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Sep 30, 2025
Bioatla Q3 2025 Earnings Report
BioAtla reported a deeper net loss in Q3 2025, primarily due to the absence of collaboration revenue and a non-cash warrant liability loss.
Key Takeaways
BioAtla posted a Q3 2025 net loss of $15.8 million as total revenue dropped to zero from $11.0 million in the prior year due to the absence of collaboration payments. While operating expenses declined significantly year-over-year, a $2.1 million loss on warrant liability contributed to the higher net loss.
Net loss rose to $15.8 million in Q3 2025, up from $10.6 million a year ago
R&D expenses decreased to $9.5 million due to program prioritization and headcount reduction
G&A expenses declined to $4.2 million, reflecting cost-cutting efforts
Total liabilities increased to $47.1 million while stockholders' equity turned negative
Forward Guidance
BioAtla expects reduced R&D expenses in the coming quarters as it concentrates on prioritized programs and nears completion of a strategic partnership by year-end.
Positive Outlook
- Achieved FDA alignment on Phase 3 Oz-V trial design
- On track to finalize strategic partnership by year-end
- Reported milestone payment from Context Therapeutics
- Observed promising tumor control in BA3182 trial
- Reduced operating expenses through cost-cutting initiatives
Challenges Ahead
- Zero revenue recognized in Q3 2025 compared to $11M in Q3 2024
- Net loss increased year-over-year
- Non-cash warrant liability loss of $2.1M impacted bottom line
- Cash reserves declined significantly to $8.3M
Historical Earnings Impact
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Avg. Return Before/After Earnings
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