BioAtla (BCAB) AI Stock Analysis

• Market Cap: $13.44M
• Dividend Yield: N/A
• Average Volume (3M): 2.86M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.62
• Revenue Growth: -100.00%
• EPS Growth: 32.37%
• Country: US
• Employees: 61
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.27
• Shares Outstanding: 64,040,400
• 10 Day Avg. Volume: 4,108,863
• 30 Day Avg. Volume: 2,856,837
• PEG Ratio: <0.01
• Price to Book (P/B): 2.01
• Price to Sales (P/S): 2.61
• P/FCF Ratio: -0.40
• Enterprise Value/Market Cap: 0.72
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -0.78
• Enterprise Value/Ebitda: -0.14
• 1Y Price Target: $7.00
• Price Target Upside: 3233.33% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): -0.92
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: $0.18 ▼(-12.86% Downside)

The score is held down primarily by weak financial fundamentals (no TTM revenue, large losses, cash burn, and negative equity) and bearish technicals (price below major moving averages with negative momentum). Offsetting support comes from more constructive clinical/regulatory progress and potential partnering/financing developments, but near-term liquidity and listing/compliance risks remain key overhangs.

Positive Factors

Regulatory Pathway Clarity

FDA alignment on a Phase 3 registrational design provides a clear, durable pathway to potential accelerated and full approval for OSV in OPSCC. This reduces regulatory execution risk, supports future partnering/commercial plans, and preserves value capture if pivotal outcomes are positive.

Strategic Non-Dilutive Funding

The $40M oncology SPV funds registrational Phase 3 work while sharing development and commercialization costs. Retaining majority SPV ownership keeps upside for BioAtla, reduces immediate cash burden, and extends runway without a traditional dilutive equity raise.

Platform Validation & Collaborations

A paid development milestone and multiple encouraging clinical signals across CAB programs (OSV, EpCAM TCE, MEKV) validate the CAB platform, strengthening licensing/partnering leverage and supporting a multi-program development strategy that can diversify long-term value drivers.

Negative Factors

Deteriorated Balance Sheet

Negative shareholders' equity reflects accumulated losses and materially weaker solvency, constraining financing options and increasing bankruptcy or restructuring risk. This structural weakness limits strategic flexibility and heightens reliance on external capital over the medium term.

High Cash Burn / Limited Runway

Sustained large negative operating and free cash flows indicate ongoing need for external financing to fund R&D and trials. With modest cash on hand, the company faces elevated dilution or deal-dependency risk, which can disrupt long-term development continuity if funding stalls.

Listing & Governance Risk

Active disputes over share-structure maneuvers and continued Nasdaq compliance questions present structural governance and listing risks. Potential delisting or contentious capital actions could impair access to public markets, increase financing costs, and distract management from execution.

BioAtla Business Overview & Revenue Model

Company Description

BioAtla, Inc., a clinical stage biopharmaceutical company, develops specific and selective antibody-based therapeutics for the treatment of solid tumor cancer. Its lead product candidate is BA3011, a conditionally active biologic (CAB) antibody-drug conjugate (ADC) for soft tissue and bone sarcoma tumors, non-small cell lung cancer (NSCLC), and ovarian cancer. It also develops BA3021, a CAB ADC for multiple solid tumor types, including NSCLC, melanoma, and ovarian cancer; and BA3071, which is a CAB anti-cytotoxic T-lymphocyte-associated antigen 4 antibody for renal cell carcinoma, NSCLC, small cell lung cancer, hepatocellular carcinoma, melanoma, bladder cancer, gastric cancer, and cervical cancer. BioAtla, Inc. was founded in 2007 and is based in San Diego, California.

How the Company Makes Money

BioAtla 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

Financial profile remains highly risky: TTM revenue is $0 with -100% growth, large ongoing losses (TTM EBIT -$66.3M; net loss -$64.7M), and continued cash burn (TTM operating cash flow -$57.2M; free cash flow -$43.0M). Balance sheet is a major concern with equity flipping to -$31.2M TTM and assets shrinking to $15.9M, despite modest absolute debt ($6.2M).

Income Statement

Operating performance remains weak. Revenue is highly inconsistent—$11.0M in 2024 but $0 in TTM (Trailing-Twelve-Months) with a -100% revenue growth rate—suggesting a lack of durable commercial traction. Profitability is deeply negative: 2024 net margin was -634% and TTM results show continued large operating losses (EBIT of -$66.3M and net loss of -$64.7M). While losses improved versus 2022–2023, the business is still far from breakeven.

