BioAtla Future Growth
Future criteria checks 0/6
We currently don't have sufficient analyst coverage to forecast growth and revenue for BioAtla.
Key information
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Earnings growth rate
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EPS growth rate
| Biotechs earnings growth | 25.3% |
| Revenue growth rate | n/a |
| Future return on equity | n/a |
| Analyst coverage | None |
| Last updated | n/a |
Recent future growth updates
Recent updates
Analysis Article • Jul 21
Here's Why We're A Bit Worried About BioAtla's (NASDAQ:BCAB) Cash Burn Situation
There's no doubt that money can be made by owning shares of unprofitable businesses. For example, although...
New Narrative • May 11
Mec-V And ROR2-ADC Programs Will Achieve Clinical Milestones
Promising results in clinical programs and strategic partnerships indicate potential for increased revenue, improved net margins, and financial stability through collaboration income.Seeking Alpha • Oct 08
BioAtla's FDA Fast-Tracked Drug Candidate Boosts Its Oncology Prospects, Speculative Buy
Summary BioAtla's proprietary CAB platform offers precise cancer targeting, minimizing harm to healthy cells, with promising clinical trial outcomes for its ADCs and immuno-oncology treatments. The company faces a tight cash runway until Q3 2025, raising concerns about dilution and short-term stock headwinds. Ozuriftamab Vedotin shows promising Phase 2 results and received FDA Fast Track Designation, enhancing its potential. Strategic partnerships, like with Context Therapeutics, expand BioAtla's pipeline and could even provide financial support via milestone payments. Despite a tight cash runway until Q3 2025, BCAB's unique technology and potential FDA fast-track designation for Ozuriftamab Vedotin make it a speculative “Buy.”. Read the full article on Seeking AlphaAnalysis Article • Jul 16
We're A Little Worried About BioAtla's (NASDAQ:BCAB) Cash Burn Rate
There's no doubt that money can be made by owning shares of unprofitable businesses. For example, biotech and mining...Seeking Alpha • May 02
BioAtla: A Buried ADC Concern Gets Some New Life In 2024
Summary BioAtla is a biotech company focused on developing conditionally activated biologics for cancer therapy. Their approach is an attempt to harness the Warburg effect to conditionally activate immunological molecules. BioAtla has promising pipeline candidates, including mecbotamab vedotin, ozuriftamab vedotin, and evalstotug, with ongoing clinical studies. The BioAtla cash burn rate is high, currently taking the company into early 2025 at best. Read the full article on Seeking AlphaAnalysis Article • Mar 14
Will BioAtla (NASDAQ:BCAB) Spend Its Cash Wisely?
There's no doubt that money can be made by owning shares of unprofitable businesses. For example, although Amazon.com...Analysis Article • Nov 05
Is BioAtla (NASDAQ:BCAB) In A Good Position To Deliver On Growth Plans?
Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the...Analysis Article • Jun 27
We Think BioAtla (NASDAQ:BCAB) Needs To Drive Business Growth Carefully
Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the...Analysis Article • Mar 24
Will BioAtla (NASDAQ:BCAB) Spend Its Cash Wisely?
