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    Black Diamond Therapeutics (BDTX)

    Market Price (10/6/2026): $1.95 | Market Cap: $111.9 MilSector: Health Care | Industry: Biotechnology

    Black Diamond Therapeutics (BDTX)

    Market Price (10/6/2026): $1.95
    Market Cap: $111.9 Mil
    Sector: Health Care
    Industry: Biotechnology

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -84%

    Megatrend and thematic drivers
    Megatrends include Precision Medicine. Themes include Targeted Therapies, Personalized Diagnostics, and Biopharmaceutical R&D.

    Weak multi-year price returns
    2Y Excs Rtn is -90%, 3Y Excs Rtn is -115%

    Meaningful short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.13

    Very low revenue
    Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -45 Mil

    Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is null

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -44%

    Key risks
    BDTX key risks include [1] an outsized dependency on its single lead candidate, Show more.

    0 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -84%
    1 Megatrend and thematic drivers
    Megatrends include Precision Medicine. Themes include Targeted Therapies, Personalized Diagnostics, and Biopharmaceutical R&D.
    2 Weak multi-year price returns
    2Y Excs Rtn is -90%, 3Y Excs Rtn is -115%
    3 Meaningful short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.13
    4 Very low revenue
    Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
    5 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -45 Mil
    6 Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is null
    7 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -44%
    8 Key risks
    BDTX key risks include [1] an outsized dependency on its single lead candidate, Show more.

    BDTX in ETFs

    Weight = BDTX's share of each fund

    VTI0.00%
    IWM0.00%
    IWN0.83%
    IBB0.01%
    VTWO0.00%
    DFAS0.00%
    DFAC0.00%

    Valuation & Metrics

    FYE: 12/31BDTX [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$0.0 Mil—
    FY 2026 Sales$8.3 Mil—
    FY 2027 Sales$2.8 Mil—
    FY 2026 Sales Growth——
    FY 2027 Sales Growth-65.9%13.0%
    EARNINGS
    LTM Net Income (GAAP) [3]$-42.6 Mil—
    FY 2026 Net Income (Non-GAAP)$-34.8 Mil—
    FY 2027 Net Income (Non-GAAP)$-73.3 Mil—
    FY 2027 Net Income Growth—18.7%
    FY 2026 EPS (Non-GAAP)$-0.62—
    FY 2027 EPS (Non-GAAP)$-0.95—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S13.41.7
    FY 2027 P/S39.3—
    FY 2026 P/E—7.8
    FY 2027 P/E——

    [1] BDTX forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    null

    AI Analysis | Feedback

    MetricValueDateSource
    Number of Clinical-Stage Programs28152024Link
    Patient Enrollment in Phase 2 Silevertinib Trial (1L non-classical EGFRm NSCLC)436302025Link
    Upfront Payment from Servier Licensing Agreement70M6302025Link
    Potential Milestone Payments from Servier Licensing Agreement710M8072025Link

    Price Chart

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    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/1/2026

    Black Diamond Therapeutics (BDTX) stock has gained about 5% since 6/30/2026 because of the following key factors:

    1. Black Diamond Therapeutics reported stronger-than-expected financial results for fiscal Q2 2026. The company announced a loss of $0.17 per share on August 5, 2026, which surpassed analysts' consensus estimates of a $0.20 loss per share by $0.03. This positive earnings surprise led to a 7.26% increase in the stock price the day following the announcement, contributing to a stabilization of the stock during the specified period.

    2. The company maintained a strong cash position, providing a significant operational runway. As of June 30, 2026, Black Diamond Therapeutics held $110.5 million in cash, cash equivalents, and investments. This capital is projected to fund the company's anticipated operating expenses and capital expenditures into the second half of fiscal year 2028, thereby reducing immediate financial risk and supporting investor confidence.

