BioAtla, Inc.
BCAB Healthcare Biotechnology
BioAtla, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.0 million, down 81.8% from fiscal 2024. In the quarter to June 2026, revenue grew 4,233.3%, EPS grew 101.7% and free cash flow grew 97.0%, each against the same quarter a year earlier.
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BioAtla, Inc. (BCAB) Beneish M-score
BioAtla, Inc.'s Beneish M-score for fiscal 2025 cannot be worked out: days’ sales in receivables index cannot be worked out.
Beneish M-score, annual
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | — | — | n/a | — |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 42.17 | — | 17.04 | |
| Sales growth index | 0.18 | — | 0.16 | |
| Depreciation index | 0.76 | — | 0.09 | |
| SG&A index | 4.46 | — | −0.77 | |
| Total accruals to total assets | (0.82) | — | −3.86 | |
| Leverage index | 5.72 | — | −1.87 | |
| Beneish M-score | n/a — days’ sales in receivables index cannot be worked out | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| HCWB HCW Biologics Inc. compare | −9.3× |
| AFMDQ Affimed N.V. compare | 15.1× |
| VIVS VivoSim Labs, Inc. compare | 29.5× |
| ONCO Onconetix, Inc. compare | 33.3× |
| BCAB BioAtla, Inc. | — |
| REVB Revelation Biosciences, Inc. compare | — |
| DCOY Decoy Therapeutics Inc compare | — |
| MBIO Mustang Bio, Inc. compare | — |
| ARAV ARAVIVE, INC compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI