BioAtla, Inc. (BCAB): Business Model Canvas [11-2024 Updated]

In the rapidly evolving landscape of oncology, BioAtla, Inc. (BCAB) stands out with its innovative approach to cancer treatment. Their Business Model Canvas reveals a strategic framework that emphasizes collaborations with pharmaceutical companies, a robust CAB technology platform, and a commitment to transparency in clinical trials. Dive deeper to explore how BioAtla is reshaping cancer therapies and driving value in the healthcare sector.

BioAtla, Inc. (BCAB) - Business Model: Key Partnerships

Collaborations with pharmaceutical companies

BioAtla has established key collaborations with pharmaceutical companies to enhance its development capabilities and market reach. Notably, in September 2024, BioAtla entered into a License Agreement with Context Therapeutics Inc., granting Context an exclusive, worldwide license to develop, manufacture, and commercialize two licensed antibodies, including BA3362 (renamed CT-202). This agreement is significant, as it includes potential aggregate payments of up to $133.5 million, which encompasses upfront payments and milestones, along with tiered royalties on future net sales.

Licensing agreements for technology and products

Licensing agreements are a cornerstone of BioAtla's business model. For the nine months ended September 30, 2024, collaboration and other revenue amounted to $11.0 million, attributed entirely to the Context License Agreement. This revenue marks a substantial increase from the previous year, where no such revenue was recorded.

Partnerships with contract research organizations (CROs)

BioAtla collaborates with various contract research organizations (CROs) to facilitate clinical trials and research activities. In January 2024, BioAtla entered an amended Clinical Trial Services Agreement with Himalaya Therapeutics SEZC, which involves the payment for full-time personnel to support clinical trials for evalstotug in China. The reliance on CROs allows BioAtla to leverage external expertise, thereby optimizing resource allocation and minimizing operational risks.

Relationships with academic institutions for research

BioAtla maintains relationships with academic institutions to foster innovative research and development. These collaborations are crucial for advancing BioAtla's proprietary CAB technology platform. While specific financial figures for these partnerships are not disclosed, they are integral to enhancing the company’s research capabilities and driving scientific advancements in oncology.

Partnership Type	Partner	Revenue/Payments	Purpose
Licensing Agreement	Context Therapeutics Inc.	$133.5 million potential	Development and commercialization of BA3362 (CT-202)
Clinical Trial Services Agreement	Himalaya Therapeutics SEZC	Payment for personnel	Support for clinical trials in China
Collaboration Revenue	N/A	$11.0 million	From Context License Agreement

BioAtla, Inc. (BCAB) - Business Model: Key Activities

Conducting clinical trials for product candidates

BioAtla is actively conducting clinical trials for its product candidates, including mecbotamab vedotin (BA3011), ozuriftamab vedotin (BA3021), evalstotug (BA3071), and BA3182 (CAB-EpCAM x CAB-CD3). As of September 30, 2024, the company reported net research and development expenses of approximately $51.4 million for the nine months ended September 30, 2024, a significant portion of which is allocated to these clinical trials.

Research and development of CAB technology platform

The core of BioAtla's business model is the research and development of its proprietary conditionally active biologics (CAB) technology platform. Research and development expenses for CAB programs totaled approximately $35.5 million for the nine months ended September 30, 2024. This investment is crucial for the advancement of their pipeline and the enhancement of their therapeutic capabilities.

Regulatory compliance and submissions

BioAtla must navigate a complex regulatory landscape to bring its products to market. The company has incurred substantial costs related to regulatory compliance, which have been integrated into its overall research and development expenditures. As of September 30, 2024, the accumulated deficit stood at approximately $471.2 million, reflecting the extensive investments needed for regulatory submissions and compliance.

Intellectual property management

Effective management of intellectual property (IP) is critical for BioAtla. The company has focused on maintaining, protecting, and expanding its IP portfolio, which includes patents, trade secrets, and know-how. This is essential for safeguarding its innovations and ensuring competitive advantage in the biopharmaceutical market. The costs associated with IP management are embedded within the broader research and development expenses, which totaled approximately $51.4 million for the nine months ended September 30, 2024.