    Show more
    Updated on 10/1/2026

    Black Diamond Therapeutics (BDTX) stock has gained about 5% since 6/30/2026 because of the following key factors:

    1. Black Diamond Therapeutics reported stronger-than-expected financial results for fiscal Q2 2026. The company announced a loss of $0.17 per share on August 5, 2026, which surpassed analysts' consensus estimates of a $0.20 loss per share by $0.03. This positive earnings surprise led to a 7.26% increase in the stock price the day following the announcement, contributing to a stabilization of the stock during the specified period.

    2. The company maintained a strong cash position, providing a significant operational runway. As of June 30, 2026, Black Diamond Therapeutics held $110.5 million in cash, cash equivalents, and investments. This capital is projected to fund the company's anticipated operating expenses and capital expenditures into the second half of fiscal year 2028, thereby reducing immediate financial risk and supporting investor confidence.

    3. Analysts maintained a "Moderate Buy" consensus with a substantial upside in price targets. As of October 4, 2026, eleven brokerages assigned Black Diamond Therapeutics a consensus "Moderate Buy" rating, with an average 12-month price target of $10.25. This target represents a potential upside of approximately 442.33% from the stock's closing price of $1.89 on October 2, 2026, indicating a perceived undervaluation and providing a floor against significant declines.

    4. Sustained progress and strategic focus on its lead oncology asset, silevertinib, underpinned valuation. Black Diamond Therapeutics continued to advance its MasterKey therapy, silevertinib, for non-small cell lung cancer (NSCLC) and glioblastoma (GBM). Following the announcement of positive Phase 2 results for silevertinib in frontline NSCLC patients with non-classical EGFR mutations on May 21, 2026, which showed a 60% Objective Response Rate and a preliminary median Progression-free Survival of 15.2 months, the company planned updates for Phase 2 trials and FDA feedback in fiscal Q4 2026. This ongoing clinical development and clear regulatory path provided a foundational element for the stock's relatively stable valuation.

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    Stock Movement Drivers

    Fundamental Drivers

    The 4.9% change in BDTX stock from 6/30/2026 to 10/5/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)630202610052026Change
    Stock Price ($)1.851.944.9%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)5757-0.2%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/5/2026
    ReturnCorrelation
    BDTX4.9% 
    Market (SPY)3.8%24.3%
    Sector (XLV)5.5%42.0%

    Fundamental Drivers

    The -8.9% change in BDTX stock from 3/31/2026 to 10/5/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).
    (LTM values as of)331202610052026Change
    Stock Price ($)2.131.94-8.9%
    Change Contribution By: 
    Total Revenues ($ Mil)700 
    P/S Multiple1.7∞9.2233720368547763E17%
    Shares Outstanding (Mil)5757-0.5%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/5/2026
    ReturnCorrelation
    BDTX-8.9% 
    Market (SPY)19.4%19.5%
    Sector (XLV)14.7%9.8%

    Fundamental Drivers

    The -48.8% change in BDTX stock from 9/30/2025 to 10/5/2026 was primarily driven by a null change in the company's Total Revenues ($ Mil).
    (LTM values as of)930202510052026Change
    Stock Price ($)3.791.94-48.8%
    Change Contribution By: 
    Total Revenues ($ Mil)700 
    P/S Multiple3.1∞9.2233720368547763E17%
    Shares Outstanding (Mil)5757-1.0%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/5/2026
    ReturnCorrelation
    BDTX-48.8% 
    Market (SPY)17.3%27.2%
    Sector (XLV)21.8%17.4%

    Fundamental Drivers

    The -32.4% change in BDTX stock from 9/30/2023 to 10/5/2026 was primarily driven by a -36.3% change in the company's Shares Outstanding (Mil).
    (LTM values as of)930202310052026Change
    Stock Price ($)2.871.94-32.4%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)3757-36.3%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/5/2026
    ReturnCorrelation
    BDTX-32.4% 
    Market (SPY)87.5%30.9%
    Sector (XLV)36.1%24.0%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    BDTX Return-83%-66%56%-24%14%-22%-94%
    Peers Return-4%-17%24%2%59%68%172%
    S&P 500 Return27%-19%24%23%16%13%106%

