:

The timing of that milestone is crucial; the cash position as of September 30, 2025, was $13.7 million, down from $22.3 million on June 30, 2025. That cash burn rate needs to be managed until the approval hits.

Minimal, focused research and development on the remaining pipeline (e.g., ATA3219)

Research and development (R&D) spending has been slashed to reflect the narrowed focus. You can see this clearly in the third quarter 2025 figures. The goal here is to maintain momentum on the next-gen asset, ATA3219, while keeping costs minimal. The clinical hold on ATA3219 studies was announced in January 2025 due to manufacturing starting material issues, though the EBVALLO clinical holds were lifted in May 2025. You're definitely running lean on this activity.

• Research and development expenses for Q3 2025: $2.9 million.
• Non-cash stock-based compensation within Q3 2025 R&D expenses: $0.3 million.
• R&D expenses in Q3 2024 were $43.9 million, showing the massive reduction in this area.

The company is focused on milestones and royalties from Tab-cel, not broad pipeline expansion right now. That's just realistic capital allocation.

Strategic evaluation of corporate alternatives to maximize shareholder value

Following the tab-cel BLA resubmission in July 2025, Atara Biotherapeutics, Inc. resumed its evaluation of strategic alternatives. This activity is about optimizing the structure around the remaining core asset. To support this, the organization was significantly streamlined in October 2025. This involved a ~29% workforce reduction, leaving approximately ~15 employees retained to focus on the Tab-cel milestones and royalties. Management has guided that full-year 2025 operating expenses (OpEx) are expected to decrease by at least 60% compared to 2024. General and administrative expenses in Q3 2025 were $4.0 million, down from $10.4 million in Q3 2024.

Maintaining and defending core allogeneic T-cell intellectual property

While specific 2025 legal defense spending isn't itemized in the latest reports, maintaining the core allogeneic T-cell intellectual property is an inherent, ongoing activity that underpins the value of the entire platform, especially for future potential licensing or partnership opportunities beyond the Pierre Fabre deal. Defending intellectual property claims is noted as costly and time-consuming, regardless of the outcome, so this activity requires a budget allocation, even if it's folded into the reduced General and Administrative or R&D spend. The entire business model hinges on the proprietary nature of the EBV T-cell platform that underpins both Tab-cel and ATA3219.

Finance: draft 13-week cash view by Friday.

Atara Biotherapeutics, Inc. (ATRA) - Canvas Business Model: Key Resources

Proprietary allogeneic Epstein-Barr virus (EBV) T-cell platform

• Uses allogeneic (donor-derived) T cells.
• Next-generation CAR T technologies integration.
• Requires no T-cell receptor or human leukocyte antigen gene editing.
• Experience across over 600 patients treated with allogeneic EBV T cells.

Intellectual Property (IP) covering Tab-cel and next-gen CAR T assets

• IP covers tab-cel (approved in Europe).
• IP covers next-generation AlloCAR-Ts, including ATA3219 (CD19 CAR T).
• Potential contingent regulatory milestone payment for tab-cel BLA approval: $40 million.
• Atara retained full rights to tab-cel in North America, Asia Pacific, and Latin America.

Here's the quick math on the current state of the balance sheet and team size:

Cash, cash equivalents, and investments totaling $13.7 million as of Q3 2025

Cash, cash equivalents and short-term investments totaled $13.7 million as of September 30, 2025. This compares to $22.3 million as of June 30, 2025. Net cash used in operating activities for the third quarter 2025 was $9.8 million.

Highly specialized, lean workforce of approximately 15 employees post-October 2025 restructuring

Atara announced a workforce reduction in October 2025 that impacted approximately 29% of its current employees. The company retained approximately 15 employees essential to executing on strategic priorities. The company anticipates incurring approximately $1.3 million in severance and related benefits, with completion expected by January 2026.

Atara Biotherapeutics, Inc. (ATRA) - Canvas Business Model: Value Propositions

You're looking at the core value Atara Biotherapeutics, Inc. is trying to deliver right now, which is heavily concentrated on getting their lead asset across the finish line in the US market. The entire financial structure, with cash on hand as of September 30, 2025, sitting at only $13.7 million, hinges on these propositions paying off, defintely.

