0001193125-26-226631 | 10-Q | XBRL Viewer

Pre-Paid Advance	3 Months Ended
Mar. 31, 2026
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 pre-paid advances having 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 accrued interest at 4% per annum. 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 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 for the twelve months ended December 31, 2025. The Pre-Paid Advance was fully converted into shares of the Company’s common stock as of February 2026 under the terms of the agreement. For the three months ended March 31, 2026, the Company issued common stock to the Investors in settlement of approximately $4.5 million in principal and accrued interest under the Pre-Paid Advance. As of March 31, 2026, there was no remaining outstanding principal balance of the Pre‑Paid Advance.

Pre-Paid Advance

3 Months Ended

Mar. 31, 2026

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 pre-paid advances having 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 accrued interest at 4% per annum.

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 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 for the twelve months ended December 31, 2025.

The Pre-Paid Advance was fully converted into shares of the Company’s common stock as of February 2026 under the terms of the agreement. For the three months ended March 31, 2026, the Company issued common stock to the Investors in settlement of approximately $4.5 million in principal and accrued interest under the Pre-Paid Advance. As of March 31, 2026, there was no remaining outstanding principal balance of the Pre‑Paid Advance.

- 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.

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+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The Company’s financial instruments consist of cash and cash equivalents, 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 March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	1,689	$	—	$	—	$	1,689
Liabilities
Warrants	$	—	$	—	$	842	$	842


	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

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 March 31, 2026, 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
	March 31, 2026	December 31, 2025
Common stock price	$8.05	$28.39
Risk-free rate	3.88%	3.68%
Expected term (in years)	4.22	4.47
Expected volatility	120.5%	103.2%
Dividend yield	0.0%	0.0%

The following table presents the changes in the fair value of Level 3 liabilities for the three months ended March 31, 2026 (in thousands):


	Warrant Liability
Balance at December 31, 2025	$	3,516
Change in fair value of warrant liability		(2,674	)
Balance at March 31, 2026	$	842

The fair value of the warrant liability as of March 31, 2026 was determined using the contractual exercise price of $59.50. As further discussed in Note 8, the warrants were subsequently re-priced in April 2026. 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 condensed consolidated statements of operations and comprehensive loss.

PPAs Liability

As of December 31, 2025, Level 3 liabilities included the Pre-Paid Advance (as defined in Note 7) issued to the Company in November 2025, for which the Company elected the fair value option. The Pre-Paid Advance was fully converted into shares of the Company’s common stock as of February 2026 under the terms of the agreement and no remaining liability was outstanding as of March 31, 2026.

The Pre-Paid Advance was classified within Level 3 of the fair value hierarchy as the fair value was 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 included 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 three months ended March 31, 2026 (in thousands):


	PPAs Liability
Balance at December 31, 2025	$	4,142
Conversion of Pre-Paid Advance into common stock		(3,869	)
Change in fair value of PPAs liability		(273	)
Balance at March 31, 2026	$	—

Changes in the fair value of the Pre-Paid Advance are recognized within the gain on PPAs liability, a component of other income (expense) on the condensed 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.

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+ Details

Balance Sheet Details - Schedule Of Prepaid Expenses Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Prepaid research and development	$ 890	$ 663
Prepaid insurance	116	28
Other prepaid expenses and current assets	126	204
Total	$ 1,132	$ 895

Commitments and Contingencies	3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies From time to time, the Company may be subject to various claims and suits arising in the ordinary course of business. The Company is not currently a party to any legal proceedings the outcome of which the Company believes, if determined adversely to the Company, would individually or in the aggregate have a material adverse effect on the Company’s business, operating results or financial condition.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. Commitments and Contingencies

From time to time, the Company may be subject to various claims and suits arising in the ordinary course of business. The Company is not currently a party to any legal proceedings the outcome of which the Company believes, if determined adversely to the Company, would individually or in the aggregate have a material adverse effect on the Company’s business, operating results or financial condition.

Fair Value Measurements - Schedule of the Changes in the Fair Value of Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at December 31, 2025	$ 3,516
Change in fair value of warrant liability	(2,674)	$ (1,880)
Balance at March 31, 2026	842
PPAs Liability, Beginning Balance	4,142
PPAs Liability, Ending Balance	0
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at December 31, 2025	3,516
Change in fair value of warrant liability	(2,674)
Balance at March 31, 2026	842
PPAs Liability, Beginning Balance	4,142
Conversion of Pre-Paid Advance into common stock	(3,869)
Change in fair value of PPAs liability	(273)
PPAs Liability, Ending Balance	$ 0

Leases (Additional Information) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025
Leases [Abstract]
Operating Lease, Right-of-Use Asset	$ 5,310	$ 5,532	$ 6,000

