0001193125-26-134499 | 10-K | XBRL Viewer

Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 1,484
2027	1,528
2028	1,574
2029	1,621
2030	1,529
Total future lease payments	7,736
Less imputed interest	(1,536)
Total operating lease liabilities	$ 6,200

Insider Trading Arrangements	3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (59,607)	$ (69,776)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Nov. 30, 2025	Jan. 01, 2021	Dec. 31, 2025	Dec. 31, 2024
Class Of Stock [Line Items]
Common stock, shares issued			63,464,322	58,099,164
Preferred stock, shares authorized			200,000,000	200,000,000
Preferred stock, par value			$ 0.0001	$ 0.0001
Common stock, shares authorized			350,000,000	350,000,000
Common stock par value per share			$ 0.0001	$ 0.0001
Warrant Liability			$ 3,516	$ 3,811
Common stock value			$ 6	6
Conversion of stock, description			Holders of the Company’s common stock have no conversion rights, while holders of the Company’s Class B common stock shall have the right to convert each share of Class B common stock into one share of common stock at such holder’s election, provided that as a result of such conversion, such holder would not beneficially own in excess of 4.99% of any class of the Company’s securities registered under the Securities Exchange Act of 1934
Period related to changing of ownership limitation percentage designated by Class B common stock holder			61 days
Fair value of options, vested			$ 4,300	$ 9,700
Total common stock reserved for future issuance			28,328,192	20,174,431
Equity Option
Class Of Stock [Line Items]
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount			$ 2,700
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition			1 year 1 month 6 days
Share-based compensation arrangement by share based payment award options grants in period weighted average grant date fair value			$ 0.51	$ 2.04
Restricted Stock Units (RSUs)
Class Of Stock [Line Items]
Number of shares, vested			728,295
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount			$ 2,200
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition			2 years 8 months 12 days
2020 Equity Incentive Plan
Class Of Stock [Line Items]
Common shares authorized for issuance			12,273,892	10,735,431
Percentage of Annual increased Shares		4.00%
Vesting percentage			25.00%
Vesting period			36 months
Vesting terms, description			ten years
Employees Stock Purchase Plan Shares
Class Of Stock [Line Items]
Common stock, shares issued			256,831	265,412
Common stock, shares authorized			3,035,873	2,281,600
Purchase common stock through payroll deductions of up to compensations, percent			15.00%
Share-based compensation arrangement by share based payment award percentage of outstanding stock maximum			1.00%
Increase in issuance of common stock			929,658
Total common stock reserved for future issuance			2,189,334
Stock-based compensation expense			$ 100	$ 200
December 2024 Offering and Warrant Issuance
Class Of Stock [Line Items]
Common stock price				$ 0.952
Common stock, shares issued				9,679,158
Purchase of common stock by warrants				9,679,158
Warrants excercise price				$ 1.19
Warrants and Rights OutstandingTerm				5 years
Aggregate gross proceeds				$ 9,200
Placement agent fees				$ 700
Class of Warrant or Right, Outstanding and Exercisable			9,679,158
Standby Equity Purchase Agreement
Class Of Stock [Line Items]
Common stock, shares issued			243,428
Common stock value	$ 15,000
Percentage of outstanding common stock for exchange cap	19.99%
Percentage of average daily trading volume	100.00%
Purchase common stock through payroll deductions of up to compensations, percent	97.00%
Standby equity purchase agreement fees			$ 300
Maximum [Member] \| Standby Equity Purchase Agreement
Class Of Stock [Line Items]
Percentage of outstanding common stock	4.99%
Class B Common Stock
Class Of Stock [Line Items]
Common stock, shares issued			0	0
Common stock, shares authorized			15,368,569	15,368,569
Common stock par value per share			$ 0.0001	$ 0.0001
Common Stock
Class Of Stock [Line Items]
Common stock, voting rights			one

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The Company’s financial instruments consist of cash and cash equivalents, pre-paid advances, accounts payable and accrued expenses, and warrants to purchase common stock. The carrying amounts of the Company’s cash and cash equivalents and accounts payable and accrued expenses are considered to be representative of their respective fair values due to their short-term nature.

The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets.

Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly.

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

When quoted market prices are available in active markets, the fair value of assets and liabilities is estimated within Level 1 of the valuation hierarchy. If quoted prices are not available, then fair values are estimated by using pricing models, quoted prices of assets and liabilities with similar characteristics, or discounted cash flows within Level 2 of the valuation hierarchy. In cases where Level 1 or Level 2 inputs are not available, the fair values are estimated by using inputs within Level 3 of the hierarchy.

The Company has determined the estimated fair value of its financial instruments based on appropriate valuation methodologies; however, considerable judgment is required to develop these estimates. Accordingly, these estimated fair values are not necessarily indicative of the amounts the Company could realize in a current market exchange. The estimated fair values can be materially affected by using different assumptions or methodologies. The methods and assumptions used in estimating the fair values of financial instruments are based on carrying values and future cash flows.

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	4,285	$	—	$	—	$	4,285
Liabilities
Warrants	$	—	$	—	$	3,516	$	3,516
Pre-Paid Advance	$	—	$	—	$	4,142	$	4,142


	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	38,822	$	—	$	—	$	38,822
Liabilities
Warrants	$	—	$	—	$	3,811	$	3,811

No transfers between levels have occurred during the periods presented.

Cash Equivalents

Cash equivalents are comprised of money market funds, which are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.

Warrant Liability

As of December 31, 2025, Level 3 liabilities include the warrant liability which resulted from warrants being issued on December 20, 2024 (as further described in Note 8), which did not meet the criteria for equity classification in accordance with ASC Subtopic 815-40, Derivatives and Hedging - Contracts in Entity’s Own Equity (“ASC 815-40”), and are therefore accounted for as liabilities at fair value.

The Company estimates the fair value of its warrants using significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. The Company estimated the fair value of the warrants using the Black-Scholes option pricing model.

The significant inputs used in the valuation models to measure the fair value of the warrants are as follows:


	Valuation Date
	December 31, 2025	December 31, 2024
Common stock price	$0.57	$0.59
Risk-free rate	3.68%	4.40%
Expected term (in years)	4.47	5.47
Expected volatility	103.2%	94.6%
Dividend yield	0.0%	0.0%

The following table presents the changes in the fair value of Level 3 liabilities for the year ended December 31, 2025 (in thousands):


	Warrant Liability
Balance at December 31, 2024	$	3,811
Change in fair value of warrant liability		(295	)
Balance at December 31, 2025	$	3,516

Changes in the fair value of the liability-classified warrants are recognized within the gain on warrant liability, a component of other income (expense) in the consolidated statements of operations and comprehensive loss.

PPAs Liability

As of December 31, 2025, Level 3 liabilities include the Pre-Paid Advance issued to the Company in November 2025 (as further described in Note 7), for which the Company elected the fair value option.

The Pre-Paid Advance is classified within Level 3 of the fair value hierarchy as the fair value is derived using a Monte Carlo simulation model in a risk neutral framework, which uses significant unobservable inputs. The significant assumptions used in the valuation model include volatility, expected term, risk-free rates, and credit-adjusted discount rates.

The following table presents the changes in the fair value of Level 3 liabilities for the year ended December 31, 2025 (in thousands):


	PPAs Liability
Balance at December 31, 2024	$	—
Issuance of Pre-Paid Advance		7,125
Partial conversion of Pre-Paid Advance into common stock		(3,389	)
Change in fair value of PPAs liability		406
Balance at December 31, 2025	$	4,142

Changes in the fair value of the Pre-Paid Advance are recognized within the loss on PPAs liability, a component of other income (expense) on the consolidated statements of operations and comprehensive loss.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Organization

BioAtla, LLC was formed in Delaware in March 2007 and was converted to a Delaware corporation in July 2020 and renamed BioAtla, Inc. (the “Company”). The Company has a proprietary platform for creating biologics, including its conditionally active biologics (“CAB” or “CABs”). CABs have been designed to be active only under certain conditions found in diseased tissue, while remaining inactive in normal tissue. The Company is currently in clinical development of several CAB drug candidates including: its two lead CAB antibody drug conjugates (“CAB ADC”), mecbotamab vedotin (BA3011), a CAB ADC targeting AXL, and ozuriftamab vedotin (BA3021), a CAB ADC targeting ROR2; evalstotug (BA3071), a CAB anti-CTLA-4 antibody; and BA3182 (CAB-EpCAM x CAB-CD3), a CAB bispecific antibody targeting EpCAM.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). BioAtla, Inc. is a single legal entity with one consolidated variable interest entity (“VIE”), BA 3021 SPV LLC (see Note 10).

Liquidity and Going Concern

The Company has incurred cumulative operating losses and negative cash flows from operations since its inception and expects to continue to incur significant expenses and operating losses for the foreseeable future as it continues development of its product candidates. As of December 31, 2025, the Company had an accumulated deficit of $545.6 million. The Company plans to continue to fund its losses from operations and capital funding needs through public or private equity or debt financings, or other sources. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects.

Management is required to perform a two-step analysis of the Company’s ability to continue as a going concern. Management must first evaluate whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern (Step 1). If management concludes that substantial doubt is raised, management is also required to consider whether its plans alleviate that doubt (Step 2). Management’s assessment concluded that there is substantial doubt about the Company’s ability to continue as a going concern for a period of at least one year from the issuance date of these consolidated financial statements.

The Company has prepared its consolidated financial statements on a going concern basis, which assumes that the Company will realize its assets and satisfy its liabilities in the normal course of business. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of the uncertainty concerning the Company’s ability to continue as a going concern.

Variable Interest Entities

The Company consolidates entities in which it has a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a VIE. VIEs are entities in which (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently, (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity and (iii) the legal entity is structured with substantive voting rights. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. The Company has a controlling financial interest in a VIE when the Company has a variable interest or interests that provide it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company evaluates its relationships with its VIEs on an ongoing basis to determine whether or not it has a controlling financial interest (see Note 10).

Variable Interest Entities

Use of Estimates

The Company’s consolidated financial statements are prepared in accordance with U.S. GAAP. The preparation of the Company’s consolidated 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 consolidated financial statements and accompanying notes. The most significant estimates in the Company’s consolidated financial statements relate to accruals for research and development costs, equity-based compensation, and fair value measurements related to the Pre-Paid Advance Agreements (the “PPAs”) and SEPA (as defined in Note 8). 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.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of 90 days or less at the date of purchase to be cash equivalents. Cash equivalents consist of highly rated securities including U.S. Government and U.S. Treasury money market funds, which are unrestricted as to withdrawal or use. The cash and cash equivalents balance as of December 31, 2025 and 2024 includes $4.3 million and $38.8 million, respectively, invested in U.S. Government and U.S. Treasury money market funds.

Concentration of Risk

Concentrations of Risk

Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and may invest cash that is not required for immediate operating needs in highly liquid instruments that bear minimal risk. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.

Property and Equipment

Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful life of the related assets. Leasehold improvements are stated at cost and amortized on a straight-line basis over the lesser of the remaining term of the related lease or the estimated useful life of the leasehold improvements. Repairs and maintenance costs are charged to expense as incurred and expenditures that materially extend the useful lives of assets are capitalized.

Impairment of Long-Lived Assets

The Company reviews long-lived assets, such as property and equipment, for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. Fair value would be assessed using discounted cash flows or other appropriate measures of fair value. The Company has not recognized any impairment losses for the years ended December 31, 2025 and 2024.

