Cambridge biotech tracker · Cambridge
Black Diamond Therapeutics
Listed on Nasdaq as BDTX, filed under SEC industry code 2836 (biological products). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $111M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $8.2M
- avg. operating cash flow, 4 qtrs
- Runway
- 3.4 yrs
- 3+ years
- Net loss
- $9.9M
- Q2 '26
- R&D expense
- $7.4M
- 61% of opex
- Raised, last 4 qtrs
- −$30K
- net financing cash flow
- Next readout
- Nov 2028
- Phase 2 · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
3.4 years
Cash at Q2 '26 divided by the average burn of the last four quarters, $2.7M a month.
Management’s own date
Into H2 2028
Jul–Dec 2028
That implies $3.7M to $4.6M a month, 1.3–1.7× the recent pace.
Planning to spend faster“As of June 30, 2026, we had cash, cash equivalents and investments of approximately $110.5 million, which we believe will enable us to fund our operating expenses and capital expenditure requirements into the second half of 2028.”
Cash against the calendar
What the runway has to reach.
Nov 2028estimated
Study of Silevertinib With Temozolomide for the Treatment of Newly Diagnosed GBM With Unmethylated MGMT and EGFRvIII
Glioblastoma (GBM) · Newly Diagnosed Glioblastoma · GBM
NCT07326566 on ClinicalTrials.govDoes the cash reach it?
Cash past the catalyst
- Runway
- 3.4 years
- Time to the date
- 24 months
It is about 24 months out. At the current burn there is roughly 17 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Pipeline
2 active trials, through phase 2.
Phase 1/2 · 1Phase 2 · 1
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| Study of Silevertinib With Temozolomide for the Treatment of Newly Diagnosed GBM With Unmethylated MGMT and EGFRvIIINCT07326566 · Glioblastoma (GBM), Newly Diagnosed GlioblastomaPhase 2Nov 2028est. | Phase 2 | Recruiting | ||
| Phase 1/2 Study of Silevertinib (BDTX-1535) in Patients With Glioblastoma or Non-Small Cell Lung Cancer With EGFR MutationsNCT05256290 · Non-Small Cell Lung Cancer, Advanced Non-Small Cell Squamous Lung CancerPhase 1/2Nov 2025 | Phase 1/2 | Active, not recruiting |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a phase 2 readout in Nov 2028, about 24 months out. That leaves roughly 17 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 3.4 years of runway
Cash and investments of $111M at Q2 '26 against an average operating cash burn of $8.2M per quarter over the last four reported quarters runs out around October 2029. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position down $2.2M since Q3 '24
No meaningful financing inflows over the last four quarters, so the change is essentially operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 61% of operating expenses
$7.4M of R&D against $12.1M of total operating expenses in Q2 '26, with G&A at $4.7M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Accumulated deficit of $484M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $113M | −$11.3M | −$15.6M | $12.9M | $5.2M | — | $2.0M | −$252K |
| Q4 '24 · Dec 31, 24 | $98.6M | −$15.1M | −$69.6B | $12.3M | $6.0M | — | $1.6M | $291K |
| Q1 '25 · Mar 31, 25 | $152M | $53.4M | $56.5M | $10.5M | $5.0M | — | $1.7M | $32K |
| Q2 '25 · Jun 30, 25 | $143M | −$9.2M | −$10.6M | $9.3M | $4.1M | — | $1.8M | −$116K |
| Q3 '25 · Sep 30, 25 | $136M | −$7.8M | −$8.5M | $7.4M | $3.5M | — | $1.7M | $134K |
| Q4 '25 · Dec 31, 25 | $129M | −$6.8M | $22.3B | $6.3M | $4.0M | — | $1.4M | −$196K |
| Q1 '26 · Mar 31, 26 | $118M | −$10.2M | −$9.0M | $7.0M | $4.3M | — | $1.4M | −$185K |
| Q2 '26 · Jun 30, 26 | $111M | −$8.0M | −$9.9M | $7.4M | $4.7M | — | $1.5M | $217K |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.