BCAB - Earnings call 3 2023

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon, ladies and gentlemen, and welcome to the BioAtla Third Quarter 2023 Earnings Call. [Operator Instructions] Please be advised that this call is being recorded on Tuesday, November 7, 2023.I would now like to turn the conference over to Bruce Mackle of LifeSci Advisors. Please go ahead.

Bruce Mackle

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

to selected most to Form results in SEC, including prioritize various actual the risks, to and report subject and recent research in its data The plans uncertainties and Rick focus Q&A. corporate today's Chief financial third remind statements, the updates, and that we Officer, ended press indications its approval results, Chief regulatory and and assets; limited Sievers, strategic company's it's can and Dr. I'd results the its will filings copy cash like regulatory of will future registration, quarterly September are a on Officer; call plans These clinical materially regarding and in Jay expectations forward-looking Following on available for cause timing progress and update Eric website.Before during on the candidates; conduct, quarter clinical made Lydick, the include regulatory to to, business and are expectations about support other meetings conference development partnerships product trials, Medical a statements G&A call, whether with plans dosing are including, assets for path everyone BioAtla assumptions development this Earlier for expectations afternoon, and of clinical presentation business this prospects BioAtla's Sheri join with begin, XX, clinical statements of not and and to and and to the expenses. for and selected XX-Q. released made and expected trials programs R&D differ A potential that short its the and statements form release plans enrollment will respect regarding sufficiency but submissions. trials; described Commercial XXXX. collaborations and equivalents, trials, cash

are which turn and reliance to undue of by Jay? to to except I'd these call on statements, to X, not You the disclaims events future reflect XXXX, update Jay circumstances, statements cautioned or BioAtla obligation as forward-looking that, only law.With November speak required as like over any to Short. information, place today, such

Jay Short

we Thank everyone development you, the Bruce, and support avoiding critical we addressing attacking or platform of BioAtla opportunities. with one selected lives.As inflection unmet assets joining needs for approach while value a in market partners thanks and improve collaborations obtained XXXX in to of is CAB tumor for focus pharmaceutical have forming on the cells third prioritized can biologics call. active to maximize quarter accelerate our further CAB therapies the proprietary points and and programs. development the thereby that end novel for We us XXXX, across strategic with selectivity BioAtla patients' portfolio of believe of to our leader their data our oncology cells, earnings major to more conditionally continue several advancing development inventor using improved healthy CABS

BAXXXX. now presentation, provide I August, on of website. are company beginning quarter and related focused press since positions enhance shareholders.Additional us our both I'm in for value more our revised to which strategic our with that approach today's release details provide call believe our to also and We in available new available will going second better some are CAB-AXL-ADC, updates what to our

The response were cancer partial experienced XX.X% prognostic a therapy. at failure, treatment evaluable cancer patients EGFR non-small particularly of XX.X%. refractory response have lung non-squamous had had wild-type, note, lung Also, a to weeks. failure lung for group. responses XX study median Regarding failure our expression BAXXXX AXL who populations. of in observed poor AXL-positive observed monotherapy.Of previously receiving we of In experienced BAXXXX consistently PD-X prior rate Phase treatment with BAXXXX efficacy PD-X lines monotherapy the multiple the treatment previously of patients these Among lung II clinical who cancer cell objective was experienced in a patients cancer, and in patients defines X

believe multiple we refractory in responses this is group So treatment that clinically relevant. poor meaningful and observing prognostic

In observe at at profile, in safety addition multiple to to score benefit including PRs the continue X%. TmPS consistent we differentiated a clinical patients,

XQXW for potential We potential this quarter, benefits BAXXXX and later and the path a Sarcoma, anticipate XX in forward plan patients. registrational in up of BAXXXX formal clinical receiving dosing the of details lung that which also in presented more understanding exploring we we TmPS enroll and important interim believe Pleomorphic to we at month received December.Our event the II continue in are market UPS, patients. ongoing, AXL to be to negative Phase supportive FDA for our or is share IASLC We KOL registrational potentially Phase study for Undifferentiated written feedback is to cancer.Earlier regimen conference data cancer. the early verbal and for is II lung feedback this

decided in are consistent either with regimen bone Go of cohorts, advance criteria internal BAXXXX any which we our BAXXXX efficacy pleased regimen, sarcoma, to and several have have the meaningful observed across the subtypes, not regards to the osteosarcoma. and dosing other and yet Leiomyosarcoma.In soft compliance cohorts or liposarcoma this with We to synovial including due further tissue to is for the dosing sarcoma difference with in sarcoma suboptimal BAXXXX XQXW studies lack

