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BDTX

Black Diamond Therapeutics, Inc.

BDTX

Black Diamond Therapeutics, Inc. • NASDAQ
$3.81 ▲ 0.79% (+0.03)
Market Cap $217.07 M
52w High $4.94
52w Low $1.20
Dividend Yield 0%
P/E 10.58
Volume 641.24K
Outstanding Shares 56.97M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $10.978M ▼ $-8.498M ▲ 0% $-0.15 ▲ $-8.412M ▲
Q2-2025 $0 ▼ $13.334M ▼ $-10.561M ▼ 0% ▼ $-0.19 ▼ $-10.475M ▼
Q1-2025 $70M ▲ $15.47M ▼ $56.542M ▲ 80.774% ▲ $1 ▲ $54.617M ▲
Q4-2024 $0 $18.275M ▲ $-15.985M ▼ 0% $-0.28 $-18.19M ▼
Q3-2024 $0 $18.13M $-15.557M 0% $-0.28 $-18.044M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $135.503M ▼ $157.733M ▼ $31.581M ▼ $126.152M ▼
Q2-2025 $142.829M ▼ $166.385M ▼ $33.775M ▼ $132.61M ▼
Q1-2025 $152.4M ▲ $176.245M ▲ $34.729M ▼ $141.516M ▲
Q4-2024 $98.575M ▼ $122.64M ▼ $39.355M ▼ $83.285M ▼
Q3-2024 $112.682M $137.896M $40.47M $97.426M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-8.498M ▲ $-7.85M ▲ $8.59M ▲ $134K ▲ $874K ▲ $-7.85M ▲
Q2-2025 $-10.561M ▼ $-9.159M ▼ $-59.153M ▼ $-116K ▼ $-68.428M ▼ $-9.159M ▼
Q1-2025 $56.542M ▲ $53.41M ▲ $8.547M ▼ $32K ▼ $61.989M ▲ $53.41M ▲
Q4-2024 $-15.985M ▼ $-15.055M ▼ $27.769M ▲ $291K ▲ $13.005M ▲ $-15.055M ▼
Q3-2024 $-15.557M $-11.323M $2.193M $-252K $-9.382M $-11.323M

Five-Year Company Overview

Income Statement

Income Statement Black Diamond is still a pure research-stage biotech: it has no product revenue yet, and all reported activity is spending on R&D and overhead. Losses have been consistent since the IPO, but they appear to be slowly narrowing over time as the company has tightened spending and focused the pipeline. The earnings per share trend shows the same pattern: still clearly in the red, but gradually improving as the company becomes leaner. Overall, the income statement looks typical for a small clinical-stage biotech: ongoing losses, no commercial income, and a heavy reliance on future trial success to eventually change that picture.

Balance Sheet

Balance Sheet The balance sheet shows a company that once held a larger cash and asset base and has gradually drawn that down to fund operations. Total assets and shareholders’ equity have declined over the past few years, reflecting continued cash use and the absence of revenue to replenish reserves. On the positive side, debt levels are low and appear manageable, so the capital structure is not heavily burdened by interest obligations. In simple terms, Black Diamond is asset-light, equity-funded, and still has a cushion, but that cushion is much smaller than in its early post-IPO years, which increases sensitivity to future financing needs or partnership support.

Cash Flow

Cash Flow Cash flow is predictably negative from operations, reflecting steady spending on research, clinical trials, and overhead, with no incoming product cash to offset it. The outflows, while material, show a modest downward trend, suggesting more disciplined cash management and prioritization of key programs over time. Capital expenditures are negligible, so almost all cash use is tied directly to running and advancing the pipeline rather than building physical infrastructure. The overall picture is of a company that burns cash at a controlled but meaningful rate and will likely remain dependent on external capital or deal funding until it can generate commercial revenue or sizable milestone payments.

Competitive Edge

Competitive Edge Black Diamond sits in a crowded but attractive space: targeted oncology. Its niche is “MasterKey” inhibitors that aim to hit families of cancer-driving mutations rather than a single mutation, with a strong emphasis on brain-penetrant drugs for tumors that spread to the brain. The MAP platform and focus on allosteric, highly selective inhibitors provide scientific differentiation, and the partnership with Servier on one of its lead programs offers external validation. However, the company competes with much larger oncology players and other precision-medicine biotechs targeting EGFR and RAF pathways, many with deeper pockets, broader pipelines, and commercial franchises. Its competitive position is therefore sharp but narrow: strong scientific identity and focus, but limited scale and high dependence on a small number of assets to prove the concept.

Innovation and R&D

Innovation and R&D R&D is clearly the core of Black Diamond’s identity. The MAP platform is designed to systematically mine genetic data and design drugs that can treat groups of mutations across multiple tumor types, potentially making each drug applicable to a wider patient set. Lead programs like BDTX-1535 (for EGFR-driven cancers, including those with resistance to existing drugs and brain involvement) and BDTX-4933 (for a broad range of RAF pathway mutations) illustrate this strategy. The company’s recent decision to prioritize BDTX-1535 shows a move toward focus and capital efficiency but also concentrates scientific and business risk in that program. Overall, the R&D engine looks innovative and thoughtfully designed, but its value will only be confirmed as more clinical data emerge and as the platform demonstrates it can repeatedly generate viable drug candidates.

Summary

Black Diamond Therapeutics is an early-stage precision oncology company with an innovative scientific platform and a narrow but distinct niche in mutation-family and brain-penetrant cancer therapies. Financially, it looks like many small biotechs: no revenue, persistent but gradually shrinking losses, and a balance sheet that has thinned over time as cash is used to fund clinical development. Debt remains low, but the company’s future hinges on its ability to secure funding and, more importantly, to deliver positive clinical results. The scientific story—MasterKey inhibitors from the MAP platform, with programs like BDTX-1535 and BDTX-4933—is compelling on paper, yet still carries the usual clinical and regulatory uncertainties. In sum, this is a focused, high-risk, high-uncertainty biotech story where upcoming trial data and business development activity are likely to be the main drivers of how the narrative evolves.

NEWS

November 6, 2025 · 4:01 PM UTC

Black Diamond Therapeutics to Participate in Upcoming Investor Conferences

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November 6, 2025 · 7:30 AM UTC

Black Diamond Therapeutics Reports Third Quarter 2025 Financial Results and Provides Corporate Update

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