BioAtla, Inc. Q2 FY2025 earnings call

• BA3182 Phase I dose escalation study: Encouraging progress with preliminary data showing acceptable tolerability, objective tumor reductions in 7 heavily pretreated adenocarcinoma patients, with Phase I data readout expected in the second half of 2025 and dose expansion data readout in H1 2026.
• Oz-V: Compelling antitumor activity in metastatic HPV-positive head and neck cancer, scheduled FDA meeting in Q3 2025 for guidance on Phase III study, potential for accelerated approval followed by full approval.
• Mec-V: Exceptional overall survival in heavily pretreated mKRAS non-small cell lung cancer patients, offers potential to address tumor resistance associated with IO or mKRAS inhibitor therapies.
• evalstotug: Potent antitumor activity with reduced immune-mediated adverse events in metastatic melanoma population.
• Corporate updates: Intends to present plan to NASDAQ to regain compliance, progressing partnering discussions with one asset at term sheet stage, abstract accepted for ESMO Annual Meeting with BA3182 data.

R&D expenses for the quarter ended June 30, 2025, were $13.7 million, down from $16.2 million in the same quarter of 2024. G&A expenses were $5 million in Q2 2025, compared to $5.8 million in Q2 2024. Net loss for Q2 2025 was $18.7 million, better than the $21.1 million net loss in Q2 2024. Net cash used in operating activities for the 6 months ended June 30, 2025, was $30.4 million, lower than the $50 million in the same period of 2024. Cash and cash equivalents as of June 30, 2025, were $18.2 million, down from $49 million as of December 31, 2024.

• Expect R&D expenses to continue decreasing in 2025 as Phase II trials are completed.
• Anticipate Phase I data readout from BA3182 study later in 2025.
• Scheduled FDA meeting in Q3 2025 for Oz-V Phase III study guidance.
• Confident of closing one or more partnering transactions this year.

• Forward-looking statements subject to various risks, assumptions, and uncertainties described in SEC filings, which can cause actual results to differ materially.

Q: Regarding the expansion cohort study for EpCAM program, which indication is being considered and criteria for choice?

A: Considering various indications, colorectal cancer is particularly attractive due to high EpCAM expression and unmet need, cholangiocarcinoma is also attractive with few available therapies.

Q: For colorectal cancer patients with tumor reduction, which dose cohort are they in?

A: On Slide 24 of corporate deck, 3 colorectal cancer patients have disease reductions of minus 6%, minus 8% and minus 10%, some from IV dosing before shifting to subcutaneous dosing, and another pancreas cancer patient with minus 5% reduction, total 7 individuals with objective tumor size reductions.