BioAtla (BCAB) AI Stock Analysis

• Market Cap: $20.01M
• Dividend Yield: N/A
• Average Volume (3M): 1.77M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.59
• 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: 59,035,515
• 10 Day Avg. Volume: 2,346,075
• 30 Day Avg. Volume: 1,771,246
• 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: 1.91
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -3.07
• Enterprise Value/Ebitda: -0.57
• 1Y Price Target: $7.00
• Price Target Upside: 1958.82% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): -0.79
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: $0.33 ▼(-2.65% Downside)

The score is primarily constrained by weak financial performance (no TTM revenue, ongoing heavy losses and cash burn, and negative equity). Technicals also reflect sustained bearish momentum (below major moving averages with negative MACD). Offsetting factors include encouraging clinical/regulatory progress and the announced SPV financing, but these are not yet enough to overcome current balance-sheet and funding-risk pressures.

Positive Factors

Proprietary CAB platform

BioAtla's proprietary Conditionally Active Biologic (CAB) platform is a structural competitive advantage, enabling tumor‑selective antibody activation that can improve therapeutic index and tolerability. This platform supports multiple programs and partnership potential, underpinning long‑term pipeline optionality and differentiation.

Regulatory alignment on registrational trial

FDA agreement on a Phase 3 design with dual primary endpoints and an accelerated approval path materially de‑risks development for Oz‑V. Regulatory alignment strengthens the path to a potential approval, supports future commercial planning, and raises the program's strategic value for partners or acquirers over the coming months.

Structured $40M SPV financing for Oz‑V

The SPV deal provides a meaningful near‑term funding tranche and shares development and commercialization costs while leaving BioAtla majority SPV ownership and operational control of the registrational program. This financing reduces immediate dilution pressure and extends runway to advance Phase 3 execution and strategic partnering.

Negative Factors

Deteriorated balance sheet / negative equity

Equity erosion to a negative position is a durable solvency concern that reduces financial flexibility and increases funding risk. Negative net worth limits borrowing capacity, raises counterparty concerns, and makes the company more reliant on equity‑like or structured financings for continued operations and clinical development.

Persistent cash burn and limited runway

Sustained negative operating cash flow and large free cash flow deficits create an ongoing financing imperative. With single‑digit million cash balances and continued R&D spend, the company remains reliant on external financings and milestone payments, elevating dilution and execution risk over the medium term.

Governance and shareholder control actions

Issuing a super‑voting preferred share to secure approval for a reverse split signals governance stress and potential shareholder rights dilution. Such actions can undermine investor confidence, complicate future capital raises, and reflect difficulty securing broad shareholder support for structural remedies to listing or capital challenges.

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

BioAtla faces significant financial challenges typical of early-stage biotech firms, with no revenue and consistent operating losses. The low debt is a positive highlight, but negative cash flows and declining equity are concerning for future sustainability.

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.

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.

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.

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: 0.34
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

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 0.34 is below the 20-day moving average (MA) of 0.56, below the 50-day MA of 0.72, and below the 200-day MA of 0.54, indicating a bearish trend. The MACD of -0.13 indicates Positive momentum. The RSI at 29.25 is Positive, neither overbought nor oversold. The STOCH value of 9.40 is Positive, 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
LTRN	52 Neutral	$39.59M	-2.00	-104.58%	―	―	1.18%
IPSC	52 Neutral	$176.56M	-7.40	-14.23%	―	4121.12%	83.30%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BCAB	45 Neutral	$20.01M	―	―	―	-100.00%	32.37%
ATNM	45 Neutral	$41.49M	-1.18	-133.09%	―	11.11%	20.65%
MAIA	44 Neutral	$61.10M	-2.14	-2691.06%	―	―	44.50%

BioAtla Corporate Events

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.