BioAtla and GATC Health announced a $40 million special purpose vehicle (SPV) transaction to fund a Phase 3 registrational trial of ozuriftamab vedotin (Oz‑V; CAB‑ROR2‑ADC) in second‑line and later oropharyngeal squamous cell carcinoma (OPSCC). The deal aims to de‑risk the asset’s path to registration by ring‑fencing capital for the pivotal study. Clinical and strategic detail: ozuriftamab vedotin is a Condition­ally Active Biologic (CAB) antibody‑drug conjugate targeting ROR2. The SPV structure typically pools investor capital specifically for one program, allowing the sponsor to advance a registrational program without immediate balance‑sheet dilution. Why it matters: the transaction reflects creative financing in oncology to propel mid‑stage assets into pivotal trials, and it signals investor appetite for ADCs with novel conditional activation designs.