Free cash flow remains deeply negative, with a $5.3 million outflow in 2026Q1 highlighting a reliance on external capital that is increasingly difficult to secure.
BioAtla, Inc. (BCAB) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | -23.48M | -48.2M | -71.94M | -104.02M | -90.42M | -62.21M | -36.33M | -9.64M | -35.32M |
| Operating CF Margin % | - | -2410.2% | -653.96% | - | - | -24885.6% | -8469.46% | -185.48% | -332.33% |
| Operating CF Growth % | 125% | 32.99% | 30.84% | -15.04% | -45.34% | -71.23% | -276.71% | 72.69% | - |
| Net Income | -31.45M | -59.61M | -69.78M | -123.46M | -106.48M | -95.4M | -35.85M | -29.86M | -28.98M |
| Depreciation & Amortization | 195K | 373K | 925K | 1.22M | 1.2M | 1.33M | 1.01M | 860K | 794K |
| Stock-Based Compensation | 3.99M | 5.43M | 8.92M | 13.54M | 14.56M | 25.12M | 3.02M | -6.4K | 2.64K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -686K | 4.46M | 6.4K | 0 |
| Other Non-Cash Items | 18.87M | 1.32M | -807K | 2K | 13K | 3K | -6.48M | -5.75M | 2.57M |
| Working Capital Changes | -15.08M | 4.28M | -11.2M | 4.68M | 287K | 7.42M | -2.5M | 25.1M | -9.7M |
| Change in Receivables | -2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 6.16M | 2.8M | -13.46M | 5.28M | 3.41M | 7.99M | -1.66M | 3.13M | 446K |
| Cash from Investing | 0 | 0 | 0 | -98K | -265K | -924K | -590K | -1.51M | -988K |
| Capital Expenditures | 0 | 0 | 0 | -98K | -268K | -924K | -590K | -1.51M | -988K |
| CapEx % of Revenue | 0% | - | - | - | - | 369.6% | 137.53% | 29.02% | 9.3% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -19K | -5K | 19K |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 3K | 0 | 19K | 5K | 0 |
| Cash from Financing | 6.82M | 6.28M | 9.51M | 77K | 61.21M | 69.51M | 271.82M | 4M | 5.02M |
| Debt Issued (Net) | 0 | 7.13M | 0 | 0 | 0 | 0 | 3.43M | 4M | 5M |
| Equity Issued (Net) | 463K | 100K | 9.21M | 336K | 61.68M | 71.42M | 268.41M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -6K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 6.36M | -949K | 296K | -259K | -469K | -1.91M | -19K | -5K | 19K |
| Net Change in Cash | -16.66M | -41.93M | -62.42M | -104.04M | -29.47M | 6.37M | 234.9M | -7.16M | -31.29M |
| Free Cash Flow | -23.48M | -48.2M | -71.94M | -104.11M | -90.69M | -63.14M | -36.92M | -11.15M | -36.3M |
| FCF Margin % | -276.26% | -2410.2% | -653.96% | - | - | -25255.2% | -8606.99% | -214.5% | -341.63% |
| FCF Growth % | 55.12% | 32.99% | 30.91% | -14.8% | -43.63% | -70.99% | -231.04% | 69.28% | - |
| FCF per Share | -14.13 | -40.97 | -74.05 | -108.96 | -116.48 | -91.34 | -54.84 | -16.57 | -84.08 |
| FCF Conversion (FCF/Net Income) | 0.75x | 0.81x | 1.03x | 0.84x | 0.86x | 0.65x | 1.01x | 0.32x | 1.22x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 6K | 67K | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying BCAB stock.
BioAtla, Inc. (BCAB) generated $-48.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BioAtla, Inc. (BCAB) reported negative free cash flow of $48.2M in 2025, indicating capital requirements exceeded cash from operations.
BioAtla, Inc. (BCAB) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Imminent liquidity exhaustion risk
Metrics are mathematically derived from official filings.
Earnings Disconnect Masks Cash Burn
According to the reported cash flow statements, BioAtla consistently reports operating cash outflows that exceed net losses, with the OCF/NI ratio fluctuating significantly, reaching 0.83 in 2026Q1, which suggests that non-cash adjustments are insufficient to bridge the gap between accounting losses and actual cash depletion.
The persistent gap between net income and operating cash flow indicates that the company's accounting losses are not merely paper-based but reflect substantial cash-intensive R&D activities. Investors should monitor this relationship, as the inability to achieve a positive conversion ratio suggests that the underlying business model remains fundamentally cash-consumptive without a clear path to self-funding.
Negative Free Cash Flow Trajectory
As reported in financial statements, BioAtla's free cash flow remains deeply negative across the observed ten-quarter period, with the most recent 2026Q1 outflow of $5.3 million highlighting a continued reliance on external capital to sustain clinical development programs in the absence of recurring product revenue.
The trajectory of free cash flow appears to be dictated by the timing of clinical trial milestones rather than operational efficiency. This volatility in cash burn makes it difficult to project a sustainable runway, as the company lacks the commercial scale to offset the high fixed costs inherent in its antibody engineering platform.
Working Capital Volatility Impacts Liquidity
Based on BioAtla's reported figures, working capital changes have been highly erratic, swinging from a $10.1 million outflow in 2024Q1 to a $2.9 million inflow in 2026Q1, which suggests that the company's cash position is heavily influenced by the timing of vendor payments and clinical trial accruals.
This instability in working capital management may indicate that the company is aggressively managing its payables to preserve cash, a strategy that often reaches a limit as clinical programs advance. Such fluctuations warrant further investigation into whether these inflows are sustainable or merely a temporary deferral of necessary operational expenditures.
Stock-Based Compensation Obscures Burn
Data from recent SEC filings reveals that BioAtla utilizes stock-based compensation, reaching $2.7 million in 2023Q4, which effectively masks the true economic cost of talent retention by excluding these non-cash expenses from the reported operating cash flow figures used to calculate the company's actual burn rate.
While SBC is a standard practice in the biotech sector, its inclusion in the operating cash flow reconciliation can lead to an underestimation of the company's true cash requirements. Analysts should adjust for these non-cash charges to gain a more accurate understanding of the capital required to maintain the current research pipeline.