Shares of BioAtla (NASDAQ: BCAB) popped in pre-market trading on Friday after the clinical-stage biotechnology company reported encouraging Q3 results.
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The company ended the third quarter with a cash balance of $178.1 million which is expected to provide funding into the second half of 2024. Even as the company did not earn any revenues in Q3, the net loss widened to $25.8 million versus a net loss of $22.9 million in the same period last year.
Jay M. Short, Ph.D., Chairman, CEO, and Co-Founder of BioAtla stated, “We are excited with the compelling evidence of antitumor activity of BA3011, in both monotherapy and in combination with nivolumab, in treatment-refractory NSCLC [Non-Small Cell Lung Cancer] patients in the ongoing part 1 of the phase 2 study. In addition, we are pleased with the written feedback received from the FDA regarding part 2 of the phase 2 study in UPS and are proceeding with enrollment in this part of the study, which we believe supports registration for this difficult to treat disease.””