Earnings call transcript Q2 2023

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Operator

Greetings, and welcome to the BioAtla Second Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Mr. Advisors. LifeSci with Mackle Bruce Thank you, Bruce.

You may begin.

Bruce Mackle

Financial operator, on the you, Chairman, and Waldron, and Dr. good today me CEO Chief Richard and With everyone. Co-Founder; phone Short, afternoon, Jay Thank Officer. from are BioAtla

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candidates; made in filings that actual results report cause the can to quarterly Form regulatory clinical business partnerships, the path we expectations this are trials statements whether uncertainties in the the and and R&D future research submissions, trials; licensing, milestones, selective and meetings for and of to potential to XX-Q. and cash conference Before registrational, results, including, the about risks, of and achievements prospects, development remind enrollment to subject are materially other progress and during potentially expectations include equivalents collaborations programs regarding of strategic be and its These will regulatory its plans and statements on and regulatory clinical clinical trials, BioAtla's trials, forward-looking and expected statements, timing made to, respect like sufficiency SEC, updates, plans data most I'd described assumptions call and it's limited conduct, but various will product its expectations potential differ cash including everyone approval and begin, G&A with its not that clinical regarding dosing with expenses. statements

reliance events circumstances, to XXXX, update required forward-looking August except future You information, by law. any on are which BioOutlet as only today, or and reflect not to such place statements, statements X, of speak these disclaims undue to cautioned obligation as

like With that, turn to I'd over the call Jay? to Short. Jay

Jay Short

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well. several Additional as for meetings upcoming abstracts been have submitted

turn to Rick? like Rick financials. over now the would to to I that, review XXXX the second With quarter call

Richard Waldron

Thank Jane. you,

in into equivalents compared all As expect be to planned and of XXXX. as cab XX, fund cash of had we cash including operations, current product XX, and million programs development $XXX.X will we December XXXX. The -- $XXX.X sufficient XXXX, June ongoing equivalents million to cash cash

cab Japan. all and U.S., control we market reminder, a product Europe in the As rights

the through commercial regulatory advancing in cash includes or rights approval extend our key selective territories runway markets of provide royalties other create to commercialization that global additional strategy product opportunities licensing certain with generating milestones and business also us by and collaborations exploring and biopharmaceutical to Our preparations stockholders. upon in to companies value while could cash development upfront

XXXX, of $XX.X of loss For compared XX, the ended a million second XXXX. period in we net quarter to of $XX.X million June net same loss a reported the

for in $XX.X XXXX. The Research $XX.X XXXX, and $XX product were driven preclinical and to expenses June primarily the efforts. second million million increase development ended of XX, was compared period the for million by development our clinical quarter same

to the decrease in attributable quarter $X.X our $X.X expect to for million expenses in our to quarter General change generally and invest clinical expenses from was programs. and in ended for increase a million for administrative variable XXXX to quarter-to-quarter compared the continue R&D were various period. and million product our advance we XXXX candidates remain as The We administrative activities XX, R&D the June XXXX. expenses to $X.X same

as first first the XXXX cash company. our G&A to same asset activities in of XX, in period net ended focused our operating portfolio, million support satisfy of X expect Net an used research development the increase June months increase the requirements months our operating is related was in $XX.X intellectual net The and in in of our candidates, product activity public increase operating used We activities BAXXXX for in cash for expenses cash development X to moderately property XXXX, XXXX. activities XXXX. development to for pre-commercialization compared as compared for program efforts advance months the of to support expenses due primarily used X our a and to $XX.X million to

to And now, back Jay.

Jay Short

you, Thank Rick.

cumulative platform. and preliminary are have both the to we results safety with efficacy date We from pleased continue support of to progress differentiated our made proprietary that the CAD

cohort evaluating lung and for year-end. the frequent refractory non-small high in We the from intensive will cancer data inflection confident with other impact and of the continued regimens. DLTs clinical and cell to the execution goal studies with compelling emerging also are our with BAXXXX-CABCTLAX, addition We're to clinical particular, assets, that of dose we in milestones are encouraged eager excited more needs cab with future significant by our patients our of profile start is in value-creating II positioned shareholders observed our of the the promising treatment UPS no several fifth Hiyremains clearing are points and have worldwide. reach about key well that by pursuing medical unmet feel indications the Phase

back that, your With turn questions. to the it take we to operator will

Operator

you. Thank

question Kelly [ph] We our will And now a Jefferies. question-and-answer be is from first session. conducting [Operator Instructions] Shi with

