Detailed financial statements for BioAtla, Inc. (BCAB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
BioAtla Inc. is a biopharmaceutical firm currently in the clinical development phase, focused on creating highly specific and selective antibody-derived treatments designed to combat solid tumor cancers. The company's primary experimental therapeutic, BA3011, is a conditionally active biologic antibody-drug conjugate (CAB ADC) being investigated for its potential against soft tissue and bone sarcoma, non-small cell lung cancer (NSCLC), and ovarian cancer.
Analysis Summary
BioAtla, Inc. reported revenue of $2.0M in the most recent fiscal year, growing at a 5-year CAGR of 36.1%.
Trailing-twelve-month margins: gross margin -4.2%, operating margin -372.1%, net margin -370.0%.
At the current price of $1.74, BCAB has negative trailing earnings (P/E not meaningful) and an ROE of 89.25%. Market capitalisation stands at $3M.
Balance sheet quality for BCAB: current ratio of 0.4, net cash position of $918000. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $10.6M | $5.2M | $429000 | $250000 | 0 | 0 | $11.0M | $2.0M |
| Cost of Revenue | $26.3M | $25.9M | $19.9M | $58.3M | $1.2M | $1.2M | $925000 | $43.1M |
| Gross Profit | -$15.7M | -$20.7M | -$19.5M | -$58.0M | -$1.2M | -$1.2M | $10.1M | -$41.1M |
| Research & Development | $26.3M | $25.9M | $19.9M | $58.3M | $79.3M | $103.7M | $63.1M | $43.6M |
| Selling, General & Admin | $12.6M | $7.5M | $10.6M | $38.4M | $28.8M | $26.0M | $21.8M | $17.6M |
| Operating Expenses | $38.9M | $7.5M | $10.6M | $38.4M | $106.9M | $128.5M | $84.0M | $18.2M |
| Operating Income | -$28.2M | -$28.3M | -$30.1M | -$96.4M | -$108.1M | -$129.7M | -$73.9M | -$59.3M |
| EBITDA | -$27.2M | -$27.4M | -$33.5M | -$94.1M | -$105.3M | -$122.2M | -$68.9M | -$59.2M |
| Interest Expense | $949000 | $1.6M | $1.4M | $3000 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$29.0M | -$29.9M | -$35.9M | -$95.4M | -$106.5M | -$123.5M | -$69.8M | -$59.6M |
| Income Tax | $204000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$29.0M | -$29.8M | -$35.9M | -$95.4M | -$105.3M | -$123.5M | -$69.8M | -$59.6M |
| EPS | $-67.00 | $-46.50 | $-53.00 | $-138.00 | $-137.00 | $-129.00 | $-72.00 | $-50.50 |
| EPS (Diluted) | $-67.00 | $-46.50 | $-53.00 | $-138.00 | $-137.00 | $-129.00 | $-72.00 | $-50.50 |
| Shares Outstanding (Diluted) | $431772 | $673272 | $673272 | $691225 | $778545 | $955551 | $971467 | $1.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 0 | $2.0M | 0 | $6.5M |
| Gross Profit | -$9.5M | $2.8M | -$120000 | $6.5M |
| Operating Income | -$13.8M | -$9.3M | -$8.8M | $227000 |
| EBITDA | -$15.7M | -$7.2M | -$6.2M | $18000 |
| Net Income | -$15.8M | -$9.8M | -$6.3M | $452000 |
| EPS | $-13.50 | $-8.00 | $-4.22 | $0.27 |
| EPS (Diluted) | $-13.50 | $-8.00 | $-4.22 | $0.27 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $10.9M | $3.7M | $238.6M | $245.0M | $215.5M | $111.5M | $49.0M | $7.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $12.7M | $4.5M | $240.7M | $247.3M | $220.4M | $116.4M | $51.2M | $8.0M |
| Property, Plant & Equipment | $3.9M | $4.7M | $4.1M | $7.0M | $5.2M | $3.1M | $1.2M | $5.7M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $16.6M | $9.3M | $244.9M | $254.4M | $225.7M | $119.7M | $52.4M | $13.8M |
| Accounts Payable | $2.0M | $5.1M | $2.5M | $1.2M | $4.2M | $3.8M | $1.9M | $8.2M |
| Short-term Debt | 0 | $9.7M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $9.2M | $26.7M | $32.3M | $19.8M | $23.1M | $28.3M | $14.5M | $21.9M |
| Long-term Debt | $15.0M | $8.4M | $682000 | 0 | 0 | 0 | 0 | $4.8M |
| Total Liabilities | $45.1M | $65.3M | $35.0M | $43.6M | $45.4M | $49.0M | $38.2M | $50.0M |
| Retained Earnings | -$118.6M | -$148.4M | -$90.9M | -$186.3M | -$292.8M | -$416.3M | -$486.0M | -$545.6M |
| Total Equity | -$28.5M | -$56.0M | $210.0M | $210.8M | $180.3M | $70.7M | $14.3M | -$36.2M |
