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Dec 31, 2022
Bioatla Q4 2022 Earnings Report
BioAtla reported financial results for Q4 2022 and highlighted recent progress.
Key Takeaways
BioAtla reported a net loss of $27.5 million for the quarter ended December 31, 2022, compared to a net loss of $23.4 million for the same quarter in 2021. Cash and cash equivalents were $215.5 million as of December 31, 2022.
Cleared dose-limiting toxicity (DLT) observation period with more frequent, dose-intensive regimen of CAB-AXL BA3011; anticipated leiomyosarcoma (LMS) cohort readout in 2H23
Initiated the potentially registrational Phase 2, part 2 BA3011 Undifferentiated Pleomorphic Sarcoma (UPS) study in 1H23 including more frequent, dose-intensive regimens
Achieved First Patient In (FPI) for CAB-ROR2 BA3021 Phase 2 squamous cell carcinoma of the head & neck (SCCHN) study
Cleared DLT observation period for CAB-CTLA-4 (BA3071) 210mg (3mg/kg) Q3W in combination with nivolumab 3mg/kg Q3W; Phase 1 dose-escalation ongoing with data readout and initiation of Phase 2 both anticipated in 2H23
Forward Guidance
BioAtla anticipates several important milestones and value inflection points to be achieved and communicated throughout 2023.
Positive Outlook
- Advancement of Phase 2, part 2 potentially registrational BA3011 trial in NSCLC
- Completion of Phase 2 study for BA3021 in NSCLC enabling FDA discussions regarding a potential registrational trial
- Initiation of a phase 2 trial for BA3071
- Potential additional IND submissions for pre-clinical CAB bispecific and next generation ADC candidates in 2023 through 2024
- Cash balance of $215.5 million at year-end 2022 expected to provide funding into 2025
Challenges Ahead
- Potential delays in clinical and pre-clinical trials due to the global COVID-19 pandemic
- Other potential adverse impacts due to the global COVID-19 pandemic such as delays in regulatory review, manufacturing and supply chain interruptions, adverse effects on healthcare systems and disruption of the global economy
- Uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for clinical trials, regulatory submission dates, or regulatory approval dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data
Historical Earnings Impact
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