Detailed financial statements for Black Diamond Therapeutics, Inc. (BDTX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Black Diamond Therapeutics, Inc. is a biotechnology enterprise dedicated to discovering, advancing, and bringing to market therapeutic agents specifically designed for patients with genetically characterized tumors. A core part of its pipeline is BDTX-189, an irreversible small molecule inhibitor.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.94, BDTX has negative trailing earnings (P/E not meaningful) and an ROE of -38.80%. Market capitalisation stands at $111M.
Balance sheet quality for BDTX: current ratio of 8.4, net cash position of $109.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $29.6M represents 132% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $70.0M |
| Cost of Revenue | $24000 | $44000 | $47000 | 0 | 0 | 0 | $437000 | 0 | $325000 |
| Gross Profit | -$24000 | -$44000 | -$47000 | 0 | 0 | 0 | -$437000 | 0 | $69.7M |
| Research & Development | $3.5M | $7.0M | $21.8M | $48.2M | $96.8M | $64.4M | $58.9M | $51.3M | $33.6M |
| Selling, General & Admin | $666000 | $2.0M | $7.6M | $21.4M | $30.0M | $28.4M | $27.1M | $27.5M | $16.6M |
| Operating Expenses | $4.1M | $8.9M | $29.3M | $69.6M | $126.9M | $92.8M | $86.0M | $78.8M | $49.8M |
| Operating Income | -$4.1M | -$8.9M | -$8.9M | -$69.6M | -$126.9M | -$92.8M | -$86.5M | -$78.8M | $19.9M |
| EBITDA | -$4.1M | -$8.9M | -$29.3M | -$66.7M | -$125.4M | -$90.7M | -$82.0M | -$69.3M | $22.7M |
| Interest Expense | $65000 | 0 | 0 | $1000 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$4.6M | -$8.9M | -$35.3M | -$67.3M | -$125.6M | -$91.2M | -$82.4M | -$69.7M | $22.4M |
| Income Tax | 0 | -$27000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$4.6M | -$8.9M | -$35.3M | -$67.3M | -$125.6M | -$91.2M | -$82.4M | -$69.7M | $22.4M |
| EPS | $-0.64 | $-0.64 | $-1.15 | $-2.04 | $-3.47 | $-2.52 | $-1.88 | $-1.27 | $0.39 |
| EPS (Diluted) | $-0.64 | $-0.64 | $-1.15 | $-2.04 | $-3.47 | $-2.52 | $-1.88 | $-1.27 | $0.39 |
| Shares Outstanding (Diluted) | $7.2M | $14.0M | $35.9M | $32.9M | $36.2M | $36.2M | $44.0M | $55.0M | $57.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | -$27000 | 0 |
| Operating Income | -$11.0M | -$17.6M | -$11.3M | -$12.1M |
| EBITDA | -$8.4M | -$10.2M | -$9.0M | -$13.3M |
| Net Income | -$8.5M | -$15.1M | -$9.0M | -$9.9M |
| EPS | $-0.15 | $-0.26 | $-0.16 | $-0.17 |
| EPS (Diluted) | $-0.15 | $-0.26 | $-0.16 | $-0.17 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.9M | $51.7M | $154.7M | $34.6M | $65.8M | $34.3M | $56.2M | $36.4M | $21.0M |
| Short-term Investments | 0 | 0 | 0 | $280.5M | $144.0M | $88.5M | $75.2M | $62.1M | $107.7M |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $7.9M | $51.7M | $155.7M | $319.6M | $215.7M | $127.7M | $134.0M | $101.2M | $132.4M |
| Property, Plant & Equipment | $102000 | $134000 | $164000 | $8.8M | $30.7M | $27.4M | $23.7M | $20.4M | $9.7M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $8.0M | $51.8M | $158.3M | $329.7M | $247.7M | $156.3M | $158.6M | $122.6M | $143.0M |
| Accounts Payable | $152000 | $416000 | $2.0M | $2.5M | $4.1M | $1.9M | $2.3M | $4.0M | $579000 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $2.2M | $2.6M | $4.9M | $14.2M | $23.6M | $15.3M | $19.6M | $20.6M | $15.7M |
| Long-term Debt | 0 | $60.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $14.7M | $67.4M | $205.5M | $21.9M | $51.8M | $40.6M | $41.8M | $39.4M | $30.8M |
| Retained Earnings | -$6.8M | -$15.7M | -$51.0M | -$118.2M | -$243.8M | -$335.0M | -$417.4M | -$487.1M | -$464.7M |
