BioAtla, Inc. Q4 FY2023 earnings call

• Progress in 2023 across clinical programs, including Phase II trials for BA3011, BA3021, BA3071, BA3182. - BA3071 Phase II data at 350mg shows low AEs, higher dose 700mg with tocilizumab cleared, enrolling at 700mg in first-line melanoma and NSCLC. - BA3021 Phase II trials in ROR2 agnostic populations with data readouts expected in Q1 2024. - BA3011 Phase II study for UPS on track, with antitumor activity observed. - BA3182 Phase I/II study ongoing, full data readout expected in H2 2024. - BA3361 to present efficacy data at AACR 2024, including complete tumor regression in xenograft models.

Financials: R&D expenses for Q4 2023 were $22.7 million, up $0.8 million from Q4 2022 due to clinical development; G&A expenses were $5.9 million, down $0.8 million from Q4 2022. Net loss for Q4 2023 was $26.9 million vs $27.6 million in Q4 2022. Cash and cash equivalents as of Dec 31, 2023 were $111.5 million vs $215.5 million as of Dec 31, 2022. Product segments: Discussed various CAB-based therapies like BA3071 (CTLA-4 antibody), BA3021 (CAB-ROR2-ADC), BA3011 (CAB-AXL-ADC), BA3182 (dual CAB biospecific T-Cell engager), and BA3361 (NextGen CAB-Nectin4-ADC) with ongoing clinical trials and upcoming data readouts.

• Rick Waldron expects cash utilization to decrease in first half of 2024, with current cash and cash equivalents funding operations into second half of 2025. - Jay Short highlights milestones in Q2 2024, including initial data readout from BA3071 Phase II, BA3021 top line update, and evaluation of clinical benefit in BA3011 NSCLC study.

Forward-looking statements subject to risks like uncertainties in clinical trial results, regulatory approvals, cash sufficiency to fund operations and R&D expenses, as detailed in SEC filings.

Q: Dev Prasad asked about BA3011 in UPS, including FDA meeting expectations and indication focus.

A: Sheri Lydick said the FDA meeting is focused on UPS, discussing efficacy and tolerability data; Eric Sievers mentioned plotting a registration path based on response rate and durability.

Q: Kaveri Pohlman inquired about CTLA-4 first-line melanoma and NSCLC trials, and EpCAM CD3 biospecific trial.

A: Eric Sievers said enrolling 15-20 patients in each first-line cohort; Jay Short noted EpCAM is robustly expressed in adenocarcinomas, no need for target enrichment.

Q: Arthur He asked about BA3071 dose escalation and rationale for Nectin-4 ADC.

A: Eric Sievers explained dosing at 1 gram every 3 weeks, aiming for high CTLA-4 blockade; Jay Short discussed Nectin-4 ADC's superior efficacy vs enfortumab vedotin in pancreatic cancer models due to novel linker technology.

Q: Reni Benjamin asked about BA3071 dosing limits and combination trial metrics.

A: Eric Sievers said dosing at 1 gram every 3 weeks, aiming for better efficacy and tolerability than current standards; Sheri Lydick mentioned aiming to be meaningfully better than current SOC in melanoma and NSCLC.