    Monthly Win Rates [3]
    BDTX Win Rate25%25%50%42%67%40% 
    Peers Win Rate53%53%60%50%65%64% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    BDTX Max Drawdown-85%-77%-71%-71%-54%-55% 
    Peers Max Drawdown-44%-46%-41%-36%-37%-22% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: RVMD, INCY, EXEL, RLAY, IDYA.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 10/5/2026 (YTD)

    How Low Can It Go

    EventBDTXS&P 500
    2025 US Tariff Shock
      % Loss-47.3%-18.8%
      % Gain to Breakeven89.6%23.1%
      Time to Breakeven55 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-11.1%-7.8%
      % Gain to Breakeven12.5%8.5%
      Time to Breakeven6 days18 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-51.2%-9.5%
      % Gain to Breakeven104.8%10.5%
      Time to Breakeven96 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-53.8%-6.7%
      % Gain to Breakeven116.3%7.1%
      Time to Breakeven109 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-77.4%-24.5%
      % Gain to Breakeven341.7%32.4%
      Time to Breakeven257 days427 days
    2020 COVID-19 Crash
      % Loss-51.2%-33.7%
      % Gain to Breakeven105.0%50.9%
      Time to Breakeven37 days140 days

    Compare to RVMD, INCY, EXEL, RLAY, IDYA

    In The Past

    Black Diamond Therapeutics's stock fell -47.3% during the 2025 US Tariff Shock. Such a loss loss requires a 89.6% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventBDTXS&P 500
    2025 US Tariff Shock
      % Loss-47.3%-18.8%
      % Gain to Breakeven89.6%23.1%
      Time to Breakeven55 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-51.2%-9.5%
      % Gain to Breakeven104.8%10.5%
      Time to Breakeven96 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-53.8%-6.7%
      % Gain to Breakeven116.3%7.1%
      Time to Breakeven109 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-77.4%-24.5%
      % Gain to Breakeven341.7%32.4%
      Time to Breakeven257 days427 days
    2020 COVID-19 Crash
      % Loss-51.2%-33.7%
      % Gain to Breakeven105.0%50.9%
      Time to Breakeven37 days140 days

    Compare to RVMD, INCY, EXEL, RLAY, IDYA

    In The Past

    Black Diamond Therapeutics's stock fell -47.3% during the 2025 US Tariff Shock. Such a loss loss requires a 89.6% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Black Diamond Therapeutics (BDTX)

    Black Diamond Therapeutics (BDTX) is a biotechnology company focused on discovering, developing, and commercializing highly targeted medicines for patients with cancers caused by specific genetic mutations. The company's core strategy involves designing small molecule inhibitors that precisely target oncogenic proteins, which are abnormal proteins driving tumor growth, allowing for a more focused and potentially effective treatment approach.

    The company's pipeline includes several key drug candidates. BDTX-189 is an irreversible small molecule inhibitor specifically designed to target non-canonical epidermal growth factor receptor (EGFR) and human epidermal growth factor receptor 2 (HER2) driver mutations. Another important candidate is BDTX-1535, a brain-penetrant inhibitor aimed at various EGFR mutations, including those associated with intrinsic and acquired drug resistance. Additionally, Black Diamond Therapeutics is developing BDTX-4933, a brain-penetrant inhibitor targeting oncogenic BRAF class I, II, and III alterations.

    Black Diamond Therapeutics primarily serves the market of oncology patients whose tumors are defined by specific genetic alterations, particularly those involving EGFR, HER2, and BRAF pathways. By developing therapies that can target a range of mutations, including those that have developed resistance or affect the brain, the company aims to address significant unmet medical needs within the genetically defined cancer treatment landscape.

    AI Analysis | Feedback

    Loxo Oncology for complex cancer mutations.

    Vertex Pharmaceuticals, but for precision cancer drugs.

    AI Analysis | Feedback

    • BDTX-189: An irreversible small molecule inhibitor designed to target oncogenic proteins defined by non-canonical EGFR and HER2 driver mutations.
    • BDTX-1535: A brain-penetrant inhibitor of EGFR mutations, including canonical, intrinsic resistance, and acquired resistance mutations.
    • BDTX-4933: A brain-penetrant inhibitor of oncogenic BRAF class I, II, and III alterations.

