It’s also starting the study in autoimmune disease as we believe that there is a great potential for that product in autoimmune disease like lupus and we’re working on that right now. And it’s also the IND-enabling studies for 3431, which is a very exciting, very competitive CD19, CD20 CAR-T — allogeneic CAR-T. And then, of course, we have EMBOLD that is continuing because even though we’re going to present very soon the 12 months readout, the study, as you know, is continuing up to 2 years. So we have a number of patients that have reached already 2 years, but many that have not yet reached 2 years. So we’ll be able to continue that until next year, of course. So all that is part of the expenses, knowing that on the tab-cel form, the expenses are mostly covered by Pierre Fabre.
Does it answer your question?
Operator: Our next question is from Salveen Richter with Goldman Sachs.
Tommie Reerink: This is Tommie on for Salveen. And congrats on the deal. So with the closing in December and the workforce reduction, can you kind of walk us through what the financial impact will be into year-end, if any? And on the MS release, how much detail do you expect to provide here? Will it be more so just p values? Or could we actually see the trends in more quantitative measures too?
Dr. Pascal Touchon: Eric, do you want to take the first question? I’ll take the second one.
Eric Hyllengren: Yes, absolutely. So Tommie, the way we’re looking at it, obviously, there’s going to be — we signed the deal, but then there’s going to be the customary HSR review, which we don’t expect to be a problem. So bigger kind of the December effective date there. So benefits of the upfront payment, inventory purchases, it’s going to be right around end of December, early January, depending on that and the payment terms. And then, yes, the 30% reduction in force, obviously, there’s the lower headcount benefit, but then that’s offset by some severance, of course, for those folks. So I would expect the main — you’d look at the main benefits to begin in 2024 as a step down and then another step down in 2025 as we fully transition regulatory development and manufacturing activities over to Pierre Fabre.
Dr. Pascal Touchon: And on to your second question, so what we said so far that we plan to disclose sufficient data for investors to be able to have a better understanding of the value created by that study and for that particular asset. So it’s difficult to say exactly we’ll disclose, but it depends on the data. But you can expect more than just the primary analysis of the 12 months confirmed disability improvement active versus placebo. And as you know, there will be data on beyond 12 months because we have a number of patients that will have been evaluated at 15, 18, 21, 24 months, so not only confirmed disability improvement, but also CDP, confirmed disability progression, to see what’s happening on the stability front.
And then there will be imaging biomarkers for [indiscernible] and MTR in particular, the biomarker we presented from our Phase I a couple of years ago at ECTRIMS that shows the sign of [ myelination ] within the chronic lesion in the brain of the patients that were improving on the treatment. So you can expect that type of data as well. And then, of course, a number of other type of clinical and potential biomarkers. So ideally, we’d like to give enough information for investors to be able to have an understanding of what’s the value created by the study so far and for this particular product. And of course, to try to also disclose what we see as a next step for the program. Does it answer your question?
Operator: That concludes our question-and-answer session for today. Thank you for joining Atara Biotherapeutics’ Third Quarter 2023 Financial Results Conference Call. You may now disconnect.
