"All 8 patients treated with evalstotug plus PD-1 achieve tumor reduction. To briefly review ipi is typically dosed at either 1 milligram per kilogram or 3 milligrams per kilogram in routine clinical practice. With our approach, considerable CTLA-4 inhibition was safely achieved using relatively high evalstotug dosing. Five patients received a 350-milligram dosing level that represents 5 milligrams per kilogram ipi equivalent; and 3 received at least 700 milligrams representing 10 milligrams per kilogram ipi equivalent dosing. We have now observed four responders, including three partial responses and one complete response with acceptable tolerability and no disease progression observed to date."
— Eric Sievers, Chief Medical Officer
03Detailed Report
BCAB
Company BCAB
Period
Q3 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 17, 2026
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Executive Summary
BioAtla reported a Q3 2024 net loss of $10.6 million on $11.0 million of revenue, with gross profit matching revenue (gross margin 100%), reflecting a primarily R&D-driven, pre-commercial phase. The quarter featured meaningful clinical progress across the CAB pipeline, including ozuriftamab vedotin (ROR2) activity in head and neck cancer and expanding clinical data on evalstotug (CTLA-4). Management highlighted FDA engagement and a clear path to pivotal trials, supported by a cash runway into early 2026, aided by a $15 million upfront collaboration inflow from Context Therapeutics. The company reiterated its near-term objective to advance at least one Phase II asset into collaboration-driven development and another under its own control toward registrational trials, with a preference for non-dilutive financing. While the balance sheet remains modest in absolute scale, the liquidity position combined with ongoing collaboration discussions provides a credible runway to key milestones in 2025.
Key program readouts included: (1) ozuriftamab vedotin in second-line plus head and neck cancer showing durable responses and a Fast Track designation from the FDA, with an actionable plan for a pivotal trial and a limited randomization evaluation of dosing schedules; (2) evalstotug CTLA-4 data suggesting high-dose CTLA-4 exposure can yield robust tumor responses with a favorable safety signal, supporting a potential Phase III registrational path in first-line melanoma with a flexible control arm; and (3) MK-RAS/AXL-targeted ACT and TCE programs continuing dose-escalation and early efficacy signals. The management tone remained cautiously optimistic about achieving registrational pathways in 2025, contingent on successful dose optimization, regulatory alignment, and strategic collaborations."
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Key Performance Indicators
Revenue
Stable
11.00M
QoQ: N/A | YoY: N/A
Gross Profit
Increasing
11.00M
1.00% margin
QoQ: 4 903.49% | YoY: 4 174.07%
Operating Income
Increasing
-11.27M
QoQ: 48.71% | YoY: 67.82%
Net Income
Increasing
-10.59M
QoQ: 49.76% | YoY: 68.23%
EPS
Increasing
-0.22
QoQ: 50.00% | YoY: 68.57%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue and profitability
- Revenue: $11.0 million in Q3 2024, versus negligible prior-year quarters, driving a reported gross profit of $11.0 million and a gross margin of 100% (grossProfitMargin: 1.0000).
- Operating expenses: $22.27 million in the quarter, comprising $16.395 million of R&D and $5.875 million of G&A, reflecting ongoing pre-commercial investment.
- EBITDA and operating income: EBITDA of -$11.042 million; operating income of -$11.27 million, underscoring the company’s focus on pipeline advancement rather than near-term profitability.
- Net income and earnings per share: Net loss of -$10.586 million; EPS -$0.22 for the quarter; weighted-average shares outstanding 48.335 million.
- Cash flow and liquidity: Net cash used in operating activities of -$5.132 million in Q3; nine-month cash burn of -$55.2 million; cash and cash equivalents ending Sep 30, 2024 were $56.516 million. Management projects funding into early 2026, aided by collaboration inflows and a near-term collaboration plan for at least one Phase II asset.
Balance sheet and liquidity
- Total assets: $62.236 million; total liabilities: $39.268 million; total stockholders’ equity: $22.968 million.
- Net debt: -$55.265 million (net cash position), reflecting a cash-rich balance sheet for a clinical-stage biotech and supporting further R&D investments without immediate dilution pressure.
- Cash runway: Sufficient to fund planned operations into early 2026, including dose optimization for CAB-ROR2 and CAB-CTLA4 and positioning for registrational trials.
Growth indicators and valuation context
- Cash receipts: Context Therapeutics collaboration includes up to $133.5 million in aggregate payments, including a $15 million upfront, bolstering near-term liquidity.
- Relative valuation signals: Industry-wide biotech peers exhibit varied cash burn and early-stage revenue profiles; BioAtla’s current revenue run-rate and cash runway are consistent with a development-stage biotech leveraging partnerships to de-risk and accelerate portfolio milestones.
YoY and QoQ highlights (where available)
- Revenue YoY: N/A due to prior-year liquidity/operational profile; QoQ: flat to negligible prior-quarter revenue context; the current quarter reflects a material inflection in topline due to collaboration revenue and milestone activity.
- Gross profit YoY/QoQ: YoY and QoQ margins show a dramatic improvement in gross profitability driven by the revenue recognition framework rather than margin expansion in operations.
- EPS and net income: Negative in both YoY and QoQ terms, consistent with a development-stage company investing in its pipeline.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
11.00M
N/A
N/A
Gross Profit
11.00M
4 174.07%
4 903.49%
Operating Income
-11.27M
67.82%
48.71%
Net Income
-10.59M
68.23%
49.76%
EPS
-0.22
68.57%
50.00%
Key Financial Ratios
Gross Profit Margin
Weak
1.00%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-1.03%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-0.96%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.17%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.46%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
3.11
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.05
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-2.01x
Negative earnings make P/E ratio not meaningful
Price to Book
Premium
3.70x
Trading at premium to book value, reflects strong intangibles or growth
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