BioAtla Reports $15.3 Million Net Loss in Q1 2025, Implements Workforce Reduction

BioAtla, Inc. reported a net loss of $15.3 million for the first quarter of 2025, a decrease from the $23.2 million loss recorded in the same period of the previous year. The company's total operating expenses for the quarter were $17.6 million, down from $24.5 million in the prior year, primarily due to reduced research and development costs, which fell to $12.4 million from $18.9 million. The decrease in expenses was attributed to lower enrollment and overall costs as the company nears completion of Phase 2 trials for its lead product candidates, including mecbotamab vedotin and ozuriftamab vedotin.

As of March 31, 2025, BioAtla's cash and cash equivalents stood at approximately $32.4 million, a decline from $49.0 million at the end of 2024. The company has an accumulated deficit of $501.4 million, reflecting its ongoing investment in research and development activities. The company anticipates that its current cash reserves may not be sufficient to fund operations for the next twelve months, raising substantial doubt about its ability to continue as a going concern. BioAtla plans to finance its operations through a combination of public or private equity offerings, debt financings, and collaborations.

In March 2025, BioAtla implemented a corporate restructuring that included a workforce reduction of approximately 30%, aimed at improving its operating model and cost structure. The company recorded restructuring costs of $0.6 million during the quarter, which included severance and related employee costs. This restructuring is expected to yield long-term benefits, although the immediate impact on operations remains to be seen.

The company has not generated any revenue from product sales to date and does not expect to do so in the near future. BioAtla's product candidates are still in clinical development, and it has entered into various collaboration agreements, including a recent licensing agreement with Context Therapeutics for the development of a bispecific antibody. However, no revenue was recognized from these agreements during the first quarter of 2025.

Looking ahead, BioAtla's management remains focused on advancing its clinical programs and securing additional funding to support its operations. The company is also navigating the complexities of regulatory approvals and market conditions that could impact its future growth and profitability.