Biological product filing citing mAbs paper — Bioatla, 2024-03-26
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Filings SEC · Quote Google cited a paper published in mAbs as a basis for its claims in a regulatory filing submitted to the U.S. Securities and Exchange CommissionU.S. Securities and Exchange Commission
Regulator · Website. The company read the manner in which it wrote the paper and the actual scope the paper demonstrated in sequence. It described where the stock price movement over the following month compared to past cases of the same type. This is a hindsight judgment written after knowing the results. The paper was read only up to the abstract.
The disclosure wrote the paper in the press release like this
When a U.S. listed company has something to inform shareholders, it submits a current report to the Securities and Exchange Commission, called 8-K. The item number of the document submitted by Bioatla on 2024-03-26 was 2.02 Earnings announcement · 9.01 Financial statements · Attached documents. The company cited a paper published in mAbs in the attached press release. If the sentence citing the paper is copied verbatim, it reads as follows.
The sentence citing the paper in the press release could not be automatically found. Check the original link. Do not replace it with another paragraph.
What readers see first is where the company placed the paper in the press release. Next is determining whether the paper supports the company's entire claim or only part of it. To answer the latter question, one must read the full paper. This article, which only read the abstract, cannot answer that.
The scope of the paper mentioned in the abstract is limited to this.
The paper title is A novel conditional active biologic anti-EpCAM x anti-CD3 bispecific antibody with synergistic tumor selectivity for cancer immunotherapy and it was published in mAbs on 2024-03-06. The authors' affiliation is BioAtla (United States). The summary published at the beginning of the paper is called abstract. This article only read up to there. This paragraph was rewritten by a person after filtering a draft written by a machine reading the abstract through numerical comparison, so it is of a different grade than a full-text reading and original judgment.
This experimental study developed a bispecific antibody targeting EpCAM, which is abundant in most solid tumors but also prevalent in normal epithelium, making it difficult to target selectively. The antibody is designed to activate only in the acidic environment surrounding tumors. In normal tissues, body chemicals block both binding sites, preventing the antibody from attaching effectively. However, within the tumor, it is designed to attract T-cells and kill cancer cells. In cell experiments, it strongly killed EpCAM-positive cancer cells. In mouse xenograft tumors, it showed similar efficacy to an antibody activated unconditionally but with significantly lower toxicity. Since these are cell and mouse experiments, whether it is safe in humans is beyond the scope of this paper.
What the abstract does not answer remains in the full text and appendices. This article leaves the gaps as they are. Readers are to determine which sentence in the abstract corresponds to the company's cited excerpt by comparing the two citations above.
One month later, the stock price was within the middle half of the sample.
The remaining return after subtracting the portion that moves with the overall market is called excess return. Dates are counted only on days when the stock market is open, referred to as trading days. In calendar terms, 20 trading days is approximately one month. The excess returns for the day of the regulatory filing and the following month are presented in the table below.
| Period | Excess return relative to the market | Meaning |
|---|---|---|
| 5 trading days before the filing | −2.1% | The extent of movement before the filing |
| On the filing date | +29.5% | On the filing date or the first trading day afterward |
| Cumulative over +1 to +5 trading days | +49.5% | One week |
| Cumulative over +1 to +20 trading days | −19.0% | One month |
A bundle of past cases of the same type is called a sample. The position counted from the bottom is expressed as a percentile. The one-month excess return of −19.0% in this case is within the bottom 28% of the 142 cases in the sample, and is within the lower half.
| Sample scale (20 trading days) | Tenth from the bottom | Fourth from the bottom | Median | Top 25% | Top 10% | This case |
|---|---|---|---|---|---|---|
| Excess return | −31.9% | −20.1% | −6.9% | +5.5% | +19.5% | −19.0% |
Half of the sample falls between the two central marks on the graph. Whether this case lies within or outside the range is confirmed from the table. The sample collects cases where U.S.-listed companies cited papers in 8-K filings over the past ten years. The company itself is excluded from the sample. The numbers listed here are past facts, not rules applicable to future cases.
After the filing, the company issued such documents.
Three 8-K filings issued by the company after the filing date are listed with only item numbers. In 8-K filings without titles, item numbers indicate the type of content. Whether it was an earnings announcement or a contract can be identified by the number. The specific event is read in the original text of each link.
- 2024-04-24 8-K Item 5.03,9.01 — Bylaws amendment · Financial statements · Attached documents
- 2024-05-14 8-K Item 2.02,9.01 — Earnings announcement · Financial statements · Attached documents
- 2024-05-17 8-K Item 8.01 — Other events
What this article does not answer
This article, based only on abstracts, cannot answer what methods the paper used, what it reviewed, or how far it demonstrated. How many times the cited paper was subsequently referenced can be rechecked via OpenAlexOpenAlex
Data source · Website citation counts. The next thing to look at is whether the company's next 8-K again cites the same paper.
Glossary
- 8-K
- A voluntary report submitted to the Securities and Exchange Commission when a U.S. listed company has something to inform shareholders. Types are indicated by item numbers such as earnings, contracts, and executive changes. All events in this article come from this document.
- Excess return
- The remainder after subtracting the overall market return from the stock return. It is used to observe the movement of the company alone by removing the portion where the market as a whole rises or falls.
- Trading day
- A date counting only the days when the stock market is open. Since weekends and holidays are excluded, 20 trading days correspond to about a month on the calendar.
- Sample and percentile
- A bundle of past cases of the same type is a sample, and the position from the bottom within it is expressed as a percentile. A percentile of 10 means that nine out of ten cases performed better than this case.
- Abstract
- A summary placed at the beginning of a paper. The author writes in a few sentences what was done, how it was done, and what results were obtained. Without reading the full text, one cannot know the details and limitations of the method.