    AI Analysis | Feedback

    Black Diamond Therapeutics (BDTX) is a biotechnology company that discovers, develops, and commercializes medicines for patients with genetically defined tumors. While the company's current pipeline consists of drug candidates in various stages of development, its business model involves the eventual commercialization of these medicines.

    Once its medicines are approved and commercialized, Black Diamond Therapeutics would primarily sell to other companies within the pharmaceutical supply chain. The major customers in this scenario would typically include:

    • Pharmaceutical Wholesalers and Distributors: These companies purchase medicines in bulk directly from manufacturers and distribute them to pharmacies, hospitals, and clinics. Examples of major public companies in this sector include:
      • McKesson Corporation (MCK)
      • AmerisourceBergen Corporation (ABC)
      • Cardinal Health, Inc. (CAH)
    • Hospitals and Integrated Delivery Networks (IDNs): Large hospital systems or healthcare networks may purchase certain specialized or hospital-administered drugs directly from the manufacturer.
    • Specialty Pharmacies: For highly targeted or complex oncology drugs, specialty pharmacies often serve as key distribution and patient support partners.

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    • Cadence Design Systems, Inc. (CDNS)

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    Mark Velleca, M.D., Ph.D., Chief Executive Officer, President and Chairman

    Mark Velleca was appointed CEO of Black Diamond Therapeutics in September 2023, having previously served as Chairman of the Board since 2022 and as a board member since 2021. Prior to joining Black Diamond, Dr. Velleca was the CEO of G1 Therapeutics, Inc., where he successfully led the company through its initial public offering and guided the development of its first therapy, COSELA®, from investigational new drug (IND) filing to U.S. Food and Drug Administration (FDA) approval. He also served as CEO of StrideBio, a gene therapy company, and was a Venture Partner at Hatteras Venture Partners.

    Erika Jones, Principal Financial Officer and Principal Accounting Officer

    Erika Jones was appointed Principal Financial Officer and Principal Accounting Officer of Black Diamond Therapeutics effective October 7, 2024. She previously held the position of Senior Vice President of Finance and Corporate Controller within the company.

    Elizabeth Buck, Ph.D., Co-Founder and Chief Scientific Officer

    Elizabeth Buck is a co-founder of Black Diamond Therapeutics. She currently serves as the Chief Scientific Officer, and is involved in presenting at investor conferences alongside the CEO.

    Sergey Yurasov, M.D., Ph.D., Chief Medical Officer

    Sergey Yurasov serves as the Chief Medical Officer of Black Diamond Therapeutics.

    Brent Hatzis-Schoch, Esq., J.D., Chief Operating Officer and General Counsel

    Brent Hatzis-Schoch holds the roles of Chief Operating Officer and General Counsel at Black Diamond Therapeutics.

    AI Analysis | Feedback

    The key risks to Black Diamond Therapeutics (BDTX) business are primarily centered around the successful development and commercialization of its lead drug candidate, its ongoing need for substantial funding, and the protection of its intellectual property.

    Key Risks for Black Diamond Therapeutics (BDTX)

