BioAtla Inc. Common Stock (BCAB)

FairStock Score: 34/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am a value investor in the Graham and Buffett tradition: I want understandable businesses, durable earnings, and a margin of safety. BioAtla fails most of those tests. It is a clinical-stage biotech with 41 employees, developing conditionally active antibody-drug conjugates for solid tumors. The filed figures show no revenue line and persistent losses: fiscal 2023 net loss of $123.5 million, fiscal 2024 net loss of $69.8 million, and fiscal 2025 net loss of $59.6 million. In fiscal Q1 2026, the quarter ended 2026-03-31, the net loss was $6.3 million and diluted EPS was -$4.22. The latest filed quarter, fiscal Q2 2026 ended 2026-06-30, did show net income of $452,000 and diluted EPS of $0.27, but one profitable quarter does not create a durable moat or prove commercial viability. At the 2026-10-13 close of $1.28, FairStock calculates a P/E of -0.05 and no meaningful P/B. Trailing free cash flow is -$23.5 million, giving a FCF yield of -1104% against a $2.1 million market cap. The Altman Z-score is -82.55, a severe distress signal, though the Piotroski F-score is 5/9. The 52-week range of $1.07 to $71.50 shows catastrophic price destruction. Profit growth of 102.42% reflects narrowing losses, not sustainable earnings. There is no margin of safety in the Graham sense. The pipeline may have option value, but biotech clinical risk, cash burn, and likely financing needs dominate. I would not confuse a low share price with cheapness. Without revenue, profits, or free cash flow, this is speculation on science, not a value investment.

In plain English: BioAtla is a small, early-stage biotech that is developing antibody treatments for solid tumors. It has lost money in each of the last four years, though the latest quarter showed a small profit. At $1.28, the price looks speculative rather than cheap because the company still burns cash and has no steady earnings.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer