Black Diamonds Therapeutics has reported a net loss per share of USD 0.57 for Q1` 2023, beating analyst expectations by 6.6%. The net loss for the quarter declined 18.0% YoY to USD 20.9 million. The clinical-stage biotechnology company is yet to generate any revenue from drug sales. 

The company also highlighted a few operational highlights: 1) Plans to provide a clinical update on the dose-escalation phase for its BDTX-1535 drug candidate in 2H 2023; 2) Obtained FDA clearance for BDTX-4933 and expects to dose its first patient in a Phase I clinical trial in Q2 2023; and 3) Selected a development candidate, BDTX-4876, for its FGFR program. BDTX-4876 is selective against MasterKey mutations and alterations in FGFR 2 and 3 while sparing FGFR 1 and 4.

Total operating expenses declined 16.0% YoY to USD 21.6 million for Q1 2023 due to lower R&D expenses (down 16.9% YoY), primarily due to reduced clinical trial activities related to discontinuing the development of BDTX-189 to focus on the advancement of BDTX-1535 and BDTX-4933. General and administrative expenses for the quarter narrowed by 13.9% YoY to USD 6.8 million due to reduced legal and other expenses. 

As of March 31, 2023, the company’s cash, cash equivalents, and investments stood at USD 103.4 million, which it claims is sufficient to operate until Q3 2024. The company did not provide guidance for 2023.