BioAtla, Inc. Segments Disclosure
13. Segment Information
Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company is a clinical-stage biopharmaceutical company and has not generated any product revenue from its CAB antibody-based products. The Company’s operations are organized and reported as a single reportable segment, which includes all activities related to the discovery, development, and commercialization of its CAB products. The Company’s CODM, its chief executive officer, reviews operating results on an aggregate basis and manages the operations as a single operating segment. The measure of segment assets is reported on the consolidated balance sheets as total assets. The CODM evaluates performance and allocates resources based on consolidated net income or loss that also is reported on the consolidated statements of operations and comprehensive loss as net loss, and cash used in operations.
The following table provides R&D expenses by program with a reconciliation to net loss for the periods indicated, which are regularly reviewed by the CODM:
|
Years Ended December 31, |
|
|||||
|
2025 |
|
|
2024 |
|
||
|
(in thousands) |
|
|||||
Collaboration and other revenue |
$ |
2,000 |
|
|
$ |
11,000 |
|
Program expenses: |
|
|
|
|
|
||
Mecbotamab vedotin, BA3011 (CAB AXL-ADC) |
|
7,848 |
|
|
|
12,934 |
|
Ozuriftamab vedotin, BA3021 (CAB ROR2-ADC) |
|
5,446 |
|
|
|
8,962 |
|
Evalstotug, BA3071 (CAB CTLA-4) |
|
5,026 |
|
|
|
9,103 |
|
BA3182 (CAB EpCAM x CAB CD3) |
|
7,869 |
|
|
|
5,111 |
|
Other CAB Programs |
|
3,768 |
|
|
|
6,912 |
|
Total program expenses |
|
29,957 |
|
|
|
43,022 |
|
Personnel and related |
|
8,180 |
|
|
|
12,082 |
|
Equity-based compensation |
|
2,199 |
|
|
|
4,238 |
|
Facilities and other |
|
3,237 |
|
|
|
3,753 |
|
Total research and development expenses |
|
43,573 |
|
|
|
63,095 |
|
General and administrative expenses |
|
|
|
|
|
||
Personnel and related |
|
5,286 |
|
|
|
7,213 |
|
Equity-based compensation |
|
3,235 |
|
|
|
4,683 |
|
Facilities and other |
|
9,211 |
|
|
|
9,952 |
|
Total general and administrative expenses |
|
17,732 |
|
|
|
21,848 |
|
Interest and other income (expense) |
|
(302 |
) |
|
|
4,167 |
|
Net loss and comprehensive loss |
$ |
(59,607 |
) |
|
$ |
(69,776 |
) |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | Mar 28, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.