There's no doubt that money can be made by owning shares of unprofitable businesses. For example, biotech and mining...Analysis Article • Sep 27
BioAtla (NASDAQ:BCAB) Is In A Good Position To Deliver On Growth Plans
Just because a business does not make any money, does not mean that the stock will go down. For example, although...Seeking Alpha • Sep 23
BioAtla: Back From The Dead
Summary Shares of conditionally active biologics concern BioAtla, Inc. are beginning to rebound from a 97% plunge as encouraging data from two candidates has sparked the turnaround. BioAtla leverages its expertise of the tumor microenvironment to develop highly selective and reversible biologics, with applications across the entire antibody-based biologic spectrum. With three Phase 2 clinical updates slated for 2H22, the recent BioAtla insider buying merited a deeper dive. A full investment analysis follows in the paragraphs below. Humility must always be the portion of any man who receives acclaim earned in blood of his followers and sacrifices of his friends.”― Dwight D. Eisenhower Today, we peek in on a small developmental concern that has had a big rally recently on the back of encouraging data from two candidates in its pipeline. However, even with the big rebound, the shares are massively in "Busted IPO" territory. A full analysis follows below. Seeking Alpha Company Overview: BioAtla, Inc. (BCAB) is a San Diego-based clinical-stage biopharmaceutical concern focused on the development of highly specific and selective antibody-based therapeutics, known as "conditionally active biologics" (CABs), for the treatment of solid tumor cancers. The company is advancing three product candidates through clinical trials covering multiple tumor types and subtypes. BioAtla was formed in 2007 and went public in 2020, raising net proceeds of $198.4 million at $18 per share. After a 97% slow dive from $76.63 to $2.01 on May 9, 2022, shares of BCAB currently trade around $8.50 a share, translating to a market cap of $325 million. August Company Presentation Approach The company has a novel approach to cancer treatment, which has its roots in the tumor microenvironment [TME]. Unlike healthy cells, the TME is distinct with regards to temperature, pressure, chemical composition, and pH level. Specifically, the TME is acidic – i.e., it has a pH below 7.0 and in the case of some cancers as low as 5.8 – whereas healthy cells are near 7.4. This difference is due to tumor cells employing non-oxygen glycolysis (even in the presence of oxygen) to generate energy, which produces lactic acid in the TME. By contrast, healthy cells use oxidative phosphorylation to generate energy. BioAtla designs antibodies that only bind to targets on cancer cells under acidic conditions. As such, the activity of its CABs is reversible, meaning they don’t bind to healthy cells when outside the TME, eliminating (in theory) the chance for off-target toxicity while increasing the half-life of the active ingredient in its therapies. It also means that a more potent dosage can be administered with a reduced chance of adverse events. Furthermore, the company’s potentially disruptive technology can be applied to generate any antibody-based biologic, including monoclonal, bispecific, antibody-drug conjugates [ADCS], and chimeric antigen receptor T cells. August Company Presentation As an aside, in the mid-2000s Dr. Tulio Simoncini, an oncologist from Rome, pioneered sodium bicarbonate therapy as a means to treat cancer and attained excellent success. Although Simoncini’s treatment approach is steeped in his theory that tumors spread due to the presence of fungi, its demonstrated effectiveness is most likely due to the fact that fungi thrive in acidic conditions and sodium bicarbonate neutralizes the TME with its alkaline pH of 8.4. Pipeline Armed with this novel approach, BioAtla has three CAB candidates in the clinic under evaluation in five trials for multiple solid tumor indications. August Company Presentation BA3011 (mecbotamab vedotin). The company’s lead candidate is BA3011, a CAB-ADC that targets AXL, a protein kinase receptor highly expressed on the surface of many tumors, including soft tissue and bone sarcomas, as well as non-small cell lung cancer ((NSCLC)). AXL is also a driver of many cellular processes that proliferate tumors. ADCs are modified antibodies with (normally) chemotherapy agents attached to them to enable a more targeted chemo treatment of a tumor. In the case of BA3011, that agent is monomethyl auristatin E ((MMAE)). Once BA3011 has reversibly attached to AXL, it enters the cancer