    1. Clinical Development and Regulatory Risks: Black Diamond Therapeutics is heavily reliant on the successful clinical development, regulatory approval, and eventual commercialization of its primary product candidate, BDTX-1535 (also referred to as silevertinib). Failures, delays, or unexpected adverse events in ongoing clinical trials for BDTX-1535 in indications such as EGFR-mutant Non-Small Cell Lung Cancer (NSCLC) and glioblastoma, or an inability to secure regulatory approvals, would severely impact the company's business. The oncology market, particularly for EGFR inhibitors, is highly competitive, requiring BDTX-1535 to demonstrate significant efficacy to establish a market position.
    2. Funding and Liquidity Risks: As a clinical-stage biotechnology company, Black Diamond Therapeutics has a history of incurring substantial operating losses and anticipates continued losses for the foreseeable future. Despite recent financial maneuvers that have extended its cash runway, the company will require significant additional capital to sustain its operations and advance its drug development programs into later stages and potential commercialization. Difficulties in raising this additional capital on favorable terms could force the company to delay, scale back, or even discontinue its development efforts.
    3. Intellectual Property Protection Risks: The ability of Black Diamond Therapeutics to compete and generate revenue is critically dependent on its capacity to obtain, maintain, and enforce robust patent and other intellectual property protections for BDTX-1535 and its underlying drug discovery platform. Any failure to adequately protect its intellectual property could allow competitors to develop and commercialize similar or identical products, thereby eroding Black Diamond Therapeutics' competitive advantage and future revenue potential.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    Here are 3 expected drivers of future revenue growth for Black Diamond Therapeutics (BDTX) over the next 2-3 years:

    1. Strategic Partnerships and Milestone Payments for BDTX-1535 (Silevertinib) in NSCLC: Black Diamond Therapeutics is actively pursuing global partnership opportunities for its lead candidate, silevertinib (BDTX-1535), specifically for non-small cell lung cancer (NSCLC) with non-classical EGFR mutations. Key clinical data, including durability of response (DOR) and progression-free survival (PFS), are anticipated in the second quarter of 2026, which are crucial for attracting and finalizing such collaborations. Discussions with the FDA regarding pivotal trial design are also planned for the first half of 2026. Successful partnerships would likely include upfront payments and subsequent milestone payments triggered by further development, regulatory achievements, and commercialization progress, tapping into a potential $2 billion market opportunity in frontline EGFR lung cancer.
    2. Milestone Payments from the BDTX-4933 Licensing Agreement with Servier: In March 2025, Black Diamond Therapeutics entered into a global licensing agreement with Servier Pharmaceuticals for BDTX-4933, which generated a significant upfront payment. While this initial payment was a one-time event, such strategic partnerships typically include additional milestone payments tied to specific development, regulatory, and commercial progress by the licensee, Servier. These future milestone payments would contribute to Black Diamond's revenue stream over the next few years as BDTX-4933 advances.
    3. Advancement of BDTX-1535 (Silevertinib) in Glioblastoma (GBM) Leading to Potential Collaboration Opportunities: The company is advancing silevertinib into a Phase 2 trial for newly diagnosed glioblastoma patients with EGFR alterations, leveraging the drug's potent activity against EGFRvIII and high brain penetrance. Initial data from this Phase 2 GBM trial is expected in the first half of 2028. Positive clinical data in this indication could attract further collaborations or licensing deals, leading to potential milestone payments and contributing to future revenue growth within or shortly after the specified 2-3 year timeframe.

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    Share Issuance

    • Black Diamond Therapeutics' non-employee directors received common stock as compensation for annual board service, including 5,208 shares and 4,665 shares on December 12, 2025, both valued at $2.76 per share.
    • Stock options were granted to executives on January 21, 2026, including 250,000 options to the Chief Scientific Officer, 250,000 options to the Chief Medical Officer, and 600,000 options to the President and CEO, all with an exercise price of $2.57 per share.
    • As of Q3 2025, the company had 57 million shares outstanding, an increase of 0.1% from the prior quarter.

    Inbound Investments

    • In March 2025, Black Diamond Therapeutics entered a global licensing agreement with Servier Pharmaceuticals LLC for BDTX-4933.
    • This agreement included an upfront payment of $70 million to Black Diamond Therapeutics.
    • The company is eligible for potential development and commercial sales milestone payments up to $710 million, along with tiered royalties on global net sales from the Servier deal.

