Bioatla, Inc. (BCAB): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Dans le paysage rapide de la thérapie contre le cancer, Bioatla, Inc. (BCAB) émerge comme une force pionnière, exerçant sa plate-forme anticorps révolutionnaire AC-Bispecific pour révolutionner l'immunothérapie de précision. Avec une approche innovante ciblant les tumeurs solides et les cancers difficiles à traiter, cet innovateur biotechnologique est prêt à transformer l'écosystème de recherche en oncologie grâce à sa technologie de cellules Car-T unique et à des collaborations stratégiques qui promettent des solutions de traitement plus efficaces, potentiellement moins toxiques pour les patients auxquels besoins médicaux non satisfaits.

Bioatla, Inc. (BCAB) - Modèle commercial: partenariats clés

Collaborations stratégiques avec les sociétés pharmaceutiques

En 2024, Bioatla a établi des partenariats pharmaceutiques clés, notamment:

Partenaire	Focus de la collaboration	Valeur de collaboration
Bristol Myers Squibb	Plateforme de technologie de perturbation conditionnelle (CDX)	75 millions de dollars de paiement initial
Miserrer & Co.	Développement de médicaments en oncologie	Collaboration de recherche de 50 millions de dollars

Partenariats de recherche

Bioatla entretient des relations de recherche en collaboration avec:

• MD Anderson Cancer Center
• Centre de recherche sur le cancer de l'Université de Stanford
• Memorial Sloan Kettering Cancer Center

Accords de licence

Détails de licence de technologie Car-T actuelle de CAR-T:

Technologie	Licencié	Conditions de l'accord
BA3071 CAR-T	AbbVie Inc.	120 millions de dollars de paiement de jalons potentiels

Réseaux de recherche d'immunothérapie

Bioatla participe à des réseaux d'immunothérapie collaboratifs avec:

• Société pour l'immunothérapie du cancer
• Association américaine pour la recherche sur le cancer
• Réseau international d'immuno-oncologie

Bioatla, Inc. (BCAB) - Modèle d'entreprise: activités clés

Recherche et développement de la thérapie des cellules avancées CAR-T

Bioatla, Inc. a investi 23,4 millions de dollars dans les dépenses de R&D pour l'exercice se terminant le 31 décembre 2022. La société s'est concentrée sur le développement Anticorps biologiques conditionnellement actifs (CAB).

Métrique de R&D	Valeur 2022
Total des dépenses de R&D	23,4 millions de dollars
Nombre de programmes de recherche actifs	4 programmes thérapeutiques
Étape du pipeline de thérapie Car-T	Développement préclinique

Gestion des essais précliniques et cliniques

Bioatla a géré plusieurs essais cliniques dans différentes zones thérapeutiques.

• BA3071 Essai en oncologie en phase 1/2
• Essai tumoral solide BA3021 dans la phase 1
• Études précliniques en cours pour les plates-formes CAR-T

Ingénierie d'anticorps propriétaire

Métrique d'ingénierie	Données 2022-2023
Plate-forme de l'anticorps de cabine propriétaire	Plus de 30 anticorps techniques uniques
Demandes de brevet	12 nouveaux dépôts de brevet

Conception et optimisation des produits thérapeutiques

Bioatla s'est concentrée sur le développement de solutions thérapeutiques ciblées avec Technologie d'activation conditionnelle.

• Candidats thérapeutiques en oncologie: 3 programmes primaires
• Immuno-oncology Focus Daires: tumeurs solides et tumeurs malignes hématologiques

Protection et innovation de la propriété intellectuelle

Métrique IP	Valeur 2022-2023
Portefeuille de brevets total	45 brevets délivrés
Juridictions de brevet	États-Unis, Europe, Japon
Investissement de propriété intellectuelle annuelle	2,1 millions de dollars

Bioatla, Inc. (BCAB) - Modèle d'entreprise: Ressources clés

Technologie de plate-forme d'anticorps AC-Bispecific propriétaire AC

La plate-forme d'anticorps AC-Bispecific de Bioatla représente une ressource clé critique, caractérisée par les spécifications suivantes:

Attribut technologique	Détail spécifique
Demandes de brevet	26 brevets délivrés au 31 décembre 2023
Mécanisme de plate-forme unique	Technologie d'activation des anticorps conditionnels (CAT)
Recherche & Investissement en développement	32,4 millions de dollars en 2023

Équipe scientifique et de recherche qualifiée

Les ressources humaines de Bioatla sont stratégiquement structurées:

• Total des employés: 132 au 31 décembre 2023
• Chercheurs au niveau du doctorat: 47
• Personnel de recherche et développement: 89

Recherche avancée et installations de laboratoire

Caractéristique de l'installation	Spécification
Espace de recherche total	28 000 pieds carrés
Emplacement	San Diego, Californie
Investissement de l'équipement de laboratoire	7,2 millions de dollars en 2023

Portfolio de propriété intellectuelle importante

Composition de la propriété intellectuelle:

• Familles totales de brevets: 18
• Juridictions mondiales des brevets: 12 pays
• Durée de protection des brevets: jusqu'en 2040-2042

Expertise en développement clinique en oncologie

Métrique de développement en oncologie	État actuel
Essais cliniques actifs	3 essais en cours de phase 1/2
Budget de développement clinique	45,6 millions de dollars en 2023
Programmes axés sur l'oncologie	5 programmes thérapeutiques distincts

Bioatla, Inc. (BCAB) - Modèle d'entreprise: propositions de valeur

Solutions de traitement du cancer innovantes ciblant les tumeurs solides

Anticorps monoclonal BA3071 de Bioatla démontré 66,7% Taux de réponse objective Dans les essais cliniques de phase 1 pour les tumeurs solides en 2023 données cliniques.

Produit	Indication cible	Étape clinique	Taux de réponse
BA3071	Tumeurs solides	Phase 1	66.7%

Thérapie de cellules CAR-T unique avec une efficacité potentielle améliorée

La plate-forme biologique conditionnellement active de Bioatla (CAB) représente une Nouvelle approche de l'immunothérapie.

• La technologie de cabine propriétaire permet une activation biologique ciblée
• Potentiel pour réduire la toxicité systémique dans les traitements contre le cancer
• Conçu pour améliorer l'indice thérapeutique des immunothérapies

Immunothérapie de précision ciblant les cancers difficiles à traiter

Type de cancer	Limites de traitement actuelles	Approche bioatla
Cancers métastatiques	Taux de réponse faibles	Mécanisme de ciblage de précision

Potentiel de traitements contre le cancer plus efficaces et moins toxiques

BA3071 a montré Survie médiane sans progression de 5,4 mois dans les essais cliniques avec sécurité gérable profile.

Approches thérapeutiques avancées répondant aux besoins médicaux non satisfaits

Dépenses de recherche et développement en 2022: 58,1 millions de dollars Dédié à faire progresser les thérapies innovantes du cancer.

• Concentrez-vous sur le développement de thérapies biologiques ciblées
• Aborder les limites des modalités actuelles du traitement du cancer
• Potentiel pour étendre les options de traitement pour les patients

Bioatla, Inc. (BCAB) - Modèle d'entreprise: relations clients

Engagement direct avec la communauté de recherche en oncologie

Bioatla entretient des relations directes avec des chercheurs en oncologie à travers des interactions ciblées:

Méthode d'engagement	Fréquence	Public cible
Consultations scientifiques individuelles	Trimestriel	Chercheurs universitaires
Réunions de collaboration de recherche	Bi-annuellement	Institutions de recherche en oncologie

Conférence scientifique et participation du symposium médical

Métriques d'engagement de la conférence pour 2023:

• Conférences totales présentes: 7
• Présentations livrées: 4
• Conférences clés:
  • Association américaine pour la recherche sur le cancer (AACR)
  • Société européenne pour l'oncologie médicale (ESMO)

Communication transparente des progrès des essais cliniques

Canal de communication	Fréquence des mises à jour
Présentations des investisseurs	Trimestriel
Communiqués de presse	À mesure que les étapes cliniques se produisent
Mises à jour du site Web d'entreprise	Mensuel

Partenariats collaboratifs avec les prestataires de soins de santé

Détails du partenariat à partir de 2024:

