What Black Diamond Therapeutics does

Black Diamond Therapeutics is a clinical-stage oncology company headquartered at 245 First Street, Cambridge, MA, founded to develop "MasterKey" therapies, targeted small-molecule inhibitors designed to address broad genetically defined cancer populations, overcome acquired resistance (including C797S), minimize wild-type mediated toxicities, and penetrate the blood-brain barrier for CNS disease. Its pipeline centers on silevertinib (BDTX-1535), a brain-penetrant fourth-generation EGFR inhibitor in Phase 2 development for EGFR-mutant non-small cell lung cancer and glioblastoma, with reported Phase 2 data of 60% objective response rate, 91% disease control rate, 86% CNS response rate, and 15.2 months median progression-free survival in first-line NSCLC patients with non-classical EGFR mutations. The company also has BDTX-4876 (FGFR inhibitor) in earlier-stage development, and previously held BDTX-4933 (a brain-penetrant MasterKey RAF inhibitor), which was out-licensed to Servier in March 2025.

The company is incorporated in the United States and trades on Nasdaq under ticker BDTX. As a pre-commercial biotech, it generates no product revenue and historically funded operations through venture capital, an IPO completed in 2020, and a $75.0 million public offering in June 2023. Its go-to-market model is clinical-stage biotech: identifying mutation-defined responder populations, conducting multi-site Phase 2 trials in the United States (with active engagement for an ex-US partner on the global first-line NSCLC trial), presenting data at major oncology congresses including ASCO, AACR, ESMO, SNO, and EANO, and pursuing partnership transactions for assets outside the lead EGFR franchise, exemplified by the Servier deal.

Financially, Black Diamond reported $70.0 million of license revenue in 2025 from the Servier transaction, swinging to $22.4 million of net income versus a $69.7 million net loss in 2024. Cash, cash equivalents, and investments stood at $128.7 million at year-end 2025 and $118.3 million at Q1 2026, with management guiding runway into the second half of 2028. Stock trades at a $207 million market capitalization as of May 2026, having returned approximately 72% over the prior twelve months on the back of positive silevertinib data.

Name

Black Diamond Therapeutics

Legal name

Black Diamond Therapeutics, Inc.

Website

https://blackdiamondtherapeutics.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

Black Diamond Therapeutics is a clinical-stage oncology company developing MasterKey therapies, brain-penetrant targeted inhibitors for broad genetically defined cancer populations. Its lead asset silevertinib targets EGFR-mutant non-small cell lung cancer and glioblastoma. Headquartered in Cambridge, MA; Nasdaq: BDTX.

Ownership category

akta.pro rank

Product category

Targeted Oncology Therapeutics

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Oncology Specialty Pharmaceuticals (HLAIACAA)

akta.pro secondary industries

Neuro-Oncology (HLAKAFAH), Neurology & CNS Specialty Pharmaceuticals (HLAIACAC)

Keywords

• Targeted oncology therapeutics
• Precision cancer drugs
• EGFR inhibitor development
• Kinase inhibitor platform
• Clinical-stage biopharmaceuticals

Headquarters

HQ city

Cambridge

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Licensing Revenue: The company recognized $70 million in license revenue in 2025, indicating successful out-licensing of technology. BDTX-4933 was out-licensed to Servier in March 2025.
2. Public Equity Offering: Company raised approximately $75.0 million in gross proceeds through public offering of 15 million shares at $5.00 per share in June 2023.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Black Diamond Therapeutics develops MasterKey-targeted cancer therapies, with its lead clinical-stage drug candidate silevertinib (BDTX-1535), a brain-penetrant fourth-generation EGFR inhibitor being studied for non-small cell lung cancer and glioblastoma. The company additionally advances BDTX-4933 (a RAF inhibitor out-licensed to Servier) and BDTX-4876 (an FGFR inhibitor) through its pipeline, with revenue currently generated via out-licensing arrangements.

