Black Diamond Therapeutics Inc BDTX

Health CareBiotechnology & Medical ResearchUnited States of America

Last close 1.78 USD on Nov 1, 2026, −26.7% year to date

Quant rating

Quant rating C Rank 353 of 565 in Health Care

Growth D 492 of 565
Valuation D 407 of 565
Quality C 269 of 565
Revisions B 94 of 565
Momentum D 436 of 565

Wall Street consensus Buy (1.75)Average target 10.33 USD +480.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 102M
Enterprise value: −8M
52-week range: 1.60 – 4.93
3-year range: 1.25 – 7.39
Dividend yield: –
Beta (5 years): 3.48
Shares outstanding: 57.5M
Next earnings: Nov 4, 2026

About the company

Black Diamond Therapeutics, Inc. is a clinical-stage oncology company developing MasterKey therapies that target families of oncogenic mutations in patients with cancer. The Company’s MasterKey therapies are designed to address a broad spectrum of genetically defined tumors, overcome resistance, minimize wild-type mediated toxicities, and be brain penetrant to treat central nervous system disease. The Company is advancing a Phase 2 NSCLC trial of BDTX-1535, a brain-penetrant fourth-generation epidermal growth factor receptor (EGFR) MasterKey inhibitor targeting EGFR-mutant NSCLC and glioblastoma. Its BDTX-4933 pipeline product is out-licensed to Servier. BDTX-4933 is designed to target RAS and RAF alterations in solid tumors. It is exploring partnership opportunities for its FGFR2/3 selective development candidate BDTX-4876.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	70.0	0	0	0	0	–
Revenue growth	–	–	–	–	–	–
EPS (basic, normalized)	0.39	−1.27	−1.88	−2.52	−3.47	–
EPS growth	–	–	–	–	–	–
Gross margin	–	–	–	–	–	–
Net margin	32.0%	–	–	–	–	32.0%
ROE	22.9%	−69.7%	−70.9%	−58.5%	−49.9%	−45.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	111
Current ratio	7.28x
Long-term debt (mil)	0
Net debt (mil)	−111
Total equity (mil)	96.1
Net debt / equity	−1.15x
Net debt / EBITDA	−5.47x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	70.0	–	−0.1x	20.2	+125.7%	−0.4x	0.39	+130.7%	4.6x
2026	0	−100.0%	–	−48.1	−338.2%	0.2x	−0.70	−280.1%	−2.5x
2027	0	–	–	−61.2	−27.1%	0.1x	−0.95	−35.6%	−1.9x
2028	0	–	–	−71.8	−17.4%	0.1x	−0.93	+2.9%	−1.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	0	–	–	–	−0.70	0.0%	−8.5%	−10.6%
2027	0	–	–	–	−0.95	0.0%	+5.2%	−1.4%
2028	0	–	–	–	−0.93	0.0%	+7.3%	−9.0%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	0	0	0	0	70.0	0	0	0	0	0
Sales mean (mil)	0	0	0	0	17.5	0	0	0	0	0
Surprise	–	–	–	–	+300.0%	–	–	–	–	–
EPS reported	−0.35	−0.36	−0.28	−0.28	0.98	−0.19	−0.15	−0.27	−0.16	−0.17
EPS mean	−0.43	−0.39	−0.37	−0.31	0.02	−0.25	−0.23	−0.19	−0.18	−0.20
Surprise	+19.5%	+7.0%	+25.1%	+11.0%	+4,511.8%	+23.0%	+36.1%	−45.0%	+13.4%	+13.0%

Peer comparison Biotechnology & Medical Research

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BDTX Black Diamond Therapeutics Inc	102M	−5.47x	32.0%	1.06x	−2.5x	−1.9x	0.2x	0.1x
RVMD Revolution Medicines, Inc.	41.0B	2.47x	–	15.73x	−20.0x	−31.3x	−20.6x	−29.3x
SMMT Summit Therapeutics Inc.	12.8B	1.91x	–	20.18x	−13.4x	−14.0x	−10.8x	−11.2x
CGON CG Oncology, Inc.	5.7B	5.42x	−3,985.0%	5.55x	−19.6x	−20.7x	−15.2x	−13.7x
COGT Cogent Biosciences, Inc.	5.4B	1.52x	–	10.00x	−13.6x	−28.6x	−11.9x	−17.4x
ERAS Erasca, Inc.	5.0B	2.09x	–	12.39x	−14.7x	−23.1x	−14.4x	−20.0x
Mean		1.32x	−1,976.5%	10.82x	−14.0x	−19.9x	−12.1x	−15.2x
Median		2.00x	−1,976.5%	11.20x	−14.1x	−21.9x	−13.1x	−15.5x

