BioAtla(BCAB) - 2024 Q3 - Quarterly Results

Financial Performance - The net loss for Q3 2024 was $10.6 million, significantly reduced from a net loss of $33.3 million in Q3 2023[7]. - Net loss for Q3 2024 was $10.6 million, compared to a net loss of $33.3 million in Q3 2023, representing a reduction of approximately 68%[19]. - Collaboration and other revenue for Q3 2024 was $11 million, compared to $0 in Q3 2023[19]. Research and Development - Research and development expenses for Q3 2024 were $16.4 million, down from $28.4 million in Q3 2023, a decrease of $12.0 million due to the completion of preclinical development and prioritization of clinical programs[5]. - Research and development expenses decreased to $16.4 million in Q3 2024 from $28.4 million in Q3 2023, a reduction of approximately 42%[19]. - The Phase 2 trial of ozuriftamab vedotin showed a median overall survival of approximately 9 months and a 38% response rate in heavily pre-treated patients[3]. - Mecbotamab vedotin demonstrated a median overall survival of 12.6 months among patients with tumors expressing mutant KRAS variants, compared to 8.7 months for those with wildtype KRAS[4]. - The Phase 2 trial of evalstotug showed tumor reduction in all eight patients treated, with four responders including one complete response[3]. - The company received FDA guidance supporting a pivotal trial design for ozuriftamab vedotin and evalstotug, positioning them for potential registrational trials in 2025[2]. - The company expects to further reduce operating expenses as it completes certain Phase 2 clinical trials and finalizes paths for registrational trials with the FDA[5]. - BioAtla is advancing discussions for strategic collaborations regarding its Phase 2 clinical assets[2]. Cash and Assets - Cash and cash equivalents as of September 30, 2024, were $56.5 million, down from $111.5 million as of December 31, 2023, projected to fund operations into early 2026[8]. - Cash and cash equivalents as of September 30, 2024, were $56.5 million, down from $111.5 million at the end of 2023[20]. - Total assets decreased to $62.2 million as of September 30, 2024, from $119.7 million at the end of 2023[20]. - Total liabilities were $39.3 million as of September 30, 2024, down from $49 million at the end of 2023[20]. - Total stockholders' equity decreased to $23 million as of September 30, 2024, from $70.7 million at the end of 2023[20]. Operating Expenses - General and administrative expenses were $5.9 million in Q3 2024, down from $6.6 million in Q3 2023, reflecting a decrease of about 11%[19]. - Total operating expenses for Q3 2024 were $22.3 million, a decrease of 36% from $35 million in Q3 2023[19]. - The company expects to further reduce operating expenses as it completes certain Phase 2 clinical trials and finalizes paths for registrational trials with the FDA[5].