Shares of the Black Diamond Therapeutics, Inc. (BDTX) stock were rising in the current market trading session today on January 11, 2022. BDTX stock price saw a push of 12.00% to reach $5.04 a share at the time of this writing. The stock was red in the previous trade and went down by 11.76% at closing. Let’s dig in to explore more about it.
What’s Happening?
BDTX stock became bullish after the announcement of clearance of investigational new drug (IND) application by the U.S Food and Drug Administration. FDA has cleared the IND for the Black Diamond’s Master Key inhibitor BDTX-1535. The Phase 1 study is expected to begin in the first quarter of 2022. The company will provide the clinical update on the second of 2023.
FDA allowance for Black Diamond’s IND is an important milestone for the company and good news for shareholders of BDTX stock. The company is on a mission to mature its MasterKey therapies pipeline. The management is optimistic that the BDTX-1535 will address the unmet needs of the EGFR mutant GBM and NSCLC.
BDTX Stock: Milestones
- For the Phase 2 dose in 2022, the company has decided to collect more clinical data for the BDTX-189 safety expansion cohor This will help the company in the future development of the BDTX-189 program. For this purpose, the company will enroll additional patients. BDTX will provide further guidance for the BDTX-189 program this year.
- Black Diamond anticipates the beginning of IND-enabling studies for the BRAF this year. About 190,000 patients suffering from solid tumors get treatment with BRAF oncogenic mutations annually.
- By the end of 2021, Black Diamond had $210 million in cash, cash equivalents, and investments. The company believes that it has sufficient funds to finance its operating and capital expenditures.
Financial View of BDTX stock
Black Diamond used $26.5 million net cash for operations in the third quarter of 2021. Net cash for operations was $11.5 million in the same period of the previous year. Research and development expenses of the BDTX stock were $27.6 million in the recently reported quarter. These expenses significantly increased as compared to $12.9 million in the same tenure of the previous year. General and administrative expenses of the company were $7.7 million, higher than these expenses in the previous year. The company ended the quarter with $235.0 million in cash, cash equivalents, and investments.
Wrap Up
Investors are responding positively to the recent news of the BDTX stock today. The financial results reflect that the company is progressing in terms of its operations.
