BDTX · Black Diamond Therapeutics, Inc.

Black Diamond Therapeutics reported a Q1 2026 net loss of $9.0 million, a sharp reversal from the $56.5 million net income in Q1 2025, primarily driven by the absence of $70 million in license revenue recognized last year. Operating expenses declined 27% year-over-year to $11.3 million, with R&D expenses dropping 33% to $7.0 million due to progression in the silevertinib Phase 2 NSCLC trial and outlicensing of BDTX-4933 to sharpen focus on silevertinib development. G&A expenses decreased 14% to $4.3 million from continued operational efficiencies. Cash burn from operations was $10.2 million, reducing cash, equivalents, and investments to $118.3 million from $128.7 million at year-end 2025, providing a runway into 2H 2028 without needing near-term financing. CEO Mark Velleca emphasized advancing silevertinib into pivotal development, highlighted by an oral ASCO presentation on May 30, 2026, of Phase 2 frontline EGFRm NSCLC data including preliminary DOR and PFS, plus posters on recurrent NSCLC and GBM trial-in-progress. Initiation of the randomized Phase 2 GBM trial with first patient dosing in May 2026 underscores pipeline momentum in brain-penetrant EGFR therapies targeting NSCLC and GBM, positioning the company to address unmet needs in genetically defined tumors.