Key Activity	Details	Financial Impact (9M 2024)
Clinical Trials	Conducting trials for mecbotamab vedotin, ozuriftamab vedotin, evalstotug, BA3182	$51.4 million in R&D expenses
R&D of CAB Technology	Advancement of proprietary CAB platform	$35.5 million in CAB R&D expenses
Regulatory Compliance	Managing submissions and compliance with regulatory bodies	Part of $471.2 million accumulated deficit
Intellectual Property Management	Maintaining and expanding IP portfolio	Included in $51.4 million in R&D expenses

BioAtla, Inc. (BCAB) - Business Model: Key Resources

Proprietary CAB technology platform

BioAtla has developed a proprietary platform for conditionally active biologics (CABs), which are designed to selectively target tumor cells while sparing normal tissues. This technology is pivotal for the company's therapeutic candidates, enabling them to exploit the acidic microenvironment of tumors. BioAtla's lead product candidates include:

• Mecbotamab vedotin (BA3011) targeting AXL
• Ozuriftamab vedotin (BA3021) targeting ROR2
• Evalstotug (BA3071) targeting CTLA-4
• BA3182, a bispecific antibody targeting EpCAM and CD3

Experienced scientific and clinical personnel

BioAtla's team comprises highly skilled scientific and clinical professionals with extensive experience in biopharmaceutical development. This human resource is essential for advancing their CAB technology and overseeing clinical trials. The company has reported research and development expenses of $51.4 million for the nine months ended September 30, 2024.

Financial resources for R&D and operations

As of September 30, 2024, BioAtla had approximately $56.5 million in cash and cash equivalents. The company reported a net loss of $54.9 million for the nine months ended September 30, 2024. The financial resources are allocated primarily towards:

• Research and development activities (totaling $51.4 million for the nine months ended September 30, 2024)
• General and administrative expenses ($17.3 million for the same period)

BioAtla has also entered into an Open Market Sale Agreement that allows for the sale of up to $100 million of common stock.

Manufacturing partnerships for clinical supplies

BioAtla has established partnerships with contract manufacturing organizations (CMOs) to ensure the supply of its clinical products. These partnerships are crucial for scaling up production as the company advances its candidates through clinical trials. The company incurred $11.4 million in external research and development expenses related to these partnerships for the three months ended September 30, 2024.

Key Resource	Description	Financial Data
Proprietary CAB Technology	Advanced biologics targeting tumor cells	Lead candidates: BA3011, BA3021, BA3071, BA3182
Scientific Personnel	Experienced team in biopharmaceutical development	R&D Expenses: $51.4 million (9M 2024)
Financial Resources	Cash available for R&D and operations	Cash: $56.5 million; Net Loss: $54.9 million (9M 2024)
Manufacturing Partnerships	Collaborations with CMOs for clinical supplies	External R&D Expenses: $11.4 million (Q3 2024)

BioAtla, Inc. (BCAB) - Business Model: Value Propositions

Innovative cancer therapies targeting solid tumors

BioAtla, Inc. is focused on developing a novel class of therapeutics known as conditionally active biologics (CABs) which specifically target solid tumors. Their lead candidates include:

• Mecbotamab vedotin (BA3011) - targeting AXL
• Ozuriftamab vedotin (BA3021) - targeting ROR2
• Evalstotug (BA3071) - targeting CTLA-4
• BA3182 - a bispecific antibody targeting EpCAM x CD3

Reduced on-target, off-tumor toxicity

BioAtla's CAB technology is designed to minimize toxicity by selectively activating therapeutics in the acidic tumor microenvironment, thereby reducing harm to healthy tissues. This innovation addresses a significant challenge in cancer treatment.

Potential for improved patient outcomes

The CAB platform aims to enhance efficacy while reducing side effects associated with traditional cancer therapies. The company reported a net loss of $54.9 million for the nine months ended September 30, 2024, compared to $96.5 million for the same period in 2023, indicating a potential improvement in operational efficiency as clinical trials progress.

