QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(Address of principal executive offices) | (Zip Code) | ||||
(Registrant’s telephone number, including area code) | |||||
Not Applicable (Former name, former address and former fiscal year, if changed since last report) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||
☒ | Smaller reporting company | ||||||||||
Emerging growth company |
As of | |||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Investments | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Restricted cash | |||||||||||
Right-of-use assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses and other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Non-current operating lease liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 11) | |||||||||||
Stockholders' equity: | |||||||||||
Preferred stock, $ | |||||||||||
Common stock; $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Accumulated deficit | ( | ( | |||||||||
Total stockholders' equity | |||||||||||
Total liabilities and stockholders' equity | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | $ | $ | $ | $ | |||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Loss from operations | ( | ( | ( | ( | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest income | |||||||||||||||||||||||
Other (expense) income | ( | ( | |||||||||||||||||||||
Total other income (expense), net | |||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net loss per share, basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Weighted average common shares outstanding, basic and diluted | |||||||||||||||||||||||
Comprehensive loss: | |||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Unrealized gain (loss) on investments, net | ( | ( | |||||||||||||||||||||
Comprehensive loss | $ | ( | $ | ( | $ | ( | $ | ( |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustment to reconcile net loss to net cash used in operating activities: | |||||||||||
Stock-based compensation expense | |||||||||||
Depreciation expense | |||||||||||
(Accretion) amortization on investments | ( | ||||||||||
Noncash rent expense | |||||||||||
Loss on disposal of equipment | |||||||||||
Changes in current assets and liabilities: | |||||||||||
Prepaid expenses and other current assets | ( | ||||||||||
Other non-current assets | |||||||||||
Accounts payable | ( | ||||||||||
Accrued expenses and other current liabilities | ( | ||||||||||
Non-current operating lease liabilities | ( | ( | |||||||||
Net cash used in operating activities | ( | ( | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of equipment | ( | ( | |||||||||
Proceeds from sale of equipment | |||||||||||
Proceeds from sales and maturities of investments | |||||||||||
Purchases of investments | ( | ( | |||||||||
Net cash provided by investing activities | |||||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from exercise of common stock options and ESPP | |||||||||||
Proceeds from issuance of common stock, net of issuance costs | |||||||||||
Net cash provided by financing activities | |||||||||||
Net increase (decrease) in cash and cash equivalents | ( | ||||||||||
Cash, cash equivalents and restricted cash, beginning of period | |||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | $ | |||||||||
Cash and cash equivalents, end of period | $ | $ | |||||||||
Restricted cash, end of period | |||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | $ | |||||||||
Supplemental disclosure of non-cash investing and financing activities: | |||||||||||
Right-of-use assets obtained in exchange for operating lease obligation | $ | $ | ( | ||||||||
Black Diamond Therapeutics, Inc. Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (in thousands, except share data) | |||||||||||||||||||||||||||||||||||
Common stock | Additional paid-in capital | Accumulated other comprehensive income (loss) | Accumulated deficit | Total stockholders’ equity | |||||||||||||||||||||||||||||||
Shares | Par Value | ||||||||||||||||||||||||||||||||||
BALANCE - December 31, 2021 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Exercise of common stock options | — | — | — | ||||||||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||
Issuance of common stock related to ESPP | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||||||||
Unrealized gain (loss) on investments | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
BALANCE - March 31, 2022 | ( | ( | |||||||||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||||||||
Unrealized gain (loss) on investments | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
BALANCE - June 30, 2022 | ( | ( | |||||||||||||||||||||||||||||||||
Exercise of common stock options | — | — | — | ||||||||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||
Issuance of common stock related to ESPP | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||||||||
Unrealized gain (loss) on investments | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
BALANCE - September 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
Black Diamond Therapeutics, Inc. Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (in thousands, except share data) | |||||||||||||||||||||||||||||||||||
Common stock | Additional paid-in capital | Accumulated other comprehensive income (loss) | Accumulated deficit | Total stockholders’ equity (deficit) | |||||||||||||||||||||||||||||||
Shares | Par Value | ||||||||||||||||||||||||||||||||||
BALANCE - December 31, 2022 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||
Surrender of shares for taxes | ( | — | — | — | — | — | |||||||||||||||||||||||||||||
Issuance of common stock related to ESPP | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||||||||
Unrealized gain (loss) on investments | — | — | — | — | |||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
BALANCE - March 31, 2023 | ( | ( | |||||||||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||||||||
Unrealized gain (loss) on investments | — | — | — | — | |||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
