Atara Biotherapeutics

ATRA on Nasdaq. Market value $94m.

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Why it could be worth it

Nothing stands out yet.

Read the warning sign in its own filings

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Who owns it

None of the long-term investors we follow own it. 36 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

8 investors own more than 5%.

  • Adiumentum Capital Fund I LP
    Insider or founder
    at least 20.0%
    (filed with 2 related holders)
    Since 14 May 2025
    What they said

    Item 4 of the Initial 13D is hereby amended and supplemented to add the following information: On May 14, 2025, Adiumentum agreed to purchase from the Issuer in connection with a registered offering (the "Registered Offering") an aggregate of (i) 75,572 shares (the "Shares") of…

    Read the filing
  • EcoR1 Capital, LLC
    Passive investor
    at least 17.4%+7.5 pts
    (filed with 2 related holders)
    Since 7 May 2026
  • Panacea Innovation Limited
    Passive investor
    at least 16.1%−3.9 pts
    (filed with 5 related holders)
    Since 7 May 2026
  • Redmile Group, LLC
    Passive investor
    at least 9.9%0.0 pts
    (filed with 3 related holders)
    Since 22 July 2026
  • Jeremy C. Green
    Passive investor
    at least 9.9%
    (filed with 2 related holders)
    Since 31 March 2025
  • Panacea Venture Healthcare Fund II, L.P.
    Passive investor
    at least 9.5%
    (filed with 1 related holder)
    Since 30 January 2025
  • Adage Capital Management, L.P.
    Passive investor
    at least 8.6%
    (filed with 2 related holders)
    Since 31 March 2026
  • at least 7.6%+1.4 pts
    (filed with 2 related holders)
    Since 30 June 2026
  • RedCo I, L.P.
    Passive investor
    Sold down below 5%
    Since 12 November 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $999,994 of shares on the open market. 3 sold $4m.

  • Cherry Brian N
    Director
    Bought
    Date
    4 September 2026
    Shares
    104,166
    Price
    $9.60
    Value
    $999,994
  • Nguyen AnhCo
    President and CEO, Director
    Sold
    Date
    17 August 2026
    Shares
    5,062
    Price
    $8.08
    Value
    $40,883
  • Nguyen AnhCo
    President and CEO, Director
    Sold
    Date
    18 May 2026
    Shares
    5,241
    Price
    $9.13
    Value
    $47,850
  • Grant-Huerta Yanina
    Chief Accounting Officer
    Sold
    Date
    18 May 2026
    Shares
    2,414
    Price
    $9.13
    Value
    $22,040
  • Huang James
    Director
    Sold
    Date
    7 May 2026
    Shares
    313,446
    Price
    $10.10
    Value
    $3m
  • Grant-Huerta Yanina
    Chief Accounting Officer
    Sold
    Date
    2 March 2026
    Shares
    2,104
    Price
    $5.08
    Value
    $10,688
  • Nguyen AnhCo
    President and CEO, Director
    Sold
    Date
    2 March 2026
    Shares
    2,996
    Price
    $5.09
    Value
    $15,247
  • Huang James
    Director
    Sold
    Date
    12 January 2026
    Shares
    80,554
    Price
    $6.07
    Value
    $488,963
  • Nguyen AnhCo
    President and CEO, Director
    Sold
    Date
    17 November 2025
    Shares
    2,915
    Price
    $13.19
    Value
    $38,449
  • Grant-Huerta Yanina
    Chief Accounting Officer
    Sold
    Date
    17 November 2025
    Shares
    1,804
    Price
    $13.19
    Value
    $23,795

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Atara Biotherapeutics’ filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 16 Mar 2026, plus the 10-Q filed 12 Aug 2026 and 6 later 8-Ks.

  • Doubt it can keep going

    Serious

    The company or its auditor warned it may not have enough money to last the next year.

    “These conditions raise substantial doubt about our ability to continue as a going concern for at least 12 months after the issuance of the accompanying condensed consolidated financial statements.”
    Show the full paragraph
    Our existing cash, cash equivalents and short-term investments as of June 30, 2026 will not be sufficient to fund our planned operations for at least the next 12 months after the date of issuance of these financial statements. These conditions raise substantial doubt about our ability to continue as a going concern for at least 12 months after the issuance of the accompanying condensed consolidated financial statements.

    From the 10-Q filed 12 August 2026, Part I, Item 2. Management's Discussion and Analysis. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.