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Mar 31, 2023
Bioatla Q1 2023 Earnings Report
Announced financial results for the first quarter ended March 31, 2023, and provided highlights on its clinical programs.
Key Takeaways
BioAtla reported a net loss of $27.5 million for the first quarter ended March 31, 2023, compared to a net loss of $24.3 million for the same quarter in 2022. The company's cash and cash equivalents were $192.7 million as of March 31, 2023, which is expected to fund planned operations into 2025.
Advanced CAB-AXL BA3011 in ongoing sarcoma Phase 2 studies, including a potentially registrational study in Undifferentiated Pleomorphic Sarcoma (UPS).
On track for submitting a meeting request to the FDA for the potentially registrational BA3011 Phase 2, part 2 non-small cell lung cancer (NSCLC) study in 1H23.
Enrolling BA3021 Phase 2 NSCLC study including more frequent, dose-intensive regimen.
Cash balance of $192.7 million expected to provide funding into 2025.
Forward Guidance
BioAtla anticipates several milestones, including FDA feedback for BA3011 in NSCLC, interim readout for BA3021 in NSCLC, and Phase 1 data readout for CAB-CTLA-4.
Positive Outlook
- Initiation of Phase 2, part 2 potentially registrational BA3011 trial in NSCLC following anticipated FDA feedback.
- Phase 2 interim readout for BA3021 in NSCLC.
- Phase 1 data readout for our CAB-CTLA-4 basket trial.
- Initiation of Phase 2 BA3071 trial in multiple indications.
- Opening centers for our first CAB bispecific antibody, BA3182 for the potential treatment of adenocarcinomas.
Challenges Ahead
- Potential delays in clinical and pre-clinical trials due to the global COVID-19 pandemic.
- Delays in regulatory review.
- Manufacturing and supply chain interruptions.
- Adverse effects on healthcare systems.
Historical Earnings Impact
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