BioAtla, Inc. (BCAB) Bundle
A Brief History of BioAtla, Inc.
BioAtla, Inc., a biopharmaceutical company focused on developing innovative therapies based on its proprietary CAB (Conditionally Active Biologic) platform, has a significant history marked by research and development aimed at advancing treatment options for cancer and other serious diseases. As of 2024, the company continues to navigate the complexities of drug development and commercialization, characterized by substantial financial metrics reflecting both its challenges and achievements.
Company Overview
Founded in 2012, BioAtla has pursued a mission to develop conditionally active therapeutics that can provide targeted treatment with improved safety profiles. The company is publicly traded and has been involved in various collaborations and licensing agreements to enhance its research capabilities and market potential.
Financial Performance
BioAtla's financial performance has demonstrated significant fluctuations primarily due to its ongoing R&D efforts and the associated costs. For the nine months ending September 30, 2024, the company reported:
| Financial Metric | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Collaboration and Other Revenue | $11,000,000 | $0 |
| Research and Development Expenses | $51,445,000 | $81,057,000 |
| General and Administrative Expenses | $17,254,000 | $20,094,000 |
| Total Operating Expenses | $68,699,000 | $101,151,000 |
| Net Loss | $(54,892,000) | $(96,537,000) |
| Accumulated Deficit | $(471,155,000) | $(416,263,000) |
Research and Development Focus
BioAtla's R&D activities have primarily centered on developing its lead product candidates, including:
- Mecbotamab vedotin (CAB AXL-ADC)
- Ozuriftamab vedotin (CAB ROR2-ADC)
- Evalstotug (CAB CTLA-4)
- BA3182 (CAB EpCAM x CAB CD3)
For the nine months ended September 30, 2024, the R&D expenses allocated to these programs are as follows:
| Product Candidate | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Mecbotamab vedotin | $11,603,000 | $17,759,000 |
| Ozuriftamab vedotin | $7,157,000 | $10,713,000 |
| Evalstotug | $7,150,000 | $13,302,000 |
| BA3182 | $3,728,000 | $3,221,000 |
| Other CAB Programs | $5,873,000 | $19,396,000 |
Cash Flow and Liquidity
As of September 30, 2024, BioAtla reported cash and cash equivalents of $56.5 million, down from $111.5 million at the beginning of the year. The net cash used in operating activities was $55.2 million for the nine months ended September 30, 2024, compared to $74.1 million for the same period in 2023.
| Cash Flow Metric | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Cash Used in Operating Activities | $(55,153,000) | $(74,093,000) |
| Net Cash Used in Investing Activities | $0 | $(90,000) |
| Net Cash Provided by Financing Activities | $198,000 | $(42,000) |
Market Position and Future Outlook
Despite facing significant operational losses, BioAtla's strategic partnerships and innovative product pipeline position it for potential growth in the biopharmaceutical landscape. The company continues to focus on advancing its clinical trials and securing additional funding to support its ambitious R&D objectives. The ability to generate revenue from its product candidates will be critical in determining its future financial stability and market success.
A Who Owns BioAtla, Inc. (BCAB)
Shareholder Structure
As of September 30, 2024, BioAtla, Inc. (BCAB) had a total of 48,345,533 shares of common stock issued and outstanding. The company has not issued any Class B common stock as of this date.
| Share Class | Shares Issued | Shares Outstanding | Par Value |
|---|---|---|---|
| Common Stock | 48,345,533 | 48,345,533 | $0.0001 |
| Class B Common Stock | 0 | 0 | $0.0001 |
Major Shareholders
As of the latest reports, the major shareholders of BioAtla include both institutional and retail investors. The company's largest institutional shareholders hold significant stakes, influencing corporate governance and strategic decisions.
- Institutional Ownership: Approximately 50% of the shares are held by institutional investors.
- Retail Ownership: The remaining shares are primarily owned by retail investors.
Recent Financial Performance
For the nine months ended September 30, 2024, BioAtla reported a net loss of $54.9 million, compared to a net loss of $96.5 million for the same period in 2023. This reflects a substantial decrease in losses due to reduced operating expenses and the recognition of revenue from licensing agreements.
| Financial Metrics | 2024 (Nine Months) | 2023 (Nine Months) | Change |
|---|---|---|---|
| Net Loss | $54.9 million | $96.5 million | $41.6 million improvement |
| Collaboration Revenue | $11.0 million | $0 | Increase of $11.0 million |
Cash Position
As of September 30, 2024, BioAtla reported cash and cash equivalents totaling approximately $56.5 million. This amount is expected to fund operations for at least twelve months from the date of the financial statement issuance.
| Financial Position | Amount |
|---|---|
| Cash and Cash Equivalents | $56.5 million |
| Accumulated Deficit | $(471.2) million |
| Total Stockholders’ Equity | $22.968 million |
Recent Developments
In September 2024, BioAtla entered into a licensing agreement with Context Therapeutics, which generated $11.0 million in revenue during the three months ended September 30, 2024. This collaboration marks a significant milestone in the company’s revenue generation strategy, reflecting the potential of its product candidates.
