BioAtla secures up to $22.5 million in flexible financing agreements

BioAtla Inc. (NASDAQ: BCAB) announced it has entered into financing agreements providing up to $22.5 million to support operations while completing a strategic partnership transaction.

The biotechnology company entered into Pre-paid Advance Agreements with an affiliate of Yorkville Advisors Global and funds managed by Anson Advisors Inc., providing an aggregate $7.5 million advance. BioAtla also secured a Standby Equity Purchase Agreement with Yorkville for up to $15 million of common stock purchases at a 3% discount to market prices over three years, subject to certain conditions.

The pre-paid advance of $7.5 million was purchased at 95% of face value, providing $7.125 million in gross proceeds at closing. The advance accrues 4% interest and may be repaid in cash or converted into common stock at a conversion price equal to the lower of $1.39 or 95% of the lowest daily volume-weighted average price over a specified trading period beginning no earlier than November 18, 2025.

"These agreements provide us with financial flexibility and ensure BioAtla can maintain operational momentum as we work to finalize a strategic partnership that we believe will unlock significant value for BioAtla and our shareholders," said Jay M. Short, Chairman, CEO and co-founder of BioAtla. "We remain on-track to complete this transaction by year end."

The company stated it is in advanced stages to finalize a strategic transaction with a potential partner. Tungsten Advisors served as the sole placement agent for the agreements.

BioAtla develops Conditionally Active Biologic antibody therapeutics for solid tumor treatment using its proprietary CAB platform technology.

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