BDTX

MKT CAP:$170M

Black Diamond Therapeutics, Inc.

Market Cap

$170M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$3.10+$0.61 (+24.50%)

Apr 23, 2026

Company Details

Black Diamond Therapeutics, Inc., a biotechnology company, discover, develops, and commercializes medicines for patient with genetically defined tumors. It develops BDTX-189, an irreversible small molecule inhibitor that is designed to targ...

CEO

Mark A. Velleca

IPO Date

Jan 31, 2020

Website

www.blackdiamondtherapeutics.com

Key Metrics TTM

Revenue

$70M

— YoY

Net Income

$22M

EPS (Diluted)

$0.38

Free Cash Flow

$30M

Revenue / Share

$1.23

Gross Margin

99.8%

Operating Margin

28.4%

Net Margin

32.0%

FCF Margin

42.3%

P/S

2.4x

P/E

7.6x

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Mar 16, 2026

$70MEPS $0.39

Q4 2025

Mar 16, 2026

$0EPS -$0.26

Q3 2025

Nov 6, 2025

$0EPS -$0.15

Q2 2025

Aug 7, 2025

$0EPS -$0.19

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	$0	-$26M
Q2 22	$0	$0	-$23M
Q3 22	$0	$0	-$22M
Q4 22	$0	$0	-$22M
Q1 23	$0	$0	-$22M
Q2 23	$0	$0	-$20M
Q3 23	$0	$0	-$24M
Q4 23	$0	$0	-$21M
Q1 24	$0	-$86.0K	-$20M
Q2 24	$0	-$86.0K	-$22M
Q3 24	$0	$0	-$18M
Q4 24	$0	$0	-$18M
Q1 25	$70M	$70M	$55M
Q2 25	$0	-$86.0K	-$13M
Q3 25	$0	$0	-$11M
Q4 25	$0	-$66.0K	-$10M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	—	—
Q1 25	1.3x	17.3x
Q2 25	2.0x	9.7x
Q3 25	3.0x	9.9x
Q4 25	2.0x	6.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$29M	-$29M
Q2 22	-$18M	-$18M
Q3 22	-$16M	-$16M
Q4 22	-$22M	-$22M
Q1 23	-$20M	-$20M
Q2 23	-$14M	-$14M
Q3 23	-$18M	-$18M
Q4 23	-$14M	-$14M
Q1 24	-$21M	-$21M
Q2 24	-$15M	$0
Q3 24	-$11M	-$11M
Q4 24	-$15M	-$15M
Q1 25	$53M	$53M
Q2 25	-$9M	-$9M
Q3 25	-$8M	-$8M
Q4 25	-$7M	-$7M

Capital Expenditures

Quarter	CapEx
Q1 22	$7.0K
Q2 22	$193.0K
Q3 22	$8.0K
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$33.0K
Q4 23	$0
Q1 24	$0
Q2 24	$15M
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	-16.4%
Q2 22	—	-33.2%
Q3 22	—	-37.4%
Q4 22	—	-16.2%
Q1 23	—	-16.0%
Q2 23	—	-13.6%
Q3 23	—	+8.5%
Q4 23	—	-4.6%
Q1 24	—	-6.1%
Q2 24	—	+10.5%
Q3 24	—	-24.5%
Q4 24	—	-12.4%
Q1 25	—	-23.6%
Q2 25	—	-39.4%
Q3 25	—	-39.4%
Q4 25	—	-43.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	—
Q2 22	$3M	—
Q3 22	$0	—
Q4 22	$3M	—
Q1 23	$3M	—
Q2 23	$3M	—
Q3 23	$3M	—
Q4 23	$2M	—
Q1 24	$2M	—
Q2 24	$5M	—
Q3 24	$2M	—
Q4 24	$2M	—
Q1 25	$2M	2.4%
Q2 25	$2M	—
Q3 25	$0	—
Q4 25	$1M	—

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$18M	$8M	—
Q2 22	$16M	$7M	—
Q3 22	$16M	$6M	—
Q4 22	$15M	$7M	—
Q1 23	$15M	$7M	—
Q2 23	$13M	$7M	—
Q3 23	$16M	$8M	—
Q4 23	$15M	$6M	—
Q1 24	$13M	$7M	—
Q2 24	$12M	$10M	—
Q3 24	$13M	$5M	—
Q4 24	$12M	$6M	—
Q1 25	$11M	$5M	—
Q2 25	$9M	$4M	—
Q3 25	$7M	$4M	—
Q4 25	$6M	—	$4M

Revenue Segments

Quarter	Reportable Segment
Q1 25	$70M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$54M	$126M	$180M
Q2 22	$56M	$105M	$161M
Q3 22	$54M	$90M	$144M
Q4 22	$34M	$88M	$123M
Q1 23	$39M	$64M	$103M
Q2 23	$42M	$48M	$90M
Q3 23	$58M	$86M	$144M
Q4 23	$56M	$75M	$131M
Q1 24	$25M	$90M	$115M
Q2 24	$33M	$90M	$123M
Q3 24	$23M	$89M	$113M
Q4 24	$36M	$62M	$99M
Q1 25	$98M	$54M	$152M
Q2 25	$30M	$113M	$143M
Q3 25	$31M	$105M	$136M
Q4 25	$21M	$108M	$129M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	36M	+0.1%	+0.4%
Q2 22	36M	+0.1%	+0.3%
Q3 22	36M	+0.1%	+0.4%
Q4 22	36M	+0.1%	+0.4%
Q1 23	36M	+0.3%	+0.6%
Q2 23	37M	+0.1%	+0.6%
Q3 23	51M	+39.5%	+40.2%
Q4 23	47M	-6.9%	+30.4%
Q1 24	52M	+9.2%	+42.0%
Q2 24	55M	+6.5%	+51.0%
Q3 24	57M	+2.5%	+10.9%
Q4 24	57M	+0.2%	+19.3%
Q1 25	58M	+1.9%	+11.3%
Q2 25	57M	-1.5%	+3.0%
Q3 25	57M	+0.2%	+0.7%
Q4 25	57M	+0.3%	+0.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	88
Q2 22	$0	88
Q3 22	$0	88
Q4 22	$0	65
Q1 23	$0	65
Q2 23	$0	65
Q3 23	$0	65
Q4 23	$0	54
Q1 24	$0	54
Q2 24	$0	54
Q3 24	$0	54
Q4 24	$0	24
Q1 25	$3M	24
Q2 25	$0	24
Q3 25	$0	24
Q4 25	$0	200K

Revenue / Employee