BioAtla Unveils Promising Clinical Milestones and 2024 Year-End Financial Overview Amid Strategic Restructuring

BioAtla, Inc. (Nasdaq: BCAB), a clinical-stage biotech firm specializing in Conditionally Active Biologic (CAB) antibody therapeutics for solid tumor treatment, has released its 2024 financial performance and latest clinical program results, signaling meaningful progress across its pipeline despite ongoing operational consolidation.

Clinical Pipeline Demonstrates Strong Anti-Tumor Activity Across Multiple Programs

BA3182 T-Cell Engager: Momentum in Early-Stage Development

The Phase 1 dose-escalation trial for BA3182, a dual conditionally-binding bispecific targeting EpCAM and CD3, continues to generate encouraging efficacy signals. The program, enrolling heavily pretreated patients with unresectable or metastatic adenocarcinoma, has achieved multiple instances of tumor reduction, including a colorectal cancer case with stable disease exceeding one year.

The study has not yet identified a maximally tolerated dose, with current dosing reaching 100 micrograms in ongoing treatment protocols alongside a priming regimen. The team expects to escalate to 300 micrograms following completion of the dose-limiting toxicity observation period on April 8th. Mid-2025 timing remains the target for Phase 1 data readout, with dose expansion cohort results anticipated in the first half of 2026.

Mecbotamab Vedotin Shows Exceptional Survival Outcomes in mKRAS NSCLC

Among 17 patients with mutated KRAS non-small cell lung cancer receiving the Q2W dosing regimen of mecbotamab vedotin (CAB-AXL-ADC), the program has demonstrated remarkable survival metrics. Specifically, 66% of enrolled patients remained alive at the one-year landmark, with 58% surviving to the two-year mark—substantially exceeding commonly reported standard-of-care benchmarks. Median overall survival has not been reached at 35 months post-initiation, and the study continues to accrue follow-up data.

The antibody-drug conjugate has elicited confirmed and unconfirmed responses across nine distinct mKRAS variants, including a patient who had previously failed sotorasib therapy. One patient receiving concurrent anti-PD-1 antibody treatment has maintained complete remission for over two years. Safety remains manageable, with only 7% of participants discontinuing due to adverse events. The Phase 2 trial, initially focused on third-line or later NSCLC patients, is positioning the asset toward a future pivotal registration pathway, with comprehensive Phase 2 readout expected in 1H 2026.

Ozuriftamab Vedotin Addresses Underserved HPV-Positive Head and Neck Cancers

Ozuriftamab vedotin (CAB-ROR2-ADC) has demonstrated differentiated efficacy in heavily pretreated, metastatic HPV-positive squamous cell carcinoma of the head and neck (SCCHN), a population with limited options given reduced responsiveness to EGFR-directed approaches. Among 11 HPV-positive patients, the 1.8 mg/kg Q2W regimen achieved a 45% objective response rate with confirmed responses reaching 27% to date. Notable durability has been observed, with response duration exceeding 5.3 months and multiple patients remaining on active treatment.

Remarkably, the single patient achieving complete remission continues in that state beyond 16 months. Across the entire evaluable cohort, 100% achieved some degree of disease control. Tolerability remains consistent with prior observations, and the asset has garnered FDA Fast Track Designation for this indication. Complete Phase 2 data collection encompassing objective response, duration of response, progression-free survival, and overall survival is ongoing, with updated findings presented at the Mayo Multidisciplinary Head and Neck Cancer Symposium on March 27, 2025.

Evalstotug CTLA-4 Program: Tolerability Signal Amid Efficacy

In melanoma patients treated with 5 mg/kg evalstotug in combination with PD-1 checkpoint inhibitors (n=7 evaluable), the program reported a 71% objective response rate and 100% disease control rate. Immune-related adverse events remained relatively contained, with 25% experiencing grade 3 severity and no grade 4 toxicities observed during exposures up to 18 weeks.

Broader evaluation across multiple solid tumor types with the same dosing (n=17) revealed an 18% incidence of grade 3 immune-related adverse events with no grade 4 events, suggesting a potentially improved tolerability profile compared to conventional anti-CTLA-4 therapeutics. BioAtla initiated partnering discussions in Q1 2025 for this Phase 1/2 asset, seeking strategic collaborations to advance clinical development.

Financial Position and Operational Adjustments

Revenue and Spending Dynamics

For the quarter ending December 31, 2024, research and development expenses totaled $11.6 million, declining $11.1 million year-over-year from $22.7 million in Q4 2023. This reduction reflects lower clinical enrollment rates driven by 2023 program prioritization decisions. Full-year 2024 R&D spending reached $63.1 million versus $103.7 million in 2023.

General and administrative expenses for Q4 2024 were $4.6 million compared to $5.9 million in the prior-year quarter, primarily attributable to decreased stock-based compensation and personnel-related costs. The full-year G&A came to $21.8 million against $26.0 million in 2023.

Net loss for Q4 2024 amounted to $14.9 million versus $26.9 million in Q4 2023. Full-year net loss totaled $69.8 million relative to $123.5 million in 2023. These improvements reflect both operational efficiency gains and a $11 million collaboration revenue contribution during 2024.

Cash Management and Runway Extension

Cash utilization for the full year 2024 was $72.0 million compared to $104.0 million in 2023, representing a 31% reduction in cash burn. Q4 alone consumed $7.5 million. As of year-end 2024, BioAtla held $49.0 million in cash and equivalents, down from $111.5 million at the close of 2023.

In response, management implemented a workforce reduction exceeding 30%, incurring approximately $0.6 million in one-time severance expenses primarily payable in Q2 2025. The restructuring prioritizes retention of personnel supporting value-creating activities and the company’s two prioritized internal programs while preparing complementary assets for partnership advancement. Combined with recent cost optimization measures, these actions are expected to provide adequate funding runway to reach critical clinical milestones in the first half of 2026.

Strategic Outlook and Conference Communication

Jay M. Short, Ph.D., Chairman and Chief Executive Officer of BioAtla, emphasized confidence in the CAB platform’s differentiated clinical profile, noting “meaningful improvement in our clinical datasets across our CAB platform programs in terms of tumor reduction and overall survival in key unmet need patient populations.” He further highlighted ongoing collaborator discussions for Phase 2 assets while underscoring the organization’s focus on near-term data readouts and patient recruitment in transformative indications.

Management hosted a conference call and webcast on March 27, 2025, at 4:30 PM Eastern Time to discuss financial results and clinical program highlights. Presentation materials and replays remain accessible through the company’s investor relations website.

About BioAtla’s CAB Platform and Pipeline

BioAtla’s proprietary CAB technology leverages conditionally active monoclonal and bispecific antibodies designed to function selectively within the tumor microenvironment, theoretically enabling enhanced efficacy with reduced systemic toxicity. The platform benefits from extensive global patent coverage encompassing greater than 780 active patent matters, over 500 of which are issued.

BioAtla maintains operations in San Diego, California, with preclinical support through a contractual arrangement with BioDuro-Sundia in Beijing, China. The company’s development focus targets adenocarcinoma, non-small cell lung cancer, head and neck malignancies, and melanoma using its CAB bispecific and antibody-drug conjugate formats.