Revenue has plummeted by 99.5% year-over-year as of 2026Q1, reflecting the exhaustion of milestone-driven income and a failure to achieve scalable operating leverage.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 23.14M | 120.77M | 128.94M | 8.57M | 63.57M | 20.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -88.41% | -6.33% | 1404.02% | -86.51% | 212.55% | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 897K | 21.21M | 21.01M | 8.89M | 0 | 282M | 244.65M | 0 | 3.78M | 956K | 383K | 48K | 0 | 0 | 0 |
| COGS % of Revenue | - | 17.56% | 16.29% | 103.65% | - | 1386.44% | - | - | - | - | - | - | - | - | - |
| Gross Profit | 22.24M | 99.56M | 107.93M | -313K | 63.57M | -261.66M | -244.65M | 0 | -3.78M | -956K | -383K | -48K | 0 | 0 | 0 |
| Gross Margin % | 96.12% | 82.44% | 83.71% | -3.65% | 100% | -1286.44% | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | -7.76% | 34582.75% | -100.49% | 124.3% | -6.95% | - | 100% | -295.5% | -149.61% | -697.92% | - | - | - | - |
| Operating Expenses | 28.55M | 63.7M | 191.37M | 275.69M | 344.09M | 78.8M | 64.4M | 295.68M | 237.11M | 121.53M | 81.24M | 58.45M | 28.16M | 8.62M | 12.28M |
| OpEx % of Revenue | - | 52.74% | 148.42% | 3215.83% | 541.25% | 387.42% | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 17.8M | 26.25M | 39.89M | 50.91M | 71.55M | 78.8M | 64.4M | 79.58M | 69.65M | 40.33M | 24.73M | 16.83M | 12.71M | 3.76M | 2.5M |
| SG&A % of Revenue | - | 21.74% | 30.93% | 593.82% | 112.55% | 387.42% | - | - | - | - | - | - | - | - | - |
| Research & Development | 10.18M | 37.45M | 151.48M | 224.78M | 272.53M | 282M | 244.65M | 216.1M | 167.46M | 81.21M | 56.51M | 41.62M | 15.45M | 4.86M | 9.78M |
| R&D % of Revenue | - | 31% | 117.48% | 2622.01% | 428.69% | 1386.44% | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 579K | 0 | 0 | 0 | 0 | -282M | -244.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -6.31M | 35.86M | -83.44M | -276.01M | -280.51M | -340.46M | -309.05M | -295.68M | -237.11M | -121.53M | -81.24M | -58.45M | -28.16M | -8.62M | -3.23M |
| Operating Margin % | -27.27% | 29.69% | -64.71% | -3219.48% | -441.25% | -1673.85% | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 142.98% | 69.77% | 1.61% | 17.61% | -10.16% | -4.52% | -24.7% | -95.1% | -49.59% | -39% | -107.59% | -226.83% | -167.13% | - |
| EBITDA | -5.96M | 37.98M | -78.39M | -271.18M | -274.86M | -331.12M | -300.72M | -288.54M | -233.33M | -120.58M | -80.86M | -58.4M | -28.15M | -8.61M | 0 |
| EBITDA Margin % | -25.75% | 31.45% | -60.79% | -3163.15% | -432.35% | -1627.91% | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 24.89% | 148.45% | 71.09% | 1.34% | 16.99% | -10.11% | -4.22% | -23.66% | -93.51% | -49.12% | -38.46% | -107.46% | -226.91% | - | - |
| D&A (Non-Cash Add-back) | 350K | 2.12M | 5.05M | 4.83M | 5.65M | 9.35M | 8.33M | 7.14M | 3.78M | 956K | 383K | 48K | 6K | 4K | 3.23M |
| EBIT | -5.88M | 36.51M | -80.8M | -270.83M | -227.92M | -340.46M | -309.05M | -295.68M | -237.11M | -121.53M | -81.24M | -58.45M | -28.16M | -8.62M | -4.09M |
| Net Interest Income | -3.1M | -3.11M | -2.5M | 141K | 2.69M | 367K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 501K | 683K | 2.11M | 5.43M | 3.06M | 367K | 0 | 0 | 6.37M | 2.03M | 2.2M | 1.22M | 125K | 12K | 0 |
| Interest Expense | 3.6M | 3.79M | 4.62M | 5.29M | 373K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -3.13M | -3.14M | -1.98M | -105K | 52.22M | 367K | 2.45M | 4.72M | 6.37M | 2.03M | 2.2M | 1.22M | 125K | 12K | -868K |
| Pretax Income | -9.44M | 32.72M | -85.42M | -276.11M | -228.29M | -340.1M | -306.61M | -290.96M | -230.74M | -119.5M | -79.04M | -57.23M | -28.03M | -8.6M | -12.28M |
| Pretax Margin % | -40.78% | 27.09% | -66.24% | -3220.7% | -359.1% | -1672.05% | - | - | - | - | - | - | - | - | - |
| Income Tax | 31K | 31K | -12K | 15K | 12K | 46K | 15K | 12K | -44K | -14K | 10K | -9K | -25K | 170K | 51K |
| Effective Tax Rate % | -0.33% | 0.09% | 0.01% | -0.01% | -0.01% | -0.01% | -0% | -0% | 0.02% | 0.01% | -0.01% | 0.02% | 0.09% | -1.98% | -0.42% |
| Net Income | -9.47M | 32.69M | -85.4M | -276.13M | -228.3M | -340.14M | -306.62M | -290.98M | -2.31B | -1.19B | -790.49M | -572.21M | -280.06M | -87.73M | -123.3M |
| Net Margin % | -40.91% | 27.07% | -66.23% | -3220.88% | -359.12% | -1672.28% | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 39.47% | 138.28% | 69.07% | -20.95% | 32.88% | -10.93% | -5.38% | 87.39% | -93.07% | -51.16% | -38.15% | -104.32% | -219.23% | 28.85% | - |
