Core Insights - Several biotechnology and pharmaceutical companies experienced significant stock price increases in after-hours trading due to clinical trial updates, regulatory advancements, and investor anticipation for upcoming data releases [1] Company Updates - Alumis Inc. (ALMS) saw a surge of 17.33% to $9.75, gaining $1.44 after announcing that topline data from its Phase 3 ONWARD clinical program for envudeucitinib in moderate-to-severe plaque psoriasis will be reported on January 6, 2026, along with a conference call to discuss the results [2] - Genelux Corp. (GNLX) climbed 10.92% to $3.86, up $0.38, following interim results from ongoing trials evaluating Olvi-Vec in patients with progressive small cell lung cancer (SCLC) and non-small cell lung cancer (NSCLC) [3] - Bright Minds Biosciences Inc. (DRUG) rose 8.42% to $86.75, gaining $6.74, and announced a conference call on January 6, 2026, to report topline results from its Phase 2 trial of BMB-101 in patients with drug-resistant Absence Seizures [4] - Context Therapeutics Inc. (CNTX) shares increased by 8.36% to $1.68, adding $0.13, despite no specific news released [4] - BioAtla, Inc. (BCAB) gained 3.95% to $0.44, up $0.017, after announcing a special purpose vehicle transaction to advance ozuriftamab vedotin in a Phase 3 study for oropharyngeal squamous cell carcinoma, receiving $5 million in initial funding [5] - Femasys Inc. (FEMY) added 7.09% to $0.6223, up $0.04, with no new updates reported [5] - Acumen Pharmaceuticals, Inc. (ABOS) jumped 11.62% to $2.21, gaining $0.23, also without new corporate updates [6] - Alpha Tau Medical Ltd. (DRTS) rose 5.36% to $5.50, up $0.28, after submitting the first module of its pre-market approval application to the FDA for Alpha DaRT in treating recurrent cutaneous squamous cell carcinoma [7]

Core Insights - BioAtla, Inc. and GATC Health Corp. announced a special purpose vehicle (SPV) transaction to advance ozuriftamab vedotin (Oz-V) in a Phase 3 study for 2L+ oropharyngeal squamous cell carcinoma (OPSCC) [1][4] Financial Aspects - BioAtla will receive an initial funding of $5 million for operational and clinical trial expenses, with an additional $35 million expected to close in Q1 2026 [2][3] - Inversagen AI, LLC will hold a 35% ownership stake in Oz-V, while BioAtla retains 65% ownership across all indications after the transaction [3][8] Clinical Development - The Phase 3 trial for Oz-V is anticipated to begin enrollment in early 2026, with a clear path for potential accelerated approval in the US [4][6] - Oz-V targets ROR2, a receptor linked to tumor progression and cellular senescence, with potential applications extending to HPV-positive cancers, representing a market opportunity exceeding $7 billion globally [7][9] Strategic Collaboration - BioAtla and GATC Health plan to collaborate with Inversagen AI for the research and development of CAB senolytic therapies, maintaining rights to cancer therapeutic applications [3][5] - The partnership aims to leverage BioAtla's CAB platform technology to enhance the precision of senolytic therapies, addressing chronic inflammation and tumor progression [5][11] Technology Overview - The CAB technology developed by BioAtla is designed to selectively target diseased tissues in inflammatory conditions, enhancing therapeutic efficacy while minimizing toxicity [11][12] - ROR2-targeting agents may represent a new class of senolytics, potentially improving tissue function and reducing chronic inflammation [10]

Core Insights - Several small-cap biotech and healthcare stocks experienced significant gains in after-hours trading on November 28, 2025, despite a lack of new news [1] Company Summaries - **BioAtla Inc. (BCAB)**: Shares surged 13.94% to $1.03 after closing at $0.9040, up 6.27%. The increase may be linked to financing agreements announced on November 21, including a $7.5 million advance and a Standby Equity Purchase Agreement allowing for the sale of up to $15 million in common stock at a 3% discount [2] - **Metagenomi Inc. (MGX)**: Stock rose 5.71% to $1.85 after a 3.55% gain to $1.75 during regular trading. The movement appears driven by investor sentiment or technical factors, with no new corporate updates [3] - **PAVmed Inc. (PAVM)**: Advanced 5.72% to $0.3900, recovering from a slight decline earlier in the day. The company reported a GAAP net loss of $6.3 million, or $(0.29) per share, with revenue dropping sharply to $5,000 from $996,000 year-over-year [4] - **Precision BioSciences, Inc. (DTIL)**: Gained 2.94% to $5.60, building on a 6.46% rise to $5.44. The company is set to present Phase 1 data from its ELIMINATE-B trial at the Hep-DART 2025 meeting, which may be boosting investor optimism [5] - **Reviva Pharmaceuticals Holdings, Inc. (RVPH)**: Edged up 2.04% to $0.57 after a 7.66% gain to $0.5625. The company narrowed its quarterly net loss to $4.0 million, or $0.06 per share, compared to $8.4 million, or $0.25 per share, in the prior year [6] - **Sonnet BioTherapeutics Holdings, Inc. (SONN)**: Rose 5.11% to $3.91, recovering from a 10.47% decline earlier in the day. The company adjourned a special meeting to allow more time for voting on a proposed combination with Hyperliquid Strategies Inc. and Rorschach I LLC, with over 95% of shares voting in favor [7] - **Entero Therapeutics, Inc. (ENTO)**: Gained 3.68% to $3.10 after a 5.28% rise to $2.99. The company announced a rebranding to GridAI Technologies Corp., effective December 1, 2025, following its acquisition of GRID AI Corp. The new ticker symbol "GRDX" will debut on the Nasdaq Capital Market [8]

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]