BioAtla(US:BCAB)2025-11-13 22:00Financial Performance - The net loss for the three months ended September 30, 2025, was $15.8 million, compared to a net loss of $10.6 million for the same period in 2024, representing an increase of approximately 49%[109] - Net loss for the nine months ended September 30, 2025 was $49.8 million, compared to a net loss of $54.9 million in 2024, an improvement of approximately $5.1 million or 9.3%[116] - The company anticipates continuing to incur net losses for the foreseeable future, raising substantial doubt about its ability to continue as a going concern[125] Revenue - The company recognized no revenue during the three months ended September 30, 2025, compared to $11.0 million in collaboration revenue for the same period in 2024[110] - Collaboration and other revenue for the nine months ended September 30, 2025 was $0, compared to $11.0 million in 2024, reflecting a decrease of 100%[117] - A milestone payment of $2 million was received in November 2025 under the licensing agreement with Context Therapeutics, following the recognition of $11.0 million in revenue from this agreement in 2024[101] Expenses - Research and development expenses decreased to $9.5 million for the three months ended September 30, 2025, down from $16.4 million in 2024, a reduction of approximately 42%[112] - Total operating expenses decreased to $50.1 million in 2025 from $68.7 million in 2024, a reduction of approximately 26.7%[116] - Research and development expenses were $35.6 million for the nine months ended September 30, 2025, down from $51.4 million in 2024, representing a decrease of approximately 30.9%[119] - General and administrative expenses decreased to $4.3 million for the three months ended September 30, 2025, down from $5.9 million in 2024, a reduction of approximately 27%[113] - General and administrative expenses decreased to $14.5 million in 2025 from $17.3 million in 2024, a decline of approximately 16.2%[120] Cash Position - Cash and cash equivalents totaled approximately $8.3 million as of September 30, 2025, raising substantial doubt about the company's ability to continue operations for at least the next twelve months[99] - Cash and cash equivalents as of September 30, 2025 were $8.3 million, indicating a need for additional funding to support ongoing operations[123] - The company closed a stock offering in December 2024, raising approximately $9.2 million before expenses, which may help alleviate liquidity concerns[124] Operational Changes - The company implemented a 30% workforce reduction in March 2025 as part of cost-cutting initiatives to extend its cash runway[97] - The company expects research and development expenses to decrease in the near term as it completes certain Phase 2 trials, but long-term expenses are anticipated to increase substantially[98] Other Financial Metrics - Loss on warrant liability was $2.1 million for the three months ended September 30, 2025, due to changes in the fair value of warrants issued in December 2024[115] - Interest income decreased to $0.8 million in 2025 from $2.8 million in 2024, a decline of approximately 71.4%[121] - Net cash used in operating activities for the nine months ended September 30, 2025 was $40.3 million, an improvement from $55.2 million in 2024, reflecting a decrease of approximately 26.9%[130][131]