BioAtla Reports Fourth Quarter and Full Year 2024 Financial Results and Highlights Recent Progress

Core Insights - BioAtla, Inc. reported encouraging clinical outcomes from its Conditionally Active Biologic (CAB) platform, particularly in its Phase 1 dose-escalation study for dual conditionally-binding EpCAM and CD3, with multiple patients showing tumor reduction and tolerating therapy without progression [2][4][5] - The company has restructured its organization to reduce costs and extend its financial runway, focusing on prioritizing patient recruitment for programs expected to yield transformative results [2][10][13] Financial Performance - For Q4 2024, research and development (R&D) expenses were $11.6 million, down from$22.7 million in Q4 2023, attributed to lower clinical development expenses due to program prioritization [10] - General and administrative (G&A) expenses decreased to $4.6 million in Q4 2024 from$5.9 million in Q4 2023, primarily due to lower stock-based compensation and personnel costs [11] - The net loss for Q4 2024 was $14.9 million, a reduction from a net loss of$26.9 million in the same quarter of 2023 [11] - Cash and cash equivalents at year-end 2024 stood at $49 million, down from$111.5 million at the end of 2023, with expectations that cost reductions will extend the runway beyond key clinical readouts in 1H 2026 [13][26] Clinical Program Updates - The Phase 1 dose-escalation study for CAB-EpCAM x CAB-CD3 (BA3182) is ongoing, with data readout expected in mid-2025, and dose expansion data anticipated in 1H 2026 [4][5] - Mecbotamab vedotin (CAB-AXL-ADC) demonstrated a 66% overall survival rate at one year and 58% at two years among patients with mKRAS NSCLC, exceeding standard care benchmarks [4][9] - Ozuriftamab vedotin (CAB-ROR2-ADC) showed promising anti-tumor activity in treatment-refractory metastatic HPV-positive squamous cell carcinoma of the head and neck, with a 45% overall response rate [4][19] Corporate Strategy and Future Outlook - The company is advancing multiple discussions with potential collaborators for its Phase 2 assets while initiating new partnerships [2][6] - BioAtla is focusing on its two internal priority programs and has initiated workforce reductions of over 30% to align resources effectively [10][12] - The management plans to host a conference call to discuss these developments and financial results, indicating a commitment to transparency with stakeholders [14]