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands				3 Months Ended	12 Months Ended
	Apr. 06, 2026 $ / shares	Nov. 30, 2025 USD ($)	Jan. 01, 2021	Mar. 31, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) shares	Mar. 31, 2025 shares	Dec. 31, 2024 $ / shares shares
Class Of Stock [Line Items]
Total fair value of options vested \| $				$ 500
Total number of common shares reserved for issuance				467,125	566,560
Common Stock, Shares Authorized				350,000,000	350,000,000
Common stock, shares issued (in shares)				1,659,612	1,269,286
Warrants excercise price \| $ / shares				$ 59.5
Common stock, shares outstanding (in shares)				1,659,612	1,269,286
Stockholders' Equity Note, Stock Split, Conversion Ratio	50
Common stock value \| $				$ 0	$ 0
Equity Option
Class Of Stock [Line Items]
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount \| $				$ 1,500
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition				10 months 24 days
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value \| $ / shares				$ 0
Restricted Stock Units (RSUs)
Class Of Stock [Line Items]
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount \| $				$ 1,700
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition				3 years 1 month 6 days
2020 Equity Incentive Plan [Member]
Class Of Stock [Line Items]
Common shares authorized for issuance				276,247	245,477
Percentage of Annual increased Shares			4.00%
Vesting percentage				25.00%
Vesting period				36 months
Vesting terms, description				ten years
Employees Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Total number of common shares reserved for issuance				60,077
Common Stock, Shares Authorized				77,008	60,717
Share-Based Compensation Arrangement by Share-Based Payment Award, Purchase Price of Common Stock, 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				18,593
Common stock, shares issued (in shares)				0		0
Standby Equity Purchase Agreement [Member]
Class Of Stock [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Purchase Price of Common Stock, Percent		97.00%
Common stock, shares issued (in shares)					4,868
Common stock value \| $		$ 15,000
Percentage of average daily trading volume		100.00%
Standby equity purchase agreement fees \| $					$ 300
SEPA Shares were sold				48,092
Proceeds from Issuance of Common Stock \| $				$ 400
Standby Equity Purchase Agreement [Member] \| Maximum
Class Of Stock [Line Items]
Percentage of outstanding common stock				4.99%
December 2024 Offering and Warrant Issuance
Class Of Stock [Line Items]
Common stock, shares issued (in shares)							193,581
Common stock price \| $ / shares							$ 47.6
Purchase of common stock by warrants							193,581
Warrants excercise price \| $ / shares				$ 59.5			$ 59.5
Adjustment of warrants per share \| $ / shares	$ 4.35
Warrants and Rights OutstandingTerm							5 years
Class of Warrant or Right, Outstanding and Exercisable				193,581
Class B Common Stock
Class Of Stock [Line Items]
Common Stock, Shares Authorized				15,368,569	15,368,569
Common stock, shares issued (in shares)				0	0
Common stock, shares outstanding (in shares)				0	0
Common stock value \| $				$ 0	$ 0

Stockholders' Equity - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Class Of Stock [Line Items]
Stock-based compensation	$ 956	$ 1,645
Research and Development Expense
Class Of Stock [Line Items]
Stock-based compensation	322	775
General and Administrative Expense
Class Of Stock [Line Items]
Stock-based compensation	$ 634	$ 870

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2026	May 11, 2026
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Entity File Number	001-39787
Entity Registrant Name	BIOATLA, INC.
Entity Incorporation, State or Country Code	DE
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
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	BCAB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001826892
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,656,926

Unaudited Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating expenses:
Research and development expense	$ 4,582	$ 12,355
General and administrative expense	4,726	5,259
Total operating expenses	9,308	17,614
Loss from operations	(9,308)	(17,614)
Other income (expense):
Interest income	37	400
Gain on warrant liability	2,674	1,880
Gain on PPAs liability	273	0
Other expense	(20)	0
Total other income	2,964	2,280
Consolidated net loss and comprehensive loss	$ (6,344)	$ (15,334)
Net loss per common share, basic	$ (4.22)	$ (13.16)
Net loss per common share, diluted	$ (4.22)	$ (13.16)
Weighted-average shares of common stock outstanding, basic	1,501,649	1,164,984
Weighted-average shares of common stock outstanding, diluted	1,501,649	1,164,984

Organization and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Anti-dilutive Securities Excluded from Calculation of Diluted 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):


	As of March 31,
	2026		2025
Common stock warrants		193,581		193,581
Common stock options		113,902		121,232
Restricted stock units		59,740		58,230
ESPP shares		2,448		2,840
Total		369,671		375,883

Fair Value Measurements - Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants	$ 842	$ 3,516
Pre-Paid Advance		4,142
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants	0	0
Pre-Paid Advance		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants	0	0
Pre-Paid Advance		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants	842	3,516
Pre-Paid Advance		4,142
Cash and Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,689	4,285
Cash and Cash Equivalents [Member] \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,689	4,285
Cash and Cash Equivalents [Member] \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Cash and Cash Equivalents [Member] \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 0	$ 0

401(k) Plan - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Retirement Benefits [Abstract]
Contributions made by company	$ 0

Organization and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Nov. 30, 2025	Mar. 31, 2026	Dec. 31, 2025
Organization And Summary Of Significant Accounting Policies [Line Items]
Entity incorporation state country code		DE
Company formation date		2007-03
Accumulated deficit		$ (551,990)	$ (545,646)
Common stock value		0	$ 0
Prepaid advance principal amount	$ 7,500	7,150
Standby Equity Purchase Agreement [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Common stock value	$ 15,000
Proceeds from sale common of stock		$ 400
Standby Equity Purchase Agreement [Member] \| Liquidity and Going Concern [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Number of shares sold under transaction		48,092

Restructuring (Additional Information) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Restructuring Costs [Line Items]
Restructuring Cost	$ 0.5
Cash payments	$ 0.5
Reduction in workforce	70.00%
Research and Development Expense
Restructuring Costs [Line Items]
Restructuring Cost	$ 0.4
General and Administrative Expense
Restructuring Costs [Line Items]
Restructuring Cost	$ 0.1

Segment Information - Schedule of Segment expenses reviewed by the CDMO (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Research and development expense	$ 4,582	$ 12,355
General and administrative expense	4,726	5,259
Consolidated net loss and comprehensive loss	(6,344)	(15,334)
Operating Segments [Member]
Segment Reporting Information [Line Items]
Research and development expense	4,582	12,355
General and administrative expense	4,726	5,259
Interest and other income/(expense)	2,964	2,280
Consolidated net loss and comprehensive loss	(6,344)	(15,334)
Operating Segments [Member] \| Total program expenses
Segment Reporting Information [Line Items]
Research and development expense	1,832	7,208
Operating Segments [Member] \| Personnel and related
Segment Reporting Information [Line Items]
Research and development expense	1,767	3,457
General and administrative expense	1,183	2,102
Operating Segments [Member] \| Equity-based compensation
Segment Reporting Information [Line Items]
Research and development expense	322	775
General and administrative expense	634	870
Operating Segments [Member] \| Facilities and other
Segment Reporting Information [Line Items]
Research and development expense	661	915
General and administrative expense	2,909	2,287
Operating Segments [Member] \| BA3182 \| Total program expenses
Segment Reporting Information [Line Items]
Research and development expense	1,819	939
Operating Segments [Member] \| Other CAB Programs \| Total program expenses
Segment Reporting Information [Line Items]
Research and development expense	$ 13	$ 6,269

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (6,344)	$ (15,334)

- 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

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

12. 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 condensed 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 condensed 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:


	Three Months Ended March 31,
	2026			2025
	(in thousands)
Program expenses:
BA3182 (CAB EpCAM x CAB CD3)	$	1,819		$	939
Other CAB Programs		13			6,269
Total program expenses		1,832			7,208
Personnel and related		1,767			3,457
Equity-based compensation		322			775
Facilities and other		661			915
Total research and development expenses		4,582			12,355
General and administrative expenses
Personnel and related		1,183			2,102
Equity-based compensation		634			870
Facilities and other		2,909			2,287
Total general and administrative expenses		4,726			5,259
Interest and other income (expense)		2,964			2,280
Net loss and comprehensive loss	$	(6,344	)	$	(15,334	)

- 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.

