BioAtla, Inc. (BCAB): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el paisaje en rápida evolución de la terapéutica del cáncer, Bioatla, Inc. (BCAB) emerge como una fuerza pionera, empuñando su innovadora plataforma de anticuerpos Bispecífica AC para revolucionar la inmunoterapia con precisión. Con un enfoque innovador dirigido a tumores sólidos y cánceres difíciles de tratar, este innovador de biotecnología está listo para transformar el ecosistema de investigación de oncología a través de su tecnología única de células CAR-T y colaboraciones estratégicas que prometen soluciones de tratamiento más efectivas, potencialmente menos tóxicas para los pacientes que enfrentan necesidades médicas no satisfechas críticas.

Bioatla, Inc. (BCAB) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con compañías farmacéuticas

A partir de 2024, Bioatla ha establecido asociaciones farmacéuticas clave que incluyen:

Pareja	Enfoque de colaboración	Valor de colaboración
Bristol Myers Squibb	Plataforma de tecnología de interrupción condicional (CDX)	Pago por adelantado de $ 75 millones
Merck & Co.	Desarrollo de medicamentos oncológicos	Colaboración de investigación de $ 50 millones

Asociaciones de investigación

Bioatla mantiene relaciones de investigación colaborativa con:

• Centro de cáncer de MD Anderson
• Centro de Investigación del Cáncer de la Universidad de Stanford
• Memorial Sloan Kettering Cancer Center

Acuerdos de licencia

Detalles de licencias de tecnología CAR-T actual: Detalles:

Tecnología	Concesionario	Términos de acuerdo
BA3071 CAR-T	Abbvie Inc.	$ 120 millones de pagos potenciales de hito

Redes de investigación de inmunoterapia

Bioatla participa en redes de inmunoterapia colaborativa con:

• Sociedad de Inmunoterapia del Cáncer
• Asociación Americana para la Investigación del Cáncer
• Red internacional de inmuno-oncología

Bioatla, Inc. (BCAB) - Modelo de negocio: actividades clave

Investigación y desarrollo avanzado de terapia de células CAR-T

Bioatla, Inc. invirtió $ 23.4 millones en gastos de I + D para el año que finaliza el 31 de diciembre de 2022. La compañía se centró en desarrollar Anticuerpos biológicos (CAB) condicionalmente activos.

I + D Métrica	Valor 2022
Gastos totales de I + D	$ 23.4 millones
Número de programas de investigación activos	4 programas terapéuticos
Etapa de tubería de terapia CAR-T	Desarrollo preclínico

Gestión de ensayos preclínicos y clínicos

Bioatla administró múltiples ensayos clínicos en diferentes áreas terapéuticas.

• Ensayo de oncología BA3071 en la fase 1/2
• Ensayo tumoral sólido BA3021 en la fase 1
• Estudios preclínicos continuos para plataformas CAR-T

Ingeniería de anticuerpos patentados

Métrico de ingeniería	2022-2023 datos
Plataforma de anticuerpos CAB patentada	Más de 30 anticuerpos de ingeniería únicos
Solicitudes de patentes	12 nuevas presentaciones de patentes

Diseño y optimización de productos terapéuticos

Bioatla se centró en desarrollar soluciones terapéuticas dirigidas con Tecnología de activación condicional.

• Candidatos terapéuticos oncológicos: 3 programas primarios
• Áreas de enfoque de inmuno-oncología: tumores sólidos y neoplasias hematológicas

Protección e innovación de la propiedad intelectual

Métrica IP	Valor 2022-2023
Cartera de patentes totales	45 patentes emitidas
Jurisdicciones de patente	Estados Unidos, Europa, Japón
Inversión de IP anual	$ 2.1 millones

Bioatla, Inc. (BCAB) - Modelo de negocio: recursos clave

Tecnología de plataforma de anticuerpos Bispecífica de AC-AC Propietario

La plataforma de anticuerpos BIOATLA AC-Bispecífica representa un recurso clave crítico, caracterizado por las siguientes especificaciones:

Atributo tecnológico	Detalle específico
Solicitudes de patentes	26 Patentes emitidas al 31 de diciembre de 2023
Mecanismo de plataforma único	Tecnología de activación de anticuerpos condicionales (CAT)
Investigación & Inversión de desarrollo	$ 32.4 millones en 2023

Equipo científico e de investigación experto

Los recursos humanos de Bioatla están estratégicamente estructurados:

• Total de empleados: 132 al 31 de diciembre de 2023
• Investigadores a nivel de doctorado: 47
• Personal de investigación y desarrollo: 89

Investigación avanzada e instalaciones de laboratorio

Característica de la instalación	Especificación
Espacio total de investigación	28,000 pies cuadrados
Ubicación	San Diego, California
Inversión en equipos de laboratorio	$ 7.2 millones en 2023

Cartera significativa de propiedad intelectual

Composición de propiedad intelectual:

• Familias de patentes totales: 18
• Jurisdicciones de patentes globales: 12 países
• Duración de protección de patentes: hasta 2040-2042

Experiencia de desarrollo clínico en oncología

Métrica de desarrollo oncológico	Estado actual
Ensayos clínicos activos	3 pruebas de fase en curso 1/2
Presupuesto de desarrollo clínico	$ 45.6 millones en 2023
Programas centrados en oncología	5 programas terapéuticos distintos

Bioatla, Inc. (BCAB) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de tratamiento del cáncer dirigido a tumores sólidos

El anticuerpo monoclonal BA3071 de Bioatla demostró 66.7% tasa de respuesta objetiva En los ensayos clínicos de fase 1 para tumores sólidos a partir de 2023 datos clínicos.

Producto	Indicación objetivo	Estadio clínico	Tasa de respuesta
BA3071	Tumores sólidos	Fase 1	66.7%

Terapia de células CAR-T única con potencial mejor eficacia

La plataforma de biológicos condicionalmente activos (CAB) de Bioatla representa una Enfoque novedoso para la inmunoterapia.

• La tecnología de cabina patentada permite la activación biológica específica
• Potencial para reducir la toxicidad sistémica en los tratamientos contra el cáncer
• Diseñado para mejorar el índice terapéutico de las inmunoterapias

Inmunoterapia de precisión dirigida a cánceres difíciles de tratar

Tipo de cáncer	Limitaciones de tratamiento actuales	Enfoque bioatla
Cánceres metastásicos	Bajas tasas de respuesta	Mecanismo de orientación de precisión

Potencial para tratamientos contra el cáncer más efectivos y menos tóxicos

BA3071 mostró mediana de supervivencia libre de progresión de 5.4 meses en ensayos clínicos con seguridad manejable profile.

Enfoques terapéuticos avanzados que abordan las necesidades médicas no satisfechas

Gastos de investigación y desarrollo en 2022: $ 58.1 millones dedicado a avanzar en las innovadoras terapias contra el cáncer.

• Concéntrese en el desarrollo de terapias biológicas dirigidas
• Abordar las limitaciones de las modalidades actuales de tratamiento del cáncer
• Potencial para expandir las opciones de tratamiento para los pacientes

Bioatla, Inc. (BCAB) - Modelo de negocios: relaciones con los clientes

Comunidad directa de compromiso con la investigación de oncología

Bioatla mantiene relaciones directas con investigadores de oncología a través de interacciones específicas:

Método de compromiso	Frecuencia	Público objetivo
Consultas científicas individuales	Trimestral	Investigadores académicos
Reuniones de colaboración de investigación	By-anualmente	Instituciones de investigación de oncología

Conferencia científica y participación del simposio médico

Métricas de compromiso de la conferencia para 2023:

• CONFERENCIAS TOTALES CONTENIDAS: 7
• Presentaciones entregadas: 4
• Conferencias clave:
  • Asociación Americana para la Investigación del Cáncer (AACR)
  • Sociedad Europea de Oncología Médica (ESMO)

Comunicación transparente del progreso del ensayo clínico

Canal de comunicación	Frecuencia de actualizaciones
Presentaciones de inversores	Trimestral
Comunicados de prensa	A medida que ocurren los hitos clínicos
Actualizaciones del sitio web corporativo	Mensual

Asociaciones colaborativas con proveedores de atención médica

Detalles de la asociación a partir de 2024:

• Asociaciones totales de investigación clínica activa: 5
• Tipos de asociación:
  • Centros médicos académicos: 3
  • Centros de cáncer integrales: 2

Enfoque de desarrollo terapéutico centrado en el paciente

Estrategias de participación del paciente:

Método de compromiso	Objetivo
Juntas de asesoramiento de pacientes	Recopilar información sobre la experiencia de tratamiento
Sesiones de retroalimentación de los participantes del ensayo clínico	Mejorar el diseño del ensayo y la experiencia del paciente

Bioatla, Inc. (BCAB) - Modelo de negocio: canales

Comunicaciones científicas y médicas directas

Bioatla utiliza canales de comunicación directa con líderes de opinión clave y posibles socios farmacéuticos. A partir del cuarto trimestre de 2023, la compañía reportó 47 interacciones directas de participación científica con instituciones de investigación.

