Bioatla, Inc. (BCAB) is a leading international biotech firm which develops reversibly active monoclonal antibodies and protein products for treating different oncological problems. Company’s two leading programs which are in Phase 2 clinical trials include mecbotamab vedotin or BA3011, for treating soft tissue and bone sarcomas and NSCLC, and ozuriftamab vedotin or BA3021 for NSCLC and melanoma. BA3071 is used for treating renal cell carcinoma, bladder, cervical and gastric cancers.
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The price of BCAB stock during the regular trading on January 10, 2022, was $15.77 with a slight downfall of 2.17%. At last check in the aftermarket, the stock climbed by 3.04%.
BCAB: Events and Happenings
On January 10, 2022, BCAB reported about its entry into a collaboration with Bristol Myers Squibb for the investigation of leading candidates of the company, BA3011, and BA3021, in relation to Opdivo which is anti-PD-1 therapy of Bristol Myers Squibb. Both the drugs are thoroughly studied in combination with Opdvio.
BCAB: President Comments
Speaking at the occasion, BCAB president Scott Smith said that the company is looking forward to supporting its strategy to vigorously develop treatments in unmet medical need patients. He further added that the company underscored the wide applications of its CABADCs for providing benefits to patients with different tumor types.
On December 21, 2021, BCAB reported about the appointment of Edward L. Williams to the company’s Audit Committee of Board of Directors. He had wide-ranging experience in the biotherapeutics industry.
BCAB: Key Financials
On November 15, 2021, BCAB reported its financial results for the third quarter ended September 30, 2021. Some of the key updates are as follows
Net Loss
Net loss for the third quarter of 2021 was $22.9 million as compared to the same period of 2020 when the net loss was $11.6 million.
Assets
Total current assets for the third quarter of 2021 were $45.2 million.
On September 29, 2021, BCAB reported about its entry into stock acquisition agreements in relation to a private placement of its common stock. BCAB issued 2.7 million shares of its common stock for the acquisition price of $28 per share. The acquisition resulted in gross proceeds of $75.0 million to the company.
Conclusion
As compared to past six months, BCAB stock is 61% down due to the prevailing pandemic situation which hurdled the economic activities. The current soaring in the stock price is the outcome of the company’s association for a new business venture with renowned Bristol Myers Squibb. The analysts are considering that this venture will prove groundbreaking for the company’s stock worth.