BALANCE - June 30, 2023 | ( | ( | |||||||||||||||||||||||||||||||||
Issuance of common stock, net of issuance costs | — | — | |||||||||||||||||||||||||||||||||
Exercise of common stock options | — | — | — | ||||||||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||
Surrender of shares for taxes | ( | — | — | — | — | — | |||||||||||||||||||||||||||||
Issuance of common stock related to ESPP | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||||||||
Unrealized gain (loss) on investments | — | — | — | — | |||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
BALANCE - September 30, 2023 | $ | $ | $ | ( | $ | ( | $ |
Fair value measurements at September 30, 2023 using: | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Investments: | |||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||
U.S. Government agencies | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Fair value measurements at December 31, 2022 using: | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Investments: | |||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||
U.S. Government agencies | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||
Commercial paper | $ | $ | $ | ( | $ | ||||||||||||||||||
Corporate bonds | ( | ||||||||||||||||||||||
U.S. Government agencies | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||
Commercial paper | $ | $ | $ | ( | $ | ||||||||||||||||||
Corporate bonds | ( | ||||||||||||||||||||||
U.S. Government agencies | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
Laboratory equipment | $ | $ | |||||||||
Furniture and fixtures | |||||||||||
Computer and office equipment | |||||||||||
Leasehold improvements | |||||||||||
Property and equipment | |||||||||||
Less: accumulated depreciation | ( | ( | |||||||||
Total Property and Equipment, net | $ | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
Contracted research services | $ | $ | |||||||||
Payroll and related expenses | |||||||||||
Professional and consulting fees | |||||||||||
Total accrued expenses and other current liabilities | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Stock options | $ | $ | $ | $ | |||||||||||||||||||
Restricted stock units | |||||||||||||||||||||||
Employee Stock Purchase Plan and Other | |||||||||||||||||||||||
$ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Research and development | $ | $ | $ | $ | |||||||||||||||||||
General and administrative | |||||||||||||||||||||||
$ | $ | $ | $ |
Options | Weighted Average Exercise Price | Weighted Average Remaining Life (in Years) | Intrinsic Value (in thousands) | ||||||||||||||||||||
Outstanding December 31, 2022 | $ | $ | |||||||||||||||||||||
Granted | $ | ||||||||||||||||||||||
Exercised | ( | $ | |||||||||||||||||||||
Cancelled or forfeited | ( | $ | |||||||||||||||||||||
Expired | ( | $ | |||||||||||||||||||||
Outstanding September 30, 2023 | $ | $ | |||||||||||||||||||||
Options vested or expected to vest at September 30, 2023 | $ | $ | |||||||||||||||||||||
Options exercisable at September 30, 2023 | $ | $ |
Number of shares | Weighted average grant date fair value | ||||||||||
Unvested restricted common stock as of December 31, 2022 | $ | ||||||||||
Vested | ( | $ | |||||||||
Cancelled or forfeited | ( | $ | |||||||||
Unvested restricted common stock as of September 30, 2023 | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Weighted average common shares outstanding, basic and diluted | |||||||||||||||||||||||
Net loss per share, basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Options to purchase common stock | |||||||||||
Unvested restricted stock | |||||||||||
Shares issuable under employee stock purchase plan | |||||||||||
Unvested performance restricted stock units | |||||||||||
Warrants to purchase common stock | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Lease Cost | |||||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | |||||||||||||||||||
Short-term lease cost | |||||||||||||||||||||||
Variable lease cost | |||||||||||||||||||||||
Sublease income | ( | ( | |||||||||||||||||||||
Total lease cost | $ | $ | $ | $ |
Other Operating Lease Information | September 30, 2023 | September 30, 2022 | |||||||||
Cash paid for amounts included in the measurement of lease liability | $ | $ | |||||||||
Weighted-average remaining lease term | |||||||||||
Weighted-average discount rate | % | % |
As of September 30, 2023 | |||||
2023 (excluding the nine months ended September 30, 2023) | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total lease payments | |||||
Less: interest | ( | ||||
Total lease liability | $ |
Three Months Ended September 30, | |||||||||||||||||
2023 | 2022 | Change | |||||||||||||||
(in thousands) | |||||||||||||||||
Operating expenses: | |||||||||||||||||
Research and development | $ | 16,154 | $ | 15,847 | $ | 307 | |||||||||||
General and administrative | 7,858 | 6,277 | 1,581 | ||||||||||||||
Total operating expenses | 24,012 | 22,124 | 1,888 | ||||||||||||||
Loss from operations | (24,012) | (22,124) | (1,888) | ||||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 439 | 562 | (123) | ||||||||||||||
Other (expense) income | 566 | (92) | 658 | ||||||||||||||
Total other income (expense), net | 1,005 | 470 | 535 | ||||||||||||||
Net loss | $ | (23,007) | $ | (21,654) | $ | (1,353) |
Three Months Ended September 30, | |||||||||||||||||
2023 | 2022 | Change | |||||||||||||||
(in thousands) | |||||||||||||||||
BDTX-1535 research and development expenses | $ | 5,988 | $ | 2,578 | $ | 3,410 | |||||||||||
BDTX-4933 research and development expenses | 1,618 | 1,334 | 284 | ||||||||||||||
BDTX-189 research and development expenses | — | 1,572 | (1,572) | ||||||||||||||
Other research programs and platform development expenses | 2,080 | 3,859 | (1,779) | ||||||||||||||
Personnel expenses | 4,773 | 5,136 | (363) | ||||||||||||||
Allocated facility expenses | 926 | 997 | (71) | ||||||||||||||
Other expenses | 769 | 371 | 398 | ||||||||||||||
$ | 16,154 | $ | 15,847 | $ | 307 |