Leases

The Company determines if an arrangement is a lease at inception. An arrangement is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If a lease is identified, classification is determined at lease commencement. Operating lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The Company’s leases do not provide an implicit interest rate and therefore the Company estimates its incremental borrowing rate to discount lease payments. The incremental borrowing rate reflects the interest rate that the Company would have to pay to borrow on a collateralized basis an amount equal to the lease payments in a similar economic environment over a similar term. Operating lease right-of-use (“ROU”) assets are based on the corresponding lease liability adjusted for any lease payments made at or before commencement, initial direct costs, and lease incentives. Renewals or early terminations are not accounted for unless the Company is reasonably certain to exercise these options. Operating lease expense is recognized and the ROU asset is amortized on a straight-line basis over the lease term. Variable lease costs are recognized as incurred and are not included in the calculation of the ROU asset or the related lease liability.

The Company has a single lease agreement with lease and non-lease components, which are accounted for as a single lease component. Payments for short-term leases, defined as leases with a term of twelve months or less, are expensed on a straight-line basis over the lease term. The Company does not currently have any short-term leases.

Operating leases are included in operating lease right-of-use assets, operating lease liabilities, and operating lease liabilities, non current on the Company’s consolidated balance sheets. The Company does not have any finance leases.

Derivative Instruments and Warrant Liabilities

The Company evaluates its financial instruments and other contracts, including issued warrants to purchase common stock, to determine if those instruments are required to be recognized as derivatives or contain features that qualify as embedded derivatives under the relevant accounting standards (see Note 4 and Note 8). The result of this accounting treatment is that the derivative is carried at fair value as an asset or liability with changes in fair value recognized in earnings at each reporting date. Changes in the fair value of derivatives are recorded in the consolidated statements of operations and comprehensive loss as a component of other income (expense).

Fair Value Option

Under the ASC 825, Financial Instruments (“ASC 825”) the Company has the irrevocable option to report certain financial assets and financial liabilities at fair value on an instrument-by-instrument basis. Under the PPAs entered into in November 2025, pre-paid advances having an aggregate principal amount of $7.5 million (the “Pre-Paid Advance”) were issued to the Company. The Company elected the fair value option to account for the Pre-Paid Advance (See Note 4 and Note 7). The fair value option was elected as management believes fair value measurement better aligns with the instrument’s economic risks and expected settlement outcomes. This election also eliminates the need to bifurcate the embedded conversion features and account for them separately as derivative instruments.

The Pre-Paid Advance was initially recorded at fair value at issuance, which was determined to be equal to the transaction price of $7.15 million. Issuance costs incurred in connection with the Pre-Paid Advance were expensed as incurred, consistent with the requirements applicable to instruments measured at fair value under ASC 825. Subsequent to initial recognition, the Company remeasures the Pre-Paid Advance to fair value at each reporting date, with changes in fair value recognized in earnings within the loss on PPAs liability on the consolidated statements of operations and comprehensive loss. The change in fair value related to accrued interest is presented with the total change in fair value of the Pre-Paid Advance as a single line within the loss on PPAs liability on the consolidated statements of operations and comprehensive loss.

Revenue Recognition

The Company recognizes revenue in a manner that depicts the transfer of control of a product or 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.

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.

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 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 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.

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, non-cash 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 use that amount as the basis for recognizing revenue as the product or 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 most likely amount method, which identifies the single most likely amount in a range of possible consideration amounts.

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.

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.

The Company expenses incremental costs of obtaining and fulfilling a contract as incurred if the expected amortization period for 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.

Research and Development Expenses

The Company’s activities have largely consisted of research and development efforts related to developing our CAB programs. Research and development expenses consist of expenses incurred in performing research and development activities including salaries and benefits, facilities and other overhead expenses, clinical trials, contract services and other outside expenses. Research and development expenses are charged to expense as incurred. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and are reflected in the accompanying consolidated balance sheets as prepaid or accrued expenses. When evaluating the adequacy of the accrued expenses, the Company analyzes progress of the services, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates.

As of December 31, 2025, the Company has accrued $5.8 million related to clinical trial costs. The Company has entered into contracts related to its clinical trials with clinical research organizations. The Company reviews and accrues clinical trial costs based on work performed, which relies on estimates and assumptions of total trial management costs, sites activated, patients enrolled, and number of patient visits. The Company follows this method since reasonably dependable estimates of the costs applicable to clinical trials can be made. Accrued clinical trial costs are subject to revisions as the trials progress. Revisions are charged to expense in the period in which the facts that give rise to the revision become known. A modification in the protocol of a clinical trial or cancellation of a trial could result in a material change to the Company's results of operations.

Patent Costs

Costs related to filing and pursuing patent applications are recorded as general and administrative expenses and expensed as incurred since recoverability of such expenditures is uncertain.

Stock-Based Compensation

Stock-based compensation expense represents the grant date fair value of equity awards, consisting of stock options, restricted stock units (“RSUs”) and employee stock purchase plan rights, over the requisite service period of the awards (usually the vesting period) on a straight-line basis. The Company estimates the fair value of stock option grants and employee stock purchase plan rights using the Black-Scholes option pricing model. The fair value of RSUs is based on the closing sales price of the Company’s common stock on the date of grant. Equity award forfeitures are recognized as they occur.

Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized as income in the period that includes the enactment date.

The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, exclusive of reversing temporary difference, tax-planning strategies, and the results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

The Company records uncertain tax positions on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability.

Comprehensive Loss

Comprehensive loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources, and consists of net loss and other comprehensive gain (loss). There have been no items qualifying as other comprehensive loss and, therefore, for all periods presented, the Company’s comprehensive loss was the same as its reported net loss.

Net Loss Per Share

Basic net loss per common share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock method. Dilutive common stock equivalents are comprised of common stock warrants, RSUs, common stock options outstanding under the Company’s stock option plan, contingently issuable shares under the BioAtla, Inc. Employee Stock Purchase Plan (the “ESPP”), and potential future conversions of the Pre-Paid Advance into common stock (“PPA Shares”).

Potentially dilutive securities not included in the calculation of diluted net loss per common share because to do so would be anti-dilutive are as follows (in common stock equivalents):


	December 31,
	2025		2024
Common stock warrants		9,679,158		9,679,158
Common stock options		5,879,071		6,096,046
Restricted stock units		2,433,825		1,553,000
ESPP shares		49,559		78,869
PPA Shares		6,846,153		—
Total		24,887,766		17,407,073

Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”), or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, Accounting Standards Updates (“ASU”) not included in the Company’s disclosures were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s financial statements or disclosures.

In November 2024, the FASB issued Accounting Standards Update ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires public entities, at annual and interim reporting periods, to disclose in a tabular format additional information about specific expense categories in the notes to the consolidated financial statements. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

In December 2025, the FASB issued ASU No. 2025-11, “Interim Reporting (Topic 270): Narrow Scope Improvements”. This update will improve the navigability of required interim disclosures and clarify when that guidance is applicable, and will require entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company will adopt the standard for the interim periods within the year ending December 31, 2028. The Company is currently evaluating the impact of the adoption on its consolidated financial statements and related disclosures.

Recently Adopted Accounting Standards

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 in the fourth quarter of 2025. The Company expanded its income tax disclosures as a result of adopting this new accounting standard.

Stockholders equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense recognized for all equity awards under the 2020 Plan has been reported in the consolidated statements of operations and comprehensive loss as follows (in thousands):


	Years ended December 31,
	2025		2024
Research and development	$	2,199	$	4,238
General and administrative		3,235		4,683
Total	$	5,434	$	8,921

Summary of Restricted Stock Units

The following table summarizes RSU activity under the 2020 Plan for the year ended December 31, 2025:


	Number of Shares			Weighted - Average Grant Date Fair Value
Outstanding at December 31, 2024		1,553,000		$	2.48
Granted		1,863,000		$	0.32
Vested		(728,295	)	$	2.38
Forfeited		(253,880	)	$	1.09
Outstanding at December 31, 2025		2,433,825		$	1.00

Summary of Stock Option Activity

The following table summarizes stock option activity under the 2020 Plan for the year ended December 31, 2025:


	Number of Options			Weighted - Average Exercise Price Per Share		Weighted - Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2024		6,096,046		$	7.65	7.59		$	—
Granted		9,000		$	0.68
Exercised		—		$	—
Forfeited		(150,577	)	$	5.54
Expired		(75,398	)	$	8.48
Balance at December 31, 2025		5,879,071		$	7.68		6.43	$	—
Vested and expected to vest at December 31, 2025		5,879,071		$	7.68		6.43	$	—
Exercisable at December 31, 2025		4,898,655		$	8.42		6.29	$	—

Summary of Assumptions Used in Black-Scholes Model

The assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants were as follows:


	Years ended December 31,
	2025	2024
Expected volatility	95.3%	88.7%
Risk-free interest rate	3.65%	4.25%
Expected dividend yield	0.0%	0.0%
Expected term	5.29 years	5.95 years

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance are as follows in common equivalent shares:


	December 31,
	2025	2024
Warrants for the purchase of common stock	9,679,158	9,679,158
Common stock options and restricted stock units issued and outstanding	8,312,896	7,649,046
Awards available for future issuance under the 2020 Plan	1,300,651	1,154,335
Awards available for future issuance under the ESPP	2,189,334	1,691,892
Shares available for future conversions of PPAs	6,846,153	—
Total common stock reserved for future issuance	28,328,192	20,174,431