+ References

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+ Details

Leases - Summary of Weighted Average Remaining Lease Term And Weighted Average Discount Rate (Details)	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Weighted average remaining lease term (in years)	4 years 8 months 12 days	3 months
Weighted average discount rate percentage	9.00%	3.50%

Balance Sheet Details (Tables)

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule Of Prepaid Expenses Other Current Assets

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


	March 31, 2026		December 31, 2025
Prepaid research and development	$	890	$	663
Prepaid insurance		116		28
Other prepaid expenses and current assets		126		204
Total	$	1,132	$	895

Schedule of Property and Equipment

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


	Useful life (years)	March 31, 2026			December 31, 2025
Furniture, fixtures and office equipment	3 - 7	$	1,101		$	1,101
Laboratory equipment	5		1,829			1,829
Leasehold improvements	2 - 3		2,498			2,498
			5,428			5,428
Less accumulated depreciation and amortization			(5,428	)		(5,308	)
Total		$	—		$	120

Schedule of Accounts Payable and Accrued Expenses

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


	March 31, 2026		December 31, 2025
Accounts payable	$	12,123	$	8,194
Accrued research and development		6,069		7,280
Other accrued expenses		941		879
Total	$	19,133	$	16,353

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis


	As of March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	1,689	$	—	$	—	$	1,689
Liabilities
Warrants	$	—	$	—	$	842	$	842


	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

No transfers between levels have occurred during the periods presented.

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
	March 31, 2026	December 31, 2025
Common stock price	$8.05	$28.39
Risk-free rate	3.88%	3.68%
Expected term (in years)	4.22	4.47
Expected volatility	120.5%	103.2%
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 three months ended March 31, 2026 (in thousands):


	Warrant Liability
Balance at December 31, 2025	$	3,516
Change in fair value of warrant liability		(2,674	)
Balance at March 31, 2026	$	842

The following table presents the changes in the fair value of Level 3 liabilities for the three months ended March 31, 2026 (in thousands):


	PPAs Liability
Balance at December 31, 2025	$	4,142
Conversion of Pre-Paid Advance into common stock		(3,869	)
Change in fair value of PPAs liability		(273	)
Balance at March 31, 2026	$	—

Organization and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

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”). BioAtla, Inc. is a single legal entity with one consolidated variable interest entity (“VIE”), BA 3021 SPV LLC (see Note 10). 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 has developed several CAB drug candidates through Phase 2 clinical trials including: two CAB antibody drug conjugates (“CAB ADC”), mecbotamab vedotin (BA3011), a CAB ADC targeting AXL, and ozuriftamab vedotin (BA3021), a CAB ADC targeting ROR2; and evalstotug (BA3071), a CAB anti-CTLA-4 antibody. The Company has an ongoing Phase 1 trial for BA3182 (CAB-EpCAM x CAB-CD3), a CAB bispecific antibody targeting EpCAM.

Merger and Related Share Consolidation

On March 23, 2026, the Company’s stockholders approved the Agreement and Plan of Merger, as amended from time to time, including pursuant to Amendment No. 1 to Agreement and Plan of Merger, pursuant to which (i) a wholly owned subsidiary (the “Merger Sub”) of the Company would merge with and into the Company, with the Company surviving (the “Merger”), and (ii) every fifty (50) shares of common stock of the Company issued and outstanding, or held as treasury stock, would be converted into one (1) share of common stock of the surviving corporation, which would be the Company (the “Share Consolidation”). The effective date of the Merger and the related Share Consolidation was April 6, 2026. The Share Consolidation did not change the par value or the number of authorized shares of the Company’s common stock. The Company’s condensed consolidated financial statements and notes to the condensed consolidated financial statements present the retroactive effect of the Share Consolidation on the Company’s common stock share and per share data, and exercise price data for applicable common stock equivalents, for all periods presented.

Basis of Presentation

The unaudited condensed consolidated financial statements as of March 31, 2026, and for the three months ended March 31, 2026 and 2025, have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”), and with accounting principles generally accepted in the United States (“GAAP”) applicable to interim financial statements. These unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, consisting of only normal recurring accruals, which in the opinion of management are necessary to present fairly the Company’s financial position as of the interim date and results of operations for the interim periods presented. Interim results are not necessarily indicative of results for a full year or future periods. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2025, included in its Annual Report on Form 10-K filed with the SEC on March 31, 2026.

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 candidate BA3182. As of March 31, 2026, the Company had an accumulated deficit of $552.0 million.

In November 2025, the Company entered into the 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”), subject to certain limitations and conditions set forth in the SEPA, during the 36 months beginning November 20, 2025 (such shares, the “SEPA Shares”). As of March 31, 2026, 48,092 SEPA Shares had been sold under the SEPA, with gross proceeds to the Company totaling approximately $0.4 million. Additional sales of the SEPA Shares to Yorkville and the timing of any such sales, if elected to be utilized by the Company at a future date, are at the Company’s option.

On March 2, 2026, the Company announced a formal process to explore and evaluate strategic options to maximize shareholder value, including the sale of preclinical and clinical assets, licensing transactions, strategic partnerships or other corporate transactions. The Company plans to continue to fund its losses from operations and capital funding needs through proceeds received through the SEPA, this strategic process, other public or private equity or debt financings, or other sources. In connection with the evaluation of strategic options, the Company also implemented a reduction in force and other cost-containment measures intended to better align resources with its near-term priorities. In order to continue to preserve capital during this period, the Company is re-evaluating the timing and scope of its clinical development programs.

