Revenue remains sporadic and insufficient to cover R&D costs, which reached $4.6 million in 2026Q1, resulting in a persistent lack of commercial scale.
| Sales/Revenue | 2M | 2M | 11M | 0 | 0 | 250K | 429K | 5.2M | 10.63M |
| Revenue Growth % | -81.82% | -81.82% | - | - | -100% | -41.72% | -91.75% | -51.07% | - |
| Cost of Goods Sold | -119K | 0 | 925K | 1.22M | 1.2M | 0 | 19.93M | 25.92M | 26.3M |
| COGS % of Revenue | - | - | 8.41% | - | - | - | 4646.39% | 498.44% | 247.53% |
| Gross Profit | 2.12M | 2M | 10.07M | -1.22M | -1.2M | 250K | -19.5M | -20.72M | -15.68M |
| Gross Margin % | 105.95% | 100% | 91.59% | - | - | 100% | -4546.39% | -398.44% | -147.53% |
| Gross Profit Growth % | - | -80.15% | 925.14% | -1.83% | -579.6% | 101.28% | 5.86% | -32.15% | - |
| Operating Expenses | 52.62M | 61.3M | 84.02M | 128.47M | 106.94M | 96.69M | 10.6M | 7.55M | 38.86M |
| OpEx % of Revenue | - | 3065.25% | 763.8% | - | - | 38676% | 2469.7% | 145.17% | 365.68% |
| Selling, General & Admin | 17.2M | 17.73M | 21.85M | 25.96M | 28.79M | 38.42M | 10.6M | 7.55M | 12.56M |
| SG&A % of Revenue | - | 886.6% | 198.62% | - | - | 15366.4% | 2469.7% | 145.17% | 118.15% |
| Research & Development | 35.8M | 43.57M | 63.09M | 103.73M | 79.35M | 58.27M | 19.93M | 25.92M | 26.3M |
| R&D % of Revenue | - | 2178.65% | 573.59% | - | - | 23309.6% | 4646.39% | 498.44% | 247.53% |
| Other Operating Expenses | -381K | 0 | -925K | -1.22M | -1.2M | 0 | -19.93M | -25.92M | -5K |
| Operating Income | -50.5M | -59.3M | -73.94M | -129.69M | -108.14M | -96.44M | -30.1M | -28.27M | -28.23M |
| Operating Margin % | -2524.95% | -2965.25% | -672.21% | - | - | -38576% | -7016.08% | -543.62% | -265.68% |
| Operating Income Growth % | - | 19.8% | 42.98% | -19.93% | -12.13% | -220.41% | -6.48% | -0.12% | - |
| EBITDA | -50.56M | -58.93M | -73.02M | -128.47M | -106.94M | -95.11M | -29.09M | -27.41M | -27.44M |
| EBITDA Margin % | -2528.1% | -2946.6% | -663.8% | - | - | -38044% | -6781.12% | -527.08% | -258.21% |
| EBITDA Growth % | 23.66% | 19.29% | 43.16% | -20.13% | -12.44% | -226.94% | -6.14% | 0.12% | - |
| D&A (Non-Cash Add-back) | -63K | 373K | 925K | 1.22M | 1.2M | 1.33M | 1.01M | 860K | 794K |
| EBIT | -48.51M | -59.3M | -73.94M | -123.46M | -106.48M | -95.4M | -34.46M | -28.27M | -28.03M |
| Net Interest Income | 480K | 843K | 3.37M | 6.31M | 1.65M | 347K | -1.29M | -1.5M | -740K |
| Interest Income | 480K | 843K | 3.37M | 6.31M | 1.65M | 350K | 100K | 128K | 209K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 3K | 1.39M | 1.63M | 949K |
| Other Income/Expense | -118K | -302K | 4.17M | 6.22M | 1.66M | 1.04M | -5.75M | -1.59M | -745K |
| Pretax Income | -50.62M | -59.61M | -69.78M | -123.46M | -106.48M | -95.4M | -35.85M | -29.86M | -28.98M |
| Pretax Margin % | -2530.85% | -2980.35% | -634.33% | - | - | -38160.8% | -8357.34% | -574.13% | -272.69% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 204K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.7% |
| Net Income | -50.62M | -59.61M | -69.78M | -123.46M | -105.28M | -95.4M | -35.85M | -29.79M | -28.98M |
| Net Margin % | -2530.85% | -2980.35% | -634.33% | - | - | -38160.8% | -8357.34% | -572.96% | -272.69% |
| Net Income Growth % | 18.2% | 14.57% | 43.48% | -17.27% | -10.36% | -166.09% | -20.34% | -2.81% | - |
| Net Income (Continuing) | -50.62M | -59.61M | -69.78M | -123.46M | -106.48M | -95.4M | -35.85M | -29.86M | -28.98M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -47K | 19K |
| EPS (Diluted) | -33.71 | -50.50 | -72.00 | -129.00 | -137.00 | -138.00 | -53.00 | -46.50 | -67.00 |
