The $70M license revenue is non-recurring, so future performance hinges on clinical progress of silevertinib. Traders should monitor upcoming data readouts in Q2 2026 as key value inflection points. The extended cash runway reduces near-term dilution risk.
Price Chart
Executive Summary
Black Diamond Therapeutics reported financial results for Q4 and full year 2025, highlighted by a significant improvement in net income due to a $70M one-time license revenue and reduced R&D and G&A expenses. The company has $128.7M in cash, sufficient to fund operations into H2 2028, and expects key clinical updates on silevertinib in Q2 2026 for NSCLC and GBM trials.
Key Financial Metrics
Key Facts
- Reported $70 million in license revenue in 2025 (vs. $0 in 2024), driving a swing from a $69.7M net loss to $22.4M net income.
- R&D expenses decreased to $33.6M in 2025 from $51.3M in 2024 due to workforce efficiencies and outlicensing of BDTX-4933.
- G&A expenses fell to $16.6M in 2025 from $27.5M in 2024 due to operational restructuring.
- Cash, cash equivalents, and investments totaled $128.7M as of December 31, 2025, up from $98.6M in 2024.
- Company expects to present updated Phase 2 data for silevertinib in NSCLC (including DOR and PFS) and initiate a randomized Phase 2 GBM trial in Q2 2026.
Financial Impact
One-time $70M license revenue significantly improved 2025 financials; operating expenses reduced by ~$21M YoY. Cash runway extended to mid-2028.
Risk Factors
- Revenue is driven entirely by a one-time license payment; no recurring product or royalty revenue yet.
- Clinical development risk for silevertinib in NSCLC and GBM remains high, with pivotal trials not yet initiated.
- Stock is micro-cap ($121M market cap), making it highly volatile and sensitive to trial outcomes.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3256691 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 15, 2026 10w ago | Institutional Cluster | $2.05 $2.06 | ▲ +0.49% | ▲ +1.16% | $1.69 (−17.56%) |
Aug 5, 2026 11w ago | 8-K | $1.92 $1.95 | ▲ +1.56% | ▲ +0.95% | $1.69 (−11.98%) |
May 21, 2026 22w ago | 8-K | $2.28 $2.33 | ▲ +2.19% | ▲ +1.61% | $1.69 (−25.88%) |
May 21, 2026 22w ago | Press Release | $2.28 $2.33 | ▲ +2.19% | ▲ +1.61% | $1.69 (−25.88%) |
May 7, 2026 24w ago | 8-K | $2.72 $2.99 | ▲ +9.93% | ▲ +9.10% | $1.69 (−37.87%) |
Apr 21, 2026 26w ago | Press Release | $3.15 $3.35 | ▲ +6.35% | ▲ +5.33% | $1.69 (−46.35%) |
Mar 16, 2026 32w ago | Press Release | $2.23 $2.17 | ▼ −2.69% | ▼ −1.29% | $1.69 (−24.22%) |
US Market Status
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