Off-the-shelf, allogeneic T-cell therapy (Tab-cel) for rapid patient delivery

The primary value here is immediacy-getting the therapy to the patient from inventory, not custom-making it for each person. Atara Biotherapeutics claims to be the first company in the world to receive regulatory approval of an allogeneic T-cell immunotherapy.

• Allogeneic T-cell therapies can be readily available for rapid delivery within days.
• The platform does not require T-cell receptor or HLA gene editing.

Treatment for rare, high-unmet-need diseases like EBV+ PTLD

This is where the near-term financial trigger lies, tied to the FDA decision. The Biologics License Application (BLA) for tabelecleucel (tab-cel) for EBV+ PTLD has a Priority Review PDUFA target action date of January 10, 2026. If approved, Atara Biotherapeutics is eligible to receive a $40 million milestone payment from Pierre Fabre Laboratories. This is critical, as the company projects its Q3 2025 cash position, combined with this milestone, will provide significant runway.

For patients, the value is clear: there are no FDA approved therapies in this treatment setting for patients who have received at least one prior therapy.

Potential for transformative therapies in autoimmune diseases and oncology

While the immediate focus is EBV+ PTLD, the underlying technology is positioned for broader application. The company is leveraging its novel allogeneic Epstein-Barr virus (EBV) T-cell platform for this purpose. Atara previously had CAR T projects like ATA3219 and ATA3431, which were discontinued in March 2025 to focus resources.

• The platform forms the basis of a diverse portfolio targeting EBV-driven malignancies.
• The platform has potential application for a wide range of disease-causing viral and non-viral targets.

Scalable manufacturing process capable of producing over a thousand doses per donor

The manufacturing value proposition addresses the scalability challenge inherent in cell therapy, though operational responsibility has shifted. The process is described as efficient and robust.

The company's Q3 2025 net loss was $4.3 million, reflecting the transition of substantially all tab-cel activities and associated costs to Pierre Fabre Laboratories.

Atara Biotherapeutics, Inc. (ATRA) - Canvas Business Model: Customer Relationships

Atara Biotherapeutics, Inc. (ATRA) manages customer relationships across several distinct groups, reflecting its stage as a clinical-stage company transitioning toward commercialization for its lead asset.

Indirect relationship with end-users via commercial partner (Pierre Fabre)

The relationship with the ultimate end-users, patients receiving tab-cel (EBVALLO), is primarily mediated through the commercial partner, Pierre Fabre Laboratories. This structure dictates that Pierre Fabre handles the majority of commercialization activities upon regulatory approval. Atara remains eligible for significant financial upside from this relationship. Specifically, Atara is eligible to receive a $40 million milestone payment upon FDA approval of the tab-cel BLA. This milestone amount was adjusted from a previously expected $60 million following the January 2025 Complete Response Letter (CRL). Furthermore, Atara is entitled to double-digit tiered royalties as a percentage of net sales, plus additional milestones related to commercial sales of EBVALLO. The expanded global partnership, initiated in 2023, had an original structure allowing for potential payments up to USD 640 million plus royalties. Near-term payments from the initial agreement included approximately USD 30 million in cash upfront and initial inventory purchase at closing, alongside USD 100 million in potential regulatory milestones through BLA transfer. As of October 2025, Atara completed the transfer of regulatory activities, including BLA sponsorship, to Pierre Fabre Laboratories. Atara will continue to support Pierre Fabre Laboratories, at Pierre Fabre Laboratories expense, with certain regulatory activities related to the BLA.

Direct, high-touch engagement with regulatory agencies (FDA/EMA)

Direct engagement with the U.S. Food and Drug Administration (FDA) is critical and high-touch, focused on achieving marketing authorization for tab-cel. The BLA resubmission occurred in July 2025. The FDA granted the resubmitted BLA Priority Review status, setting a Class 2 Resubmission Prescription Drug User Fee Act (PDUFA) target action date of January 10, 2026. This followed an initial CRL issued in January 2025. The FDA lifted the clinical hold on active Investigational New Drug (IND) applications in May 2025. The FDA granted Atara a Type A meeting in the second quarter of 2025 to discuss the plan to address the issues raised in the CRL. The pivotal ALLELE study data supporting the BLA demonstrated a statistically significant 48.8% Objective Response Rate (ORR) (p<0.0001). Tab-cel also holds Breakthrough Therapy Designation for rituximab-refractory EBV+ PTLD.