Unidentified Analyst

of the a make you I to have on Jefferies. kind RPXD? include bit have question This that on what you on a talk submitted Can is And FDA? data request Dave decision it a data more enough the to does you provided FDA. to little from

Jay Short

I mean trial, basic the update we on I basically a design single-arm with maybe, what provided things Eric, you trial, to might to both a we’ve respect a add is related think we date. that. bit want FDA of And and Yes. approached little a to randomized it’s more and that really whether have to a study with questions

Eric Sievers

Sure.

II whether agency. we've about recommended dose, data a Phase to was believe. question presently, we've And Your submitted regarding provided questions the I

briefing information about dosing Jay some the study features. our as randomization, preparing anticipate We of design Just those mentioned book. in had overall the regimens more regarding

Unidentified Analyst

How do forward both you And PFS? data the many follow-up? you for bar to internal thing. And any patient or expect have one in more right. include to All do move ORR

Jay Short

Eric, start do that you with want to one?

Eric Sievers

Sure.

the provide as dose our more corporate Optimis. We have in dose-intensive are by of that the at levels, deck a part end agency those shown to multiple data can of evaluating patients and analysis of the year as fulsome regimens, we’ll I project including a anticipate the we

Jay Short

basically X every add other and XQ And week as would testing well then that the XW I the XQ we're different doses as debut.

bit data our the QX, more going and And on but how for so little have have doses it. to we'll of a data for believe the approach go-forward we're we'll sufficient decision all we

Operator

JPMorgan. And next our is from question with Brian Cheng

Brian Cheng

couple a first on XX. us. Just Maybe XX from

consider Given collaboration or could potential What when opportunities how thoughts the do in a think the prioritization decision. number factors here built making your you molecule, is for that of potentially the consideration? latest on of to this partnership

Jay Short

these kind think decisions, making I to of across we're the we're going When looking Yes. Brian, be entire portfolio.

lone axle to We where in have indications and axle more should the the to many a fact weigh at data the forward take how comfortable same I evaluating safety-wise, time. think in we're we indications lung, also that board that also across be related we're indications. where and the lung going all We'll that's very to feeling to things are across and the be

ovarian of in interested think to head I'm see the lung. accumulating as the I on expect very and Likewise, the personally, still at And patient cancer that of by way, data. data today. the axle we -- know we I dosed MOREX to as a least see haven't seeing We're on line out. crossed course, see write-up time at we're track of reads the yet, So -- how we footnote, both melanoma And script, a well. on just but a to

which that's and see ahead. think going expected, little that's a nice as it's to And nice truly it's going, so we us picture there maybe I to well, a give but

most So companies we more have indications that drug overall, I more opportunities and think have.

to does. well. partnering pick us really it And that to gives opportunity as and best an got freedom ones some advance the you've for also So

if don't I to but don't add know else a I know maybe it, to high-level So you obligated. want anything you response, feel and that's Sheri, maybe don't

Sheri Lydick

covered I you. it, No, think you Jay. Thank

Brian Cheng

Yes. cohort color Maybe far Phase clinical potential about fifth how the cohort? just on so for think Any one activity more just And expansion should dose on the the indications we XXX. II dosing? with

Jay Short

with already. happy with getting encouraged we're any seeing readouts and wise, but safety the and mean, I that the specifics, data We're Yes. also very very into that. without we're

that so responsiveness we we're different to have all across I we And and recall in think some to this that as you'll we're said to CTLA-X. indications, X be. about I continue say, excited testing asset, script, the would And known

And we're ones certainly on we're to analysis so we've think think indications. and of out are view. fair how I but going that wouldn't tighten any bit ruling to take next which a be point, the likely at done -- I we this forward, I see out reads cohort But

combination asset would evolving now think, is like data them and mg we're per have clearing kg not there some and I the I X with next be patients better, the However, this really that dosed level. the with and at already great prefer kg PD-X or list an the and per a because we I have to mg would this opportunity, seeing X then

ongoing. it's So

add it, should opens future like has therapies. combination door the I many with therapies. thing way just other PD-X done CTLA-X for analogous in it that is about Brian, one up so nice And also different that

help can’t just those about addition one PD-X [ph]. and back So with to possibilities think but in combining sit

