Here are a couple of brief analogies to describe BioAtla (BCAB):

• Like an early-stage Seagen, developing innovative antibody-drug conjugates for solid tumor cancers.
• Think of it as an early-stage Genentech, entirely dedicated to pioneering next-generation antibody-based therapies for solid tumor cancers.

• BA3011: A conditionally active biologic (CAB) antibody-drug conjugate (ADC) for soft tissue and bone sarcoma tumors, non-small cell lung cancer (NSCLC), and ovarian cancer.
• BA3021: A CAB ADC developed for multiple solid tumor types, including NSCLC, melanoma, and ovarian cancer.
• BA3071: A CAB anti-cytotoxic T-lymphocyte-associated antigen 4 antibody targeting renal cell carcinoma, NSCLC, small cell lung cancer, hepatocellular carcinoma, melanoma, bladder cancer, gastric cancer, and cervical cancer.

As a clinical-stage biopharmaceutical company, BioAtla (BCAB) is focused on the research and development of its antibody-based therapeutic candidates for the treatment of cancer. Its lead product candidates, such as BA3011, BA3021, and BA3071, are currently undergoing clinical trials and have not yet received regulatory approval for commercial sale.

Therefore, BioAtla does not currently have "major customers" in the traditional sense who purchase its therapeutic products. Its primary activities involve conducting clinical trials, securing regulatory approvals, and pursuing strategic partnerships or licensing agreements for the potential future commercialization of its drugs.

Jay Short, Ph.D. Chairman, Chief Executive Officer & Cofounder

Dr. Short is a cofounder of BioAtla and co-inventor of its patented Conditionally Active Biologics (CAB) platform. He also cofounded Diversa Corporation (now BASF), where he served as CEO, President, and CTO from 1994 to 2005, leading its public offering, which was the largest biotechnology IPO at that time, raising over $200 million. Prior to Diversa, he was President of Stratacyte, an antibody engineering company and subsidiary of Stratagene, and served as VP of R&D and Operations for Stratagene Cloning Systems. BioAtla's successful IPO in December 2020, which raised over $217 million, marked the second company Dr. Short successfully advanced from founding to IPO. He is also a cofounder of Capia IP and a founder of the E.O. Wilson Biodiversity Foundation.

Chris Vasquez Chief Financial Officer

Mr. Vasquez was appointed Chief Financial Officer of BioAtla effective March 2, 2026. He has over 20 years of finance and business experience working with both public and private companies. Prior to his appointment as CFO, he served as BioAtla's Chief Accounting Officer, Controller, and Corporate Secretary since 2024, and was Corporate Controller from 2015 to 2024. His earlier experience includes seven years at Cricket Communications, through its acquisition by AT&T, where his role expanded to Associate Director of Accounting, and he began his career in the audit practice at KPMG. Mr. Vasquez is a Certified Public Accountant in California.

Eric Sievers, M.D. Chief Medical Officer

Dr. Sievers serves as the Chief Medical Officer at BioAtla, overseeing the company's clinical development programs.

Sheri Lydick Chief Commercial Officer

Ms. Lydick is the Chief Commercial Officer at BioAtla.

William Boyle, Ph.D. Chief Science Officer and VP Translational Medicine

Dr. Boyle holds the position of Chief Science Officer and VP Translational Medicine at BioAtla.

The key risks to BioAtla, Inc. (BCAB) primarily revolve around its financial viability and the inherent challenges of clinical-stage drug development.

1. Financial Instability and Going Concern Risk

   BioAtla faces a critical cash crunch, highlighted by its limited cash and cash equivalents of $8.3 million as of September 30, 2025, against a Q3 2025 net loss of $15.8 million, leading to an "imminent going concern risk." The company's cash runway is measured in months, and it reported negative shareholder equity. This precarious financial position is further underscored by a significant restructuring announced in March 2026, which includes a 70% workforce reduction and the initiation of a formal process to evaluate strategic options to monetize assets. Without securing additional substantial funding, BioAtla's ability to continue operations is severely threatened.

2. Clinical Trial and Regulatory Approval Risk

   As a clinical-stage biopharmaceutical company, BioAtla's success is heavily dependent on the successful outcome of its ongoing and future clinical trials for its product candidates, such as BA3011, BA3021, BA3071, Ozuriftamab Vedotin (Oz-V), and BA3182. There is a significant risk that these candidates may fail to demonstrate sufficient safety or efficacy in clinical trials, experience delays, or encounter difficulties in obtaining necessary regulatory approvals. While there has been positive news regarding FDA alignment for the Phase 3 trial design of Oz-V, this does not eliminate the inherent uncertainties and risks associated with clinical development, including the potential for setbacks that could jeopardize the company's future prospects.