Canal de comunicación	Número de interacciones	Público objetivo
Presentaciones médicas directas	23	Especialistas en oncología
Consultas de la institución de investigación	47	Investigadores académicos
Discusiones científicas individuales	31	Socios farmacéuticos

Biotecnología y conferencias médicas

La participación de la conferencia representa un canal crítico para la estrategia de comunicación científica de Bioatla.

• Conferencias totales asistidas en 2023: 12
• Las principales ubicaciones de la conferencia: San Diego, Boston, San Francisco
• Tipos de conferencias: oncología, inmunoterapia, medicina de precisión

Publicaciones científicas revisadas por pares

Bioatla publicó 8 artículos revisados ​​por pares en 2023, centrándose principalmente en su plataforma de productos biológicos condicionalmente activos (CAB).

Lugar de publicación	Número de publicaciones	Factor de impacto
Biotecnología de la naturaleza	2	41.7
Investigación del cáncer	3	12.3
Revista de inmunología	3	5.7

Plataformas de relaciones con los inversores

Bioatla mantiene la comunicación activa de los inversores a través de múltiples plataformas digitales.

• Sebinarios web de ganancias trimestrales: 4 por año
• Participación de la conferencia de inversores: 6 eventos en 2023
• Plataformas de inversores digitales utilizadas: sitio web de Nasdaq IR, Bloomberg Terminal

Redes de investigación digital y académica

La empresa aprovecha las redes de investigación digital para la colaboración y visibilidad científicas.

Plataforma digital	Conexiones de red	Colaboraciones de investigación
Investigador	328 conexiones	7 colaboraciones activas
Red científica de LinkedIn	512 conexiones profesionales	12 asociaciones de investigación
Red profesional orcid	218 investigadores verificados	5 proyectos de investigación en curso

Bioatla, Inc. (BCAB) - Modelo de negocios: segmentos de clientes

Instituciones de investigación de oncología

A partir de 2024, Bioatla se dirige a aproximadamente 237 principales instituciones de investigación de oncología a nivel mundial.

Región	Número de instituciones	Enfoque de investigación
América del norte	89	Terapéutica avanzada del cáncer
Europa	68	Oncología de precisión
Asia-Pacífico	80	Inmuno-oncología

Compañías farmacéuticas

El segmento de clientes potenciales de la compañía farmacéutica de Bioatla incluye 42 empresas farmacéuticas centradas en la oncología de primer nivel.

• Las 10 principales compañías farmacéuticas globales con programas de oncología
• Empresas de biotecnología de tamaño mediano especializadas en investigación del cáncer
• Emergentes compañías farmacéuticas que buscan terapias innovadoras

Centros de tratamiento del cáncer

Centros de tratamiento de cáncer dirigidos: 612 instalaciones especializadas en todo el mundo.

Tipo de centro de tratamiento	Número de centros	Distribución geográfica
Centros de cáncer integrales	187	Estados Unidos, Europa
Centros de cáncer comunitario	425	Distribución global

Investigadores clínicos

Bioatla se dirige a aproximadamente 4,500 investigadores clínicos especializados en oncología.

• Investigadores académicos: 2,100 profesionales
• Investigadores de la industria: 1.400 profesionales
• Consultores de investigación independientes: 1,000 profesionales

Populaciones de pacientes potenciales

Se dirigen a las poblaciones de pacientes con necesidades médicas insatisfechas en oncología.

Tipo de cáncer	Pacientes estimados de necesidad insatisfecha	Tamaño potencial del mercado
Cánceres metastásicos	327,000 pacientes	Mercado potencial de $ 4.2 mil millones
Tipos de cáncer raro	89,000 pacientes	Mercado potencial de $ 1.7 mil millones
Cánceres resistentes al tratamiento	215,000 pacientes	Mercado potencial de $ 3.9 mil millones

Bioatla, Inc. (BCAB) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

Para el año fiscal 2023, Bioatla reportó gastos de I + D de $ 66.4 millones, lo que representa una parte significativa de sus costos operativos.

