BDTX

Black Diamond Therapeutics, Inc.
BS score 51.2MEDIUMPHASE2 · mkt cap $147.8M · rev ttm $70.0M
drug hypothesis

silevertinib (formerly BDTX-1535) modulates EGFR (Epidermal Growth Factor Receptor) - families of oncogenic mutations including classical, non-classical, PACC mutations, and C797S resistance mutation to treat EGFR mutant (EGFRm) non-small cell lung cancer (NSCLC) - both frontline and recurrent settings; also in development for EGFR-altered glioblastoma (GBM).

moa:Brain-penetrant, irreversible EGFR MasterKey inhibitor designed to target families of oncogenic EGFR mutations by exploiting their shared activating conformation. Targets the active site regardless of mutation location on the receptor, sparing wild-type EGFR.

score breakdown
trial design70
base rate disconnect8
language red flags100
composite51.2
valuation analysis
market cap$147.8M
revenue ttm$70.0M
phasePHASE2
historical base rate10%
disconnect ratio0.3x
lead trialNCT05256290
meta
cik0001701541
first discovered2026-04-09
last updated2026-04-10
statusACTIVE
llm model
extracted at2026-04-10
trial design

Phase 2 in EGFRm NSCLC: single-arm study in 43 frontline patients with non-classical EGFR mutations at 200mg daily dose; fully enrolled. Phase 2 GBM: randomized trial in ~150 newly diagnosed EGFRvIII-positive, MGMT-unmethylated patients comparing temozolomide (control) vs silevertinib plus temozolomide (experimental), with PFS as primary endpoint

primary endpoint:Phase 2 NSCLC: Objective Response Rate (ORR by RECIST 1.1); Phase 2 GBM: Progression-free Survival (PFS by RANO, blinded independent central review)

claimed differentiation

Addresses >50 classical and non-classical oncogenic driver mutations with greater potency than existing EGFR TKIs; uniquely targets C797S resistance mutation; high brain penetrance with 86% CNS ORR demonstrated; targets mutation families rather than individual mutations enabling broader patient coverage

language red flags
  • Frequent use of 'we believe' and 'we expect' - speculative language throughout
  • 'MasterKey' terminology is marketing-driven rather than scientifically defined
  • 'Uniquely positioned' and 'uniquely target' claims without head-to-head data
  • 'Fourth-generation' is incremental labeling, not necessarily revolutionary
  • Proprietary MAP engine described without specific mechanistic details
  • 60% ORR from small single-arm Phase 2 (n=43) with only 7.2 month median follow-up is preliminary
  • 86% CNS ORR from 7 patients with measurable CNS lesions - very small sample
  • No comparative data against standard of care (osimertinib) in this trial
  • Using 'real-world evidence' from collaboration with commercial lab (Guardant) rather than prospective trial
  • Fast Track Designation mentioned but regulatory pathway still uncertain
  • GBM trial design changes mentioned (FDA feedback in January 2026) suggesting ongoing uncertainty
  • 'Encouraging' and 'encouraging duration' used repeatedly - subjective characterization
company-stated risks
  • Clinical trials may not be successful or may be delayed
  • Regulatory approval may not be obtained
  • Competition from existing and future EGFR inhibitors
  • Uncertainty regarding treatment response durability
  • Potential for adverse events or toxicity
  • Need for additional capital to fund development
  • Dependence on key personnel and ability to attract talent
  • Intellectual property protection and competitive positioning
  • Ability to identify and execute strategic partnerships
upcoming catalysts
  • Q2 2026Updated Phase 2 NSCLC results including preliminary DOR and PFS data (43 frontline patients) and recurrent setting data (83 patients)
  • Q2 2026FDA guidance on potential pivotal trial design in frontline setting
  • Q2 2026Initiate randomized Phase 2 trial in newly diagnosed EGFR-altered GBM
  • H1 2028Interim PFS analysis in GBM Phase 2 trial