$BCAB
BioAtla, Inc.

2023 Q4 Form 10-K Financial Statement

#000095017024036548 Filed on March 26, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.862M $25.96M
YoY Change -12.32% -9.85%
% of Gross Profit
Research & Development $22.67M $103.7M
YoY Change 3.66% 30.73%
% of Gross Profit
Depreciation & Amortization $371.0K $1.221M
YoY Change 24.5% 1.83%
% of Gross Profit
Operating Expenses $28.54M $129.7M
YoY Change -0.08% 19.93%
Operating Profit -$129.7M
YoY Change 19.93%
Interest Expense $1.638M $6.312M
YoY Change 56.45%
% of Operating Profit
Other Income/Expense, Net -$27.00K $6.225M
YoY Change -10.0% 275.45%
Pretax Income -$26.93M -$123.5M
YoY Change -2.24% 15.95%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$26.93M -$123.5M
YoY Change -2.24% 15.95%
Net Earnings / Revenue
Basic Earnings Per Share -$2.58
Diluted Earnings Per Share -$0.56 -$2.58
COMMON SHARES
Basic Shares Outstanding 47.78M
Diluted Shares Outstanding 47.78M

Balance Sheet

Concept 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $111.5M $111.5M
YoY Change -48.27% -48.27%
Cash & Equivalents $111.5M $111.5M
Short-Term Investments
Other Short-Term Assets $4.935M $4.935M
YoY Change 0.22% 0.22%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $116.4M $116.4M
YoY Change -47.19% -47.19%
LONG-TERM ASSETS
Property, Plant & Equipment $1.603M $3.098M
YoY Change -41.24% -39.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $154.0K $154.0K
YoY Change 0.0% 0.0%
Total Long-Term Assets $3.252M $3.252M
YoY Change -38.7% -38.7%
TOTAL ASSETS
Total Short-Term Assets $116.4M $116.4M
Total Long-Term Assets $3.252M $3.252M
Total Assets $119.7M $119.7M
YoY Change -46.99% -46.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.819M $22.93M
YoY Change -9.74% 26.27%
Accrued Expenses $5.414M $5.414M
YoY Change 8.89% 8.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $28.34M $28.34M
YoY Change 22.54% 22.54%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $20.64M $20.64M
YoY Change -7.29% -7.29%
Total Long-Term Liabilities $20.64M $20.64M
YoY Change -7.29% -7.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.34M $28.34M
Total Long-Term Liabilities $20.64M $20.64M
Total Liabilities $48.99M $48.99M
YoY Change 7.91% 7.91%
SHAREHOLDERS EQUITY
Retained Earnings -$416.3M
YoY Change 42.17%
Common Stock $5.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $70.67M $70.67M
YoY Change
Total Liabilities & Shareholders Equity $119.7M $119.7M
YoY Change -46.99% -46.99%

Cashflow Statement

Concept 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$26.93M -$123.5M
YoY Change -2.24% 15.95%
Depreciation, Depletion And Amortization $371.0K $1.221M
YoY Change 24.5% 1.83%
Cash From Operating Activities -$29.92M -$104.0M
YoY Change 22.91% 15.04%
INVESTING ACTIVITIES
Capital Expenditures $8.000K $98.00K
YoY Change -74.19% -63.43%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$8.000K -$98.00K
YoY Change -74.19% -63.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 117.0K 77.00K
YoY Change -99.81% -99.87%
NET CHANGE
Cash From Operating Activities -29.92M -104.0M
Cash From Investing Activities -8.000K -98.00K
Cash From Financing Activities 117.0K 77.00K
Net Change In Cash -29.82M -104.0M
YoY Change -179.75% 253.0%
FREE CASH FLOW
Cash From Operating Activities -$29.92M -$104.0M
Capital Expenditures $8.000K $98.00K
Free Cash Flow -$29.93M -$104.1M
YoY Change 22.79% 14.8%