Cybersecurity Risk Management, Strategy, and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy, and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	ITEM 1C. Cybersecurity Cybersecurity Risk Management and Strategy: We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats, as such term is defined in Item 106(a) of Regulation S-K. These risks include, among other things, operational risks; intellectual property theft; fraud; extortion; harm to employees or customers; violation of privacy or security laws and other litigation and legal risk; and reputational risks. We maintain an incident response plan to coordinate the activities we take to protect against, detect, respond to and remediate cybersecurity incidents, as such term is defined in Item 106(a) of Regulation S-K, as well as to comply with potentially applicable legal obligations and mitigate brand and reputational damage. We have implemented several cybersecurity processes, technologies, and controls to aid in our efforts to identify, assess, and manage material risks, as well as to test and improve our incident response plan. Our approach includes, among other things: • conducting regular network and endpoint monitoring, vulnerability assessments, and penetration testing to improve our information systems, as such term is defined in Item 106(a) of Regulation S-K • regular cybersecurity training programs for employees and management; and annual cybersecurity management training for employees involved in our systems and processes that handle sensitive data; • leveraging the NIST incident handling framework to help us identify, protect, detect, respond, and recover when there is an actual or potential cybersecurity incident; • operating threat intelligence processes designed to research our adversaries; • closely monitoring emerging data protection laws and implementing changes to our processes designed to comply; • conducting regular phishing email simulations for all employees and all contractors with access to corporate email systems to enhance awareness and responsiveness to such possible threats; • through policy, practice, and contract (as applicable) requiring employees, as well as third-parties who provide services on our behalf, to treat sensitive information with care; • carrying information security risk insurance that provides protection against the potential losses arising from a cybersecurity incident; and • maintaining a risk management program for suppliers, vendors, and other third parties, which includes conducting pre-engagement risk-based diligence, implementing contractual security and notification provisions, and ongoing monitoring as needed. These approaches vary in maturity across the business, and we work to continually improve them. Our process for identifying and assessing material risks from cybersecurity threats operates alongside our broader overall risk assessment process, covering all company risks. As part of this process appropriate disclosure personnel will collaborate with subject matter specialists, as necessary, to gather insights for identifying and assessing material cybersecurity threat risks, their severity, and potential mitigation. As part of the above approach and processes, we have engaged assessors to review our cybersecurity program to help identify areas for continued focus, improvement and/or compliance. We describe whether and how risks from identified cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition, under the heading “We depend on our information technology systems and those of our CROs, manufacturers, contractors and consultants. Our internal computer systems, or those of any of our CROs, manufacturers, other contractors, consultants, existing or future collaborators, may fail or suffer security or data privacy breaches or other unauthorized or improper access to, use or acquisition of or destruction of our proprietary and confidential data, employee data or personal data, which could result in additional costs, loss of revenue significant liabilities, harm to our reputation and material disruption of our operations” included as part of our risk factor disclosures at Item 1A of this Annual Report on Form 10-K, and under the heading “Risks related to employee matters, managing our growth and other risks related to our business.” In the last three fiscal years, we have not experienced any material cybersecurity incidents and the expenses we have incurred from cybersecurity incidents were immaterial. This includes penalties and settlements, of which there were none. Cybersecurity Governance: Cybersecurity is an important part of our risk management processes and an area of increasing focus for our Board and management. Our Audit Committee is responsible for the oversight of risks from cybersecurity threats. The Audit Committee semi-annually receives an overview from management of our cybersecurity threat risk management and strategy processes covering topics such as data security posture, progress towards pre-determined risk-mitigation-related goals, our incident response plan, and cybersecurity threat risks or incidents and developments, as well as the steps management has taken to respond to such risks. In such sessions, the Audit Committee generally receives materials indicating current and emerging cybersecurity threat risks and describing the company’s ability to mitigate those risks. Members of the Board and the Audit Committee are also encouraged to regularly engage in ad hoc conversations with management on cybersecurity-related news events and discuss any updates to our cybersecurity risk management and strategy programs. Material cybersecurity threat risks may also be considered during separate Board meeting discussions. Our cybersecurity risk management and strategy processes, which are discussed in greater detail above, are led by our Senior Vice President of IP and Contracts and other members of the management team. Our team has over ten years in information technology, cybersecurity, risk management, and compliance and includes individuals with BS degrees in Information Technology and several information technology and security certifications. These members of management are informed about and monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of our incident response plan. If a cybersecurity incident is determined to be a material cybersecurity incident, our incident response plan and cybersecurity disclosure controls and procedures define the process to disclose such a material cybersecurity incident.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented several cybersecurity processes, technologies, and controls to aid in our efforts to identify, assess, and manage material risks, as well as to test and improve our incident response plan. Our approach includes, among other things: • conducting regular network and endpoint monitoring, vulnerability assessments, and penetration testing to improve our information systems, as such term is defined in Item 106(a) of Regulation S-K • regular cybersecurity training programs for employees and management; and annual cybersecurity management training for employees involved in our systems and processes that handle sensitive data; • leveraging the NIST incident handling framework to help us identify, protect, detect, respond, and recover when there is an actual or potential cybersecurity incident; • operating threat intelligence processes designed to research our adversaries; • closely monitoring emerging data protection laws and implementing changes to our processes designed to comply; • conducting regular phishing email simulations for all employees and all contractors with access to corporate email systems to enhance awareness and responsiveness to such possible threats; • through policy, practice, and contract (as applicable) requiring employees, as well as third-parties who provide services on our behalf, to treat sensitive information with care; • carrying information security risk insurance that provides protection against the potential losses arising from a cybersecurity incident; and • maintaining a risk management program for suppliers, vendors, and other third parties, which includes conducting pre-engagement risk-based diligence, implementing contractual security and notification provisions, and ongoing monitoring as needed.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity is an important part of our risk management processes and an area of increasing focus for our Board and management. Our Audit Committee is responsible for the oversight of risks from cybersecurity threats. The Audit Committee semi-annually receives an overview from management of our cybersecurity threat risk management and strategy processes covering topics such as data security posture, progress towards pre-determined risk-mitigation-related goals, our incident response plan, and cybersecurity threat risks or incidents and developments, as well as the steps management has taken to respond to such risks. In such sessions, the Audit Committee generally receives materials indicating current and emerging cybersecurity threat risks and describing the company’s ability to mitigate those risks. Members of the Board and the Audit Committee are also encouraged to regularly engage in ad hoc conversations with management on cybersecurity-related news events and discuss any updates to our cybersecurity risk management and strategy programs. Material cybersecurity threat risks may also be considered during separate Board meeting discussions. Our cybersecurity risk management and strategy processes, which are discussed in greater detail above, are led by our Senior Vice President of IP and Contracts and other members of the management team. Our team has over ten years in information technology, cybersecurity, risk management, and compliance and includes individuals with BS degrees in Information Technology and several information technology and security certifications. These members of management are informed about and monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of our incident response plan. If a cybersecurity incident is determined to be a material cybersecurity incident, our incident response plan and cybersecurity disclosure controls and procedures define the process to disclose such a material cybersecurity incident.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Audit Committee is responsible for the oversight of risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee semi-annually receives an overview from management of our cybersecurity threat risk management and strategy processes covering topics such as data security posture, progress towards pre-determined risk-mitigation-related goals, our incident response plan, and cybersecurity threat risks or incidents and developments, as well as the steps management has taken to respond to such risks.
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity risk management and strategy processes, which are discussed in greater detail above, are led by our Senior Vice President of IP and Contracts and other members of the management team. Our team has over ten years in information technology, cybersecurity, risk management, and compliance and includes individuals with BS degrees in Information Technology and several information technology and security certifications. These members of management are informed about and monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of our incident response plan. If a cybersecurity incident is determined to be a material cybersecurity incident, our incident response plan and cybersecurity disclosure controls and procedures define the process to disclose such a material cybersecurity incident.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity risk management and strategy processes, which are discussed in greater detail above, are led by our Senior Vice President of IP and Contracts and other members of the management team.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our team has over ten years in information technology, cybersecurity, risk management, and compliance and includes individuals with BS degrees in Information Technology and several information technology and security certifications.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Members of the Board and the Audit Committee are also encouraged to regularly engage in ad hoc conversations with management on cybersecurity-related news events and discuss any updates to our cybersecurity risk management and strategy programs.These members of management are informed about and monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of our incident response plan.

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Lessee Disclosure [Abstract]

Components of Lease Expense

The components of lease expense included in the Company’s consolidated statements of operations and comprehensive loss include (in thousands):


	Years ended December 31,
	2025		2024
Operating lease expense	$	1,311	$	1,043
Variable lease expense		568		689
Total lease expense, net	$	1,879	$	1,732

Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rate

The weighted average remaining lease term and weighted average discount rate for operating leases were as follows:


	December 31,
	2025			2024
Weighted average remaining lease term (in years)		4.9			0.5
Weighted average discount rate percentage		9.00	%		3.50	%

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases under which the Company is the lessee was as follows (amounts in thousands):


	Years ended December 31,
	2025		2024
Cash paid for amounts included in the measurement of operating leases	$	967	$	1,685

Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of December 31, 2025 were as follows (in thousands):


Years ending December 31:	Operating lease
2026	$	1,484
2027		1,528
2028		1,574
2029		1,621
2030		1,529
Total future lease payments		7,736
Less imputed interest		(1,536	)
Total operating lease liabilities	$	6,200

Stockholders' Equity - Summary of Restricted Stock Units (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Class Of Stock [Line Items]
Number of Outstanding Shares, Beginning Balance \| shares	1,553,000
Number of Shares, Granted \| shares	1,863,000
Number of Shares, Vested \| shares	(728,295)
Number of Shares, forfeited \| shares	(253,880)
Number of Outstanding Shares, Ending Balance \| shares	2,433,825
Weighted Average Grant Date Fair Value, Beginning Balance, December 31, 2024 \| $ / shares	$ 2.48
Weighted Average Grant Date Fair Value, Granted \| $ / shares	0.32
Weighted Average Grant Date Fair Value, Vested \| $ / shares	2.38
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	1.09
Weighted Average Grant Date Fair Value, Ending Balance, December 31, 2025 \| $ / shares	$ 1

Collaboration, License and Option Agreements - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended		36 Months Ended
	Nov. 18, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2021	Nov. 30, 2025
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration Amendment Date				2019-04
Liability to licensor		$ 19,806	$ 19,806
BeOne
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration Amendment Date				2021-11
Upfront Non-Refundable Payment				$ 25,000
Revenues		0	0
License termination information, Description	In the event the license is terminated, the liability will be extinguished with no further payment to BeOne.
Current portion of deferred revenue	$ 19,800
Liability to licensor		19,800	19,800
Context Therapeutics Inc
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenues		2,000	$ 11,000
Maximum Potential Aggregate Payments		$ 133,500
Milestone payment received					$ 2,000

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss carryforwards	$ 51,463	$ 33,799
Liability to licensor	4,159	4,159
Goodwill	2,427	2,683
Lease liability	1,302	176
Accrued compensation	0	556
Research credit carryforwards	15,424	13,221
Section 174 cost capitalization	30,808	36,951
Section 59(e) cost capitalization	6,300	7,350
Stock-based compensation	3,635	3,938
Deferred gain	1,491	0
Fixed assets	4	0
Other	81	5
Gross deferred tax assets	117,094	102,838
Less valuation allowance	(115,932)	(102,655)
Total deferred tax assets	1,162	183
Deferred tax liabilities:
Fixed assets	0	(75)
Operating lease right-of-use asset	(1,162)	(108)
Total deferred tax liabilities	(1,162)	(183)
Net deferred tax assets	$ 0	$ 0

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2025	Mar. 20, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Document Annual Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity Registrant Name	BIOATLA, INC.
Entity Central Index Key	0001826892
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	BCAB
Security Exchange Name	NASDAQ
Entity Public Float			$ 18.7
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-39787
Entity Tax Identification Number	85-1922320
Entity Address, Address Line One	11085 Torreyana Road
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	558-0708
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	false
Documents Incorporated by Reference	Part III incorporates by reference certain information from the registrant’s definitive proxy statement (the “Proxy Statement”) relating to its 2026 Annual Meeting of Stockholders. The Proxy Statement will be filed with the United States Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Document Financial Statement Error Correction [Flag]	false
Auditor Name	Ernst & Young LLP
Auditor Location	San Diego, California
Auditor Firm ID	42
Auditor Opinion	We have audited the accompanying consolidated balance sheets of BioAtla, Inc. (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive loss, stockholders’ equity (deficit) and cash flows for each of the two years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		82,846,317
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Stockholders' Equity - Summary of Stock Option Activity (Details) - Equity Option - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning Balance	6,096,046
Granted, Number of Shares	9,000
Exercised, Number of Shares	0
Forfeiture, Number of Shares	(150,577)
Expired, Number of Shares	(75,398)
Number of Shares, Ending Balance	5,879,071	6,096,046
Vested and expected to vest, Number of Shares	5,879,071
Exercisable, Number of Shares	4,898,655
Beginning Balance December 31,2024, Weighted-Average Exercise Price per Share	$ 7.65
Granted, Weighted-Average Exercise Price per Share	0.68
Exercised, Weighted-Average Exercise Price per Share	0
Forfeited, Weighted-Average Exercise Price per Share	5.54
Expired, Weighted-Average Exercise Price per Share	8.48
Ending Balance December 31,2025 , Weighted-Average Exercise Price per Share	7.68	$ 7.65
Vested and expected to vest, Weighted-Average Exercise Price per Share	7.68
Exercisable, Weighted-Average Exercise Price per Share	$ 8.42
Outstanding, Weighted-Average Remaining Contractual Term (years)	6 years 5 months 4 days	7 years 7 months 2 days
Vested and expected to vest, Weighted-Average Remaining Contractual Term (years)	6 years 5 months 4 days
Exercisable, Weighted-Average Remaining Contractual Term (years)	6 years 3 months 14 days
Outstanding, Aggregate Intrinsic Value	$ 0	$ 0
Vested and expected to vest, Aggregate Intrinsic Value	0
Exercisable, Aggregate Intrinsic	$ 0