cell, at which point MMAE is released, killing the cancer cell. In a Phase 1 study, BA3011 demonstrated some promise as four of seven sarcoma patients with an AXL Tumor membrane Percent Score [TMPS] >70% achieved a partial response ((PR)). Furthermore, only two of the 26 patients (8%) in the study discontinued therapy due to an adverse event, comparing favorably to non-CAB ADC trials. Off of these results, BioAtla initiated potentially registration-enabling Phase 2 trials for BA3011 in treatment-refractory sarcoma with AXL TmPS >70% and treatment-refractory NSCLC with AXL TmPS >50%. Part 1 of the sarcoma study involves evaluation of BA3011 as both a monotherapy (n=105) and in combination with a PD-1 inhibitor (n=20) across at least nine soft tissue and bone sarcoma subtypes with interim data dictating which indications will be targeted in the potentially registrational Part 2 phase. To date, the sarcoma data are somewhat underwhelming with two PRs obtained from six undifferentiated pleomorphic sarcoma [UPS] patients and twelve-week progression free survival [PFS] demonstrated in four of six osteosarcoma patients – both as a monotherapy. August Company Presentation When first presented in May 2022, these were the only two subtypes that had so far satisfied the Part 2 ‘go’ criteria – i.e., at least one PR or complete response [CR] per subtype or a PFS rate of 40% at three months – for further evaluation in greater patient populations. Part 2 enrollments for both subtypes are expected to initiate in 4Q22. If approved, there are ~6,000 AXL positive UPS and osteosarcoma patients (in sum) annually in the U.S. and over 12,000 globally, amounting to a commercial opportunity of $1 billion. With the corporate update on August 9, 2022, management indicated that BA3011 had also now achieved ‘go’ criteria for liposarcoma and synovial sarcoma, with PFSs of 60% and 50%, respectively. It should be noted that only 2 of 71 patients (3%) had discontinued the study due to adverse events (both Grade 2 neuropathy) as of May 16, 2022. For the NSCLC indication, after a partial response was achieved by the one high-AXL patient in a Phase 1 study – a patient who had failed multiple chemo treatments and Merck’s (MRK) Keytruda therapy – BA3011 was entered into a two-part Phase 2 trial. That study is evaluating it as both a monotherapy and in combination with Bristol Myers Squibb’s (BMY) PD-1/L1 blockbuster Opdivo in the treatment of AXL-positive patients who had previously failed PD-1/L1, EGFR, or ALK inhibitor therapy. The initial data from the seven evaluable patients in the non-squamous group were encouraging, with two PRs achieved as a monotherapy (overall response rate ((ORR)) of 50%) and one complete response [CR] observed in combination (ORR 33%). Consistent with the sarcoma data, BA3011 was well tolerated both as a monotherapy and in combination. A full interim data set of ~20 patients is expected before YE22, but the early returns are supportive of moving into the potentially registrational Part 2 phase. August Company Presentation If eventually approved, management estimates a target market of 40.000 to 50,000 AXL-positive NSCLC patients annually in the U.S. and 100,000 worldwide, representing a global opportunity of $2.5 billion to $3.0 billion. BA3021 (ozuriftamab vedotin). BioAtla’s second clinical asset is BA3021, a BAC-ADC targeting receptor tyrosine kinase like orphan receptor 2 (ROR2), which is overexpressed in many solid tumors and observed to be further enhanced upon treatment with PD-1 inhibitors. After four of five ROR2+ and PD-1-refractory solid tumor patients achieved at least PRs (one CR) in a Phase 1 study, BA3021 entered Phase 2 trials for NSCLC, melanoma, and squamous cell carcinoma of the head and neck (SCCHN). A preliminary interim update in NSCLC is anticipated in 2H22 while the melanoma study enrollment is ongoing. It should be noted that one patient in the Phase 2 melanoma study has achieved a CR, bringing the total (if Phase 1 is added in) to two out of two CRs for this indication. The first SCCHN patient is expected to be dosed in 3Q22. There are no other ROR2 inhibitors either approved or in the clinic, providing BioAtla first-in class potential with BA3021. August Company Presentation Also, both BA3011 and BA3021 is undergoing evaluation in combination with PD-1 inhibitors in investigator-initiated Phase 2 trials for patients with platinum-resistant ovarian cancer. A first patient was dosed in May 2022 with enrollment for each candidate expected to reach 20 patients. BA3071. BioAtla’s third CAB is BA3071, which targets protein receptor cytotoxic T-lymphocyte-associated antigen 4 (CTLA-4). The goal of this program is to develop an immuno-oncology agent that is as effective as Bristol Myers’ Yervoy (ipilimumab) but with significantly reduced toxicity. Yervoy is the only anti-CTLA-4 monoclonal antibody approved by the FDA, primarily in combination with its fellow Bristol cancer drug Opdivo (nivolumab) in the treatment of many solid tumor cancers (and as a monotherapy for melanoma). However, it’s riddled with adverse event issues, leaving an opportunity for BioAtla. BA3071 just entered the clinic in a Phase 1/2 dose-escalation study across multiple solid tumor types. August Company PresentationSeeking Alpha • Aug 23
