San Diego-based biotechnology company BioAtla announced it is reducing its workforce by about 70% as it evaluates strategic alternatives for the business. The company stated that only employees essential to the ongoing strategic review will remain.
This announcement comes less than a year after BioAtla previously cut 30% of its staff, which was intended to extend the company's financial runway into the first half of 2026 and focus resources on key development programs.
As part of this latest reduction, Chief Financial Officer Richard Waldon’s employment was terminated effective March 2. Chris Vasquez, who had been serving as Chief Accounting Officer, has been appointed as CFO and principal financial officer.
BioAtla said it is considering options such as selling its five preclinical-stage and four clinical-stage assets, entering licensing agreements, or forming strategic partnerships. The company’s clinical pipeline includes ozuriftamab vedotin (Oz-V), an antibody drug conjugate targeting ROR2, a receptor present in several types of solid tumors.
In December 2025, BioAtla announced a $40 million agreement with GATC Health to support a Phase 3 study of Oz-V for patients with oropharyngeal squamous cell carcinoma, a rare cancer affecting the middle part of the throat.
The company reported having approximately $7.1 million in cash and cash equivalents at the end of December 2025, down from around $8.3 million at the end of September that year. Severance and benefits costs related to the current workforce reduction are expected to total between $500,000 and $600,000, with most payments anticipated during the first quarter.
