BioAtla, Inc. Q2 FY2024 earnings call

• Ozuriftamab vedotin: Fast Track designation from FDA, 11 responses in head and neck cancer (6 confirmed), abstract accepted for ESMO poster, manageable safety profile.
• Evalstotug: Low incidence and severity of immune-related adverse events, Phase 1/2 data, ongoing Phase 2 studies in melanoma and NSCLC, designing blinded randomized pivotal trial for melanoma.
• Mecbotamab vedotin: Phase 2 trial in NSCLC with additional expansion cohort, subgroup analysis on KRAS mutations showing correlation with clinical benefit, manageable safety profile.
• Financials: Net loss $21.1 million in Q2 2024 vs $35.8 million in Q2 2023, cash and cash equivalents $61.7 million as of June 2024, sufficient to fund operations through Q3 2025.

BioAtla focused on clinical program updates. R&D expenses for Q2 2024 were $16.2 million, down from $31 million in Q2 2023, primarily due to completion of preclinical development and prioritization of clinical programs. General and administrative expenses were $5.8 million in Q2 2024, down from $6.2 million in Q2 2023. Key clinical updates: ozuriftamab vedotin in head and neck cancer with Fast Track designation, 11 responses observed; evalstotug in CTLA-4 with low immune-related adverse events and ongoing Phase 2 studies; mecbotamab vedotin in NSCLC with subgroup analysis on KRAS mutations showing clinical benefit.

• Expect further reduction in overall cash utilization in Q3 2024.
• Current cash and cash equivalents expected to fund planned operations, including prioritized CAB programs, through Q3 2025, enabling clinical readouts and strategic collaboration discussions.

• Forward-looking statements subject to risks including clinical trial outcomes, regulatory approvals, partnership achievements, and cash burn, as detailed in SEC filings.

Q: Brian Cheng asks about AXL and UPS, if they met with FDA on the remaining portion of the registrational study and initial feedback, and patient compliance and safety profile.

A: Eric Sievers responds they had a conversation with FDA about mecbotamab vedotin in UPS, discussed Project Optimus requirements, but not met yet with recent enrollment, will update later in H2 2024; no new safety findings, changed dosing to days one and eight of three-week cycle.

Q: Unidentified Analyst asks about AXL-ADC combination, characterization of responses and disease control duration.

A: Eric Sievers refers to slides 45 and 46, discussing confirmed responses across KRAS mutation variants and preliminary survival differences between mutated and wild-type KRAS genotype.

Q: Arthur He asks about UPS study enrollment, AXL vs KRAS in NSCLC, and CTLA-4 monotherapy enrollment.

A: Jay Short says not enrolling patients in UPS study currently, waiting for data; AXL and KRAS can be considered, with correlation on mKRAS; Eric Sievers says no further characterization of CTLA-4 monotherapy safety, focus now on combination with PD-1 antibody in melanoma and NSCLC.