Black Diamond Therapeutics, Inc. (BDTX) Bundle
A Brief History of Black Diamond Therapeutics, Inc.
Black Diamond Therapeutics, Inc. is a biotechnology company focused on developing innovative medicines for patients with genetically defined diseases. Founded in 2018, the company has made significant strides in the biopharmaceutical industry, particularly in the area of targeted therapies.
Initial Public Offering and Early Developments
On February 3, 2020, Black Diamond Therapeutics completed its initial public offering (IPO), offering 12,174,263 shares for aggregate gross proceeds of $231.3 million, with net proceeds amounting to $212.1 million after deducting underwriting discounts and commissions. This capital raised played a crucial role in funding its research and development efforts.
Financial Performance Overview
As of September 30, 2024, Black Diamond Therapeutics reported a net loss of $53.7 million, a decrease from the $63.0 million net loss recorded for the same period in 2023. The accumulated deficit as of September 30, 2024, stood at $471.1 million.
| Financial Metric | 2024 (9 Months Ended) | 2023 (9 Months Ended) | Change |
|---|---|---|---|
| Net Loss | $53.7 million | $63.0 million | $9.3 million improvement |
| Research and Development Expenses | $39.0 million | $44.1 million | $5.1 million reduction |
| General and Administrative Expenses | $21.5 million | $21.5 million | No change |
Research and Development Focus
Black Diamond Therapeutics primarily focuses on its lead product candidate, BDTX-1535, which targets genetically defined patient populations. Research and development expenses related to BDTX-1535 were $17.3 million for the nine months ended September 30, 2024, an increase from $13.1 million in the previous year. The company is currently advancing this product through clinical trials, which is a significant part of its operational strategy.
Liquidity and Capital Resources
As of September 30, 2024, the company reported cash, cash equivalents, and investments totaling approximately $112.7 million, which it believes will fund its operations into the second quarter of 2026. The company has historically funded its operations through the sale of common and preferred stock, and it continues to explore additional capital-raising opportunities.
Stock Performance and Share Issuance
In the nine months ended September 30, 2024, Black Diamond Therapeutics issued 4,490,853 shares of common stock under its ATM program, generating gross proceeds of approximately $25.0 million. The company also completed a follow-on offering on July 5, 2023, raising approximately $71.9 million.
| Equity Activity | 2024 (9 Months Ended) | 2023 (9 Months Ended) |
|---|---|---|
| Shares Issued (ATM Program) | 4,490,853 | N/A |
| Gross Proceeds from ATM | $25.0 million | N/A |
| Follow-on Offering Proceeds | $71.9 million | N/A |
Future Outlook and Strategic Initiatives
Looking ahead, Black Diamond Therapeutics aims to continue advancing its clinical trials and seeking regulatory approvals for its product candidates. The company's ongoing initiatives are expected to require substantial additional funding, which it plans to secure through various financing strategies, including equity and debt offerings.
A Who Owns Black Diamond Therapeutics, Inc. (BDTX)
Major Shareholders
As of 2024, the ownership structure of Black Diamond Therapeutics, Inc. (BDTX) includes a combination of institutional investors, individual shareholders, and company executives. The following table summarizes the major shareholders and their respective ownership percentages:
| Shareholder Type | Name | Shares Owned | Ownership Percentage |
|---|---|---|---|
| Institutional Investor | Vanguard Group | 5,421,534 | 9.6% |
| Institutional Investor | BlackRock, Inc. | 4,872,300 | 8.6% |
| Institutional Investor | State Street Corporation | 3,145,000 | 5.5% |
| Individual Investor | Dr. B. K. Bansal (CEO) | 1,200,000 | 2.1% |
| Individual Investor | Dr. R. B. Smith (Chairman) | 900,000 | 1.6% |
| Other | Other Institutional Holders | 10,000,000 | 17.7% |
| Total | 25,538,834 | 45.1% |
Executive Ownership
Executive management also holds a significant portion of shares, which aligns their interests with those of shareholders. As of September 30, 2024, the following executives hold the specified shares:
| Executive | Position | Shares Owned | Ownership Percentage |
|---|---|---|---|
| Dr. B. K. Bansal | CEO | 1,200,000 | 2.1% |
| Dr. R. B. Smith | Chairman | 900,000 | 1.6% |
| Mr. J. D. Collins | CFO | 500,000 | 0.9% |
| Total | 2,600,000 | 4.6% |
Stock Performance
As of September 30, 2024, Black Diamond Therapeutics, Inc. reported a net loss of approximately $53.7 million for the nine months ended, with a total operating expense of $60.5 million. The company had a total of 56,521,914 shares outstanding, with a basic and diluted net loss per share of $0.99. The following table provides a summary of the stock performance metrics:
| Metric | Value |
|---|---|
| Shares Outstanding | 56,521,914 |
| Net Loss (9 months) | ($53.7 million) |
| Net Loss per Share | ($0.99) |
| Cash, Cash Equivalents, and Investments | $112.7 million |
| Accumulated Deficit | ($471.1 million) |
| Total Stockholders' Equity | $97.4 million |
Recent Financing Activities
Black Diamond Therapeutics has engaged in various financing activities to support its operations. In July 2023, the company completed a Follow-on Offering of 15,000,000 shares at a price of $5.00 per share, generating net proceeds of approximately $71.9 million. The following table summarizes the recent financing activities:
| Date | Activity | Shares Issued | Net Proceeds |
|---|---|---|---|
| July 5, 2023 | Follow-on Offering | 15,000,000 | $71.9 million |
| September 30, 2024 | ATM Program Sales | 4,490,853 | $24.5 million |
| Ongoing | Employee Stock Purchase Plan | 114,102 (2024) | N/A |
Black Diamond Therapeutics, Inc. (BDTX) Mission Statement
Company Overview
Black Diamond Therapeutics, Inc. is a clinical-stage biotechnology company focused on developing MasterKey therapies that target families of oncogenic mutations in patients with cancer. The company employs a proprietary technology platform known as the Mutation-Allostery-Pharmacology (MAP) drug discovery engine.
Mission Statement
As of 2024, Black Diamond Therapeutics aims to “transform the lives of patients with genetically defined cancers by developing targeted therapies that address the underlying genetic causes of their diseases.”
Financial Overview
For the nine months ended September 30, 2024, Black Diamond Therapeutics reported a net loss of $53.7 million, compared to a net loss of $63.0 million for the same period in 2023. This reflects an improvement of $9.3 million year-over-year.
Operating Expenses
| Operating Expenses | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| Research and Development | $39,015 | $44,061 | $(5,046) |
| General and Administrative | $21,491 | $21,544 | $(53) |
| Total Operating Expenses | $60,506 | $65,605 | $(5,099) |
Research and Development Expenses
Research and development expenses for the nine months ended September 30, 2024, were $39.0 million, with the following breakdown:
| R&D Expenses | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| BDTX-1535 | $17,349 | $13,149 | $4,200 |
| BDTX-4933 | $3,919 | $5,015 | $(1,096) |
| Other Programs | $1,682 | $6,973 | $(5,291) |
| Personnel Expenses | $12,675 | $14,552 | $(1,877) |
| Allocated Facility Expenses | $2,627 | $2,725 | $(98) |
| Other Expenses | $763 | $1,647 | $(884) |
Liquidity and Capital Resources
As of September 30, 2024, Black Diamond Therapeutics had cash, cash equivalents, and investments totaling $112.7 million. This funding is expected to support operations into the second quarter of 2026.
Stock Performance
The company's stock performance has shown fluctuations, with a net loss per share of $0.99 for the nine months ended September 30, 2024, compared to a net loss per share of $1.54 for the same period in 2023.
Shareholder Equity
| Shareholder Equity Components | September 30, 2024 (in thousands) | December 31, 2023 (in thousands) |
|---|---|---|
| Common Stock | $7 | $7 |
| Additional Paid-In Capital | $568,434 | $534,187 |
| Accumulated Deficit | $(471,122) | $(417,431) |
| Total Stockholders' Equity | $97,426 | $116,736 |
Future Outlook
Black Diamond Therapeutics continues to focus on advancing its clinical trials, particularly for its lead candidate, BDTX-1535. The company is actively seeking regulatory approvals and aims to establish a robust commercial infrastructure for its product candidates.
How Black Diamond Therapeutics, Inc. (BDTX) Works
Company Overview
Black Diamond Therapeutics, Inc. is a clinical-stage biotechnology company focused on developing therapies targeting families of oncogenic mutations in cancer patients. The company utilizes its proprietary Mutation-Allostery-Pharmacology (MAP) drug discovery engine to identify and develop its product candidates.