BioAtla: Promising Signal In NSCLC, But Concerns Remain
BioAlta shares have lost nearly three-quarters of their value over the past 3 years. Management has not done a good job of keeping lines of communication open and has a history of postponing clinical data timelines. Promising activity signal was observed for AXL ADC in NSCLC indication, but greater number of patients is needed to inspire confidence in its strength. Sarcoma program is moving forward in osteosarcoma and UPS indications, but strength of the activity signal was mediocre at best. BCAB is a Speculative Buy for risk-tolerant investors. Key risks including disappointing readouts for NSCLC studies as well as near-term dilution and competition for post PD-1 patients. Shares of antibody drug conjugate ((ADC)) developer BioAtla (BCAB) have risen by 85% since I sold my position for a 78% loss on March 28th. Over the past three years, shares have lost nearly 3/4 of their value as well. Back in March, I exited this name as mentally I was having a hard time with the constant weakness in the stock as well as with the less than forthcoming management team that was doing a poor job of keeping the lines of communication open with both shareholders and Wall Street. As I recall, management credibility also received a black mark for the vague manner in which they disclosed a patient death and overall safety profile of lead 2 ADC candidates. From there, I felt my decision was confirmed with mediocre data for AXL-targeting ADC Mecbotamab Vedotin disclosed in the Q1 report (mild PFS advantage in a couple cohorts along with scattered responses, signal was hard to interpret given low number of patients recruited). On the other hand, shares more than doubled from lows after Q2 report disclosed clinical responses in advanced AXL-positive non-small cell lung cancer (NSCLC) patients (previously experienced failure on PD-1/L1, EGFR, or ALK inhibitor therapy, average 2.5 lines of therapy). The fact that we saw monotherapy activity (2 partial responses) as well as a PD-1 combo complete response was promising, but on the other hand skepticism merits pointing out 33% ORR equated to 3 of 9 patients responding (hard to tease out a single with such a low number to go on). While my ego did not relish the thought of revisiting a prior loser for me, I'm trying to do a better job of evaluating such names in an objective manner as if it were for the first time. Let's dig deeper and see how the story has evolved. Chart FinViz Figure 1: BCAB weekly chart (Source: Finviz) When looking at charts, clarity often comes from taking a look at distinct time frames in order to determine important technical levels and get a feel for what's going on. In the weekly chart above, we can see shareholders went for an abysmal ride with price falling from above $30 to a low in the $2 range as Wall Street gave up and left the company for dead during a long period marked by lack of communication followed by disappointing clinical data in sarcoma. From there, with Q2 report and news of signal observed for the NSCLC indication, share price quickly rebounded to the low teens and is currently consolidating below $9. My initial take is that for readers who are very risk-tolerant and don't mind holding speculative names in their portfolios, near term dips are worth accumulating in anticipation of updated NSCLC data expected by year end. Overview Here is my background on the company as well as prior highlights from initial article: California-based ADC developer extols the benefits of the company's conditionally active biologic or CAB technology, making the grandiose claim that BioAtla has solved the problem of systemic toxicity inherent in ADC (antibody drug conjugate) predecessors. Such a claim would prove quite lucrative, should they be able to back it up (allows them to unlock new targets). They go further to state that not only is safety enhanced, but also