Nine Months Ended September 30, | |||||||||||||||||
2023 | 2022 | Change | |||||||||||||||
(in thousands) | |||||||||||||||||
Operating expenses: | |||||||||||||||||
Research and development | $ | 44,061 | $ | 49,828 | $ | (5,767) | |||||||||||
General and administrative | 21,544 | 21,148 | 396 | ||||||||||||||
Total operating expenses | 65,605 | 70,976 | (5,371) | ||||||||||||||
Loss from operations | (65,605) | (70,976) | 5,371 | ||||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 1,600 | 1,354 | 246 | ||||||||||||||
Other (expense) income | 971 | (469) | 1,440 | ||||||||||||||
Total other income (expense), net | 2,571 | 885 | 1,686 | ||||||||||||||
Net loss | $ | (63,034) | $ | (70,091) | $ | 7,057 |
Nine Months Ended September 30, | |||||||||||||||||
2023 | 2022 | Change | |||||||||||||||
(in thousands) | |||||||||||||||||
BDTX-1535 research and development expenses | $ | 13,149 | $ | 5,055 | $ | 8,094 | |||||||||||
BDTX-4933 research and development expenses | 5,015 | 1,538 | 3,477 | ||||||||||||||
BDTX-189 research and development expenses | — | 6,616 | (6,616) | ||||||||||||||
Other research programs and platform development expenses | 6,973 | 14,377 | (7,404) | ||||||||||||||
Personnel expenses | 14,552 | 18,041 | (3,489) | ||||||||||||||
Allocated facility expenses | 2,725 | 3,002 | (277) | ||||||||||||||
Other expenses | 1,647 | 1,199 | 448 | ||||||||||||||
$ | 44,061 | $ | 49,828 | $ | (5,767) |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash used in operating activities | $ | (52,761) | $ | (63,143) | |||||||
Cash provided by investing activities | 4,097 | 51,044 | |||||||||
Cash provided by financing activities | 71,978 | 205 | |||||||||
Net increase (decrease) in cash and cash equivalents | $ | 23,314 | $ | (11,894) |
Payments Due by Period | |||||||||||||||||||||||||||||
Less than 1 Year | 1 to 3 Years | 3 to 5 Years | More than 5 Years | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Property leases - commenced | $ | 4,330 | $ | 9,015 | $ | 9,280 | $ | 8,864 | $ | 31,489 | |||||||||||||||||||
Total | $ | 4,330 | $ | 9,015 | $ | 9,280 | $ | 8,864 | $ | 31,489 |
Exhibit No. | Exhibit Index | |||||||
31.1* | ||||||||
31.2* | ||||||||
32.1*+ | ||||||||
101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.) |
* | Filed herewith. | |||||||
+ | This certification will not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent specifically incorporated by reference into such filing. |
Black Diamond Therapeutics, Inc. | ||||||||
Date: November 6, 2023 | By: | /s/ Mark A. Velleca | ||||||
Mark A. Velleca President and Chief Executive Officer (Principal Executive Officer) |
Black Diamond Therapeutics, Inc. | ||||||||
Date: November 6, 2023 | By: | /s/ Fang Ni | ||||||
Fang Ni Chief Business Officer and Chief Financial Officer (Principal Financial Officer) |
Date: November 6, 2023 | By: | /s/ Mark A. Velleca | ||||||||||||
Mark A. Velleca President, Chief Executive Officer and Director (Principal Executive Officer) | ||||||||||||||
Date: November 6, 2023 | By: | /s/ Fang Ni | ||||||||||||
Fang Ni Chief Business Officer and Chief Financial Officer (Principal Financial Officer) | ||||||||||||||
Date: November 6, 2023 | By: | /s/ Mark A. Velleca | ||||||||||||
Mark A. Velleca President, Chief Executive Officer and Director (Principal Executive Officer) | ||||||||||||||
Date: November 6, 2023 | By: | /s/ Fang Ni | ||||||||||||
Fang Ni Chief Business Officer and Chief Financial Officer (Principal Financial Officer) | ||||||||||||||
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 51,635,184 | 36,434,297 |
Common stock, shares outstanding (in shares) | 51,635,184 | 36,434,297 |
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Operating expenses: | ||||
Research and development | $ 16,154 | $ 15,847 | $ 44,061 | $ 49,828 |
General and administrative | 7,858 | 6,277 | 21,544 | 21,148 |
Total operating expenses | 24,012 | 22,124 | 65,605 | 70,976 |
Loss from operations | (24,012) | (22,124) | (65,605) | (70,976) |
Other income (expense): | ||||
Interest income | 439 | 562 | 1,600 | 1,354 |
Other (expense) income | 566 | (92) | 971 | (469) |
Total other income (expense), net | 1,005 | 470 | 2,571 | 885 |
Net loss | $ (23,007) | $ (21,654) | $ (63,034) | $ (70,091) |
Net loss per share, basic (in dollars per share) | $ (0.45) | $ (0.60) | $ (1.54) | $ (1.93) |
Net loss per share, diluted (in dollars per share) | $ (0.45) | $ (0.60) | $ (1.54) | $ (1.93) |
Weighted average common shares outstanding, basic (in shares) | 50,943,155 | 36,346,181 | 41,367,347 | 36,304,050 |
Weighted average common shares outstanding, diluted (in shares) | 50,943,155 | 36,346,181 | 41,367,347 | 36,304,050 |
Comprehensive loss: | ||||
Net loss | $ (23,007) | $ (21,654) | $ (63,034) | $ (70,091) |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on investments, net | 297 | (202) | 1,460 | (2,074) |
Comprehensive loss | $ (22,710) | $ (21,856) | $ (61,574) | $ (72,165) |
NATURE OF BUSINESS AND BASIS OF PRESENTATION |
9 Months Ended |
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Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF BUSINESS AND BASIS OF PRESENTATION | NATURE OF BUSINESS AND BASIS OF PRESENTATION Black Diamond Therapeutics, Inc. (the Company) is a clinical-stage oncology company focused on the development of MasterKey therapies that target families of oncogenic mutations in clinically validated targets. The Company was originally organized as a limited liability company in December 2014 under the name ASET Therapeutics LLC. In September 2016, the Company was converted to a corporation under the laws of the State of Delaware under the name ASET Therapeutics, Inc. The Company changed its name to Black Diamond Therapeutics, Inc. in January 2018. Since its inception, the Company has devoted substantially all of its efforts to raising capital, obtaining financing and incurring research and development costs related to the development and advancement of its product candidates identified by its Mutation-Allostery-Pharmacology (MAP) drug discovery engine. The Company is subject to risks and uncertainties common to clinical-stage companies in the biotechnology industry. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s technology will be obtained, that any products developed will obtain necessary government regulatory approval or that any products, if approved, will be commercially viable. The Company operates in an environment of rapid technological innovation and substantial competition from pharmaceutical and biotechnological companies. In addition, the Company is dependent upon the services of its employees, consultants and service providers. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. On November 14, 2022, the Company filed a shelf registration statement on Form S-3 (the Shelf Registration Statement), with the Securities and Exchange Commission (the SEC), which covers the offering, issuance and sale of the Company’s common stock, preferred stock, debt securities, warrants and/or units of any combination thereof up to a maximum offering price of $500 million. The Company simultaneously entered into an Open Market Sale AgreementSM with Jefferies LLC (Jefferies), as sales agent, to provide for the issuance and sale by the Company of up to $150 million of its common stock from time to time through Jefferies (the ATM Program). The Shelf Registration Statement became effective on November 22, 2022. As of September 30, 2023, no sales have been made pursuant to the ATM Program. On July 5, 2023, the Company completed an underwritten public offering (the Follow-on Offering) of 15,000,000 shares of the Company’s common stock at a price to the public of $5.00 per share. The aggregate net proceeds from the Follow-on Offering totaled approximately $71.9 million, after deducting underwriting discounts and commissions, as well as other offering expenses. The accompanying condensed consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets, and the satisfaction of liabilities and commitments in the ordinary course of business. Historically, the Company has funded its operations primarily with proceeds from the sale of preferred stock and common stock. The Company expects to continue to generate operating losses for the foreseeable future. As of November 6, 2023, the issuance date of the condensed consolidated financial statements, the Company expects that its cash, cash equivalents and investments will be sufficient to fund its currently planned operations for at least the next 12 months. The Company will seek additional funding through private or public equity financings, debt financings, collaborations, strategic alliances and marketing, distribution or licensing arrangements. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into collaborations or other arrangements. The terms of any financing may adversely affect the holdings or the rights of the Company's stockholders. If the Company is unable to obtain funding, the Company could be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, or reduce headcount and general and administrative costs, which could adversely affect its business prospects. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
9 Months Ended |
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Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies followed in the preparation of these condensed consolidated financial statements. Principles of consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and include the accounts of the Company and its wholly owned subsidiaries, Black Diamond Therapeutics (Canada), Inc. and Black Diamond Therapeutics Security Corporation, after elimination of all significant intercompany accounts and transactions. Unaudited interim financial information The condensed consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this Quarterly Report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report. In the opinion of the Company’s management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair statement of the results for the interim periods presented have been included. Use of estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions. The Company continues to monitor the impact of global economic developments, political unrest, high inflation, disruptions in capital markets, changes in international trade relationships and military conflicts, and health crises, on all aspects of its business, and has considered the impact of these factors on estimates within its financial statements. The extent to which future developments may impact the Company’s business, results of operations or financial condition are uncertain and cannot be predicted with confidence and there may be changes to estimates in future periods. As of the date of issuance of these condensed consolidated financial statements, the Company has not experienced material business disruptions or incurred impairment losses in the carrying value of its assets as a result of these factors and is not aware of any specific related event or circumstance that would require it to update its estimates.
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FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values:
When developing fair value estimates, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. When available, the Company uses quoted market prices to measure fair value. The valuation technique used to measure fair value for the Company's Level 1 and Level 2 assets is a market approach, using prices and other relevant information generated by market transactions involving identical or comparable assets. If market prices are not available, the fair value measurement is based on models that use primarily market-based parameters including yield curves, volatilities, credit ratings and currency rates. In certain cases where market rate assumptions are not available, the Company is required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument. There were no transfers in or out of Level 3 categories in the periods presented.