| EPS Growth % | 31.61% | 29.86% | 44.19% | 5.84% | 0.72% | -160.38% | -13.98% | 30.6% | - |
| EPS (Basic) | - | -50.50 | -72.00 | -129.00 | -137.00 | -138.00 | -53.00 | -46.50 | -67.00 |
| Diluted Shares Outstanding | 1.5M | 1.18M | 971.47K | 955.55K | 778.54K | 691.23K | 673.27K | 673.27K | 431.77K |
| Basic Shares Outstanding | 1.5M | 1.18M | 971.47K | 955.55K | 778.54K | 691.23K | 673.27K | 673.27K | 431.77K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Imminent liquidity exhaustion risk
As indicated by the company's financial statements, BioAtla's revenue trajectory remains entirely dependent on non-recurring milestone payments, with the most recent data showing a TTM revenue of only $2.0 million, highlighting a lack of sustainable, organic growth drivers within the current clinical-stage business model.
The absence of consistent top-line growth suggests that the company has yet to achieve any meaningful commercial traction or recurring licensing income. Investors should monitor whether future milestones can be realized, as the current reliance on sporadic payments provides no visibility into long-term revenue durability.
Based on reported figures, BioAtla's cost structure is dominated by heavy R&D expenditures, which have consistently outpaced any nominal revenue, resulting in an operating loss of $8.8 million in 2026Q1 alone despite significant efforts to manage overhead expenses through the recent periods.
The company's expense profile reflects the high capital requirements of multi-indication clinical trials, which appear to be the primary driver of the ongoing cash burn. Management's ability to maintain clinical momentum while facing such significant operating losses warrants further investigation into the efficiency of their current trial design.
According to the income statement data, BioAtla exhibits no positive operating leverage, as the company's operating expenses continue to dwarf gross profit, leading to a persistent and widening disconnect between research investment and the realization of any meaningful commercial or milestone-based income streams.
The lack of scaling in operating income suggests that the company is currently unable to leverage its platform technology into a self-sustaining financial model. This structural imbalance implies that the firm remains entirely dependent on external capital markets to fund its ongoing research and development activities.
As reported in recent filings, the company's cash position has dwindled to $7.1 million, a figure that appears critically low when measured against the historical quarterly burn rate, suggesting that the firm faces an existential risk regarding its ability to continue operations without immediate dilutive financing.
Short-sellers would likely focus on the potential for a 'going concern' qualification if the company cannot secure additional funding or partnership capital in the near term. The current financial data suggests that the market may be correctly pricing in the high probability of significant equity dilution for existing shareholders.
Quick answers to the most common questions about buying BCAB stock.
For fiscal year 2025, BioAtla, Inc. (BCAB) reported total revenue of $2.0M. This represents a 81.2% decline compared to $10.6M in 2018.
BioAtla, Inc. (BCAB) reported a net loss of $59.6M for the fiscal year ending 2025.
BioAtla, Inc. (BCAB) reported an operating income of $-59.3M, resulting in an operating profit margin of -2965.3%. This margin reflects the operational efficiency of the business before interest and taxes.
BioAtla, Inc. (BCAB) generated $2.0M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.