Bioatla Q2 2024 Earnings Report
Key Takeaways
BioAtla reported its Q2 2024 financial results, with a net loss of $21.1 million. The company's cash and cash equivalents were $61.7 million as of June 30, 2024, expected to fund operations through Q3 2025. Key clinical programs are progressing, including ozuriftamab vedotin receiving Fast Track Designation from the FDA.
Ozuriftamab vedotin (CAB-ROR2-ADC) granted Fast Track Designation by FDA in squamous cell carcinoma of the head and neck (SCCHN).
Evalstotug (CAB-CTLA-4 antibody) demonstrated a similar low incidence and severity of immune-related adverse events across both Phase 1 and 2 studies.
Mecbotamab vedotin (CAB-AXL-ADC) Phase 2 trial in NSCLC showed trend for improved overall survival among treated patients with tumors expressing mutated KRAS variants compared to KRAS wildtype.
Current cash balance projected to fund operations through Q3 2025.
Bioatla
Bioatla
Forward Guidance
BioAtla expects current cash and cash equivalents to fund planned operations through Q3 of 2025 which is sufficient to deliver clinical readouts in multiple indications, position programs for potentially registrational trials, and enhance position in advancing strategic collaboration discussions.
Positive Outlook
- Sufficient cash to fund operations through Q3 2025
- Planned operations will deliver clinical readouts in multiple indications
- Programs will be positioned for one or more potentially registrational trials
- Strategic collaboration discussions will be enhanced
- Multiple FDA meetings expected by year end to discuss potentially registrational trials