Several small-cap biotech and healthcare stocks posted notable gains in after-hours trading on Friday, November 28, 2025, despite limited fresh news flow. Below is a roundup of the key movers.BioAtla Inc. (BCAB) shares surged in after-hours trading, climbing 13.94% to $1.03, after closing the regular session at $0.9040, up 6.27%. While there was no company-specific news on Friday, investors may still be reacting to BioAtla's November 21 announcement of financing agreements. The company entered into Pre-pai ...

Core Viewpoint - BioAtla, Inc. has secured a total of $7.5 million in advance funding through agreements with Yorkville Advisors and Anson Advisors, aimed at maintaining operational momentum while finalizing a strategic partnership that is expected to enhance shareholder value [1][2][7] Financial Agreements - The pre-paid advance agreement involves $7.5 million purchased at 95% of face value, resulting in gross proceeds of $7.125 million at closing, with an interest rate of 4% [2] - The Standby Equity Purchase Agreement allows Yorkville to purchase up to $15 million of common stock at a 3% discount to market prices over three years, contingent on certain conditions [1][2] Strategic Partnership - The company is in advanced stages of finalizing a strategic transaction with a potential partner, with expectations to complete this by year-end [2][7] - These financial agreements are designed to provide flexibility and support operations during the partnership finalization process [7] Company Overview - BioAtla is a clinical-stage biotechnology company focused on developing Conditionally Active Biologic (CAB) antibody therapeutics for solid tumors, with operations in San Diego and Beijing [6] - The company utilizes its proprietary CAB platform technology to create novel monoclonal and bispecific antibodies, aiming for selective targeting and reduced toxicity compared to traditional antibodies [6] Product Pipeline - Ozuriftamab vedotin (Oz-V) is a key clinical asset targeting ROR2 in various solid tumors, with FDA Fast Track Designation for recurrent or metastatic SCCHN [8] - BA3182, a bispecific T-cell engager antibody, is under Phase 1 study for advanced adenocarcinoma, designed for selective binding in the tumor microenvironment [9]

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Financial Data and Key Metrics Changes - As of September 30, 2025, the company reported cash and cash equivalents of $8.3 million, which does not include a recent $2 million milestone payment received in October 2025 [12] - The net loss for the third quarter of 2025 was $15.8 million, an increase from a net loss of $10.6 million in the same quarter of 2024, primarily due to the absence of collaboration revenue recorded in 2024 [12][13] - Research and development (R&D) expenses decreased to $9.5 million in Q3 2025 from $16.4 million in Q3 2024, driven by reduced program development costs and lower headcount-related expenses [13] - General and administrative (G&A) expenses were $4.2 million for Q3 2025, down from $5.9 million in Q3 2024, attributed to reduced personnel costs [14] Business Line Data and Key Metrics Changes - The company is preparing to initiate a phase 3 study for OSV, which has shown promising clinical activity in heavily pretreated patients with HPV-positive oropharyngeal squamous cell carcinoma (OPSCC) [5][7] - The dual CAB, EpCAM, T-cell engager program is progressing well, with preliminary data indicating a manageable safety profile and encouraging signs of tumor reductions across various indications [10] Market Data and Key Metrics Changes - The worldwide peak sales estimate for OSV in second-line and later OPSCC is approximately $800 million, with the total worldwide OPSCC market projected to reach $3 billion by 2032 [7] - The broader HPV-positive solid tumor market, including cervical cancer, is valued at over $7 billion globally [8] Company Strategy and Development Direction - The company is in advanced stages to finalize a strategic transaction with a potential partner by year-end, indicating a focus on collaboration and partnerships [4][5] - The company aims to address critical unmet needs in oncology through its prioritized programs, particularly the dual CAB, EpCAM, TCE program, which has the potential to treat over 1 million adenocarcinoma cancer patients annually [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming phase 3 trial for OPSCC, which addresses a significant unmet need and represents a substantial commercial opportunity [15] - The company anticipates key clinical trial readouts in the first half of next year, with several important events related to its programs throughout 2026 [15] Other Important Information - The company achieved FDA alignment on the phase 3 OSV registrational trial design, which includes dual primary endpoints of overall response rate and overall survival [4][5] - A development milestone was achieved under the license agreement with Context Therapeutics, validating the T-cell engager platform [5] Q&A Session Summary Question: Can you provide details on the patient number for the ROR-2 program's phase 3 study and control arm stratification? - The pivotal trial design for full approval involves approximately 300 patients, with an interim analysis for accelerated approval occurring earlier [18][19] Question: What data can be expected from the 3182 program next year? - The next data output is anticipated in the first half of next year, with comprehensive reporting on additional dose and schedule evaluations [21][22]

