Black Diamond Therapeutics Q2 2024 Financial Results and Corporate Update

CAMBRIDGE, Mass., Aug. 6, 2024 - Black Diamond Therapeutics (Nasdaq: BDTX), a clinical-stage oncology firm, has announced its financial results for Q2 ending June 30, 2024, along with a corporate update. The company specializes in developing MasterKey therapies that target various oncogenic mutations in cancer patients.

CEO Dr. Mark Velleca expressed confidence in the company's progress, highlighting the ongoing enrollment of patients in Phase 2 trials for EGFR mutant non-small cell lung cancer (NSCLC). The company remains on track to release initial data from these trials by the end of Q3 2024 and Q1 2025, respectively. An analysis of real-world data on treatment practices and outcomes for newly diagnosed NSCLC patients with non-classical EGFR mutations will be presented at the 2024 ESMO Congress in September.

Recent Developments & Upcoming Milestones

BDTX-1535:
In April 2024, Black Diamond presented findings at the American Association for Cancer Research (AACR) annual meeting, revealing that BDTX-1535 could potentially address a broader range of EGFR mutations in NSCLC patients than existing treatments. These findings highlighted the presence of non-classical EGFR mutations in 20-30% of newly diagnosed patients.

In June 2024, additional data from a Phase 1 trial of BDTX-1535 in relapsed/recurrent glioblastoma (GBM) patients was presented at the American Society of Clinical Oncology (ASCO) Annual Meeting. The trial showed that BDTX-1535 was safe and well-tolerated, and several patients experienced stable disease with promising durability. The drug also demonstrated the ability to cross the blood-brain barrier, achieving clinically meaningful drug concentrations in brain tumor tissue.

Upcoming milestones for BDTX-1535 include:
- Initial Phase 2 data in second/third-line EGFRm NSCLC patients by late Q3 2024.
- Initial Phase 2 data in first-line EGFRm NSCLC patients by Q1 2025.
- A presentation at the 2024 ESMO Congress detailing treatment outcomes for newly diagnosed NSCLC patients with non-classical EGFR mutations.

BDTX-4933:
BDTX-4933 is an oral inhibitor targeting KRAS, NRAS, and BRAF mutations. The enrollment of patients with BRAF and specific RAS/MAPK mutation-positive cancers, particularly those with KRAS mutant NSCLC, is ongoing. An update from this Phase 1 trial is expected in Q4 2024.

Corporate Updates
Fang Ni, the Chief Business Officer & Chief Financial Officer, will participate in a panel discussion at the Wedbush PacGrow Healthcare Conference in New York on August 13-14, 2024.

Financial Highlights
- Black Diamond closed Q2 2024 with $123.0 million in cash, cash equivalents, and investments, down from $131.4 million at the end of 2023.
- The net cash used in operations for Q2 2024 was $14.7 million, compared to $14.4 million in Q2 2023.
- Research and development expenses decreased to $12.6 million in Q2 2024 from $13.2 million in Q2 2023, mainly due to improved workforce efficiency and reduced early discovery project spending.
- General and administrative expenses rose to $9.6 million in Q2 2024 from $6.9 million in Q2 2023, due to higher consulting and professional fees.
- Net loss for Q2 2024 was $19.9 million, slightly higher than the $19.2 million net loss in Q2 2023.

Financial Guidance
The company expects its cash reserves to fund operations into Q4 2025.

About Black Diamond Therapeutics
Black Diamond Therapeutics is an oncology-focused clinical-stage company developing MasterKey therapies designed to target genetically defined tumors, overcome resistance, minimize wild-type mediated toxicities, and treat CNS diseases. The company is advancing two clinical-stage programs: BDTX-1535 and BDTX-4933, targeting EGFR mutant NSCLC and GBM, and KRAS, NRAS, and BRAF alterations in solid tumors, respectively.

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