Product overview

Black Diamond Therapeutics is a clinical-stage oncology company developing MasterKey therapies—targeted cancer treatments designed to address broad genetically defined patient populations, overcome resistance mechanisms, minimize wild-type mediated toxicities, and penetrate the blood-brain barrier to treat CNS diseases. The company's pipeline includes three clinical-stage programs: silevertinib (BDTX-1535), a fourth-generation EGFR inhibitor for NSCLC and GBM; BDTX-4933, a RAF inhibitor out-licensed to Servier; and BDTX-4876, an FGFR inhibitor. The MasterKey approach aims to expand the addressable patient population by targeting multiple mutations with a single therapeutic solution.

Differentiator

Problem solved

Functional benefit

Products and services

• Silevertinib (BDTX-1535) A brain-penetrant fourth-generation EGFR MasterKey inhibitor in Phase 2 clinical development for the treatment of non-small cell lung cancer (NSCLC) and glioblastoma (GBM). The drug targets EGFR mutations including classical, non-classical, and the C797S resistance mutation, and is being evaluated in combination with temozolomide in newly diagnosed GBM and as monotherapy in EGFR-mutant NSCLC.
• BDTX-4933 An oral, brain-penetrant MasterKey inhibitor of Class I, II, and III oncogenic RAF mutations with preclinical data demonstrating a potential best-in-class profile. The asset was out-licensed to Servier in March 2025, generating license revenue and validating the MasterKey platform.
• BDTX-4876 An FGFR (Fibroblast Growth Factor Receptor) inhibitor program in the company's pipeline, developed under the MasterKey approach to targeting oncogenic mutations in cancer.

Quantifiable outcome

• 60% objective response rate in first-line NSCLC patients with non-classical EGFR mutations (Phase 2, 43 patients)
• +3 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• ServiercoreOEM/ Whitelabel/ Licensing Partner · 1 March 2025BDTX-4933, an oral brain-penetrant MasterKey inhibitor targeting Class I, II, and III oncogenic RAF mutations, was out-licensed to Servier in March 2025. This partnership leverages Servier's resources for further development of the RAF inhibitor program while Black Diamond focuses on its EGFR programs (silevertinib).

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Nuvalent: Clinical-stage oncology company developing parallel fourth-generation kinase inhibitors for NSCLC, including EGFR and ALK programs. Closest direct comparable given overlapping EGFR mutation coverage, brain-penetrant design, and similar NSCLC focus.
• Relay Therapeutics: Precision oncology company using computational approaches to develop therapies against oncogenic mutations including PI3Kα and FGFR. Comparable as a clinical-stage precision oncology peer with similar size and strategy.
• Erasca: Clinical-stage precision oncology company focused on the MAP kinase pathway, including EGFR and RAF targets that overlap with Black Diamond's pipeline. Comparable as a similarly-sized clinical-stage oncology peer.
• Revolution Medicines: Precision oncology company developing targeted therapies against RAS/MAPK pathway mutations. Comparable as a mid-cap clinical-stage oncology peer with platform-based mutation targeting and similar lung cancer adjacency.

Broad incumbents

• AstraZeneca: Maker of Tagrisso (osimertinib), the dominant first-line EGFR-mutant NSCLC therapy. The principal incumbent competitor Black Diamond must differentiate against in NSCLC.
• Pfizer: Large oncology player with multiple targeted therapy programs (post-Seagen acquisition). Represents the broad-pharma competitive backdrop and potential acquirer profile.
• Blueprint Medicines: Established precision oncology company with multiple approved kinase inhibitors (AYVAKIT, GAVRETO). Comparable as a larger precision oncology peer operating in similar targeted-therapy space.
• Takeda: Global oncology player with a sizable targeted therapy franchise and history of bolt-on acquisitions in clinical-stage oncology. Relevant as potential partner/acquirer and as a broad competitor.
• Mirati Therapeutics: Acquired by Bristol Myers Squibb in 2024 for ~$4.8B. Previously a direct NSCLC EGFR/KRAS-adjacent competitor; serves as a useful reference for how large pharma values clinical-stage targeted oncology assets of comparable profile.

Emerging players

• Cogent Biosciences: Clinical-stage oncology company developing kinase inhibitors (e.g., bezuclastinib for systemic mastocytosis and GIST). Comparable as a similarly-sized clinical-stage precision oncology peer.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/black-diamond-therapeutics

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds5 records

Investors15 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Black Diamond Therapeutics