    Capital Expenditures

    • Black Diamond Therapeutics reported $0 in capital expenditures in Q3 2024.
    • As of September 30, 2025, the company had approximately $135.5 million in cash, cash equivalents, and investments, which is projected to fund operating expenses and capital expenditure requirements into Q4 2027.
    • The company has focused on optimizing operations and reducing expenses, with research and development (R&D) expenses decreasing to $7.4 million in Q3 2025 from $12.9 million in Q3 2024, to focus on the development of BDTX-1535.
    ```

    Peer Outperformance in Biotechnology

    BDTX has outperformed 54% of its 361 Biotechnology peers over 5Y. Biotechnology ranks 10th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Biotechnology constituents that BDTX has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    29%
    of 453 industry peers · -50.1% return
    3Y
    49%
    of 401 industry peers · -26.0% return
    5Y
    54%
    of 361 industry peers · -74.8% return
    null
    Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is BDTX's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Health Care Distributors 6 14.7%44.5%95.9% CAH 430% · MCK 373% · COR 184%
    Health Care Services 20 20.9%37.4%12.4% HIMS 303% · RDNT 151% · DGX 78%
    Managed Health Care 8 29.4%-8.1%6.6% OSCR 97% · HQY 44% · ELV 15%
    Health Care Facilities 24 -1.3%5.7%0.6% THC 310% · NHC 282% · ENSG 137%
    Health Care Equipment 50 -7.3%-0.8%-15.1% POCI 11050% · UFPT 393% · GKOS 259%
    Pharmaceuticals 62 -8.2%-7.2%-31.0% INDV 1108% · ETON 1073% · LQDA 920%
    Health Care Supplies 12 22.1%-5.5%-37.0% LNTH 304% · HAE 57% · MMSI 21%
    Life Sciences Tools & Services 108 -0.4%-11.1%-65.3% SNWV 1818% · NTRA 283% · MEDP 222%
    Health Care Technology 21 -31.5%-57.4%-78.2% SPOK 80% · HSTM 14% · VEEV 0%
    Biotechnology ← 362 -15.2%-23.6%-78.9% CELZ 1214% · DNTH 1126% · ELVN 1113%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

    Title
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    KODKodiak Sciences5.9158.0%235.5%
    PACBPacific Biosciences of California0.9120.8%53.5%
    DNAGinkgo Bioworks0.9115.5%80.3%
    GRALGRAIL6.691.1%80.0%
    MXLMaxLinear9.577.4%505.2%
    VICRVicor14.071.0%178.8%
    SECZSecuritize1.764.8%-4.9%
    IOVAIovance Biotherapeutics6.462.6%418.3%
    COHUCohu3.560.4%216.8%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    CTVACorteva8.3-86.0%-81.4%
    LQDALiquidia2.5-59.7%-19.9%
    XNDUXanadu Quantum Technologies1.4-54.9%-60.7%
    QUREuniQure1.5-49.2%-4.7%
    NKTRNektar Therapeutics1.4-44.7%-0.1%
    ALMSAlumis0.9-39.8%-29.9%
    FICOFair Isaac15.6-38.4%-59.2%
    DYNDyne Therapeutics2.6-38.1%-21.1%
    SWRDStewards0.5-38.0%-54.1%
    XENEXenon Pharmaceuticals3.7-37.8%-16.2%

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    Peer Comparisons

    Peers to compare with:

    Financials

    BDTXRVMDINCYEXELRLAYIDYAMedian
    NameBlack Di.Revoluti.Incyte Exelixis Relay Th.IDEAYA B. 
    Mkt Price1.95207.68114.1258.8519.3838.0648.45
    Mkt Cap0.143.822.914.83.93.59.3
    Rev LTM005,8202,43610234122
    Op Inc LTM-45-1,6271,840992-310-217-131
    FCF LTM-33-1,5881,8901,158-212-114-73
    FCF 3Y Avg-28-936899682-253-182-105
    CFO LTM-33-1,5771,9801,183-212-112-72
    CFO 3Y Avg-28-924974757-251-179-103