in a at XX response/partial to innovative plan submit As patients or a medical reminder, previously or to is as medical to available data a criteria equal response significant All to weeks. to achieving cohorts are XXXX.As and our X with internal now priority meeting is greater life-changing defined complete communicated, rate XX% our cancer than Go highest to completed, we equal of or survival therapies needs. progression-free than unmet greater deliver

several tumor in solid BAXXXX. treatment-refractory clinical populations with responses asset, CAB-AXL-ADC observed multiple We have our now

the the We have study feedback design. FDA on cancer registrational lung also recently received BAXXXX from

Taken a a for believe to failure BAXXXX second one to continue significant and potential at patients agent our a therapy.Now BAXXXX, number active CAB-ADC asset, line that of in the treatment is tumors an treatment-refractory turning first-in-class of together, to who CAB-RORX-ADC. least prior experienced has the we of become

we disease.Notably, observed In study. the one before first X disease, Phase dosing observed XX% Phase patient early have patients to Phase our with our is tumor that patient, II head a dosing RORX treatment-refractory patients monotherapy a PR completed QXW have cancer applicable year-end. X of populations, which XX are patient at approximately to in stable reported study progressive populations. cancer expansion trials, volume II likely consistent a encouraging there and II regimen X which the now responses, regimen reduction with ongoing responses the and XQXW have at In to scan TmPS among up are the in XX across neck expand Phase I enrollment Phase melanoma uveal at in For lung particular, X was we evaluable with enrollment to we both melanoma and anticipate ] of regimen patients dosing and of melanoma clinical in studies, negative at [ the I and the QXW date complete

cancer have also of negative a of in RORX and X the at encouraging the in are PR Phase Phase in patient, II. responses We dose across the makes and with X XQXW which head new neck out observed at responses and XQXW TmPS first targeted I have by early study are remainder melanoma continuing also the There collect to ongoing scan patients data opportunity will had cohort in year-end. to the

and advancing we negative in AXL lung reduction, supportive did potential PR the we the data significant date, are more no a of is for not to is quicker internal desk. are expression head resulted on particularly portion neck We patient view dosing target melanoma meet of complete thus, patient, the enrollment population. not our patients these case do substantial In plan on explore and cancer enrollment from larger followed indication. in population.RORX track the which volume the data, terms which indication ongoing also to anticipated and the currently stable the our while for TmPS study.The RORX this target Further, opportunity of expressed biomarker patient target-agnostic at there and year-end, clinical we in patients, positive RORX maximize to QXW, these a benefit both responses been RORX recruitment to of observed by in criteria disease and cancer, not XQXW assay, and by cancer lung has and in patients tumor continue at analysis, melanoma view frequent retrospective dose observed all results applicable therefore to of benefit this internally to in a collect XQXW a assisted regimens of by we'll enrolling

not regimens with areas antibody, a in each in and Regarding explore need demonstrated Beginning our disease is represents at of CAB the internally commercial at which sizable CAB-CTLA-X indication.Now We dosing for on our patients currently BAXXXX unmet QXW opportunity. of other this ovarian to but advancing this for analysis BAXXXX promising XX IIT assets. plan to time our additional in treatment-refractory applicable this did BAXXXX, internal high dose. patients the meet cohorts criteria not interim do modest of control,

known in across particular, to in CTLA-X the have therapy from to monotherapy stay is safety date, manageable contrast we blocking a nivolumab. potential I/II treatment, events with be In We CAB-CTLA-X we and unique deliver tumors may progress. are and multiple the be stage being allow to to for tolerability encouraging continuing in is a evaluate longer to to design less immune-related continue responsive important in In approved and of profile. earlier observations tumor microenvironment. and types patients BAXXXX BAXXXX and benefit We to clinical achieve to reversibly immunotherapy.The this trial enables have Phase these tolerability conditionally conducted safety to CTLA-X follow antibody I adverse and tumor with designed active safety our Phase combination this and profile with an to efficacy patients believe antibodies, on

