• R&D Expenses: $11.6 million for Q4 2024, down from $22.7 million in Q4 2023.
• General and Administrative Expenses: $4.6 million for Q4 2024, down from $5.9 million in Q4 2023.
• Net Loss: $14.9 million for Q4 2024, compared to $26.9 million in Q4 2023.
• Net Cash Used in Operating Activities: $72 million for the full year 2024, down from $104 million in 2023.
• Cash and Cash Equivalents: $49 million as of December 31, 2024, compared to $111.5 million as of December 31, 2023.
• Cash Used for Q4 2024: $7.5 million.

• Warning! GuruFocus has detected 2 Warning Signs with BCAB.

Release Date: March 27, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• BioAtla Inc (NASDAQ:BCAB) is making significant progress with its conditionally active biologic (CAB) platform, which is designed to increase the potency and safety of therapeutic candidates targeting solid tumors.
• The company reported promising results from its phase two assets, Zoyumabotin (OSV) and Mcbodumab thein (McV), with ongoing anti-tumor activity and confirmed responses in patients with various KRAS mutations.
• BioAtla Inc (NASDAQ:BCAB) has received fast track designation and actionable guidance from the FDA for its OSV monotherapy in head and neck cancer, indicating potential for becoming a standard of care.
• The company is actively pursuing corporate partnerships for its phase 2 clinical programs, which could enhance its strategic positioning and financial resources.
• BioAtla Inc (NASDAQ:BCAB) has streamlined operations and extended its financial runway beyond key clinical readouts in the first half of 2026, demonstrating effective resource management.

Negative Points

• BioAtla Inc (NASDAQ:BCAB) faces challenges in targeting the EPA therapeutic target due to its expression in both tumors and normal tissues, making it difficult to drug with traditional antibody technologies.
• The company reported a significant decrease in cash and cash equivalents from $111.5 million in 2023 to $49 million in 2024, indicating financial constraints.
• There is uncertainty regarding the timing and success of potential partnerships, as discussions are still in progress and contingent on future data readouts.
• BioAtla Inc (NASDAQ:BCAB) has undergone a workforce reduction of over 30%, which may impact its operational capacity and employee morale.
• The company is still in the process of analyzing patient samples for its Axle program, indicating that further data is needed to fully understand its efficacy and potential.

Q & A Highlights

Q: Could you provide more details on the partnering discussions for the Roar 2 and CTLA4 programs? A: Jay Short, Chairman and CEO, mentioned that discussions are advanced and new interest is expected, particularly due to recent HPV positive data. The company is optimistic about the ongoing discussions, especially in addressing treatment challenges in refractory HPV positive head and neck cancer patients.

Q: What percentage of patients are double positive for mutant KRAS and axle in the Axle program, and have any patients been treated with a pan-ASE inhibitor? A: Jay Short noted that over 70% of patients were positive across all types of MK RAS mutants, with G12C at 100%. Eric Sievers, Chief Medical Officer, added that one patient had prior treatment with soarracci and responded, but no patients had prior exposure to a pan KRAS inhibitor.

Q: What kind of data can we expect from the upcoming BA 3,182 study, and have you reached a recommended phase two dose? A: Eric Sievers explained that the study is progressing well, with meaningful tumor control observed. The recommended phase two dose is expected to be around 200 mcg weekly, consistent with animal model predictions. More detailed data will be reported in the coming months.

Q: Are there any partnership discussions ongoing for the 3,182 asset, and are they contingent upon mid-2025 data? A: Sheri Lydick, Chief Commercial Officer, stated that while there is interest in the program, the company aims to complete phase one and expansion cohorts to maximize value before engaging in partnership discussions.

Q: Regarding the HPV positive patients in the head and neck cancer program, were all responders smokers? A: Eric Sievers noted that HPV negative patients are more associated with smoking, while HPV positive patients have unmet needs due to lack of EGFR benefit. The smoking correlation data is not yet available but will be investigated further.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.