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INVESTMENTS |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENTS | INVESTMENTS As of September 30, 2023, investments were comprised of the following:
As of December 31, 2022, investments were comprised of the following:
As of September 30, 2023, all marketable securities held by the Company had remaining contractual maturities of one year or less. As of September 30, 2023, all marketable securities held by the Company were in a loss position. As of December 31, 2022, all marketable securities held by the Company had remaining contractual maturities of one year or less, except for U.S. government agencies, corporate bonds, and commercial paper with a fair value of $13,687 that had maturities of one to three years. As of December 31, 2022, all marketable securities held by the Company were in a loss position. As of September 30, 2023, the Company reviewed its investment portfolio to assess the unrealized losses on its available-for-sale investments. The Company evaluated whether it intended to sell the security and whether it was more likely than not that the Company would be required to sell the security before recovering its amortized cost basis. The Company also determined no portion of the unrealized losses relate to a credit loss. There have been no impairments of the Company’s assets measured and carried at fair value during the nine months ended September 30, 2023 and the year ended December 31, 2022.
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PROPERTY AND EQUIPMENT |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT Property and equipment, net consisted of the following:
Depreciation expense for the nine months ended September 30, 2023 and 2022 was $351 and $382, respectively.
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EQUITY METHOD INVESTMENT |
9 Months Ended |
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Sep. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
EQUITY METHOD INVESTMENT | EQUITY METHOD INVESTMENT In December 2022, the Company received 9,000,000 shares of common stock in a newly formed antibody-focused precision oncology company, Launchpad Therapeutics, Inc. (Launchpad), in exchange for contributing early discovery-stage antibody programs and granting Launchpad a license to use its MAP drug discovery engine to discover, develop and commercialize large molecule therapeutics. As of the transaction date and as of September 30, 2023, the Company has a 39.1% voting interest in Launchpad and one seat on Launchpad’s Board of Directors which provide the Company with significant influence over Launchpad. The remaining voting interest in Launchpad is held by Versant Ventures and New Enterprise Associates (NEA), who are shareholders of the Company. The Company accounted for the transaction under the equity method and recorded the carrying value of the Company’s investment in Launchpad common shares of $2,250 in equity method investments in the consolidated balance sheets. The contributed in process research and development (IPR&D) had zero basis on the Company’s books prior to the transaction, therefore the Company recognized a gain on sale of IPR&D of $2,232 in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2022. The Company also recognized a loss from investments in equity method investee of $1,540 in the consolidated statement of operations and comprehensive loss for the year ended December 31, 2022, associated with the Company’s proportionate share of Launchpad’s losses. The assets contributed by the Company were principally IPR&D and were not deemed a business by Launchpad, therefore the Company determined its remaining basis difference of $710 was substantially related to IPR&D and immediately expensed it. As of December 31, 2022, the carrying value of the investment in Launchpad was reduced to zero. Since the Company has no obligation to provide financing support to Launchpad, the Company is not required to record further losses exceeding the carrying value of the investment. The Company also determined that its investment in Launchpad is not material or significant to its operations or financial position. As of September 30, 2023, the carrying value of the investment in Launchpad was zero.
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ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES |
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ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following:
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STOCK-BASED COMPENSATION |
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STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION 2020 Stock Option and Incentive Plan The 2020 Stock Option and Incentive Plan (the 2020 Plan) was approved by the Company’s board of directors on December 5, 2019, and the Company’s stockholders on January 14, 2020 and became effective on the date immediately prior to the date on which the registration statement for the Company’s initial public offering (IPO) was declared effective. The 2020 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights to the Company’s officers, employees, directors and consultants. The 2020 Plan provides for an annual increase, to be added on the first day of each fiscal year, by up to 4% of the Company’s outstanding shares of common stock as of the last day of the prior year. On January 1, 2023, 1,457,371 shares of common stock, representing 4% of the Company’s outstanding shares of common stock as of December 31, 2022, were added to the 2020 Plan. 2020 Employee Stock Purchase Plan The 2020 Employee Stock Purchase Plan (the 2020 ESPP) was approved by the Company’s board of directors on December 5, 2019, and the Company’s stockholders on January 14, 2020, and became effective on the date immediately prior to the date on which the registration statement for the Company’s IPO was declared effective. The 2020 ESPP provides for an annual increase, to be added on the first day of each fiscal year, by up to 1% of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31. The number of authorized shares reserved for issuance under the 2020 ESPP was increased by 326,364 shares effective as of January 1, 2023. Stock-based compensation expense The Company recorded stock-based compensation expense in the following award type categories included within the condensed consolidated statements of operations and comprehensive loss:
For the nine months ended September 30, 2023, the Company issued 55,972 shares of common stock out of its 2020 Plan under its policy where non-employee directors may elect to receive their compensation in the form of common stock in lieu of cash. The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss:
Options The following table summarizes the stock option activity under the Company’s equity awards plans:
For the nine months ended September 30, 2023, total unrecognized compensation cost related to the unvested stock-options was $11,148, which is expected to be recognized over a weighted average period of 2.7 years. Restricted stock units The fair values of restricted stock units are based on the market value of the Company’s stock on the date of the grant. Under terms of the time-based restricted stock agreements covering the common stock, shares of restricted common stock are subject to a vesting schedule. The following table summarizes time-based restricted stock activity since January 1, 2023:
The total fair value of time-based restricted stock units vested during the nine months ended September 30, 2023 was $505. For the nine months ended September 30, 2023, total unrecognized compensation cost related to the time-based unvested restricted stock units was $43, which is expected to be recognized over a weighted average period of 0.6 years. The Company had 239,475 performance restricted stock units outstanding at the year ended December 31, 2022. For the nine months ended September 30, 2023, the Company granted no performance restricted stock units to its employees, released 27,475 performance restricted stock units due to the achievement of certain clinical development and/or financing milestones, had 193,000 performance restricted stock units expire, and had no performance restricted stock units forfeited. As of September 30, 2023, the Company had 19,000 performance restricted stock units outstanding. Recognition of stock-based compensation expense associated with performance restricted stock units commences when the performance conditions are considered probable of achievement, using management’s best estimates, which consider the inherent risk and uncertainty regarding the future outcomes of the milestones. As of September 30, 2023, no milestones for outstanding performance-based restricted stock units were considered probable. As of September 30, 2023, two milestones for outstanding performance restricted stock units were achieved. For the nine months ended September 30, 2023, the Company recognized stock-based compensation expense related to these milestones of $52. The milestones that had not been met were considered not probable, and therefore no expense had been recognized related to these awards in the nine months ended September 30, 2023. Employee stock purchase plan The 2020 ESPP enables eligible employees to purchase shares of the Company's common stock at the end of each six-month offering period at a price equal to 85% of the fair market value of the shares on the first business day or the last business day of the offering period, whichever is lower. Eligible employees generally included all employees. Offering periods begin on the first trading day of January and July of each year and end on the last trading day in June and December of each year, except for the first offering period which began on the first trading day in March and ended on the last trading day in June. Share purchases are funded through payroll deductions of up to 10% of an employee’s eligible compensation for each payroll period, up to $25 each calendar year. During the nine months ended September 30, 2023 and 2022, there were 69,005 and 53,662 shares, respectively, issued under the 2020 ESPP.
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NET LOSS PER SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET LOSS PER SHARE | NET LOSS PER SHARE Net loss per share The following table summarizes the computation of basic and diluted net loss per share attributable to common shareholders of the Company (in thousands, except share and per share amounts):
The Company’s potentially dilutive securities, which include options, unvested restricted stock and warrants to purchase common stock, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:
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LEASES |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | LEASES The Company has historically entered into lease arrangements for its facilities. As of September 30, 2023, the Company had two operating leases with required future minimum payments. The Company determined the classification of these leases to be operating leases and recorded right-of-use assets and lease liabilities as of the effective dates. The Company’s leases generally do not include termination or purchase options. Operating leases In July 2020, the Company entered into a seven-year agreement with an option to extend for additional years to lease two floors totaling approximately 25,578 square feet of office space for its principal office, which is located in Cambridge, MA. The lease on the first floor commenced on August 1, 2020 and the lease on the second floor commenced March 9, 2021. The Company recognized the respective lease balances on the condensed consolidated balance sheets when the lease of each floor commenced. Under the terms of the lease, the Company was required to issue a $1,168 letter of credit as security for the lease, which was reduced to $779 in August 2023 pursuant to the terms of the lease agreement. Additionally, on December 12, 2022, the Company entered into a sublease for one floor of its Cambridge, Massachusetts office space. The sublease terminates on August 31, 2028, which is also the date on which the Company's lease terminates. In December 2020, the Company entered into an eleven-year agreement to lease approximately 18,120 square feet of office and laboratory space in New York, NY. The Company has an option to extend the lease for additional years. The lease commenced August 26, 2021 and the related lease balance was recognized on the condensed consolidated balance sheet. The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating lease for the three and nine months ended September 30, 2023 and 2022:
The variable lease costs for the three and nine months ended September 30, 2023 and 2022 include common area maintenance and other operating charges. As the Company’s leases do not provide an implicit rate, the Company utilized its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Future minimum lease payments under the Company’s operating leases as of September 30, 2023 were as follows:
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COMMITMENTS AND CONTINGENCIES |
9 Months Ended |
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Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES The Company enters into contracts in the normal course of business with contract research organizations (CROs), contract manufacturing organizations (CMOs) and other third parties for preclinical research studies, clinical trials and testing and manufacturing services. These contracts do not contain minimum purchase commitments and are cancelable upon prior written notice. Payments due upon cancellation consist only of payments for services provided or expenses incurred, including noncancelable obligations of service providers, up to the date of cancellation. License agreements The Company is a party to license agreements, which include contingent payments. These payments will become payable if and when certain development, regulatory and commercial milestones are achieved. As of September 30, 2023, the satisfaction and timing of the contingent payments is uncertain and not reasonably estimable. Indemnification agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any indemnification arrangements that could have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its consolidated financial statements as of September 30, 2023 or December 31, 2022. Legal proceedings The Company is not currently party to and is not aware of any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to such legal proceedings.