Operator

next question from Our Pohlman is Kaveri BTIG. with

Kaveri Pohlman

Phase be you'll complete do the schedule of Any relatively will study? Thanks. these allowed sample data some able And selection patients won't trial; from color it's will trial? or that of you when efficacy be II the pivotal size. frequent you the be small right reporting part cohorts to think since dosing after be a on

Jay Short

the our loans, data, -- do a have to to forward of going this half for more we Well, make plan enough the year. registrational for well, this anticipate talking study data if about we'll dosing we're frequent

to provide to the week more We're the meeting an meeting. on potentially on or meeting at We communication dosing other as year. a after dosing. lung. data are for on report down that get not this those, and further to frequent to Asan and where both now, our accepted. that that out and take of we'll have et sufficient until update that as then might in asset going we of with prioritization every intend us MOREX report once standpoint -- line what reporting the the we'll want what The on hopeful ROI, the intend we identified cetera. our to That's on formally for registrational across next to certainly well the we both we we from forward believe have that. But studies, the is affect we later on we track data to year want on we're get UPS, axle ovarian that's course, And for portfolio, both be registration the partner, allow the medical

on Phase can our those meetings readouts. of years the medical to that actual we giving to is sure head – we’ll as this to in course, some certainly not But but as the align to ORI where sense going we’re going out year. that with a we’ll a Phase think trying routine for we’re study efficacy and we’re as most prioritization guide of going I’m be updates we’ll to year, well. also I our this on be report probably we’re progress II as we plan, – with X. of also in as into – But as little bring The the of on on on readout many I CTLA-X, to reported data have bit we’ve earlier think

Kaveri Pohlman

you you results ovarian have it. on And can mentioned that And us have completed tell be provide been able long results, you how enrollment. cancer then treatment? But That's any patients believe on the for to Got these will I you durability? very helpful.

Jay Short

on and these maybe everyone, give started to I'll have timeline. just these better are Well, I feedback allow But studies. the Eric IIT time remind ago, some

on we're -- the data actual the So ourselves. waiting

all know IT to the times. that we started you not we're in have maybe get things So a come when fully know is studies. too -- mind the should by snapshot. We nice We've board been want they're so in keeping future. sense But on far patients we it at off different Eric, have a told enrolled,

number. more a give color you it's to specific do add some hard to it? want Eric, But So to

Eric Sievers

that trials in Canadian for started protocol different I RORI XXXX We characterized AXL. Jay, really and enrolling you’ve working the I other at in patients protocols. for with well. different asset had we think the a times X started group mature the mean, X back and Then about different regimens, the the clinical one this.

looking We data to these seeing forward well. are as

Jay Short

little that's get study but earlier on less we'll think some way latter in will that patients it I the insight the a the works. Obviously, durability. the than have ones,

Kaveri Pohlman

Besides any population best continue for score Got to your schedule, the to of plan need you it. terms And tumor to that tests? do last dosing make in explore you patient exploring confirm one. each treatment? expect And maybe a type responds the Axel to companion also diagnostic the expression or to changes

Jay Short

we think X% though, forward I earlier we in just companion I PR at least lung. -- shape. at good at had path diagnostics out the would X we in was say reported that think TMPS the score I year level the

into exploring too and that's certainly without further getting yes, evaluating So mind, we a details our are on at things. point. this But many we're bit

Kaveri Pohlman

you. Thank

Operator

from our question next with And He H.C. Wainwright. Arthur is

Arthur He

for had – a update. data I the XXX so

give be cycle dosed? X us kilo we to the want What’s you combo? the could average that of X mg in the current per So

Jay Short

June. time something may I reported can't think that. like losing think them we that And our kind very of at It in of have long out some May because mentioned also were June, be in conferences I we just we frame, the

to seeing. only think encouraged few it can expect So a months. with general, we're But I in be we're that what

Arthur He

Okay.

