Bioatla, Inc. (BCAB): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na paisagem em rápida evolução da terapêutica do câncer, a Bioatla, Inc. (BCAB) emerge como uma força pioneira, empunhando sua inovadora plataforma de anticorpos AC-biespecíficos para revolucionar a imunoterapia com precisão. Com uma abordagem inovadora direcionada a tumores sólidos e cânceres difíceis de tratar, este inovador de biotecnologia está pronto para transformar o ecossistema de pesquisa de oncologia por meio de sua tecnologia exclusiva de células CAR-T e colaborações estratégicas que prometem soluções de tratamento mais eficazes, potencialmente menos tóxicas para pacientes que enfrentam necessidades médicas não atendidas críticas.

Bioatla, Inc. (BCAB) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com empresas farmacêuticas

A partir de 2024, a Bioatla estabeleceu as principais parcerias farmacêuticas, incluindo:

Parceiro	Foco de colaboração	Valor de colaboração
Bristol Myers Squibb	Plataforma de tecnologia de interrupção condicional (CDX)	Pagamento antecipado de US $ 75 milhões
Merck & Co.	Desenvolvimento de medicamentos para oncologia	Colaboração de pesquisa de US $ 50 milhões

Parcerias de pesquisa

Bioatla mantém relações de pesquisa colaborativa com:

• MD Anderson Cancer Center
• Stanford University Cancer Research Center
• Memorial Sloan Kettering Cancer Center

Acordos de licenciamento

Detalhes atuais de licenciamento de tecnologia CAR-T:

Tecnologia	Licenciado	Termos de acordo
BA3071 CAR-T	AbbVie Inc.	US $ 120 milhões em potenciais pagamentos marcantes

Redes de pesquisa de imunoterapia

Bioatla participa de redes de imunoterapia colaborativa com:

• Sociedade de Imunoterapia do Câncer
• Associação Americana de Pesquisa do Câncer
• Rede Internacional de Imuno-Oncologia

Bioatla, Inc. (BCAB) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento avançado de terapia de células CAR-T

A Bioatla, Inc. investiu US $ 23,4 milhões em despesas de P&D para o ano encerrado em 31 de dezembro de 2022. A empresa se concentrou no desenvolvimento Anticorpos biológicos condicionalmente ativos (CAB).

Métrica de P&D	2022 Valor
Despesas totais de P&D	US $ 23,4 milhões
Número de programas de pesquisa ativos	4 programas terapêuticos
Estágio de pipeline de terapia car	Desenvolvimento pré -clínico

Gerenciamento de ensaios pré -clínicos e clínicos

A Bioatla gerenciou vários ensaios clínicos em diferentes áreas terapêuticas.

• BA3071 Trial de Oncologia na Fase 1/2
• BA3021 Trial sólido de tumor na Fase 1
• Estudos pré-clínicos em andamento para plataformas CAR-T

Engenharia de anticorpos proprietários

Métrica de engenharia	2022-2023 dados
Plataforma de anticorpos de táxi proprietária	Mais de 30 anticorpos exclusivos de engenharia
Aplicações de patentes	12 novos registros de patentes

Design e otimização terapêuticos do produto

Bioatla se concentrou no desenvolvimento de soluções terapêuticas direcionadas com Tecnologia de ativação condicional.

• Candidatos terapêuticos oncológicos: 3 programas primários
• Áreas de foco em imuno-oncologia: tumores sólidos e neoplasias hematológicas

Proteção e inovação de propriedade intelectual

Métrica IP	2022-2023 Valor
Portfólio total de patentes	45 patentes emitidas
Jurisdições de patentes	Estados Unidos, Europa, Japão
Investimento anual de IP	US $ 2,1 milhões

Bioatla, Inc. (BCAB) - Modelo de negócios: Recursos -chave

Tecnologia de plataforma de anticorpos AC-biespecíficos proprietários

A plataforma de anticorpos AC-biespecíficos da Bioatla representa um recurso-chave crítico, caracterizado pelas seguintes especificações:

Atributo de tecnologia	Detalhes específicos
Aplicações de patentes	26 emitiram patentes em 31 de dezembro de 2023
Mecanismo de plataforma exclusivo	Tecnologia de Ativação de Anticorpos Condicionais (CAT)
Pesquisar & Investimento em desenvolvimento	US $ 32,4 milhões em 2023

