The company's financial foundation has severely eroded, with total assets plummeting to $8.6 million and a current ratio of 0.15, indicating a critical inability to meet short-term obligations.
BioAtla, Inc. (BCAB) balance sheet — 8-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Total Current Assets | 4.26M | 8.01M | 51.23M | 116.41M | 220.43M | 247.29M | 240.68M | 4.51M | 12.66M |
| Cash & Short-Term Investments | 1.54M | 7.12M | 49.05M | 111.47M | 215.51M | 244.98M | 238.6M | 3.7M | 10.86M |
| Cash Only | 1.54M | 7.12M | 49.05M | 111.47M | 215.51M | 244.98M | 238.6M | 3.7M | 10.86M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | 21.47 | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 232K | 447K | 320K | 539K | 1.81M | 72K | 214K | 281K |
| Total Non-Current Assets | 5.25M | 5.82M | 1.19M | 3.25M | 5.3M | 7.13M | 4.26M | 4.83M | 3.98M |
| Property, Plant & Equipment | 5.08M | 5.65M | 1.19M | 3.1M | 5.15M | 6.98M | 4.1M | 4.67M | 3.88M |
| Fixed Asset Turnover | 1.54x | 0.35x | 9.24x | - | - | 0.04x | 0.10x | 1.11x | 2.74x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 163K | 163K | 0 | 154K | 154K | 154K | 154K | 154K | 97K |
| Total Assets | 9.51M | 13.83M | 52.42M | 119.66M | 225.74M | 254.42M | 244.94M | 9.34M | 16.64M |
| Asset Turnover | 0.71x | 0.14x | 0.21x | - | - | 0.00x | 0.00x | 0.56x | 0.64x |
| Asset Growth % | -290.65% | -73.62% | -56.19% | -46.99% | -11.28% | 3.87% | 2523.58% | -43.88% | - |
| Total Current Liabilities | 21.02M | 21.92M | 14.54M | 28.34M | 23.13M | 19.81M | 32.26M | 26.72M | 9.2M |
| Accounts Payable | 19.45M | 8.19M | 1.9M | 3.82M | 4.23M | 1.18M | 2.46M | 5.14M | 1.96M |
| Days Payables Outstanding | 470.21 | 69.44 | 750.52 | 1.14K | 1.29K | 7.38 | 44.97 | 72.37 | 27.21 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.71M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 19.81M | 1.42M | 169K |
| Other Current Liabilities | 0 | 4.18M | 2.73M | 19.11M | 13.93M | 2.67M | 3.19M | 8.16M | 5.2M |
| Current Ratio | 0.20x | 0.37x | 3.52x | 4.11x | 9.53x | 12.48x | 7.46x | 0.17x | 1.38x |
| Quick Ratio | 0.20x | 0.37x | 3.52x | 4.11x | 9.53x | 12.48x | 7.46x | 0.17x | 1.38x |
| Cash Conversion Cycle | -448.74 | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 24.72M | 28.09M | 23.62M | 20.64M | 22.27M | 23.79M | 2.7M | 38.63M | 35.89M |
| Long-Term Debt | 0 | 4.77M | 0 | 0 | 0 | 0 | 682K | 8.41M | 15M |
| Capital Lease Obligations | 9.3M | 0 | 0 | 836K | 2.46M | 3.98M | 0 | 0 | -4.59M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.81M | 4.59M |
| Other Non-Current Liabilities | 20.43M | 23.32M | 23.62M | 19.81M | 19.81M | 19.81M | 2.02M | 8.59M | 15.99M |
| Total Liabilities | 45.74M | 50.02M | 38.16M | 48.99M | 45.4M | 43.6M | 34.96M | 65.35M | 45.08M |
| Total Debt | 5.86M | 6.2M | 836K | 2.46M | 3.98M | 5.37M | 682K | 18.12M | 15M |
| Net Debt | 4.32M | -918K | -48.21M | -109.01M | -211.53M | -239.61M | -237.92M | 14.42M | 4.14M |
| Debt / Equity | -0.16x | - | 0.06x | 0.03x | 0.02x | 0.03x | 0.00x | - | - |
| Debt / EBITDA | -0.19x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.14x | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | -31799.67x | -24.81x | -17.34x | -29.54x |
| Total Equity | -36.24M | -36.19M | 14.27M | 70.67M | 180.34M | 210.82M | 209.97M | -56.01M | -28.45M |
| Equity Growth % | -7626.75% | -353.69% | -79.82% | -60.81% | -14.46% | 0.4% | 474.88% | -96.9% | - |
| Book Value per Share | -21.81 | -30.76 | 14.68 | 73.96 | 231.64 | 305.00 | 311.87 | -83.19 | -65.88 |
| Total Shareholders' Equity | -36.24M | -36.19M | 14.27M | 70.67M | 180.34M | 210.82M | 209.97M | -55.96M | -28.46M |