Facts In Submission

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<p style="margin-left:2.267%;font-size:10pt;margin-top:10.8pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="margin-left:2.32%;text-indent:4.177%;font-size:10pt;margin-top:5.4pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">The Company’s financial statements are prepared in accordance with U.S. GAAP. The preparation of the Company’s financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to accruals for research and development costs, equity-based compensation and fair value measurements. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of revenue and expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected.</span></p>
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<p style="margin-left:2.267%;font-size:10pt;margin-top:10.8pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations of Risk</span></p><p style="margin-left:2.32%;text-indent:4.177%;font-size:10pt;margin-top:5.4pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and may invest cash that is not required for immediate operating needs in highly liquid instruments that bear minimal risk. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.</span></p>
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CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2023 us-gaap Revenue Recognition Revenue Reductions
RevenueRecognitionRevenueReductions
<span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Revenue Recognition</span><p style="margin-left:2.32%;text-indent:4.177%;font-size:10pt;margin-top:5.4pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">The Company recognizes revenue in a manner that depicts the transfer of control of a product or a service to a customer and reflects the amount of the consideration the Company is entitled to receive in exchange for such product or service. In doing so, the Company follows a five-step approach: (i) identify the contract with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations, and (v) recognize revenue when (or as) the customer obtains control of the product or service. The Company considers the terms of a contract and all relevant facts and circumstances when applying the revenue recognition standard.</span></p><p style="margin-left:2.32%;text-indent:4.177%;font-size:10pt;margin-top:10.8pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">A customer is a party that has entered into a contract with the Company, where the purpose of the contract is to obtain a product or a service that is an output of the Company’s ordinary activities in exchange for consideration. To be considered a contract, (i) the contract must be approved (in writing, orally, or in accordance with other customary business practices), (ii) each party’s rights regarding the product or the service to be transferred can be identified, (iii) the payment terms for the product or the service to be transferred can be identified, (iv) the contract must have commercial substance (that is, the risk, timing or amount of future cash flows is expected to change as a result of the contract), and (v) it is probable that the Company will collect substantially all of the consideration to which it is entitled to receive in exchange for the transfer of the product or the service.</span></p><p style="margin-left:2.32%;text-indent:4.177%;font-size:10pt;margin-top:10.8pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">A performance obligation is defined as a promise to transfer a product or a service to a customer. The Company identifies each promise to transfer a product or a service (or a bundle of products or services, or a series of products and services that are substantially the same and have the same pattern of transfer) that is distinct. A product or a service is distinct if both (i) the customer can benefit from the product or the service either on its own or together with other resources that are readily available to the customer and (ii) the Company’s promise to transfer the product or the service to the customer is separately identifiable from other promises in the contract. Each distinct promise to transfer a product or a service is a unit of accounting for revenue recognition. If a promise to transfer a product or a service is not separately identifiable from other promises in the contract, such promises should be combined into a single performance obligation.</span></p><p style="margin-left:2.32%;text-indent:4.177%;font-size:10pt;margin-top:10.8pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">The transaction price is the amount of consideration the Company is entitled to receive in exchange for the transfer of control of a product or a service to a customer. To determine the transaction price, the Company considers the existence of any significant financing component, the effects of any variable elements, noncash consideration and consideration payable to the customer. If a significant financing component exists, the transaction price is adjusted for the time value of money. If an element of variability exists, the Company must estimate the consideration it expects to receive and uses that amount as the basis for recognizing revenue as the product or the service is transferred to the customer. There are two methods for determining the amount of variable consideration: (i) the expected value method, which is the sum of probability-weighted amounts in a range of possible consideration amounts, and (ii) the mostly likely amount method, which identifies the single most likely amount in a range of possible consideration amounts.</span></p><p style="margin-left:2.32%;text-indent:4.177%;font-size:10pt;margin-top:10.8pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">If a contract has multiple performance obligations, the Company allocates the transaction price to each distinct performance obligation in an amount that reflects the consideration the Company is entitled to receive in exchange for satisfying each distinct performance obligation. For each distinct performance obligation, revenue is recognized when the Company transfers control of the product or the service applicable to such performance obligation.</span></p><p style="margin-left:2.32%;text-indent:4.177%;font-size:10pt;margin-top:10.8pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">In those instances where the Company first receives consideration in advance of satisfying its performance obligation, the Company classifies such consideration as deferred revenue until (or as) the Company satisfies such performance obligation. In those instances where the Company first satisfies its performance obligation prior to its receipt of consideration, the consideration is recorded as accounts receivable.</span></p><p style="margin-left:2.32%;text-indent:4.177%;font-size:10pt;margin-top:10.8pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">The Company expenses incremental costs of obtaining and fulfilling a contract as incurred if the expected amortization period of the asset that would be recognized is one year or less, or if the amount of the asset is immaterial. Otherwise, such costs are capitalized as contract assets if they are incremental to the contract and amortized to expense proportionate to revenue recognition of the underlying contract.</span></p>
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CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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4615000
CY2022Q4 bcab Prepaid Research And Development Expense
PrepaidResearchAndDevelopmentExpense
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320000
CY2022Q4 bcab Other Prepaid Expenses And Current Assets
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539000
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4935000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
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6078000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5364000
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1603000
CY2022Q4 us-gaap Property Plant And Equipment Net
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2728000
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CY2022Q4 us-gaap Accounts Payable Current
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AccruedSalariesCurrent
3790000
CY2022Q4 us-gaap Accrued Salaries Current
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3451000
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AccruedResearchAndDevelopmentExpenseCurrent
