UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39787 BIOATLA, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 85-1922320 ( State or other jurisdiction of i ...

Bioatla (BCAB) Q1 2025 Earnings Call May 06, 2025 04:30 PM ET Speaker0 Good day, everyone, and welcome to today's BioAtlas First Quarter twenty twenty five Earnings Call. At this time, all participants are in a listen only mode. Later, you will have the opportunity to ask questions during the question and answer session. I will be standing by should you need any assistance. And it is now my pleasure to turn the conference over to Bruce Mackle with LifeSci Advisors. Please go ahead. Speaker1 Thank you, opera ...

Core Insights - BioAtla, Inc. reported its financial results for Q1 2025, highlighting advancements in its Conditionally Active Biologic (CAB) platform and ongoing clinical trials for cancer therapies [1][8]. Financial Performance - Research and development (R&D) expenses for Q1 2025 were $12.4 million, down from $18.9 million in Q1 2024, primarily due to reduced clinical development costs [8]. - General and administrative (G&A) expenses decreased to $5.3 million in Q1 2025 from $5.6 million in Q1 2024 [9]. - The net loss for Q1 2025 was $15.3 million, compared to a net loss of $23.2 million in the same quarter of 2024 [9]. - Cash and cash equivalents as of March 31, 2025, were $32.4 million, down from $49.0 million at the end of 2024, with expectations to fund operations through key clinical readouts in 1H 2026 [11]. Clinical Developments - The Phase 1 dose-escalation study for CAB-EpCAM x CAB-CD3 (BA3182) is ongoing, with the first three patients dosed at 300 micrograms, and data readout expected in mid-2025 [5][6]. - Mecbotamab vedotin (Mec-V) demonstrated a 2-year landmark survival rate of 59% in mKRAS non-small cell lung cancer (NSCLC) patients, significantly higher than the less than 20% survival rate reported for standard care [5][6]. - Ozuriftamab vedotin (Oz-V) continues to show promising results in HPV-positive squamous cell carcinoma of the head and neck, with a disease control rate of 100% and an overall response rate of 45% [6][5]. Strategic Initiatives - The company is utilizing Fast Track Designation from the FDA for discussions regarding a proposed Phase 3 study for Oz-V in treatment-refractory metastatic HPV-positive SCCHN [13]. - BioAtla is focusing on its two internal priority programs and expects cost reductions from its recent restructuring [11]. Upcoming Events - Management will host a conference call and webcast on May 6, 2025, to discuss the financial results and clinical updates [12]. - BioAtla has presentations scheduled at major oncology conferences, including the ASCO Annual Meeting and ESMO Gastrointestinal Cancers Congress [13].

SAN DIEGO, May 6, 2025 – BioAtla, Inc. (Nasdaq: BCAB), a global clinical-stage biotechnology company focused on the development of Conditionally Active Biologic (CAB) antibody therapeutics for the treatment of solid tumors, today announced its financial results for the first quarter ended March 31, 2025 and provided highlights on its clinical programs. "I continue to be encouraged by the progress across our CAB platform, particularly with our Phase 1 dose- escalation study evaluating our dual conditionally- ...

Core Insights - BioAtla, Inc. is a clinical-stage biotechnology company focused on developing Conditionally Active Biologic (CAB) antibody therapeutics for solid tumors [1][2] - The company will provide a corporate update and participate in one-on-one investor meetings at the Citizens Life Sciences Conference on May 7-8, 2025, in New York [1][2] Company Overview - BioAtla operates in San Diego, California, and Beijing, China, through a partnership with BioDuro-Sundia for preclinical development services [2] - The company utilizes its proprietary CAB platform technology to develop novel monoclonal and bispecific antibodies, aiming for selective targeting, greater efficacy, lower toxicity, and cost-efficient manufacturing compared to traditional antibodies [2] - BioAtla holds extensive patent coverage with over 780 active patent matters, including more than 500 issued patents, covering methods of making, screening, and manufacturing CAB product candidates [2] Product Development - BioAtla's first dual CAB bispecific T-cell engager antibody, BA3182, is in Phase 1 development, targeting EpCAM, which is commonly expressed in adenocarcinomas [2] - The company has two first-in-class CAB programs in Phase 2 clinical testing: mecbotamab vedotin (CAB-AXL-ADC) and ozuriftamab vedotin (CAB-ROR2-ADC) [2] - The Phase 2 CAB-CTLA-4 antibody, evalstotug, is designed to reduce systemic toxicity and enable safer combination therapies with checkpoint inhibitors [2]

Core Viewpoint - BioAtla, Inc. is set to host a conference call on May 6, 2025, to discuss its Q1 2025 financial results and business highlights [1][2]. Company Overview - BioAtla is a global clinical-stage biotechnology company focused on developing Conditionally Active Biologic (CAB) antibody therapeutics for solid tumors [3]. - The company operates in San Diego, California, and Beijing, China, through a partnership with BioDuro-Sundia for preclinical development services [3]. - BioAtla utilizes its proprietary CAB platform technology to create novel monoclonal and bispecific antibodies, aiming for selective targeting, greater efficacy, lower toxicity, and cost-efficient manufacturing compared to traditional antibodies [3]. - The company holds extensive patent coverage with over 780 active patent matters, including more than 500 issued patents, covering methods of making, screening, and manufacturing CAB product candidates [3]. Product Development - BioAtla's first dual CAB bispecific T-cell engager antibody, BA3182, is in Phase 1 development, targeting EpCAM, which is commonly expressed in adenocarcinomas [3]. - The company has two first-in-class CAB programs in Phase 2 clinical testing: mecbotamab vedotin (CAB-AXL-ADC) and ozuriftamab vedotin (CAB-ROR2-ADC) [3]. - The Phase 2 CAB-CTLA-4 antibody, evalstotug, is designed to reduce systemic toxicity and enable safer combination therapies with checkpoint inhibitors like anti-PD-1 antibody [3].

SAN DIEGO, April 24, 2025 (GLOBE NEWSWIRE) -- BioAtla, Inc. (Nasdaq: BCAB), a global clinical-stage biotechnology company focused on the development of Conditionally Active Biologic (CAB) antibody therapeutics for the treatment of solid tumors, today announced preclinical poster presentations at the upcoming 2025 American Association for Cancer Research (AACR) to be held at the McCormick Place Convention Center in Chicago, IL from April 25–30, 2025. Presentation Details: | Poster Title: | Identification of ...

Core Insights - BioAtla, Inc. is a clinical-stage biotechnology company focused on developing Conditionally Active Biologic (CAB) antibody therapeutics for solid tumors [1][3] - The company will present a Phase 2 trial of ozuriftamab vedotin (BA3021) at the 2025 ASCO Annual Meeting [1][2] Company Overview - BioAtla operates in San Diego, California, and Beijing, China, through a partnership with BioDuro-Sundia for preclinical development services [3] - The company utilizes its proprietary CAB platform technology to create novel monoclonal and bispecific antibodies, aiming for selective targeting, greater efficacy, lower toxicity, and cost-efficient manufacturing [3] - BioAtla holds extensive patent coverage with over 780 active patent matters, including more than 500 issued patents, covering methods of making, screening, and manufacturing CAB product candidates [3] Clinical Development - BioAtla's first dual CAB bispecific T-cell engager antibody, BA3182, is in Phase 1 development, targeting EpCAM on adenocarcinomas [3] - The company has two first-in-class CAB programs in Phase 2 clinical testing: mecbotamab vedotin (CAB-AXL-ADC) and ozuriftamab vedotin (CAB-ROR2-ADC) [3] - The Phase 2 CAB-CTLA-4 antibody, evalstotug, is designed to reduce systemic toxicity and enable safer combination therapies with checkpoint inhibitors [3]

Financial Data and Key Metrics Changes - Research and development (R&D) expenses for Q4 2024 were $11.6 million, down from $22.7 million in Q4 2023, a decrease of $11.1 million due to lower clinical development expenses [30] - General and administrative expenses were $4.6 million for Q4 2024, compared to $5.9 million in Q4 2023, a decrease of $1.3 million primarily due to lower stock-based compensation and personnel-related costs [31] - Net loss for Q4 2024 was $14.9 million, compared to a net loss of $26.9 million in Q4 2023 [31] - Cash and cash equivalents as of December 31, 2024, were $49 million, down from $111.5 million as of December 31, 2023 [32] Business Line Data and Key Metrics Changes - The CAB platform clinical programs are advancing, with promising results from the EpCAM and CAB CD3 bispecific T-cell engager antibody, showing tumor reduction in patients [9][12] - Mecbotamab Vedotin (Mec-V) demonstrated ongoing antitumor activity with multiple confirmed responses among 21 evaluable patients, with a median overall survival not yet reached at 35 months [15] - Ozuriftamab Vedotin (Oz-V) is showing a compelling clinical profile in treatment-refractory head and neck cancer patients, with a 100% disease control rate in HPV-positive patients [20][21] Market Data and Key Metrics Changes - The company is targeting a worldwide commercial opportunity of over $1 billion in peak sales for the second-line plus head and neck cancer population [22] - The overall survival rates for patients with MKRAS non-small cell lung cancer treated with Mec-V were reported at 66% and 58% at one and two years, respectively, exceeding standard care outcomes [15] Company Strategy and Development Direction - The company is focusing on advancing its internal priority programs while streamlining resources, including a workforce reduction of over 30% [28] - Discussions with potential collaborators for Phase 2 assets are ongoing, with a focus on the promising results from the CAB program [33] - The company is open to partnering discussions for various programs, including ROR2 and CTLA-4, to maximize shareholder value [78] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the clinical outcomes from the CAB program, highlighting its potential to transform treatment options for patients [33] - The company anticipates that the compelling results from its clinical trials will serve as important catalysts for future growth and partnerships [34] Other Important Information - The company has received fast track designation and actionable guidance from the FDA for the Oz-V monotherapy trial design [18] - The safety profile of Evalstotug, a CAB-CTLA-4 antibody, is differentiated with a low incidence of immune-mediated adverse events compared to traditional therapies [25] Q&A Session Summary Question: Update on partnered programs and discussions - Management indicated that discussions are ongoing for the ROR2 and CTLA-4 programs, with new interest expected due to recent data [36][38] Question: Data expectations for BA3182 - The company expects to report on the 300 microgram cohort data in the coming months, with potential for higher doses depending on patient recruitment [44][49] Question: HPV positive patients in head and neck cancer - Management noted that they do not have smoking correlation data for HPV positive patients but will obtain it post-call [63][66] Question: Future patient data for AXL program - The company plans to add more patients to the AXL program and is currently prioritizing the EpCAM program due to its broad applicability [75][76] Question: Strategic partnerships beyond ROR2 and CTLA-4 - Management is open to partnerships for other promising programs and is actively exploring various strategies to maximize shareholder value [78]

