BioAtla, Inc., a clinical-stage biopharmaceutical company focused on developing antibody-based cancer therapies, reported a net loss of $69.7 million for the fiscal year ended December 31, 2024, compared to a net loss of $123.5 million in 2023. This improvement reflects a decrease in research and development expenses from $103.7 million to $63.1 million, primarily due to the completion of Phase 2 enrollment in ongoing ADC trials for mecbotamab vedotin and ozuriftamab vedotin, and a decrease in general and administrative expenses from $26.0 million to $21.8 million. The company generated $11 million in collaboration and other revenue during 2024, primarily from a licensing agreement with Context Therapeutics.
Significant changes in the company's financial performance are largely attributed to strategic decisions regarding resource allocation and the completion of certain clinical trial enrollment phases. The company's accumulated deficit as of December 31, 2024, stood at $486.0 million. BioAtla's cash and cash equivalents totaled approximately $49.0 million at the end of the fiscal year, an amount the company estimates will fund operations into the first half of 2026. The company's financial statements include an explanatory paragraph from its independent registered public accounting firm expressing substantial doubt about BioAtla's ability to continue as a going concern.
During the fiscal year, BioAtla advanced several key product candidates. Mecbotamab vedotin (BA3011) and ozuriftamab vedotin (BA3021), CAB antibody-drug conjugates, showed promising results in Phase 2 trials, while BA3182 (CAB-EpCAM x CAB-CD3), a bispecific antibody, progressed in Phase 1 trials. The company also entered into a license agreement with Context Therapeutics in September 2024, licensing BA3362 (renamed CT-202 by Context) for up to $133.5 million in potential payments, including milestones and royalties. As of February 1, 2025, BioAtla held 752 patents and patent applications, with 479 issued patents. The company employed 61 people at the end of 2024.
Operational developments included the completion of Phase 2 enrollment for mecbotamab vedotin and ozuriftamab vedotin, and the ongoing Phase 1 trial for BA3182. The company also terminated its collaboration agreement with BeiGene, Ltd., assuming responsibility for the development and commercialization of evalstotug (BA3071). BioAtla's workforce reduction in March 2025 is expected to result in cost savings, but also carries risks related to the loss of institutional knowledge. The company's outlook includes a continued focus on advancing its lead product candidates through clinical trials and regulatory approvals, while also seeking additional funding to support its operations. The company acknowledges substantial doubt about its ability to continue as a going concern without securing additional funding.
About BioAtla, Inc.
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