Black Diamond Therapeutics (BDTX) Q4 2025 earnings summary

Executive summary

• Advanced silevertinib clinical program with Phase 2 NSCLC trial showing promising efficacy and safety as of November 2025.

• Preparing to initiate a randomized Phase 2 trial in EGFR-altered GBM in Q2 2026.

• Focused pipeline after outlicensing BDTX-4933 and restructuring for operational efficiency.

Financial highlights

• Ended 2025 with $128.7 million in cash, cash equivalents, and investments, up from $98.6 million at end of 2024.

• Net income for 2025 was $22.4 million, compared to a net loss of $69.7 million in 2024.

• License revenue of $70 million recognized in 2025.

• R&D expenses for 2025 were $33.6 million, down from $51.3 million in 2024.

• G&A expenses for 2025 were $16.6 million, down from $27.5 million in 2024.

Outlook and guidance

• Cash position expected to fund operations into the second half of 2028.

• Updated clinical data for silevertinib in NSCLC and GBM expected in Q2 2026.