As of November 4, 2024, the total number of shares of the registrant's common stock outstanding was 48,345,573.
BioAtla, Inc. (BCAB) Mission Statement
BioAtla, Inc. is a clinical-stage biopharmaceutical company focused on developing a novel class of antibody-based therapeutics designed to treat solid tumors. The company’s mission is to capitalize on proprietary discoveries related to tumor biology to create highly specific and selective therapies that target known tumor antigens, which have historically been difficult to address.
Financial Performance Overview
As of September 30, 2024, BioAtla reported a net loss of $54.9 million for the nine-month period ending on that date, compared to a loss of $96.5 million during the same period in 2023. This reflects a significant reduction in losses driven by decreased operating expenses.
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Loss | $54.9 million | $96.5 million | $41.6 million improvement |
| Net Loss per Share | $1.14 | $2.02 | $0.88 improvement |
| Research & Development Expenses | $51.4 million | $81.1 million | $29.6 million reduction |
| General & Administrative Expenses | $17.3 million | $20.1 million | $2.8 million reduction |
Revenue Streams
In the context of its mission, BioAtla recognized collaboration and other revenue amounting to $11.0 million during the three months ended September 30, 2024, attributed to the Context License Agreement. This was a new revenue stream, as no revenue was recognized in the same quarter of the previous year.
Capital and Funding Needs
As of September 30, 2024, BioAtla had approximately $56.5 million in cash and cash equivalents. The company anticipates that this amount will be sufficient to fund ongoing operations for at least the next twelve months. However, the need for significant additional capital remains crucial for the advancement of clinical development programs.
| Financial Metric | Amount |
|---|---|
| Cash and Cash Equivalents | $56.5 million |
| Accumulated Deficit | $471.2 million |
| Total Operating Expenses (9M 2024) | $68.7 million |
| Total Stockholders' Equity | $22.97 million |
Research and Development Focus
BioAtla's mission emphasizes the importance of research and development in the creation of effective therapies. In the nine months ended September 30, 2024, the company reported research and development expenses of $51.4 million, showcasing a strategic focus on advancing its product pipeline.
| Program | 9M 2024 Expenses | 9M 2023 Expenses | Change |
|---|---|---|---|
| Mecbotamab vedotin (BA3011) | $11.6 million | $17.8 million | $6.2 million reduction |
| Ozuriftamab vedotin (BA3021) | $7.2 million | $10.7 million | $3.6 million reduction |
| Evalstotug (BA3071) | $7.2 million | $13.3 million | $6.2 million reduction |
| Other CAB Programs | $5.9 million | $19.4 million | $13.5 million reduction |
Future Outlook
BioAtla's mission statement underscores its commitment to innovation in cancer therapy. The company is positioned to continue its focus on clinical trials and collaborations, with an emphasis on reducing operational costs while advancing its product candidates through regulatory approval processes. The evolving landscape of its financial health reflects this strategic direction.
How BioAtla, Inc. (BCAB) Works
Company Overview
BioAtla, Inc. is a clinical-stage biopharmaceutical company specializing in developing antibody-based therapeutics targeting solid tumors. The company focuses on a novel class of biotherapeutics, known as CABs (Conditionally Active Biotherapeutics), that leverage proprietary discoveries related to tumor biology.