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

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	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Pre-Paid Advance - Additional Information (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 30, 2025 USD ($) $ / shares $ / XUA	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Lowest daily volume weighted average price	95.00%
Maturity date	Nov. 21, 2026
Issuance costs		$ 700
Floor price \| $ / XUA	0.23
Purchase price per share \| $ / shares	$ 1.39
Pre paid advance agreements amortization event, descripton	In the event certain events occur, including (i) the failure to maintain a closing stock price greater than the Floor Price for any five of seven consecutive trading days, (ii) any of the shares to be issued pursuant to the PPAs are not eligible to be sold pursuant to an effective registration statement for a period of 10 consecutive trading days or (iii) the Company has issued substantially all of the shares available under the Exchange Cap (as defined below) (the date on which any event described in (i) through (iii) occurs, the “Amortization Event Date”), the Company will be required to make monthly cash payments equal to the lesser of 18% of each Investor’s respective initial Pre-Paid Advance amount, or the outstanding principal balance of such Pre-Paid Advance on the Amortization Event Date, plus a 10% payment premium and any accrued and unpaid interest. Such payments will continue until either all amounts outstanding under the Pre-Paid Advance are paid in full or certain cure conditions have been met.
Settlement of principal and accrued interest		3,100
Pre-paid advance remaining principal amount		4,500
Advance fair value		4,100
Pre-Paid Advance Agreements
Debt Instrument [Line Items]
Aggregate principal amount	$ 7,500
Purchase price discount	95.00%
Gross proceeds to the Company		$ 7,130
Interest rate	4.00%
Default interest rate percentage	18.00%
Percentage of outstanding common stock	4.99%
Prepayment premium	10.00%
Percentage of outstanding common stock for exchange cap	19.99%

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related party transactions

10. Related Party Transactions

Inversagen, LLC

On March 15, 2019, the Company entered into an Exclusive License Agreement with Inversagen (the “Inversagen License”). Under the terms of the agreement, Inversagen acquired the rights to CAB-antibodies for the field of diseases associated with aging, outside of cancer, and an immuno-oncology antibody. The Company may perform development services under the agreement and will be reimbursed by Inversagen for its costs. Commencing on the first commercial sale of the CAB-antibodies and immuno-oncology antibody subject to the Inversagen License, Inversagen will pay the Company milestone payments and royalties, which represent a variable interest held by the Company. On July 7, 2020, the Company and Inversagen entered into the First Amendment to Exclusive License Agreement (“Amended Inversagen License”), which grants the Company an option for a period of 10 years to acquire the immuno-oncology antibody in return for royalty payments in the low-single digits during the applicable royalty term. No payments have been made to date.

Inversagen has only nominal assets and liabilities and is a VIE as the entity lacks sufficient equity to finance its activities without additional subordinated financial support. The Company does not consolidate Inversagen as it is not the primary beneficiary; the Inversagen License and the Amended Inversagen License did not and do not provide the Company with any decision-making power over the activities that are most significant to the entity’s economic success, such as the direction of its development efforts or the search for or terms of any future financing arrangements. The Company has no equity interest in Inversagen, and no exposure to its losses. The Company has not provided any services to Inversagen, has not provided any support to Inversagen and has no obligation to do so, and Inversagen’s creditors have no recourse to the general credit of the Company. The Company does not have any assets or liabilities associated with its variable interest in Inversagen at December 31, 2025 and 2024.

Inversagen is a related party of the Company. Dr. Jay Short and his spouse serve as managers of Inversagen.

BioAtla Holdings, LLC

Effective January 1, 2020, the Company entered into an Exclusive License Agreement (the “BioAtla Holdings License”) with BioAtla Holdings, LLC. Under the terms of the agreement, BioAtla Holdings acquired the rights to CAB antibodies for certain targets in the field of Adoptive Cell Therapy (CAR-T format) in exchange for potential royalty payments on future net sales. On July 7, 2020, the Company and BioAtla Holdings entered into the First Amendment to Exclusive License Agreement (the “Amended BioAtla Holdings License”), which grants the Company an option for a period of 10 years to acquire the ACT Preparations and ACT Treatments in return for royalty payments in the low-single digits during the applicable royalty term. The Company has not exercised its option and no payments have been made to date under these agreements.

In addition, effective January 1, 2020, the Company entered into a Royalty Sharing Agreement whereby the Company agreed to share with BioAtla Holdings 50% of the royalties it receives from its Exclusive License Agreement with EXUMA Biotech Corp.

BioAtla Holdings is a variable interest entity as it does not have sufficient equity to finance its activities without additional subordinated financial support. The royalty payments and option to acquire assets represent variable interests held by the Company in BioAtla Holdings. The Company is not the primary beneficiary of BioAtla Holdings, however, as the BioAtla Holdings License and Amended BioAtla Holdings License did not and do not provide the Company with any decision-making power over the activities that are most significant to the entity’s economic success, such as the direction of its development efforts or the search for or terms of any future financing arrangements. The Company has no equity interest in BioAtla Holdings, and no exposure to its losses. BioAtla Holdings is currently inactive, and the Company has not provided any support to BioAtla Holdings and has no obligation to do so, and BioAtla Holdings’ creditors have no recourse to the general credit of the Company. The Company does not have any assets or liabilities associated with its variable interests in BioAtla Holdings at December 31, 2025 and 2024.

BioAtla Holdings is a related party of the Company. Dr. Jay Short and his spouse serve as managers of BioAtla Holdings.

Himalaya Therapeutics SEZC

Exclusive Rights Agreement

On January 1, 2020, the Company entered into an Amended and Restated Exclusive Rights Agreement (the “Amended Rights Agreement”) with Himalaya Therapeutics SEZC. Under the terms of the Amended Rights Agreement, Himalaya Therapeutics SEZC acquired the rights to 10 CAB-antibodies for the territory of China, Macao, Hong Kong and Taiwan, global rights to a CAB-HER2-bispecific-antibody and global co-development rights with the Company to an IL-22 non-CAB-antibody. Payments to the Company may include upfront payments, milestone payments and double digit royalties, which represent a variable interest held by the Company, but no payments have been made to the Company to date.

Himalaya Therapeutics SEZC is a VIE as it does not have sufficient equity to finance its activities without additional subordinated financial support. The Company is not obligated to provide financial support to Himalaya Therapeutics SEZC. The Company is not the primary beneficiary of Himalaya Therapeutics SEZC, however, as the Amended Rights Agreement does not provide BioAtla, Inc. with the power to direct activities of a VIE that most significantly impact the VIE’s economic performance, such as decision-making power over the direction of its development efforts or the search for or terms of any future financing arrangements. The Company does not have any assets or liabilities recorded at December 31, 2025 and 2024 associated with its variable interest in Himalaya Therapeutics SEZC, and has no exposure to Himalaya Therapeutics SEZC losses.

Himalaya Therapeutics SEZC is a related party as Dr. Jay Short and his spouse serve as directors, and Dr. Short's spouse also serves as an officer of such entity.

Clinical Trial Services Agreement

In January 2024, the Company entered into an amended Clinical Trial Services Agreement (as so amended, the “Clinical Trial Services Agreement”) with Himalaya Therapeutics SEZC (“Himalaya”). Under the Clinical Trial Services Agreement, BioAtla paid Himalaya for services related to the initiation of clinical trials for evalstotug in China for a period of 12 months. All payments have been made under the Clinical Trial Services Agreement as of December 31, 2024.

Global Transaction Agreement

In September 2024, the Company entered into a Global Transaction Agreement (the “Himalaya Agreement”) with Himalaya. BioAtla and Himalaya had previously entered into an Amended and Restated Exclusive Rights Agreement (the “Amended Rights Agreement”) in January of 2020. Pursuant to the Amended Rights Agreement, Himalaya controls rights to develop, manufacture and commercialize certain assets, including BA3362 which was licensed to Context (see Note 9), in certain territories as further specified in the Amended Rights Agreement. Pursuant to the Himalaya Agreement, Himalaya consented to BioAtla’s execution and performance of the Agreement, and granted to BioAtla an exclusive, worldwide, sublicensable license for those impacted products and intellectual property. Further, as set forth in the Amended Rights Agreement and further clarified in the Himalaya Agreement, BioAtla agreed to pay, subject to any applicable tax withholdings, to Himalaya (i) a mid-teens percentage of all upfront payments and development milestones received by BioAtla from Context under the Context License Agreement; and (ii) a specified percentage of any and all sales milestones and/or royalties based upon Net Sales (as defined in the Context License Agreement) in the People’s Republic of China and the Special Administrative Regions of Hong Kong, Macao and Taiwan that BioAtla receives from Context under the Context License Agreement.

The Company is the principal in the Context License Agreement and in the Himalaya Agreement, and will record revenues and expenses on a gross basis given that the Company had full discretion in setting consideration pricing in the Context License Agreement, the Company will be primarily responsible for providing the License, and Himalaya has no obligation to be a part of any of the fulfillment activities.

For the year ended December 31, 2025, the Company recognized $0.3 million related to the transactions with Himalaya, compared to $2.2 million for the year ended December 31, 2024. The Company did not have any amounts due from or due to Himalaya as of December 31, 2025 or 2024.

Himalaya Parent LLC

Dr. Jay Short and his spouse serve as managers of Himalaya Parent LLC. The Company does not have a variable interest in Himalaya Parent LLC.

BA 3021 SPV, LLC

BA 3021 SPV LLC, a Delaware limited liability company (the “SPV”), was incorporated in December 2025. However, the Company has not yet completed the legal steps required to form the new entity as a wholly owned subsidiary, and the new entity has not issued any common units or finalized its limited liability company agreement as of December 31, 2025. The Company determined that BioAtla is the primary beneficiary of the SPV as of December 31, 2025.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Contingency [Line Items]

Schedule of Deferred Tax Assets and Liabilities

The Company’s net deferred tax assets (liabilities) are as follows (in thousands):


	Years Ended December 31,
	2025			2024
Deferred tax assets:
Net operating loss carryforwards	$	51,463		$	33,799
Liability to licensor		4,159			4,159
Goodwill		2,427			2,683
Lease liability		1,302			176
Accrued compensation		—			556
Research credit carryforwards		15,424			13,221
Section 174 cost capitalization		30,808			36,951
Section 59(e) cost capitalization		6,300			7,350
Stock-based compensation		3,635			3,938
Deferred gain		1,491			—
Fixed assets		4			—
Other		81			5
Gross deferred tax assets		117,094			102,838
Less: valuation allowance		(115,932	)		(102,655	)
Total deferred tax assets		1,162			183
Deferred tax liabilities:
Fixed assets		—			(75	)
Operating lease right-of-use asset		(1,162	)		(108	)
Total deferred tax liabilities		(1,162	)		(183	)
Net deferred tax assets	$	—		$	—

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows (in thousands):


	Years Ended December 31,
	2025		2024
Unrecognized tax benefits - beginning	$	4,582	$	3,602
Gross increases - tax positions in prior period		52		—
Gross increase – current-period tax positions		717		980
Unrecognized tax benefits - ending	$	5,351	$	4,582

U.S. Federal Statutory Income Tax Rate [Member]

Income Tax Contingency [Line Items]

Schedule of Unrecognized Tax Benefits

A reconciliation of income tax expense computed at the U.S. federal statutory income tax rate to the Company’s income tax expense is as follows (in thousands):


	Year Ended December 31, 2025
	Amount			%
Tax computed at the federal statutory rate	$	(12,518	)		21.0	%
State and local income taxes, net of federal income tax effect (1)		—			—	%
Tax credits:
Research and development credit		(1,279	)		2.1	%
Orphan drug credit		(533	)		0.9	%
Change in valuation allowance		12,829			(21.5	)%
Non-taxable or nondeductible items:
Permanent items		117			(0.2	)%
Equity compensation		403			(0.7	)%
Nondeductible officer’s compensation		981			(1.6	)%
Changes in unrecognized tax benefits		—			—	%
Other, net		—			—	%
Provision for income taxes	$	—			—	%

(1) The state that contributes to the majority (greater than 50%) of the tax effect in this category was California for year ending December 31, 2025.

