BioAtla files for IPO: clinical-stage biopharma developing conditionally active biologics (CABs) that bind tumor antigens in the acidic tumor microenvironment while sparing normal tissue. Lead ADCs BA

The financial picture: no approved products, no product revenue, and a net loss of $19.5M over the first nine months of 2020. Accumulated deficit sits at $74.5M as of Sept 30, 2020. Risks to weigh: limited operating history, substantial additional capital needed, and proceeds won't be enough to push any candidate through regulatory approval. Clinical and regulatory hurdles for BA3011, BA3021 and BA3071 remain. Where the money goes: $40-60M for Phase 2 development of BA3011 in soft tissue and bone sarcoma and NSCLC, $40-60M for BA3021 in NSCLC and melanoma, and $20-30M for IND-enabling work and initial Phase 1 supply of its first two CAB bispecifics. Bottom line: a dual-ADC story with two Phase 2 shots on goal, but heavy losses and a raise that only funds part of the journey. Early-stage oncology risk, sized accordingly.

The financial picture: no approved products, no product revenue, and a net loss of $19.5M over the first nine months of 2020. Accumulated deficit sits at $74.5M as of Sept 30, 2020.