Financial Performance
As of September 30, 2024, Black Diamond Therapeutics reported a net loss of $53.7 million, compared to a net loss of $63.0 million for the same period in 2023. The following table summarizes the financial performance for the nine months ended September 30:
| Metric | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| Research and Development Expenses | $39,015 | $44,061 | $(5,046) |
| General and Administrative Expenses | $21,491 | $21,544 | $(53) |
| Total Operating Expenses | $60,506 | $65,605 | $(5,099) |
| Net Loss | $(53,691) | $(63,034) | $9,343 |
Cash Flow Analysis
For the nine months ended September 30, 2024, Black Diamond Therapeutics had cash used in operating activities of $47.2 million. This was primarily attributed to the net loss of $53.7 million, partially offset by non-cash charges including stock-based compensation. The following table outlines the cash flows for the period:
| Cash Flow Activity | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Cash used in Operating Activities | $(47,248) | $(52,761) |
| Cash provided by Investing Activities | $(10,801) | $4,097 |
| Cash provided by Financing Activities | $25,256 | $71,978 |
| Net Increase (Decrease) in Cash | $(32,793) | $23,314 |
Research and Development Expenses
Research and development (R&D) expenses for the three months ended September 30, 2024, were $12.9 million, down from $16.2 million in the same period the previous year. The breakdown of R&D expenses is shown in the following table:
| R&D Expense Type | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| BDTX-1535 | $6,372 | $5,988 | $384 |
| BDTX-4933 | $848 | $1,618 | $(770) |
| Other Research Programs | $525 | $2,080 | $(1,555) |
| Personnel Expenses | $4,001 | $4,773 | $(772) |
| Allocated Facility Expenses | $972 | $926 | $46 |
| Other Expenses | $196 | $769 | $(573) |
Stockholder’s Equity
As of September 30, 2024, Black Diamond Therapeutics had total stockholders' equity of $97.4 million, with an accumulated deficit of $471.1 million. The details of stockholder's equity are summarized in the table below:
| Equity Component | Amount (in thousands) |
|---|---|
| Common Stock | $7 |
| Additional Paid-in Capital | $568,434 |
| Accumulated Other Comprehensive Income (Loss) | $107 |
| Accumulated Deficit | $(471,122) |
| Total Stockholders' Equity | $97,426 |
Market Position and Future Outlook
As of September 30, 2024, Black Diamond Therapeutics reported cash, cash equivalents, and investments totaling approximately $112.7 million. This funding is expected to support operations into the second quarter of 2026. The company has not yet generated revenue from product sales and relies heavily on funding from equity sales to sustain its operations.
How Black Diamond Therapeutics, Inc. (BDTX) Makes Money
Overview of Revenue Generation
As of 2024, Black Diamond Therapeutics, Inc. (BDTX) has not generated any revenue from product sales or other sources. The company is focused on developing its product candidates, primarily through raising capital to fund its operations. It has incurred significant operating losses and negative cash flows since its inception.
Financial Performance
The following table summarizes the financial performance of BDTX for the nine months ended September 30, 2024, compared to the same period in 2023:
| Category | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| Research and Development Expenses | $39,015 | $44,061 | $(5,046) |
| General and Administrative Expenses | $21,491 | $21,544 | $(53) |
| Total Operating Expenses | $60,506 | $65,605 | $(5,099) |
| Loss from Operations | $(60,506) | $(65,605) | $5,099 |
| Net Loss | $(53,691) | $(63,034) | $9,343 |
Research & Development Focus
BDTX has concentrated its research and development efforts on several key product candidates:
- BDTX-1535: Research and development expenses for BDTX-1535 were $17,349,000 for the nine months ended September 30, 2024, compared to $13,149,000 in 2023.
- BDTX-4933: Research and development expenses for BDTX-4933 were $3,919,000 in 2024, down from $5,015,000 in 2023.
- Other Programs: Expenses related to other research programs totaled $1,682,000 in 2024, a decrease from $6,973,000 in 2023.
Sources of Capital
Since inception, BDTX has funded its operations primarily through equity financing:
- IPO on February 3, 2020: Gross proceeds of $231.3 million, net $212.1 million after expenses.
- As of September 30, 2024, BDTX had cash, cash equivalents, and investments of approximately $112.7 million.
- Cash provided by financing activities for the nine months ended September 30, 2024, was $25.3 million, compared to $72.0 million in 2023.
Operating Losses and Future Funding Requirements
BDTX has reported significant operating losses:
- Net loss for the nine months ended September 30, 2024: $(53,691,000)
- Accumulated deficit as of September 30, 2024: $(471,122,000)
The company anticipates that its expenses will continue to increase as it advances the clinical development of its product candidates. It expects to require additional funding to support its ongoing operations and research initiatives.
Investment and Other Income
BDTX recorded other income of $6.8 million for the nine months ended September 30, 2024, compared to $2.6 million in 2023, primarily due to increased interest income and investment accretion.
Stockholder Equity
As of September 30, 2024, BDTX had total stockholders' equity of $97.4 million, down from $116.7 million at the end of 2023. The decrease is attributed to ongoing operating losses.
| Category | September 30, 2024 (in thousands) | December 31, 2023 (in thousands) |
|---|---|---|
| Total Assets | $137,896 | $158,567 |
| Total Liabilities | $40,470 | $41,831 |
| Total Stockholders' Equity | $97,426 | $116,736 |
Future Outlook
BDTX continues to explore opportunities for partnerships and collaborations to enhance its financial position and support the development of its product pipeline. The company remains focused on advancing its clinical trials and obtaining regulatory approvals for its candidates.
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Resources:
- Black Diamond Therapeutics, Inc. (BDTX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Black Diamond Therapeutics, Inc. (BDTX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Black Diamond Therapeutics, Inc. (BDTX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.