If the Company is not able to secure adequate additional funding, the Company may be forced to make further reductions in spending, extend payment terms with suppliers, liquidate assets where possible, suspend or curtail planned programs or wind down the Company. 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 condensed consolidated financial statements.

The Company has prepared its condensed 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 condensed 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.

Use of Estimates

The preparation of the Company’s condensed 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 condensed consolidated financial statements and accompanying notes. The most significant estimates in the Company’s condensed consolidated financial statements relate to accruals for research and development costs, equity-based compensation, and fair value measurements related to the Warrant Liability (as defined in Note 4). 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.

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.

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.

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 condensed consolidated balance sheets. The Company does not have any finance leases.

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 Pre-Paid Advance Agreements (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 gain on PPAs liability on the condensed 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 gain on PPAs liability on the condensed consolidated statements of operations and comprehensive loss.

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, and contingently issuable shares under the BioAtla, Inc. Employee Stock Purchase Plan (the “ESPP”).

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):


	As of March 31,
	2026		2025
Common stock warrants		193,581		193,581
Common stock options		113,902		121,232
Restricted stock units		59,740		58,230
ESPP shares		2,448		2,840
Total		369,671		375,883

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 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.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Organization and Summary of Significant Accounting Policies - Schedule of Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	369,671	375,883
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	193,581	193,581
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	113,902	121,232
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	59,740	58,230
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	2,448	2,840

Organization and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Organization and Summary of Significant Accounting Policies

1. Organization and Summary of Significant Accounting Policies

Organization

Merger and Related Share Consolidation

Basis of Presentation

Liquidity and Going Concern

Variable Interest Entities

Use of Estimates

Cash and Cash Equivalents

Stock-Based Compensation

Leases

Fair Value Option

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):


	As of March 31,
	2026		2025
Common stock warrants		193,581		193,581
Common stock options		113,902		121,232
Restricted stock units		59,740		58,230
ESPP shares		2,448		2,840
Total		369,671		375,883

Recent Accounting Pronouncements

Unaudited Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net Income (Loss)	$ (6,344)	$ (15,334)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	120	183
Change in fair value of warrant liability	(2,674)	(1,880)
Change in fair value of PPAs	(273)	0
Stock-based compensation	956	1,645
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(237)	(2,988)
Accounts payable and accrued expenses	3,069	2,114
Right-of-use assets and lease liabilities, net	116	(28)
Net cash used in operating activities	(5,267)	(16,288)
Cash flows from financing activities
Proceeds from issuance of common stock under SEPA	413	0
Payment of financing costs related to issuance of common stock, PPAs and SEPA	(289)	(366)
Payments for taxes related to net settlement of equity awards	(14)	(29)
Net cash provided by (used in) financing activities	110	(395)
Net decrease in cash and cash equivalents	(5,157)	(16,683)
Cash and cash equivalents, beginning of period	7,118	49,046
Cash and cash equivalents, end of period	1,961	32,363
Supplemental disclosure of non-cash investing and financing activities
Fair value of common stock issued in satisfaction of PPAs liability	3,870	0
Accrued severance included in accounts payable and accrued expenses	0	556
Unpaid deferred financing costs	$ 0	$ 79

Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related party transactions

10. Related Party Transactions

Himalaya Therapeutics SEZC

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 three months ended March 31, 2026 and 2025, the Company did not recognize any expense related to the transactions with Himalaya. The Company did not have any amounts due from or due to Himalaya as of March 31, 2026.

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 March 31, 2026. The Company determined that BioAtla is the primary beneficiary of the SPV as of December 31, 2025 and March 31, 2026.

- 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

Unaudited Condensed Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulate Deficit
Beginning balance at Dec. 31, 2024	$ 14,265	$ 0	$ 500,304	$ (486,039)
Beginning balance, share at Dec. 31, 2024		1,161,983
Stock-based compensation expense	1,645		1,645
Issuance of common stock under equity incentive plans, net of shares withheld for taxes, shares		6,039
Taxes related to net share settlement of equity awards	(29)		(29)
Net Income (Loss)	(15,334)			(15,334)
Ending balance at Mar. 31, 2025	547	$ 0	501,920	(501,373)
Ending balance, share at Mar. 31, 2025		1,168,022
Beginning balance at Dec. 31, 2025	(36,189)	$ 0	509,457	(545,646)
Beginning balance, share at Dec. 31, 2025		1,269,286
Stock-based compensation expense	956		956
Issuance of common stock under equity incentive plans, net of shares withheld for taxes, shares		8,090
Issuance of common stock under PPAs, share		334,144
Issuance of common stock under PPAs, value	3,870		3,870
Issuance of common stock under SEPA, share		48,092
Issuance of common stock under SEPA, value	412		412
Taxes related to net share settlement of equity awards	(14)		(14)
Net Income (Loss)	(6,344)			(6,344)
Ending balance at Mar. 31, 2026	$ (37,309)	$ 0	$ 514,681	$ (551,990)
Ending balance, share at Mar. 31, 2026		1,659,612

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense recognized for all equity awards under the 2020 Plan for the three months ended March 31, 2026 and 2025 has been reported in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	322	$	775
General and administrative		634		870
Total	$	956	$	1,645

Summary of Restricted Stock Units

The following table summarizes RSU activity under the 2020 Plan for the three months ended March 31, 2026:


	Number of Shares			Weighted - Average Grant Date Fair Value
Outstanding at December 31, 2025		48,676		$	50.00
Granted		30,120		$	8.57
Vested		(9,572	)	$	38.62
Forfeited		(9,484	)	$	53.97
Outstanding at March 31, 2026		59,740		$	30.38

Summary of Stock Option Activity

The following table summarizes stock option activity under the 2020 Plan for the three months ended March 31, 2026:


	Number of Options			Weighted - Average Exercise Price Per Share		Weighted -Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value
Balance at December 31, 2025		117,581		$	383.94		6.43	$	—
Forfeited		(3,517	)	$	198.93
Expired		(162	)	$	519.61
Balance at March 31, 2026		113,902		$	389.46		5.24	$	—
Vested and expected to vest at March 31, 2026		113,902		$	389.46		5.24	$	—
Exercisable at March 31, 2026		102,542		$	411.78		5.05	$	—

