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BioAtla (BCAB)
NASDAQ:BCAB
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BioAtla
(NASDAQ:BCAB)
35Underperform
Positive Factors
Drug Development
The AXL-ADC program demonstrates a compelling OS signal in NSCLC and sarcoma, potentially providing pan-KRAS therapy in late line NSCLC.
Financial Management
BioAtla has reduced its workforce by over 30%, which increases its cash runway into the first half of 2026.
Partnership Opportunities
Partnership discussions for Evalstotug are ongoing, with multiple discussions taking place, which could lead to positive developments for the company.
Negative Factors
Financial Performance
BioAtla reported no revenues for the fourth quarter, which was expected but still highlights a lack of income generation.
Market Valuation
The price target for BioAtla has been lowered to $1 from $5 based on cash/share and platform value.
Pipeline Uncertainty
Uncertainties regarding BioAtla’s pipeline development and a near-term financial overhang influence the Neutral rating.
BioAtla (BCAB) vs. S&P 500 (SPY)
Market Cap
$23.38M
Dividend YieldN/A
Average Volume (3M)539.11K
Price to Earnings (P/E)―
Beta (1Y)3.47
Revenue GrowthN/A
EPS Growth44.38%
CountryUS
Employees61
SectorHealthcare
Sector Strength41
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.26
Shares Outstanding58,418,140
10 Day Avg. Volume557,364
30 Day Avg. Volume539,110
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)0.79
Price to Sales (P/S)0.00
P/FCF Ratio-0.25
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 Upside1275.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
BioAtla Business Overview & Revenue Model
Company DescriptionBioAtla, 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 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
Negative
0.40
Price Trends
0.38
Positive
0.43
Negative
1.10
Negative
Market Momentum
0.01
Positive
46.64
Neutral
12.78
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 0.4 is below the 20-day moving average (MA) of 0.45, above the 50-day MA of 0.38, and below the 200-day MA of 1.10, indicating a neutral trend. The MACD of 0.01 indicates Positive momentum. The RSI at 46.64 is Neutral, neither overbought nor oversold. The STOCH value of 12.78 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 (52)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
54 Neutral | $22.64M | ― | -121.65% | ― | -0.71% | -169.29% | |
52 Neutral | $5.15B | 3.02 | -44.64% | 2.82% | 16.45% | -0.47% | |
43 Neutral | $22.61M | ― | -56.49% | ― | ― | 7.07% | |
38 Underperform | $16.79M | ― | -19.56% | ― | ― | 98.61% | |
35 Underperform | $23.38M | ― | -246.21% | ― | ― | 44.38% | |
33 Underperform | $16.73M | ― | -78.32% | ― | ― | 47.73% |
* Healthcare Sector Average
Performance Comparison
BCAB
BioAtla
0.40
-2.06
-83.74%
LSTA
Lisata Therapeutics
2.63
-0.19
-6.74%
PMN
ProMIS Neurosciences
0.51
-1.33
-72.28%
IPA
ImmunoPrecise Antibodies
0.49
-0.68
-58.12%
ELEV
Elevation Oncology
0.28
-3.46
-92.51%
JUNS
Jupiter Neurosciences, Inc.
0.58
-4.96
-89.53%
BioAtla Earnings Call Summary
Earnings Call Date:May 06, 2025
(Q1-2025)
| % Change Since: -16.67%|
Next Earnings Date:Aug 07, 2025
Earnings Call Sentiment Positive
The earnings call reflects a positive overall sentiment with notable achievements in clinical trials and substantial financial improvements despite some challenges such as workforce reduction and decreased cash reserves.Q1-2025 Updates
Positive Updates
Tumor Reduction in EpCAM and CD3 T Cell Engager Study
Multiple patients in the Phase 1 dose escalation study showed tumor reduction and tolerated the therapy well, with some patients being on therapy for months without progression.
Exceptional Survival with Mec-V
The Mec-V study showed a 59% 2-year survival rate in mKRAS non-small cell lung cancer patients, significantly higher than the less than 20% seen with standard care.
Positive Results in Soft Tissue Sarcoma
Mec-V demonstrated a 73% 1-year landmark survival rate across several subtypes of soft tissue sarcoma.
Compelling Data in HPV Positive Head and Neck Cancer
The CAB-ROR2-ADC, Oz-V, showed a 100% disease control rate and a 45% overall response rate in heavily pretreated metastatic HPV positive head and neck cancer patients.
Strong Financial Management
The company reported a reduced net loss of $15.3 million, down from $23.2 million in the previous year, with significant cost reductions expected to extend runway until 2026.
Negative Updates
Workforce Reduction
A workforce reduction resulted in a $0.5 million charge, reflecting the company's restructuring efforts.
Decreased Cash Reserves
Cash and cash equivalents decreased from $49 million to $32.4 million between December 2024 and March 2025.
Dependency on Partnerships
The company's future funding and operations heavily rely on forming new strategic partnerships.
Company Guidance
During BioAtla's Q1 2025 earnings call, the company provided guidance on several key metrics and developments. BioAtla is progressing well with its Phase 1 dose escalation study of the dual conditionally binding EpCAM and CD3 T cell engager and has not yet reached the maximally tolerated dose. Three patients in the 100 micrograms cohort cleared the dose-limiting toxicity period, and the first three patients in the 300 micrograms cohort have been dosed, with a clinical data readout expected in mid-2025. For the CAB-AXL-ADC Mec-V, the company reported a 2-year landmark survival rate of 59% among mKRAS non-small cell lung cancer patients, which significantly exceeds the less than 20% survival rate observed in previous studies with standard care agents. Mec-V also showed a 1-year landmark survival of 73% in various subtypes of soft tissue sarcoma. Furthermore, the CAB-ROR2-ADC, Oz-V, demonstrated a 100% disease control rate and a 45% overall response rate in metastatic HPV-positive head and neck cancer patients. BioAtla anticipates leveraging its Fast Track Designation for further FDA discussions. Financially, the company reported R&D expenses of $12.4 million, a decrease from $18.9 million in Q1 2024, and a net loss of $15.3 million, down from $23.2 million in the prior year. Cash and cash equivalents stood at $32.4 million as of March 31, 2025, with expectations to fund operations and achieve key clinical readouts in the first half of 2026.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.