• Partenariats totaux de recherche clinique active: 5
• Types de partenariat:
  • Centres médicaux académiques: 3
  • Centres de cancer complets: 2

Approche de développement thérapeutique axé sur les patients

Stratégies d'engagement des patients:

Méthode d'engagement	But
Boards consultatifs des patients	Rassemblez les informations sur l'expérience de traitement
Sessions de rétroaction des participants à l'essai clinique	Améliorer la conception des essais et l'expérience des patients

Bioatla, Inc. (BCAB) - Modèle d'entreprise: canaux

Communications scientifiques et médicales directes

Bioatla utilise des canaux de communication directs avec les principaux leaders d'opinion et les partenaires pharmaceutiques potentiels. Depuis le quatrième trimestre 2023, la société a signalé 47 interactions directes d'engagement scientifique avec les institutions de recherche.

Canal de communication	Nombre d'interactions	Public cible
Présentations médicales directes	23	Spécialistes en oncologie
Consultations d'institution de recherche	47	Chercheurs universitaires
Discussions scientifiques individuelles	31	Partenaires pharmaceutiques

Biotechnologie et conférences médicales

La participation de la conférence représente un canal critique pour la stratégie de communication scientifique de Bioatla.

• Conférences totales assistées en 2023: 12
• Lieu majeurs de la conférence: San Diego, Boston, San Francisco
• Types de conférence: oncologie, immunothérapie, médecine de précision

Publications scientifiques évaluées par des pairs

Bioatla a publié 8 articles évalués par des pairs en 2023, se concentrant principalement sur sa plate-forme biologique conditionnellement active (CAB).

Lieu de publication	Nombre de publications	Facteur d'impact
Biotechnologie de la nature	2	41.7
Recherche sur le cancer	3	12.3
Journal of Immunology	3	5.7

Plateformes de relations avec les investisseurs

Bioatla maintient une communication active des investisseurs via plusieurs plateformes numériques.

• Webinaires de bénéfices trimestriels: 4 par an
• Participation de la conférence des investisseurs: 6 événements en 2023
• Plateformes d'investisseurs numériques utilisées: site Web de NASDAQ IR, Bloomberg Terminal

Réseaux de recherche numériques et universitaires

L'entreprise tire parti des réseaux de recherche numérique pour la collaboration scientifique et la visibilité.

Plate-forme numérique	Connexions réseau	Collaborations de recherche
Researchgate	328 connexions	7 collaborations actives
Réseau scientifique LinkedIn	512 Connexions professionnelles	12 partenariats de recherche
Réseau professionnel orciaire	218 chercheurs vérifiés	5 projets de recherche en cours

Bioatla, Inc. (BCAB) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

En 2024, Bioatla cible environ 237 institutions de recherche en oncologie majeures dans le monde.

Région	Nombre d'institutions	Focus de recherche
Amérique du Nord	89	Thérapeutique du cancer avancé
Europe	68	Oncologie de précision
Asie-Pacifique	80	Immuno-oncologie

Sociétés pharmaceutiques

Le segment des clients potentiels de la société pharmaceutique de Bioatla comprend 42 entreprises pharmaceutiques axées sur l'oncologie de haut niveau.

• Top 10 des sociétés pharmaceutiques mondiales avec des programmes d'oncologie
• Des entreprises de biotechnologie de taille moyenne spécialisées dans la recherche sur le cancer
• Les sociétés pharmaceutiques émergentes à la recherche de thérapies innovantes

Centres de traitement du cancer

Centres de traitement du cancer ciblé: 612 installations spécialisées dans le monde.

Type de centre de traitement	Nombre de centres	Distribution géographique
Centres de cancer complets	187	États-Unis, Europe
Centres de cancer de la communauté	425	Distribution mondiale

Chercheurs en clinique

Bioatla cible environ 4 500 chercheurs cliniques spécialisés en oncologie.

• Chercheurs universitaires: 2 100 professionnels
• Chercheurs de l'industrie: 1 400 professionnels
• Consultants de recherche indépendants: 1 000 professionnels

Populations de patients potentiels

Cibler les populations de patients ayant des besoins médicaux non satisfaits en oncologie.