Jay Short

time, some by those happened gone that over should have the those to cycles normally that levels X earlier I Arthur, add, but quite to several X way, though, attainable. on just and have well are the at And for be of earlier we

Arthur He

is mg there it’s yes. the already dosing? I combo XX see, I in dosing per see. monotherapy stage the And the reached or for kilo,

Jay Short

see information made going status. that's all has -- to -- know have and We give it's think we're just But a I don't so I I the let's know we right it, have here. about don't I now. more don't but how much -- plays one precise

Arthur He

on program. my Sure. No worries. SCM is And question then second the

on progress. the congrats So

for so year, what update, we And the of could for kind set next expect? study? that enrollment the And for the on the that data you some we give data first the could expect regarding update update

Jay Short

roll which Well, centers, had across. to we the remits active out across many

And we’re know be happy we that’s that so just timeline, CTLA-X, I that. little update to basically rolling. on the I it similar we’re bit too But to certainly because don’t start doses first going it. we should think relevant. our to ECXX think would And clearly, fits towards, we’re year up but and and handling think would able give to start It But they’re when we as now. much on early track insight we’re don’t next we’re expectations, will where right looks – as – give communicate seeing say, I I the we’ll everything on be on how probably would I less be for more efficacy march we a

So and exciting question. asset, – that’s no an

Arthur He

progress. the on Congrats

Jay Short

you. Thank

Operator

next you. Thank Tony our is from And E.F. Hutton. question Butler with

Tony Butler

-- is I move cohorts question would saying, to forward one. guess, corporate you in lot of to X-ish on to a you you enough I'm forward X-ish -- tells Jay, The is patients need done that are you've you you is with please. said questions two than you actually or will to though, do another, at have which you One QXW. with whatever really -- you mg that what durability anyone is, what those XXX that you cohorts. notion X the work on XXX, X X move each be presentation. may wish two of your in stated limited better X Number

Jay Short

comments? What do X limited to mean you

Tony Butler

or for potential whatever. in That selected expansion for the RCC X example,

Jay Short

Okay. Yes.

around lively point, asked exact I I’m you it. kind Tony. that think a glad have we of discussion

pretty going the – that more – not reason was mean think there don’t confident I decent looks X. the we’re to we could too argument too. I and that And to be – X think set I that now, than mean consider do say for I don’t we’re couldn’t But doing up a more. solid. to because we’re

to you’re up but what mgs dose haven’t with able got X with we’ll that a PD-X. X mg at got we’re I it X per a on to think to one’s kg kg I the fact PD-X respect seen, to be and goes with end the least remains durability, that to the we and now the think XX-meg and and plus territory. side at love This see just and close at it’s people you DLT uncharted on patients where dose with per

it highlight adjust for You adjust – and is We I this like advantage I’m going things. it’s really PK for think to CAP is powerful I technology. going. where few other asset And a hopeful of will what think the

Tony Butler

know. XX.XX to is XXX to effect you efficacy XXX, but Within to even fact say, statement, is the reason say let's any dose, we gives assume, that -- -- may the the really the that notion though real side notion don't a is Any despite Xx there there you -- for added that profile... sake discussion, of

Jay Short

Well, from it I know other... we think

Tony Butler

[ph]? Manage

Jay Short

Yes.

could translate that manage there’s question. can fair studies one, higher that. one with you a better was in get of combination actually from could the for And bit dose if literature PD-X. PD-X. and/or with is objective. you the know past case original That’s That’s cycles, patients you that. more you think there And the with not I or we, number think I if with increase a on Could And CTLA-X, you if as to do you potentially could – if other dose X things, the keep safety. outcomes CXX, to much around support quite

a And could to the combination is, therapy cycles second third question precipice with X of we beyond get answering. already And question mg on a in And plus the see could to answered the we CXX mgs we’re months. the we’d what And we readout The of with I for X it more we’ve that’s X of X was, course, cleared. portion a that few think do like PD-X? both.

And encouraging these frame right I think to this at at have but great additive, of all a we’re things it. later here forward the time I’m hopeful to are we’re year. answer. So going going we’re look

Tony Butler

Very helpful.