Strong intellectual property portfolio

BioAtla maintains a robust intellectual property portfolio, crucial for protecting its innovations. As of September 30, 2024, the company had accumulated a deficit of approximately $471.2 million, which reflects its investment in R&D and IP development.

Research & Development Expenses by Program	Q3 2024 (in thousands)	Q3 2023 (in thousands)	Change (in thousands)
Mecbotamab vedotin (BA3011)	$2,770	$6,506	$(3,736)
Ozuriftamab vedotin (BA3021)	$2,593	$4,065	$(1,472)
Evalstotug (BA3071)	$2,095	$4,916	$(2,821)
BA3182	$1,352	$1,086	$266
Other CAB Programs	$2,615	$6,341	$(3,726)
Total R&D Expenses	$16,395	$28,400	$(12,005)

Overall, BioAtla's innovative approach to cancer treatment, combined with its focus on minimizing side effects and enhancing patient outcomes, positions it competitively within the biopharmaceutical landscape. The company's strong intellectual property portfolio further supports its strategic objectives in the oncology market.

BioAtla, Inc. (BCAB) - Business Model: Customer Relationships

Engagement with healthcare professionals for education

BioAtla, Inc. actively engages healthcare professionals through educational initiatives aimed at enhancing understanding of its product candidates. This engagement includes hosting webinars, attending medical conferences, and providing educational materials focused on the therapeutic mechanisms and clinical data of its conditionally active biologics (CABs). For instance, BioAtla's focus on CABs, such as mecbotamab vedotin (BA3011) and ozuriftamab vedotin (BA3021), is supported by clinical trial data shared with healthcare professionals to foster informed decision-making regarding patient treatment options.

Collaboration with patient advocacy groups

BioAtla collaborates with various patient advocacy groups to ensure that the voices of patients are heard in the development process of its therapies. Such collaborations are essential for understanding patient needs and gaining insights into the lived experiences of those affected by cancer. These partnerships also help facilitate educational outreach and provide support resources for patients and their families. BioAtla’s licensing agreement with Context Therapeutics includes provisions for engaging with patient advocacy groups to align treatment development with patient-centered care.

Transparency in clinical trial results and updates

BioAtla emphasizes transparency in its clinical trial processes, regularly updating stakeholders on trial progress and results. This includes publishing data from clinical trials in peer-reviewed journals and presenting findings at major oncology conferences. For example, during the nine months ended September 30, 2024, BioAtla reported $11 million in collaboration and other revenue, primarily from its Context License Agreement, which underscores the importance of transparent communication in fostering trust and collaboration with stakeholders.

Clinical Trial	Trial Phase	Start Date	Expected Completion Date	Status
Mecbotamab vedotin (BA3011)	Phase 2	Q1 2023	Q4 2024	Ongoing
Ozuriftamab vedotin (BA3021)	Phase 2	Q2 2023	Q1 2025	Ongoing
Evalstotug (BA3071)	Phase 1	Q3 2023	Q2 2025	Ongoing

Building trust through regulatory compliance and safety

BioAtla prioritizes regulatory compliance and safety in all its operations, which is crucial for maintaining trust with both healthcare professionals and patients. The company rigorously adheres to FDA guidelines and international standards throughout its clinical trials. As of September 30, 2024, BioAtla reported an accumulated deficit of $471.2 million, reflecting its commitment to extensive research and regulatory processes to ensure safety and efficacy of its product candidates. This financial commitment underlines the importance of transparency and compliance in building long-term relationships with stakeholders.

BioAtla, Inc. (BCAB) - Business Model: Channels

Direct marketing to oncologists and healthcare providers

BioAtla, Inc. employs a direct marketing strategy aimed at oncologists and healthcare providers. This approach involves targeted outreach to educate professionals about its innovative cancer therapies, specifically its conditionally active biologics (CABs). The company utilizes a sales force composed of experienced representatives who engage directly with medical professionals to discuss clinical data, treatment options, and potential collaborations.

