What is Bioatla, Inc.'s earnings per share (EPS)?

Bioatla, Inc. (BCAB) reported diluted earnings per share of $-1.01 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Bioatla, Inc. Financials

BCAB

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Bioatla, Inc. (BCAB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BCAB FY2025 2026-04-29

BioAtla’s model is still R&D-funded cash consumption, with shrinking liquidity turning the balance sheet into the main operating constraint.

From FY2023 to FY2025, operating cash burn improved from -$104.0M to -$48.2M, but cash on hand still collapsed from $111.5M to $7.1M because financing inflows largely dried up, ending with negative equity of -$36.2M. Lower losses did not restore financial flexibility; they only slowed how fast it was being used up.

The narrower FY2025 loss appears driven by spending restraint, not self-funding operations: R&D expense fell from $103.7M in FY2023 to $43.6M, while SG&A declined from $26.0M to $17.7M. That says the cost base was resized, which improves reported losses without creating a durable cash engine.

The balance sheet moved from cushion to constraint: current ratio fell from 4.1x in FY2023 to 0.4x in FY2025. At the same time, liabilities now exceed assets by about $36.2M, so ongoing operations depend more on outside capital than on internally generated cash.

Financial Health Signals

Financial health score pending refresh

We are recalculating Bioatla, Inc.'s peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

3/6

Bioatla, Inc. passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Low Quality

-0.81x

For every $1 of reported earnings, Bioatla, Inc. generates $-0.81 in operating cash flow (-$48.2M OCF vs $59.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$58.9M

YoY+19.3%

Bioatla, Inc.'s EBITDA was -$58.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 19.3% from the prior year.

Net Income

$59.6M

YoY-14.6%

Bioatla, Inc. reported $59.6M in net income in fiscal year 2025. This represents a decrease of 14.6% from the prior year.

EPS (Diluted)

$-1.01

Bioatla, Inc. earned $-1.01 per diluted share (EPS) in fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$7.1M

YoY-85.5%

5Y CAGR-50.5%

Bioatla, Inc. held $7.1M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

Bioatla, Inc. had 1M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

Capital Allocation

R&D Spending

$43.6M

YoY-30.9%

5Y CAGR+16.9%

Bioatla, Inc. invested $43.6M in research and development in fiscal year 2025. This represents a decrease of 30.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

BCAB Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	$300K	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$43.6M-30.9%	$63.1M-39.2%	$103.7M+30.7%	$79.3M+36.2%	$58.3M+192.3%	$19.9M
SG&A Expenses	$17.7M-18.8%	$21.8M-15.8%	$26.0M-9.9%	$28.8M-25.0%	$38.4M+262.6%	$10.6M
Operating Income	-$59.3M+19.8%	-$73.9M+43.0%	-$129.7M-19.9%	-$108.1M-12.1%	-$96.4M-220.4%	-$30.1M
Interest Expense	N/A	N/A	N/A	$0-100.0%	$3K-99.8%	$1.4M
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	$59.6M-14.6%	$69.8M-43.5%	$123.5M+216.0%	-$106.5M-11.6%	-$95.4M-166.1%	-$35.9M
EPS (Diluted)	$-1.01	$-1.44+44.2%	$-2.58+5.8%	$-2.74+0.7%	$-2.76	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$4.6M	N/A	$9.5M-30.3%	$13.7M+10.8%	$12.4M	N/A	$16.4M+1.2%	$16.2M
SG&A Expenses	$4.7M	N/A	$4.3M-14.4%	$5.0M-5.6%	$5.3M	N/A	$5.9M+1.7%	$5.8M
Operating Income	-$9.3M	N/A	-$13.8M+26.1%	-$18.6M-5.9%	-$17.6M	N/A	-$11.3M+48.7%	-$22.0M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$6.3M	N/A	-$15.8M+15.7%	-$18.7M-22.0%	-$15.3M	N/A	-$10.6M+49.8%	-$21.1M
EPS (Diluted)	$-4.22	N/A	$-0.27+15.6%	$-0.32+97.6%	$-13.16	N/A	$-0.22+50.0%	$-0.44

BCAB Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$13.8M-73.6%	$52.4M-56.2%	$119.7M-47.0%	$225.7M-11.3%	$254.4M+3.9%	$244.9M
Current Assets	$8.0M-84.4%	$51.2M-56.0%	$116.4M-47.2%	$220.4M-10.9%	$247.3M+2.7%	$240.7M
Cash & Equivalents	$7.1M-85.5%	$49.0M-56.0%	$111.5M-48.3%	$215.5M-12.0%	$245.0M+2.7%	$238.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$50.0M+31.1%	$38.2M-22.1%	$49.0M+7.9%	$45.4M+4.1%	$43.6M+24.7%	$35.0M
Current Liabilities	$21.9M+50.8%	$14.5M-48.7%	$28.3M+22.5%	$23.1M+16.7%	$19.8M-38.6%	$32.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$36.2M-353.7%	$14.3M-79.8%	$70.7M-60.8%	$180.3M-14.5%	$210.8M+0.4%	$210.0M
Retained Earnings	-$545.6M-12.3%	-$486.0M-16.8%	-$416.3M-42.2%	-$292.8M-57.2%	-$186.3M-104.9%	-$90.9M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$8.6M-38.1%	$13.8M-13.1%	$15.9M-41.4%	$27.1M-29.1%	$38.3M-27.0%	$52.4M-15.8%	$62.2M-9.3%	$68.6M
Current Assets	$3.1M-61.4%	$8.0M-17.1%	$9.7M-53.1%	$20.6M-45.1%	$37.5M-26.7%	$51.2M-15.4%	$60.6M-8.9%	$66.5M
Cash & Equivalents	$2.0M-72.5%	$7.1M-14.4%	$8.3M-54.3%	$18.2M-43.7%	$32.4M-34.0%	$49.0M-13.2%	$56.5M-8.3%	$61.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$45.9M-8.3%	$50.0M+6.1%	$47.1M+7.5%	$43.9M+16.2%	$37.7M-1.1%	$38.2M-2.8%	$39.3M+5.4%	$37.3M
Current Liabilities	$20.7M-5.6%	$21.9M+21.9%	$18.0M+8.3%	$16.6M+3.7%	$16.0M+10.1%	$14.5M-25.3%	$19.5M+11.5%	$17.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$37.3M-3.1%	-$36.2M-15.9%	-$31.2M-86.5%	-$16.7M-3161.2%	$547K-96.2%	$14.3M-37.9%	$23.0M-26.8%	$31.4M
Retained Earnings	-$552.0M-1.2%	-$545.6M-1.8%	-$535.9M-3.0%	-$520.1M-3.7%	-$501.4M-3.2%	-$486.0M-3.2%	-$471.2M-2.3%	-$460.6M

