Black Diamond Therapeutics (BDTX) AI Stock Analysis

• Market Cap: $123.17M
• Dividend Yield: N/A
• Average Volume (3M): 643.60K
• Price to Earnings (P/E): 6.2
• Beta (1Y): 2.11
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 24
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.27
• Shares Outstanding: 57,288,750
• 10 Day Avg. Volume: 782,433
• 30 Day Avg. Volume: 643,599
• PEG Ratio: -0.05
• Price to Book (P/B): 1.23
• Price to Sales (P/S): 1.97
• P/FCF Ratio: 4.67
• Enterprise Value/Market Cap: 0.95
• Enterprise Value/Revenue: 1.67
• Enterprise Value/Gross Profit: 1.67
• Enterprise Value/Ebitda: 4.57
• 1Y Price Target: $10.00
• Price Target Upside: 360.83% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): -0.63
• Revenue Forecast (FY): $10.71M

• Rating: 52 Neutral
• Price Target: $2.00 ▼(-7.83% Downside)
• Action: Reiterated Date: 03/17/26
• Date: Action: Reiterated 03/17/26

The score is primarily driven by mixed financial performance: a strong 2025 profitability and free-cash-flow inflection, but offset by zero reported revenue in the provided statements and a multi-year history of losses and cash burn. Limited technical data constrains momentum assessment, while valuation is penalized by a negative P/E and lack of dividend yield.

Positive Factors

Platform: 'master key' therapeutics

BDTX’s master-key precision oncology platform targets multiple oncogenic alterations within a protein family, increasing addressable patient populations per program, improving the odds of durable clinical value and making assets more attractive for long-term collaborations or licensing.

2025 cash-flow inflection

A marked swing to positive operating and free cash flow in 2025 materially improves funding optionality and reduces near-term financing dependency. If sustained, this creates durable support for continued clinical development without immediate dilution from equity financings.

Advancing lead program (silevertinib) into randomized Phase 2 GBM

Initiating a randomized Phase 2 in newly diagnosed GBM and updating NSCLC Phase 2 data are structural milestones that de-risk development pathways, can generate durable clinical readouts, and materially increase the program’s partnership and commercial potential if positive.

Negative Factors

Zero reported revenue

BDTX is a clinical-stage company with no product revenue, so long-term earnings depend on trial success, partnerships, or licensing. Absence of recurring commercial revenue means profitability is inherently tied to binary clinical/regulatory outcomes.

Multi-year cash burn pre-2025

A history of sustained cash burn through 2024 underscores reliance on external financing; the 2025 inflection must be replicated over multiple periods to prove durability, otherwise financing or dilution risk remains a structural vulnerability.

Earnings quality concerns

The sharp 2025 profit swing lacks supporting revenue or margin expansion, implying gains may stem from non-recurring items. This raises risk that reported profitability is not sustainable absent clear commercial revenues or repeatable operating margins.

Black Diamond Therapeutics Business Overview & Revenue Model

Company Description

Black Diamond Therapeutics, Inc., a biotechnology company, discover, develops, and commercializes medicines for patient with genetically defined tumors. It develops BDTX-189, an irreversible small molecule inhibitor that is designed to targets oncogenic proteins defined by the non-canonical epidermal growth factor receptor (EGFR) and human epidermal growth factor receptor 2 driver mutations. The company is also developing BDTX-1535, a brain-penetrant inhibitor of EGFR mutations, including canonical, intrinsic resistance, and acquired resistance mutations; and BDTX-4933, a brain-penetrant inhibitor of oncogenic BRAF class I, II and III alterations. It has a strategic partnership with OpenEye Scientific Software, Inc. The company was formerly known as ASET Therapeutics, Inc. and changed its name to Black Diamond Therapeutics, Inc. in January 2018. Black Diamond Therapeutics, Inc. was incorporated in 2014 and is headquartered in Cambridge, Massachusetts.