| Total Debt | $15.0M | $18.1M | $682000 | $5.4M | $4.0M | $2.5M | $836000 | $6.2M |
| Net Debt | $4.1M | $14.4M | -$237.9M | -$239.6M | -$211.5M | -$109.0M | -$48.2M | -$918000 |
| Working Capital | $3.5M | -$22.2M | $208.4M | $227.5M | $197.3M | $88.1M | $36.7M | -$13.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $8.3M | $7.1M | $2.0M | $1.5M |
| Total Assets | $15.9M | $13.8M | $8.6M | $9.5M |
| Total Liabilities | $47.1M | $50.0M | $45.9M | $45.7M |
| Total Equity | -$31.2M | -$36.2M | -$37.3M | -$36.2M |
| Total Debt | $6.2M | $6.2M | $6.1M | $5.9M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$29.0M | -$29.9M | -$35.9M | -$95.4M | -$106.5M | -$123.5M | -$69.8M | -$59.6M |
| Depreciation & Amortization | $794000 | $860000 | $1.0M | $1.3M | $1.2M | $1.2M | $925000 | $373000 |
| Stock-based Compensation | $2637 | -$6403 | $3.0M | $25.1M | $14.6M | $13.5M | $8.9M | $5.4M |
| Change in Working Capital | -$9.7M | $25.1M | -$2.5M | $7.4M | $287000 | $4.7M | -$11.2M | $4.3M |
| Operating Cash Flow | -$35.3M | -$9.6M | -$36.3M | -$62.2M | -$90.4M | -$104.0M | -$71.9M | -$48.2M |
| Capital Expenditure | -$988000 | -$1.5M | -$590000 | -$924000 | -$268000 | -$98000 | 0 | 0 |
| Acquisitions | $19000 | -$5000 | -$19000 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$36.3M | -$11.2M | -$36.9M | -$63.1M | -$90.7M | -$104.1M | -$71.9M | -$48.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$9.9M | -$7.9M | -$5.3M | -$419000 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$9.9M | -$7.9M | -$5.3M | -$419000 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.3M | $1.1M | $956000 | $619000 |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -51.1% | -91.8% | -41.7% | -100.0% | -81.8% | |||
| Net Income Growth (YoY) | -2.8% | -20.3% | -166.1% | -10.4% | -17.3% | +43.5% | +14.6% | |
| EPS Growth (YoY) | +30.6% | -14.0% | -160.4% | +0.7% | +5.8% | +44.2% | +29.9% | |
| Shares Change (YoY) | +55.9% | +0.0% | +2.7% | +12.6% | +22.7% | +1.7% | +21.1% | |
| FCF Growth (YoY) | +69.3% | -231.0% | -71.0% | -43.6% | -14.8% | +30.9% | +33.0% | |
| Gross Margin | -147.5% | -398.4% | -4546.4% | -23209.6% | 91.6% | -2053.7% | ||
| Operating Margin | -265.7% | -543.6% | -7016.1% | -38576.0% | -672.2% | -2965.2% | ||
| EBITDA Margin | -256.3% | -527.1% | -7798.6% | -37627.6% | -625.9% | -2961.7% | ||
| Net Margin | -272.7% | -573.0% | -8357.3% | -38160.8% | -634.3% | -2980.3% | ||
| FCF Margin | -341.6% | -214.5% | -8607.0% | -25255.2% | -654.0% | -2410.2% | ||
| Effective Tax Rate | -0.7% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-84.08 | $-16.57 | $-54.84 | $-91.34 | $-116.48 | $-108.96 | $-74.05 | $-40.97 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $431772 | $673272 | $673272 | $691225 | $778545 | $955551 | $971467 | $1.2M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 89.25% |
| Return on Invested Capital | 318.00% |
| Return on Assets | -330.89% |
| Gross Margin | -4.15% |
| Operating Margin | -372.06% |
| Net Margin | -370.05% |
Financial Health
| Debt / Equity | -0.16 |
| Current Ratio | 0.20 |
| Piotroski F-Score | 1 |
| Altman Z-Score | -70.06 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -23.15 | -33.35 | -32.08 | -7.11 | -3.01 | -0.95 | -0.41 | -0.56 |
| P/B | -23.53 | -18.66 | 5.45 | 3.22 | 1.78 | 1.66 | 2.01 | -0.92 |
| P/S | 63.02 | 200.82 | 2668.76 | 2713.75 | 0.00 | 0.00 | 2.61 | 16.70 |
| Gross Margin | -147.5% | -398.4% | -4546.4% | -23209.6% | 0.0% | 0.0% | 91.6% | -2053.7% |
| Operating Margin | -265.7% | -543.6% | -7016.1% | -38576.0% | 0.0% | 0.0% | -672.2% | -2965.2% |
| Net Margin | -272.7% | -573.0% | -8357.3% | -38160.8% | 0.0% | 0.0% | -634.3% | -2980.3% |
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Explore sector: Healthcare · Biotechnology
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