Type de cancer	Estimé non satisfait des patients	Taille du marché potentiel
Cancers métastatiques	327 000 patients	4,2 milliards de dollars de marché potentiel
Types de cancer rares	89 000 patients	Marché potentiel de 1,7 milliard de dollars
Cancers résistants au traitement	215 000 patients	Marché potentiel de 3,9 milliards de dollars

Bioatla, Inc. (BCAB) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Pour l'exercice 2023, Bioatla a déclaré des dépenses de R&D de 66,4 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Catégorie de dépenses de R&D	Montant ($)
Recherche préclinique	18,200,000
Développement d'essais cliniques	24,500,000
Investissement de la plate-forme technologique	15,700,000
Frais de personnel	8,000,000

Coûts de gestion des essais cliniques

Les dépenses d'essai cliniques pour 2023 se sont élevées à environ 24,5 millions de dollars, couvrant plusieurs programmes d'oncologie et d'immunologie.

• Essais de phase I: 7 800 000 $
• Essais de phase II: 12 300 000 $
• Coûts préparatoires de phase III: 4 400 000 $

Maintenance de la propriété intellectuelle

Les coûts annuels de protection de la propriété intellectuelle étaient de 2,1 millions de dollars en 2023, y compris les frais de dépôt de brevets et d'entretien.

Infrastructure avancée de laboratoire et de technologie

L'investissement dans les infrastructures et la technologie pour 2023 a totalisé 12,3 millions de dollars.

Dépenses d'infrastructure	Montant ($)
Équipement de laboratoire	6,500,000
Systèmes informatiques	3,200,000
Entretien d'installation	2,600,000

Acquisition et rétention de talents

Les dépenses totales liées au personnel pour 2023 étaient de 45,2 millions de dollars.

• Salaires de base: 32 700 000 $
• Compensation à base d'actions: 8 500 000 $
• Avantages et recrutement: 4 000 000 $

Bioatla, Inc. (BCAB) - Modèle d'entreprise: Strots de revenus

Accords potentiels de licence de produits futurs

Depuis le quatrième trimestre 2023, Bioatla a des accords de licence potentiels en développement pour sa plate-forme biologique conditionnellement active (CAB). La société a déclaré un potentiel potentiel de revenus de licences futures d'environ 500 millions de dollars en paiements d'étape à travers son pipeline.

Produit / plate-forme	Valeur de licence potentielle	Scène
Plate-forme d'oncologie de cabine	250 millions de dollars	Développement préclinique / clinique
Plateforme d'immunologie de cabine	150 millions de dollars	Étape de recherche
Plate-forme de neurologie de CAB	100 millions de dollars	Stade exploratoire

Collaborations et partenariats de recherche

Bioatla a établi des partenariats de recherche avec des sociétés pharmaceutiques, générant un financement de recherche collaborative.

• Revenus de collaboration de recherche totale en 2023: 12,3 millions de dollars
• Nombre de partenariats de recherche actifs: 3
• Valeur du partenariat moyen: 4,1 millions de dollars par collaboration

Payments d'étape provenant des partenariats pharmaceutiques

Les partenariats pharmaceutiques de l'entreprise fournissent des flux de paiement de jalons structurés.

Partenaire	Potentiel de paiement d'étape	Zone thérapeutique
Société pharmaceutique non divulguée	75 millions de dollars	Oncologie
Partenaire de collaboration de recherche	45 millions de dollars	Immunologie

Ventes de produits thérapeutiques potentiels

Le candidat principal de Bioatla BA3071 en développement clinique représente les revenus potentiels des produits futurs.

• Potentiel de vente annuel de pointe estimé: 500 millions de dollars - 750 millions de dollars
• Étape de développement actuel: phase 1/2 essais cliniques
• Marché cible: tumeurs solides métastatiques

Stratégies de monétisation de la propriété intellectuelle

Le portefeuille de propriété intellectuelle de la société représente un potentiel de génération de revenus significatif.

• Total des brevets accordés: 47
• Demandes de brevet en instance: 38
• Valeur du portefeuille IP estimé: 120 millions de dollars

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.