Schedule of Common Stock Reserved for Future Issuance

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


	March 31, 2026		December 31, 2025
Warrants for the purchase of common stock		193,581		193,581
Common stock options and restricted stock units issued and outstanding		173,642		166,257
Awards available for future issuance under the 2020 Plan		39,825		26,013
Awards available for future issuance under the ESPP		60,077		43,786
Shares available for future conversions of PPAs		—		136,923
Total common stock reserved for future issuance		467,125		566,560

Stockholders' Equity - Summary of Stock Option Activity (Details) - Equity Option - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning Balance	117,581
Forfeited, Number of Shares	(3,517)
Expired, Number of Shares	(162)
Number of Shares, Ending Balance	113,902	117,581
Vested and expected to vest, Number of Shares	113,902
Exercisable, Number of Shares	102,542
Outstanding, Beginning Balance, Weighted-Average Exercise Price per Share	$ 383.94
Forfeited, Weighted-Average Exercise Price per Share	198.93
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price	519.61
Outstanding, Ending Balance, Weighted-Average Exercise Price per Share \| $ / shares	389.46	$ 383.94
Vested and expected to vest, Weighted-Average Exercise Price per Share	389.46
Exercisable Weighted-Average Exercise Price per Share	$ 411.78
Outstanding, Weighted-Average Remaining Contractual Term (years)	5 years 2 months 26 days	6 years 5 months 4 days
Vested and expected to vest, Weighted-Average Remaining Contractual Term (years)	5 years 2 months 26 days
Exercisable, Weighted-Average Remaining Contractual Term (years)	5 years 18 days
Outstanding, Aggregate Intrinsic Value	$ 0	$ 0
Vested and expected to vest, Aggregate Intrinsic Value	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value	$ 0

Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Cash paid for amounts included in the measurement of operating leases	$ 244	$ 288

Restructuring

3 Months Ended

Mar. 31, 2026

Restructuring Costs [Abstract]

Restructuring

3. Restructuring

In March 2026, the Company announced that it has initiated a formal process to explore and evaluate strategic options to maximize shareholder value, including sale of preclinical and clinical assets, licensing transactions, strategic partnerships or other corporate transactions.

In connection with the evaluation of strategic alternatives, the Company implemented a restructuring plan that included a workforce reduction of approximately 70%. The Company recorded restructuring costs of $0.5 million during the three months ended March 31, 2026, of which $0.4 million is included in research and development expense and $0.1 million is included in general and administrative expense in the condensed consolidated statements of operations and comprehensive loss. Restructuring costs primarily consisted of employee severance, continuing healthcare benefits and other employee-related costs. The Company made cash payments of $0.5 million during the three months ended March 31, 2026. The remaining restructuring liability balance as of March 31, 2026 is immaterial and is expected to be paid out during the second quarter of 2026.

Balance Sheet Details - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Accounts payable	$ 12,123	$ 8,194
Accrued research and development	6,069	7,280
Other accrued expenses	941	879
Total	$ 19,133	$ 16,353

Restructuring - The changes in the Company's restructuring liability (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Restructuring Costs [Abstract]
Cash payments	$ 0.5

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Lessee Disclosure [Abstract]

Components of Lease Expense

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


	Three Months Ended March 31,
	2026		2025
Operating lease expense	$	359	$	261
Variable lease expense		119		180
Total lease expense, net	$	478	$	441

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:


	As of March 31,
	2026			2025
Weighted average remaining lease term (in years)		4.70			0.25
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):


	Three Months Ended March 31,
	2026		2025
Cash paid for amounts included in the measurement of operating leases	$	244	$	288

Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of March 31, 2026 were as follows (in thousands):


	Operating lease
Nine months ending December 31, 2026	$	1,240
2027		1,528
2028		1,574
2029		1,621
2030		1,529
Total future lease payments		7,492
Less: imputed interest		(1,398	)
Total operating lease liabilities	$	6,094

401(k) Plan

3 Months Ended

Mar. 31, 2026

Retirement Benefits [Abstract]

401(k) Plan

11. 401(k) Plan

The Company maintains a defined contribution 401(k) plan available to eligible employees. Employee contributions are voluntary and are determined on an individual basis, limited to the maximum amount allowable under federal tax regulations. The Company, at its discretion, may make certain matching contributions to the 401(k) plan. To date, the Company has not made any matching contributions.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

7. Pre-Paid Advance

Fair Value Measurements - Additional Information (Details)	Mar. 31, 2026 $ / shares
Fair Value Disclosures [Abstract]
Warrants excercise price	$ 59.5

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating lease expense	$ 359	$ 261
Variable lease expense	119	180
Total lease expense, net	$ 478	$ 441

Subsequent Events (Additional Information) (Details)	3 Months Ended
Subsequent Events (Additional Information) (Details)	Mar. 31, 2026	May 14, 2026 USD ($) d
Subsequent Event [Line Items]
Subsequent Event, Date	May 15, 2026
Subsequent Event [Member] \| Context Therapeutics Inc
Subsequent Event [Line Items]
Amended license agreement first payable amount		$ 4,500,000
Amended License Agreement Second Payment Due Date		Aug. 01, 2026
Amended License Agreement Second Payable Amount		$ 2,000,000
Amended License Agreement First Payment Due Date \| d		5

Collaboration, License and Option Agreements

3 Months Ended

Mar. 31, 2026

Collaboration License And Option Agreements [Abstract]

Collaboration, License and Option Agreements

9. Collaboration, License and Option Agreements

Global Co-Development and Collaboration Agreement with BeOne Medicines

In April 2019, the Company entered into a Global Co-Development and Collaboration agreement (the “BeOne Collaboration”) with BeOne Medicines Ltd., formerly BeiGene Ltd. (“BeOne”), for the development, manufacturing and commercialization of evalstotug (BA3071). The BeOne Collaboration was amended several times between 2019 and 2021 and the Company received a total of $25.0 million in non-refundable payments from BeOne during that time.