Collaboration with pharmaceutical partners for distribution

In September 2024, BioAtla entered a significant collaboration with Context Therapeutics, which included a licensing agreement for the development and commercialization of BA3362, a bispecific antibody. This collaboration is expected to enhance BioAtla's distribution capabilities and market reach. The revenue recognized from this agreement amounted to $11 million for the three months ended September 30, 2024.

Participation in industry conferences and events

BioAtla actively participates in industry conferences and events to showcase its research and development efforts. These platforms serve as a venue for networking with healthcare professionals, investors, and potential partners. The company leverages these opportunities to present clinical trial results and gain insights into market trends and competitor strategies.

Online platforms for patient education and outreach

BioAtla utilizes online platforms to enhance patient education and outreach. The company focuses on providing resources and information about its CABs and ongoing clinical trials. Through its website and social media channels, BioAtla aims to engage with patients, caregivers, and advocacy groups to raise awareness about its innovative treatments and encourage participation in clinical studies.

Channel Type	Description	Key Metrics
Direct Marketing	Targeted outreach to oncologists and healthcare providers	Sales force engagement metrics
Collaboration	Partnership with Context Therapeutics for distribution	$11 million revenue from licensing agreement (Q3 2024)
Industry Participation	Engagement in conferences and events	Number of conferences attended, presentations made
Online Platforms	Patient education and outreach	Website traffic, social media engagement metrics

BioAtla, Inc. (BCAB) - Business Model: Customer Segments

Oncologists and healthcare providers

BioAtla primarily targets oncologists and healthcare providers who are involved in the treatment of solid tumors. This segment is crucial as these professionals are responsible for prescribing and administering cancer therapies. In 2024, the oncology market is projected to exceed $200 billion globally, indicating a significant opportunity for BioAtla's products, which are designed to address unmet medical needs in cancer treatment.

Patients with solid tumors

The direct customer segment includes patients suffering from solid tumors, which represent about 90% of all cancer cases. BioAtla's therapies, such as mecbotamab vedotin and ozuriftamab vedotin, are specifically designed for targeting these conditions. The estimated number of new cancer cases in the U.S. for 2024 is approximately 1.9 million, with solid tumors accounting for a large proportion. BioAtla aims to provide innovative treatments that improve survival rates and quality of life for these patients.

Pharmaceutical companies seeking partnerships

BioAtla actively seeks partnerships with pharmaceutical companies for collaboration in research and development, as well as for commercialization of its products. As of September 2024, the company reported collaboration and other revenue of $11 million, primarily from the Context License Agreement. Such partnerships are essential for expanding BioAtla's market reach and leveraging additional resources for clinical trials and product development.

Research institutions focused on cancer therapy

Research institutions also form a vital customer segment for BioAtla. These institutions are involved in the advanced study of cancer therapies and often collaborate with biopharmaceutical companies. BioAtla's innovative CAB technology platform is of particular interest to these institutions, which are looking to explore new therapeutic avenues. The global cancer research funding is projected to reach $200 billion by 2025, indicating a substantial market for BioAtla's collaborations with research entities.

Customer Segment	Market Size (2024)	Key Products	Revenue from Collaborations (Q3 2024)
Oncologists and healthcare providers	$200 billion (global oncology market)	Mecbotamab vedotin, Ozuriftamab vedotin	N/A
Patients with solid tumors	1.9 million new cases (U.S.)	Mecbotamab vedotin, Ozuriftamab vedotin	N/A
Pharmaceutical companies	N/A	Collaborative R&D, Licensing	$11 million
Research institutions	$200 billion (global cancer research funding)	CAB technology platform	N/A

BioAtla, Inc. (BCAB) - Business Model: Cost Structure

High research and development expenses

For the nine months ended September 30, 2024, BioAtla incurred research and development expenses totaling $51.4 million, a decrease from $81.1 million during the same period in 2023. This decrease was largely driven by reduced costs in various clinical and preclinical programs.

