Black Diamond Therapeutics Inc (BDTX) Reports Q3 2023 Financial Results and Corporate Update
Black Diamond Therapeutics Inc (NASDAQ:BDTX) reported Q3 2023 financial results, with a net loss of $23.0 million compared to $21.7 million in the same period in 2022.
The company's cash, cash equivalents, and investments stood at $144.3 million as of September 30, 2023, up from $122.8 million as of December 31, 2022.
Research and development expenses increased slightly to $16.2 million from $15.8 million in Q3 2022, primarily due to the advancement of the company's pipeline programs.
General and administrative expenses rose to $7.9 million from $6.3 million in the same period in 2022, mainly due to costs related to the transition of its former President and CEO.
Black Diamond Therapeutics Inc (NASDAQ:BDTX), a clinical-stage oncology company, released its third quarter 2023 financial results on November 6, 2023. The company reported a net loss of $23.0 million for the quarter, compared to a net loss of $21.7 million for the same period in 2022.
Financial Highlights
The company's cash, cash equivalents, and investments were approximately $144.3 million as of September 30, 2023, compared to $122.8 million as of December 31, 2022. Net cash used in operations was $18.4 million for the third quarter of 2023 compared to $16.5 million for the third quarter of 2022.
Research and development (R&D) expenses were $16.2 million for the third quarter of 2023, compared to $15.8 million for the same period in 2022. The increase in R&D expenses was primarily due to the advancement of the Companys pipeline programs, BDTX-1535 and BDTX-4933.
General and administrative (G&A) expenses were $7.9 million for the third quarter of 2023, compared to $6.3 million for the same period in 2022. The increase in G&A expenses was primarily due to costs related to the transition of its former President and Chief Executive Officer in the third quarter of 2023, as well as an increase in legal and other professional fees.
Corporate Update
Black Diamond Therapeutics has made significant progress in advancing its lead program BDTX-1535. The company presented positive results in patients with NSCLC from its Phase 1 clinical trial at the AACR-NCI-EORTC Meeting and is now rapidly enrolling the dose expansion cohorts of the trial.
The company also dosed the first patient in a Phase 1 trial of BDTX-4933, a brain-penetrant RAF inhibitor targeting KRAS, NRAS and BRAF alterations in solid tumors. Initial data from this trial is expected in 2024.
Black Diamond Therapeutics believes its current cash position is sufficient to fund its anticipated operating expenses and capital expenditure requirements into the first half of 2025.
Looking Ahead
Black Diamond Therapeutics anticipates key milestones for BDTX-1535, including dose expansion data for BDTX-1535 in patients with NSCLC, dose escalation data for BDTX-1535 in patients with GBM, and initial Phase 1 data for BDTX-4933 in KRAS, NRAS, and BRAF mutated cancers with an emphasis on NSCLC.
Explore the complete 8-K earnings release (here) from Black Diamond Therapeutics Inc for further details.
This article first appeared on GuruFocus.
