Core Insights - BioAtla, Inc. reported its financial results for Q1 2025, highlighting advancements in its Conditionally Active Biologic (CAB) platform and ongoing clinical trials for cancer therapies [1][8]. Financial Performance - Research and development (R&D) expenses for Q1 2025 were $12.4 million, down from $18.9 million in Q1 2024, primarily due to reduced clinical development costs [8]. - General and administrative (G&A) expenses decreased to $5.3 million in Q1 2025 from $5.6 million in Q1 2024 [9]. - The net loss for Q1 2025 was $15.3 million, compared to a net loss of $23.2 million in the same quarter of 2024 [9]. - Cash and cash equivalents as of March 31, 2025, were $32.4 million, down from $49.0 million at the end of 2024, with expectations to fund operations through key clinical readouts in 1H 2026 [11]. Clinical Developments - The Phase 1 dose-escalation study for CAB-EpCAM x CAB-CD3 (BA3182) is ongoing, with the first three patients dosed at 300 micrograms, and data readout expected in mid-2025 [5][6]. - 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 for standard care [5][6]. - Ozuriftamab vedotin (Oz-V) continues to show promising results in HPV-positive squamous cell carcinoma of the head and neck, with a disease control rate of 100% and an overall response rate of 45% [6][5]. Strategic Initiatives - The company is utilizing Fast Track Designation from the FDA for discussions regarding a proposed Phase 3 study for Oz-V in treatment-refractory metastatic HPV-positive SCCHN [13]. - BioAtla is focusing on its two internal priority programs and expects cost reductions from its recent restructuring [11]. Upcoming Events - Management will host a conference call and webcast on May 6, 2025, to discuss the financial results and clinical updates [12]. - BioAtla has presentations scheduled at major oncology conferences, including the ASCO Annual Meeting and ESMO Gastrointestinal Cancers Congress [13].

Financial Data and Key Metrics Changes - Research and development (R&D) expenses for Q4 2024 were $11.6 million, down from $22.7 million in Q4 2023, a decrease of $11.1 million due to lower clinical development expenses [30] - General and administrative expenses were $4.6 million for Q4 2024, compared to $5.9 million in Q4 2023, a decrease of $1.3 million primarily due to lower stock-based compensation and personnel-related costs [31] - Net loss for Q4 2024 was $14.9 million, compared to a net loss of $26.9 million in Q4 2023 [31] - Cash and cash equivalents as of December 31, 2024, were $49 million, down from $111.5 million as of December 31, 2023 [32] Business Line Data and Key Metrics Changes - The CAB platform clinical programs are advancing, with promising results from the EpCAM and CAB CD3 bispecific T-cell engager antibody, showing tumor reduction in patients [9][12] - Mecbotamab Vedotin (Mec-V) demonstrated ongoing antitumor activity with multiple confirmed responses among 21 evaluable patients, with a median overall survival not yet reached at 35 months [15] - Ozuriftamab Vedotin (Oz-V) is showing a compelling clinical profile in treatment-refractory head and neck cancer patients, with a 100% disease control rate in HPV-positive patients [20][21] Market Data and Key Metrics Changes - The company is targeting a worldwide commercial opportunity of over $1 billion in peak sales for the second-line plus head and neck cancer population [22] - The overall survival rates for patients with MKRAS non-small cell lung cancer treated with Mec-V were reported at 66% and 58% at one and two years, respectively, exceeding standard care outcomes [15] Company Strategy and Development Direction - The company is focusing on advancing its internal priority programs while streamlining resources, including a workforce reduction of over 30% [28] - Discussions with potential collaborators for Phase 2 assets are ongoing, with a focus on the promising results from the CAB program [33] - The company is open to partnering discussions for various programs, including ROR2 and CTLA-4, to maximize shareholder value [78] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the clinical outcomes from the CAB program, highlighting its potential to transform treatment options for patients [33] - The company anticipates that the compelling results from its clinical trials will serve as important catalysts for future growth and partnerships [34] Other Important Information - The company has received fast track designation and actionable guidance from the FDA for the Oz-V monotherapy trial design [18] - The safety profile of Evalstotug, a CAB-CTLA-4 antibody, is differentiated with a low incidence of immune-mediated