Black Diamond Therapeutics

Black Diamond Therapeutics is a clinical-stage biotechnology company that focuses on discovering and developing small molecule precision oncology medication, targeting undruggable mutations in patients with genetically defined cancers. The company’s proprietary Mutation-Allostery-Pharmacology (MAP) drug discovery platform, allows Black Diamond to analyze population-level genetic sequencing data to identify mutations that promote cancer across tumor types. The company’s approach is to develop a single small molecule kinase inhibitor as a “MasterKey” therapy that treats a range of mutations that are grouped into families.

The firm had two drug candidates in development as of September 2022. In January 2022, the FDA accepted its Investigational New Drug (IND) submission for its MasterKey inhibitor BDTX-1535 focused on the treatment of Epidermal Growth Factor Receptor (EGFR)-mutated glioblastoma multiforme (known to be one of the most aggressive brain cancers) and non-small cell lung cancer (NSCLC). Following the IND submission, the company launched a Phase 1 trial for the inhibitor and expects to provide a clinical update in 2H 2023. Its BDTX-4933 drug candidate is a central nervous system (CNS)-penetrant BRAF inhibitor developed for patients with or without brain tumors. The firm planned to apply for IND approval in 1H 2023. Additionally, the company has two other discovery programs. In April 2022, the company decided to discontinue the development of its lead drug candidate BDTX-189 for treating NSCLC with either the EGFR or human epidermal growth factor receptor 2 kinases (HER2) mutations. 

In December 2022 , the company launched a new company called Launchpad Therapeutics that will focus on developing antibody programs.. 

Funding and Financials

Based in Massachusetts, Black Diamond was founded in 2017 and was listed on the Nasdaq Global Select Market in January 2020 under the ticker symbol “BDTX”, raising USD 201 million. As a clinical-stage biotechnology company, it is yet to generate any revenue from drug sales. In June 2023 , the company announced an underwritten public offering of 15 million common shares to raise approximately USD 75 million at a price of USD 5.00 per share. The use of funds was not disclosed.

For the year 2022 , net losses contracted by 27.4% YoY to USD 91.2 million due to a decline in R&D expenses following the discontinuation of its lead drug BDTX-189. At the end of the year, the firm's cash, cash equivalents, and investments stood at USD 122.8 million, which it claims is sufficient to operate until Q3 2024. For Q1 2023 , net losses declined 18.0% YoY to USD 20.9 million.