we II advanced of to our and Phase Dual-CAB track CAB-CDX announced our previously highlighted adenocarcinoma. the quarter, for remain that I'm was of x XX.Next track antibody that breast, nicely at for actively remaining the of enrolling next full R&D a brief BAXXXX. our and announced for patients. the of update, readout the that on the Day engager data to with through is I cab, completion study, believe today's And study anticipate Phase We the part I Phase on Study T-cell happy progressing year. cohort will we As CAB-EpCAM dose lung, escalation I to has enrollment tremendous data colon, potential first-in-class talk bispecific the to the have or most unmet last be report of pancreas study today's I subtypes across prostate.I'd corporate readout, with initiated potentially part on need treatment design like types we FDA and clearance out a adenocarcinoma, Dual-CAB of IND with Phase tumor update. We Phase our address December on which round multiple expansion common upcoming including

regulatory with BioAtla leadership BioAtla, Squibb, joined President, clinical of development Clinical instrumental development of His Pyxis Senior Ipsen and as practice, leadership Vice cross-functional we Bin clinical development First, early at XX President, Development Zhang will and Prior Recently, Bristol-Myers most in clinical Bioscience, activities as efforts at asset including management some strategic oncology experience he drug be coupled over responsibilities, track Development as recently interaction record and of Bin and advance addition our oncology with teams leading on Senior brings of to collaborations. Vice a known [indiscernible] drug of in assets. team. Operations. to his all Oncology, experience Dr. joining and with Head roles Head increasing years development. held focus Clinical late-stage

December. additional on IASLC We communities upcoming I'm BAXXXX with report presentation with which board scientific alone to on the progress in are at nivolumab BioAtla.And pleased or lung an medical have thrilled with abstract this was the Bin our patients with conference and in cancer, to combination finally, for with accepted

now X. upcoming XXXX KOL R&D We sharing the these turn to our CAB-CTLA-X, like asset third data on around December call to at Day CAB-AXL-ADC our would Moreover, Phase BAXXXX additional our event I look Rick on we financials. the review our and quarter Rick? to XX.With that, over will present December also at data details to study forward I upcoming

Richard Waldron

million and XXXX. for We September Thank $XXX.X compared million of the current fund quarter our programs ended of primarily $XX.X trial, December XX, to as million our in million in were will expenses, cash be to you, XX, by cash CAB and as for into increase a million XXXX increase product million planned was sufficient XXXX.Research Jay. $X.X XX, expect to equivalents of product operations a equivalents second potentially launch of cash $XXX.X clinical development development expenses same including UPS were the December prioritized Cash the half development driven of now AXL XXXX. to $XX.X XXXX million compared increase $X.X related $X.X in expenses. period the primarily and additional registrational and The

XXXX expenses million the increase change $X.X same XXXX. for We quarter-to-quarter enrollment decreasing programs, advance to and administrative then as compared was variable for and on XXXX for $X.X attributable expect from we professional the quarter our our expenses expenses remain to continue clinical complete were R&D to indications.General focus selected high potential The an and the period. to XX, $X.X million quarter after development we ended September services consulting in in million

first to increase to to million of operating loss to to and XXXX third a cash the CAB expenses of XX, development activities XXXX.Net for now, XX, of XXXX XXXX.And in development in the activities quarter used the in increase September compared an expect period our our is million used The the expenses X used ended to G&A program moderately ended flat September research compared our $XX.X of $XX.X back same Jay. operating XXXX net $XX.X operating was months to as in to for months for same net cash of $XX.X prioritized We for net the months million increasing support in million X first for remain was related in cash quarter programs.Net loss XXXX. due primarily activities efforts the to X development in compared

Jay Short

targets patients. innovative, Thank cases. life-changing cancer deliver compelling that you, to therapeutic formats Rick. We therapies BioAtla clinical and across platform multiple safety cancer demonstrate the most is and the in to efficacy CAB continues observed dedicated to challenging

that believe compelling maximize with major opportunity. and collaborations we there our therapeutics for pharmaceutical are both that result, a forming one mutually partners As strategic more opportunities or accelerate

can to to addition your that it will to In shareholder medical assets advancing address the value.With take advance discussions, will we questions. collaboration back to significant that, operator continue turn order to in unmet we maximize selected CAB needs

Operator

from comes from JPMorgan. question line first Your Instructions] [Operator Cheng the of Brian

Lut Ming Cheng

Given you the what the the us the treatment we that received And saw that extent the and can, can PD-X are now could the you you give verbal registrational patients. the on feedback terms from responses and EGFR get sense for that the wild-type a of AXL that expectations forward you failure of here path in forward and agency? path at December event? To