| Total Equity | -$6.7M | -$15.5M | -$47.2M | $307.8M | $195.9M | $115.7M | $116.7M | $83.3M | $112.2M |
| Total Debt | $12.5M | $60.8M | 0 | $8.7M | $28.5M | $28.1M | $25.3M | $22.2M | $18.8M |
| Net Debt | $4.6M | $9.1M | -$154.7M | -$306.3M | -$181.3M | -$94.7M | -$106.1M | -$76.4M | -$109.9M |
| Working Capital | $5.7M | $49.1M | $150.9M | $305.3M | $192.1M | $112.4M | $114.4M | $80.6M | $116.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $30.9M | $21.0M | $30.1M | $19.2M |
| Total Assets | $157.7M | $143.0M | $132.9M | $125.0M |
| Total Liabilities | $31.6M | $30.8M | $28.6M | $28.9M |
| Total Equity | $126.2M | $112.2M | $104.3M | $96.1M |
| Total Debt | $19.7M | $18.8M | $17.9M | $17.0M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$4.6M | -$8.9M | -$35.3M | -$67.3M | -$125.6M | -$91.2M | -$82.4M | -$69.7M | $22.4M |
| Depreciation & Amortization | $24000 | $44000 | $47000 | $52000 | $205000 | $508000 | $437000 | $343000 | $325000 |
| Stock-based Compensation | $5000 | $64000 | $3.6M | $7.8M | $14.0M | $12.2M | $9.6M | $10.6M | $6.6M |
| Change in Working Capital | $1.7M | $354000 | $463000 | $5.0M | $7.0M | -$9.9M | $3.7M | -$2.7M | -$8.7M |
| Operating Cash Flow | -$2.4M | -$8.5M | -$24.7M | -$52.1M | -$100.1M | -$85.1M | -$66.7M | -$62.3M | $29.6M |
| Capital Expenditure | -$77000 | -$76000 | -$21000 | -$142000 | -$2.7M | -$192000 | -$33000 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | $118000 | $2.7M | $9000 | 0 | $94000 | $27000 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$2.4M | -$8.5M | -$24.7M | -$52.3M | -$102.9M | -$85.3M | -$66.8M | -$62.3M | $29.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$7.8M | -$6.8M | -$10.2M | -$7.1M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$7.8M | -$6.8M | -$10.2M | -$7.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.7M | $1.4M | $1.4M | $1.5M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income Growth (YoY) | -94.1% | -294.8% | -90.7% | -86.7% | +27.4% | +9.6% | +15.5% | +132.1% | |
| EPS Growth (YoY) | +0.0% | -79.7% | -77.4% | -70.1% | +27.4% | +25.4% | +32.4% | +130.7% | |
| Shares Change (YoY) | +93.9% | +157.4% | -8.4% | +10.0% | +0.1% | +21.3% | +25.2% | +4.6% | |
| FCF Growth (YoY) | -251.3% | -189.5% | -111.7% | -96.7% | +17.1% | +21.7% | +6.7% | +147.5% | |
| Gross Margin | 99.5% | ||||||||
| Operating Margin | 28.4% | ||||||||
| EBITDA Margin | 32.4% | ||||||||
| Net Margin | 32.0% | ||||||||
| FCF Margin | 42.3% | ||||||||
| Effective Tax Rate | -0.0% | 0.3% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.34 | $-0.61 | $-0.69 | $-1.59 | $-2.84 | $-2.35 | $-1.52 | $-1.13 | $0.51 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $7.2M | $14.0M | $35.9M | $32.9M | $36.2M | $36.2M | $44.0M | $55.0M | $56.9M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -38.80% |
| Return on Invested Capital | -45.91% |
| Return on Assets | -34.04% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.18 |
| Current Ratio | 7.28 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| P/E | -61.69 | -61.69 | -34.33 | -15.71 | -1.54 | -0.71 | -1.49 | -1.69 | 6.23 |
| P/B | -42.56 | -35.44 | -30.06 | 3.43 | 0.98 | 0.56 | 1.06 | 1.41 | 1.23 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.97 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 99.5% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 28.4% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 32.0% |
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Explore sector: Healthcare · Biotechnology
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