    Growth & Margins

    BDTXRVMDINCYEXELRLAYIDYAMedian
    NameBlack Di.Revoluti.Incyte Exelixis Relay Th.IDEAYA B. 
    Rev Chg LTM-100.0%-26.9%9.2%23.9%3,244.7%23.9%
    Rev Chg 3Y Avg--18.5%12.5%1,195.1%1,043.2%530.9%
    Rev Chg Q--37.7%10.6%-48.3%-10.6%
    QoQ Delta Rev Chg LTM--8.6%2.5%-3.1%3.9%3.2%
    Op Inc Chg LTM-1,047.0%-81.3%85.0%32.0%9.5%43.5%20.7%
    Op Inc Chg 3Y Avg-314.5%-72.4%552.7%101.3%6.1%-61.0%-27.4%
    Op Mgn LTM--31.6%40.7%-2,999.4%-92.7%-30.5%
    Op Mgn 3Y Avg--18.3%31.5%-2,721.8%-2,393.9%-1,187.8%
    QoQ Delta Op Mgn LTM--4.6%0.4%-222.8%-11.2%-5.4%
    CFO/Rev LTM--34.0%48.6%-2,050.3%-47.7%-6.8%
    CFO/Rev 3Y Avg--18.1%33.0%-1,992.1%-1,778.5%-880.2%
    FCF/Rev LTM--32.5%47.5%-2,050.3%-48.6%-8.1%
    FCF/Rev 3Y Avg--16.5%29.4%-1,997.0%-1,806.2%-894.8%

    Valuation

    BDTXRVMDINCYEXELRLAYIDYAMedian
    NameBlack Di.Revoluti.Incyte Exelixis Relay Th.IDEAYA B. 
    Mkt Cap0.143.822.914.83.93.59.3
    P/S--3.96.1379.815.010.5
    P/Op Inc-2.5-26.912.414.9-12.7-16.2-7.6
    P/EBIT-2.5-25.611.614.9-12.7-16.2-7.6
    P/E-2.6-24.814.217.2-13.7-20.0-8.2
    P/CFO-3.4-27.811.612.5-18.5-31.4-11.0
    Total Yield-38.2%-4.0%7.1%5.8%-7.3%-5.0%-4.5%
    Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
    FCF Yield 3Y Avg-16.8%-7.4%4.8%5.7%-27.5%-8.1%-7.7%
    D/E0.20.00.00.00.00.00.0
    Net D/E-0.8-0.1-0.2-0.0-0.2-0.2-0.2

    Returns

    BDTXRVMDINCYEXELRLAYIDYAMedian
    NameBlack Di.Revoluti.Incyte Exelixis Relay Th.IDEAYA B. 
    1M Rtn-8.0%-1.1%-10.0%-0.3%1.8%-4.5%-2.8%
    3M Rtn-1.0%9.3%-1.3%6.0%2.5%-3.3%0.8%
    6M Rtn-22.0%117.8%20.3%33.8%55.7%17.7%27.1%
    12M Rtn-49.9%344.6%31.4%46.8%253.6%37.7%42.2%
    3Y Rtn-25.6%729.4%99.1%164.9%133.8%42.7%116.4%
    1M Excs Rtn-7.5%-1.9%-11.2%-0.8%1.6%-5.1%-3.5%
    3M Excs Rtn-9.9%5.4%-6.9%-0.5%-5.4%-9.6%-6.2%
    6M Excs Rtn-39.7%100.2%2.7%16.2%38.1%0.1%9.5%
    12M Excs Rtn-63.6%338.7%16.5%26.6%255.5%24.2%25.4%
    3Y Excs Rtn-115.3%554.6%13.9%82.0%54.4%-37.7%34.2%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/5/20265/7/20263/16/202611/6/20258/7/20255/12/20253/6/202511/5/20248/6/20245/9/20243/12/202411/6/2023
    Key Financials Quarterly            
    Total Revenue0000070000000
    Ebitda-12-11-10-11-1355-18-18-22-20-21-24
    Operating Income-12-11-10-11-1355-18-18-22-20-21-24
    Net Income-10-9-15-8-1157-16-16-20-18-19-23
    EPS-0.17-0.16-0.27-0.15-0.191.00-0.28-0.28-0.36-0.35-0.34-0.45
    Key Financials TTM            
    Total Revenue TTM0070707070000000
    Ebitda TTM-44-4620125-4-78-81-87-85-86-87
    Operating Income TTM-45-4620125-4-79-81-87-85-86-87
    Net Income TTM-43-432221145-70-73-81-80-82-84
    Growth Rates Quarterly            
    Total Revenue Growth--100.0%----------
    EBITDA Growth9.8%-120.6%43.9%39.6%39.5%370.9%12.4%24.5%-10.7%6.0%4.4%-8.6%
    Operating Income Growth10.2%-120.6%43.8%39.4%39.4%369.3%12.4%24.5%-10.5%6.1%4.6%-8.5%
    Net Income Growth6.2%-116.0%5.4%45.4%47.0%410.2%17.6%32.4%-4.0%12.7%7.9%-6.2%
    Margins Quarterly            
    EBITDA Margin-----78.0%------
    Operating Income Margin-----77.9%------
    Net Income Margin-----80.8%------
    Cash & Debt            
    Total Cash11111812913614315299113123115131144
    Total Debt171819202122222324252526
    Net Debt / (Cash)-94-100-110-116-122-131-76-90-99-91-106-118
    Cash Flows Quarterly            
    FCF from Operations-8-10-7-8-953-15-11-15-21-14-18
    Cash Flows TTM            
    FCF from Operations TTM-33-3430211812-62-61-68-68-67-75
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-9.9%-9.4%-8.8%-9.5%-11.9%49.4%-14.8%-15.1%-18.9%-18.0%-19.5%-23.2%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-9.2%-9.6%4.3%2.6%1.0%-0.9%-15.9%-17.0%-18.7%-19.0%-20.2%-21.1%