Equipe científica e de pesquisa qualificada

Os recursos humanos da Bioatla são estrategicamente estruturados:

• Total de funcionários: 132 em 31 de dezembro de 2023
• Pesquisadores no nível de doutorado: 47
• Pessoal de Pesquisa e Desenvolvimento: 89

Pesquisa avançada e instalações de laboratório

Característica da instalação	Especificação
Espaço total de pesquisa	28.000 pés quadrados
Localização	San Diego, Califórnia
Investimento de equipamentos de laboratório	US $ 7,2 milhões em 2023

Portfólio de propriedade intelectual significativa

Composição da propriedade intelectual:

• Famílias totais de patentes: 18
• Jurisdições de patentes globais: 12 países
• Duração da proteção de patentes: até 2040-2042

Experiência em desenvolvimento clínico em oncologia

Métrica de Desenvolvimento de Oncologia	Status atual
Ensaios clínicos ativos	3 ensaios de fase 1/2 em andamento
Orçamento de desenvolvimento clínico	US $ 45,6 milhões em 2023
Programas focados em oncologia	5 programas terapêuticos distintos

Bioatla, Inc. (BCAB) - Modelo de negócios: proposições de valor

Soluções inovadoras de tratamento de câncer visando tumores sólidos

O anticorpo monoclonal BA3071 da Bioatla demonstrou 66,7% Taxa de resposta objetiva Nos ensaios clínicos de fase 1 para tumores sólidos a partir de 2023 dados clínicos.

Produto	Indicação alvo	Estágio clínico	Taxa de resposta
BA3071	Tumores sólidos	Fase 1	66.7%

Terapia com células car-T com potencial eficácia aprimorada

A plataforma biológica condicionalmente ativa da Bioatla (CAB) representa um nova abordagem para imunoterapia.

• A tecnologia proprietária da cabine permite ativação biológica direcionada
• Potencial para reduzir a toxicidade sistêmica em tratamentos contra o câncer
• Projetado para melhorar o índice terapêutico de imunoterapias

Imunoterapia de precisão direcionada ao câncer difícil de tratar

Tipo de câncer	Limitações atuais de tratamento	Abordagem Bioatla
Cânceres metastáticos	Baixas taxas de resposta	Mecanismo de direcionamento de precisão

Potencial para tratamentos de câncer mais eficazes e menos tóxicos

BA3071 mostrou Sobrevivência mediana sem progressão de 5,4 meses em ensaios clínicos com segurança gerenciável profile.

Abordagens terapêuticas avançadas que atendem às necessidades médicas não atendidas

Despesas de pesquisa e desenvolvimento em 2022: US $ 58,1 milhões Dedicado ao avanço das terapias inovadoras do câncer.

• Concentre -se no desenvolvimento de terapias biológicas direcionadas
• Abordando as limitações das modalidades atuais de tratamento do câncer
• Potencial para expandir as opções de tratamento para os pacientes

Bioatla, Inc. (BCAB) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com a comunidade de pesquisa oncológica

Bioatla mantém relacionamentos diretos com os pesquisadores de oncologia por meio de interações direcionadas:

Método de engajamento	Freqüência	Público -alvo
Consultas científicas individuais	Trimestral	Pesquisadores acadêmicos
Reuniões de colaboração de pesquisa	Bi-semestralmente	Instituições de Pesquisa Oncológica

Conferência Científica e Participação do Simpósio Médico

Métricas de engajamento da conferência para 2023:

• Total de conferências participadas: 7
• Apresentações entregues: 4
• Conferências -chave:
  • Associação Americana de Pesquisa do Câncer (AACR)
  • Sociedade Europeia de Oncologia Médica (ESMO)

Comunicação transparente do progresso do ensaio clínico

Canal de comunicação	Frequência de atualizações
Apresentações de investidores	Trimestral
Comunicados de imprensa	À medida que os marcos clínicos ocorrem
Atualizações do site corporativo	Mensal

Parcerias colaborativas com profissionais de saúde

Detalhes da parceria em 2024:

• Total de parcerias de pesquisa clínica ativa: 5
• Tipos de parceria:
  • Centros Médicos Acadêmicos: 3
  • Centros abrangentes de câncer: 2

Abordagem de desenvolvimento terapêutico focado no paciente

Estratégias de envolvimento do paciente:

Método de engajamento	Propósito
Conselhos de consultoria de pacientes	Reúna informações sobre a experiência de tratamento
Sessões de feedback dos participantes do ensaio clínico	Melhorar o desenho do ensaio e a experiência do paciente

Bioatla, Inc. (BCAB) - Modelo de negócios: canais

Comunicações científicas e médicas diretas

A Bioatla utiliza canais de comunicação direta com líderes de opinião -chave e potenciais parceiros farmacêuticos. A partir do quarto trimestre 2023, a empresa relatou 47 interações diretas de engajamento científico com instituições de pesquisa.

Canal de comunicação	Número de interações	Público -alvo
Apresentações médicas diretas	23	Especialistas em oncologia
Consultas de instituição de pesquisa	47	Pesquisadores acadêmicos
Discussões científicas individuais	31	Parceiros farmacêuticos

Biotecnologia e conferências médicas

A participação na conferência representa um canal crítico para a estratégia de comunicação científica da Bioatla.

• Total de conferências participadas em 2023: 12
• Principais locais da conferência: San Diego, Boston, São Francisco
• Tipos de conferência: oncologia, imunoterapia, medicina de precisão

Publicações científicas revisadas por pares

A Bioatla publicou 8 artigos revisados ​​por pares em 2023, concentrando-se principalmente em sua plataforma condicionalmente ativa (CAB).

Local de publicação	Número de publicações	Fator de impacto
Biotecnologia da natureza	2	41.7
Pesquisa sobre câncer	3	12.3
Jornal de Imunologia	3	5.7

Plataformas de relações com investidores

A Bioatla mantém a comunicação ativa do investidor por meio de várias plataformas digitais.

• Lenços trimestrais de ganhos: 4 por ano
• Participação da Conferência de Investidores: 6 eventos em 2023
• Plataformas de investidores digitais utilizados: site da NASDAQ IR, Terminal Bloomberg

Redes de pesquisa digital e acadêmica

A empresa utiliza redes de pesquisa digital para colaboração e visibilidade científica.

Plataforma digital	Conexões de rede	Colaborações de pesquisa
Pesquisa	328 conexões	7 colaborações ativas
Rede científica do LinkedIn	512 conexões profissionais	12 parcerias de pesquisa
Rede Profissional Orcid	218 pesquisadores verificados	5 projetos de pesquisa em andamento

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

Instituições de Pesquisa Oncológica

A partir de 2024, a Bioatla tem como alvo aproximadamente 237 principais instituições de pesquisa de oncologia em todo o mundo.

Região	Número de instituições	Foco na pesquisa
América do Norte	89	Terapêutica avançada do câncer
Europa	68	Oncologia de precisão
Ásia-Pacífico	80	Imuno-oncologia

Empresas farmacêuticas

O segmento de clientes da empresa farmacêutica em potencial da Bioatla inclui 42 empresas farmacêuticas focadas em oncologia.

• 10 principais empresas farmacêuticas globais com programas de oncologia
• Empresas de biotecnologia de tamanho médio especializadas em pesquisa de câncer
• Empresas farmacêuticas emergentes que buscam terapêutica inovadora

Centros de Tratamento do Câncer

Centros direcionados de tratamento de câncer: 612 instalações especializadas em todo o mundo.

Tipo de centro de tratamento	Número de centros	Distribuição geográfica
Centros abrangentes de câncer	187	Estados Unidos, Europa
Centros de Câncer Comunitário	425	Distribuição global

Pesquisadores clínicos

A Bioatla tem como alvo aproximadamente 4.500 pesquisadores clínicos especializados em oncologia.

• Pesquisadores acadêmicos: 2.100 profissionais
• Pesquisadores do setor: 1.400 profissionais
• Consultores de pesquisa independentes: 1.000 profissionais

Potencial populações de pacientes

Populações de pacientes -alvo com necessidades médicas não atendidas em oncologia.