efficacy is improved (CABs enable treatment at higher doses and greater potency). While the technology appears quite complicated at first glance, the premise is simple (CABs are engineered to bind to their target in tumors, deactivate if they leave the tumor site and reactivate once more in the presence of tumor). Tumor cells have localized pH, CABs activate in low pH microenvironment and deactivate in healthy tissue (such an approach would seem to have merit when contrasted to blockbuster ADC drugs like SeaGen's Padcev and Gilead's Trodelvy, both of which are quite potent yet suffer from some pretty harsh side effects in at least some patients). I note that the latter was acquired when Gilead bought out Immunomedics for $21 billion last year, a token of the kind of value creation potential that can take place in the ADC space and one reason I'm keen to own multiple names in this arena. Corporate Slides Figure 2: Pipeline (Source: corporate presentation) Initial focus was on the AXL program, where the company's mouse data showed that its first drug candidate had 4-6 times greater selectivity for tumors in vivo and over 10 times the therapeutic index. This is one reason that explains how they were able to experience success in targeting AXL, which prior has been a graveyard for cancer drug development. BA3011 is pursuing the AXL target as it's highly expressed on many solid tumors including sarcomas and NSCLC. Uniquely, the company is leading the way forward with a quantitative biomarker assay called the AXL Tumor membrane Percent Score or TmPS (measures level of target expression on tumor membrane to identify patients most likely to respond). Phase 1 dose escalation study has been completed, recommended phase 2 dose identified and phase 2 study is ongoing in soft tissue and bone sarcoma. Also, another phase 2 study is ongoing in PD-1 refractory NSCLC (a particularly lucrative indication). The initial study has too few patients to really get a clear signal of any kind, but responses in a few sarcoma patients with higher AXL scores looked promising. Corporate Slides Figure 3: Encouraging early data for sarcoma (Source: corporate presentation) Additionally, zeroing in on the more lucrative indication of NSCLC, four patients were enrolled in the phase 1 study. However, of these 4, two were AXL negative with TmPS of 0% (and thus would not expect them to respond). One was not evaluable. However, the one patient who was AXL positive (TmPS of 80%) achieved partial response with 70% tumor shrinkage (1.8 mg/kg study drug on days 1 and 8, every 3 weeks). Interestingly, the patient had stage IV disease and experienced failure from prior treatments including PD-1 inhibitor pembrolizumab. To further pursue this hypothesis and follow where the data is leading, the open label phase 2 study was designed to evaluate BA3011 alone and in combination with anti-PD-1 agent in patients with AXL-expressing TmPS 50%. To enroll, patients must have prior disease progression on a PD-1/L-1 inhibitor. Part 1 of the study will enroll 20 patients, while part 2 could enroll up to 200 additional patients depending on observed efficacy at interim analysis in part 1. Of note, while since my initial article the early signal in sarcoma appears to have fizzled out to a degree, the market was clearly surprised by promising early responses in PD1-refractory NSCLC. Corporate Slides Figure 4: Promising early signal for BA3011 in NSCLC (Source: corporate presentation) In the past, AXL programs from competition including pharmaceutical companies have floundered and failed due to challenging safety profile, so it was encouraging that so far BA3011 appeared generally well-tolerated with adverse events not appearing related to on-target injury of normal, AXL-expressing tissues. Toxicities observed were consistent with other MMAE-based ADCs and estimated half life was 4 days, twice that of enapotamab vedotin (non-CAB ADC targeting AXL). Management believes this difference is due to decreased TMDD resulting from lack of binding of BA3011 to AXL outside of tumors (in other words, CAB technology doing what it's supposed to). At recommended phase 2 exposure level (1.8 mg/kg Q2W), treatment related Grade 3-4 AEs occurred in 22% (2/9) of patients, vomiting and neutrophil count decrease. One key risk factor here to keep an eye on is how safety profile evolves as higher numbers of patients are treated. AEs seen at other doses include neutropenia, hypokalemia, hyponatremia, anemia, blood bilirubin and lipase increases. Importantly, none of related AEs or SAEs led to treatment discontinuation. Of