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BioAtla (BCAB) 7 Nov 24 2024 Q3 Earnings call transcript
AInvestThursday, Nov 7, 2024 10:19 pm ET
2min read
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BioAtla, a trailblazer in the field of cancer therapy, held its third quarter 2024 earnings call, highlighting significant progress in its clinical programs, financial updates, and strategic partnerships. The call, led by Dr. Jay Short, CEO and Co-Founder, along with Richard Waldron, Chief Financial Officer, provided valuable insights into the company's recent achievements and future plans.

Clinical Program Updates: A Glance at Promising Developments

The call began with an update on BioAtla's ongoing clinical programs, focusing on the CAB-ROR2-ADC ozuriftamab vedotin, which has shown promising results in treating refractory head and neck cancer patients. The asset was granted Fast Track designation by the FDA, underscoring its potential significance in this difficult-to-treat patient population. Notably, the median duration of response for all confirmed responders is now at 4.4 months, with a median overall survival of approximately 9 months.

Another asset, the CAP CTLA-4 antibody evalstotug, also received attention, with preclinical and clinical data presented at the Society for Melanoma Research showcasing its potential safety benefits and similarity to ipilimumab. In the Phase II study, all 8 patients treated with evalstotug plus PD-1 achieved tumor reduction, with 4 responders reported, including 3 partial responses and 1 complete response. These results, coupled with a low incidence of immune-related adverse events, suggest a promising future for this asset.

Financial Update: A Strong Foundation for Growth

The financial update provided by Richard Waldron revealed a decrease in research and development expenses, attributed to the completion of preclinical development for the Nectin-4 ADC and the prioritization of clinical programs. The net loss for the quarter was $10.6 million, a significant reduction from the previous year. The company also announced a worldwide license agreement for the preclinical bispecific T cell engager, highlighting its strategic focus on maximizing shareholder value through non-dilutive means.

Strategic Partnerships: A Path to Future Collaborations

BioAtla's strategic partnerships were a key topic of discussion, with plans for near-term collaborations for at least one of its Phase II assets underway. These collaborations aim to position the company's assets for registrational trials in head and neck cancer and melanoma, respectively, while maintaining guidance for a potential near-term collaboration for another Phase II asset. These strategic moves reflect the company's commitment to leveraging partnerships to drive growth and innovation.

Looking Ahead: A Focus on Innovation and Growth

The call concluded with Jay Short expressing optimism about the company's future, emphasizing the significant progress made in its clinical programs and the potential for strategic collaborations. With a clear focus on innovation and growth, BioAtla is well-positioned to tackle the challenges ahead and continue its mission to advance cancer therapies.

In summary, BioAtla's third quarter earnings call highlighted its strategic progress in clinical programs, financial updates, and strategic partnerships. With a focus on innovation, growth, and collaboration, the company is poised to make significant strides in the field of cancer therapy.

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