Bioatla Q3 2024 Earnings Report
Key Takeaways
BioAtla reported a net loss of $10.6 million for Q3 2024, including $11.0 million in collaboration revenue. The company's cash and cash equivalents were $56.5 million as of September 30, 2024, expected to fund operations into early 2026. They are advancing clinical programs and received positive FDA feedback, positioning them for potential registrational trials in 2025.
Ozuriftamab vedotin Phase 2 trial in SCCHN demonstrates durable clinical responses and median OS of approximately 9 months in a heavily pretreated population; actionable FDA feedback received regarding pivotal trial in 2L plus SCCHN
Evalstotug in combination with PD-1 demonstrates tumor reduction in all eight, first-line unresectable or metastatic melanoma patients with 4 responses including a complete response (CR), ongoing, with relatively low incidence and severity of immune-related adverse events; FDA guidance received on ongoing dose optimization and control arm anticipated to enable Phase 3 trial
Mecbotamab vedotin Phase 2 trial in NSCLC shows tumor reduction across nine different mutant KRAS variants; an improved median OS of 12.6 months, ongoing, among treated patients with tumors expressing mKRAS variants compared to KRAS wildtype
Recent worldwide license agreement for preclinical CAB-Nectin-4 bispecific T-cell engager; current cash balance now projected to fund operations into early 2026
Bioatla
Bioatla
Forward Guidance
BioAtla anticipates reducing operating expenses and is positioned for potential registrational trials. They expect current cash and cash equivalents to fund planned operations into early 2026 and maintain near-term guidance for a strategic collaboration with at least one of their Phase 2 assets.
Positive Outlook
- Current cash and cash equivalents expected to fund planned operations into early 2026.
- Completing dose optimization for CAB-ROR2 and CAB-CTLA4.
- Positioning CAB-ROR2 and CAB-CTLA4 programs for potentially registrational trials.
- Maintaining near-term guidance for a strategic collaboration with at least one of P2 assets.
- Expecting to further reduce operating expense in the coming quarters.