Free cash flow remains deeply negative with a $3.1 million burn in 2026Q1, highlighting a structural inability to generate self-sustaining liquidity following the depletion of deferred revenue.
| 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 |
|---|
| Cash from Operations | -25.88M | -50.94M | -68.72M | -192.98M | -270.43M | -220.52M | -180.76M | -235.63M | -179.77M | -87.5M | -60.02M | -37.16M | -16.63M | -5.97M | -2.48M |
| Operating CF Margin % | - | -42.18% | -53.29% | -2250.99% | -425.38% | -1084.18% | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 51.7% | 25.87% | 64.39% | 28.64% | -22.63% | -22% | 23.29% | -31.07% | -105.45% | -45.78% | -61.55% | -123.45% | -178.71% | -141.05% | - |
| Net Income | -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 | -12.33M |
| Depreciation & Amortization | 175K | 2.38M | 5.05M | 4.83M | 5.65M | 9.35M | 8.33M | 7.07M | 3.73M | 956K | 383K | 48K | 6K | 4K | 0 |
| Stock-Based Compensation | 5.54M | 9.75M | 27M | 45.39M | 53.84M | 53.87M | 51.35M | 51.7M | 33.82M | 23.1M | 16.78M | 10.25M | 10.1M | 1.71M | 876K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 1.79M | 958K | 0 | -1.89M | 0 | 0 | 0 | 526K | 0 | 0 |
| Other Non-Cash Items | 81.39M | 8.98M | 15.59M | 17.59M | -40.15M | 2.04M | 1.53M | 732K | 260K | 732K | 2.58M | 3.58M | 748K | -4K | 9.86M |
| Working Capital Changes | -103.52M | -104.73M | -30.96M | 15.34M | -61.47M | 52.58M | 63.69M | -4.15M | 15M | 7.2M | -725K | 6.19M | -3K | 1.09M | 0 |
| Change in Receivables | 8.88M | 229K | 32.63M | 6.11M | -39.23M | 264K | -1.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 10.65M | -4.43M | -8.12M | -1.59M | 3.34M | -1.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -747K | -4.24M | 687K | -3.13M | -9.21M | 9.07M | -815K | 4.21M | -1.96M | 2.16M | 981K | 1M | -164K | 485K | 0 |
| Cash from Investing | 949K | 18.15M | 8.62M | 123.87M | 202.96M | 22.26M | -120.73M | 60.46M | -196.29M | 98.71M | 83.74M | -220.13M | -83.36M | -3K | -27K |
| Capital Expenditures | 349K | 0 | -246K | -1.22M | -4.19M | -10.58M | -4.51M | -5.73M | -35.92M | -20.23M | -3.02M | -290K | -46K | -3K | -27K |
| CapEx % of Revenue | 1.51% | - | 0.19% | 14.27% | 6.6% | 52.02% | - | - | - | - | - | - | - | - | - |
| Acquisitions | 44K | 948K | 0 | 0 | 0 | -32.84M | 116.22M | 0 | 0 | 0 | -83.74M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -4.86M | 0 | 0 | 25K | 94.77M | 32.84M | -116.22M | 161K | -160.36M | -1.2M | 83.74M | -194K | -83.32M | 0 | 0 |
| Cash from Financing | 19.3M | 16.1M | 59.28M | 2.01M | 53.08M | 103.94M | 427.57M | 188.79M | 357.54M | 20.05M | 506K | 259.23M | 70.27M | 53.38M | 15.12M |
| Debt Issued (Net) | 0 | -250K | -892K | -947K | -518K | -254K | -389K | -486K | -528K | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 3.99M | 16.35M | 59.95M | 2.14M | 21.89M | 98.7M | 422.97M | 188.62M | 340.88M | 19.16M | 0 | 263.43M | 69.94M | 53.38M | 5.04M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -94K | 0 | 0 | 0 | 0 |
| Other Financing | 15.31M | -1K | 223K | 821K | 31.71M | 5.5M | 4.99M | 655K | 17.19M | 892K | 506K | -4.21M | 337K | 0 | 10.09M |
| Net Change in Cash | -5.63M | -16.69M | -811K | -67.1M | -14.39M | -94.32M | 126.09M | 13.62M | -18.52M | 31.25M | 24.22M | 1.85M | -29.72M | 47.41M | 12.62M |
| Free Cash Flow | -25.88M | -50.94M | -68.96M | -194.2M | -274.62M | -231.1M | -185.27M | -241.36M | -215.7M | -107.73M | -63.05M | -37.45M | -16.67M | -5.97M | -2.5M |