As previously disclosed prior to the adoption of ASU 2023-09, a reconciliation of the income tax expense computed at the U.S. federal statutory income tax rate to the Company's income tax expense is as follows (in thousands):


	Year Ended December 31, 2024
Tax computed at the federal statutory rate	$	(14,653	)
State income taxes, net of federal tax benefit		(49	)
Nondeductible executive compensation		369
Stock-based compensation		294
Research and development and orphan drug credits		(3,789	)
Uncertain tax positions		947
Other, net		(132	)
Valuation allowance		17,013
Income tax expense	$	—

Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Class Of Stock [Line Items]
Common stock, shares issued (in shares)	63,464,322	58,099,164
Common stock, shares outstanding (in shares)	63,464,322	58,099,164
Total common stock reserved for future issuance	28,328,192	20,174,431
Warrant [Member]
Class Of Stock [Line Items]
Warrants for the purchase of common stock	9,679,158	9,679,158
Common Stock Options and Restricted Stock Units [Member]
Class Of Stock [Line Items]
Common stock, shares issued (in shares)	8,312,896	7,649,046
Common stock, shares outstanding (in shares)	8,312,896	7,649,046
2020 Plan [Member]
Class Of Stock [Line Items]
Awards available for future issuance under the 2020 Plan	1,300,651	1,154,335
Employees Stock Purchase Plan Shares
Class Of Stock [Line Items]
Common stock, shares issued (in shares)	256,831	265,412
Awards available for future issuance under the ESPP	2,189,334	1,691,892
Total common stock reserved for future issuance	2,189,334
PPAs [Member]
Class Of Stock [Line Items]
Shares available for future conversions of PPAs	6,846,153	0

Consolidated Balance Sheets - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 7,118,000	$ 49,046,000
Prepaid expenses and other current assets	895,000	2,186,000
Total current assets	8,013,000	51,232,000
Property and equipment, net	120,000	678,000
Operating lease right-of-use-asset, net	5,532,000	512,000
Other assets	163,000	0
Total assets	13,828,000	52,422,000
Current liabilities:
Accounts payable and accrued expenses	16,353,000	13,704,000
Operating lease liabilities	1,427,000	836,000
PPAs liability	4,142,000	0
Total current liabilities	21,922,000	14,540,000
Operating lease liabilities, less current portion	4,773,000	0
Liability to licensor	19,806,000	19,806,000
Warrant liability	3,516,000	3,811,000
Total liabilities	50,017,000	38,157,000
Commitments and contingencies (Note 6)
Stockholders' equity (deficit):
Preferred stock, $0.0001 par value; 200,000,000 shares authorized at December 31, 2025 and December 31, 2024; 0 shares issued and outstanding at December 31, 2025 and December 31, 2024	0	0
Common stock value	6,000	6,000
Additional paid-in capital	509,451,000	500,298,000
Accumulated deficit	(545,646,000)	(486,039,000)
Total stockholders' equity (deficit)	(36,189,000)	14,265,000
Total liabilities and stockholders' equity (deficit)	$ 13,828,000	$ 52,422,000

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Deferred tax asset valuation allowance	$ 115,932	$ 102,655
Change in Valuation Allowance	$ 13,300
Percentage of Limitation Against Taxable Income	80.00%
Tax credit limitation on use	The federal net operating loss and approximately $1.1 million of state net operating losses can be carried forward indefinitely, subject to an 80% limitation against taxable income. The remaining state net operating losses of approximately $1.1 million will begin to expire in 2042, unless previously utilized.
Operating Loss Carryforwards Expiration Period	2042
Orphan drug credit carryforwards expiration period	2041
Use of annual operating loss carryforwards	Sections 382 and 383, annual use of the Company's net operating loss carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period.
CARES Act NOL carryover/carryback offset to taxable income.	50.00%
Unrecognized tax benefits	$ 5,351	$ 4,582	$ 3,602
Cash income taxes	0
Current or deferred income tax	0
Domestic Tax Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Federal net operating loss carryforward	244,400
Orphan Drug Credit	$ 5,600
Tax Credit Carryforward Expiration Period	2040
Domestic Tax Jurisdiction [Member] \| Research and Development Tax Credit
Operating Loss Carryforwards [Line Items]
Tax Credit Carryforward, Amount	$ 11,800
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
State net operating loss carryforward expiring	1,100
State net operating loss carryforward indefinite	1,100
State net operating loss carryforwards	2,200
State and Local Jurisdiction [Member] \| Research and Development Tax Credit
Operating Loss Carryforwards [Line Items]
Tax Credit Carryforward, Amount	$ 4,000

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Collaboration and other revenue	$ 2,000	$ 11,000
Operating expenses:
Research and development expense	43,573	63,095
General and administrative expense	17,732	21,848
Total operating expenses	61,305	84,943
Loss from operations	(59,305)	(73,943)
Other income (expense):
Interest income	843	3,369
Gain on warrant liability	295	807
Loss on PPAs liability	(406)	0
Other expense	(1,034)	(9)
Total other income (expense)	(302)	4,167
Consolidated net loss and comprehensive loss	$ (59,607)	$ (69,776)
Net loss per common share, basic	$ (1.01)	$ (1.44)
Net loss per common share, diluted	$ (1.01)	$ (1.44)
Weighted-average shares of common stock outstanding, basic	58,827,934	48,573,364
Weighted-average shares of common stock outstanding, diluted	58,827,934	48,573,364

Pre-Paid Advance

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Pre-Paid Advance

7. Pre-Paid Advance

In November 2025, the Company closed on the PPAs with YA II PN, Ltd. (“Yorkville”), Anson Investments Master Fund LP and Anson East Master Fund LP (collectively, the “Anson Funds” and together with Yorkville, the “Investors”). Pursuant to the PPAs, the Investors agreed to provide the Company with the Pre-Paid Advance consisting of an aggregate principal amount of $7.5 million, at a purchase price equal to 95% of the face amount. The purchase resulted in gross proceeds to the Company of $7.13 million.

The Pre-Paid Advance matures on November 21, 2026, and accrues interest at 4% per annum, subject to an increase to 18% upon certain Events of Default (as defined in the PPAs). The Company may, at its option, on any date the VWAP of the Company’s common stock is less than the Fixed Price, prepay all or part of the outstanding Pre-Paid Advance, plus a 10% premium and any accrued and unpaid interest.

The Pre-Paid Advance may be repaid in cash or, at each Investor’s option via written notice (each, a “Purchase Notice”), converted into shares of the Company’s common stock at a purchase price per share equal to the lower of (a) $1.39 (the “Fixed Price”) and (b) 95% of the lowest daily volume weighted average price (“VWAP”) of the Company’s common stock for the seven trading days preceding the Purchase Notice (such price, the “Market Price”), at all times subject to a floor of $0.23 (the “Floor Price”). The Investors may also elect to use the Fixed Price in any Purchase Notice even if it is greater or less than the Market Price.

The issuance of shares under the PPAs is subject to further limitations and conditions, including that the shares of common stock beneficially owned by each Investor and its affiliates at any one time will not exceed 4.99% of the then-outstanding shares of the Company’s common stock. Pursuant to the rules of The Nasdaq Capital Market, the total aggregate number of shares issuable under the terms of the PPAs and the SEPA (as defined in Note 8) was initially limited to a number equivalent to 19.99% of the outstanding shares of the common stock as of November 17, 2025 (the “Exchange Cap”). On December 30, 2025, the Company’s stockholders’ approved the issuance of shares under the PPAs and the SEPA in excess of the Exchange Cap.

In the event certain events occur, including (i) the failure to maintain a closing stock price greater than the Floor Price for any five of seven consecutive trading days, (ii) any of the shares to be issued pursuant to the PPAs are not eligible to be sold pursuant to an effective registration statement for a period of 10 consecutive trading days or (iii) the Company has issued substantially all of the shares available under the Exchange Cap (as defined below) (the date on which any event described in (i) through (iii) occurs, the “Amortization Event Date”), the Company will be required to make monthly cash payments equal to the lesser of 18% of each Investor’s respective initial Pre-Paid Advance amount, or the outstanding principal balance of such Pre-Paid Advance on the Amortization Event Date, plus a 10% payment premium and any accrued and unpaid interest. Such payments will continue until either all amounts outstanding under the Pre-Paid Advance are paid in full or certain cure conditions have been met.

As a result of the Company’s election to account for the Pre-Paid Advance under the fair value option in ASC 825, the Pre-Paid Advance was initially recorded at fair value at issuance and is remeasured to fair value at each reporting date, with changes in fair value recognized in earnings within the loss on PPAs liability on the consolidated statements of operations and comprehensive loss. The Company estimates the fair value of the Pre-Paid Advance using the Monte Carlo simulation model, which uses significant unobservable inputs (Level 3). See Note 4 for significant assumptions used in determining the fair value.

The Company incurred issuance costs of $0.7 million, which were expensed as incurred, as required under the fair value option, and such costs are presented within other income (expense) on the consolidated statements of operations and comprehensive loss.

From the issuance date to December 31, 2025, the Company issued common stock to the Investors in settlement of approximately $3.1 million in principal and accrued interest under the Pre-Paid Advance. The remaining principal and accrued interest under the Pre-Paid Advance has been converted into common stock as of March 2026 (refer to Note 14).

As of December 31, 2025, the outstanding principal balance of the Pre‑Paid Advance was $4.5 million. The Pre-Paid Advance had a fair value of $4.1 million as of that date and is classified as a current obligation in the accompanying consolidated balance sheets.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
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-Paragraph 1
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

A reconciliation of income tax expense computed at the U.S. federal statutory income tax rate to the Company’s income tax expense is as follows (in thousands):


	Year Ended December 31, 2025
	Amount			%
Tax computed at the federal statutory rate	$	(12,518	)		21.0	%
State and local income taxes, net of federal income tax effect (1)		—			—	%
Tax credits:
Research and development credit		(1,279	)		2.1	%
Orphan drug credit		(533	)		0.9	%
Change in valuation allowance		12,829			(21.5	)%
Non-taxable or nondeductible items:
Permanent items		117			(0.2	)%
Equity compensation		403			(0.7	)%
Nondeductible officer’s compensation		981			(1.6	)%
Changes in unrecognized tax benefits		—			—	%
Other, net		—			—	%
Provision for income taxes	$	—			—	%

(1) The state that contributes to the majority (greater than 50%) of the tax effect in this category was California for year ending December 31, 2025.


