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BCAB

BioAtla, Inc.

BCAB

BioAtla, Inc. • NASDAQ
$0.90 ▲ 6.27% (+0.05)
Market Cap $53.15 M
52w High $1.74
52w Low $0.24
Dividend Yield 0%
P/E -0.79
Volume 1.03M
Outstanding Shares 58.79M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $13.733M ▼ $-15.778M ▲ 0% $-0.27 ▲ $-15.722M ▲
Q2-2025 $0 $18.08M ▲ $-18.711M ▼ 0% $-0.32 ▼ $-18.532M ▼
Q1-2025 $0 $17.431M ▲ $-15.334M ▼ 0% $-0.26 ▲ $-17.431M ▼
Q4-2024 $0 ▼ $4.594M ▼ $-14.884M ▼ 0% ▲ $-0.3 ▼ $-16.016M ▼
Q3-2024 $11M $22.042M $-10.586M -96.236% $-0.22 $-11.042M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $8.32M ▼ $15.908M ▼ $47.145M ▲ $-31.237M ▼
Q2-2025 $18.207M ▼ $27.129M ▼ $43.874M ▲ $-16.745M ▼
Q1-2025 $32.363M ▼ $38.29M ▼ $37.743M ▼ $547K ▼
Q4-2024 $49.046M ▼ $52.422M ▼ $38.157M ▼ $14.265M ▼
Q3-2024 $56.516M $62.236M $39.268M $22.968M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-15.778M ▲ $-9.881M ▲ $0 $-6K ▼ $-9.887M ▲ $-9.881M ▼
Q2-2025 $-18.711M ▼ $-14.198M ▲ $0 $42K ▲ $-14.156M ▲ $0 ▲
Q1-2025 $-15.334M ▼ $-16.288M ▲ $0 $-395K ▼ $-16.683M ▼ $-16.288M ▲
Q4-2024 $-14.884M ▼ $-16.783M ▼ $0 $9.313M ▲ $-7.47M ▼ $-16.783M ▼
Q3-2024 $-10.586M $-5.132M $0 $-14K $-5.146M $-5.132M

Five-Year Company Overview

Income Statement

Income Statement BioAtla is still a classic clinical‑stage biotech story: almost no product revenue yet and ongoing, meaningful operating losses each year. Spending is concentrated in R&D and supporting clinical trials, which is normal for a company at this stage. Losses per share have been sizable but have trended somewhat lower recently as cost controls and pipeline prioritization have taken hold. Overall, the income statement reflects a company investing heavily in future potential rather than generating current earnings, with profitability likely dependent on successful trial outcomes or partnerships down the road.

Balance Sheet

Balance Sheet The balance sheet is simple and relatively clean. Assets are dominated by cash and equivalents, with very little in the way of physical assets or long‑term obligations. Cash levels, however, have declined steadily over the past few years as the company funds its operations, and shareholders’ equity has also shrunk in step with cumulative losses. On the positive side, there is effectively no financial debt, which reduces balance sheet risk. On the negative side, the shrinking cash and equity base underline the need for future funding, either through capital raises, partnerships, or milestone payments.

Cash Flow

Cash Flow Cash flow is consistently negative from operations, reflecting ongoing R&D and clinical spending without offsetting revenue. Free cash flow essentially mirrors operating cash flow since the company has minimal capital spending needs. The trend shows a persistent burn rate, with some signs of modest improvement but still firmly in cash‑outflow territory. This means the company’s runway is a key factor to watch: without significant new funding or a large partnership, continued development will keep drawing down the cash balance. In short, the business is not self‑funding and remains dependent on external capital.

Competitive Edge

Competitive Edge BioAtla competes in one of the most crowded and high‑stakes areas of biotech: oncology biologics and immunotherapies. Its main edge is a differentiated approach—conditionally active biologics that are designed to switch on mainly in the tumor environment, potentially improving both safety and effectiveness. This concept is distinctive and protected by a broad patent estate, which creates some technological and legal barriers for direct copycats. At the same time, the company is facing competition from both specialized peers (such as other conditional antibody players) and large pharma with deep pipelines targeting the same tumor markers and pathways. That puts a premium on generating clearly superior clinical data and forging strong partnerships to stand out.

Innovation and R&D

Innovation and R&D Innovation is the heart of BioAtla’s story. The CAB and CIAO! platforms aim to solve a longstanding problem in oncology: how to attack tumors aggressively while sparing healthy tissue. Multiple pipeline programs—targeting AXL, ROR2, CTLA‑4, EpCAM and Nectin4—show that the platform is flexible and can be applied across different tumor types and mechanisms, from antibody‑drug conjugates to bispecific T‑cell engagers. The company has already advanced several assets into mid‑stage trials and secured regulatory designations that can speed development in certain indications. However, most of the value still rests on unproven clinical hypotheses. Trial outcomes, safety profiles, and the ability to move into registrational studies will determine whether the current R&D investment translates into durable advantages or needs to be re‑focused.

Summary

BioAtla is an early‑stage oncology platform company: heavy on science and clinical experimentation, light on revenue, and reliant on cash reserves and capital markets. Financially, it shows the classic pattern of steady cash burn, shrinking cash and equity, and no debt, which keeps the structure simple but underscores funding risk. Strategically, its conditionally active biologics platform and extensive patents offer a clear scientific angle that could allow more precise, better‑tolerated cancer treatments if the data continue to hold up. The pipeline includes several potentially first‑in‑class or best‑in‑class candidates with important upcoming milestones, but they sit in highly competitive indications where larger players also operate. Overall, the company’s future hinges on clinical success, regulatory progress, and its ability to secure partnerships or financing before its cash runway meaningfully tightens.

NEWS

November 21, 2025 · 12:25 AM UTC

BioAtla Enters into Agreements for up to $22.5 Million Flexible Financing

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November 13, 2025 · 4:05 PM UTC

BioAtla Reports Third Quarter 2025 Financial Results and Highlights Recent Progress

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November 7, 2025 · 9:00 AM UTC

BioAtla's Mecbotamab Vedotin (Mec-V), an AXL-targeting ADC, Demonstrates a Median Overall Survival (OS) of 21.5 months in Subtypes of Refractory Soft Tissue Sarcomas

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November 5, 2025 · 8:00 AM UTC

BioAtla to Announce Third Quarter 2025 Financial Results and Provide Business Highlights on November 13, 2025

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October 23, 2025 · 8:00 AM UTC

BioAtla Presents Compelling Mechanistic Rationale for Targeting ROR2 with Ozuriftamab Vedotin (Oz-V) in Oropharyngeal Squamous Cell Carcinoma (OPSCC) at the Annual Conference of the International Papillomavirus Society

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