Operator

from next our is Securities. Benjamin And you. with Reni Thank JMP question

Reni Benjamin

that you about many proportion the talk of X epidemiological in using tell mentioned about patients real studies of of the this You little how RORE we numbers positive you identified you get bit that? patients a liquid and the kind from biopsy. identified? tumors versus the And ROI kind Can world the what does were

Jay Short

IHC melanoma, biopsy, number, sold transition approximately rate. double-digit the histochemical kind that certainly to it's In haven't definitive you'll positivity you, using given -- we we a liquid RORI it's in but can interesting. for positivity Yes, melanoma of recall X% an we rate I tell assay as

it's clear a so of biopsy that -- level, to around that a the are positive because -- more we're to patients. this but pick probably validation lower seems sensitive more able has a patients assay at to or be lot being So seeing more we've it liquid up done sensitive

So that's it's goes beyond assay. to an much that the easier fact advantage that that perform

studied easier partly So across can of X in had you're start I one to were had patient. patients study. course, X think to then it a valuable and had And on to Phase patient the patients that than patient II the every more the go board a if get patients we lot I. come of evaluable only a that wanting in a positivity up, to is to certain lesson come had the the we in here you only has biopsy X -- positivity take lot draw sensitivity. study. assay a tumor the low that rate. It's is move valuable Well, do Phase because the in blood to get We rate from going that

that that you allows there lot is history ADCs, activity. to saying what reaction. that can wide be is, But of see of with remaining threshold question there’s that a The a range

And so in we PR that our teens, we like and in neck, first head on TPS saw in the as teens score dose. a saw something the the right

to and positivity answer number next a rate story do see to future. response should maintain larger that we The patents able biopsy long is strong be this in a answer us allowing short, in this liquid we’re of to hoping a is So near the we group, standpoint. question from

Reni Benjamin

liquid have other Got kind melanoma this before I've now to that quite it. past, the may how this kind the do see but you're you that asked before, or out you this other do patients, And with wait think think dosing testing the of indications, reads you you -- biopsy? with these of robust have indications you to a expression. Or said in I I

don't use to need the really we so assay. And

Jay Short

we Well need make research definitely rolling level these the I we at we out have including – in axle, are to covered – it. yes, areas, it other it if sure working think

to and the we’re keep mind, Well, at to in also on prudent do get we’re we’re be have moment wanting it got what or the that roll out until the to behind we to beyond we how to need manage the you wouldn’t more No, put – with you companion expense companion confirmation want to got our because that XXXX. might capital, However, into that do behind put diagnostic, forecasting things. means we you

Reni Benjamin

and developed is back seeing IST? do an is is Got brought it. keeping a would be it's really be versus ovarian this platinum kind data investigator-sponsored don't ovarian else, to One that if you so Phase What would something in-house need of me. it developed II hit see one study or patients. you final you the are it IND would to corporate an just somebody getting know, The academic by gas, XX like partner? to like as you in kind Or even an I this an that under -- of for indication

Jay Short

Well, ovarian we’ve had the us – corporate ask cancer. companies we’ve about had

second. see still forward So think fairly bar there’s because But answer is bit, but is going interesting this. is, low to cutoff I the cutoff data. will to What at linked be on it debated. particular you is moment field to that that of in that hard whole think at beyond a advance how to be I emerging it’s exact exact is to there. this little we’ll how And the the But depends is what interest take being terms the that, what out need

responses have a these get just say throw drugs Keeping if you’re I in own seeing though, I mean approved still our lot think would on quite so We and ORR. of XX% out, mind, in – viable that. PFS I’ll not I

all to well survival. have keep as – So I overall just we as

an it, mind. with to have look been we combination eye able a So these we keep it study keep ourselves all time. PD-LX. wouldn’t aspects we It’s upside. on and we’ll that But various it’s at have as at of of that an to in fund And

other. going read out an or interesting to one it’s be So the way

Operator

you. Thank

I closing Short the Dr. And the to session. of over Jay with turn back like would to end that, question-and-answer comments. have floor CEO, our We for reached

Jay Short

very here go with Well, fall at appreciate and got really today. everyone's speaking we you and other to active a attendance, your thank I but forward; forward we attention just up, we've look coming for as meetings venues and everyone

Operator

you. This teleconference. today's concludes Thank

You your participation. for lines at time. may this your Thank disconnect you

BioAtla (BCAB) 1 Aug 232023 Q2 Earnings call transcript