	Year Ended December 31, 2024
Tax computed at the federal statutory rate	$	(14,653	)
State income taxes, net of federal tax benefit		(49	)
Nondeductible executive compensation		369
Stock-based compensation		294
Research and development and orphan drug credits		(3,789	)
Uncertain tax positions		947
Other, net		(132	)
Valuation allowance		17,013
Income tax expense	$	—

For the year ended December 31, 2025, the Company’s loss was entirely domestic. No current or deferred income tax expense was incurred and no cash income taxes were paid during the year ended December 31, 2025.

The Company’s net deferred tax assets (liabilities) are as follows (in thousands):


	Years Ended December 31,
	2025			2024
Deferred tax assets:
Net operating loss carryforwards	$	51,463		$	33,799
Liability to licensor		4,159			4,159
Goodwill		2,427			2,683
Lease liability		1,302			176
Accrued compensation		—			556
Research credit carryforwards		15,424			13,221
Section 174 cost capitalization		30,808			36,951
Section 59(e) cost capitalization		6,300			7,350
Stock-based compensation		3,635			3,938
Deferred gain		1,491			—
Fixed assets		4			—
Other		81			5
Gross deferred tax assets		117,094			102,838
Less: valuation allowance		(115,932	)		(102,655	)
Total deferred tax assets		1,162			183
Deferred tax liabilities:
Fixed assets		—			(75	)
Operating lease right-of-use asset		(1,162	)		(108	)
Total deferred tax liabilities		(1,162	)		(183	)
Net deferred tax assets	$	—		$	—

A valuation allowance of approximately $115.9 million as of December 31, 2025 has been established to offset the deferred tax assets as the Company has determined that it is not more likely than not that these assets will be realized. The valuation allowance increased by approximately $13.3 million during 2025.

At December 31, 2025, the Company had federal and state net operating loss carryforwards of approximately $244.4 million and $2.2 million, respectively. The federal net operating loss and approximately $1.1 million of state net operating losses can be carried forward indefinitely, subject to an 80% limitation against taxable income. The remaining state net operating losses of approximately $1.1 million will begin to expire in 2042, unless previously utilized.

At December 31, 2025, the Company had federal and California research and development credit carryforwards of approximately $11.8 million and $4.0 million, respectively. The federal credit carryforwards will begin to expire in 2040, unless previously utilized. The California credits will carry forward indefinitely.

At December 31, 2025, the Company also had federal orphan drug credit carryforwards of approximately $5.6 million. The orphan drug credit carryforwards will begin to expire in 2041, unless previously utilized.

Pursuant to Internal Revenue Code (“IRC”) Sections 382 and 383, annual use of the Company's net operating loss carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period. The Company has not completed an ownership change analysis pursuant to IRC Section 382. If ownership changes within the meaning of IRC Section 382 are identified as having occurred, the amount of remaining tax attribute carryforwards available to offset future taxable income and income tax expense in future years may be significantly restricted or eliminated. Further, the Company's deferred tax assets associated with such tax attributes could be significantly reduced upon realization of an ownership change within the meaning of IRC Section 382.

Under the FASB's accounting guidance related to income tax positions, among other things, the impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Additionally, the guidance provides further clarification on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company regularly evaluates the likelihood of recognizing the benefit for income tax positions taken in various federal and state filings by considering all relevant facts, circumstances, and information available.

A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows (in thousands):


	Years Ended December 31,
	2025		2024
Unrecognized tax benefits - beginning	$	4,582	$	3,602
Gross increases - tax positions in prior period		52		—
Gross increase – current-period tax positions		717		980
Unrecognized tax benefits - ending	$	5,351	$	4,582

As of December 31, 2025, the Company had gross unrecognized tax benefits of approximately $5.4 million, none of which would affect the Company’s effective tax rate due to the existence of the valuation allowance. The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. The Company had no accrual for interest or penalties on the Company’s consolidated balance sheets and has not recognized interest or penalties in the consolidated statements of operations and comprehensive income for the year ended December 31, 2025.

The Company is subject to taxation in the United States and various state jurisdictions. The Company is subject to examination by tax authorities in those jurisdictions since 2022 and 2021, respectively, and forward. However, to the extent allowed by law, the taxing authorities may have the right to examine periods where NOLs and research and development credits were generated and carried forward, and make adjustments to the amount of the NOL and research credits carryforward amount. The Company is not currently under examination by any jurisdiction.

On July 4, 2025, the One Big Beautiful Bill Act (the "Act") was signed into law. The Act reinstates and makes permanent 100% first-year bonus depreciation under Section 168(k) for qualified property acquired and placed in service after January 19, 2025. Additionally, the Act permanently allows immediate expensing of domestic research and experimentation expenditures under Section 174 for tax years beginning after December 31, 2024. The Company has reflected the effects of the Act in its income tax provision in accordance with ASC 740 and there was no material impact.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Segment Information - Schedule of Segment expenses reviewed by the CDMO (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Collaboration and other revenue	$ 2,000	$ 11,000
Total research and development expenses	43,573	63,095
Total general and administrative expenses	17,732	21,848
Net Income (Loss)	(59,607)	(69,776)
Operating Segments [Member]
Segment Reporting Information [Line Items]
Collaboration and other revenue	2,000	11,000
Total research and development expenses	43,573	63,095
Total general and administrative expenses	17,732	21,848
Interest and other income/(expense)	(302)	(4,167)
Net Income (Loss)	(59,607)	(69,776)
Operating Segments [Member] \| Total program expenses
Segment Reporting Information [Line Items]
Total research and development expenses	29,957	43,022
Operating Segments [Member] \| Personnel and related
Segment Reporting Information [Line Items]
Total research and development expenses	8,180	12,082
Total general and administrative expenses	5,286	7,213
Operating Segments [Member] \| Equity-based compensation
Segment Reporting Information [Line Items]
Total research and development expenses	2,199	4,238
Total general and administrative expenses	3,235	4,683
Operating Segments [Member] \| Facilities And other
Segment Reporting Information [Line Items]
Total research and development expenses	3,237	3,753
Total general and administrative expenses	9,211	9,952
Operating Segments [Member] \| Mecbotamab vedotin, BA3011 \| Total program expenses
Segment Reporting Information [Line Items]
Total research and development expenses	7,848	12,934
Operating Segments [Member] \| Ozuriftamab vedotin, BA3021 \| Total program expenses
Segment Reporting Information [Line Items]
Total research and development expenses	5,446	8,962
Operating Segments [Member] \| Evalstotug, BA3071 \| Total program expenses
Segment Reporting Information [Line Items]
Total research and development expenses	5,026	9,103
Operating Segments [Member] \| BA3182 \| Total program expenses
Segment Reporting Information [Line Items]
Total research and development expenses	7,869	5,111
Operating Segments [Member] \| Other CAB Programs \| Total program expenses
Segment Reporting Information [Line Items]
Total research and development expenses	$ 3,768	$ 6,912

Organization and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Organization and Summary of Significant Accounting Policies

1. Organization and Summary of Significant Accounting Policies

Organization

Basis of Presentation

Liquidity and Going Concern

Variable Interest Entities

Use of Estimates

Cash and Cash Equivalents

Concentrations of Risk

Property and Equipment

Impairment of Long-Lived Assets

Leases

Derivative Instruments and Warrant Liabilities

Fair Value Option

Research and Development Expenses

Patent Costs

Costs related to filing and pursuing patent applications are recorded as general and administrative expenses and expensed as incurred since recoverability of such expenditures is uncertain.

Stock-Based Compensation

Income Taxes

Comprehensive Loss

Net Loss Per Share

Potentially dilutive securities not included in the calculation of diluted net loss per common share because to do so would be anti-dilutive are as follows (in common stock equivalents):


	December 31,
	2025		2024
Common stock warrants		9,679,158		9,679,158
Common stock options		5,879,071		6,096,046
Restricted stock units		2,433,825		1,553,000
ESPP shares		49,559		78,869
PPA Shares		6,846,153		—
Total		24,887,766		17,407,073

Recent Accounting Pronouncements

Recently Adopted Accounting Standards

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities
Net loss	$ (59,607)	$ (69,776)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	373	925
Loss on disposal of property and equipment	185	0
Change in fair value of warrant liability	(295)	(807)
Change in fair value of PPAs liability	406	0
Commitment fee under SEPA	282	0
Financing costs related to PPAs	742	0
Stock-based compensation	5,434	8,921
Changes in operating assets and liabilities:
Prepaid expenses and other assets	1,128	2,903
Accounts payable and accrued expenses	2,804	(13,461)
Right-of-use assets and lease liabilities, net	344	(641)
Net cash used in operating activities	(48,204)	(71,936)
Cash flows from financing activities
Proceeds from PPAs	7,125	0
Payment of financing costs related to issuance of common stock, PPAs and SEPA	(897)	0
Proceeds from issuance of common stock and warrants, net of issuance costs	0	9,215
Proceeds from issuance of common stock under Employee Stock Purchase Plan	100	342
Payments for taxes related to net settlement of equity awards	(52)	(46)
Net cash provided by financing activities	6,276	9,511
Net decrease in cash and cash equivalents	(41,928)	(62,425)
Cash and cash equivalents, beginning of period	49,046	111,471
Cash and cash equivalents, end of period	7,118	49,046
Supplemental disclosure of non-cash investing and financing activities
Increase in right-of-use assets and operating lease liabilities resulting from contract modification	5,999	0
PPAs related costs included in accounts payable and accrued expense	289	0
Fair value of common stock issued in satisfaction of PPAs liability	3,389	0
Equity issuance costs included in accounts payable and accrued expense	$ 0	$ 445

Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Class B Common Stock	Common Stock	Additional Paid-in Capital	Accumulated deficit
Beginning Balance at Dec. 31, 2023	$ 70,672		$ 5	$ 486,930	$ (416,263)
Beginning Balance, shares at Dec. 31, 2023			48,077,599
Issuance of common stock, net of issuance costs and warrant liability, shares			9,679,158
Issuance of common stock, net of issuance costs and warrant liability	4,152		$ 1	4,151
Issuance of common stock under equity incentive plans, net of shares withheld for taxes, shares			76,995
Issuance of common stock for Employee Stock Purchase Plan	342			342
Issuance of common stock for Employee Stock Purchase Plan, shares			265,412
Taxes related to net share settlement of equity awards	(46)			(46)
Stock-based compensation expense	8,921			8,921
Net loss	(69,776)				(69,776)
Ending Balance at Dec. 31, 2024	14,265		$ 6	500,298	(486,039)
Ending Balance, shares at Dec. 31, 2024			58,099,164
Issuance of common stock under equity incentive plans, net of shares withheld for taxes, shares			627,739
Issuance of common stock for Employee Stock Purchase Plan	100			100
Issuance of common stock for Employee Stock Purchase Plan, shares			256,831
Issuance of common stock for commitment fee under SEPA	282			282
Issuance of common stock for commitment fee under SEPA , Shares			243,428
Issuance of common stock under PPAs	3,389			3,389
Issuance of common stock under PPAs, Shares			4,237,160
Taxes related to net share settlement of equity awards	(52)			(52)
Stock-based compensation expense	5,434			5,434
Net loss	(59,607)				(59,607)
Ending Balance at Dec. 31, 2025	$ 36,189		$ 6	$ 509,451	$ (545,646)
Ending Balance, shares at Dec. 31, 2025		0	63,464,322

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	4,285	$	—	$	—	$	4,285
Liabilities
Warrants	$	—	$	—	$	3,516	$	3,516
Pre-Paid Advance	$	—	$	—	$	4,142	$	4,142


	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	38,822	$	—	$	—	$	38,822
Liabilities
Warrants	$	—	$	—	$	3,811	$	3,811

Schedule of Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

The significant inputs used in the valuation models to measure the fair value of the warrants are as follows:


	Valuation Date
	December 31, 2025	December 31, 2024
Common stock price	$0.57	$0.59
Risk-free rate	3.68%	4.40%
Expected term (in years)	4.47	5.47
Expected volatility	103.2%	94.6%
Dividend yield	0.0%	0.0%

Schedule of the Changes in the Fair Value of liabilities

The following table presents the changes in the fair value of Level 3 liabilities for the year ended December 31, 2025 (in thousands):


	Warrant Liability
Balance at December 31, 2024	$	3,811
Change in fair value of warrant liability		(295	)
Balance at December 31, 2025	$	3,516

The following table presents the changes in the fair value of Level 3 liabilities for the year ended December 31, 2025 (in thousands):


	PPAs Liability
Balance at December 31, 2024	$	—
Issuance of Pre-Paid Advance		7,125
Partial conversion of Pre-Paid Advance into common stock		(3,389	)
Change in fair value of PPAs liability		406
Balance at December 31, 2025	$	4,142

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

Description of securities of Delaware corporation

The Company is authorized to issue 200,000,000 shares of preferred stock, par value $0.0001 per share, 350,000,000 shares of common stock, par value $0.0001 per share, and 15,368,569 shares of Class B common stock, par value $0.0001 per share.