Jay Short

if I'll add. start, could maybe to Eric anything add he has

So for second gave both therapies. and actionable either items, clear very us and some third-line in they

for communication. And confirmation written so the just waiting the we're verbal of

it's hopefully, and have that, communicating think we detail little as soon we we'll in very far promising. be that this we that month, December. expect more in But As a helpful, later and that's

Lut Ming Cheng

we of you the about comment should can of can just also what the far details related durability you've regarding And And so that conference Okay. the response in seen talk expect level then presentation non-small the month, response? in cell? next to to on IASLC of you terms

Jay Short

you lead this do one? want on to Eric, off

Eric Sievers

Sure.

think standard Jay? including I can and be having presentation data we'll poster the plots, swimmers spider so a that. of sets, you anticipate pretty plots

Jay Short

I is -- add, obviously, have while Also monotherapy, our focus. would also will

of combination the our data therapy that look direct -- dosing for weeks. how patients remember and a on the maybe XX lung expert with And see their event and on in an a to the have some We And initial more we has frequent cancer next we'll on as we'll after in few and experience. will combo, data been that updated well. more, goes data treating the also patients the provide in day also also up KOL the

Operator

line And Pohlman your from next the question BTIG. of Kaveri comes from

Kaveri Pohlman

they initiating that integrin So for Phase ] for most in have announced one beta-X III ongoing? non-small also release, cell trial will lung targeting III should ADC. press that And their trial cancer, be Seagen [ Phase a their recent a we [indiscernible]

do target you overlap was level between expect thinking expression how just and AXL? if could what to I tell here? competition So you're of And you wondering TROP-X, the us beta-X about see

Jay Short

start or this. can I'll maybe Sheri add then Eric and off to

data. off, disease well We're I X% now and of We're AXL in TmPS both expression. of I at And as first groups also pieces seeing correlation So in multiple to look not at the RORX number think different negative from stable We've at a ADCs strong least can is, this RORX level. you think, responses lung responses level by responses observed cancer. ADC of seen patients. a studying groups, in with reporting

and now its level. of at think the have on just process based I assay of AXL own just IHC actual mean that the assay.And see by a So lower evaluating I'll right AXL IHC kind patients you that remind assay the because expression. sensitivity just frequency everyone you we're don't doesn't an in much negative has no It's

at AXL think to of that most being chance the the here. we difficult that and meaning treat, has remembering they patients median actual prognostic entire a difficult because opportunity It study, So the of X lines of of market AXL some poor a also, broadening positive. patients treatment, the the patients least this had time, a of a very maybe indicator, prior were our have all

we're a could to to that have and market going real there's -- impact the below find So which the to substantial of on and that a see significant data opportunity add our out going that there's some the likelihood X%, we're sets, drug. responses

little when is you positive set. when haven't -- data actual an into a cross-trial a So difficult we the gone others think comparison

have we'll clarify or anything.If question your more that broadly, And Eric Sheri will look question. no as so go on hope I [ and we answers we're data or ], forward. think to that add I going more

Eric Sievers

very characterized think that you Jay, Yes, well. I

Kaveri Pohlman

provide Okay. the for how you more when just if about And are how thinking thinking assay its stage moving you -- about use X you're assessment? use trials? expression are using pivotal And sorry, could details like its AXL any from you early about

Jay Short

of our not amount an AXL to of -- you course, on or of of people And it's amount immunohistochemical where cells. the the each have are assay a we've the the that on H number detecting using the lot level think expression is score versus of one looking the was I membrane. that -- therapeutic the an look expression that against expression on cancer been So used cell for selected AXL at number that's cells antibody specifically antibody,

has it so And an sensitivity. inherent

a So ones the such And believe path or think that with speak a be lines responses level that -- to nice we their it's ADCs.So uncoupled we for in at analysis, line. our the see do current look least possible in less but to additional these or moment, we let with indication patients, refractory of some expression forward are and have a if with finish that to at -- analysis. we to what's a even show have that as behaving RORX fact greater X at data with patients possible going expression.So, score do than data AXL here with well X% now that better and all going so AXL we we're quite -- patients forward. and X% to well us therapy impact can the ones I'm seeing some that seeing won't this second the our require a partnering strategy retrospective hinting in to similar few to go like This -- these. low is of that than from itself, that expression patients the that's need going we're admit but off this greater others line, in level validated look potentially data prior or as less sets actually and at And of allows it's with we companion and forward quickly can that as is X% very given AXL as poor But that we're with we'll third discussions. is and prognostic recruitment of some X% those having diagnostic for that to study a about we of quite our seeing may greater. are but moment, -- TmPS with of we the even add we'll

Operator

question And Jefferies. from from of be line mute. you your the comes Shi Kelly on next might Kelly Shi,

Dev Prasad

Hello? me? Can you hear

Jay Short

we Now, can.

