BioAtla Announces Q3 2024 Financial Results and Recent Progress

BioAtla, Inc., a clinical-stage biotechnology company specializing in the development of Conditionally Active Biologic (CAB) antibody therapeutics for solid tumors, has recently announced its financial results for the third quarter of 2024, ending on September 30th. The company also provided significant updates regarding its clinical programs and future milestones.

BioAtla has made noteworthy progress in its lead clinical programs, which include ozuriftamab vedotin (CAB-ROR2-ADC), evalstotug (CAB-CTLA-4), and mecbotamab vedotin (CAB-AXL-ADC). The focus remains on advancing these programs while securing collaborations and funding to extend operational capabilities into early 2026.

The Phase 2 trial of ozuriftamab vedotin in heavily pretreated squamous cell carcinoma of the head and neck (SCCHN) patients has shown promising results, with a median overall survival of approximately nine months. The U.S. Food and Drug Administration (FDA) has provided actionable guidance for a pivotal trial in second-line plus SCCHN, supporting the potential for accelerated marketing authorization based on randomized trial results.

Evalstotug, in combination with PD-1 inhibitors, has demonstrated tumor reduction in all eight first-line unresectable or metastatic melanoma patients, with four responses including one complete response. The FDA has given guidance on dose optimization and control arm, facilitating the planned Phase 3 trial. Additionally, the ongoing Phase 2 trial of mecbotamab vedotin in non-small cell lung cancer (NSCLC) has shown significant tumor reduction across nine different mutant KRAS variants, with improved median overall survival of 12.6 months.

A recent licensing agreement for the preclinical CAB-Nectin-4 bispecific T-cell engager is projected to extend BioAtla's cash balance, funding operations into 2026. BioAtla is slated to complete pivotal trials and further optimize dosing for its CAB-ROR2 and CAB-CTLA-4 programs.

The company's third-quarter financial results showed a reduction in research and development expenses to $16.4 million, a significant decrease from the $28.4 million spent in the same quarter of 2023. This reduction is attributed to the completion of preclinical development for the Nectin-4 ADC and the targeted Phase 2 enrollment for the ongoing ADC trials. General and administrative expenses also saw a decrease to $5.9 million, primarily due to lower stock-based compensation expenses.

Revenues for the quarter included $11.0 million from a licensing agreement with Context Therapeutics. This agreement comprises up to $133.5 million in aggregate payments, including $15.0 million in upfront and near-term milestone payments. The net loss for the quarter was $10.6 million, a significant improvement from the $33.3 million loss in the same quarter of the previous year.

Cash and cash equivalents as of September 30, 2024, stood at $56.5 million, compared to $111.5 million on December 31, 2023. The company expects this cash balance to support ongoing operations through early 2026, enabling the completion of dose optimization and positioning the lead programs for potentially registrational trials.

BioAtla continues to push forward with its clinical programs, demonstrating promising antitumor activity and tolerability across various trials. The company's strategic focus on securing collaborations and optimizing clinical trial designs showcases its commitment to advancing its promising therapeutic candidates towards potential market authorization.