BioAtla's Q1 2025: Unraveling Contradictions in Partnerships, Trials, and Strategic Direction

Partnership discussions and timing, pivotal trial design and accelerated approval for AXL program, dose escalation strategy, collaboration strategy, and pivotal trial design are the key contradictions discussed in BioAtla's latest 2025Q1 earnings call.



Progress in Clinical Programs:
- BioAtla's Phase 1 dose escalation study for the dual EpCAM conditionally binding T cell engager continues to progress well, with maximally tolerated dose not yet reached and multiple patients achieving tumor reduction.
- This progress is attributed to the potential of the dual EpCAM CAB CD3 bispecific T cell engager in treating a wide range of metastatic tumors.

Exceptional Survival with Mec-V:
- The CAB-AXL-ADC Mec-V demonstrated exceptional overall survival with a 2-year landmark survival of 59% in mKRAS non-small cell lung cancer patients, outperforming previous studies with standard of care agents.
- This success can be attributed to the high correlation of AXL and mKRAS expression in patients, indicating a promising approach for improving the natural history of the disease.

Compelling Antitumor Activity in Oz-V:
- The CAB-ROR2-ADC Oz-V showed a compelling signal in patients with metastatic HPV positive head and neck cancer, achieving a 100% disease control rate and a 45% overall response rate.
- The significant unmet need in this patient population and Oz-V's ability to address it are key factors contributing to this success.

Differentiation in Phase 2 Assets:
- BioAtla's CAB-CTLA-4 antibody, evalstotug, demonstrated a 67% overall response rate and a 92% disease control rate in metastatic cutaneous melanoma, despite prior PD1 adjuvant or neo adjuvant treatment in patients.
- The potential for evalstotug to be best-in-class with a differentiated clinical profile relative to other CTLA-4 antibodies is a reason for its notable performance.

Financial Restructuring and Cost Reduction:
- Research and development expenses decreased to $12.4 million from $18.9 million in the same quarter last year, primarily due to lower clinical development expenses and a workforce reduction.
- This reduction is expected to provide BioAtla with sufficient runway to fund operations and achieve key clinical readouts in the first half of 2026.