In November 2021, the BeOne Collaboration was terminated, subject to survival of certain provisions, and BeOne handed back rights to know-how and materials received under the amended BeOne Collaboration. As a result, the Company is responsible for the global development and commercialization of evalstotug. As consideration for this amendment, the Company agreed to pay BeOne mid-single digit royalties on sales worldwide and on a limited basis will share in any upfront and milestone payments received through a sublicense of evalstotug. The Company reclassified its then remaining $19.8 million of deferred revenue as a long-term liability which is expected to settle as licensing payments are made to BeOne in accordance with the resulting amendment. In the event the license is terminated, the liability will be extinguished with no further payment to BeOne.

The Company did not recognize any revenue related to the collaboration agreement with BeOne during the three months ended March 31, 2026 and 2025. The Company had a $19.8 million liability to licensor as of March 31, 2026 and December 31, 2025.

License Agreement with Context Therapeutics Inc.

In September 2024, the Company entered into a License Agreement (the “Context License Agreement”) with Context Therapeutics Inc. (“Context”). Under the terms of the Context License Agreement, BioAtla granted Context an exclusive, worldwide license to develop, manufacture and commercialize two licensed antibodies, including BA3362 (renamed by Context as CT-202), a Nectin-4 x CD3 T cell engaging (“TCE”) bispecific antibody (the “License”). The Company also transferred know-how, including any necessary materials Context would need to perform research and development. In exchange for the License, the Company is eligible to receive up to $133.5 million in aggregate payments, including an upfront cash payment and potential development, regulatory and commercial milestones, as well as tiered mid-single digit to low double-digit royalties on future net sales of the products. In connection with the execution of the Context License Agreement, the Company also entered into an agreement with Himalaya Therapeutics SEZC, a related party (See Note 10).

A single performance obligation was identified under the Context License Agreement comprised of BioAtla’s promise to transfer the License. Context is responsible for developing BA3362 and for global regulatory filings and commercialization. Context will bear all costs associated with the research, development, and commercialization of any products.

In accordance with Topic 606, the Company determined the transaction price of the agreement is limited to the up-front payment received, and excluded the variable consideration of development and sale milestone payments and royalties as they are fully constrained. As part of the Company’s evaluation of the milestone constraints, the Company determined the achievement of such milestones are contingent upon success in future developments, regulatory approvals and commercial activities, which are not within its control and are uncertain at this stage. Variable consideration related to royalties will be recognized when the related sales occur. Further, the Company determined that there were no significant financing components, noncash consideration, or amounts that may be refunded to the customer.

Management determined that the transfer of the License did not meet any of the criteria for recognizing revenue over time, and therefore revenue was recognized at the point in time that the Context License Agreement was executed and the License was transferred to Context. Additional revenue will be recognized for development milestone payments, the sales milestone payments, and the royalty payments if and when the constraints are resolved. In November 2025, the Company received the first $2.0 million milestone payment under the Context License Agreement for progress with their CAB-Nectin-4 x CD3 TCE. All other variable consideration remains fully constrained as of March 31, 2026.

The Company did not recognize any revenue related to the Context License Agreement for the three months ended March 31, 2026 and 2025.

Collaboration, License and Option Agreements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		36 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2021	Dec. 31, 2025	Nov. 30, 2025	Nov. 18, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration Amendment Date			2019-04
Liability to licensor	$ 19,806			$ 19,806
BeiGene
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration Amendment Date			2021-11
Upfront Non-Refundable Payment			$ 25,000
Revenues	0	$ 0
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	0	$ 0
Maximum Potential Aggregate Payments	$ 133,500
Milestone payment received					$ 2,000

Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Class Of Stock [Line Items]
Common Stock, Shares, Outstanding	1,659,612	1,269,286
Common Stock, Shares, Issued	1,659,612	1,269,286
Total number of common shares reserved for issuance	467,125	566,560
Warrant [Member]
Class Of Stock [Line Items]
Warrants for the purchase of common stock	193,581	193,581
Common Stock Options and Restricted Stock Units [Member]
Class Of Stock [Line Items]
Common Stock, Shares, Outstanding	173,642	166,257
Common Stock, Shares, Issued	173,642	166,257
2020 Plan [Member]
Class Of Stock [Line Items]
Awards available for future issuance under the 2020 Plan	39,825	26,013
Employees Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Common Stock, Shares, Issued	0		0
Awards available for future issuance under the ESPP	60,077	43,786
Total number of common shares reserved for issuance	60,077
Standby Equity Purchase Agreement [Member]
Class Of Stock [Line Items]
Common Stock, Shares, Issued		4,868
Pre-Paid Advance Agreement PPAs [Member]
Class Of Stock [Line Items]
Shares available for future conversions of PPAs	0	136,923

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

5. Leases

The Company has a single operating lease for its corporate headquarters and laboratory space in San Diego, California. In June 2025, the Company entered into an amendment to the lease which reduced the leased space and extended the lease term for the remaining space through November 2030. Pursuant to the amended lease, the Company also has a one-time option to extend the lease term by an additional three years. The amended lease includes certain rent abatement, rent escalations, tenant improvement allowances and additional charges for common area maintenance and other costs.

Under the relevant guidance, the Company reassessed the lease classification and remeasured the lease liability as of the effective date of modification and recognized a lease liability and ROU asset of approximately $6.0 million on the Company’s condensed consolidated balance sheets.

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


	Three Months Ended March 31,
	2026		2025
Operating lease expense	$	359	$	261
Variable lease expense		119		180
Total lease expense, net	$	478	$	441

Variable lease costs are primarily related to payments made to lessors for common area maintenance, property taxes, insurance, and other operating expenses. The Company did not have any short-term leases or finance leases for the three months ended March 31, 2026 and 2025.