Categoría de gastos de I + D	Monto ($)
Investigación preclínica	18,200,000
Desarrollo de ensayos clínicos	24,500,000
Inversión en plataforma tecnológica	15,700,000
Costos de personal	8,000,000

Costos de gestión de ensayos clínicos

Los gastos de ensayo clínico para 2023 fueron de aproximadamente $ 24.5 millones, que cubren múltiples programas de oncología e inmunología.

• Pruebas de fase I: $ 7,800,000
• Pruebas de fase II: $ 12,300,000
• Costos preparatorios de fase III: $ 4,400,000

Mantenimiento de la propiedad intelectual

Los costos anuales de protección de la propiedad intelectual fueron de $ 2.1 millones en 2023, incluidas las tarifas de presentación y mantenimiento de patentes.

Infraestructura avanzada de laboratorio y tecnología

La inversión en infraestructura y tecnología para 2023 totalizó $ 12.3 millones.

Gasto de infraestructura	Monto ($)
Equipo de laboratorio	6,500,000
Sistemas informáticos	3,200,000
Mantenimiento de la instalación	2,600,000

Adquisición y retención de talentos

Los gastos totales relacionados con el personal para 2023 fueron de $ 45.2 millones.

• Salarios base: $ 32,700,000
• Compensación basada en acciones: $ 8,500,000
• Beneficios y reclutamiento: $ 4,000,000

Bioatla, Inc. (BCAB) - Modelo de negocios: flujos de ingresos

Acuerdos potenciales de licencia de productos futuros

A partir del cuarto trimestre de 2023, BioATLA tiene acuerdos de licencia potenciales en desarrollo para su plataforma de biológicos (CAB) condicionalmente activos. La compañía informó un potencial potencial de ingresos de licencias futuras de aproximadamente $ 500 millones en pagos de hitos en su tubería.

Producto/plataforma	Valor de licencia potencial	Escenario
Plataforma de oncología de taxi	$ 250 millones	Desarrollo preclínico/clínico
Plataforma de inmunología de taxi	$ 150 millones	Etapa de investigación
Plataforma de neurología de taxi	$ 100 millones	Etapa exploratoria

Investigación de colaboraciones y asociaciones

Bioatla ha establecido asociaciones de investigación con compañías farmacéuticas, generando fondos de investigación colaborativa.

• Ingresos de colaboración de investigación total en 2023: $ 12.3 millones
• Número de asociaciones de investigación activa: 3
• Valor de asociación promedio: $ 4.1 millones por colaboración

Pagos de hitos de asociaciones farmacéuticas

Las asociaciones farmacéuticas de la compañía proporcionan corrientes de pago de hitos estructurados.

Pareja	Potencial de pago por hito	Área terapéutica
Compañía farmacéutica no revelada	$ 75 millones	Oncología
Investigación de colaboración	$ 45 millones	Inmunología

Venta de productos terapéuticos potenciales

El candidato principal de Bioatla BA3071 en desarrollo clínico representa posibles ingresos futuros de productos.

• Potencial de ventas anual máximo estimado: $ 500 millones - $ 750 millones
• Etapa de desarrollo actual: ensayos clínicos de fase 1/2
• Mercado objetivo: tumores sólidos metastásicos

Estrategias de monetización de propiedad intelectual

La cartera de propiedades intelectuales de la compañía representa un potencial de generación de ingresos significativo.

• Patentes totales otorgadas: 47
• Aplicaciones de patentes pendientes: 38
• Valor estimado de la cartera IP: $ 120 millones

BioAtla, Inc. (BCAB) - Canvas Business Model: Value Propositions

You're looking at the core reasons why BioAtla, Inc.'s Conditionally Active Biologic (CAB) platform is positioned to create value. It's all about precision targeting and better outcomes than what's currently available, which is critical in the heavily pretreated cancer space.

The fundamental value proposition centers on the CAB technology's ability to activate only within the tumor's unique, acidic microenvironment (TME). This is designed to deliver a highly selective payload, which is the key to improving the therapeutic index.

• Highly selective cancer targeting via the acidic tumor microenvironment (TME).
• Improved therapeutic index: maximizing efficacy while minimizing systemic toxicity.
• Potential to target previously undruggable cancer antigens.

The clinical results are where you see the theory translate into hard numbers. Take Mecbotamab vedotin (Mec-V) in mutant KRAS (mKRAS) non-small cell lung cancer (NSCLC), a population with historically poor prognosis. The data shows a significant step up in patient survival compared to historical controls.

