BioAtla is a clinical-stage biopharmaceutical company developing antibody-based cancer therapies. Its core platform is built around Conditionally Active Biologics (CABs) — antibodies engineered to activate only in the acidic environment of tumors, remaining inactive in healthy tissue. The goal is to reduce the "on-target, off-tumor" toxicity that limits conventional cancer antibodies. BioAtla has applied this platform across three modalities: antibody-drug conjugates (ADCs), bispecific T cell engagers, and checkpoint inhibitors. BioAtla has four clinical-stage programs. Its most advanced asset, ozuriftamab vedotin, is a CAB ADC targeting ROR2 in HPV-positive head and neck cancer, with Phase 2 data showing a 45% response rate versus a historical benchmark of 0–3.4%. A second ADC, mecbotamab vedotin, targets AXL in NSCLC and soft tissue sarcoma. BA3182 is a bispecific T cell engager targeting EpCAM across adenocarcinomas, with a Phase 1 trial ongoing. Evalstotug is a CAB CTLA-4 checkpoint inhibitor designed to replicate ipilimumab's efficacy with a better safety profile. BioAtla has no approved products and generates no product revenue. The company funds operations through licensing deals, equity financing, and partnerships. In early 2026, BioAtla announced a ~70% workforce reduction and initiated a formal strategic review to explore asset sales, licensing transactions, or a broader corporate transaction. BioAtla relies entirely on contract manufacturers and has no internal manufacturing capabilities.