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BioAtla (BCAB)
NASDAQ:BCAB
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BioAtla
(NASDAQ:BCAB)
35Underperform
Positive Factors
Drug Development and Clinical Trials
The drug was well-tolerated and demonstrated tumor reduction in multiple patients.
Workforce and Cost Management
BioAtla has reduced its workforce by over 30%, which increases its cash runway into the first half of 2026.
Negative Factors
Financial Performance
BioAtla reported no revenue and a net loss of $14.9M for the fourth quarter.
Pipeline Development
There are few meaningful catalysts from the company’s pipeline in the next 12 months, potentially deteriorating its financial strength.
BioAtla (BCAB) vs. S&P 500 (SPY)
Market Cap
$25.73M
Dividend YieldN/A
Average Volume (3M)521.85K
Price to Earnings (P/E)―
Beta (1Y)3.55
Revenue GrowthN/A
EPS Growth44.38%
CountryUS
Employees61
SectorHealthcare
Sector Strength69
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.44
Shares Outstanding58,401,146
10 Day Avg. Volume382,465
30 Day Avg. Volume521,847
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)1.54
Price to Cash Flow (P/CF)-0.80
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$5.50Price Target Upside1150.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
BioAtla Business Overview & Revenue Model
Company DescriptionBioAtla, Inc. (BCAB) is a biotechnology company focused on the development of Conditionally Active Biologic (CAB) antibody therapeutics. The company operates primarily in the biopharmaceutical sector, leveraging its proprietary CAB technology to create therapies that are activated under specific physiological conditions, enhancing safety and efficacy. BioAtla's core products include a pipeline of CAB antibody candidates aimed at treating various cancers, with a focus on improving patient outcomes through innovative therapeutic solutions.
How the Company Makes MoneyBioAtla makes money primarily through the development and commercialization of its CAB antibody therapeutics. The company's revenue model includes partnerships and collaborations with other pharmaceutical companies for the development and potential commercialization of its drug candidates. These partnerships often involve upfront payments, milestone payments upon achieving certain development or regulatory goals, and potential royalties on future sales of approved therapies. BioAtla may also generate revenue through licensing agreements that allow other companies to use its proprietary technology in their therapeutic development. Additionally, BioAtla may seek funding through public and private investments to support its research and development activities.
BioAtla Financial Statement Overview
Summary
BioAtla's financial performance reflects typical challenges of development-stage biotech firms, with no revenue and consistent operating losses. The low debt is a positive aspect, but declining equity and negative cash flows raise concerns.Income Statement
BioAtla has reported zero revenue in the most recent year, reflecting a significant challenge in generating sales. The company has incurred consistent operating losses, which is typical for early-stage biotech firms. There is no gross profit or net profit margin due to lack of revenue, and the EBIT and EBITDA margins are negative, indicating ongoing operational challenges.5
Very Negative
Balance Sheet
BioAtla's financial leverage appears low, with minimal total debt, resulting in a low debt-to-equity ratio. However, the company has experienced a significant decline in equity over the years, reducing its equity ratio. The return on equity is not meaningful due to negative net income and fluctuating equity levels, raising concerns about shareholder value creation.20
Very Negative
Cash Flow
The company consistently reports negative operating and free cash flows, reflecting the high cash burn typical of development-stage biotechnology companies. The free cash flow growth rate is negative, indicating increasing cash outflows. The operating cash flow to net income ratio is unavailable due to zero revenue, highlighting the need for external financing to sustain operations.10
Very Negative
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 12.71M | 0.00 | 0.00 | 0.00 | 250.00K | 429.00K | Gross Profit |
| 11.87M | 0.00 | -103.73M | -1.20M | -1.08M | 409.07K | EBIT |
| -86.23M | -73.94M | -129.69M | -108.14M | -96.44M | -30.10M | EBITDA |
| -85.40M | -73.94M | -122.24M | -106.48M | -94.07M | -33.46M | Net Income Common Stockholders |
| -81.82M | 0.00 | -123.46M | -105.28M | -95.41M | -37.24M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 238.60M | 49.05M | 111.47M | 215.51M | 244.98M | 238.60M | Total Assets |
| 244.94M | 52.42M | 119.66M | 225.74M | 254.42M | 244.94M | Total Debt |
| 682.00K | 836.00K | 2.46M | 3.98M | 5.37M | 682.00K | Net Debt |
| -237.92M | -48.21M | -109.01M | -211.53M | -239.61M | -237.92M | Total Liabilities |
| 34.96M | 38.16M | 48.99M | 45.40M | 43.60M | 34.96M | Stockholders Equity |
| 209.97M | 14.27M | 70.67M | 180.34M | 210.82M | 209.97M |
| Cash Flow | Free Cash Flow | ||||
| -85.08M | -71.94M | -104.11M | -90.69M | -63.14M | -36.92M | Operating Cash Flow |
| -85.08M | -71.94M | -104.02M | -90.42M | -62.21M | -36.33M | Investing Cash Flow |
| -8.00K | 0.00 | -98.00K | -265.00K | -924.00K | -590.00K | Financing Cash Flow |
| 198.12K | 9.51M | 77.00K | 61.21K | 69.51M | 271.82M |
BioAtla Technical Analysis
Neutral
0.44
Price Trends
0.35
Positive
0.58
Negative
1.19
Negative
Market Momentum
0.01
Negative
67.06
Neutral
90.04
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BCAB, the sentiment is Neutral. The current price of 0.44 is above the 20-day moving average (MA) of 0.33, above the 50-day MA of 0.35, and below the 200-day MA of 1.19, indicating a neutral trend. The MACD of 0.01 indicates Negative momentum. The RSI at 67.06 is Neutral, neither overbought nor oversold. The STOCH value of 90.04 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BCAB.