Dividends

Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of the Company’s common stock and Class B common stock are entitled to receive dividends only if declared from time to time by the Company’s board of directors out of assets which are legally available.

Liquidation preferences

Upon any liquidation, dissolution or winding-up of the Company, holders of the Company’s common stock and Class B common stock are entitled to share ratably in all assets remaining after payment of all liabilities and the liquidation preferences of any of our outstanding shares of preferred stock.

Conversion

Holders of the Company’s common stock have no conversion rights, while holders of the Company’s Class B common stock shall have the right to convert each share of Class B common stock into one share of common stock at such holder’s election, provided that as a result of such conversion, such holder would not beneficially own in excess of 4.99% of any class of the Company’s securities registered under the Securities Exchange Act of 1934, as amended, unless otherwise as expressly provided for in the Company’s amended and restated certificate of incorporation. This ownership limitation may be increased or decreased to any other percentage designated by such holder of Class B common stock upon 61 days’ notice to the Company.

Voting rights

Except as otherwise expressly provided in the Company’s amended and restated certificate of incorporation or as required by applicable law, on any matter that is submitted to a vote by the Company’s stockholders, holders of the Company’s common stock are entitled to one vote per share of common stock, and holders of the Company’s Class B common stock are not entitled to any votes per share of Class B common stock, including for the election of directors.

November 2025 Standby Equity Purchase Agreement

In November 2025, in connection with the entry into the PPAs (as defined in Note 1), the Company entered into a Standby Equity Purchase Agreement (the “SEPA”) with Yorkville pursuant to which the Company has the right to sell to Yorkville up to $15.0 million of shares of common stock (the “Commitment Amount”, and such shares, the “SEPA Shares”), over a 36-month period. Sales of SEPA Shares to Yorkville and the timing of any such sales are at the Company’s option, and the Company is under no obligation to sell such shares to Yorkville. The SEPA will automatically terminate on the earliest to occur of (i) the 36-month anniversary of the effective date or (ii) the date on which Yorkville has purchased SEPA Shares equal to the Commitment Amount. The Company has the right to terminate the SEPA at no cost or penalty with five trading days’ written notice. The Company and Yorkville may also agree to terminate the SEPA by mutual written consent.

Each advance (each, a “SEPA Advance”) the Company requests from Yorkville may be for a number of SEPA Shares up to 100% of the average daily trading volume of the Company’s common stock on The Nasdaq Capital Market during the five trading days immediately prior to the date of the Company’s request. The SEPA Shares delivered by the Company will be purchased by Yorkville at a price equal to 97% of the lowest daily VWAP of the Company’s common stock during the three trading days prior to the request, subject to a minimum price that may be specified in the Company’s request.

The Company may not request a SEPA Advance until all amounts outstanding under the Pre-Paid Advance (as defined in Note 1) have been repaid in full, unless an Amortization Event (as defined in Note 7) has occurred and is continuing, provided that all proceeds from any such SEPA Advance are used to repay the obligations outstanding under the Pre-Paid Advance.

The issuance of shares under the SEPA is subject to further limitations and conditions, including that the shares of common stock beneficially owned by each Investor and its affiliates at any one time will not exceed 4.99% of the then-outstanding shares of the Company’s common stock. Pursuant to the rules of The Nasdaq Capital Market, the total aggregate number of shares issuable under the terms of the PPAs (as defined in Note 7) and the SEPA was initially limited to a number equivalent to 19.99% of the outstanding shares of the common stock as of

November 17, 2025 (the “Exchange Cap”). On December 30, 2025, the Company’s stockholders approved the issuance of shares under the PPAs and the SEPA in excess of the Exchange Cap.

As consideration for Yorkville’s commitment to purchase SEPA Shares, the Company paid Yorkville a cash structuring fee and issued 243,428 shares of common stock to Yorkville. Such fees, totaling approximately $0.3 million, were expensed as incurred and are presented as a component of other income (expense) on the consolidated statements of operations and comprehensive loss. During the year ended December 31, 2025, no SEPA Shares were sold under the SEPA.

December 2024 Offering and Warrant Issuance

In December 2024, the Company closed on an offering (the “December 2024 Offering”) of 9,679,158 shares of common stock at a price of $0.9520 per share with accompanying warrants to purchase up to 9,679,158 shares of common stock, which have an exercise price of $1.19 per share (the “Warrants”). The gross proceeds from the December 2024 Offering were approximately $9.2 million, before deducting $0.7 million of placement agent fees and other offering expenses payable by the Company. As discussed in Note 4, the Company recorded a liability at fair value related to the issuance of the Warrants, with changes in fair value each reporting period recognized as a component of other income (loss) in the Company’s consolidated statements of operations and comprehensive loss. The accompanying Warrants became exercisable on June 20, 2025 and will expire five years from the date of initial exercisability. There were 9,679,158 Warrants outstanding and exercisable at December 31, 2025.

2020 Equity Incentive Plan

On October 29, 2020, the Company’s board of directors approved the adoption of the BioAtla, Inc. 2020 Equity Incentive Plan (the “2020 Plan”) and approved certain amendments to the 2020 Plan in December 2020. The Company’s stockholders approved the 2020 Plan, as amended, in December 2020. Under the 2020 Plan, the Company may grant awards of common stock to the Company’s employees, consultants and non-employee directors pursuant to option awards, stock appreciation rights awards, restricted stock awards, restricted stock unit awards, performance stock awards, performance stock unit awards and other stock-based awards. As of December 31, 2025 and 2024, the total number of common shares authorized for issuance under the 2020 Plan was 12,273,892 and 10,735,431, respectively. On January 1st of each year, commencing with the first January 1st following the effective date of the 2020 Plan, the shares authorized for issuance under the 2020 Plan shall be increased by the number of shares equal to the lesser of 4% of the total number of shares outstanding on the immediately preceding December 31st and such lesser number of shares determined by the Company’s board of directors. The maximum term of the options granted under the 2020 Plan is no more than ten years. Awards under the 2020 Plan generally vest at 25% one year from the vesting commencement date and ratably each month thereafter for a period of 36 months, subject to continuous service.

On February 26, 2023, the Compensation Committee of the Company’s board of directors approved a modification to the Company’s 2020 Plan to allow vesting of RSUs or stock options, as applicable, subject to the grantee’s continued service to the Company and/or one of its subsidiaries as an employee, non-employee director, or independent contractor.

Stock-based compensation expense recognized for all equity awards under the 2020 Plan has been reported in the consolidated statements of operations and comprehensive loss as follows (in thousands):


	Years ended December 31,
	2025		2024
Research and development	$	2,199	$	4,238
General and administrative		3,235		4,683
Total	$	5,434	$	8,921

Restricted Stock Units

The following table summarizes RSU activity under the 2020 Plan for the year ended December 31, 2025:


	Number of Shares			Weighted - Average Grant Date Fair Value
Outstanding at December 31, 2024		1,553,000		$	2.48
Granted		1,863,000		$	0.32
Vested		(728,295	)	$	2.38
Forfeited		(253,880	)	$	1.09
Outstanding at December 31, 2025		2,433,825		$	1.00

As of December 31, 2025, total unrecognized stock-based compensation expense for RSUs was $2.2 million, which is expected to be recognized over a remaining weighted-average period of approximately 2.7 years.

Stock Options

The following table summarizes stock option activity under the 2020 Plan for the year ended December 31, 2025:


	Number of Options			Weighted - Average Exercise Price Per Share		Weighted - Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2024		6,096,046		$	7.65	7.59		$	—
Granted		9,000		$	0.68
Exercised		—		$	—
Forfeited		(150,577	)	$	5.54
Expired		(75,398	)	$	8.48
Balance at December 31, 2025		5,879,071		$	7.68		6.43	$	—
Vested and expected to vest at December 31, 2025		5,879,071		$	7.68		6.43	$	—
Exercisable at December 31, 2025		4,898,655		$	8.42		6.29	$	—

As of December 31, 2025, total unrecognized stock-based compensation cost for unvested common stock options was $2.7 million, which is expected to be recognized over a remaining weighted-average period of approximately 1.1 years. The weighted- average grant date fair value of stock options granted during the years ended December 31, 2025 and 2024 was $0.51 per share and $2.04 per share, respectively. The total fair value of options vested during the years ended December 31, 2025 and 2024 was $4.3 million and $9.7 million, respectively. Upon option exercise, the Company issues new shares of its common stock.

The assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants were as follows:


	Years ended December 31,
	2025	2024
Expected volatility	95.3%	88.7%
Risk-free interest rate	3.65%	4.25%
Expected dividend yield	0.0%	0.0%
Expected term	5.29 years	5.95 years

Expected volatility. As the Company’s common stock does not have a significant trading history, the expected volatility assumption is based on volatilities of a peer group of similar companies whose share prices are publicly available. The peer group was developed based on companies in the biotechnology industry.

Risk-free interest rate. The Company bases the risk-free interest rate assumption on the U.S. Treasury’s rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued.

Expected dividend yield. The Company bases the expected dividend yield assumption on the fact that it has never paid cash dividends and has no present plans to pay cash dividends.

Expected term. For employees, the expected term represents the period of time that options are expected to be outstanding. Because the Company has minimal historical exercise behavior, it determines the expected life assumption using the simplified method, which is an average of the contractual term of the option and its vesting period. For nonemployees, the expected term is generally the contractual term of the option.

Employee Stock Purchase Plan

In December 2020, the Company’s board of directors and stockholders approved the BioAtla, Inc. Employee Stock Purchase Plan (the “ESPP”). The ESPP permits participants to purchase common stock through payroll deductions of up to 15% of their eligible compensation. As of December 31, 2025 and 2024, a total of 3,035,873 shares and 2,281,600 shares, respectively, of common stock were authorized for issuance under the ESPP. The number of shares of common stock authorized for issuance will automatically increase on January 1 of each calendar year, from January 1, 2021 through January 1, 2030 by the least of (i) 1.0% of the total number of common shares of our common stock outstanding on December 31 of the preceding calendar year (calculated on a fully diluted basis), (ii) 929,658 common shares or (iii) a number determined by the Company’s board of directors that is less than (i) and (ii). The Company issued 256,831 and 265,412 shares of common stock under the ESPP during the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, 2,189,334 shares of common stock remained available for issuance under the ESPP. Stock-based compensation expense related to the ESPP for the twelve months ended December 31, 2025 and 2024 was $0.1 million and $0.2 million, respectively.