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


	As of March 31,
	2026			2025
Weighted average remaining lease term (in years)		4.70			0.25
Weighted average discount rate percentage		9.00	%		3.50	%

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


	Three Months Ended March 31,
	2026		2025
Cash paid for amounts included in the measurement of operating leases	$	244	$	288

Maturities of operating lease liabilities as of March 31, 2026 were as follows (in thousands):


	Operating lease
Nine months ending December 31, 2026	$	1,240
2027		1,528
2028		1,574
2029		1,621
2030		1,529
Total future lease payments		7,492
Less: imputed interest		(1,398	)
Total operating lease liabilities	$	6,094

Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

Merger and Related Share Consolidation

On April 6, 2026, the Company effected the Share Consolidation of its outstanding shares of common stock pursuant to which every 50 shares of issued and outstanding common stock were converted into one share of common stock. No fractional shares were issued in connection with the Share Consolidation. Stockholders of record who otherwise were entitled to receive fractional shares received an amount in cash (without interest or deduction) equal to the fraction of one share to which such stockholder was otherwise entitled multiplied by the closing price of the common stock on The Nasdaq Capital Market on April 6, 2026. All share and per share

amounts included within these condensed consolidated financial statements have been retrospectively adjusted to reflect the Share Consolidation.

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 the SEPA with Yorkville pursuant to which the Company has the right to sell to Yorkville SEPA Shares to the Commitment Amount, 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 volume weighted average price (“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 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.

As consideration for Yorkville’s commitment to purchase SEPA Shares, the Company paid Yorkville a cash structuring fee and issued 4,868 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 condensed consolidated statements of operations and comprehensive loss. During three months ended March 31, 2026, 48,092 SEPA Shares were sold under the SEPA, with gross proceeds to the Company totaling approximately $0.4 million.

December 2024 Offering and Warrant Issuance

In December 2024, the Company closed on an offering (the “December 2024 Offering”) of 193,581 shares of common stock at a price of $47.60 per share with accompanying warrants to purchase up to 193,581 shares of common stock, which initially had an exercise price of $59.50 per share (the “Warrants”). Pursuant to the re-pricing mechanism contained in the Warrants, the exercise price of the Warrants was reduced to $4.35 to match the lowest VWAP of our common stock during the eleven (11) trading days commencing five (5) trading days immediately preceding the Share Consolidation and ending five (5) trading days immediately following the Share Consolidation. 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 unaudited condensed consolidated statements of operations and comprehensive loss. As the Share Consolidation and warrant re-pricing occurred after March 31, 2026, the fair value of the warrant liability as of March 31, 2026 was determined using the unadjusted exercise price of $59.50. The accompanying Warrants became exercisable on June 20, 2025 and will expire five years from the date of initial exercisability. There were 193,581 Warrants outstanding and exercisable at March 31, 2026.

2020 Equity Incentive Plan

Under the 2020 Equity Incentive Plan (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 March 31, 2026 and December 31, 2025, the total number of common shares authorized for issuance under the 2020 Plan was 276,247 and 245,477, 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 as an employee, non-employee director, or independent contractor.


	Three Months Ended March 31,
	2026		2025
Research and development	$	322	$	775
General and administrative		634		870
Total	$	956	$	1,645

Restricted Stock Units

The following table summarizes RSU activity under the 2020 Plan for the three months ended March 31, 2026:


	Number of Shares			Weighted - Average Grant Date Fair Value
Outstanding at December 31, 2025		48,676		$	50.00
Granted		30,120		$	8.57
Vested		(9,572	)	$	38.62
Forfeited		(9,484	)	$	53.97
Outstanding at March 31, 2026		59,740		$	30.38

As of March 31, 2026, total unrecognized stock-based compensation expense for RSUs was $1.7 million, which is expected to be recognized over a remaining weighted-average period of approximately 3.1 years.

Stock Options

The following table summarizes stock option activity under the 2020 Plan for the three months ended March 31, 2026:


	Number of Options			Weighted - Average Exercise Price Per Share		Weighted -Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value
Balance at December 31, 2025		117,581		$	383.94		6.43	$	—
Forfeited		(3,517	)	$	198.93
Expired		(162	)	$	519.61
Balance at March 31, 2026		113,902		$	389.46		5.24	$	—
Vested and expected to vest at March 31, 2026		113,902		$	389.46		5.24	$	—
Exercisable at March 31, 2026		102,542		$	411.78		5.05	$	—

As of March 31, 2026, total unrecognized stock-based compensation cost for unvested common stock options was $1.5 million, which is expected to be recognized over a remaining weighted-average period of approximately 0.9 years. There were no stock options granted during the three months ended March 31, 2026. The total fair value of options vested during the three months ended March 31, 2026 was $0.5 million. Upon option exercise, the Company issues new shares of its common stock.

Employee Stock Purchase Plan

The Employee Stock Purchase Plan (the “ESPP”) permits participants to purchase common stock through payroll deductions of up to 15% of their eligible compensation. As of March 31, 2026 and December 31, 2025, a total of 77,008 shares and 60,717 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) 18,593 common shares or (iii) a number determined by the Company’s board of directors that is less than (i) and (ii). The Company did not issue any shares of common stock under the ESPP during the three months ended

March 31, 2026 and 2025. As of March 31, 2026, 60,077 shares of common stock remained available for issuance under the ESPP. Stock-based compensation expense related to the ESPP for the three months ended March 31, 2026 and 2025 was immaterial.

Common Stock Reserved for Future Issuance

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


	March 31, 2026		December 31, 2025
Warrants for the purchase of common stock		193,581		193,581
Common stock options and restricted stock units issued and outstanding		173,642		166,257
Awards available for future issuance under the 2020 Plan		39,825		26,013
Awards available for future issuance under the ESPP		60,077		43,786
Shares available for future conversions of PPAs		—		136,923
Total common stock reserved for future issuance		467,125		566,560

- Definition

The entire disclosure for equity.