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CY2022Q4 bcab Accrued Research And Development Expense Current
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CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
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DerivativeFairValueOfDerivativeAsset
0
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
0
CY2023Q4 us-gaap Derivative Asset Fair Value Gross Liability
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0
CY2022Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
0
CY2023Q4 us-gaap Restricted Cash Equivalents
RestrictedCashEquivalents
50400000
CY2022Q4 us-gaap Restricted Cash Equivalents
RestrictedCashEquivalents
0
CY2023 us-gaap Lessor Operating Lease Option To Extend
LessorOperatingLeaseOptionToExtend
The lease expires in July 2025 and the Company has an option to extend the term of the lease for an additional five years. Additionally, the lease includes certain rent abatement, rent escalations, tenant improvement allowances and additional charges for common area maintenance and other costs.
CY2023 bcab Lessor Operating Leases Option To Extend
LessorOperatingLeasesOptionToExtend
P5Y
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OperatingLeaseCost
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CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
1043000
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544000
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
460000
CY2023 us-gaap Lease Cost
LeaseCost
1587000
CY2022 us-gaap Lease Cost
LeaseCost
1503000
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P1Y6M
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y6M
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0.035
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0.035
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CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
1555000
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1685000
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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0
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2530000
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
70000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
2460000
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200000000
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CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023 us-gaap Conversion Of Stock Description
ConversionOfStockDescription
Holders of the Company’s common stock have no conversion rights, while holders of the Company’s Class B common stock shall have the right to convert each share of Class B common stock into one share of common stock at such holder’s election, provided that as a result of such conversion, such holder would not beneficially own in excess of 4.99% of any class of the Company’s securities registered under the Securities Exchange Act of 1934
CY2023 bcab Period Related To Changing Of Ownership Limitation Percentage Designated By Class B Common Stock Holder
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P61D
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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StockIssuedDuringPeriodSharesStockOptionsExercised
0
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50387
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
6273507
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6700000
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6900000
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0
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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17430000
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-8000
CY2022 bcab State Income Taxes Net Of Federal Tax Benefit
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99000
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685000
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CY2023Q4 us-gaap Deferred Tax Liability Not Recognized Amount Of Unrecognized Deferred Tax Liability Bad Debt Reserve For Tax Purposes Of Qualified Lender
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4159000
CY2022Q4 us-gaap Deferred Tax Liability Not Recognized Amount Of Unrecognized Deferred Tax Liability Bad Debt Reserve For Tax Purposes Of Qualified Lender
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CY2022Q4 bcab Lease Liability
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836000
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746000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
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659000
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CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
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CY2022Q4 bcab Section174 Cost Capitalization
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14523000
CY2023Q4 bcab Section59 E Cost Capitalization
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8400000
CY2022Q4 bcab Section59 E Cost Capitalization
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9450000
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2790000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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1628000
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4000
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3000
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86187000
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57641000
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545000
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935000
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CY2022Q4 us-gaap Deferred Tax Liabilities
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0
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
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0
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DeferredTaxAssetsValuationAllowance
85600000
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28900000
CY2023Q4 bcab State Net Operating Loss Carryforwards
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200000
CY2022 us-gaap Tax Credit Carryforward Limitations On Use
TaxCreditCarryforwardLimitationsOnUse
The federal and state net operating losses can be carried forward indefinitely, subject to an 80% limitation against taxable income. The state net operating losses will begin to expire in 2042, unless previously utilized.
CY2023Q4 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
7800000
CY2023Q4 bcab Orphan Drug Credit
OrphanDrugCredit
3900000
CY2023 bcab Annual Operating Loss Carryforwards Use
AnnualOperatingLossCarryforwardsUse
Sections 382 and 383, annual use of the Company’s net operating loss carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period.
CY2023 bcab Cares Act Nol Carryover Carryback Offset To Taxable Income
CaresActNolCarryoverCarrybackOffsetToTaxableIncome
0.50
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1968000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1011000
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161000
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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11000
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946000
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UnrecognizedTaxBenefits
3602000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1968000
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
3600000
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
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0000950170-24-036548-index.html Edgar Link pending
0000950170-24-036548.txt Edgar Link pending
0000950170-24-036548-xbrl.zip Edgar Link pending
bcab-20231231.htm Edgar Link pending
bcab-20231231.xsd Edgar Link pending
bcab-ex10_17.htm Edgar Link pending
bcab-ex10_24.htm Edgar Link pending
bcab-ex10_25.htm Edgar Link pending
bcab-ex23_1.htm Edgar Link pending
bcab-ex31_1.htm Edgar Link pending
bcab-ex31_2.htm Edgar Link pending
bcab-ex32_1.htm Edgar Link pending
bcab-ex4_3.htm Edgar Link pending
bcab-ex97_1.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
bcab-20231231_htm.xml Edgar Link completed
Financial_Report.xlsx Edgar Link pending
img188821179_0.jpg Edgar Link pending
img67494665_0.jpg Edgar Link pending
img67494665_1.jpg Edgar Link pending
MetaLinks.json Edgar Link pending
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