adverse events compared to traditional therapies [25] Q&A Session Summary Question: Update on partnered programs and discussions - Management indicated that discussions are ongoing for the ROR2 and CTLA-4 programs, with new interest expected due to recent data [36][38] Question: Data expectations for BA3182 - The company expects to report on the 300 microgram cohort data in the coming months, with potential for higher doses depending on patient recruitment [44][49] Question: HPV positive patients in head and neck cancer - Management noted that they do not have smoking correlation data for HPV positive patients but will obtain it post-call [63][66] Question: Future patient data for AXL program - The company plans to add more patients to the AXL program and is currently prioritizing the EpCAM program due to its broad applicability [75][76] Question: Strategic partnerships beyond ROR2 and CTLA-4 - Management is open to partnerships for other promising programs and is actively exploring various strategies to maximize shareholder value [78]

Financial Data and Key Metrics Changes - Research and development (R&D) expenses decreased to $11.6 million for Q4 2024 from $22.7 million in Q4 2023, a reduction of $11.1 million due to lower clinical development expenses [19] - General and administrative expenses were $4.6 million for Q4 2024, down from $5.9 million in Q4 2023, primarily due to lower stock-based compensation and personnel-related costs [20] - Net loss for Q4 2024 was $14.9 million compared to a net loss of $26.9 million in Q4 2023 [20] - Cash and cash equivalents as of December 31, 2024, were $49 million, down from $111.5 million as of December 31, 2023 [20] Business Line Data and Key Metrics Changes - The CAB platform clinical programs are advancing, with promising results from the dual CAB EpCAM and CAB CD3 bispecific T cell engager antibody, showing tumor reduction in patients [6][8] - The cabaxel ADC MACV program reported ongoing anti-tumor activity with multiple confirmed responses among patients with tumors expressing MK RAS [9] - The TAB102 ADC AUS V program continues to show new responses in treatment-refractory head and neck cancer patients, with a 100% disease control rate in HPV-positive patients [12][14] Market Data and Key Metrics Changes - The second-line plus head and neck cancer population represents a worldwide commercial opportunity exceeding $1 billion in peak sales [15] - The HPV-positive subpopulation in head and neck cancer is estimated to have a risk-adjusted market opportunity of over $500 million [42] Company Strategy and Development Direction - The company is focusing on advancing multiple discussions with potential collaborators on Phase II assets, particularly the EpCAM T cell engager program [22] - A workforce reduction of over 30% is planned to streamline resources, with an estimated one-time cash payment of $600,000 related to this reduction [18] - The company aims to retain essential employees for advancing priority programs while seeking partnerships for other clinical assets [18] Management's Comments on Operating Environment and Future Outlook - Management expressed encouragement regarding clinical outcomes from the CAB program, highlighting its differentiation in challenging solid tumor types [22] - The company anticipates that compelling results will serve as important catalysts for partnerships and shareholder value [22] Other Important Information - The company is on track for data readouts from the dose escalation portion of the study in mid-2025 and for the cohort expansion portion in the first half of 2026 [7] - The drug-related treatment discontinuation rate was only 7%, indicating a well-tolerated safety profile [10] Q&A Session Summary Question: Update on partnered programs and discussions - Management noted advanced discussions and new interest in the ROAR2 program and CTLA4, particularly due to new HPV-positive data [26][27] Question: Data expectations for BA3182 - The company expects to report on the 300 microgram cohort data and potentially higher doses depending on patient recruitment [35] Question: HPV-positive patients' smoking status - Management indicated that they would look into the correlation between smoking status and HPV-positive patients [45][46] Question: Future patient data for XL program - The company plans to add more patients to the XL program while prioritizing the EpCAM program due to its broad applicability [56] Question: Strategies to maximize shareholder value - Management is open to various strategies, including partnerships for both the IRR2 and CTLA4 programs, and is exploring additional options to enhance shareholder value [57]