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Atara Biotherapeutics (NASDAQ:ATRA) inventory plunged 50% in after-hours buying and selling Wednesday after the corporate mentioned {that a} Phase 2 research for its drug ATA188 within the remedy of a number of sclerosis failed to fulfill its main endpoint.
Atara mentioned it’s evaluating the information to resolve the subsequent steps for this system, however anticipates stopping the research as no remedy profit was noticed.
The biotech firm mentioned it plans to considerably lower bills on ATA188 shifting ahead and focus its assets on its differentiated allogeneic CAR-T pipeline, together with its expanded partnership with Pierre Fabre for its remedy tab-cel. It added that these actions ought to prolong its money runway past Q3 2025.
Earlier this month, Atara introduced it had granted US business rights for tab-cel to Pierre Fabre and deliberate to chop its workforce by round 30% as a part of a serious restructuring that included focusing its assets on ATA188 and its differentiated allogeneic CAR-T property. The firm additionally filed for a combined shelf providing of as much as $400M.
