$BCAB
BioAtla, Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024123506 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3
Revenue $11.00M
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.875M
YoY Change -11.25%
% of Gross Profit
Research & Development $16.40M
YoY Change -42.27%
% of Gross Profit
Depreciation & Amortization $228.0K
YoY Change -15.56%
% of Gross Profit
Operating Expenses $22.27M
YoY Change -36.41%
Operating Profit -$11.27M
YoY Change -67.82%
Interest Expense $692.0K
YoY Change -60.0%
% of Operating Profit
Other Income/Expense, Net $684.0K
YoY Change -59.65%
Pretax Income -$10.59M
YoY Change -68.24%
Income Tax
% Of Pretax Income
Net Earnings -$10.59M
YoY Change -68.23%
Net Earnings / Revenue -96.24%
Basic Earnings Per Share -$0.22
Diluted Earnings Per Share -$0.22
COMMON SHARES
Basic Shares Outstanding 48.34M
Diluted Shares Outstanding 48.34M

Balance Sheet

Concept 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $56.52M
YoY Change -60.0%
Cash & Equivalents $56.52M
Short-Term Investments
Other Short-Term Assets $4.051M
YoY Change -34.66%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $60.57M
YoY Change -58.94%
LONG-TERM ASSETS
Property, Plant & Equipment $906.0K
YoY Change -53.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change -100.0%
Total Long-Term Assets $1.669M
YoY Change -56.66%
TOTAL ASSETS
Total Short-Term Assets $60.57M
Total Long-Term Assets $1.669M
Total Assets $62.24M
YoY Change -58.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.928M
YoY Change -53.47%
Accrued Expenses $4.307M
YoY Change -6.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.46M
YoY Change -45.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $19.81M
YoY Change -6.13%
Total Long-Term Liabilities $19.81M
YoY Change -6.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.46M
Total Long-Term Liabilities $19.81M
Total Liabilities $39.27M
YoY Change -30.69%
SHAREHOLDERS EQUITY
Retained Earnings -$471.2M
YoY Change 21.03%
Common Stock $5.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $22.97M
YoY Change
Total Liabilities & Shareholders Equity $62.24M
YoY Change -58.88%

Cashflow Statement

Concept 2024 Q3
OPERATING ACTIVITIES
Net Income -$10.59M
YoY Change -68.23%
Depreciation, Depletion And Amortization $228.0K
YoY Change -15.56%
Cash From Operating Activities -$5.132M
YoY Change -81.23%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.00K
YoY Change -65.0%
NET CHANGE
Cash From Operating Activities -5.132M
Cash From Investing Activities 0.000
Cash From Financing Activities -14.00K
Net Change In Cash -5.146M
YoY Change -81.22%
FREE CASH FLOW
Cash From Operating Activities -$5.132M
Capital Expenditures $0.00
Free Cash Flow -$5.132M
YoY Change -81.24%

Facts In Submission

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<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the Company’s condensed 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 condensed financial statements and accompanying notes. The most significant estimates in the Company’s condensed financial statements relate to revenue recognition, accruals for research and development costs, and equity-based compensation. 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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RevenueRecognitionRevenueReductions
<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Revenue Recognition</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7884968
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6648574
CY2024Q3 bcab Prepaid Research And Development Expense
PrepaidResearchAndDevelopmentExpense
3235000
CY2023Q4 bcab Prepaid Research And Development Expense
PrepaidResearchAndDevelopmentExpense
4615000
CY2024Q3 us-gaap Prepaid Insurance
PrepaidInsurance
356000
CY2023Q4 us-gaap Prepaid Insurance
PrepaidInsurance
0
CY2024Q3 bcab Other Prepaid Expenses And Current Assets
OtherPrepaidExpensesAndCurrentAssets
460000
CY2023Q4 bcab Other Prepaid Expenses And Current Assets
OtherPrepaidExpensesAndCurrentAssets
320000
CY2024Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4051000
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4935000
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7681000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7681000
CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6775000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6078000
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
906000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1603000
CY2024Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
2928000
CY2023Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
3819000
CY2024Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
3056000
CY2023Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
3790000
bcab Accrued Research And Development Includes Related Party Amount
AccruedResearchAndDevelopmentIncludesRelatedPartyAmount
1775000
CY2023 bcab Accrued Research And Development Includes Related Party Amount
AccruedResearchAndDevelopmentIncludesRelatedPartyAmount
0
CY2024Q3 bcab Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
11441000
CY2023Q4 bcab Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
18246000
CY2024Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
786000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
865000
CY2024Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
18211000
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
26720000
CY2024Q3 us-gaap Restricted Cash Equivalents
RestrictedCashEquivalents
42300000
CY2023Q4 us-gaap Restricted Cash Equivalents
RestrictedCashEquivalents
50400000
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.
bcab Lessor Operating Leases Option To Extend
LessorOperatingLeasesOptionToExtend
P5Y
CY2024Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
261000
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
261000
us-gaap Operating Lease Cost
OperatingLeaseCost
782000
us-gaap Operating Lease Cost
OperatingLeaseCost
782000
CY2024Q3 us-gaap Variable Lease Cost
VariableLeaseCost
159000
CY2023Q3 us-gaap Variable Lease Cost
VariableLeaseCost
147000
us-gaap Variable Lease Cost
VariableLeaseCost
530000
us-gaap Variable Lease Cost
VariableLeaseCost
401000
CY2024Q3 us-gaap Lease Cost
LeaseCost
420000
CY2023Q3 us-gaap Lease Cost
LeaseCost
408000
us-gaap Lease Cost
LeaseCost
1312000
us-gaap Lease Cost
LeaseCost
1183000
CY2024Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y9M
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y9M
CY2024Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.035
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.035
CY2024Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
425000
CY2023Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
411000
us-gaap Operating Lease Payments
OperatingLeasePayments
1260000
us-gaap Operating Lease Payments
OperatingLeasePayments
1226000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
425000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
845000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
0
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1270000
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
19000
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1251000
CY2024Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2194000
CY2023Q3 us-gaap Share Based Compensation
ShareBasedCompensation
3517000
us-gaap Share Based Compensation
ShareBasedCompensation
6990000
us-gaap Share Based Compensation
ShareBasedCompensation
10806000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.887
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.779
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0425
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0388
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y11M12D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y18D
CY2024Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
10569746
CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
8776826
CY2024Q3 bcab Due To Related Party
DueToRelatedParty
1800000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
0
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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