Bioatla 2024 Q3 Earnings Net Loss Widens to $15.8M Amid Strategic Progress

Bioatla reported Q3 2024 results marked by a widened net loss of $15.8 million, driven by reduced collaboration revenue and a non-cash warrant liability loss. The company reiterated guidance to finalize a strategic transaction by year-end and advance key clinical programs, including its Phase III Oz-V trial for OPSCC.

Revenue

Bioatla’s total revenue remained stable at $11 million in Q3 2024, with collaboration and other revenue accounting for the full $11 million. This flat performance reflects the absence of significant segment-specific growth, as the company focuses on strategic partnerships rather than diversified revenue streams.

Earnings/Net Income

The company’s net loss expanded to $15.8 million in Q3 2024, a $5.2 million increase from the $10.6 million loss in the same period of 2023. While EPS remained stable at -$0.22, the lack of earnings improvement underscores ongoing financial pressures. Stable EPS is neutral, but the widened net loss signals ongoing financial challenges.

Post-Earnings Price Action Review

The strategy of buying BioAtla (BCAB) shares on the date of quarterly earnings releases and holding for 30 days resulted in a -26.0% return over the past three years. This backtested performance highlights the stock’s poor post-earnings momentum, attributed to prolonged negative sentiment and a lack of positive catalysts. Investors may need to reconsider entry strategies, prioritizing alternative approaches aligned with the company’s clinical and strategic milestones.

CEO Commentary

Jay Short emphasized progress in aligning with the FDA on the Phase III Oz-V trial design for OPSCC and highlighted the CAB platform’s validation through a $2M milestone payment from Context Therapeutics. The CEO also underscored the Dual-CAB EpCAM-TCE’s potential to address over 1M adenocarcinoma patients annually, framing the company’s efforts as pivotal for advancing differentiated therapies.

Guidance

Bioatla aims to initiate the Oz-V Phase III trial early next year and expects key clinical readouts for the Dual-CAB EpCAM-TCE in H1 2026. The company targets a strategic transaction by year-end and reported $8.3M in cash as of September 30, 2025, excluding a recent $2M milestone payment.

Additional News

Recent updates include mecbotamab vedotin (Mec-V) demonstrating 21.5-month median OS in refractory soft tissue sarcomas, FDA alignment on the Oz-V Phase III trial design for OPSCC, and promising interim data for BA3182 in advanced adenocarcinoma. These developments underscore Bioatla’s focus on addressing high-unmet-need oncology indications through its CAB platform.