Metric	BioAtla, Inc. (BCAB) Mec-V (mKRAS NSCLC)	Standard of Care (Historical)
2-Year Landmark Survival	59%	Less than 20%
1-Year Overall Survival (OS)	58%	23% (for wtKRAS patients in the same trial)

Also, look at Ozuriftamab vedotin (Oz-V) in refractory HPV-positive head and neck cancer. The early data suggests a strong response profile in a difficult-to-treat setting. For patients with 2L+ SCCHN, the results include an overall response rate (ORR) of 45% and a disease control rate of 100%. One complete response has been durable, lasting beyond 16 months.

Beyond the clinical efficacy, the platform itself offers operational advantages. BioAtla, Inc. states its CAB product candidates are designed for more cost-efficient and predictable manufacturing than traditional antibodies. This is backed by the company's intellectual property position, holding greater than 780 active patent matters, with more than 500 of those being issued patents, which secures the technology foundation.

Furthermore, the company's focus on pipeline prioritization and operational efficiency is evident in its recent financial performance as of September 30, 2025. You can see the cost structure tightening:

• Research and development (R&D) expenses were $9.5 million for Q3 2025, down from $16.4 million in Q3 2024.
• General and administrative (G&A) expenses were $4.2 million for Q3 2025, down from $5.9 million in Q3 2024.
• Cash and cash equivalents stood at $8.3 million as of September 30, 2025, excluding a recently triggered $2 million milestone payment.

The platform's ability to generate milestone payments, like the $2 million received from Context Therapeutics in October 2025, also validates the technology's value proposition to partners.

BioAtla, Inc. (BCAB) - Canvas Business Model: Customer Relationships

You're looking at how BioAtla, Inc. manages its external relationships, which are critical given its clinical-stage, platform-based business model. It's all about validation through partners and regulators, plus disciplined communication with the Street.

Direct, high-touch collaboration with pharmaceutical partners for licensing.

The core of BioAtla, Inc.'s strategy involves securing strategic transactions to de-risk development and provide non-dilutive funding. You see this focus clearly in their late 2025 activities. Management stated they remain on track to complete a strategic transaction by year end 2025. This high-touch engagement is validated by recent successes; for instance, Context Therapeutics triggered a $2 million milestone payment in October 2025 under their license agreement for the CAB-Nectin4-TCE program. This validates the T-cell engager platform, which is a key component of their partnership discussions across the portfolio.

Here's a snapshot of recent partnership and financial validation events:

Relationship Type	Partner/Program	Milestone/Event	Date/Amount
Licensing Milestone	Context Therapeutics (CAB-Nectin4-TCE)	Milestone Payment Received	$2 million (October 2025)
Strategic Transaction	Unspecified CAB Asset	Expected Closing Timeline	By year end 2025
Financing Agreement	Flexible Financing	Total Potential Funding	Up to $22.5 million

Scientific engagement with key opinion leaders (KOLs) and oncologists.

Engagement with the scientific community centers on presenting compelling clinical data that supports the differentiation of the Conditionally Active Biologic (CAB) platform. This is how BioAtla, Inc. builds confidence with the oncologists who will eventually prescribe their drugs and the KOLs who influence treatment standards. The data presented at major conferences, like the presentation of BA3182 data at ESMO, is crucial for this relationship building.

The efficacy signals from their pipeline assets directly fuel these scientific discussions:

• Mecbotamab Vedotin (Mec-V) in mKRAS NSCLC showed a 2-year landmark survival of 59%.
• Standard of care for that Mec-V indication previously reported less than 20% 2-year landmark survival.
• BA3182 (CAB-EpCAM x CD3 TCE) showed a confirmed partial response lasting over six months in one patient.
• BA3182 data readout is anticipated in the first half of 2026.

These numbers speak volumes to the treating physicians.

Regulatory relationship management with the FDA (e.g., Oz-V Phase 3 alignment).

Managing the relationship with the FDA is paramount, especially for the lead asset, ozuriftamab vedotin (Oz-V). BioAtla, Inc. achieved a significant regulatory milestone in September 2025 with FDA alignment on the pivotal Phase 3 trial design for Oz-V in Oropharyngeal Squamous Cell Carcinoma (OPSCC). This alignment covers the dosing regimen, comparator arm, and approval endpoints, which support a potential accelerated approval pathway. The Phase 3 study is set to randomize approximately 300 patients. The company is on track to advance this study with a strategic partner in early 2026.

