10-K · March 16, 2026
Black Diamond positions itself as a MasterKey oncology company focused on brain-penetrant, mutant-selective small molecules (lead: silevertinib) that target families of oncogenic mutations. The 10-K highlights…
Earnings analysis · 10-Q
BDTX earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Black Diamond Therapeutics reported a significant decline in performance for Q1 2026, with revenue falling to $0 from $70 million in Q1 2025, reflecting no product sales and a major drop in license revenue.…
Read full summary
Black Diamond Therapeutics reported a significant decline in performance for Q1 2026, with revenue falling to $0 from $70 million in Q1 2025, reflecting no product sales and a major drop in license revenue. Consequently, the diluted EPS plummeted to -$9.04 compared to a profit of $56.54 million last year. Despite managing to reduce operating expenses, the overall financial results indicate a bearish outlook, with net losses continuing to expand.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-9.04
What stood out
-
Revenue Decline to $0
Total revenue for Q1 2026 was $0, a decline of $70 million from Q1 2025.
-
Net Loss Increases
Net loss expanded to $9.0 million in Q1 2026, contrasting sharply with a net income of $56.5 million in Q1 2025.
-
Reduced R&D Expenses
R&D expenses decreased by $3.5 million to $7.0 million in Q1 2026, from $10.5 million in Q1 2025.
-
Cash Position Solid
Cash and cash equivalents stood at approximately $118.3 million, sufficient to fund operations into the second half of 2028.
-
Operating Cash Burn Reduced
Operating cash outflows decreased from $53.4 million in Q1 2025 to $10.2 million in Q1 2026.
-
Increased Interest Income
Interest income rose to $1.023 million in Q1 2026 from $595,000 in Q1 2025.
What to watch
-
Funding Requirement Risks
Substantial additional funding is required as operations are expected to continue to depend heavily on external financing.
-
Loss of Product Revenue
Continued lack of product revenue could jeopardize operational stability and growth potential.
-
Reliance on Product Development Success
The long-term business model heavily depends on the successful commercialization of current and future product candidates.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · November 6, 2025
Black Diamond reported a Q3 2025 net loss of $8.498 million (EPS -$0.15), an improvement from a loss of $15.557 million (EPS -$0.28) in Q3 2024. There was no license revenue in the quarter (Q3 license revenue $—), while…
10-Q · May 12, 2025
Black Diamond recognized a $70.0 million upfront license payment in Q1 2025 (Servier agreement), driving revenue of $70.0M and a net income of $56.542M (diluted EPS $0.98), reversing prior-year loss. Cash, cash…
10-Q · November 5, 2024
Black Diamond Therapeutics reported a Q3 net loss of $15,557k (EPS -$0.28) versus a loss of $23,007k (EPS -$0.45) in the prior-year quarter, driven by lower operating expenses and higher other income. Cash and cash…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.