Financial Performance - The net loss for the three months ended September 30, 2025, was $15.8 million, compared to a net loss of $10.6 million for the same period in 2024, representing an increase of approximately 49%[109] - Net loss for the nine months ended September 30, 2025 was $49.8 million, compared to a net loss of $54.9 million in 2024, an improvement of approximately $5.1 million or 9.3%[116] - The company anticipates continuing to incur net losses for the foreseeable future, raising substantial doubt about its ability to continue as a going concern[125] Revenue - The company recognized no revenue during the three months ended September 30, 2025, compared to $11.0 million in collaboration revenue for the same period in 2024[110] - Collaboration and other revenue for the nine months ended September 30, 2025 was $0, compared to $11.0 million in 2024, reflecting a decrease of 100%[117] - A milestone payment of $2 million was received in November 2025 under the licensing agreement with Context Therapeutics, following the recognition of $11.0 million in revenue from this agreement in 2024[101] Expenses - Research and development expenses decreased to $9.5 million for the three months ended September 30, 2025, down from $16.4 million in 2024, a reduction of approximately 42%[112] - Total operating expenses decreased to $50.1 million in 2025 from $68.7 million in 2024, a reduction of approximately 26.7%[116] - Research and development expenses were $35.6 million for the nine months ended September 30, 2025, down from $51.4 million in 2024, representing a decrease of approximately 30.9%[119] - General and administrative expenses decreased to $4.3 million for the three months ended September 30, 2025, down from $5.9 million in 2024, a reduction of approximately 27%[113] - General and administrative expenses decreased to $14.5 million in 2025 from $17.3 million in 2024, a decline of approximately 16.2%[120] Cash Position - Cash and cash equivalents totaled approximately $8.3 million as of September 30, 2025, raising substantial doubt about the company's ability to continue operations for at least the next twelve months[99] - Cash and cash equivalents as of September 30, 2025 were $8.3 million, indicating a need for additional funding to support ongoing operations[123] - The company closed a stock offering in December 2024, raising approximately $9.2 million before expenses, which may help alleviate liquidity concerns[124] Operational Changes - The company implemented a 30% workforce reduction in March 2025 as part of cost-cutting initiatives to extend its cash runway[97] - The company expects research and development expenses to decrease in the near term as it completes certain Phase 2 trials, but long-term expenses are anticipated to increase substantially[98] Other Financial Metrics - Loss on warrant liability was $2.1 million for the three months ended September 30, 2025, due to changes in the fair value of warrants issued in December 2024[115] - Interest income decreased to $0.8 million in 2025 from $2.8 million in 2024, a decline of approximately 71.4%[121] - Net cash used in operating activities for the nine months ended September 30, 2025 was $40.3 million, an improvement from $55.2 million in 2024, reflecting a decrease of approximately 26.9%[130][131]

Conditionally Active Biologics: Transforming Cancer Therapy Corporate Presentation November 2025 Important Notices & Disclaimers This presentation (the "Presentation") by BioAtla, Inc. ("we", "us", "our", "BioAtla", or the "Company") contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 relating to our business, operations and financial conditions, including but not limited to statements we make regarding BioAtla's business plans and prospects; whet ...

Financial Performance - Net loss for Q3 2025 was $15.8 million, compared to a net loss of $10.6 million in Q3 2024, with the increase primarily due to the absence of collaboration revenue recorded in 2024[13] - Net loss for the three months ended September 30, 2025, was $15,778, compared to a net loss of $10,586 for the same period in 2024, indicating an increase of approximately 49.5%[26] - Net loss per common share for the three months ended September 30, 2025, was $0.27, compared to $0.22 for the same period in 2024, indicating a worsening of approximately 22.7%[26] Expenses - Research and development (R&D) expenses for Q3 2025 were $9.5 million, down from $16.4 million in Q3 2024, reflecting a 42% decrease primarily due to lower program development costs and workforce reduction[9] - General and administrative (G&A) expenses decreased to $4.2 million in Q3 2025 from $5.9 million in Q3 2024, a reduction of 29% attributed to lower personnel costs[12] - Total operating expenses decreased to $13,789 for the three months ended September 30, 2025, compared to $22,270 in the same period of 2024, representing a reduction of approximately 38.2%[26] - Research and development expenses for the three months ended September 30, 2025, were $9,539, down from $16,395 in the same period of 2024, a decrease of approximately 41.5%[26] - General and administrative expenses decreased to $4,250 for the three months ended September 30, 2025, from $5,875 in the same period of 2024, a reduction of approximately 27.6%[26] Cash and Assets - Cash and cash equivalents as of September 30, 2025, were $8.3 million, excluding a recent $2 million milestone payment from Context Therapeutics[13] - Cash and cash equivalents decreased significantly to $8,320 as of September 30, 2025, down from $49,046 as of December 31, 2024[28] - Total assets decreased to $15,908 as of September 30, 2025, compared to $52,422 as of December 31, 2024, reflecting a decline of approximately 69.7%[28] Liabilities and Equity - Total liabilities increased to $47,145 as of September 30, 2025, compared to $38,157 as of December 31, 2024, representing an increase of approximately 23.5%[28] - Total stockholders' equity showed a deficit of $31,237 as of September 30, 2025, compared to a positive equity of $14,265 as of December 31, 2024[28] Clinical Trials and Developments - The company achieved FDA alignment on the Phase 3 Oz-V trial design for the treatment of 2L+ OPSCC, which has the potential for accelerated approval[5] - The ongoing BA3182 trial in advanced adenocarcinomas is evaluating various dosing schedules, with preliminary data expected in the first half of 2026[9] - A confirmed partial response at 0.6 mg of BA3182 has been ongoing for over six months in a patient with intrahepatic cholangiocarcinoma[10] - The Phase 2 study of Mecbotamab vedotin (Mec-V) showed a median overall survival of 21.5 months among 44 evaluable patients, with a 12-month OS rate of 73%[10] Strategic Partnerships - BioAtla is in advanced stages to finalize a strategic partnership transaction by year-end 2025[5] - Context Therapeutics triggered a $2 million milestone payment under the CAB-Nectin4-TCE program, reflecting continued progress in BioAtla's T-cell engager platform[11] - Collaboration and other revenue remained unchanged at $11,000 for both the three and nine months ended September 30, 2025[26]