note, constipation is believed to be an on-target delivery of MMAE to normal gut tissues that express AXL- despite risk mitigation plan, Genmab's enapotamab vedotin showed Grade 1-2 events of 49% (9% Grade 3-4). For BA3011, rate of constipation was 2 to 3 fold lower for both Grade 1-2 and Grade 3-4 TAEs. Peripheral neuropathy reported for BA3011 of 18% was half of that reported for enapotamab vedotin (believed to be due to advantageous PK characteristics of CAB ADCs vs non-CAB). Corporate Slides Figure 5: Safety profile for BA3011 in NSCLC looks quite manageable as monotherapy but challenging for Opdivo combo (Source: corporate presentation) Moving onto perhaps a more interesting opportunity than AXL, BA3021 is going after ROR2 (target associated with tumor progression, metastasis and development of resistance to conventional therapies and immuno-oncology targets). ROR2 is commonly overexpressed in multiple solid tumor types including breast, lung, pancreatic, renal, colorectal, head and neck and melanoma. As an example, ROR2 was found to be expressed in the majority of breast cancer patient samples and those expressing ROR2 had decreased overall survival. Similar correlation between ROR2 expression level and overall survival was observed in NSCLC and metastatic melanoma. In a similar fashion to clinical plans for AXL, TmPS quantitative assay is being employed to identify patients most likely to respond to therapy. Phase 2 studies are ongoing in PD-1 refractory melanoma and NSCLC with interim analysis expected 2H 2021 with full data set in 2022. In regards to POC data and derisking, treatment with BA3021 at various dose levels results in 4 partial responses, 2 NSCLC patients (~31% and ~49% tumor reduction), 1 in a patient with metastatic melanoma (~80% tumor reduction) and 1 in a patient with advanced head and neck cancer (~54% tumor reduction). Digging deeper into the NSCLC subset, of 6 patients enrolled, two achieved durable partial response and third experienced lesser degree of tumor reduction. Keep in mind that they were not able to characterize ROR2 TmPS for the third patient and the fourth patient (bone mets, ROR2 TmPS of 100%) was treated with suboptimal dose (1.2 mg/kg 2Q3W). All NSCLC patients who enrolled in this study were previously treated with PD-1 therapy. corporate slides Figure 6: Encouraging activity for BA3021 in refractory NSCLC patients (Source: corporate presentation) While they were not able to characterize ROR2 surface expression in two metastatic melanoma patients, one achieved an 80% reduction in tumor volume and remains on therapy for over a year. Keep in mind this patient failed on both nivolumab and nivo plus ipilimumab. BA3021 was generally well tolerated, with Grade 3 or greater AEs consistent with MMAE-based toxicities and were generally reversible or transient. AEs included neutropenia, anemia, transient liver enzyme elevation and metabolic disturbances. Few patients had serious adverse events (infected biloma, pyrexia, and hyperglycemia). However, I did consider it a red flag of sorts that the Grade 5 event (patient death) did not appear in corporate slides and was merely included in 10-K filing. That seems less than forthcoming in an area of key concern for investors and patients. Let's move onto the Q2 report and why it sparked positive sentiment returning to this under-the-radar small cap name. Other Information For the second quarter of 2022, the company reported cash and equivalents of $202M (which puts current enterprise value at ~$150M). On the con side, BioAtla is burning through cash at a rapid rate with net loss for the quarter totaling nearly $29M and net cash used in operating activities in the first six months of 2022 totaling $42M. I would expect this number to rise significantly, given that the second portion of planned trials in AXL and ROR2 calls for a much higher number of patients to be enrolled. Research and development expenses rose to $20.7M, while G&A was cut in half to $8.3M. As for key developments, the press release wastes no time in focusing on newly disclosed phase 2 data for mecbotamab vedotin (BA3011) in AXL-positive NSCLC. The trial is still ongoing and enrolling patients who previously experienced failure of typical first line options such as PD-1/L1, EGFR, or ALK inhibitor therapy (average failure 2.5 lines of therapy; 2 prior lines for non-squamous, 4 prior lines for squamous). While 15 patients were enrolled, only 9 were evaluable for efficacy (very hard for me to see how management can claim much of a signal with so few patients' worth of data to go on). Of the 9, ORR