| Common Stock | 0 | 6K | 6K | 5K | 5K | 4K | 3K | 750K | 750K |
| Retained Earnings | -551.54M | -545.65M | -486.04M | -416.26M | -292.8M | -186.32M | -90.92M | -148.35M | -118.56M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.38M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -47K | 19K |
Quick answers to the most common questions about buying BCAB stock.
As of 2025, BioAtla, Inc. (BCAB) had total assets of $13.8M including $8.0M in current assets.
BioAtla, Inc. (BCAB) carries total debt of $6.2M, offset by $7.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
BioAtla, Inc. (BCAB) has total shareholders' equity (book value) of $-36.2M ($-30.76 book value per share). Book value represents the net worth of the company belonging to common stock holders.
BioAtla, Inc. (BCAB) reported a current ratio of 0.37x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Imminent liquidity exhaustion risk
Metrics are mathematically derived from official filings.
Rapid Erosion of Financial Foundation
As reported in recent financial statements, BioAtla's total assets have plummeted from $119.7 million in 2023Q4 to just $8.6 million in 2026Q1, signaling a severe and accelerating contraction of the company's resource base as it struggles to fund ongoing clinical development programs without a commercial revenue stream.
The consistent decline in total assets reflects a business model that is rapidly consuming its capital reserves to sustain R&D activities. This trajectory suggests that the company is approaching a critical inflection point where the current asset base may no longer support the scale of its multi-indication clinical trials.
Critical Liquidity and Runway Constraints
Based on the latest quarterly data, BioAtla's current ratio has deteriorated to a precarious 0.15, reflecting a significant inability to cover short-term liabilities with existing cash reserves, which have dwindled to a reported $2.0 million as of 2026Q1, according to recent regulatory filings.
The collapse of the current ratio from 4.11 in 2023Q4 to 0.15 indicates that the company's liquidity buffer has been effectively exhausted. Investors should monitor this closely, as the current cash position appears insufficient to sustain operations for more than a very short duration without immediate external financing.
Equity Erosion and Deficit Accumulation
According to the company's balance sheet, shareholders' equity has shifted into a deep deficit of $37.3 million as of 2026Q1, driven by the relentless accumulation of retained losses which have reached $552.0 million, as documented in the most recent quarterly financial disclosures.
The transition to negative equity highlights the total depletion of capital provided by shareholders, leaving the company reliant on debt or further dilutive equity raises to remain a going concern. This structural deficit underscores the significant risk that the current equity value may not reflect the underlying economic reality of the firm's clinical-stage assets.
Leverage Amidst Capital Scarcity
As reported in financial filings, BioAtla maintains a debt load of $6.1 million as of 2026Q1, which, when viewed against the backdrop of negative equity and minimal cash, suggests that the company's leverage is a necessity-driven burden rather than a strategic tool for growth.
The presence of debt in a company with negative equity and minimal cash reserves warrants further investigation into the terms and covenants of these obligations. This debt profile may limit the company's flexibility in negotiating future financing or strategic partnerships, as creditors likely hold priority over the remaining assets.