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Jun 30, 2023
Bioatla Q2 2023 Earnings Report
BioAtla achieved key milestones in clinical programs and reported financial results.
Key Takeaways
BioAtla reported a net loss of $35.8 million for the second quarter of 2023, compared to a net loss of $28.9 million for the same quarter in 2022. The company's cash and cash equivalents were $168.7 million as of June 30, 2023, expected to provide funding into 2025.
Achieved first patient in (FPI) and continuing to enroll CAB-AXL BA3011 in a Phase 2 potentially registrational study in Undifferentiated Pleomorphic Sarcoma (UPS).
Submitted Food & Drug Administration (FDA) meeting request for potentially registrational study of BA3011 in non-small cell lung cancer (NSCLC) study; FDA feedback and initiation of study remain on track for 2H23.
Cleared fifth cohort at 5 mg/kg monotherapy and in combination with PD-1 in Phase 1 dose-escalation CAB-CTLA-4 (BA3071) study with no dose-limiting toxicities (DLTs) reported.
Cash balance of $168.7 million expected to provide funding into 2025.
Forward Guidance
BioAtla anticipates several important near-term value inflection points, including data readouts in the second half of this year. The company also expects FDA feedback for its Phase 2, part 2 potentially registrational BA3011 trial in NSCLC, and initiation of its Phase 2 CAB-CTLA-4 BA3071 trial in multiple indications.
Positive Outlook
- LMS cohort data readout remains on track for 2H23 using a more frequent, dose-intensive regimens
- Anticipate FDA feedback in 2H23 for the BA3011 study design
- Initiation of BA3011 study on track for 2H23
- Phase 2 investigator-initiated trial is on track with interim data (n=10) anticipated in 2H23
- Anticipated Phase 1 data readout remains on track for 2H23
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