BioAtla's Q4 2024: Unpacking Contradictions in ROR2 Focus, CTLA4 Optimization, and Cash Sufficiency

These are the key contradictions discussed in BioAtla's latest 2024Q4 earnings call, specifically including: ROR2 program focus and cash deployment, CTLA4 dose optimization, potential regulatory approval path for product candidates, and expectations about the sufficiency of cash and cash equivalents to fund operations:



Clinical Program Advancements:
- BioAtla's first-in-class dual conditionally binding CAB, EpCAM, and CAB CD3 bispecific T-cell engager antibody, showed promising results with no maximally tolerated dose reached and multiple patients experiencing tumor reduction.
- The progress is attributed to the selective targeting of solid tumors with CAB technology, which offers potential for developing one of the first pan-cancer therapies.

Mecbotamab Vedotin (Mec-V) Efficacy:
- In the Q2W dosing cohort, multiple confirmed responses were observed across different MKRAS variants, with encouraging clinical benefit risk profile and patient survival rates.
- The exceptional overall survival rates are associated with the correlation of AXL and MKRAS expression, supporting a potential anti AXL PAN MKRAS strategy.

Ozuriftamab Vedotin (Oz-V) in Head and Neck Cancer:
- Oz-V demonstrated a 100% disease control rate, a 45% overall response rate, and a 27% confirmed response rate in metastatic HPV positive head and neck cancer patients.
- These results are mechanistically supported by literature showing that HPV associated oncogenes upregulate ROR2 expression, driving proliferation and invasiveness.

Resource and Workforce Optimization:
- BioAtla is extending its runway beyond key clinical readouts by streamlining and realigning resources, with a workforce reduction of over 30%.
- This strategic decision is aimed at improving financial sustainability and focusing on internal priority programs and partnering of other clinical assets.