Financial Performance - The company reported net losses of $69.8 million and $123.5 million for the years ended December 31, 2024 and 2023, respectively, with an accumulated deficit of $486.0 million as of December 31, 2024[457]. - The net loss for 2024 was $69.8 million, an improvement from a net loss of $123.5 million in 2023, representing a decrease of approximately 43.5%[522]. - The company has not generated any revenue from product sales to date and does not expect to do so in the near future[461]. - The company reported collaboration and other revenue of $11 million for 2024, compared to no revenue in 2023[522]. Cash and Liquidity - Cash and cash equivalents totaled approximately $49.0 million as of December 31, 2024, raising concerns about the ability to fund ongoing operations for at least the next twelve months[460]. - The company anticipates that its current cash and cash equivalents may not be sufficient to fund ongoing operations for at least twelve months from the date of the financial statements[478]. - Cash provided by financing activities was $9.5 million for the year ended December 31, 2024, primarily from the issuance of common stock and warrants[485]. - Cash provided by financing activities was $77,000 for the year ended December 31, 2023, mainly from the issuance of common stock under the Employee Stock Purchase Plan[486]. - The company experienced a net decrease in cash and cash equivalents of $62.4 million in 2023 and $104.0 million in 2024[481]. - Cash and cash equivalents decreased from $111.5 million at the beginning of 2024 to $49 million at the end of the year, a decline of about 56%[528]. Research and Development - Research and development expenses decreased to $63.1 million in 2024 from $103.7 million in 2023, primarily due to reduced costs in preclinical and clinical programs[472]. - The company incurred $63.1 million in research and development expenses for 2024, with $5.7 million accrued for clinical trial costs as of December 31, 2024[515]. - Total program expenses for the Company's CAB products amounted to $43 million in 2024, down from $81.4 million in 2023[639]. - The Company has a proprietary platform for creating biologics, including several CAB drug candidates currently in clinical development[532]. Operating Expenses - Total operating expenses decreased from $129.7 million in 2023 to $84.9 million in 2024, a reduction of about 34.6%[522]. - General and administrative expenses decreased to $21.8 million in 2024 from $26.0 million in 2023, driven by lower stock-based compensation and insurance costs[473]. - Stock-based compensation expense for the year ended December 31, 2024, totaled $8.9 million, a decrease from $13.5 million in 2023[593]. Financing and Capital Needs - Future funding will depend on the pace and results of development efforts, with potential financing through equity offerings, debt, and collaborations[458]. - The company may need to raise additional capital through equity or debt financing, strategic collaborations, or a combination of these approaches[478]. - The company reported a significant reliance on external funding due to the high costs associated with research and development activities[479]. - The company may face challenges in securing additional financing in a timely manner or on favorable terms due to market volatility and economic conditions[480]. Tax and Regulatory Matters - The Company has federal and state net operating loss carryforwards of approximately $160.6 million and $42.0 million, respectively, with federal losses being carried forward indefinitely[631]. - A valuation allowance of approximately $102.7 million was established to offset deferred tax assets, which increased by approximately $17.0 million during 2024[630]. - The Company reported gross unrecognized tax benefits of approximately $4.6 million as of December 31, 2024, with no impact on the effective tax rate due to the valuation allowance[636]. - The Company is subject to examination by tax authorities since 2021, but is not currently under examination by any jurisdiction[637]. Collaboration and Licensing - The company recognized collaboration revenue of $11.0 million in 2024 from a licensing agreement with Context Therapeutics[462]. - In September 2024, the Company entered into a License Agreement with Context Therapeutics Inc., potentially worth up to $133.5 million in aggregate payments, including upfront cash and royalties on future net sales[608]. - The Company determined that the transfer of the License to Context did not meet criteria for recognizing revenue over time, leading to revenue recognition at the point of execution[611]. - The Company entered into a collaboration agreement with Bristol-Myers Squibb for clinical trials using two CAB ADCs, with no financial impact on the Company's results for 2023 and 2024[607]. Shareholder and Stock Information - The weighted-average shares of common stock outstanding increased from 47.8 million in 2023 to 48.6 million in 2024[522]. - The Company has authorized 200,000,000 shares of preferred stock and 350,000,000 shares of common stock[583]. - As of December 31, 2024, total common stock reserved for future issuance was 20,174,431 shares, up from 8,776,826 shares in 2023[602]. - The expected volatility for stock options granted in 2024 was 88.7%, compared to 77.9% in 2023[598].