BioAtla Risk Analysis
BioAtla disclosed 80 risk factors in its most recent earnings report. BioAtla reported the most risks in the “Tech & Innovation” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
BioAtla Peers Comparison
Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
54 Neutral | $20.59M | ― | -121.65% | ― | -0.71% | -169.29% | |
51 Neutral | $5.32B | 3.41 | -40.36% | 2.89% | 17.93% | 2.52% | |
43 Neutral | $21.81M | ― | -51.43% | ― | ― | 7.07% | |
38 Underperform | $19.23M | ― | 27.46% | ― | ― | 98.61% | |
35 Underperform | $25.73M | ― | -164.30% | ― | ― | 44.38% | |
33 Underperform | $22.26M | ― | -77.48% | ― | ― | 47.73% |
* Healthcare Sector Average
Performance Comparison
BCAB
BioAtla
0.44
-2.14
-82.95%
LSTA
Lisata Therapeutics
2.53
-0.22
-8.00%
IPA
ImmunoPrecise Antibodies
0.45
-0.92
-67.15%
ELEV
Elevation Oncology
0.38
-3.47
-90.13%
PMN
ProMIS Neurosciences
0.59
-1.41
-70.50%
BioAtla Earnings Call Summary
Earnings Call Date: Mar 27, 2025 | % Change Since: 12.82% | Next Earnings Date: May 8, 2025
Earnings Call Sentiment Positive
The earnings call highlighted significant advancements in BioAtla's clinical programs, particularly in the areas of CAB platform development and Phase 2 clinical programs, showing promising therapeutic potential and favorable response rates. Financial strategies are in place to ensure sustainability and future growth, although there are concerns regarding decreased cash reserves and workforce reductions. Overall, the positive clinical progress and strategic positioning outweigh the financial lowlights.Highlights
Progress in CAB Platform Clinical Programs
BioAtla's conditionally active biologic (CAB) platform clinical programs are advancing well, with promising results in several areas. The EpCAM and CAB CD3 bispecific T-cell engager antibody is progressing in dose escalation without reaching the maximally tolerated dose, and multiple patients are experiencing tumor reduction. The CAB-AXL-ADC Mec-V program shows ongoing antitumor activity with confirmed responses among patients with MKRAS mutations, with notable overall survival rates that exceed standard care.
Positive Developments in Phase 2 Clinical Programs
The CAB R2-ADC Oz-V program is demonstrating new responses in treatment-refractory head and neck cancer, with a 100% disease control rate in HPV-positive patients. The CAB-CTLA-4 antibody, Evalstotug, shows a 64% overall response rate and a 100% disease control rate in unresectable/metastatic melanoma, with a favorable safety profile compared to ipilimumab.
Financial Improvements
R&D expenses decreased from $22.7 million in Q4 2023 to $11.6 million in Q4 2024 due to program prioritization, and general and administrative expenses also decreased by $1.3 million. The net loss for Q4 2024 was reduced to $14.9 million from $26.9 million in the previous year.
Corporate Strategy and Future Outlook
BioAtla is extending its runway beyond key clinical readouts in the first half of 2026 by streamlining resources, including a workforce reduction of over 30%. The company is advancing discussions with potential collaborators for its Phase 2 assets, with expectations for significant partnerships.
Lowlights
Cash and Cash Equivalents Decrease
Cash and cash equivalents decreased from $111.5 million as of December 31, 2023, to $49 million as of December 31, 2024, indicating a reduction in financial reserves.
Workforce Reduction
BioAtla announced a reduction of over 30% of its workforce as part of a strategy to streamline resources and extend financial runway.
Company Guidance
During the BioAtla Fourth Quarter and Fiscal Year 2024 Earnings Call, the company provided comprehensive guidance on various aspects of its business operations and strategic plans. The call detailed the progress of their conditionally active biologic (CAB) platform, highlighting ongoing clinical trials and expected data readouts. Key metrics included the dosing and patient enrollment updates for their EpCAM and CAB CD3 bispecific T-cell engager antibody, with a current focus on achieving target doses of 100 micrograms and 300 micrograms. They reported a 66% and 58% overall survival rate at one and two years, respectively, for patients with MKRAS non-small cell lung cancer in their CAB-AXL-ADC Mec-V program. Financially, BioAtla reported a reduction in R&D expenses to $11.6 million for Q4 2024, down from $22.7 million in the same quarter of 2023, attributed to program prioritization. The company's cash and cash equivalents stood at $49 million at the end of 2024, with efforts underway to extend their runway beyond key clinical readouts anticipated in the first half of 2026. BioAtla is also actively pursuing partnerships for its Phase 2 assets, with discussions underway for CAB R2-ADC Oz-V and initiating talks for their CAB-CTLA-4 antibody, Evalstotug.BioAtla Corporate Events
Executive/Board Changes
BioAtla Awards Executive Bonuses and Stock Units
Neutral
Mar 14, 2025
On March 11 and 12, 2025, BioAtla, Inc.’s Board of Directors approved cash bonuses for their executive officers based on the company’s achievement of clinical and business milestones in 2024. The bonuses, reflecting 62.5% of the target bonus, were awarded to Richard Waldron, Eric Sievers, and Jay Short, the company’s CFO, CMO, and CEO, respectively. Additionally, the Board granted restricted stock units (RSUs) to these executives under the company’s 2020 Equity Incentive Plan, which will vest over a period starting March 2026, contingent on continued service with the company.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.