BioAtla, Inc. Q1 FY2025 earnings call

• Jay Short provided updates on various clinical programs: Phase 1 dose escalation study of dual conditionally binding EpCAM and CD3 T cell engager is progressing, with multiple patients showing tumor reduction; Mec-V shows exceptional overall survival in mKRAS non-small cell lung cancer and certain soft tissue sarcomas; Oz-V shows compelling antitumor activity in HPV positive head and neck cancer with 100% disease control rate; evalstotug has 67% overall response rate and 92% disease control rate in metastatic cutaneous melanoma.
• Richard Waldron discussed financials: R&D expenses decreased due to lower clinical development costs, partially offset by workforce reduction charge; G&A expenses decreased slightly; net loss and net cash used in operating activities decreased; cash and cash equivalents decreased but company expects sufficient runway with cost reductions.

For the first quarter ended March 31, 2025, R&D expenses were $12.4 million, down from $18.9 million in the same quarter of 2024. General and administrative expenses were $5.3 million, down from $5.6 million in the same quarter of 2024. Net loss for the quarter was $15.3 million, compared to a net loss of $23.2 million in Q1 2024. Net cash used in operating activities was $16.3 million, down from $30.8 million in Q1 2024. Cash and cash equivalents as of March 31, 2025, were $32.4 million.

• R&D expenses expected to continue decreasing in 2025 due to restructuring and completion of certain Phase 2 trials.
• Company expects cash runway to fund operations and achieve key clinical readouts in the first half of 2026, excluding funds from potential new partnerships.

Q: Will the poster presentation for the ROR2 program at ASCO contain an updated data cut? And for the EpCAM update in July, will we have data from the 300 microgram dose as well as the 900 microgram dose?

A: Eric Sievers responded that there is an updated data cut for Oz-V including additional safety data and long term outcomes; for EpCAM, anticipate around 25-30 patient update from dose escalation data set mid-year with no insight on 900 microgram level yet.

Q: Any thoughts on a pivotal design for the AXL program and options for accelerated approval?

A: Eric Sievers said pivotal trial likely in second- and third-line mutated KRAS non-small cell lung cancer randomized against docetaxel; Jay Short mentioned ROR2 asset in head and neck cancer has potential for accelerated approval.

Q: Provide color regarding the types of tumor regressions seen in the EpCAM program and patient therapy duration/toxicities?

A: Eric Sievers said two colorectal adenocarcinoma patients have extended progression free intervals; three patients have double-digit tumor reductions; safety issues non-concerning with stepwise dosing.

Q: How to view landmark survival curves for Mec-V and competitive landscape?

A: Jay Short and Eric Sievers discussed remarkable overall survival in Mec-V, contrasting with standard of care, and orthogonal approach to new KRAS inhibitors.

Q: What does the ideal deal look like for partnerships and which are the two internal programs focused on?

A: Jay Short said ideal deal includes maintaining substantial value in North America and cash value from upfront/milestones; focused on ROR2 and CTLA4 programs for partnering.

Q: Color on EpCAM program data from 300 microgram cohort and expansion cohort dose level?

A: Eric Sievers said will include data from d cohort at medical congress; not defined yet but data will guide expansion cohort dose.

Q: What's the CRS control regimen in the study?

A: Eric Sievers said standard approach with step dosing, hospitalization, tocilizumab prophylaxis, modest steroid use.