BioAtla, Inc. SEC 10-Q Report

BioAtla, Inc., a biotechnology company focused on developing Conditionally Active Biologics (CABs) for the treatment of solid tumor cancers, has released its Form 10-Q report for the second quarter of 2025. The report outlines significant financial and operational developments, reflecting the company's ongoing efforts to optimize costs and advance its clinical programs.

Financial Highlights

• Total Operating Expenses: $18.6 million, reflecting a decrease of $3.3 million compared to the same period in 2024, primarily due to reduced research and development expenses.
• Loss from Operations: $(18.6) million, an improvement of $3.3 million from the prior year period.
• Net Loss and Comprehensive Loss: $(18.7) million, a reduction of $2.4 million compared to the same period in 2024, driven by lower operating expenses.
• Net Loss Per Common Share, Basic and Diluted: $(0.32), compared to $(0.44) in the same period in 2024, reflecting improved cost management.
• Interest Income: $0.2 million, a decrease of $0.7 million from the prior year period due to lower cash balances and interest rates.
• Gain (Loss) on Warrant Liability: $(0.3) million, reflecting the change in fair value of warrants issued in December 2024.

Business Highlights

• Research and Development Focus: The company is actively developing several CAB drug candidates, including mecbotamab vedotin (BA3011), ozuriftamab vedotin (BA3021), evalstotug (BA3071), and BA3182 (CAB-EpCAM x CAB-CD3). These candidates are in various stages of clinical trials, with a focus on targeting solid tumor cancers.
• Operational Restructuring: In March 2025, the company implemented a corporate restructuring, which included a 30% reduction in workforce to improve its operating model and cost structure. This restructuring is part of the company's efforts to lower costs and extend its cash runway.
• Lease Modification: In June 2025, the company amended its lease agreement for its corporate headquarters and laboratory space in San Diego, reducing the leased space and extending the lease term through November 2030. This move is aimed at optimizing operational costs.
• Future Outlook: The company expects research and development expenses to decrease in the near term as it completes Phase 2 trials for certain indications. However, expenses are anticipated to increase substantially in the long term as the company advances its clinical programs and moves towards commercialization.
• Clinical Trial Progress: The company is conducting ongoing Phase 2 clinical trials for its lead CAB antibody drug conjugates and a Phase 1 trial for its CAB bispecific antibody. These trials are crucial for the development and potential commercialization of its product candidates.
• Strategic Initiatives: The company is focusing on selected high-potential indications and has implemented initiatives to lower costs, including a reduction in its lease footprint and workforce.
• Product Development Strategy: The company's approach involves targeting known tumor antigens with its CABs, designed to be active only under acidic conditions found in tumor microenvironments, aiming to reduce on-target, off-tumor toxicity.

SEC Filing: BioAtla, Inc. [ BCAB ] - 10-Q - Aug. 07, 2025