Company: ATRA
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0000950170-25-035507
Chunk: 237

Company: Atara Biotherapeutics, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1B
Chunk 237
---
 follows for each of the dates presented: 

        As of December 31,

        2024

        2023

        (in thousands)

        Deferred tax assets:

        Net operating loss carryforwards
         
        $
        259,376

        $
        323,581

        Capitalized research expenses

        61,113

        72,229

        Tax credit carryforwards

        8,216

        30,580

        Stock-based compensation

        5,789

        14,033

        Deferred revenue

        14,709

        17,018

        Operating lease liabilities

        9,403

        12,035

        License fees

        4,794

        5,926

        Other

        13,748

        11,187

        Total deferred tax assets

        377,148

        486,589

        Valuation allowance

        (368,401
        )

        (474,982
        )

        Total deferred tax assets

        8,747

        11,607

        Deferred tax liabilities:

        Operating lease assets

        (8,747
        )

        (11,607
        )

        Total deferred tax liabilities

        (8,747
        )

        (11,607
        )

        Net deferred tax assets (liabilities)
         
        $
        —

        $
        —

127

Under IRC Section 382, as amended, substantial restrictions exist on the utilization of net operating loss and tax credit carryforwards in the event a corporation experienced an “ownership change.” Generally, a Section 382 “ownership change” occurs if one or more stockholders or groups of stockholders who owns at least 5% of a corporation’s stock increases its ownership by more than 50 percentage points over its lowest ownership percentage within a specified testing period. Similar rules may apply under state tax laws. Accordingly, our ability to utilize net operating loss and tax credit carryforwards may be limited as a result of such ownership changes, and such a limitation could result in the expiration of carryforwards before they are utilized. We have completed a Section 382 study of transactions in our stock through December 31, 2024. The study concluded that we have experienced ownership changes since inception with the most recent being on September 5, 2024. As a result of the ownership changes and imposed annual limitations on the amount of