BioAtla(BCAB)2025-03-27 20:09Financial Performance - Net loss for Q4 2024 was $14.9 million, compared to a net loss of $26.9 million in Q4 2023, indicating improved financial performance[12] - Net cash used in operating activities for the full year 2024 was $72.0 million, down from $104.0 million in 2023[13] - Net loss for the three months ended December 31, 2024, was $14,884, compared to a loss of $26,925 in 2023, indicating a 44.7% improvement[27] - Collaboration and other revenue for the twelve months ended December 31, 2024, was $11,000, compared to $0 in 2023[27] Research and Development - Research and development (R&D) expenses for Q4 2024 were $11.6 million, down from $22.7 million in Q4 2023, reflecting a decrease of $11.1 million due to lower clinical development expenses[10] - The company expects R&D expenses to continue decreasing in the first half of 2025 due to recent restructuring and focus on prioritized programs[10] - Research and development expenses for the three months ended December 31, 2024, were $11,650, a decrease of 48.7% from $22,674 in 2023[27] Cash and Assets - Cash and cash equivalents as of December 31, 2024, were $49.0 million, down from $111.5 million as of December 31, 2023, with expectations of extending runway beyond key clinical readouts in 1H 2026[14] - Cash and cash equivalents decreased to $49,046 as of December 31, 2024, from $111,471 in 2023, reflecting a decline of 56.0%[29] - Total assets decreased to $52,422 as of December 31, 2024, from $119,658 in 2023, a reduction of 56.2%[29] - Total stockholders' equity fell to $14,265 as of December 31, 2024, down from $70,672 in 2023, representing a decline of 79.8%[29] Operating Expenses - Total operating expenses for the twelve months ended December 31, 2024, were $84,943, down from $129,687 in 2023, representing a reduction of 34.5%[27] - Total current liabilities decreased to $14,540 as of December 31, 2024, from $28,344 in 2023, a reduction of 48.6%[29] Clinical Trials and Collaborations - The Phase 1 dose-escalation study for CAB-EpCAM x CAB-CD3 (BA3182) is ongoing, with data readout expected in mid-2025[5] - Mecbotamab vedotin (CAB-AXL-ADC) demonstrated a 66% overall survival rate at one year and 58% at two years among patients with mKRAS NSCLC[5] - Ozuriftamab vedotin (CAB-ROR2-ADC) showed a 45% overall response rate (ORR) in treatment-refractory, metastatic HPV-positive squamous cell carcinoma of the head and neck[8] - The company has initiated discussions for potential collaborations on Phase 2 assets while restructuring to reduce costs and extend operational runway[3] Income and Interest - Interest income for the twelve months ended December 31, 2024, was $3,369, compared to $6,312 in 2023, a decrease of 46.5%[27] - The company reported a total other income of $4,167 for the twelve months ended December 31, 2024, down from $6,225 in 2023, a decline of 32.9%[27] Workforce and Restructuring - The company plans to retain essential employees while reducing workforce by over 30% to support value creation and advance prioritized internal programs[12]