-- Initiated a formal process to monetize assets 
 
   -- Implemented a restructuring plan to significantly reduce operating 
      expenses and extend runway 

SAN DIEGO, March 31, 2026 (GLOBE NEWSWIRE) -- BioAtla, Inc. (Nasdaq: BCAB), a global clinical-stage biotechnology company focused on the development of Conditionally Active Biologic (CAB) antibody therapeutics for the treatment of solid tumors, today announced its financial results for the full year and fourth quarter ended December 31, 2025 and provided business highlights.

"As we evaluate strategic paths forward, our focus remains on supporting the advancement of the ongoing Phase 1 study of BA3182 in adenocarcinomas, while preserving capital, and ensuring we maintain the flexibility to pursue all potential value--creating options," said Jay M. Short, Ph.D., Chairman, Chief Executive Officer and co-founder of BioAtla.

Corporate Updates

On March 2, 2026, the Company announced that its Board of Directors initiated a formal process to explore and evaluate strategic options to maximize shareholder value, including the sale of preclinical and clinical assets, licensing transactions, strategic partnerships or other corporate transactions. The Company engaged Tungsten Advisors as the Company's exclusive strategic financial advisor to assist with this process. There can be no assurance that this process will result in any agreements or transactions. BioAtla does not intend to provide updates until the Board of Directors approves a specific action or otherwise determines whether disclosure is appropriate or required.

In connection with the evaluation of strategic options, the Company also implemented a reduction in force and other cost-containment measures intended to better align resources with its near-term priorities. In order to continue to preserve capital during this period, the Company is re-evaluating the timing and scope of its clinical development programs, including the appropriate timeline and pacing of additional enrollment in the Phase 1 study of BA3182, as well as the timeline to commence a Phase 3 Study for ozuriftamab vedotin (Oz-V) (CAB-ROR2-ADC) in 2L+ oropharyngeal squamous cell carcinoma (OPSCC). While the Company remains focused on conducting the ongoing Phase 1 study and is committed to its clinical development programs, there can be no assurances that clinical development of its programs will not be limited or delayed pending the outcome of the strategic process.

Fourth Quarter and Full Year 2025 Financial Results

Research and development (R&D) expenses were $8.0 million for the fourth quarter of 2025, compared to $11.7 million for the same period in 2024. For the full year ended December 31, 2025, R&D expenses were $43.6 million, compared to $63.1 million for 2024. The decreases for both the quarter and full year were primarily driven by lower program development costs due to the prioritization of clinical programs, reduced headcount-related expenses following the March 2025 workforce reduction, and lower non--cash stock--based compensation. The Company continues to expect R&D expenses to decline in 2026 following its March 2026 workforce reduction and as it concentrates resources on its prioritized programs.

Collaboration and other revenue was $2.0 million for the fourth quarter and full year 2025, reflecting the Context Therapeutics milestone payment under the license agreement for the CAB--Nectin4--TCE program, compared to zero collaboration revenue in the fourth quarter of 2024 and $11.0 million for the full year 2024 related to the initial upfront payment from Context Therapeutics license agreement.

General and administrative (G&A) expenses were $3.3 million for the fourth quarter of 2025, compared to $4.6 million in the fourth quarter of 2024. For the full year ended December 31, 2025, G&A expenses were $17.7 million, compared to $21.8 million for 2024. The decreases were primarily attributable to reduced personnel--related expenses following the March 2025 workforce reduction and lower non-cash stock--based compensation expense. The Company expects its G&A personnel related expenses to decline in 2026 following its March 2026 workforce reduction.

Net loss for the fourth quarter of 2025 was $9.8 million, compared to a net loss of $14.9 million for the same period in 2024. For the full year 2025, net loss was $59.6 million, compared to $69.8 million for the full year 2024. The year--over--year improvements were primarily driven by lower operating expenses and a non-cash gain on its warrant liability, partially offset by lower collaboration revenue in 2025, a non--cash loss associated with the liability related to Pre-paid Advance Agreements ("PPAs"), and other expenses primarily related to our PPAs financing in 2025. As of March 2026, the PPAs have been converted in full into shares of the Company's common stock, and no amounts remain outstanding under the PPAs. Cash and cash equivalents were $7.1 million as of December 31, 2025. The Company is currently running the formal process, and is re-evaluating the structure and timing of completion of the previously announced SPV transaction pending the outcome of this process. Through meaningful cost reductions and utilization of the Standby Equity Purchase Agreement, the Company expects to extend its runway to advance through the formal process being led by Tungsten Advisors toward maximizing shareholder value.

About BioAtla$(R)$ , Inc.