| FCF Margin % | -111.82% | -42.18% | -53.48% | -2265.25% | -431.98% | -1136.19% | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 61.59% | 26.13% | 64.49% | 29.28% | -18.83% | -24.74% | 23.24% | -11.9% | -100.21% | -70.88% | -68.36% | -124.58% | -179.34% | -138.57% | - |
| FCF per Share | -1.84 | -4.01 | -9.21 | -45.84 | -67.32 | -61.68 | -62.61 | -117.60 | -123.08 | -90.19 | -54.86 | -36.59 | -83.60 | -154.51 | -3.41 |
| FCF Conversion (FCF/Net Income) | 2.73x | -1.56x | 0.80x | 0.70x | 1.18x | 0.65x | 0.59x | 0.81x | 0.08x | 0.07x | 0.08x | 0.06x | 0.06x | 0.07x | 0.02x |
| Interest Paid | 105K | 0 | 685K | 447K | 335K | 32K | 62K | 50K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 31K | 0 | 24K | 2K | 19K | 15K | 10K | 0 | 0 | 0 | 10K | 3K | 70K | 22K | 0 |
Imminent liquidity and solvency risk
As reported in recent financial statements, Atara's operating cash flow consistently trails net income, with an OCF/NI ratio of 0.74 in 2026Q1, highlighting a structural inability to convert accounting profits into actual liquidity due to the reliance on non-cash milestone revenue recognition.
The recurring divergence between net income and operating cash flow suggests that the company's reported earnings are heavily influenced by accounting adjustments rather than operational cash generation. Investors should monitor this gap, as it indicates that the company's core business model remains fundamentally cash-consumptive despite occasional positive net income prints.
Based on quarterly filings, Atara's free cash flow trajectory remains deeply negative, with a cash burn of $3.1 million in 2026Q1, underscoring the company's ongoing struggle to achieve self-sustaining operations following the exhaustion of major milestone payments from strategic partners.
The persistent negative free cash flow margin suggests that the company is not yet positioned to fund its R&D pipeline through internal operations. This trend warrants further investigation into how long the current cash runway can support the existing cost structure without further dilutive financing.
According to historical cash flow data, Atara experienced significant working capital outflows, including an $82.1 million swing in 2025Q4, which suggests that the timing of milestone-related receivables and payables creates extreme volatility in the company's reported liquidity position from one quarter to the next.
These large fluctuations in working capital appear to be a byproduct of the company's project-based revenue model rather than efficient operational management. The lack of consistency in these cycles makes it difficult to forecast future cash needs with any degree of certainty.
As indicated by recent SEC filings, Atara's reliance on stock-based compensation, which reached $9.9 million in 2023Q4, effectively masks the true magnitude of the company's cash burn by shifting compensation costs away from the cash flow statement and into equity dilution.
While this practice preserves immediate cash, it represents a significant hidden cost to shareholders through ongoing dilution. Analysts should adjust for these non-cash expenses to understand the true operational cost of maintaining the company's current research and development activities.
Quick answers to the most common questions about buying ATRA stock.
Atara Biotherapeutics, Inc. (ATRA) generated $-50.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Atara Biotherapeutics, Inc. (ATRA) reported negative free cash flow of $50.9M in 2025, indicating capital requirements exceeded cash from operations.
Atara Biotherapeutics, Inc. (ATRA) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.