Financial Performance
As of September 30, 2024, BioAtla reported the following financial metrics:
| Metric | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|---|---|
| Collaboration and Other Revenue | $11,000 | $0 | $11,000 | $0 |
| Research and Development Expense | $16,395 | $28,400 | $51,445 | $81,057 |
| General and Administrative Expense | $5,875 | $6,620 | $17,254 | $20,094 |
| Total Operating Expenses | $22,270 | $35,020 | $68,699 | $101,151 |
| Net Loss | $(10,586) | $(33,325) | $(54,892) | $(96,537) |
| Net Loss per Share | $(0.22) | $(0.70) | $(1.14) | $(2.02) |
| Cash and Cash Equivalents | $56,516 | $141,282 | $56,516 | $141,282 |
| Weighted-Average Shares Outstanding | 48,335,847 | 47,834,122 | 48,213,183 | 47,707,259 |
Research and Development Expenses
Research and development expenses for the nine months ended September 30, 2024, totaled $51.4 million, a decrease from $81.1 million in the same period of 2023. The following table outlines the allocation of research and development expenses by program:
| Program | Nine Months Ended September 30, 2024 (in thousands) | Nine Months Ended September 30, 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| Mecbotamab vedotin (BA3011) | $11,603 | $17,759 | $(6,156) |
| Ozuriftamab vedotin (BA3021) | $7,157 | $10,713 | $(3,556) |
| Evalstotug (BA3071) | $7,150 | $13,302 | $(6,152) |
| BA3182 (CAB EpCAM x CAB CD3) | $3,728 | $3,221 | $507 |
| Other CAB Programs | $5,873 | $19,396 | $(13,523) |
General and Administrative Expenses
General and administrative expenses were $17.3 million for the nine months ended September 30, 2024, a decrease from $20.1 million in the comparable period of 2023. The reduction was primarily due to a decrease in stock-based compensation and insurance premiums.
Cash Flow and Liquidity
As of September 30, 2024, BioAtla's cash and cash equivalents stood at $56.5 million, down from $111.5 million at the end of the previous year. The company reported a net cash used in operating activities of $55.2 million for the nine months ended September 30, 2024.
Future Funding Requirements
BioAtla anticipates requiring substantial additional capital to finance operations, particularly for research and development activities. The company has funded operations primarily through equity issuance and collaborations. The following table outlines the anticipated future funding requirements:
| Funding Requirement | Estimated Amount (in millions) |
|---|---|
| Clinical Trials | Varies based on trial progress |
| Manufacturing Costs | Varies based on product candidates |
| Operational Expenses | Varies based on hiring and infrastructure needs |
| Intellectual Property Maintenance | Varies based on patent activities |
Market Position and Collaborations
BioAtla has entered into several collaborations, including a significant licensing agreement with Context Therapeutics. The company recognized $11 million in revenue from this agreement during the three and nine months ended September 30, 2024. Future revenues may be dependent on the success of clinical trials and commercialization efforts.
How BioAtla, Inc. (BCAB) Makes Money
Revenue Generation
BioAtla, Inc. generates revenue primarily through collaboration and licensing agreements. As of September 30, 2024, the company recognized $11 million in collaboration and other revenue, attributed to the Context License Agreement with Context Therapeutics.
| Revenue Source | Amount (in millions) | Details |
|---|---|---|
| Collaboration Revenue | $11.0 | Context License Agreement |
| Interest Income | $2.8 | For the nine months ended September 30, 2024 |
Operating Expenses
BioAtla’s operating expenses for the nine months ended September 30, 2024, totaled $68.7 million, a significant decrease from $101.2 million in the same period of 2023. This reduction was primarily due to decreased research and development expenditures.
| Expense Type | Amount (in millions) | Change from 2023 |
|---|---|---|
| Research and Development | $51.4 | Decreased by $29.6 million |
| General and Administrative | $17.3 | Decreased by $2.8 million |
Research and Development Focus
BioAtla is focused on developing its proprietary class of conditionally active biologics (CABs) for the treatment of solid tumors. The company’s research and development expenses for the nine months ended September 30, 2024, included significant investments in various CAB programs, with notable allocations as follows:
| CAB Program | Expense (in thousands) |
|---|---|
| Mecbotamab vedotin (BA3011) | $11,603 |
| Ozuriftamab vedotin (BA3021) | $7,157 |
| Evalstotug (BA3071) | $7,150 |
| BA3182 (CAB EpCAM x CAB CD3) | $3,728 |
Net Loss
Despite revenue generation, BioAtla reported a net loss of $54.9 million for the nine months ended September 30, 2024, compared to a net loss of $96.5 million for the same period in 2023, indicating improved financial performance year-over-year.
Liquidity Position
As of September 30, 2024, BioAtla had cash and cash equivalents amounting to $56.5 million, which is expected to sustain its operations for at least the following twelve months.
Future Funding Requirements
Looking ahead, BioAtla anticipates substantial additional capital will be required to finance its ongoing research and development, regulatory approvals, and commercialization efforts. The current operating plan focuses on the advancement of clinical trials and pipeline expansion.
| Financial Metric | Amount |
|---|---|
| Cash and Cash Equivalents | $56.5 million |
| Accumulated Deficit | $471.2 million |
| Net Loss (9 months) | $54.9 million |
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Resources:
- BioAtla, Inc. (BCAB) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of BioAtla, Inc. (BCAB)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View BioAtla, Inc. (BCAB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.