BioAtla is a global clinical-stage biotechnology company with operations in San Diego, California. Utilizing its proprietary CAB platform technology, BioAtla develops novel, reversibly active monoclonal and bispecific antibodies and other protein therapeutic product candidates. CAB product candidates are designed to have more selective targeting, greater efficacy with lower toxicity, and more cost-efficient and predictable manufacturing than traditional antibodies. BioAtla has a robust pipeline consisting of ADCs and T cell engagers (TCEs) that utilize its conditionally active platform technology utilizing pH sensitivity to minimize on-target, off-tumor toxicity. BioAtla has extensive and worldwide patent coverage for its CAB platform technology and products with greater than 780 active patent matters, more than 500 of which are issued patents. Broad patent coverage in all major markets include methods of making, screening and manufacturing CAB product candidates in a wide range of formats and composition of matter coverage for specific products. To learn more about BioAtla, Inc., visit www.bioatla.com.

Clinical stage pipeline:

   -- Ozuriftamab vedotin (CAB-ROR2-ADC) - Phase 3 in OPSCC 
 
   -- Mecbotamab vedotin (CAB-AXL-ADC) - Phase 2 in Sarcoma (soft tissue and 
      bone) and mKRAS NSCLC 
 
   -- Evalstotug (CAB-CTLA-4) - Phase 2 in Unresectable and/or Metastatic 
      Cutaneous Melanoma 
 
   -- BA3182 (dual CAB-EpCAM x CAB-CD3 T cell engager) - Phase 1 in 
      adenocarcinoma - BioAtla will continue to conduct the Phase 1 clinical 
      study. 

Pre-clinical stage pipeline:

   -- BA3361 (CAB-Nectin4-ADC) - data in breast cancer (BT474, T47D), lung 
      cancer (NCI-H322), bladder cancer (HT1376) and pancreatic cancer models; 
      IND-approved. 
 
   -- BA3151 (CAB-B7H4-ADC) - data in breast cancer (MX-1) models. 
 
   -- BA3142 (dual CAB-B7H3 x CAB-CD3 TCE) - IND ready; data in melanoma (A375) 
      and pharyngeal cancer (Detroit 562) models. 
 
   -- BA3311 (EGFR x CAB-CD3 TCE) - data in lung cancer (A549, HCC827), breast 
      cancer (BT474), and colon cancer (HCT116) models. 
 
   -- BA3241 (dual CAB-Trop2 x CAB-CD3 TCE) - data in epidermoid cancer (A431) 

Partnered Program:

   -- BA3362 (dual CAB-Nectin4 x CAB-CD3 TCE) - out-licensed to Context 
      Therapeutics for up to $133.5 Million plus royalties. 

About BA3182 (CAB-EpCAM x CAB-CD3 Bispecific T-cell Engager Antibody)

BioAtla is developing BA3182 as a potential anticancer therapy for patients with advanced adenocarcinoma. BA3182 is a (CAB) EpCAM x (CAB) CD3 bispecific T cell engager antibody with binding sites for EpCAM and CD3 designed to bind their respective targets specifically and reversibly under the conditions found in the tumor microenvironment $(TME)$ and to have reduced binding outside of the TME. The CAB selective binding to both the CAB EpCAM and CAB CD3 arms are required to activate the T cell engagement against the tumor, thus enabling the combined selectivity of each CAB binding arm in the bispecific antibody. BioAtla continues to advance the ongoing Phase 1 study to evaluate the safety, pharmacokinetics, and efficacy of BA3182 in advanced adenocarcinoma patients.

About Ozuriftamab Vedotin (Oz-V)

Oz-V, CAB-ROR2-ADC, is a conditionally and reversibly active antibody drug conjugate directed against ROR2, a transmembrane receptor tyrosine kinase that is present across many different solid tumors including head and neck, lung, cervical, triple-negative breast cancer, and melanoma. Overexpression of ROR2, a non-canonical wnt5A signaling receptor, forms a cancer axis that is associated with poor prognosis and resistance to chemo- and immunotherapies. This Phase 3 stage clinical asset is targeting the treatment of OPSCC patients who have previously progressed on PD-1/L1 therapies with or without platinum chemotherapy. HPV associated expression of E6 and/or E7 oncoproteins drives cancer progression by upregulating ROR2 expression. As such, there is potential to expand the application of Oz-V more broadly beyond OPSCC to all HPV+ cancers, which represents a market opportunity of over $7 billion worldwide. The FDA granted Fast Track Designation to Oz-V for the treatment of patients with recurrent or metastatic squamous cell carcinoma of the head and neck (SCCHN).

About OPSCC

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