BioAtla(US:BCAB)2025-05-06 21:01Financial Performance - The net loss for the three months ended March 31, 2025, was $15.3 million, a decrease of approximately 34% compared to a net loss of $23.2 million for the same period in 2024[87]. - The total operating expenses for the three months ended March 31, 2025, were $17.6 million, down from $24.5 million in 2024, reflecting a decrease of approximately 28%[100]. - The company reported a net loss of $15.3 million for Q1 2025, with a net change of $0.9 million in operating assets and liabilities[112]. Research and Development - Research and development expenses decreased to $12.4 million for the three months ended March 31, 2025, from $18.9 million in 2024, primarily due to lower program development costs[101]. - The company expects research and development expenses to decrease in the near term as it completes enrollment and treatment in certain clinical trials[88]. Revenue Generation - The company did not generate any revenue from product sales during the three months ended March 31, 2025, and does not expect to generate meaningful revenue in the near future[90]. - The company has entered into collaborations and licensing agreements, including a licensing agreement for BA3362 with Context Therapeutics, but did not recognize any revenue from this agreement during the reporting period[91]. Cash and Liquidity - As of March 31, 2025, the company had cash and cash equivalents totaling approximately $32.4 million, raising substantial doubt about its ability to continue as a going concern[89]. - Cash and cash equivalents may not be sufficient to fund ongoing operations for at least twelve months, raising substantial doubt about the company's ability to continue as a going concern[109]. - The company experienced a net decrease in cash and cash equivalents of $16.7 million in Q1 2025, compared to a decrease of $30.8 million in Q1 2024[111]. Financing and Capital Needs - The company has funded its operations primarily through equity issuance since July 2020, indicating reliance on external financing for future operations[105]. - The company may need to raise additional capital through equity or debt financing, which could lead to dilution for existing investors[110]. - The net cash used in financing activities was $0.4 million for Q1 2025, primarily for financing costs related to a December 2024 offering[116]. - The company anticipates that market volatility and geopolitical tensions could adversely impact its ability to access capital[110]. Operating Activities - Net cash used in operating activities for Q1 2025 was $16.3 million, compared to $30.8 million in Q1 2024[111]. - The net change in operating assets and liabilities for Q1 2025 was primarily due to an increase in accounts payable and accrued expenses of $2.1 million[112]. General and Administrative Expenses - General and administrative expenses were $5.3 million for the three months ended March 31, 2025, a slight decrease from $5.6 million in 2024[102]. Off-Balance Sheet Arrangements - The company has not entered into any off-balance sheet arrangements as defined by SEC rules[119]. Commitments and Agreements - The company has no commitments or agreements related to acquiring or investing in businesses, products, or technologies at this time[113].