Core Insights - BioAtla, Inc. reported its financial results for Q3 2025, highlighting progress in clinical programs and a strategic partnership expected to be finalized by year-end [1][2][4]. Financial Performance - Research and development (R&D) expenses decreased to $9.5 million in Q3 2025 from $16.4 million in Q3 2024, primarily due to lower program development costs and workforce reductions [8]. - General and administrative (G&A) expenses also fell to $4.2 million in Q3 2025 from $5.9 million in Q3 2024, attributed to reduced personnel costs [10]. - The net loss for Q3 2025 was $15.8 million, compared to a net loss of $10.6 million in Q3 2024, with the increase largely due to the absence of collaboration revenue recorded in the previous year [11]. Clinical Developments - The company achieved FDA alignment on the Phase 3 trial design for Ozuriftamab vedotin (Oz-V) targeting 2L+ oropharyngeal squamous cell carcinoma (OPSCC), with potential for accelerated approval [4][5]. - Ongoing trials for BA3182 in advanced adenocarcinomas are evaluating various dosing schedules, with preliminary data showing prolonged tumor control [5][8]. - The Phase 2 study of Mecbotamab vedotin (Mec-V) reported a median overall survival of 21.5 months among patients with treatment-refractory soft tissue sarcomas [5][14]. Strategic Initiatives - BioAtla is in advanced stages of finalizing a strategic transaction with a potential partner, aiming for completion by the end of 2025 [4][11]. - A $2 million milestone payment was triggered by Context Therapeutics under the license agreement for the CAB-Nectin4-TCE program, reflecting progress in the T-cell engager platform [9]. Upcoming Milestones - The company expects to initiate the Oz-V Phase 3 study in early 2026 and anticipates additional readouts from ongoing trials later in 2026 [5][8].

Core Insights - BioAtla, Inc. presented clinical data showing that Mecbotamab Vedotin (Mec-V) achieved a median overall survival (OS) of 21.5 months in patients with treatment-refractory leiomyosarcoma, liposarcoma, and undifferentiated pleomorphic sarcoma, compared to approximately 12 months with approved agents [1][4][7] - The safety profile of Mec-V, both as a monotherapy and in combination with anti-PD-1 antibody, was manageable and consistent with its mechanism of selectively targeting the tumor microenvironment [1][2][4] Clinical Trial Details - In a Phase 2 clinical trial, 79 patients with advanced soft tissue sarcomas were treated with Mec-V, either as monotherapy (n=54) or in combination with anti-PD-1 antibody (n=25) [3] - A focused efficacy analysis was conducted on a subset of 44 patients who had treatment-refractory leiomyosarcoma, liposarcoma, or undifferentiated pleomorphic sarcoma [3] Efficacy and Safety Data - The median OS was 21.5 months across all patients, with 22.9 months in the combination arm and 18.4 months in the monotherapy arm [7] - The 12-month OS rate was 73%, significantly higher than the approximately 50% historically reported for approved agents in similar populations [7] - The disease control rate (DCR) was 52% across all patients, with two patients achieving partial responses [7] - Adverse events were generally low-grade and manageable, with no treatment-related deaths reported [7] Presentation Information - The data was presented at the Society for Immunotherapy of Cancer (SITC) 2025 Annual Meeting, highlighting the potential of Mec-V to extend survival in patients with limited treatment options [1][6]