| Net Income (Continuing) | -9.47M | 32.69M | -85.4M | -276.13M | -228.3M | -340.14M | -306.62M | -290.98M | -230.7M | -119.49M | -79.05M | -57.22M | -28.01M | -8.77M | -4.11M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.67 | 2.57 | -11.41 | -65.18 | -55.96 | -90.78 | -103.63 | -141.78 | -131.64 | -100.03 | -68.78 | -55.92 | -140.42 | -227.09 | -16.81 |
| EPS Growth % | 81.99% | 122.52% | 82.49% | -16.48% | 38.36% | 12.4% | 26.91% | -7.7% | -31.6% | -45.43% | -23% | 60.18% | 38.17% | -1250.92% | - |
| EPS (Basic) | - | 2.61 | -11.41 | -65.18 | -55.96 | -90.78 | -103.63 | -141.78 | -131.64 | -100.03 | -68.78 | -55.92 | -140.42 | -227.09 | -16.81 |
| Diluted Shares Outstanding | 14.08M | 12.72M | 7.49M | 4.24M | 4.08M | 3.75M | 2.96M | 2.05M | 1.75M | 1.19M | 1.15M | 1.02M | 199.44K | 38.63K | 733.29K |
| Basic Shares Outstanding | 14.08M | 12.54M | 7.49M | 4.24M | 4.08M | 3.75M | 2.96M | 2.05M | 1.75M | 1.19M | 1.15M | 1.02M | 199.44K | 38.63K | 733.29K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and solvency risk
As reported in recent financial statements, Atara's revenue has experienced a severe contraction, plummeting from $98.1 million in 2025Q1 to a mere $516.0K by 2026Q1, reflecting the company's heavy reliance on non-recurring milestone payments rather than a sustainable, volume-driven commercial product sales model.
The dramatic decline in top-line figures highlights the volatility inherent in a business model dependent on sporadic collaboration milestones. Investors should interpret this trend as a signal that the company lacks a reliable, recurring revenue stream to support its ongoing operational requirements.
Based on Atara's reported figures, gross margins have fluctuated wildly, reaching a peak of 96.8% in 2025Q2 before collapsing to 76.0% in 2026Q1, a trend that suggests the company's profitability metrics are heavily distorted by the timing of high-margin, one-time milestone revenue recognition.
These elevated margins do not appear to reflect true operational efficiency or pricing power, but rather the accounting treatment of partnership inflows. A transition to commercial-scale manufacturing would likely introduce significant variable costs, potentially compressing these margins to levels more representative of a clinical-stage biotech firm.
According to historical income statement data, Atara has failed to demonstrate positive operating leverage, as evidenced by the persistent operating losses that reached $3.4 million in 2026Q1 despite significant reductions in R&D spending compared to the peak levels observed in 2024.
The inability to scale operating income alongside revenue suggests that the company's cost structure remains rigid and disconnected from its current commercial output. This lack of operating leverage warrants further investigation into whether the current SG&A footprint is sustainable given the company's diminished revenue trajectory.
As indicated by the income statement, Atara's net income has been consistently negative, with the exception of a brief period in 2025Q2, and the reported EPS figures are heavily impacted by the company's ongoing need to manage its capital structure through dilutive financing activities.
The quality of earnings is further obscured by the reliance on non-operating items and milestone-based revenue, which do not reflect core operational health. Investors should monitor the impact of stock-based compensation and potential future equity raises, which may continue to dilute shareholder value in the absence of profitability.
Based on the most recent quarterly filings, Atara's cash and equivalents of $8.48 million appear insufficient to sustain operations, suggesting that the company faces a critical liquidity event that could force a fire sale of assets or highly dilutive capital raises in the near term.
Short-sellers would likely focus on the disconnect between the company's platform valuation and its immediate solvency risks. The failure of the ATA188 program further exacerbates this narrative, leaving the company with limited options to bridge the gap toward a self-sustaining commercial model.
Quick answers to the most common questions about buying ATRA stock.
For fiscal year 2025, Atara Biotherapeutics, Inc. (ATRA) reported total revenue of $120.8M.
Atara Biotherapeutics, Inc. (ATRA) is profitable, generating $32.7M in net income for the fiscal year ending 2025 with a net profit margin of 27.1%.
Atara Biotherapeutics, Inc. (ATRA) reported an operating income of $35.9M, resulting in an operating profit margin of 29.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Atara Biotherapeutics, Inc. (ATRA) generated $99.6M in gross profit for the year, representing a gross profit margin of 82.4%. This demonstrates the company's core pricing power and production efficiency.