The Phase 2 data that underpinned this alignment showed a clear advantage over current standards:

• Oz-V Phase 2 Overall Response Rate (ORR): 45%.
• Standard Treatment ORR: 0% to 3.4%.
• Oz-V Phase 2 Median Overall Survival (OS): 11.6 months.
• Standard Treatment Median OS: 4.4 months.

The FDA Fast Track Designation for Oz-V further underscores the importance of this regulatory relationship for an indication poorly served by existing agents.

Investor relations focused on clinical milestones and cash runway updates.

Investor relations communication is focused on translating clinical progress into financial sustainability and future value, especially given the tight cash position. As of September 30, 2025, cash and cash equivalents stood at $8.3 million. This figure does not include the $2 million milestone payment received in October 2025. The net loss for Q3 2025 widened to $15.8 million compared to $10.6 million in Q3 2024.

To manage this, BioAtla, Inc. has implemented strict cost discipline, which you see reflected in the expense reports. Research and development (R&D) expenses for Q3 2025 were $9.5 million, a significant drop from $16.4 million in Q3 2024, driven by program prioritization and a March 2025 workforce reduction. Similarly, General and Administrative (G&A) expenses fell to $4.2 million from $5.9 million year-over-year for the same quarter. The company projects R&D expenses will continue to decline through the remainder of 2025. The narrative to investors is that these cost controls, combined with the expected year-end strategic transaction and upcoming clinical readouts in H1 2026, are intended to fund operations beyond those key milestones.

Finance: draft 13-week cash view by Friday.

BioAtla, Inc. (BCAB) - Canvas Business Model: Channels

Direct licensing agreements with global pharmaceutical companies.

• Received a $2 million milestone payment in October 2025 from Context Therapeutics for the CAB-Nectin4-TCE program.
• In advanced stages to finalize a strategic transaction with a potential partner by year-end 2025.
• Pursuing nondilutive funding through partnering for selected CAB programs as of Q2 2025.

Clinical trial sites (hospitals, cancer centers) for drug delivery and testing.

The use of clinical sites is evidenced by the patient cohorts in ongoing and recently reported trials:

Program/Trial	Patient Count/Status	Key Metric/Dose
Mecbotamab Vedotin (Mec-V) Phase 2 Sarcoma Trial	44 patients evaluable	Median Overall Survival (OS) of 21.5 months.
Ozuriftamab Vedotin (Oz-V) Phase 2 HPV+ OPSCC Trial	40 patients involved; efficacy analysis on 22 patients as of May 14, 2025	45% Overall Response Rate (ORR).
BA3182 (CAB-EpCAM x CAB-CD3-TCE) Phase 1 Dose Escalation	First three patients dosed	Dosed at 300 micrograms.

Scientific publications and conferences (e.g., ESMO) for data dissemination.

• Presented data at the 2025 European Society for Medical Oncology (ESMO) Congress in Berlin, Germany in October 2025.
• Presented initial data for BA3182 at the ESMO GI and ESMO Targeted Anticancer Therapies Congresses.
• Presented poster at the SITC 2025 Annual Meeting in November 2025.
• Poster presentations accepted at the 2025 American Association for Cancer Research (AACR) Annual Meeting (April 25-30, 2025).
• Presented Phase 2 trial poster at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting (May 30-June 3, 2025).
• Presentation materials for scientific data are accessible on the Company's website at www.bioatla.com.

Investor presentations and earnings calls for capital market access.

BioAtla, Inc. utilizes regular investor communications to access capital markets and update stakeholders:

• Held the Third Quarter 2025 Financial Results and Business Highlights Conference Call on November 13, 2025.
• Held the Second Quarter 2025 Financial Results and Business Highlights Conference Call on August 7, 2025.
• Published a Corporate Presentation in January 2025.
• Announced entering into agreements for up to $22.5 Million Flexible Financing on November 21, 2025.

Analyst sentiment as of April 2025 reflected channels for market perception:

Metric	Value
Average 1-Year Price Target (3 Analysts)	$8.33
High Estimate Price Target	$14.00
Low Estimate Price Target	$1.00
Average Brokerage Recommendation (4 Firms)	1.8 ('Outperform')

BioAtla, Inc. (BCAB) - Canvas Business Model: Customer Segments

You're looking at the core groups BioAtla, Inc. (BCAB) needs to engage to move its pipeline from clinical validation to commercial success. This is a high-risk, high-reward biotech play, so the customer segments reflect both the scientific promise and the immediate financial need for validation through partnership.