3. Dependence on Strategic Partnerships and Financing

   Given its severe financial constraints, BioAtla is highly reliant on securing strategic partnerships, licensing agreements, or other forms of external financing to fund its research and development efforts and advance its pipeline. The company is actively exploring various strategic options, including asset sales, licensing, and partnerships, to maximize shareholder value. The failure to successfully negotiate and finalize such a transaction in a timely manner could exacerbate its financial challenges, lead to further dilution for existing shareholders, or even force the company to cease operations.

Expected Drivers of Future Revenue Growth for BioAtla (BCAB)

Over the next 2-3 years, BioAtla's revenue growth is expected to be primarily driven by advancements in its clinical pipeline and strategic partnership activities, typical for a clinical-stage biopharmaceutical company. Key drivers include:

1. Advancement and Potential Accelerated Approval of Ozuriftamab Vedotin (BA3021) in Oropharyngeal Squamous Cell Carcinoma (OPSCC): BioAtla has achieved FDA alignment on the Phase 3 trial design for Ozuriftamab Vedotin (Oz-V) in second-line plus oropharyngeal squamous cell carcinoma (OPSCC), which offers the potential for accelerated approval based on dual primary endpoints. The estimated worldwide peak sales potential for Oz-V in this indication is approximately $800 million, positioning it as a significant revenue opportunity through potential commercialization or partnership agreements following regulatory milestones.
2. Strategic Transactions, Collaborations, and Licensing Agreements: As a clinical-stage company, BioAtla's revenue is heavily influenced by collaboration and licensing agreements, including upfront payments, research funding, and milestone payments. The company is actively pursuing and is in "advanced stages to finalize a strategic transaction with a potential partner by year-end" (Q3 2025). A recent investment agreement and exclusive license agreement with Inversagen AI and BA 3021 SPV for Oz-V also demonstrate this strategy to fund its Phase 3 program and operations. BioAtla also received a $2 million milestone payment from Context Therapeutics in October 2025 related to license progress for a dual CAB Nectin-4 TCE.
3. Clinical Progression and Partnership Opportunities for Mecbotamab Vedotin (BA3011): Mecbotamab Vedotin (BA3011) has demonstrated promising median overall survival data of 21.5 months in soft tissue sarcoma, which compares favorably to existing approved agents. The company is also preparing for discussions with the FDA regarding a potentially registrational Part 2 study for BA3011 in AXL-positive non-small cell lung cancer (NSCLC). While commercial launch may extend beyond the immediate 2-3 year horizon (with some analysts projecting 2027 for sarcoma and 2028 for NSCLC), successful clinical milestones and subsequent partnership agreements for this asset could generate significant milestone payments and collaboration revenue within the forecast period.
4. Milestone Payments from the BA3071 Partnership with BeiGene: BioAtla has a global licensing agreement with BeiGene for its CAB CTLA-4 antibody, BA3071. Under this agreement, BioAtla is eligible to receive near-term development and regulatory milestone payments, in addition to tiered royalties on worldwide sales. Continued progression of BA3071 through its Phase 2 development across multiple solid tumor indications is expected to trigger these milestone payments, contributing to future revenue.

BioAtla (BCAB) Capital Allocation Decisions (Last 3-5 Years)

Share Issuance

• BioAtla has seen a notable increase in its shares outstanding, rising from 33.9 million in 2021 to 58.74 million at the end of 2025 and continuing into March 2026.
• Equity issuance has been a source of funding for the company, as its operating cash flow of -$57.07 million was outpaced by $9.36 million in equity issuance, indicating a reliance on equity markets for operational funding.
• On January 30, 2026, BioAtla announced a formal process to evaluate a 1-for-50 reverse stock split, a move aimed at addressing Nasdaq's continued listing standards.

Inbound Investments

• In December 2025, BioAtla and GATC Health entered into a $40 million Special Purpose Vehicle (SPV) transaction to advance Ozuriftamab Vedotin (Oz-V) into a Phase 3 clinical trial.
• The company secured agreements for up to $22.5 million in flexible financing during November 2025.
• For fiscal year 2024, BioAtla reported $7.3 million in collaboration-based revenue.