was 33% with two monotherapy partial responses and one PD-1 combo complete response. With the caveats that come with subgroup analysis, for the non-squamous group ORR improved to 43% or 3 of 7 patients. While it is encouraging that the company is initiating discussions with the FDA for the registrational part 2 of trial, I still think they need to derisk the story further. If I were management, I would enroll another 40 patients of this population in the open label P2 portion to further tease out the signal and gain greater clarity. It might not be a popular decision, as it requires more resources, but it's far less risky than going straight into a 100+ patient pivotal study. Full interim data set of approximately 20 patients is expected by year end and at the current valuation clearly meets the definition of a needle-moving catalyst. As for context for market opportunity and unmet need, there are around 200,000 patients diagnosed in the US each year of which 75% are non-squamous. First line patients typically get treated with chemotherapy & immune checkpoint inhibitor combination which results in 50% ORR, while 2nd line therapy of standard of care yields a measly 10% to 20% ORR. Management also states that for the sarcoma studies, UPS and osteosarcoma indications are advancing as separate cohorts into part 2 of phase 2 study, while next steps for liposarcoma and synovial sarcoma are under evaluation (I assume they get discontinued). The signal they are going on for two lead indications is nothing special in my opinion with 50% ORR and 50% PFS rate at 3 months for UPS. For osteosarcoma, ORR is conveniently left out and they are going on 3 month PFS rate of 57%. Honestly, from what we've seen so far I wish they'd discontinue sarcoma indications and focus purely on NSCLC for the AXL program. Corporate Slides Figure 7: Initial UPS data satisfies go/no criteria although we can't know how low the bar has been set (Source: corporate presentation) As for BA3021 (ROR2) phase 2 NSCLC study is ongoing with update planned for later this year. Trial enrollment status update for melanoma study is expected in Q4 (sounds like we can't expect efficacy/activity data here until next year). For both of these indications, I don't like how trial timelines continue to be pushed out (all of them for that matter). Management really needs to do a better job of communicating and underpromising/overdelivering as opposed to the alternative which they've been doing since Day 1 that I've been following. As for institutional investors of note, Tang Capital owns a 6.4% stake and Cormorant Asset Management owns 5.7% stake. As for insiders, it's encouraging to see that Founder and CEO Jay Short has skin in the game with ownership of 7.5% of the company. Also, there was significant insider purchasing activity in June and August (likely in anticipation of the recently disclosed lung cancer data). As for leadership team, above I pointed to key hires from the likes of Celgene and Seattle Genetics as green flags for a company this size. BioAtla's chief of clinical development operations Philippe Martin also hails from Celgene (led the development and commercialization of the blockbuster drug OTEZLA and as Corporate Vice President oversaw the Inflammation & Immunology Franchise). The board of directors seems stacked as well, including investment advisor from HBM partners, Guy Levy (founder & managing member of Soleus Capital). The company also counts Dr. Michael Manyak (Executive Director for Global Medical Affairs for the urology franchise of GlaxoSmithKline) as one of its scientific advisors. As for executive compensation, cash component seems on the excessive side at over $600,000 (for a company this size). $10M worth of stock awards for CEO and $6M for president are also a bit on the high side, though not overly excessive.Seeking Alpha • Aug 09
BioAtla reports Q2 results
BioAtla press release (NASDAQ:BCAB): Q2 net loss of $28.9M. Cash and cash equivalents as of June 30, 2022 were $202.3 millionAnalysis Article • May 11
We're Keeping An Eye On BioAtla's (NASDAQ:BCAB) Cash Burn Rate
We can readily understand why investors are attracted to unprofitable companies. For example, although...Analysis Article • Jan 06
Companies Like BioAtla (NASDAQ:BCAB) Are In A Position To Invest In Growth
Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the...Analysis Article • Jul 24
BioAtla (NASDAQ:BCAB) Is In A Good Position To Deliver On Growth Plans
Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the...Analysis Article • Mar 16
Are Insiders Buying BioAtla, Inc. (NASDAQ:BCAB) Stock?
