BioAtla Announces Q1 2024 Financial Results and Recent Progress

BioAtla, Inc., a biotechnology company based in San Diego, has reported its financial results for the first quarter ending March 31, 2024, and updated its ongoing clinical programs. The company is primarily focused on developing Conditionally Active Biologic (CAB) antibody therapeutics aimed at treating solid tumors.

Key highlights from the first quarter include promising clinical responses from Phase 2 trials of its CAB assets, notably ozuriftamab vedotin and evalstotug. The company observed multiple confirmed responses and a manageable safety profile in patients treated with ozuriftamab vedotin for squamous cell carcinoma of the head and neck (SCCHN). BioAtla plans to schedule a meeting with the FDA later this year to discuss a potential randomized registrational trial for this indication.

Moreover, BioAtla is advancing evalstotug, its CTLA-4 antibody, through a Phase 1 study, with plans to seek FDA guidance on a potential registrational study in first-line, metastatic or unresectable, BRAF-mutated melanoma. Encouraging early clinical data from evalstotug showed meaningful antitumor activity, and the company looks to clear the dose-limiting toxicity observation period with a higher dose in the second quarter.

The company has also completed enrollment of the initial 20 patients in a Phase 2 trial of mecbotamab vedotin for undifferentiated pleomorphic sarcoma (UPS) and plans to meet with the FDA later this year. Additionally, the Phase 1/2 dose-escalation study for its CAB-EpCAM x CAB-CD3 T cell engager (BA3182) is on track for a full dataset readout in the second half of 2024.

For the quarter ended March 31, 2024, research and development expenses were $18.9 million, a decrease from $21.7 million in the same quarter of 2023. This reduction was mainly due to the completion of pre-clinical development related to the Nectin-4 IND and prioritization of clinical programs. General and administrative expenses were also down to $5.6 million from $7.2 million in the same period last year, attributed to lower stock-based compensation and professional fees.

BioAtla reported a net loss of $23.2 million for the quarter, compared to a net loss of $27.5 million for the same period in 2023. The net cash used in operating activities was $30.8 million for the quarter, including approximately $5.0 million in annual payments. The company expects its operating cash burn to decrease in the second half of the year.

As of March 31, 2024, BioAtla's cash and cash equivalents were $80.6 million, down from $111.5 million at the end of 2023. This cash reserve is projected to fund operations into the second half of 2025.

BioAtla continues to advance its clinical pipeline, with several significant milestones anticipated in 2024. These include potential FDA meetings for registrational trials, data readouts from ongoing studies, and further progression of its CAB-AXL-ADC, CAB-ROR2-ADC, and other novel antibody therapeutic programs. The company’s management hosted a conference call and webcast to discuss these developments with the investment community, emphasizing their strategy and future prospects in oncology therapeutics.