Black Diamonds Therapeutics has reported a net loss per share of USD 0.59 for Q4 2022, beating analyst expectations by 6.8%. The net loss for the quarter declined 22.7% YoY to USD 21.1 million, which contributed to the net loss of USD 91.2 million (down 27.4% YoY) reported for the full financial year. The company is a clinical-stage biotechnology company that is yet to generate any revenue from drug sales. 

Total operating expenses declined 16.2% YoY to USD 21.8 million for Q4 2022 due to lower R&D expenses (down 25.9% YoY), primarily due to reduced clinical trial activities related to the discontinuation of the development of BDTX-189. General and administrative expenses for the quarter increased by 12.5% YoY to USD 7.2 million and decreased by 5.6% YoY to USD 28.4 million for the full year due to a reduction in legal and other expenses. 

The company will provide a clinical update on the dose-escalation phase of Phase I clinical trial of BDTX-1535, which is an EGFR MasterKey inhibitor, in 2H 2023. The company announced the IND application for BDTX-4933 (which is an RAF MasterKey inhibitor that can penetrate the brain) and is expected to receive FDA clearance in Q1 2023. This inhibitor is designed to treat tumors with all-class RAF and RAS mutations. The Phase I clinical trial is planned to begin in 1H 2023.

As of December 31, 2022, the company’s cash, cash equivalents, and investments stood at USD 122.8 million, which it claims is sufficient to operate until Q3 2024. The company did not provide guidance for 2023.