Black Diamond Therapeutics, Inc. reported a net loss of $69.7 million for the year ended December 31, 2024, compared to a net loss of $82.4 million in 2023. Research and development expenses decreased by $8 million to $51.3 million in 2024, primarily due to reduced spending on early discovery projects and lower personnel expenses. General and administrative expenses increased slightly by $0.4 million to $27.5 million, reflecting one-time restructuring costs. Other income increased to $9.1 million in 2024 from $4.0 million in 2023, mainly due to higher investment accretion and increased sublease income.
The company's lead clinical-stage program, BDTX-1535, an EGFR MasterKey inhibitor, showed encouraging results in a Phase 2 trial for recurrent EGFRm NSCLC, with a preliminary overall response rate of 42% in patients with osimertinib-resistant mutations. Enrollment in a Phase 2 trial for newly diagnosed patients with non-classical EGFRm NSCLC was completed, with initial results anticipated in the second quarter of 2025. Preliminary Phase 1 data for BDTX-1535 in relapsed/recurrent glioblastoma also showed encouraging results. The company is actively seeking partnerships for its second clinical-stage program, BDTX-4933, a RAF MasterKey inhibitor, after announcing a corporate restructuring plan in October 2024 to prioritize resources on BDTX-1535.
As of February 28, 2025, Black Diamond Therapeutics employed 24 full-time employees, with 58% identifying as female and 13% identifying as racially or ethnically diverse. The company leases approximately 25,578 square feet of office space in Cambridge, MA, and 18,120 square feet of office and laboratory space in New York, NY. The company reported no material legal matters as of the date of the filing.
Black Diamond Therapeutics' strategy focuses on generating Phase 2 clinical trial results for BDTX-1535 to support a potential pivotal trial, generating clinical data for BDTX-1535 in first-line EGFR-altered glioblastoma, and evaluating strategic partnerships to maximize the value of its pipeline. The company holds worldwide commercial rights to all its product candidates and owns numerous U.S. and foreign patent applications covering its product candidates and its MAP drug discovery engine. The company expects to remain an emerging growth company until December 31, 2025. The company's cash, cash equivalents, and investments totaled $98.6 million as of December 31, 2024, which the company believes will fund operations into the fourth quarter of 2026. The company acknowledges significant risks related to clinical development, manufacturing, competition, and financing, as detailed in the filing's extensive risk factor discussion.
About Black Diamond Therapeutics, Inc.
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