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Sep 30, 2021
Black Diamond Therapeutics Q3 2021 Earnings Report
Black Diamond Therapeutics' financial results reported for Q3 2021 and provided a corporate update.
Key Takeaways
Black Diamond Therapeutics reported $235.0 million in cash, cash equivalents, and investments as of September 30, 2021. Net cash used in operations was $26.5 million for the third quarter of 2021. Research and development expenses were $27.6 million, and general and administrative expenses were $7.7 million for the third quarter of 2021.
Black Diamond is preparing to initiate the Phase 2 portion of the MasterKey-01 study of BDTX-189 this year.
Pre-clinical data from BDTX-1535, BRAF, and FGFR programs were presented at the AACR-NCI-EORTC (ANE) International Conference.
A strategic partnership was established with OpenEye to accelerate drug discovery efforts through cloud-based molecular dynamics technology.
The company's cash, cash equivalents, and investments of $235.0 million as of September 30, 2021, are expected to be sufficient to fund operations into the second half of 2023.
Black Diamond Therapeutics
Black Diamond Therapeutics
Forward Guidance
Black Diamond Therapeutics is focused on advancing its pipeline of MasterKey inhibitor programs, including BDTX-189, BDTX-1535, and BRAF and FGFR programs. The company expects to file an IND application for BDTX-1535 by the first half of 2022 and anticipates IND filings for both BRAF and FGFR programs in 2022.
Positive Outlook
- The company remains on track with preparations for initiating the Phase 2 portion of the MasterKey-01 Phase 1/2 study of BDTX-189 by the end of 2021.
- Black Diamond continues to advance BDTX-1535 through IND-enabling studies and expects to file an IND application by the first half of 2022.
- The company continues to progress its early-stage pipeline programs designed to target cancers driven by mutations in BRAF and FGFR.
- Black Diamond anticipates IND filings for both BRAF and FGFR programs in 2022.
- The company's cash, cash equivalents, and investments of $235.0 million as of September 30, 2021, are expected to be sufficient to fund operations into the second half of 2023.
Challenges Ahead
- The success, cost, and timing of the Company’s product candidate development activities and planned IND-enabling studies and clinical trials are subject to risks and uncertainties.
- The Company’s ability to execute on its strategy is subject to risks and uncertainties.
- Regulatory developments in the United States could impact the company's plans.
- The Company’s ability to fund operations is subject to risks and uncertainties.
- The impact that the ongoing COVID-19 pandemic will have on the Company’s clinical trials and pre-clinical studies, supply chain, and operations is uncertain.