CAMBRIDGE, Mass., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Black Diamond Therapeutics, Inc. (Nasdaq: BDTX), a clinical-stage oncology company developing MasterKey therapies that target families of oncogenic mutations in patients with cancer, today reported financial results for the second quarter ended June 30, 2024, and provided a corporate update.
“We continue to execute on enrollment of patients with EGFR mutant NSCLC into second/third-line and first-line Phase 2 cohorts, and remain on track to announce initial results later in the third quarter of this year and in the first quarter of 2025, respectively”, said Mark Velleca, M.D., Ph.D., Chief Executive Officer of Black Diamond Therapeutics. “We also look forward to sharing analyses of real world data at the 2024 ESMO Congress in September 2024 on treatment practices and therapeutic outcomes for newly diagnosed NSCLC patients with non-classical EGFR mutations that demonstrate a significant unmet medical need.”
Recent Developments & Upcoming Milestones:
BDTX-1535:
BDTX-4933:
Corporate
Financial Highlights
Financial Guidance
About Black Diamond Therapeutics
Black Diamond Therapeutics is a clinical-stage oncology company developing MasterKey therapies that target families of oncogenic mutations in patients with cancer. The Company’s MasterKey therapies are designed to address a broad spectrum of genetically defined tumors, overcome resistance, minimize wild-type mediated toxicities, and be brain penetrant to treat CNS disease. The Company is advancing two clinical-stage programs: BDTX-1535, a brain-penetrant fourth-generation EGFR MasterKey inhibitor targeting EGFR mutant NSCLC and GBM, and BDTX-4933, a brain-penetrant RAF MasterKey inhibitor targeting KRAS, NRAS and BRAF alterations in solid tumors. For more information, please visit www.blackdiamondtherapeutics.com.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding: the potential of BDTX-1535 to address the unmet medical need for newly diagnosed NSCLC patients with non-classical EGFR mutations and benefit patients with NSCLC across multiple lines of therapy, the continued development and advancement of BDTX-1535 and BDTX-4933, including the ongoing clinical trials and the timing of clinical updates for BDTX-1535 in patients with NSCLC and in patients with relapsed/recurrent GBM, and for Phase 1 clinical trial results for BDTX-4933, the expected timing for additional updates on data from the “window of opportunity” clinical trial of BDTX-1535 in patients with recurrent HGG, the potential future development plans for BDTX-1535 in NSCLC and GBM, the estimates regarding the market opportunities for the Company’s product candidates, and the Company’s expected cash runway. Any forward-looking statements in this press release are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include those risks and uncertainties set forth in its Annual Report on Form 10-K for the year ended December 31, 2023, filed with the United States Securities and Exchange Commission and in its subsequent filings filed with the United States Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Black Diamond Therapeutics, Inc. Condensed Consolidated Balance Sheet Data (Unaudited) (in thousands) | |||||||
June 30, 2024 | December 31, 2023 | ||||||
(in thousands) | |||||||
Cash, cash equivalents, and investments | $ | 122,971 | $ | 131,400 | |||
Total assets | $ | 149,986 | $ | 158,567 | |||
Accumulated deficit | $ | (455,565 | ) | $ | (417,431 | ) | |
Total stockholders’ equity | $ | 111,021 | $ | 116,736 | |||
Black Diamond Therapeutics, Inc. Consolidated Statements of Operations (Unaudited) (in thousands, except per share data) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Operating expenses: | |||||||||||||||
Research and development | $ | 12,556 | $ | 13,154 | $ | 26,101 | $ | 27,907 | |||||||
General and administrative | 9,574 | 6,878 | 16,275 | 13,686 | |||||||||||
Total operating expenses | 22,130 | 20,032 | 42,376 | 41,593 | |||||||||||
Loss from operations | (22,130 | ) | (20,032 | ) | (42,376 | ) | (41,593 | ) | |||||||
Other income (expense): | |||||||||||||||
Interest income | 464 | 539 | 1,101 | 1,161 | |||||||||||
Other income (expense) | 1,757 | 341 | 3,141 | 405 | |||||||||||
Total other income (expense), net | 2,221 | 880 | 4,242 | 1,566 | |||||||||||
Net loss | $ | (19,909 | ) | $ | (19,152 | ) | $ | (38,134 | ) | $ | (40,027 | ) | |||
Net loss per share, basic and diluted | $ | (0.36 | ) | $ | (0.52 | ) | $ | (0.71 | ) | $ | (1.09 | ) | |||
Weighted average common shares outstanding, basic and diluted | 55,155,220 | 36,516,114 | 53,482,034 | 36,500,085 | |||||||||||
Contact
For Investors:
Mario Corso, Head of Investor Relations, Black Diamond Therapeutics
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For Media:
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Last Trade: | US$2.87 |
Daily Change: | 0.01 0.35 |
Daily Volume: | 664,772 |
Market Cap: | US$162.160M |
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