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BENEFIT PLANS |
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Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
BENEFIT PLANS | BENEFIT PLANSThe Company has a tax-qualified 401(k) and Profit Sharing defined contribution plan (the 401(k) Plan). Under the 401(k) Plan, the Company provides an employer safe harbor matching contribution equal to 100% of a participant’s eligible contributions of up to 6% of eligible compensation, subject to limits established by the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the Code). All matching contributions are fully vested when made. During the three and nine months ended September 30, 2023 and 2022, the Company contributed $143, $686, $154 and $911, respectively, to the 401(k) Plan. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Principles of consolidation and unaudited interim financial information | Black Diamond Therapeutics, Inc. (the Company) is a clinical-stage oncology company focused on the development of MasterKey therapies that target families of oncogenic mutations in clinically validated targets. The Company was originally organized as a limited liability company in December 2014 under the name ASET Therapeutics LLC. In September 2016, the Company was converted to a corporation under the laws of the State of Delaware under the name ASET Therapeutics, Inc. The Company changed its name to Black Diamond Therapeutics, Inc. in January 2018. Since its inception, the Company has devoted substantially all of its efforts to raising capital, obtaining financing and incurring research and development costs related to the development and advancement of its product candidates identified by its Mutation-Allostery-Pharmacology (MAP) drug discovery engine. The Company is subject to risks and uncertainties common to clinical-stage companies in the biotechnology industry. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s technology will be obtained, that any products developed will obtain necessary government regulatory approval or that any products, if approved, will be commercially viable. The Company operates in an environment of rapid technological innovation and substantial competition from pharmaceutical and biotechnological companies. In addition, the Company is dependent upon the services of its employees, consultants and service providers. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. Principles of consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and include the accounts of the Company and its wholly owned subsidiaries, Black Diamond Therapeutics (Canada), Inc. and Black Diamond Therapeutics Security Corporation, after elimination of all significant intercompany accounts and transactions. Unaudited interim financial information The condensed consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this Quarterly Report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report. In the opinion of the Company’s management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair statement of the results for the interim periods presented have been included.
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Principles of consolidation | Principles of consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and include the accounts of the Company and its wholly owned subsidiaries, Black Diamond Therapeutics (Canada), Inc. and Black Diamond Therapeutics Security Corporation, after elimination of all significant intercompany accounts and transactions. |
Use of estimates | Use of estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions. |
FAIR VALUE MEASUREMENTS (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values:
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INVESTMENTS (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Marketable Securities | As of September 30, 2023, investments were comprised of the following:
As of December 31, 2022, investments were comprised of the following:
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PROPERTY AND EQUIPMENT (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property, Plant and Equipment | Property and equipment, net consisted of the following:
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ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Expenses | Accrued expenses and other current liabilities consisted of the following:
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STOCK-BASED COMPENSATION (Tables) |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock-Based Compensation | The Company recorded stock-based compensation expense in the following award type categories included within the condensed consolidated statements of operations and comprehensive loss:
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Schedule of Stock Option Activity | The following table summarizes the stock option activity under the Company’s equity awards plans:
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Schedule of Restricted Stock Activity | The following table summarizes time-based restricted stock activity since January 1, 2023:
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NET LOSS PER SHARE (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Computation of Net Loss per Share | The following table summarizes the computation of basic and diluted net loss per share attributable to common shareholders of the Company (in thousands, except share and per share amounts):
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Schedule of Antidilutive Securities Excluded from Computation of Net Loss per Share | The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:
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LEASES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Lease Cost and Other Operating Lease Information | The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating lease for the three and nine months ended September 30, 2023 and 2022:
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Schedule of Future Minimum Lease Payments | Future minimum lease payments under the Company’s operating leases as of September 30, 2023 were as follows:
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NATURE OF BUSINESS AND BASIS OF PRESENTATION (Details) - USD ($) $ / shares in Units, $ in Millions |
Jul. 05, 2023 |
Nov. 14, 2022 |
---|---|---|
Shelf Registration Statement | ||
Subsidiary, Sale of Stock [Line Items] | ||
Sale of stock, authorized consideration | $ 500.0 | |
Open Market Sale | ||
Subsidiary, Sale of Stock [Line Items] | ||
Sale of stock, authorized consideration | $ 150.0 | |
Follow-on Offering | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of shares sold (in shares) | 15,000,000 | |
