Operational liquidity is under pressure as evidenced by the cash balance falling from a $98.4M peak in 2025Q1 to just $21M by 2025Q4, reflecting a persistent structural cash burn that is only occasionally mitigated by non-recurring milestone receipts.
Black Diamond Therapeutics, Inc. (BDTX) cash flow statement — 9-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Cash from Operations | -32.01M | 29.61M | -62.3M | -66.72M | -85.08M | -100.15M | -52.15M | -24.67M | -8.45M | -2.35M |
| Operating CF Margin % | - | 42.31% | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -11.56% | 147.53% | 6.62% | 21.59% | 15.04% | -92.05% | -111.34% | -191.86% | -259.59% | - |
| Net Income | -42.55M | 22.37M | -69.68M | -82.44M | -91.17M | -125.6M | -67.25M | -35.26M | -8.93M | -4.6M |
| Depreciation & Amortization | 207K | 325K | 343K | 437K | 508K | 205K | 52K | 47K | 44K | 24K |
| Stock-Based Compensation | 6.11M | 6.63M | 10.63M | 9.6M | 12.2M | 14.04M | 7.76M | 3.64M | 64K | 5K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 2.18M | 1.73M | 0 | 0 | 412K |
| Other Non-Cash Items | 6.07M | 9.02M | -905K | 2M | 3.28M | 2.01M | 524K | 6.43M | 15K | 66K |
| Working Capital Changes | -1.84M | -8.73M | -2.69M | 3.69M | -9.9M | 7.02M | 5.04M | 463K | 354K | 1.74M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 633K | -3.43M | 1.68M | 597K | -2.23M | 1.57M | 1.07M | 1.45M | 264K | -59K |
| Cash from Investing | 22.08M | -44.91M | 16.97M | 16.35M | 53.37M | 130.61M | -281.69M | -21K | -76K | -77K |
| Capital Expenditures | 0 | 0 | 0 | -33K | -192K | -2.71M | -142K | -21K | -76K | -77K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 4K | 27K | 94K | 0 | 9K | 2.7M | 118K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 71K | 74K | 0 | 95K | 0 | -2.7M | -118K | 0 | 0 | 0 |
| Cash from Financing | -30K | -146K | 25.55M | 71.93M | 177K | 729K | 214.94M | 127.76M | 52.31M | 9.97M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -50K |
| Equity Issued (Net) | -62K | -146K | 24.49M | 71.85M | 177K | 729K | 213.84M | 129.5M | 52.31M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 32K | 0 | 1.05M | 82K | 0 | 0 | 1.1M | -1.74M | 0 | 10.02M |
| Net Change in Cash | -9.96M | -15.44M | -19.79M | 21.56M | -31.54M | 31.19M | -118.89M | 103.06M | 43.78M | 7.55M |
| Free Cash Flow | -32.01M | 29.61M | -62.3M | -66.75M | -85.27M | -102.86M | -52.29M | -24.7M | -8.53M | -2.43M |
| FCF Margin % | - | 42.31% | - | - | - | - | - | - | - | - |
| FCF Growth % | -279.11% | 147.53% | 6.66% | 21.72% | 17.1% | -96.71% | -111.74% | -189.51% | -251.32% | - |
| FCF per Share | -0.56 | 0.51 | -1.13 | -1.52 | -2.35 | -2.84 | -1.59 | -0.69 | -0.61 | -0.34 |
| FCF Conversion (FCF/Net Income) | 0.75x | 1.32x | 0.89x | 0.81x | 0.93x | 0.80x | 0.78x | 0.70x | 0.95x | 0.51x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying BDTX stock.
Black Diamond Therapeutics, Inc. (BDTX) generated $29.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Black Diamond Therapeutics, Inc. (BDTX) generated $29.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Black Diamond Therapeutics, Inc. (BDTX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Imminent liquidity and dilution risk
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Milestones
As reported in financial statements, BDTX's operating cash flow consistently tracks net income with a high degree of correlation, yet the 2025Q1 outlier of $53.4M in operating cash flow highlights that cash generation is entirely dependent on non-recurring milestone payments rather than core operational efficiency.
The tight relationship between net income and operating cash flow suggests that the company lacks significant non-cash accruals that would otherwise decouple these metrics. Investors should interpret this as a sign that the business model is currently a pass-through for partnership capital rather than a self-sustaining enterprise.
Free Cash Flow Volatility Persists
Based on the provided quarterly data, BDTX's free cash flow trajectory remains deeply negative in nine out of ten quarters, with the singular positive FCF margin of 76.3% in 2025Q1 serving as a temporary anomaly that fails to offset the persistent structural cash burn.
The inability to generate positive free cash flow outside of milestone events indicates that the company's current clinical development pace is unsustainable without external capital injections. This trajectory suggests that the firm remains in a high-risk phase where cash preservation is secondary to the aggressive pursuit of clinical milestones.
Working Capital Fluctuations Signal Instability
According to historical cash flow data, working capital changes have been consistently negative, with a notable $5.3M outflow in 2025Q1, suggesting that the company's operational cycle is currently consuming cash rather than providing a buffer for its ongoing research and development activities.
These recurring working capital outflows appear to reflect the timing of clinical trial expenses and the settlement of liabilities associated with the MAP platform's development. The lack of a consistent positive contribution from working capital indicates that the company is not effectively leveraging its payables to manage liquidity.
Hidden Costs of Clinical Development
As indicated by the cash flow statements, the company's reliance on stock-based compensation, which reached $5.3M in 2024Q2, serves as a critical non-cash mechanism to preserve liquidity while simultaneously diluting existing shareholders to fund the high costs of specialized scientific talent and clinical operations.
While stock-based compensation helps mitigate immediate cash outflows, it obscures the true economic cost of the company's R&D efforts. Analysts should monitor this trend closely, as the reliance on equity-based incentives may increase if the company's cash position continues to deteriorate toward critical levels.