Collaborative support for clinical investigators and transplant centers

Support for clinical investigators and transplant centers centers on the data supporting the BLA and the ongoing, though reduced, clinical activities. The BLA data package covered more than 430 patients treated with tab-cel across multiple life-threatening diseases. The proposed indication is for adult and pediatric patients two years of age and older who have received at least one prior therapy. Following the discontinuation of the Car-T programs ATA3219 and ATA3431 in March 2025, the focus shifted. For the remaining ATA3219 program, initial clinical data for the Lupus Nephritis trial (NCT06429800) was expected in mid-2025.

Investor relations focused on milestone achievement and cost control

Investor communications heavily emphasize achieving the tab-cel milestone and rigorous cost control measures to extend the cash runway. Atara reported cash, cash equivalents and short-term investments of $13.7 million as of September 30, 2025, down from $22.3 million as of June 30, 2025. Net cash used in operating activities was $9.8 million for the third quarter of 2025. The company projects full-year 2025 operating expenses will decrease by at least 60% compared to 2024, with an earlier estimate projecting a reduction of approximately 65%. Significant workforce reductions were implemented, cutting headcount by 50% in January 2025 and another 50% in March 2025. In October 2025, a further reduction impacted approximately 29% of current employees, retaining about 15 employees. The company secured expected gross proceeds of $16 million from an offering in May 2025. The cash position as of June 30, 2025 ($22M) was projected to fund operations into the first quarter of 2026. The trailing Price-to-Earnings (P/E) Ratio as of November 26, 2025, was 6.82.

Here's a quick view of the financial context supporting these relationship strategies:

Atara Biotherapeutics, Inc. (ATRA) - Canvas Business Model: Channels

You're looking at how Atara Biotherapeutics, Inc. (ATRA) gets its value propositions to its customers and stakeholders as of late 2025. It's a lean operation now, heavily reliant on its partner for commercialization, but still managing key regulatory and clinical fronts.

Pierre Fabre Laboratories' global commercial and distribution network

The primary channel for the lead asset, tabelecleucel (tab-cel or Ebvallo), is through the expanded global partnership with Pierre Fabre Laboratories. This arrangement grants Pierre Fabre the development, manufacturing, and commercialization rights for tab-cel in the United States and all remaining markets, building upon the existing European commercialization rights from October 2021.

Atara Biotherapeutics, Inc. completed the transfer of substantially all operational activities and associated costs related to tab-cel to Pierre Fabre Laboratories in July 2025. The sponsorship of the Biologics License Application (BLA) remains with Atara Biotherapeutics, Inc., but Pierre Fabre Laboratories actively prepares for the potential U.S. launch.

Direct regulatory submissions (BLA/MAA) to the FDA and EMA

The core channel for U.S. market access is the direct submission and ongoing management of the BLA for tabelecleucel (tab-cel) for Epstein-Barr virus positive post-transplant lymphoproliferative disease (EBV+ PTLD). Atara Biotherapeutics, Inc. maintains the sponsorship of this BLA.

The European Medicines Agency (EMA) approval for tab-cel was secured earlier, allowing for commercialization in the European Union, the United Kingdom, and Switzerland.

• Phase 3 ALLELE clinical study for EBV+ PTLD restarted enrollment and treatment as of May 2025.
• BLA resubmission accepted with Priority Review in July 2025.
• Prescription Drug User Fee Act (PDUFA) target action date set for January 10, 2026.
• The January 2025 Complete Response Letter (CRL) was related to third-party manufacturing facility observations, not efficacy or safety data.

Academic and clinical trial sites for pipeline asset development

This channel involves the network of academic and clinical trial sites necessary to advance the remaining pipeline assets, primarily ATA3219, despite the March 2025 discontinuation of all Car-T operations (which included ATA3219 and ATA3431). The clinical trial infrastructure remains a key operational channel.

The company is working closely with its clinical trial sites to manage the restart of trials following the May 2025 lifting of the clinical hold. The clinical trial site network is essential for supporting the BLA review process.

Corporate communications for investor and public outreach

Investor and public outreach channels are critical for managing cash runway and communicating strategic shifts, especially following the workforce restructuring in October 2025. The company's financial reporting provides the hard numbers for this outreach.