Expense Category	2024 (in thousands)	2023 (in thousands)	Change (in thousands)
External Expenses	$35,511	$64,391	$(28,880)
Personnel and Related	$9,740	$9,183	$557
Equity-Based Compensation	$3,314	$4,323	$(1,009)
Facilities and Other	$2,880	$3,160	$(280)
Total R&D Expenses	$51,445	$81,057	$(29,612)

Clinical trial costs including patient recruitment

Clinical trial costs are a significant portion of BioAtla's R&D expenditure, impacting overall financial performance. The company has undertaken various trials, including those for its lead candidates, mecbotamab vedotin and ozuriftamab vedotin. For the three months ended September 30, 2024, clinical trial-related expenses were approximately $16.4 million, down from $28.4 million in 2023, reflecting a decrease in enrollment and operational costs as trials reached completion.

Trial Candidate	2024 Q3 Costs (in thousands)	2023 Q3 Costs (in thousands)	Change (in thousands)
Mecbotamab vedotin	$2,770	$6,506	$(3,736)
Ozuriftamab vedotin	$2,593	$4,065	$(1,472)
Evalstotug	$2,095	$4,916	$(2,821)
Other CAB Programs	$2,615	$6,341	$(3,726)
Total Clinical Trial Costs	$11,425	$22,914	$(11,489)

Regulatory compliance costs

Regulatory compliance costs are integral to BioAtla's operations, particularly as it navigates the complex landscape of biopharmaceutical approvals. These costs are embedded within R&D and general administrative expenses. The company has allocated significant resources to ensure compliance with FDA regulations and other international standards, which has contributed to the overall operational costs.

For the nine months ended September 30, 2024, total general and administrative expenses were $17.3 million, down from $20.1 million in 2023, indicating a strategic focus on managing overhead while maintaining compliance.

General and administrative expenses

General and administrative expenses encompass personnel costs, intellectual property management, and compliance activities. For the nine months ended September 30, 2024, BioAtla's general and administrative expenses were $17.3 million, reflecting a decrease largely due to reduced stock-based compensation and lower insurance premiums.

Expense Component	2024 (in thousands)	2023 (in thousands)	Change (in thousands)
Personnel-Related Expenses	$9,740	$9,183	$557
Professional Fees	$5,000	$5,500	$(500)
Intellectual Property Costs	$2,000	$2,500	$(500)
Total G&A Expenses	$17,254	$20,094	$(2,840)

BioAtla, Inc. (BCAB) - Business Model: Revenue Streams

Licensing fees from partnerships

BioAtla has established a significant licensing agreement with Context Therapeutics. Under this Context License Agreement, BioAtla is eligible to receive up to $133.5 million in aggregate payments, which includes an upfront cash payment and potential development, regulatory, and commercial milestones. For the three and nine months ended September 30, 2024, BioAtla recognized $11.0 million in revenue related to this agreement.

Milestone payments from collaborative agreements

In addition to upfront licensing fees, BioAtla's agreements often include milestone payments. These payments are contingent upon the successful achievement of specific development and regulatory milestones. The company has not yet recognized any variable consideration related to these milestones, as they are fully constrained until the respective conditions are met.

Future product sales upon regulatory approval

BioAtla's revenue potential is significantly tied to the commercialization of its product candidates. The company does not expect to generate meaningful revenue from product sales in the near term, as it is still in the developmental stages of its products. Future product sales could provide substantial revenue, particularly if BioAtla successfully advances its lead candidates through clinical trials and regulatory approval processes.

Potential royalties from licensed technologies

BioAtla is also positioned to earn royalties from its licensed technologies. The Context License Agreement specifies that the company could receive tiered mid-single to low double-digit royalties on future net sales of the licensed products. However, the recognition of these royalties will occur only when the related sales happen, thus creating a future revenue stream that is contingent on successful commercialization.

Revenue Stream Type	Amount	Notes
Licensing Fees	$133.5 million	Aggregate payments under Context License Agreement.
Revenue Recognized (Q3 2024)	$11.0 million	From Context License Agreement.
Milestone Payments	Pending	Dependent on future development milestones.
Royalties	Mid-single to Low double-digit	On future net sales of licensed products.

Updated on 16 Nov 2024

Resources:

1. 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.
2. 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.