We often see insiders buying up shares in companies that perform well over the long term. Unfortunately, there are also...In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as BioAtla has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.
This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.
Earnings and Revenue Growth Forecasts
| Date | Revenue | Earnings | Free Cash Flow | Cash from Op | Avg. No. Analysts |
|---|---|---|---|---|---|
| 12/31/2025 | 2 | -60 | -48 | -48 | N/A |
| 9/30/2025 | N/A | -65 | -57 | -57 | N/A |
| 6/30/2025 | 11 | -60 | -52 | -52 | N/A |
| 3/31/2025 | 11 | -62 | -57 | -57 | N/A |
| 12/31/2024 | 11 | -70 | -72 | -72 | N/A |
| 9/30/2024 | 11 | -82 | -85 | -85 | N/A |
| 6/30/2024 | N/A | -105 | -107 | -107 | N/A |
| 3/31/2024 | N/A | -119 | -112 | -112 | N/A |
| 12/31/2023 | N/A | -123 | -104 | -104 | N/A |
| 9/30/2023 | N/A | -124 | -99 | -98 | N/A |
| 6/30/2023 | N/A | -117 | -95 | -95 | N/A |
| 3/31/2023 | N/A | -110 | -88 | -88 | N/A |
| 12/31/2022 | N/A | -106 | -91 | -90 | N/A |
| 9/30/2022 | N/A | -102 | -87 | -87 | N/A |
| 6/30/2022 | N/A | -99 | -76 | -76 | N/A |
| 3/31/2022 | 0 | -101 | -73 | -72 | N/A |
| 12/31/2021 | 0 | -95 | -63 | -62 | N/A |
| 9/30/2021 | 0 | -79 | -57 | -55 | N/A |
| 6/30/2021 | 0 | -68 | -59 | -58 | N/A |
| 3/31/2021 | 0 | -44 | -49 | -48 | N/A |
| 12/31/2020 | 0 | -27 | -37 | -36 | N/A |
| 9/30/2020 | 3 | -22 | -25 | -24 | N/A |
| 12/31/2019 | 5 | -29 | -11 | -10 | N/A |
| 12/31/2018 | 11 | -28 | N/A | -35 | N/A |
Analyst Future Growth Forecasts
Earnings vs Savings Rate: Insufficient data to determine if BCAB's forecast earnings growth is above the savings rate (3.5%).
Earnings vs Market: Insufficient data to determine if BCAB's earnings are forecast to grow faster than the US market
High Growth Earnings: Insufficient data to determine if BCAB's earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: Insufficient data to determine if BCAB's revenue is forecast to grow faster than the US market.
High Growth Revenue: Insufficient data to determine if BCAB's revenue is forecast to grow faster than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if BCAB's Return on Equity is forecast to be high in 3 years time
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/12 13:04 |
| End of Day Share Price | 2026/05/12 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
|
|
| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
| |
| Key Developments | 10 years |
|
* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
BioAtla, Inc. is covered by 6 analysts. 0 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Thomas Shrader | BTIG |
| Justin Zelin | BTIG |
| Suranjit Mukherjee | BTIG |