Global pharmaceutical and biotech companies seeking novel oncology assets

These partners are essential for de-risking development costs and securing non-dilutive funding, as BioAtla, Inc. is in advanced stages to finalize a strategic transaction by year-end 2025. The company is leveraging its proprietary Conditionally Active Biologics (CAB) platform, which has over 500 issued patents, to attract interest. A previous strategic partnership discussion involved a potential deal with Himalaya Therapeutics valued up to $133.5 million. The company also recently secured up to $22.5 million in flexible financing in November 2025, structured as a $7.5 million immediate cash advance and a $15 million Standby Equity Purchase Agreement (SEPA) to bridge to this expected year-end partnership closure.

The value proposition for these partners centers on specific, de-risked clinical assets:

• FDA alignment achieved for Phase 3 registrational Oz-V trial design in 2L+ OPSCC.
• CAB T-cell engager platform validated by a $2 million milestone payment from Context Therapeutics in October 2025.
• The Dual-CAB EpCAM-TCE program is viewed as having pan-cancer potential for over 1 million adenocarcinoma cancer patients per year.

Oncologists and clinicians treating solid tumor cancers

Clinicians are the gatekeepers who adopt new standards of care, and their interest is driven by compelling data showing superior efficacy in heavily pretreated populations. BioAtla, Inc. presented data for its Ozuriftamab Vedotin (Oz-V) program at ASCO 2025, which directly contrasts with existing treatments for HPV+ OPSCC patients who have failed prior therapy.

Here's a look at the comparative efficacy data presented for Oz-V in HPV+ OPSCC patients (median of three prior lines of therapy):

Metric	Oz-V (Phase 2 Data, N=22)	Standard of Care Agents
Overall Response Rate (ORR)	45%	3.4%
Disease Control Rate (DCR)	100%	Not Specified
Median Overall Survival (OS)	11.6 months (ongoing)	4.4 months

Furthermore, the BA3182 (CAB-EpCAM x CAB-CD3-TCE) program showed encouraging preliminary results in treatment-refractory metastatic adenocarcinoma at ESMO 2025. The study involved 35 patients dosed once weekly, with some continuing treatment beyond 11+ doses at the 0.6 mg level.

Patients with difficult-to-treat solid tumors like OPSCC and soft tissue sarcoma

This segment represents the ultimate beneficiaries, defined by the unmet need in their specific cancer types. The market size quantifies the potential patient pool for BioAtla, Inc.'s lead candidates. The Oz-V program targets second-line plus Oropharyngeal Squamous Cell Carcinoma (OPSCC).

The market opportunity for the OPSCC asset is substantial:

• Estimated worldwide peak sales for the second-line plus OPSCC indication are approximately $800 million.
• The total worldwide OPSCC market is projected to reach $3 billion by 2032.
• The broader HPV-positive solid tumor market is estimated to exceed $7 billion globally.

For the BA3182 program, the target is advanced adenocarcinoma, where patients have received a median of 3 prior lines of therapy. Separately, Mecbotamab Vedotin (Mec-V) demonstrated a median overall survival of 21.5 months in subtypes of refractory soft tissue sarcomas as of November 2025.

Investors and shareholders focused on high-risk, high-reward biotech plays

This segment is focused on the financial trajectory and the potential for a significant return upon successful clinical milestones or partnership execution. BioAtla, Inc. reported a net loss of $15.8 million for the third quarter of 2025, an increase from the $10.6 million loss in Q3 2024. Cash and cash equivalents stood at $8.3 million as of September 30, 2025, excluding the recent $2 million milestone payment.

Key financial metrics for this customer segment include:

• Q3 2025 Earnings Per Share (EPS): -$0.27, beating consensus of -$0.31 by $0.04.
• Trailing EPS over the last four quarters: -$1.15.
• Forecasted EPS for next year is expected to improve from ($1.46) to ($1.40) per share.
• The Q2 2025 quarterly cash burn was $14.1 million, which the company aimed to decrease through operational restructuring, including a workforce reduction implemented in March 2025.

The company's ability to secure the $7.5 million immediate advance in November 2025 was critical to maintaining operational momentum while finalizing the expected year-end strategic transaction.

