The company's financial foundation is contracting, with total assets declining from $158.6M in 2023Q4 to $143M by 2025Q4, while retained earnings reflect a significant $464.7M deficit.
| Total Current Assets | 122.97M | 132.44M | 101.18M | 134.03M | 127.71M | 215.7M | 319.55M | 155.71M | 51.68M | 7.91M |
| Cash & Short-Term Investments | 118.26M | 128.65M | 98.58M | 131.4M | 122.81M | 209.79M | 315.07M | 154.67M | 51.66M | 7.88M |
| Cash Only | 30.07M | 20.99M | 36.44M | 56.22M | 34.31M | 65.8M | 34.6M | 154.67M | 51.66M | 7.88M |
| Short-Term Investments | 88.19M | 107.66M | 62.14M | 75.18M | 88.49M | 143.99M | 280.46M | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 4.71M | 3.79M | 2.6M | 2.63M | 4.9M | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 9.96M | 10.57M | 21.46M | 24.53M | 28.55M | 31.98M | 10.12M | 2.58M | 142K | 107K |
| Property, Plant & Equipment | 9.1M | 9.67M | 20.4M | 23.71M | 27.38M | 30.74M | 8.79M | 164K | 134K | 102K |
| Fixed Asset Turnover | 0.00x | 7.24x | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.66M | 829K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 29K | 73K | 1.07M | 823K | 1.17M | 1.24M | 1.33M | 2.42M | 8K | 5K |
| Total Assets | 132.92M | 143.01M | 122.64M | 158.57M | 156.25M | 247.68M | 329.67M | 158.29M | 51.83M | 8.02M |
| Asset Turnover | 0.00x | 0.49x | - | - | - | - | - | - | - | - |
| Asset Growth % | 17.35% | 16.61% | -22.66% | 1.48% | -36.91% | -24.87% | 108.26% | 205.44% | 546.13% | - |
| Total Current Liabilities | 14.53M | 15.73M | 20.57M | 19.65M | 15.26M | 23.64M | 14.22M | 4.86M | 2.58M | 2.23M |
| Accounts Payable | 2.97M | 579K | 4.01M | 2.32M | 1.88M | 4.11M | 2.54M | 1.96M | 416K | 152K |
| Days Payables Outstanding | 4.28K | 650.26 | - | 1.94K | - | - | - | 15.25K | 3.45K | 2.31K |
| Short-Term Debt | 3.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 7.77M | 15.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 8.46x | 8.42x | 4.92x | 6.82x | 8.37x | 9.12x | 22.48x | 32.02x | 20.07x | 3.55x |
| Quick Ratio | 8.46x | 8.42x | 4.92x | 6.82x | 8.37x | 9.12x | 22.48x | 32.02x | 20.07x | 3.55x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 14.09M | 15.07M | 18.78M | 22.18M | 25.3M | 28.14M | 7.69M | 200.59M | 64.79M | 12.47M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 60.77M | 0 |
| Capital Lease Obligations | 62.16M | 15.07M | 18.78M | 22.18M | 25.3M | 28.14M | 7.69M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 200.59M | 4.02M | 12.47M |
| Total Liabilities | 28.62M | 30.8M | 39.35M | 41.83M | 40.56M | 51.78M | 21.91M | 205.45M | 67.37M | 14.7M |
| Total Debt | 17.88M | 15.07M | 22.19M | 25.3M | 28.14M | 28.46M | 8.74M | 0 | 60.77M | 12.46M |
| Net Debt | -12.19M | -5.92M | -14.25M | -30.92M | -6.17M | -37.34M | -25.86M | -154.67M | 9.11M | 4.58M |
| Debt / Equity | 0.17x | 0.13x | 0.27x | 0.22x | 0.24x | 0.15x | 0.03x | - | - | - |
| Debt / EBITDA | -0.34x | 0.75x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.23x | -0.29x | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | -67254.00x | - | - | -63.37x |
| Total Equity | 104.3M | 112.21M | 83.28M | 116.74M | 115.69M | 195.9M | 307.76M | -47.16M | -15.54M | -6.67M |
| Equity Growth % | 57.36% | 34.73% | -28.66% | 0.9% | -40.94% | -36.35% | 752.62% | -203.42% | -132.84% | - |
| Book Value per Share | 1.82 | 1.95 | 1.51 | 2.66 | 3.19 | 5.41 | 9.35 | -1.31 | -1.11 | -0.93 |
| Total Shareholders' Equity | 104.3M | 112.21M | 83.28M | 116.74M | 115.69M | 195.9M | 307.76M | -47.16M | -15.54M | -6.67M |
| Common Stock | 8K | 8K | 7K | 7K | 5K | 5K | 5K | 1K | 1K | 1K |
| Retained Earnings | -473.78M | -464.74M | -487.11M | -417.43M | -334.99M | -243.82M | -118.22M | -50.97M | -15.71M | -6.78M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 56K |
| Accumulated OCI | -36K | 101K | 24K | -27K | -1.82M | -414K | 614K | 0 | -100K | -56K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in recent quarterly filings, total assets have declined from $158.6M in 2023Q4 to $143.0M by 2025Q4, signaling a contracting balance sheet that reflects the company's ongoing reliance on cash reserves to fund clinical development in the absence of a sustainable, recurring revenue stream.
The consistent decline in total assets suggests that the company is consuming its capital base to sustain R&D operations. This trajectory indicates that the business model remains in a high-risk phase where asset accumulation is secondary to the immediate necessity of funding late-stage clinical trials.
Based on the most recent financial data, cash and equivalents have dwindled to $21.0M as of 2025Q4, representing a significant reduction from the $98.4M peak observed in 2025Q1 and highlighting a precarious liquidity position that warrants close monitoring by investors concerned with potential near-term financing needs.
While the current ratio remains elevated, this metric is somewhat misleading given the rapid depletion of liquid assets. The sharp drop in cash reserves suggests that the company may be approaching a point where external capital infusion becomes a necessity to maintain its current research and development velocity.
According to historical balance sheet data, retained earnings have deepened to a deficit of $464.7M as of 2025Q4, underscoring the persistent nature of the company's operating losses and the resulting pressure on shareholder equity as the firm continues to prioritize platform development over near-term profitability.
The persistent negative retained earnings reflect the high cost of scientific innovation and the lack of commercialized products to offset R&D expenditures. Investors should interpret this trend as a clear indicator that equity value is currently driven by speculative pipeline potential rather than tangible book value growth.
As indicated by the balance sheet, the company's asset base is heavily skewed toward cash and limited tangible assets, with net PPE declining from $23.7M in 2023Q4 to $9.7M in 2025Q4, which may suggest a strategic shift away from internal infrastructure toward outsourced clinical research models.
The reduction in PPE suggests that the company is minimizing its fixed-asset footprint, likely to preserve cash for clinical trial execution. This lean approach may improve short-term flexibility, but it also limits the company's ability to pivot its operational strategy without incurring significant new capital expenditures.
Quick answers to the most common questions about buying BDTX stock.
As of 2025, Black Diamond Therapeutics, Inc. (BDTX) had total assets of $143.0M including $132.4M in current assets.
Black Diamond Therapeutics, Inc. (BDTX) carries total debt of $15.1M, offset by $128.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Black Diamond Therapeutics, Inc. (BDTX) has total shareholders' equity (book value) of $112.2M ($1.95 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Black Diamond Therapeutics, Inc. (BDTX) reported a current ratio of 8.42x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.