Balance Sheet

Leverage is low in absolute dollars (TTM debt of $6.2M), but the capital structure has deteriorated sharply. Stockholders’ equity flipped from +$14.3M in 2024 to -$31.2M in TTM (Trailing-Twelve-Months), a major solvency red flag and a sign of accumulated losses/erosion of net worth. Total assets have also compressed materially (to $15.9M TTM from $52.4M in 2024), reducing financial flexibility even if headline debt remains modest.

Cash Flow

Cash burn continues, though the direction has improved. TTM (Trailing-Twelve-Months) operating cash flow was -$57.2M and free cash flow was -$43.0M, both still meaningfully negative, but better than 2023–2024 levels. Free cash flow improved in TTM (positive growth), and cash losses are somewhat smaller than accounting losses (free cash flow-to-net income ~0.75), yet the company still relies on external funding to sustain operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	11.00M	0.00	0.00	250.00K	429.00K
Gross Profit	-12.46M	10.07M	-1.22M	-1.20M	250.00K	-19.50M
EBITDA	-67.70M	-73.02M	-122.24M	-105.28M	-94.07M	-33.46M
Net Income	-64.71M	-69.78M	-123.46M	-105.28M	-95.40M	-35.85M
Balance Sheet
Total Assets	15.91M	52.42M	119.66M	225.74M	254.42M	244.94M
Cash, Cash Equivalents and Short-Term Investments	8.32M	49.05M	111.47M	215.51M	244.98M	238.60M
Total Debt	6.18M	836.00K	2.46M	3.98M	5.37M	682.00K
Total Liabilities	47.15M	38.16M	48.99M	45.40M	43.60M	34.96M
Stockholders Equity	-31.24M	14.27M	70.67M	180.34M	210.82M	209.97M
Cash Flow
Free Cash Flow	-42.95M	-71.94M	-104.11M	-90.69M	-63.14M	-36.92M
Operating Cash Flow	-57.15M	-71.94M	-104.02M	-90.42M	-62.21M	-36.33M
Investing Cash Flow	0.00	0.00	-98.00K	-265.00K	-924.00K	-590.00K
Financing Cash Flow	8.95M	9.51M	77.00K	61.21M	69.51M	271.82M

BioAtla Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.21
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BCAB, the sentiment is Negative. The current price of 0.21 is below the 20-day moving average (MA) of 0.31, below the 50-day MA of 0.58, and below the 200-day MA of 0.54, indicating a bearish trend. The MACD of -0.10 indicates Negative momentum. The RSI at 29.60 is Positive, neither overbought nor oversold. The STOCH value of 20.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BCAB.

BioAtla Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IPSC	54 Neutral	$156.46M	-5.76	-14.23%	―	4121.12%	83.30%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
LTRN	50 Neutral	$32.99M	-1.68	-104.58%	―	―	1.18%
ATNM	45 Neutral	$36.19M	-1.05	-133.09%	―	11.11%	20.65%
BCAB	44 Neutral	$13.44M	-0.18	―	―	-100.00%	32.37%
MAIA	44 Neutral	$79.25M	-2.88	-2691.06%	―	―	44.50%

BioAtla Corporate Events

BioAtla Pursues Share Consolidation Amid Nasdaq Compliance Dispute

On December 30, 2025, BioAtla stockholders approved proposals authorizing a significant potential issuance of common stock under financing agreements and allowing adjournments of a special meeting, but failed to reach the supermajority threshold needed to pass a reverse stock split, despite more than 70% of voted proxies supporting it. After repeated adjournments and the creation of a super-voting Series A Junior Preferred Share that enabled formal shareholder approval of the reverse split at a reconvened meeting on January 12, 2026, the board redeemed the preferred share on January 30, 2026 and chose not to implement the split while the stock is listed on Nasdaq, following Nasdaq’s private indication that using such super-voting stock would likely violate its voting rights rule and could trigger delisting. On January 30, 2026, BioAtla instead signed a merger agreement with a wholly owned subsidiary to effect a 1-for-50 share consolidation via a statutory merger, which also would relax supermajority voting requirements for future share-structure changes, subject to approval by a majority of outstanding common shares as of a February 2, 2026 record date. The company is simultaneously trying to maintain Nasdaq Capital Market compliance after an August 6, 2025 notice that it failed bid-price and equity or market value standards; although BioAtla met the $35 million market value of listed securities test for 64 consecutive trading days through December 31, 2025, Nasdaq declined to deem the company back in compliance, and only granted an extension to February 2, 2026. BioAtla contends Nasdaq misapplied its rules both on compliance determination timing and on the reversal of prior guidance regarding super-voting shares, and warns that failure to meet bid-price and equity or market value requirements by February 2, 2026 could lead to suspension and delisting to OTC trading, with potentially material adverse effects for shareholders.