BioAtla, Inc. (BCAB) - Canvas Business Model: Cost Structure

Research and Development (R&D) expenses for the quarter ended September 30, 2025, were $9.5 million. This represented a decrease of $6.9 million compared to the same quarter in 2024, which was $16.4 million.

General and administrative (G&A) expenses for the third quarter of 2025 were $4.2 million. This was a decrease of $1.7 million compared to the $5.9 million reported for the same quarter in 2024.

The reduction in operating expenses reflects cost management efforts, including lower headcount-related expenses following the workforce reduction announced in March 2025. The workforce reduction involved a 30% headcount cut. Layoffs in March 2025 were estimated to cost between $500,000 to $600,000, with most expenses recorded in Q2 2025. A $0.5 million charge related to the workforce reduction was recorded in Q1 2025.

The decrease in R&D expenses was primarily driven by:

• Reduced program development costs due to prioritization of clinical programs.
• Lower headcount-related expenses following the March 2025 workforce reduction.
• Lower non-cash stock-based compensation.

The company is in advanced stages to finalize a strategic transaction with a potential partner by year end. The company expects R&D expenses to decline through the remainder of 2025.

The company is preparing for the Ozuriftamab Vedotin (Oz-V) Phase 3 study, with enrollment targeted to begin early next year.

Key operating expense components for Q3 2025 versus Q3 2024:

Cost Component	Q3 2025 Amount	Q3 2024 Amount
Research and Development (R&D) Expenses	$9.5 million	$16.4 million
General and Administrative (G&A) Expenses	$4.2 million	$5.9 million

Patent maintenance and intellectual property legal fees are embedded within the R&D and G&A structures; specific standalone amounts for these items are not separately itemized in the Q3 2025 financial disclosures provided.

Personnel costs contributed to the reduction in both R&D and G&A expenses. The G&A decrease of $1.7 million was primarily attributable to reduced personnel costs related to the March 2025 workforce reduction and lower stock-based compensation expense.

BioAtla, Inc. (BCAB) - Canvas Business Model: Revenue Streams

You're looking at how BioAtla, Inc. (BCAB) brings in cash, which is heavily weighted toward successful partnerships rather than product sales right now. The core of their revenue stream model relies on getting non-dilutive capital through their proprietary Conditionally Active Biologic (CAB) platform technology.

The most concrete recent example is the strategic licensing deal with Context Therapeutics. This type of deal structure is key for BioAtla, Inc. It brings in immediate cash and validates the platform. Specifically, in October 2025, BioAtla, Inc. triggered and received a $2 million milestone payment from Context Therapeutics. This payment was tied to progress on the CAB-Nectin4-TCE program.

These milestone payments are a form of non-dilutive funding from collaborations, which is crucial for supporting ongoing Research and Development (R&D) activities without issuing more stock. To give you the full picture of that specific deal, here's a breakdown of the financial components BioAtla, Inc. is eligible for:

Revenue Component	Amount/Type	Status/Notes
Upfront Payment	$11.00 million	Received in 2024 for the license agreement.
Near-Term Milestones	$4.00 million total	Includes the $2.00 million payment received in October 2025.
Additional Milestones	$118.50 million	Contingent upon future development and regulatory achievements.
Net Sales Revenue	Tiered Royalties	Potential future revenue stream upon commercialization.

Beyond the immediate cash from milestones, the long-term potential revenue stream is built on potential future royalties on net sales of licensed products. This is the payoff if a partner successfully brings a CAB-based therapy to market. The structure involves tiered royalties, meaning the percentage paid to BioAtla, Inc. likely increases as net sales grow for the licensed product.

For a snapshot of the company's recent financial scale derived from these activities, the trailing twelve-month revenue as of late 2025 is reported as approximately $11.00 million. Honestly, you should note that this figure reflects revenue recognized over the prior year, which included a significant collaboration revenue event in Q3 2024. The company is definitely focused on closing another strategic transaction by year-end 2025 to bolster this revenue base going into 2026.

The revenue streams are clearly weighted toward these upfront and milestone payments, which you can see as a series of financial catalysts:

• Upfront payments from strategic licensing deals.
• Milestone payments from collaborations like the one with Context Therapeutics.
• Non-dilutive funding to offset R&D expenses.
• Long-term, performance-based royalty income.

Finance: draft the expected cash flow impact from the year-end strategic transaction by next Tuesday.