Technical analysis

1M−2.7%
3M+1.1%
1Y−54.2%
3Y+0.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Black Diamond Therapeutics Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	70.0	0	0	0	0	0
Cost of revenue	–	–	–	–	–	–
Gross profit	70.0	0	0	0	0	0
Selling, general & administrative expenses	16.6	27.5	27.1	28.4	30.0	21.4
Research & development	33.6	51.3	59.4	64.4	96.8	48.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	7.3	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	12.5	−78.8	−86.5	−92.8	−127	−69.6
Net interest income (expense)	4.1	2.2	1.9	−0.2	3.5	4.0
Gain (loss) on sale of assets	–	–	0	2.2	–	–
Other non-operating income (expense)	5.8	6.9	2.1	−0.4	−2.2	−1.7
Net income before taxes	22.4	−69.7	−82.4	−91.2	−126	−67.3
Provision for taxes	0	0	–	–	–	–
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	22.4	−69.7	−82.4	−91.2	−126	−67.3
Extraordinary items	–	–	–	–	–	–
Net income	22.4	−69.7	−82.4	−91.2	−126	−67.3
EBIT, normalized	19.9	−78.8	−86.5	−92.8	−127	−69.6
EBITDA, normalized	20.2	−78.4	−86.0	−92.3	−127	−69.5
Basic EPS, normalized	0.39	−1.27	−1.88	−2.52	−3.47	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Black Diamond Therapeutics Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	129	98.6	131	123	210	315
Receivables	–	–	–	–	–	–
Total inventory	–	–	–	–	–	–
Prepaid expenses	3.8	2.6	2.6	4.9	5.9	4.5
Other current assets	0	0	0	0	0	0
Total current assets	132	101	134	128	216	320
Property, plant & equipment	9.7	20.4	23.7	27.4	30.7	8.8
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	0.9	1.1	0.8	1.2	1.2	1.3
Total assets	143	123	159	156	248	330
Liabilities
Accounts payable	0.6	4.0	2.3	1.9	4.1	2.5
Payable/accrued	–	–	–	–	–	–
Accrued expenses	15.2	16.6	17.3	13.4	19.5	11.7
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	0	0	0	0	0	0
Total current liabilities	15.7	20.6	19.6	15.3	23.6	14.2
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	15.1	18.8	22.2	25.3	28.1	7.7
Total liabilities	30.8	39.4	41.8	40.6	51.8	21.9
Shareholders' equity
Preferred stock	0	0	–	–	0	0
Common stock	0	0	0	0	0	0
Additional paid-in capital	577	570	534	453	440	425
Retained earnings (accumulated deficit)	−465	−487	−417	−335	−244	−118
Treasury stock	–	–	–	–	–	–
Other equity	0.1	0	0	−1.8	−0.4	0.6
Total equity	112	83.3	117	116	196	308
Total liabilities & shareholders' equity	143	123	159	156	248	330

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Black Diamond Therapeutics Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	22.4	−69.7	−82.4	−91.2	−126	−67.3
Depreciation, depletion & amortization	0.3	0.3	0.4	0.5	0.2	0.1
Deferred taxes	–	–	–	–	–	–
Non-cash items	15.7	9.7	11.6	15.5	18.2	10.0
Changes in working capital	−8.7	−2.7	3.7	−9.9	7.0	5.0
Cash from operations	29.6	−62.3	−66.7	−85.1	−100	−52.1
Investing activities
Capital expenditures	–	0	0	−0.2	−2.7	−0.1
Other investing cash flows	−44.9	17.0	16.4	53.6	133	−282
Cash from investing	−44.9	17.0	16.3	53.4	131	−282
Financing activities
Financing cash flow items	–	–	–	–	–	0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−0.1	25.5	71.9	0.2	0.7	215
Cash from financing	−0.1	25.5	71.9	0.2	0.7	215
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−15.4	−19.8	21.6	−31.5	31.2	−119
Free cash flow	29.6	−62.3	−66.8	−85.3	−103	−52.3

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.