• Workforce reduction impacted approximately 29% of current employees in October 2025.
• Retained employee count essential to executing strategic priorities is approximately 15 employees.
• Anticipated full-year 2025 operating expenses decrease by at least 60% compared to 2024.

Here's the quick math from the Q3 2025 filing, which is the latest snapshot of the operating reality:

The Nasdaq: ATRA stock traded at $14.42 on November 12, 2025, with a volume of 25.45k shares reported that day. What this estimate hides is the reliance on the $40 million milestone to extend the cash runway beyond Q1 2026. Finance: draft 13-week cash view by Friday.

Atara Biotherapeutics, Inc. (ATRA) - Canvas Business Model: Customer Segments

You're looking at the specific groups Atara Biotherapeutics, Inc. (ATRA) targets with its cell therapies, which is crucial for understanding their near-term revenue drivers and long-term pipeline potential.

Patients with Epstein-Barr virus positive Post-Transplant Lymphoproliferative Disease (EBV+ PTLD)

This segment represents the immediate commercial opportunity for tabelecleucel (tab-cel, trademarked as EBVALLO in the EU) outside the US, as the US Biologics License Application (BLA) process is ongoing following a Complete Response Letter in January 2025.

• Research suggests EBV causes approximately 50% of Post-Transplant Lymphoproliferative Disease (PTLD) cases.
• The data package supporting the BLA included pivotal and supportive data covering more than 430 patients treated with tab-cel across multiple life-threatening diseases.
• Data from the ALLELE study showed an objective response rate (ORR) of 51.2% in relapsed/refractory EBV+ PTLD patients.
• The estimated one-year overall survival rate (OS) for EBV+ PTLD patients in one study was 70.6%.

For the patients who respond to tab-cel in that study, the one-year OS was 85.7%, versus 0% for non-responders. That's a stark difference in outcomes.

Transplant centers and specialized hematology/oncology clinics

These institutions are the gatekeepers for prescribing and administering tab-cel, especially since the company has transitioned substantially all tab-cel activities to its partner, Pierre Fabre Medicament.

The operational focus for Atara Biotherapeutics, Inc. has shifted following a restructuring in October 2025, which reduced its workforce by approximately 29%, retaining only about 15 essential employees. This means the clinics are now primarily interacting with the commercial infrastructure of Pierre Fabre for tab-cel, while Atara focuses on its internal pipeline assets like ATA3219.

Patients with serious autoimmune diseases (e.g., Lupus) targeted by the CAR T pipeline

This segment represents the future growth potential centered on the ATA3219 program, an allogeneic anti-CD19 CAR T-cell therapy, targeting B-cell driven autoimmune diseases.

• ATA3219 is being investigated in Phase 1 for relapsed/refractory B-cell Non-Hodgkin's Lymphoma, with initial clinical data anticipated in Q1 2025.
• For autoimmune indications, the Phase 1 study for subjects with lupus nephritis (LN), a form of Systemic Lupus Erythematosus (SLE), planned initiation in Q4 2024.
• Initial clinical data for ATA3219 in lupus nephritis was expected in mid-2025.

The company is also advancing ATA3431, an allogeneic dual CAR T candidate targeting both CD19 and CD20 for B-cell malignancies, which could eventually address a broader patient population if successful.

Global pharmaceutical companies seeking licensing opportunities

This segment is currently defined by the existing, highly significant partnership with Pierre Fabre Medicament, which holds worldwide commercialization rights for tab-cel.

The financial relationship with Pierre Fabre provides a critical lifeline, as Atara Biotherapeutics, Inc. is eligible to receive a $40 million milestone payment upon FDA approval of the tab-cel BLA. The trailing twelve-month revenue as of September 30, 2025, was $152M, a figure heavily influenced by revenue recognition from this partnership, with Q1 2025 revenues hitting $98.1 million, up from $27.4 million in Q1 2024, largely due to the transfer of manufacturing responsibilities to Pierre Fabre as of March 31, 2025. Still, the cash position as of September 30, 2025, was tight at $13.7 million in cash, cash equivalents, and short-term investments.

Finance: draft 13-week cash view by Friday.