How the Company Makes Money

Black Diamond Therapeutics’ revenue model is primarily based on (1) collaboration and license agreements with other life sciences companies and (2) cash generated from financing activities to fund operations while its drug candidates are in development (it is a clinical-stage company and does not typically generate recurring product sales revenue absent an approved therapy). Collaboration-related revenue can include upfront payments, research and development funding/reimbursement, and potential milestone payments and royalties if partnered programs achieve specified development, regulatory, or commercial objectives. Specific, currently active partnerships, deal terms, and the relative contribution of each revenue stream to earnings are null.

Black Diamond Therapeutics Financial Statement Overview

Summary

Financials show a sharp 2025 inflection to profitability and positive free cash flow, alongside improved leverage. However, the income statement still shows zero revenue in the provided periods and a long history of losses/cash burn through 2024, raising questions about the sustainability and quality of 2025 results.

Income Statement

Reported zero revenue across all annual periods, with losses from 2020–2024 followed by a sharp swing to profitability in 2025 (EBIT of $12.5M and net income of $22.4M versus net losses of roughly $67M–$126M in prior years). The turnaround is a clear positive, but the absence of revenue and margin detail makes earnings quality harder to underwrite and suggests results may be influenced by non-operating items rather than a scaled commercial base.

Balance Sheet

Leverage appears manageable, with debt-to-equity improving to ~0.13 in 2025 from ~0.27 in 2024 and equity of $112.2M against $15.1M of total debt. Total assets also rose year over year ($143.0M vs. $122.6M), supporting balance-sheet stability. The key watch-out is biotech-style equity volatility: equity has trended down materially from 2020 levels, and returns on equity were deeply negative through 2024 before turning positive in 2025.

Cash Flow

Cash generation improved dramatically in 2025, with operating cash flow and free cash flow both at +$29.6M (up ~38.7% on the provided growth metric) versus sizable outflows in 2024 (operating and free cash flow of about -$62.3M). The multi-year history shows consistent cash burn through 2024, so while 2025 is a strong inflection, durability remains the main risk until positive cash flow is demonstrated over multiple periods.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	70.00M	0.00	0.00	0.00	0.00
Gross Profit	69.67M	0.00	-437.00K	0.00	0.00
EBITDA	20.20M	-78.44M	-86.02M	-92.32M	-126.67M
Net Income	22.37M	-69.68M	-82.44M	-91.17M	-125.60M
Balance Sheet
Total Assets	143.01M	122.64M	158.57M	156.25M	247.68M
Cash, Cash Equivalents and Short-Term Investments	128.65M	98.58M	131.40M	122.81M	209.79M
Total Debt	15.07M	22.19M	25.30M	28.14M	28.46M
Total Liabilities	30.80M	39.35M	41.83M	40.56M	51.78M
Stockholders Equity	112.21M	83.28M	116.74M	115.69M	195.90M
Cash Flow
Free Cash Flow	29.61M	-62.30M	-66.75M	-85.27M	-102.86M
Operating Cash Flow	29.61M	-62.30M	-66.72M	-85.08M	-100.15M
Investing Cash Flow	-44.91M	16.97M	16.35M	53.37M	130.61M
Financing Cash Flow	-146.00K	25.55M	71.93M	177.00K	729.00K

Black Diamond Therapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.17
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BDTX, the sentiment is Negative. The current price of 2.17 is below the 20-day moving average (MA) of 2.30, below the 50-day MA of 2.41, and below the 200-day MA of 2.94, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 42.84 is Neutral, neither overbought nor oversold. The STOCH value of 57.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BDTX.

Black Diamond Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SLS	54 Neutral	$740.70M	―	-60.89%	―	―	59.04%
BDTX	52 Neutral	$123.17M	6.18	16.78%	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
DMAC	49 Neutral	$365.58M	-9.89	-83.21%	―	―	-29.73%
VYGR	47 Neutral	$222.90M	-1.93	-48.94%	―	-80.88%	-388.61%
GALT	46 Neutral	$180.54M	-8.32	32.59%	―	―	18.82%
TIL	44 Neutral	$57.51M	-2.22	-53.02%	―	―	1.40%