CAMBRIDGE, Mass. and NEW YORK, March 17, 2022 (GLOBE NEWSWIRE) -- Black Diamond Therapeutics, Inc. (Nasdaq: BDTX), a precision oncology medicine company pioneering the discovery and development of MasterKey therapies, today reported financial results for the fourth quarter and full year ended December 31, 2021 and provided a corporate update.
“At Black Diamond, we are on a mission to expand the reach of precision cancer medicines and are pleased with the work we have accomplished in 2021 as demonstrated by the breadth of our MasterKey inhibitor pipeline,” said David Epstein, Ph.D., President and Chief Executive Officer of Black Diamond Therapeutics. “In the year ahead, our priorities are to execute on the Phase 1 trial of BDTX-1535 and continue to advance our pipeline using our proprietary MAP drug discovery engine as we focus on our early stage programs, including CNS-BRAF (BDTX-4933). We believe our differentiated MasterKey therapies and novel approach to targeting oncogenic mutations can bring meaningful clinical benefit to patients not adequately served by today’s approved therapies.”
Recent Developments
BDTX-1535:
BDTX-189:
CNS-BRAF Program (BDTX-4933):
MAP Drug Discovery Engine:
Corporate:
Financial Highlights
Financial Guidance
About Black Diamond Therapeutics
Black Diamond Therapeutics is a precision oncology medicine company pioneering the development of novel MasterKey therapies. Black Diamond is addressing the significant unmet need for novel precision oncology therapies for patients with genetically defined cancers who have limited treatment options. Black Diamond is built upon a deep understanding of cancer genetics, onco-protein function, and drug discovery. The Company’s proprietary Mutation-Allostery-Pharmacology, or MAP drug discovery engine, is designed to allow Black Diamond to analyze population-level genetic sequencing tumor data to predict and validate oncogenic mutations that promote cancer across tumor types as MasterKey mutations. Black Diamond discovers and develops selective MasterKey therapies against these families of oncogenic mutations. Black Diamond was founded by David M. Epstein, Ph.D., and Elizabeth Buck, Ph.D. For more information, please visit www.blackdiamondtherapeutics.com.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding: the continued development and advancement of BDTX-1535, the continued development of the BRAF program, including the timing for initiating IND-enabling studies, the continued development of the FGFR program, including plans for nominating a development candidate, the continuation of the BDTX-189 safety expansion cohort and the resulting data, the continued development of the MAP drug discovery engine and the Company’s expected cash runway. Any forward-looking statements in this statement are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include: the success, cost, and timing of the Company’s product candidate development activities and planned IND-enabling studies and clinical trials, the Company’s ability to execute on its strategy, regulatory developments in the United States, the Company’s ability to fund operations, and the impact that the current COVID-19 pandemic will have on the Company’s clinical trials and preclinical studies, supply chain, and operations, as well as those risks and uncertainties set forth in its Annual Report on Form 10-K for the year ended December 31, 2020, filed with the United States Securities and Exchange Commission and in its other filings filed with the United States Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Black Diamond Therapeutics, Inc.
Condensed Consolidated Balance Sheet Data (Unaudited)
(in thousands)
December 31, | |||||||
2021 | 2020 | ||||||
(in thousands) | |||||||
Cash, cash equivalents, and investments | $ | 209,786 | $ | 315,067 | |||
Total assets | $ | 247,682 | $ | 329,670 | |||
Accumulated deficit | $ | (243,820 | ) | $ | (118,224 | ) | |
Total stockholders’ equity (deficit) | $ | 195,900 | $ | 307,758 | |||
Black Diamond Therapeutics, Inc.
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Operating expenses: | |||||||||||||||
Research and development | $ | 19,664 | $ | 17,756 | $ | 96,829 | $ | 48,209 | |||||||
General and administrative | 6,416 | 5,427 | 30,043 | 21,361 | |||||||||||
Total operating expenses | 26,080 | 23,183 | 126,872 | 69,570 | |||||||||||
Loss from operations | (26,080 | ) | (23,183 | ) | (126,872 | ) | (69,570 | ) | |||||||
Other income (expense): | |||||||||||||||
Interest expense | — | — | — | (1 | ) | ||||||||||
Interest income | 588 | 1,254 | 3,464 | 4,041 | |||||||||||
Other income (expense) | (375 | ) | (697 | ) | (2,188 | ) | (1,724 | ) | |||||||
Total other income (expense), net | 213 | 557 | 1,276 | 2,316 | |||||||||||
Net loss | $ | (25,867 | ) | $ | (22,626 | ) | $ | (125,596 | ) | $ | (67,254 | ) | |||
Net loss per share, basic and diluted | $ | (0.71 | ) | $ | (0.63 | ) | $ | (3.47 | ) | $ | (2.05 | ) | |||
Weighted average common shares outstanding, basic and diluted | 36,229,809 | 36,023,503 | 36,189,002 | 32,907,100 | |||||||||||
Contacts:
For Investors:
Julie Seidel
[email protected]
For Media:
Kathy Vincent
(310) 403-8951
[email protected]
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