Common Stock Reserved for Future Issuance

Common stock reserved for future issuance are as follows in common equivalent shares:


	December 31,
	2025	2024
Warrants for the purchase of common stock	9,679,158	9,679,158
Common stock options and restricted stock units issued and outstanding	8,312,896	7,649,046
Awards available for future issuance under the 2020 Plan	1,300,651	1,154,335
Awards available for future issuance under the ESPP	2,189,334	1,691,892
Shares available for future conversions of PPAs	6,846,153	—
Total common stock reserved for future issuance	28,328,192	20,174,431

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Balance Sheet Details (Tables)

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule Of Prepaid Expenses Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	December 31,
	2025		2024
Prepaid research and development	$	663	$	1,739
Other prepaid expenses and current assets		232		447
Total	$	895	$	2,186

Schedule of Property and Equipment

Property and equipment consist of the following (in thousands):


		December 31,
	Useful life (years)	2025			2024
Furniture, fixtures and office equipment	3 - 7	$	1,101		$	1,721
Laboratory equipment	5		1,829			2,280
Leasehold improvements	2 - 3		2,498			3,680
			5,428			7,681
Less accumulated depreciation and amortization			(5,308	)		(7,003	)
Total		$	120		$	678

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following (in thousands):


	December 31,
	2025		2024
Accounts payable	$	8,194	$	1,902
Accrued compensation		37		2,726
Accrued research and development		7,280		8,033
Other accrued expenses		842		1,043
Total	$	16,353	$	13,704

Income Taxes - Schedule of Income Tax Reconciliation (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]

Tax computed at the federal statutory rate, Amount

$ (12,518)

$ (14,653)

State and local income taxes, net of federal income tax effect, Amount

^[1]

(49)

Tax credits:

Research and development credit, Amount

(1,279)

Orphan drug credit, Amount

(533)

Change in valuation allowance, Amount

12,829

17,013

Non-taxable or nondeductible items:

Permanent items, Amount

117

Equity compensation, Amount

403

369

Nondeductible officer`s compensation, Amount

981

Changes in unrecognized tax benefits, amount

Other, net, Amount

(132)

Nondeductible executive compensation

403

369

Stock-based compensation

294

Research and development and orphan drug credits

(3,789)

Uncertain tax positions

947

Provision for income taxes, Amount

$ 0

Effective Income Tax Rate Reconciliation, Percent

Tax computed at the federal statutory rate, Percentage

21.00%

State and local income taxes, net of federal income tax effect, Percentage

^[1]

0.00%

Tax credits:

Research and development credit, Percentage

2.10%

Orphan drug credit, Percentage

0.90%

Change in valuation allowance, Percentage

(21.50%)

Non-taxable or nondeductible items:

Permanent items, Percentage

(0.20%)

Equity compensation, Percentage

(0.70%)

Nondeductible officer`s compensation, Percentage

(1.60%)

Changes in unrecognized tax benefits, percentage

0.00%

Other, net, Percentage

0.00%

Provision for income taxes, Percentage

0.00%

[1]	The state that contributes to the majority (greater than 50%) of the tax effect in this category was California for year ending December 31, 2025.

Fair Value Measurements - Schedule of the Changes in the Fair Value of Liabilities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant Liability, Beginning Balance	$ 3,811,000
PPAs Liability, Beginning Balance	0
Change in fair value of warrant liability	(295,000)	$ (807,000)
PPAs Liability, Ending Balance	4,142,000	0
Warrant Liability, Ending Balance	3,516,000	3,811,000
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrant Liability, Beginning Balance	3,811,000
PPAs Liability, Beginning Balance	0
Change in fair value of warrant liability	(295,000)
Issuance of Pre-Paid Advance	7,125,000
Partial conversion of Pre-Paid Advance into common stock	(3,389,000)
Change in fair value of PPAs liability	406,000
PPAs Liability, Ending Balance	4,142,000	0
Warrant Liability, Ending Balance	$ 3,516,000	$ 3,811,000

Balance Sheet Details - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 5,428	$ 7,681
Less accumulated depreciation and amortization	(5,308)	(7,003)
Total	120	678
Furniture Fixtures And Office Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 1,101	$ 1,721
Furniture Fixtures And Office Equipment \| Minimum [Member]
Property Plant And Equipment [Line Items]
Property plant and equipment useful life	3 years	3 years
Furniture Fixtures And Office Equipment \| Maximum [Member]
Property Plant And Equipment [Line Items]
Property plant and equipment useful life	7 years	7 years
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property plant and equipment useful life	5 years	5 years
Property, plant and equipment, gross	$ 1,829	$ 2,280
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 2,498	$ 3,680
Leasehold Improvements \| Minimum [Member]
Property Plant And Equipment [Line Items]
Property plant and equipment useful life	2 years	2 years
Leasehold Improvements \| Maximum [Member]
Property Plant And Equipment [Line Items]
Property plant and equipment useful life	3 years	3 years

Subsequent Events (Additional Information) (Details) - USD ($) $ in Thousands			12 Months Ended
	Mar. 20, 2026	Mar. 02, 2026	Dec. 31, 2025	Dec. 31, 2024
Subsequent Event [Line Items]
Proceeds from Issuance of Common Stock			$ 0	$ 9,215
Pre-paid advance remaining principal amount			$ 4,500
Reduction in workforce			30.00%
Common stock, shares issued			63,464,322	58,099,164
SEPA
Subsequent Event [Line Items]
Common stock, shares issued			243,428
Subsequent Event
Subsequent Event [Line Items]
Reduction in workforce		70.00%
Subsequent Event \| SEPA
Subsequent Event [Line Items]
Proceeds from Issuance of Common Stock	$ 400
Common stock, shares issued	2,404,635

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 07, 2020	Dec. 31, 2025	Dec. 31, 2024	Jan. 01, 2020
Related Party Transaction [Line Items]
Research and development expense		$ 43,573	$ 63,095
Description Of Agreement With Related Party		In September 2024, the Company entered into a Global Transaction Agreement (the “Himalaya Agreement”) with Himalaya. BioAtla and Himalaya had previously entered into an Amended and Restated Exclusive Rights Agreement (the “Amended Rights Agreement”) in January of 2020. Pursuant to the Amended Rights Agreement, Himalaya controls rights to develop, manufacture and commercialize certain assets, including BA3362 which was licensed to Context (see Note 9), in certain territories as further specified in the Amended Rights Agreement. Pursuant to the Himalaya Agreement, Himalaya consented to BioAtla’s execution and performance of the Agreement, and granted to BioAtla an exclusive, worldwide, sublicensable license for those impacted products and intellectual property. Further, as set forth in the Amended Rights Agreement and further clarified in the Himalaya Agreement, BioAtla agreed to pay, subject to any applicable tax withholdings, to Himalaya (i) a mid-teens percentage of all upfront payments and development milestones received by BioAtla from Context under the Context License Agreement; and (ii) a specified percentage of any and all sales milestones and/or royalties based upon Net Sales (as defined in the Context License Agreement) in the People’s Republic of China and the Special Administrative Regions of Hong Kong, Macao and Taiwan that BioAtla receives from Context under the Context License Agreement.
Share of Royalties under Royalty Sharing Agreement				50.00%
Inversagen LLC
Related Party Transaction [Line Items]
Royalty Expense	$ 0
Options grants related to royalty payment, Period		10 years
Assets or liabilities associated with related party variable interest		$ 0	0
Himalaya Therapeutics SEZC
Related Party Transaction [Line Items]
Research and development expense		300	2,200
Royalty Expense		$ 0
Description Of Agreement With Related Party		In January 2024, the Company entered into an amended Clinical Trial Services Agreement (as so amended, the “Clinical Trial Services Agreement”) with Himalaya Therapeutics SEZC (“Himalaya”). Under the Clinical Trial Services Agreement, BioAtla paid Himalaya for services related to the initiation of clinical trials for evalstotug in China for a period of 12 months. All payments have been made under the Clinical Trial Services Agreement as of December 31, 2024.
Assets or liabilities associated with related party variable interest		$ 0	0
Bio Atla Holdings LLC
Related Party Transaction [Line Items]
Assets or liabilities associated with related party variable interest		$ 0	$ 0
Options grants related to royalty payments, Period	10 years

Restructuring (Additional Information) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring Cost	$ 0.6
Reduction in workforce	30.00%
Remaining restructuring liability	$ 0.0
Research and Development Expense
Restructuring Cost and Reserve [Line Items]
Restructuring Cost	0.5
General and Administrative Expense
Restructuring Cost and Reserve [Line Items]
Restructuring Cost	$ 0.1

Leases - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease right-of-use-asset, net	$ 5,532	$ 6,000	$ 512

Balance Sheet Details - Schedule Of Prepaid Expenses Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Prepaid research and development	$ 663	$ 1,739
Other prepaid expenses and current assets	232	447
Total	$ 895	$ 2,186

Balance Sheet Details - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Accounts payable	$ 8,194	$ 1,902
Accrued compensation	37	2,726
Accrued research and development	7,280	8,033
Other accrued expenses	842	1,043
Total	$ 16,353	$ 13,704

Fair Value Measurements - Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant	$ 3,516	$ 3,811
Pre-Paid Advance	4,142
Cash And Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	4,285	38,822
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant	0	0
Pre-Paid Advance	0
Level 1 \| Cash And Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	4,285	38,822
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant	0	0
Pre-Paid Advance	0
Level 2 \| Cash And Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant	3,516	3,811
Pre-Paid Advance	4,142
Level 3 \| Cash And Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 0	$ 0

Fair Value Measurements - Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Risk-free rate	3.65%	4.25%
Expected term ( in years)	5 years 3 months 14 days	5 years 11 months 12 days
Expected volatility	95.30%	88.70%
Dividend yield	0.00%	0.00%
Warrant [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock price	$ 0.57	$ 0.59
Risk-free rate	3.68%	4.40%
Expected term ( in years)	4 years 5 months 19 days	5 years 5 months 19 days
Expected volatility	103.20%	94.60%
Dividend yield	0.00%	0.00%

Stockholders' Equity - Summary of Assumptions Used in Black-Scholes Model (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Expected volatility	95.30%	88.70%
Risk-free interest rate	3.65%	4.25%
Expected dividend yield	0.00%	0.00%
Expected term	5 years 3 months 14 days	5 years 11 months 12 days

Leases - Summary of Weighted Average Remaining Lease Term And Weighted Average Discount Rate (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted average remaining lease term (in years)	4 years 10 months 24 days	6 months
Weighted average discount rate percentage	9.00%	3.50%

401(k) Plan - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Retirement Benefits [Abstract]
Contributions made by company	$ 0

Organization and Summary of Significant Accounting Policies - Schedule of Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	24,887,766	17,407,073
Common Stock Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	9,679,158	9,679,158
Common Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	5,879,071	6,096,046
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	2,433,825	1,553,000
ESPP Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	49,559	78,869
PPA Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	6,846,153	0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	63,464,322	58,099,164
Common stock, shares outstanding (in shares)	63,464,322	58,099,164
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	15,368,569	15,368,569
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0