+ References

+ Details

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 1,961	$ 7,118
Prepaid expenses and other current assets	1,132	895
Total current assets	3,093	8,013
Property and equipment, net	0	120
Operating lease right-of-use asset, net	5,310	5,532
Other assets	163	163
Total assets	8,566	13,828
Current liabilities:
Accounts payable and accrued expenses	19,133	16,353
Operating lease liabilities	1,559	1,427
PPAs liability	0	4,142
Total current liabilities	20,692	21,922
Operating lease liabilities, less current portion	4,535	4,773
Liability to licensor	19,806	19,806
Warrant liability	842	3,516
Total liabilities	45,875	50,017
Commitments and contingencies (Note 6)
Stockholders' equity (deficit):
Preferred stock, $0.0001 par value; 200,000,000 shares authorized at March 31, 2026 and December 31, 2025; 0 shares issued and outstanding at March 31, 2026 and December 31, 2025	0	0
Common stock value	0	0
Additional paid-in capital	514,681	509,457
Accumulated deficit	(551,990)	(545,646)
Total stockholders’ equity	(37,309)	(36,189)
Total liabilities and stockholders’ equity	8,566	13,828
Class B Common Stock
Stockholders' equity (deficit):
Common stock value	$ 0	$ 0

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
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)	1,659,612	1,269,286
Common stock, shares outstanding (in shares)	1,659,612	1,269,286
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

Stockholders' Equity - Summary of Restricted Stock Units (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Class Of Stock [Line Items]
Number of Outstanding Shares, Beginning Balance \| shares	48,676
Number of Shares, Granted \| shares	30,120
Number of Shares, Vested \| shares	(9,572)
Number of Shares, Forfeited \| shares	(9,484)
Number of Outstanding Shares, Ending Balance \| shares	59,740
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 50
Weighted Average Grant Date Fair Value, Granted \| $ / shares	8.57
Weighted Average Grant Date Fair Value, Vested \| $ / shares	38.62
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	53.97
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 30.38

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment expenses reviewed by the CDMO

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:


	Three Months Ended March 31,
	2026			2025
	(in thousands)
Program expenses:
BA3182 (CAB EpCAM x CAB CD3)	$	1,819		$	939
Other CAB Programs		13			6,269
Total program expenses		1,832			7,208
Personnel and related		1,767			3,457
Equity-based compensation		322			775
Facilities and other		661			915
Total research and development expenses		4,582			12,355
General and administrative expenses
Personnel and related		1,183			2,102
Equity-based compensation		634			870
Facilities and other		2,909			2,287
Total general and administrative expenses		4,726			5,259
Interest and other income (expense)		2,964			2,280
Net loss and comprehensive loss	$	(6,344	)	$	(15,334	)

Balance Sheet Details - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 5,428	$ 5,428
Less accumulated depreciation and amortization	(5,428)	(5,308)
Total	0	120
Furniture Fixtures And Office Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 1,101	1,101
Furniture Fixtures And Office Equipment \| Minimum
Property Plant And Equipment [Line Items]
Property plant and equipment useful life	3 years
Furniture Fixtures And Office Equipment \| Maximum
Property Plant And Equipment [Line Items]
Property plant and equipment useful life	7 years
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property plant and equipment useful life	5 years
Property, plant and equipment, gross	$ 1,829	1,829
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 2,498	$ 2,498
Leasehold Improvements \| Minimum
Property Plant And Equipment [Line Items]
Property plant and equipment useful life	2 years
Leasehold Improvements \| Maximum
Property Plant And Equipment [Line Items]
Property plant and equipment useful life	3 years

Pre-Paid Advance (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Mar. 31, 2026	Nov. 30, 2025
Debt Instrument [Line Items]
Issuance costs	$ 700
Settlement of principal and accrued interest		$ 4,500
Pre-Paid Advance Agreements [Member]
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%
Pre-Paid Advance Remaining Principal Amount		$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Balance Sheet Details

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Details

2. Balance Sheet Details

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


	March 31, 2026		December 31, 2025
Prepaid research and development	$	890	$	663
Prepaid insurance		116		28
Other prepaid expenses and current assets		126		204
Total	$	1,132	$	895

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


	Useful life (years)	March 31, 2026			December 31, 2025
Furniture, fixtures and office equipment	3 - 7	$	1,101		$	1,101
Laboratory equipment	5		1,829			1,829
Leasehold improvements	2 - 3		2,498			2,498
			5,428			5,428
Less accumulated depreciation and amortization			(5,428	)		(5,308	)
Total		$	—		$	120

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


	March 31, 2026		December 31, 2025
Accounts payable	$	12,123	$	8,194
Accrued research and development		6,069		7,280
Other accrued expenses		941		879
Total	$	19,133	$	16,353

Fair Value Measurements - Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Warrant [Member] - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Common stock price	$ 8.05	$ 28.39
Risk-free rate	3.88%	3.68%
Expected term (in years)	4 years 2 months 19 days	4 years 5 months 19 days
Expected volatility	120.50%	103.20%
Dividend yield	0.00%	0.00%

Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Leases [Abstract]
Nine months ending December 31, 2026	$ 1,240
2027	1,528
2028	1,574
2029	1,621
2030	1,529
Total future lease payments	7,492
Less: imputed interest	(1,398)
Total operating lease liabilities	$ 6,094

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
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.
Research and development expense	$ 4,582	$ 12,355
Himalaya Therapeutics SEZC
Related Party Transaction [Line Items]
Research and development expense	0	$ 0
Due to related party	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ 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 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

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)(2)(i))
-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)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: 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

+ Details

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Events

13. Subsequent Events

The Company has completed an evaluation of all subsequent events through May 15, 2026 for the condensed consolidated financial statements as of and for the three months ended March 31, 2026 to ensure these condensed consolidated financial statements include appropriate disclosure of events both recognized in the condensed consolidated financial statements and events which occurred but were not recognized in the condensed consolidated financial statements. Except as described below or elsewhere in these condensed consolidated financial statements, the Company has concluded that no subsequent event has occurred that requires disclosure.

On May 14, 2026, the Company entered into a First Amendment (the "Amendment") to the Context License Agreement, by and between the Company and Context. Under the terms of the Amendment, and in full consideration for the amended license rights described below, Context has agreed to pay to the Company: (i) $4,500,000, payable within five (5) business days of the effective date of the Amendment, and (ii) $2,000,000, payable by August 1, 2026 (together, the "Amendment Pay-Off Amounts"). The Amendment Pay-Off Amounts satisfy in full any and all milestone and royalty payment obligations contemplated by the Context License Agreement. Among other modifications to the Context License Agreement, under the terms of the Amendment, the license granted to Context under the Context License Agreement is amended to be irrevocable, exclusive, royalty-free, fully paid-up and non-terminable, and any and all diligence obligations with respect to Context are removed.