Bioatla (BCAB) investor relations material

Executive summary

• Clinical-stage biopharmaceutical company focused on antibody-based therapeutics for solid tumors, leveraging proprietary CAB technology for tumor-selective targeting and reduced toxicity.

• In March 2026, initiated a formal process to explore strategic options, including asset sales, licensing, partnerships, or other transactions, and implemented a 70% workforce reduction to align resources with near-term priorities.

• Net loss for 2025 was $59.6 million, with an accumulated deficit of $545.6 million as of year-end; cash and cash equivalents totaled $7.1 million, insufficient to fund operations past the first half of 2026, raising substantial doubt about ability to continue as a going concern.

Financial highlights

• Revenue of $2.0 million in 2025, down from $11.0 million in 2024, primarily from a milestone payment under a licensing agreement.

• Research and development expenses decreased to $43.6 million (from $63.1 million in 2024) due to lower enrollment and completion of certain Phase 2 trials, workforce reduction, and cost containment.

• General and administrative expenses were $17.7 million, down from $21.8 million, reflecting lower personnel and stock-based compensation costs.

• Net cash used in operating activities was $48.2 million; financing activities provided $6.3 million, mainly from pre-paid advances and equity offerings.

Outlook and guidance

• Ongoing strategic review may result in asset sales, licensing, partnerships, or other transactions; no assurance of successful outcomes.

• Clinical development timelines for lead programs are being re-evaluated and may be delayed or limited pending the outcome of the strategic process.

• Additional capital is required to fund operations beyond the first half of 2026; failure to secure funding or a strategic transaction may result in cessation of operations or bankruptcy.