BCAB Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$48.2M+33.0%	-$71.9M+30.8%	-$104.0M-15.0%	-$90.4M-45.3%	-$62.2M-71.2%	-$36.3M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	$0+100.0%	-$98K+63.0%	-$265K+71.3%	-$924K-56.6%	-$590K
Financing Cash Flow	$6.3M-34.0%	$9.5M+12251.9%	$77K-99.9%	$61.2M-11.9%	$69.5M-74.4%	$271.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$5.3M+33.5%	-$7.9M+19.9%	-$9.9M+30.0%	-$14.1M+13.3%	-$16.3M+2.9%	-$16.8M-227.0%	-$5.1M+73.3%	-$19.2M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	$0	$0	$0	$0
Financing Cash Flow	$110K-98.4%	$6.7M+111983.3%	-$6K+83.3%	-$36K+90.9%	-$395K-104.2%	$9.3M+66621.4%	-$14K-106.2%	$225K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BCAB Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	-32146.7%	N/A
Net Margin	N/A	N/A	N/A	N/A	-31800.7%	N/A
Return on Equity	N/A	489.3%+314.6pp	174.8%+233.8pp	-59.1%-13.8pp	-45.3%-28.2pp	-17.1%
Return on Assets	431.0%+297.9pp	133.1%+29.9pp	103.2%+150.4pp	-47.2%-9.7pp	-37.5%-22.9pp	-14.6%
Current Ratio	0.37-3.2	3.52-0.6	4.11-5.4	9.53-3.0	12.48+5.0	7.46
Debt-to-Equity	-1.38-4.1	2.67+2.0	0.69+0.4	0.25+0.0	0.21+0.0	0.17
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	-2803.3%	N/A	-46.1%+21.1pp	-67.2%
Return on Assets	-74.1%	N/A	-99.2%-30.2pp	-69.0%-28.9pp	-40.1%	N/A	-17.0%+13.7pp	-30.7%
Current Ratio	0.15-0.2	0.37-0.2	0.54-0.7	1.24-1.1	2.35-1.2	3.52+0.4	3.11-0.7	3.81
Debt-to-Equity	-1.23+0.2	-1.38+0.1	-1.51+1.1	-2.62-71.6	69.00+66.3	2.67+1.0	1.71+0.5	1.19
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$36.2M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.37), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Is Bioatla, Inc. profitable?

Yes, Bioatla, Inc. (BCAB) reported a net income of $59.6M in fiscal year 2025.

What is Bioatla, Inc.'s EBITDA?

Bioatla, Inc. (BCAB) had EBITDA of -$58.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Bioatla, Inc.'s operating cash flow?

Bioatla, Inc. (BCAB) generated -$48.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Bioatla, Inc.'s total assets?

Bioatla, Inc. (BCAB) had $13.8M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Bioatla, Inc. spend on research and development?

Bioatla, Inc. (BCAB) invested $43.6M in research and development during fiscal year 2025.

How many shares does Bioatla, Inc. have outstanding?

Bioatla, Inc. (BCAB) had 1M shares outstanding as of fiscal year 2025.

What is Bioatla, Inc.'s current ratio?

Bioatla, Inc. (BCAB) had a current ratio of 0.37 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Bioatla, Inc.'s debt-to-equity ratio?

Bioatla, Inc. (BCAB) had a debt-to-equity ratio of -1.38 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Bioatla, Inc.'s return on assets (ROA)?

Bioatla, Inc. (BCAB) had a return on assets of 431.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Bioatla, Inc.'s cash runway?

Based on fiscal year 2025 data, Bioatla, Inc. (BCAB) had $7.1M in cash against an annual operating cash burn of $48.2M. This gives an estimated cash runway of approximately 2 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Bioatla, Inc.'s debt-to-equity ratio negative or unusual?

Bioatla, Inc. (BCAB) has negative shareholder equity of -$36.2M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Bioatla, Inc.'s Piotroski F-Score?

Bioatla, Inc. (BCAB) has a Piotroski F-Score of 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Bioatla, Inc.'s earnings high quality?

Bioatla, Inc. (BCAB) has an earnings quality ratio of -0.81x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.