Black Diamond Therapeutics (BDTX) Registration Filing summary

Company overview and business model

• Clinical-stage oncology company developing MasterKey therapies targeting families of oncogenic mutations in cancer patients, with a focus on overcoming resistance and minimizing toxicities.

• Lead program, silevertinib, is a brain-penetrant EGFR inhibitor for NSCLC and glioblastoma, currently in Phase 2 trials; a licensing deal for BDTX-4933 with Servier brought a $70M upfront payment.

• Enrollment for frontline non-classical EGFR mutation NSCLC patients completed in July 2025, with initial results expected in Q4 2025 and FDA feedback planned for 1H 2026.

• Company is exploring partnerships for pivotal development of silevertinib.

Financial performance and metrics

• As of September 30, 2025, had 56,943,413 shares of common stock outstanding and net tangible book value of $126.2M ($2.22/share).

• Potential dilution to new investors in the offering, with an immediate dilution of $1.57 per share at an assumed offering price of $4.62.

• Received $70M upfront from Servier in 2025 for BDTX-4933 licensing.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used primarily for research and clinical development, working capital, capital expenditures, and other general corporate purposes.

• Management retains broad discretion over allocation; proceeds may be temporarily invested in short-term, investment-grade instruments.