BioAtla(US:BCAB)2025-05-06 20:01Financial Performance - Net loss for Q1 2025 was $15.3 million, compared to a net loss of $23.2 million in Q1 2024, indicating improved financial performance [12]. - Net loss for Q1 2025 was $15,334,000, compared to a net loss of $23,234,000 in Q1 2024, indicating an improvement of 34.0% [27]. - Net loss per common share improved to $(0.26) in Q1 2025 from $(0.48) in Q1 2024 [27]. - Net cash used in operating activities for Q1 2025 was $16.3 million, down from $30.8 million in Q1 2024, indicating improved cash management [13]. Research and Development - Research and development (R&D) expenses for Q1 2025 were $12.4 million, down from $18.9 million in Q1 2024, reflecting a decrease of $6.5 million primarily due to lower clinical development expenses [11]. - The company expects R&D expenses to continue decreasing for the remainder of 2025 due to recent restructuring and completion of Phase 2 trials [11]. - Research and development expenses decreased to $12,355,000 in Q1 2025 from $18,852,000 in Q1 2024, representing a reduction of 34.4% [27]. - The Phase 1 dose-escalation study for CAB-EpCAM x CAB-CD3 (BA3182) is ongoing, with data readout expected in mid-2025 and cohort expansion data anticipated in 1H 2026 [5]. - The company plans to focus ongoing development on prioritized programs following a realignment of resources [14]. Cash and Assets - Cash and cash equivalents as of March 31, 2025, were $32.4 million, down from $49.0 million as of December 31, 2024, with expectations to fund operations beyond key clinical readouts in 1H 2026 [14]. - Cash and cash equivalents decreased to $32,363,000 as of March 31, 2025, down from $49,046,000 at the end of 2024 [29]. - Total assets decreased to $38,290,000 as of March 31, 2025, compared to $52,422,000 at the end of 2024 [29]. - Total stockholders' equity significantly declined to $547,000 as of March 31, 2025, from $14,265,000 at the end of 2024 [29]. - Total liabilities remained relatively stable at $37,743,000 as of March 31, 2025, compared to $38,157,000 at the end of 2024 [29]. Clinical Results - 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 with standard care agents [5]. - Ozuriftamab vedotin (Oz-V) showed a disease control rate of 100% and an overall response rate (ORR) of 45% in HPV-positive squamous cell carcinoma of the head and neck patients, compared to 0% to 3.4% ORR with standard care [9]. - The company is utilizing Fast Track Designation for discussions with the FDA regarding a proposed Phase 3 study for Oz-V in treatment-refractory, metastatic HPV-positive SCCHN [9]. Operating Expenses - Total operating expenses for Q1 2025 were $17,614,000, a decrease of 28.3% from $24,457,000 in Q1 2024 [27]. - Interest income for Q1 2025 was $400,000, down from $1,223,000 in Q1 2024 [27]. - Gain on warrant liability was $1,880,000 in Q1 2025, with no comparable figure reported in Q1 2024 [27].