Stock price (in dollars per share) | $ 5.00 | |
Proceeds from equity financing | $ 71.9 |
INVESTMENTS - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 86,642 | $ 90,316 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (364) | (1,824) |
Fair Value | 86,278 | 88,492 |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 34,421 | 3,748 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (46) | (1) |
Fair Value | 34,375 | 3,747 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 33,936 | 46,443 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (185) | (800) |
Fair Value | 33,751 | 45,643 |
U.S. Government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 18,285 | 40,125 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (133) | (1,023) |
Fair Value | $ 18,152 | $ 39,102 |
INVESTMENTS - Additional Information (Details) - USD ($) |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
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Investments, Debt and Equity Securities [Abstract] | ||
Fair value | $ 13,687,000 | |
Impairment of fair value assets | $ 0 | $ 0 |
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Property, Plant and Equipment [Line Items] | |||
Property and equipment | $ 2,554 | $ 3,337 | |
Less: accumulated depreciation | (738) | (750) | |
Total Property and Equipment, net | 1,816 | 2,587 | |
Depreciation expense | 351 | $ 382 | |
Laboratory equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment | 0 | 770 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment | 17 | 17 | |
Computer and office equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment | 25 | 38 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment | $ 2,512 | $ 2,512 |
EQUITY METHOD INVESTMENT (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Sep. 30, 2023 |
Dec. 01, 2022 |
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Schedule of Equity Method Investments [Line Items] | |||
Gain on sale of IP | $ 2,232,000 | ||
Research and development asset acquired other than through business combination, written-off | $ 710,000 | ||
Launchpad Therapeutics, Inc. | |||
Schedule of Equity Method Investments [Line Items] | |||
Common shares received from equity method investment (in shares) | 9,000,000 | ||
Equity method investment, ownership percentage | 39.10% | ||
Equity method investment | $ 0 | $ 0 | $ 2,250,000 |
Loss recognized from equity method investment | $ 1,540,000 |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Payables and Accruals [Abstract] | ||
Contracted research services | $ 5,641 | $ 4,713 |
Payroll and related expenses | 4,539 | 4,648 |
Professional and consulting fees | 1,149 | 1,182 |
Current portion of operating lease liability | 3,043 | 2,841 |
Total accrued expenses and other current liabilities | $ 14,372 | $ 13,384 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Total accrued expenses and other current liabilities | Total accrued expenses and other current liabilities |
STOCK-BASED COMPENSATION - Schedule of Restricted Stock Activity (Details) - Unvested restricted stock |
9 Months Ended |
---|---|
Sep. 30, 2023
$ / shares
shares
| |
Number of shares | |
Unvested restricted common stock, beginning balance (in shares) | shares | 101,397 |
Vested (in shares) | shares | (61,522) |
Cancelled or forfeited (in shares) | shares | (17,201) |
Unvested restricted common stock, ending balance (in shares) | shares | 22,674 |
Weighted average grant date fair value | |
Unvested restricted common stock, beginning balance (in dollars per share) | $ / shares | $ 5.92 |
Vested (in dollars per share) | $ / shares | 8.26 |
Cancelled or forfeited (in dollars per share) | $ / shares | 2.14 |
Unvested restricted common stock, ending balance (in dollars per share) | $ / shares | $ 2.53 |
NET LOSS PER SHARE - Computation of Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Earnings Per Share [Abstract] | ||||||||
Net loss | $ (23,007) | $ (19,152) | $ (20,875) | $ (21,654) | $ (22,930) | $ (25,507) | $ (63,034) | $ (70,091) |
Weighted average common shares outstanding, basic (in shares) | 50,943,155 | 36,346,181 | 41,367,347 | 36,304,050 | ||||
Weighted average common shares outstanding, diluted (in shares) | 50,943,155 | 36,346,181 | 41,367,347 | 36,304,050 | ||||
Net loss per share, basic (in dollars per share) | $ (0.45) | $ (0.60) | $ (1.54) | $ (1.93) | ||||
Net loss per share, diluted (in dollars per share) | $ (0.45) | $ (0.60) | $ (1.54) | $ (1.93) |
LEASES - Narrative (Details) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2023
contract
|
Aug. 31, 2023
USD ($)
|
Dec. 31, 2020
ft²
|
Jul. 31, 2020
USD ($)
ft²
|
|
Lessee, Lease, Description [Line Items] | ||||
Number of leases | contract | 2 | |||
Principal office, lease two | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term (in years) | 7 years | |||
Lease term, optional extension (in years) | 5 years | |||
Area leased (square feet) | 25,578 | |||
Letter of credit outstanding | $ | $ 779 | $ 1,168 | ||
Operating Lease, Office and Laboratory Space, NY | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term (in years) | 11 years | |||
Lease term, optional extension (in years) | 5 years | |||
Area leased (square feet) | 18,120 |
LEASES - Summary of Lease Cost and Other Operating Lease Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Lease Cost | ||||
Operating lease cost | $ 1,054 | $ 1,057 | $ 3,162 | $ 3,173 |
Short-term lease cost | 24 | 38 | 52 | 78 |
Variable lease cost | 246 | 241 | 628 | 717 |
Sublease income | (334) | 0 | (804) | 0 |
Total lease cost | $ 990 | $ 1,336 | 3,038 | 3,968 |
Other Operating Lease Information | ||||
Cash paid for amounts included in the measurement of lease liability | $ 3,164 | $ 1,884 | ||
Weighted-average remaining lease term (in years) | 7 years 1 month 6 days | 8 years 1 month 6 days | 7 years 1 month 6 days | 8 years 1 month 6 days |
Weighted-average discount rate | 5.30% | 5.30% | 5.30% | 5.30% |
LEASES - Schedule of Future Minimum Lease Payments (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
---|---|
Lessee, Operating Lease, Liability, to be Paid [Abstract] | |
2023 (excluding the nine months ended September 30, 2023) | $ 1,080 |
2024 | 4,359 |
2025 | 4,477 |
2026 | 4,599 |
2027 | 4,724 |
Thereafter | 12,250 |
Total lease payments | 31,489 |
Less: interest | (5,447) |
Total lease liability | $ 26,042 |
BENEFIT PLANS (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Retirement Benefits [Abstract] | ||||
Employer contribution, matching contribution percentage | 100.00% | |||
Employer contribution, percent of each participant's salary | 6.00% | |||
Employer contribution amount | $ 143 | $ 154 | $ 686 | $ 911 |
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