Atara Biotherapeutics, Inc. (ATRA) - Canvas Business Model: Cost Structure

You're looking at a cost structure that has been aggressively streamlined, reflecting a major strategic shift focused on maximizing the value from the tab-cel program through the partnership with Pierre Fabre Laboratories. The entire cost base is being managed to stretch liquidity until the expected BLA approval milestone.

Atara Biotherapeutics, Inc. anticipates full-year 2025 operating expenses will decrease by at least 60% compared to 2024. Some reports indicated a projection of approximately 65% reduction for the full year 2025 versus 2024. This massive reduction is directly tied to the transition of substantially all tab-cel activities and associated costs to Pierre Fabre Laboratories, alongside internal operational efficiencies implemented in the first half of the year.

The R&D and G&A lines show the most dramatic impact of this restructuring. Here's the quick math on the third quarter performance, which clearly illustrates the lean corporate structure Atara is operating under:

The R&D spend for the third quarter 2025 was reported at $2.9 million. This minimal spend reflects the transfer of development activities. To be fair, the G&A costs for the third quarter 2025 settled at $4.0 million, supporting the narrative of a lean corporate structure focused on essential functions.

The costs associated with supporting the Tab-cel BLA transfer to Pierre Fabre are now largely shifted, but Atara Biotherapeutics, Inc. did incur initial costs that are now being offset or managed differently. Key elements of this cost structure shift include:

• Pierre Fabre Laboratories agreed to reimburse Atara for expected tab-cel global development costs through the Biologics License Application (BLA) transfer.
• Substantially all tab-cel manufacturing, clinical, and regulatory activities were planned to transition from Atara to Pierre Fabre Laboratories at the time of BLA transfer.
• The company completed transferring substantially all operational activities and associated costs related to tab-cel to Pierre Fabre Laboratories in July 2025.
• Pierre Fabre also assumed the costs related to remediation of the third-party manufacturing facility to support the BLA resubmission.

The company is now primarily focused on activities required to achieve potential BLA approval, which is contingent on the FDA PDUFA target action date of January 10, 2026. The cost structure is designed to preserve liquidity until this event, which unlocks a $40 million milestone payment from Pierre Fabre Laboratories. Finance: draft 13-week cash view by Friday.

Atara Biotherapeutics, Inc. (ATRA) - Canvas Business Model: Revenue Streams

You're looking at how Atara Biotherapeutics, Inc. brings in cash right now, and it's heavily tied to their partner, Pierre Fabre Medicament. The most significant near-term potential revenue is contingent on regulatory success for their lead asset, EBVALLO (tab-cel). Specifically, Atara Biotherapeutics, Inc. is eligible to receive a $40 million milestone payment immediately upon the U.S. Food and Drug Administration (FDA) approval of the Biologics License Application (BLA) for tab-cel.

Beyond that approval trigger, the long-term revenue engine from this partnership is the royalties. Atara Biotherapeutics, Inc. is set to receive tiered double-digit royalties as a percentage of net sales of EBVALLO generated by Pierre Fabre Medicament in their commercial territories.

The revenue recognition pattern has shifted dramatically in 2025 due to the transfer of obligations. This is where you see large, non-recurring amounts hit the top line as performance obligations are satisfied. Here's a quick look at the reported revenue figures from the 2025 fiscal year so far, reflecting these transfers:

That large Q1 2025 revenue figure of $98.1 million came primarily from revenue recognized as a result of completing certain performance obligations under the Pierre Fabre agreement when manufacturing responsibilities transferred on March 31, 2025. This was a one-time event tied to the asset transfer, so you shouldn't expect that magnitude of revenue from operations again unless another major transfer occurs.

For the third quarter of 2025, the revenue picture reflects the tail end of these transitions. Atara Biotherapeutics, Inc. posted total revenues of $3.45 million for Q3 2025. This is characterized as residual collaboration revenue, stemming from partner support activities, as substantially all operational activities and associated costs related to tab-cel have moved to Pierre Fabre Laboratories.

The current revenue streams can be summarized by their nature:

• Contingent milestone payments, including the potential $40 million upon FDA approval of EBVALLO.
• Long-term, variable income from double-digit tiered royalties on net sales.
• Completed performance obligation revenue recognized in Q1 2025, totaling $98.1 million.
• Residual collaboration revenue from ongoing partner support, which was $3.45 million in Q3 2025.