BioAtla (BCAB) AI Stock Analysis

• Market Cap: $21.59M
• Dividend Yield: N/A
• Average Volume (3M): 682.34K
• Price to Earnings (P/E): ―
• Beta (1Y): 3.51
• Revenue Growth: N/A
• EPS Growth: 49.48%
• Country: US
• Employees: 61
• Sector: Healthcare
• Sector Strength: 51
• Industry: Biotechnology
• EPS (TTM): -0.32
• Shares Outstanding: 58,721,590
• 10 Day Avg. Volume: 414,208
• 30 Day Avg. Volume: 682,335
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.51
• Enterprise Value/Revenue: 1.00
• Enterprise Value/Gross Profit: 1.07
• Enterprise Value/Ebitda: -0.17
• 1Y Price Target: $10.00
• Price Target Upside: 2602.70% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 2

• Rating: 35 Underperform
• Price Target: ―

BioAtla's stock faces significant challenges, primarily due to its financial position, characterized by a lack of revenue and high cash burn. Despite promising clinical progress and strategic efforts to manage cash, the company's valuation and technical indicators reflect a bearish outlook. The overall score reflects these substantial risks, with some potential upside from clinical developments.

Positive Factors

Clinical Trials

Five patients achieved objective tumor size reductions in various cancer types, including colorectal carcinoma and non-small cell lung cancer.

Drug Efficacy

The drug demonstrated anti-tumor activity in advanced adenocarcinoma patients with a manageable safety profile.

Operational Efficiency

BioAtla reported lower than expected R&D and SG&A expenses, contributing to a better EPS than estimated.

Negative Factors

Financial Performance

BioAtla reported no revenue and a net loss of $0.32 per share, compared to the consensus estimate of a net loss of $0.29 per share.

Pipeline Development

There are uncertainties regarding BioAtla’s pipeline development and a near-term financial overhang.

Stock Valuation

The price target for BioAtla has been lowered to $1 from $5 based on cash/share and platform value.

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	11.00M	11.00M	0.00	0.00	250.00K	429.00K
Gross Profit	10.25M	10.07M	-1.22M	-1.20M	-1.08M	-19.50M
EBITDA	-63.14M	-73.02M	-122.24M	-105.28M	-94.07M	-33.46M
Net Income	-59.52M	-69.78M	-123.46M	-105.28M	-95.41M	-35.85M
Balance Sheet
Total Assets	27.13M	52.42M	119.66M	225.74M	254.42M	244.94M
Cash, Cash Equivalents and Short-Term Investments	18.21M	49.05M	111.47M	215.51M	244.98M	238.60M
Total Debt	6.04M	836.00K	2.46M	3.98M	5.37M	682.00K
Total Liabilities	43.87M	38.16M	48.99M	45.40M	43.60M	34.96M
Stockholders Equity	-16.75M	14.27M	70.67M	180.34M	210.82M	209.97M
Cash Flow
Free Cash Flow	-52.32M	-71.94M	-104.11M	-90.69M	-63.14M	-36.92M
Operating Cash Flow	-52.32M	-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	8.87M	9.51M	77.00K	61.21M	69.51M	271.82M

BioAtla Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.37
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BCAB, the sentiment is Positive. The current price of 0.37 is above the 20-day moving average (MA) of 0.36, below the 50-day MA of 0.39, and below the 200-day MA of 0.65, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 54.70 is Neutral, neither overbought nor oversold. The STOCH value of 63.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BCAB.

BioAtla Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IPA	61 Neutral	$92.31M	―	-102.69%	―	-3.20%	12.24%
Sector *	51 Neutral	$7.69B	-0.19	-46.01%	2.25%	22.94%	-0.68%
LSTA	43 Neutral	$22.15M	―	-63.84%	―	―	12.95%
PMN	38 Underperform	$31.96M	―	-19.56%	―	―	71.47%
BCAB	35 Underperform	$21.59M	―	-813.88%	―	―	49.48%
ELEV	33 Underperform	$21.62M	―	-78.32%	―	―	47.73%
JUNS	―	$42.70M	―		―	―	―

BioAtla Corporate Events

BioAtla Awards Executive Bonuses and Stock Units

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.