Dev Prasad

we have This responses. any the Do draw share data a or insight can at lower such share cancer is expect Dev from non-small CTLA-X, you that expression, XXXX. you lung on And which data you for you special to plan can question on baseline for data, the expectation that if as you Kelly. should a to Also generated? can cell I on which or number patient a set R&D dose Day? contributed details, level And

Jay Short

Yes.

the on cancer share also may and more cell neck indications include lung We non-small will of move like data that definitely other some dosing the and data data. cancer We meeting. to with a head frequent to going from melanoma. We're the

very a continue -- indication, unmet decided best dose. indications. particular very But that high particular be And meeting lung we're quite of show encouraging while back, so in upcoming level. of prioritize part which in Phase with with AXL that I'll actual seeing we and we'll for an as and we still to that looking higher But was those neck, that we So also It's data XQXW process, driving QXW because in responses responses to especially given a but the melanoma think possible not everyone in basically -- I. to to is the need and what potential we has we our that. responses lung advance go that head head the saw We're factor to out we prioritization in remind on data. it line, for

we've be be and our that fact say track bit detail putting a Phase we we're that it it, and give I together on to we'll will we respect give will to have II on quite CTLA-X, data that that dose for suffice of update release.With the So quite escalation, the we'll -- more Phase on results very that already that we've think patients have studying good cancer. that known And that are II in basket I'll II melanoma things patient CTLA-X and different cell lung non-small Phase direction. kicked it's off in of been heading to Phase be first was that then you responsive X we indications that and our giving we we'll an remind to a that bit and a to include like a

be So discussing that December. in we'll of all

And so I for day. just XX December R&D the invite everyone on

around So we a can detail studies. give you more lot those

Operator

[Operator Instructions] line Your comes from from next the He question H.C. Arthur of Wainwright.

Yu He

OR So regimen intensive is to the dose further push it's for I including a QXW QXW? both little the just or These [ bit more on the also wanted XX.X% only XXXX. and that envelope the ],

Jay Short

reported out haven't dosing any we more QXW, on Only at. frequent

Yu He

then regarding program. And Okay. to the Difficulty] [Technical

the II patient For in it's Could study? the the Phase response, study? a remind which that that? from RORX showed Or melanoma is neck and is XX you patients,

Jay Short

mean? you neck, and head For

Yu He

I No, for the melanoma, believe.

Jay Short

X For have Phase response -- from have X we melanoma, and we X Phase I from included, II. we have excuse that's responses me,

Yu He

Okay.

so enrollment. far, so you And you completed said

So how expect next update? we data the total patients many could

Jay Short

evaluable patients. Well, know don't XX I what be, patients -- we had will but I know the targeted don't

progressive disease. where on out evaluable with see X we where we've X on with we'll So patients X reported and of saw that, X responses today, we a X stable disease; go and and

this at stage. encouraging quite So

Yu He

you. Got

the last EpCAM. for the is So candidate for XXXX bispecific my your question

for trial? give the color status about more enrollment you that could us So

Jay Short

patient think a it's a I I month, it minus patient. week from to about plus or well. to get going kind of mean, takes

same it's particularly I good get far. So potent I recruiting And escalate. think opportunities be dose we're track high enabled And this here a T-cell [indiscernible] think all very is capability. asking drug. And a because of CABS with -- those one why that would are but continue mechanism selectivity on you question by so I and the is with early, is very with I this this interesting to pan-cancer

to eager very we're so along. it And push

far. and to we'll move and things to quickly, only more lot have it, we going about seen so it's So a positive have talk

Yu He

you Awesome. Congrats on the soon. to program. Talk

Jay Short

Thank you. Look forward it. to

Operator

would And for questions this it closing you. remarks. at to no Short there turn Thank to Jay like are time. further I back

Jay Short

for care Thank of December. medical to few now, best. with discussions, Take your really forward looking and early It's all forward you speaking with away, in only you, a continuing to the at experts everyone, attendance. especially that many weeks and looking we're our time. We're

Operator

presenters. you today's call. for And gentlemen, Thank and you, ladies this Thank concludes conference participating.

may disconnect. now You

BioAtla (BCAB) 7 Nov 232023 Q3 Earnings call transcript