Black Diamond Therapeutics(BDTX) - 2025 Q1 - Quarterly Results

Q1 2025 Financial Results and Corporate Update Black Diamond Therapeutics reported Q1 2025 results, highlighting BDTX-1535 trial progress and a Servier deal extending cash runway Report Overview Black Diamond Therapeutics reported Q1 2025 results, highlighting BDTX-1535 trial progress and a Servier deal extending cash runway - The company is executing on enrollment for the BDTX-1535 Phase 2 trial for newly diagnosed EGFRm NSCLC patients, with a clinical update expected in Q4 2025[3] - A global licensing agreement with Servier for BDTX-4933 has provided a strong cash position, with an expected runway into Q4 2027[3] - Pending FDA feedback in Q4 2025, the company is positioned to begin pivotal development of BDTX-1535 in the first half of 2026[3] Recent Developments & Upcoming Milestones The company detailed progress for BDTX-1535 in NSCLC and GBM trials, alongside a significant Servier licensing deal for BDTX-4933 BDTX-1535 Program Updates Black Diamond is on track to disclose initial Phase 2 data for BDTX-1535 in EGFRm NSCLC in Q4 2025, and expanded its GBM trial - Initial Phase 2 clinical data for BDTX-1535 in newly diagnosed non-classical EGFRm NSCLC patients is expected in Q4 2025[5][6] - An investigator-sponsored Phase 0/1 trial was expanded in March 2025 to include newly diagnosed glioblastoma (GBM) patients with EGFR alterations[5][6] - Data presented at the AACR Annual Meeting for BDTX-1535 in recurrent GBM patients showed encouraging pharmacokinetic and safety data, providing a strong rationale for program expansion[6] Corporate Developments Black Diamond finalized a global licensing agreement with Servier for BDTX-4933, securing $70 million upfront and potential milestone payments Servier Licensing Agreement Terms | Term | Value | | :--- | :--- | | Upfront Payment | $70.0 million (received March 2025) | | Potential Milestone Payments | Up to $710.0 million | | Royalties | Tiered royalties on global net sales | - Servier will lead the development activities and worldwide commercialization of BDTX-4933 for multiple indications, including NSCLC[7] Financial Highlights The company reported strong Q1 2025 financials, with $56.5 million net income and cash runway into Q4 2027, driven by a licensing deal Financial Guidance and Cash Position As of March 31, 2025, Black Diamond's cash, cash equivalents, and investments stood at $152.4 million, sufficient to fund operations into Q4 2027 Cash Position | Date | Cash, Cash Equivalents, and Investments (in millions) | | :--- | :--- | | March 31, 2025 | $152.4 | | December 31, 2024 | $98.6 | - The company believes its current cash position is sufficient to fund anticipated operating expenses and capital expenditure requirements into the fourth quarter of 2027[9] Net Cash from Operations (YoY, in millions) | Period | Net Cash Provided By/(Used In) Operations | | :--- | :--- | | Q1 2025 | $53.4 | | Q1 2024 | ($21.2) | Q1 2025 Operating Results Black Diamond reported $56.5 million net income for Q1 2025, a significant improvement driven by license revenue and reduced operating expenses Q1 Operating Results Comparison (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Income / (Loss) | $56.5 | ($18.2) | | R&D Expenses | $10.5 | $13.5 | | G&A Expenses | $5.0 | $6.7 | - The decrease in R&D expenses was primarily due to workforce efficiencies and increased focus on BDTX-1535 development[12] - The decrease in G&A expenses was primarily due to the restructuring announced in October 2024[12] Condensed Consolidated Financial Statements Q1 2025 unaudited financials show total assets of $176.2 million and equity of $141.5 million, driven by $70 million license revenue Condensed Consolidated Balance Sheet Data (Unaudited, in millions) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents, and investments | $152.4 | $98.6 | | Total assets | $176.2 | $122.6 | | Total stockholders' equity | $141.5 | $83.3 | Consolidated Statements of Operations (Unaudited, in millions) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | License revenue | $70.0 | $0 | | Total operating expenses | $15.5 | $20.2 | | Net income (loss) | $56.5 | ($18.2) | | Net income (loss) per share - basic | $1.00 | ($0.35) |