BDTX earnings analysis
What we found in BDTX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-9.04
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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