Revenue performance is entirely non-recurring, evidenced by the 2025Q1 milestone-driven $70M inflow that stands in stark contrast to the consistent quarterly operating losses, such as the $11.3M deficit reported in 2026Q1.
Black Diamond Therapeutics, Inc. (BDTX) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 0 | 70M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -100% | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 27K | 325K | 0 | 437K | 0 | 0 | 0 | 47K | 44K | 24K |
| COGS % of Revenue | - | 0.46% | - | - | - | - | - | - | - | - |
| Gross Profit | -27K | 69.67M | 0 | -437K | 0 | 0 | 0 | -47K | -44K | -24K |
| Gross Margin % | - | 99.54% | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | 100% | - | - | - | 100% | -6.82% | -83.33% | - |
| Operating Expenses | 51.9M | 49.8M | 78.78M | 86.02M | 92.83M | 126.87M | 69.57M | 29.33M | 8.9M | 4.12M |
| OpEx % of Revenue | - | 71.15% | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 16.43M | 16.57M | 27.47M | 27.11M | 28.39M | 30.04M | 21.36M | 7.58M | 1.95M | 666K |
| SG&A % of Revenue | - | 23.67% | - | - | - | - | - | - | - | - |
| Research & Development | 28.13M | 33.56M | 51.31M | 58.91M | 64.44M | 96.83M | 48.21M | 21.75M | 6.95M | 3.45M |
| R&D % of Revenue | - | 47.94% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | -325K | 0 | 0 | 0 | 0 | 0 | 0 | -16K | -6K |
| Operating Income | -51.9M | 19.87M | -78.78M | -86.46M | -92.83M | -126.87M | -69.57M | -8.9M | -8.9M | -4.12M |
| Operating Margin % | - | 28.39% | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 125.22% | 8.88% | 6.86% | 26.83% | -82.37% | -681.33% | 0% | -116.17% | - |
| EBITDA | -51.7M | 20.2M | -78.44M | -86.02M | -92.32M | -126.67M | -68.97M | -8.86M | -8.86M | -4.09M |
| EBITDA Margin % | - | 28.85% | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -1123.91% | 125.75% | 8.82% | 6.82% | 27.12% | -83.66% | -678.71% | 0.03% | -116.36% | - |
| D&A (Non-Cash Add-back) | 207K | 325K | 343K | 437K | 508K | 205K | 600K | 47K | 44K | 24K |
| EBIT | -41.08M | 22.37M | -69.68M | -82.44M | -91.17M | -125.6M | -67.25M | -29.33M | -8.93M | -4.12M |
| Net Interest Income | 4.29M | 4.06M | 2.18M | 1.92M | 2.03M | 3.46M | 4.04M | 461K | 0 | 0 |
| Interest Income | 4.29M | 4.06M | 2.18M | 1.92M | 2.03M | 3.46M | 4.04M | 461K | 4K | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 0 | 0 | 65K |
| Other Income/Expense | 9.35M | 2.5M | 9.11M | 4.02M | 1.66M | 1.28M | 2.32M | -5.93M | -27K | -483K |
| Pretax Income | -42.55M | 22.37M | -69.68M | -82.44M | -91.17M | -125.6M | -67.25M | -35.26M | -8.93M | -4.6M |
| Pretax Margin % | - | 31.95% | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -27K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.3% | 0% |
| Net Income | -42.55M | 22.37M | -69.68M | -82.44M | -91.17M | -125.6M | -67.25M | -35.26M | -8.93M | -4.6M |
| Net Margin % | - | 31.95% | - | - | - | - | - | - | - | - |
| Net Income Growth % | -394.72% | 132.1% | 15.48% | 9.57% | 27.41% | -86.75% | -90.75% | -294.78% | -94.07% | - |
| Net Income (Continuing) | -42.55M | 22.37M | -69.68M | -82.44M | -91.17M | -125.6M | -67.25M | -35.26M | -8.93M | -4.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.74 | 0.39 | -1.27 | -1.88 | -2.52 | -3.47 | -2.04 | -1.15 | -0.64 | -0.64 |
| EPS Growth % | -421.74% | 130.71% | 32.45% | 25.4% | 27.38% | -70.1% | -77.39% | -79.69% | 0% | - |
| EPS (Basic) | - | 0.39 | -1.27 | -1.88 | -2.52 | -3.47 | -2.04 | -1.15 | -0.64 | -0.64 |
| Diluted Shares Outstanding | 57.37M | 57.56M | 55.03M | 43.95M | 36.23M | 36.19M | 32.91M | 35.91M | 13.95M | 7.2M |
| Basic Shares Outstanding | 57.37M | 56.87M | 55.03M | 43.95M | 36.23M | 36.19M | 32.91M | 35.91M | 13.95M | 7.2M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying BDTX stock.
For fiscal year 2025, Black Diamond Therapeutics, Inc. (BDTX) reported total revenue of $70.0M.
Black Diamond Therapeutics, Inc. (BDTX) is profitable, generating $22.4M in net income for the fiscal year ending 2025 with a net profit margin of 32.0%.
Black Diamond Therapeutics, Inc. (BDTX) reported an operating income of $19.9M, resulting in an operating profit margin of 28.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Black Diamond Therapeutics, Inc. (BDTX) generated $69.7M in gross profit for the year, representing a gross profit margin of 99.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Imminent liquidity and dilution risk
Metrics are mathematically derived from official filings.
Revenue Dependent on Sporadic Milestones
As reported in financial statements, BDTX's revenue profile is entirely non-recurring, characterized by a singular $70M inflow in 2025Q1 that masks the absence of a sustainable commercial top line, leaving the company's growth trajectory tethered to unpredictable partnership milestones rather than consistent product-driven market expansion.
The lack of recurring revenue suggests that the company remains in a pre-commercial state where top-line growth is essentially a function of clinical development success. Investors should monitor the timing of future collaboration payments, as the current revenue structure provides no visibility into long-term operational durability.
R&D Intensity Drives Operating Deficits
According to historical income statement data, the company's cost structure is dominated by high-fixed R&D expenditures, which frequently exceed $10M per quarter, indicating that management's expense discipline is secondary to the aggressive capital requirements of advancing the MAP platform through late-stage clinical trials.
The persistent R&D burn highlights the significant financial burden of maintaining a proprietary computational oncology pipeline. Without a commercial product to offset these costs, the company remains structurally reliant on external capital to sustain its ongoing scientific operations.
Earnings Distorted by Non-Operating Inflows
Based on the provided financial figures, the reported net income of $56.5M in 2025Q1 appears to be an anomaly driven by one-time milestone recognition, which obscures the underlying reality of a business that consistently generates negative net income in all other observed quarterly reporting periods.
The volatility in net income suggests that traditional earnings metrics are poor indicators of the company's fundamental health. Analysts should focus on the underlying cash burn rate rather than accounting profits, as the latter are heavily influenced by the timing of non-operating collaboration revenue.
Liquidity Constraints Threaten Operational Continuity
With cash and equivalents reported at approximately $20.99M, the company faces a precarious financial position, as the current burn rate suggests that existing capital may be insufficient to fund the pipeline through critical upcoming data readouts without resorting to dilutive equity financing or new partnerships.
The current cash position warrants significant concern regarding the company's ability to maintain its current R&D trajectory. Investors should consider the high probability of near-term capital raises, which may significantly impact shareholder value and dilute existing equity positions.