Analyst Summary:
Black Diamond Therapeutics, a precision oncology medicine company focused on developing therapies to treat genetically defined cancers, reported strong financial results for Q4 and FY 2022 with a total revenue of $85.1 million. The company also received regulatory clearance for its BRAF inhibitor BDTX-4933 and expects to initiate a Phase 1 clinical trial in H1 2023. In addition, Black Diamond is progressing its FGFR program and another undisclosed program towards development candidate nomination in 2023. The company's strategy is focused on delivering meaningful benefit to patients by overcoming resistance, minimizing on-target and wild-type mediated toxicities, and addressing brain disease. CEO David Epstein said, "We believe that our approach has the potential to strengthen the treatment landscape for genetically defined cancers." Black Diamond had a cash balance of $122.8 million as of Dec. 31, 2022, which will be sufficient to fund operations until Q3 2024. The company retains a minority equity interest in Launchpad Therapeutics, Inc., its spinout company, to enable further value creation. The clinical update for BDTX-1535 is anticipated in the second half of 2023.