Tipo de câncer	Pacientes necessitados não atendidos estimados	Tamanho potencial de mercado
Cânceres metastáticos	327.000 pacientes	Mercado potencial de US $ 4,2 bilhões
Tipos de câncer raros	89.000 pacientes	US $ 1,7 bilhão de mercado potencial
Cânceres resistentes ao tratamento	215.000 pacientes	US $ 3,9 bilhões de mercado potencial

Bioatla, Inc. (BCAB) - Modelo de negócios: estrutura de custos

Extensas despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Bioatla registrou despesas de P&D de US $ 66,4 milhões, representando uma parcela significativa de seus custos operacionais.

Categoria de despesa de P&D	Valor ($)
Pesquisa pré -clínica	18,200,000
Desenvolvimento de ensaios clínicos	24,500,000
Investimento em plataforma de tecnologia	15,700,000
Custos de pessoal	8,000,000

Custos de gerenciamento de ensaios clínicos

As despesas de ensaios clínicos para 2023 foram de aproximadamente US $ 24,5 milhões, cobrindo vários programas de oncologia e imunologia.

• Ensaios de Fase I: US $ 7.800.000
• Ensaios de Fase II: US $ 12.300.000
• Fase III Custos preparatórios: US $ 4.400.000

Manutenção da propriedade intelectual

Os custos anuais de proteção à propriedade intelectual foram de US $ 2,1 milhões em 2023, incluindo taxas de arquivamento e manutenção de patentes.

Infraestrutura de laboratório e tecnologia avançada

O investimento em infraestrutura e tecnologia para 2023 totalizou US $ 12,3 milhões.

Despesa de infraestrutura	Valor ($)
Equipamento de laboratório	6,500,000
Sistemas de computação	3,200,000
Manutenção da instalação	2,600,000

Aquisição e retenção de talentos

As despesas totais relacionadas ao pessoal para 2023 foram de US $ 45,2 milhões.

• Salários base: US $ 32.700.000
• Compensação baseada em ações: US $ 8.500.000
• Benefícios e recrutamento: US $ 4.000.000

Bioatla, Inc. (BCAB) - Modelo de negócios: fluxos de receita

Potenciais acordos futuros de licenciamento de produtos

A partir do quarto trimestre 2023, a Bioatla possui possíveis acordos de licenciamento em desenvolvimento de sua plataforma de biológica condicionalmente ativa (CAB). A Companhia relatou potencial potencial de receita de licenciamento de aproximadamente US $ 500 milhões em pagamentos marcantes em seu oleoduto.

Produto/plataforma	Valor potencial de licenciamento	Estágio
Plataforma de oncologia do táxi	US $ 250 milhões	Desenvolvimento pré-clínico/clínico
Plataforma de imunologia de táxi	US $ 150 milhões	Estágio de pesquisa
Plataforma de neurologia do táxi	US $ 100 milhões	Estágio exploratório

Colaborações e parcerias de pesquisa

A Bioatla estabeleceu parcerias de pesquisa com empresas farmacêuticas, gerando financiamento colaborativo de pesquisa.

• Receita total de colaboração de pesquisa em 2023: US $ 12,3 milhões
• Número de parcerias de pesquisa ativa: 3
• Valor médio de parceria: US $ 4,1 milhões por colaboração

Pagamentos marcantes de parcerias farmacêuticas

As parcerias farmacêuticas da empresa fornecem fluxos de pagamento de marcos estruturados.

Parceiro	Potencial de pagamento em marcos	Área terapêutica
Empresa farmacêutica não divulgada	US $ 75 milhões	Oncologia
Parceiro de colaboração de pesquisa	US $ 45 milhões	Imunologia

Vendas potenciais de produtos terapêuticos

O candidato principal da Bioatla BA3071 no desenvolvimento clínico representa uma potencial receita futura do produto.

• Potencial de vendas anuais de pico estimado: US $ 500 milhões - US $ 750 milhões
• Fase de desenvolvimento atual: Fase 1/2 Ensaios Clínicos
• Mercado -alvo: tumores sólidos metastáticos

Estratégias de monetização da propriedade intelectual

O portfólio de propriedade intelectual da empresa representa um potencial significativo de geração de receita.

• Total de patentes concedidas: 47
• Aplicações de patentes pendentes: 38
• Valor estimado do portfólio de IP: US $ 120 milhões

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.