BioAtla, Inc. reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable decrease in cash and cash equivalents, which fell to $56.5 million from $111.5 million at the end of 2023. Total current assets also declined to $60.6 million, down from $116.4 million, while total assets decreased to $62.2 million from $119.7 million. Conversely, total current liabilities decreased to $19.5 million from $28.3 million, leading to a reduction in total liabilities to $39.3 million from $49.0 million. Total stockholders’ equity saw a sharp decline to $23.0 million from $70.7 million.

In terms of revenue, BioAtla recognized $11.0 million in collaboration and other revenue for Q3 2024, a significant increase from $0 in the same period last year. This revenue was primarily attributed to a licensing agreement with Context Therapeutics. Research and development expenses for the quarter decreased to $16.4 million from $28.4 million in Q3 2023, reflecting a reduction in costs associated with preclinical and clinical programs. Total operating expenses also fell to $22.3 million from $35.0 million, resulting in a loss from operations of $11.3 million, an improvement from a loss of $35.0 million in the prior year. The net loss for Q3 2024 was $10.6 million, compared to $33.3 million in Q3 2023.

For the nine months ended September 30, 2024, the net loss was $54.9 million, a decrease from $96.5 million for the same period in 2023. The company reported a net cash used in operating activities of $55.2 million, down from $74.1 million in the previous year. The accumulated deficit as of September 30, 2024, stood at $471.2 million.

Strategically, BioAtla has focused on its lead drug candidates, including mecbotamab vedotin and ozuriftamab vedotin, which are currently in clinical trials. The company has also entered into a licensing agreement with Context Therapeutics for BA3361, a bispecific antibody, which could provide additional revenue opportunities. Despite these developments, BioAtla has not generated any revenue from product sales and does not anticipate meaningful revenue in the near future. The company continues to rely on equity financing and collaborations to fund its operations, with plans to utilize existing cash for ongoing research and development activities.