The most recent analyst rating on (BCAB) stock is a Hold with a $0.28 price target. To see the full list of analyst forecasts on BioAtla stock, see the BCAB Stock Forecast page.

BioAtla Creates Super-Voting Share to Advance Reverse Split

On January 9, 2026, BioAtla’s board authorized the issuance of a single Series A Junior Preferred “Super-Voting” share to Chairman and CEO Jay M. Short for $0.01, granting him voting power equal to all common shares outstanding, but only on proposals related to a potential reverse stock split, related adjournments, or other board-designated, closely related matters. The special preferred share, which carries no dividend rights, minimal liquidation preference, strict transfer restrictions, and is redeemable by the board for $0.01, was created after stockholders on December 30, 2025 failed to deliver the required two-thirds voting power to approve a reverse stock split, despite majority support, and the special meeting was adjourned and reconvened on January 12, 2026, then again to January 26, 2026, with the new share designed to ensure that if at least two-thirds of the common stock voting at the reconvened meeting supports the reverse stock split, the company can secure formal approval and continue efforts to maintain compliance with Nasdaq listing standards.

The most recent analyst rating on (BCAB) stock is a Hold with a $0.43 price target. To see the full list of analyst forecasts on BioAtla stock, see the BCAB Stock Forecast page.

BioAtla Announces $40 Million Oncology SPV Investment Deal

On December 30–31, 2025, BioAtla, Inc. announced an agreement under which Inversagen AI, LLC, backed by GATC Health Corp and Alliance International Resources Corp., will invest a total of $40 million in a special purpose vehicle (BA 3021 SPV LLC) holding the oncology rights to BioAtla’s Phase 3-stage asset ozuriftamab vedotin (Oz‑V), in exchange for a 35% stake in the SPV, leaving BioAtla with 65% ownership. The deal, structured as a private placement across two closings expected to occur by the end of the first quarter of 2026, will provide BioAtla with an initial $5 million and a further $35 million to fund general operations and a registrational Phase 3 trial of Oz‑V in second-line or later oropharyngeal squamous cell carcinoma (OPSCC), with BioAtla retaining leadership of trial execution through potential accelerated approval and positioning the company to expand Oz‑V into HPV-positive solid tumors while sharing future development and commercialization costs with Inversagen AI.

The most recent analyst rating on (BCAB) stock is a Hold with a $0.78 price target. To see the full list of analyst forecasts on BioAtla stock, see the BCAB Stock Forecast page.

BioAtla Stockholders Approve Share Issuance, Delay Reverse Split

On December 30, 2025, BioAtla, Inc. held a special meeting of stockholders to vote on several capital-related proposals, including approval to issue 20% or more of its outstanding common stock under existing financing agreements and to authorize a potential reverse stock split, as well as the ability to adjourn the meeting if more proxy votes were required. Stockholders approved the issuance of common stock in excess of the exchange cap and the adjournment proposal, but there were not enough votes to approve the reverse stock split, prompting the company to adjourn the meeting and reconvene it virtually on January 12, 2026, to continue soliciting proxies on that item from stockholders of record as of November 25, 2025.

The most recent analyst rating on (BCAB) stock is a Hold with a $0.78 price target. To see the full list of analyst forecasts on BioAtla stock, see the BCAB Stock Forecast page.

BioAtla Secures $7.5 Million Pre-Paid Advance

On November 20, 2025, BioAtla, Inc. entered into Pre-Paid Advance Agreements with YA II PN, Ltd., Anson Investments Master Fund LP, and Anson East Master Fund LP, securing a $7.5 million advance. The agreement allows for repayment in cash or conversion into common stock shares, with specific pricing conditions. Additionally, BioAtla entered into a Standby Equity Purchase Agreement with Yorkville, enabling the sale of up to $15 million in common stock over 36 months. These financial arrangements are designed to provide BioAtla with capital flexibility, subject to customary conditions and limitations, potentially impacting its market operations and stakeholder interests.

The most recent analyst rating on (BCAB) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on BioAtla stock, see the BCAB Stock Forecast page.