    Segment Financials

    Revenue by Segment
    $ Mil20252024
    Development of MasterKey therapies that target families of oncogenic mutations in patients with700
    Total700


    Net Income by Segment
    $ Mil202520242023
    Development of MasterKey therapies that target families of oncogenic mutations in patients with22-70-82
    Total22-70-82


    Assets by Segment
    $ Mil20232022202120202019
    Development of MasterKey therapies that target families of oncogenic mutations in patients with159156248330158
    Total159156248330158


    Price Behavior

    Price Behavior
    Market Price$1.94 
    Market Cap ($ Bil)0.1 
    First Trading Date01/30/2020 
    Distance from 52W High-60.2% 
       50 Days200 Days
    DMA Price$1.98$2.27
    DMA Trenddownup
    Distance from DMA-2.1%-14.5%
     3M1YR
    Volatility48.3%80.7%
    Downside Capture127.67193.07
    Upside Capture99.0678.67
    Correlation (SPY)26.3%27.0%
    BDTX Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta1.261.161.101.361.681.67
    Up Beta-3.48-1.300.512.332.241.20
    Down Beta6.926.193.792.202.061.65
    Up Capture42%173%75%35%68%596%
    Bmk +ve Days6162766132424
    Stock +ve Days8223055115341
    Down Capture281%90%76%101%145%112%
    Bmk -ve Days16263760120328
    Stock -ve Days13173065126384

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with BDTX
    BDTX-48.1%80.5%-0.44-
    Sector ETF (XLV)18.5%15.7%0.8818.1%
    Equity (SPY)16.8%13.0%0.9227.2%
    Gold (GLD)7.0%29.6%0.2319.1%
    Commodities (DBC)45.9%20.9%1.71-6.9%
    Real Estate (VNQ)1.6%13.6%-0.1412.1%
    Bitcoin (BTCUSD)-30.1%44.3%-0.6824.7%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with BDTX
    BDTX-27.1%133.0%0.15-
    Sector ETF (XLV)6.8%15.2%0.2614.6%
    Equity (SPY)13.3%17.2%0.5921.2%
    Gold (GLD)18.3%18.9%0.784.5%
    Commodities (DBC)10.0%19.6%0.39-3.4%
    Real Estate (VNQ)0.9%18.8%-0.0616.4%
    Bitcoin (BTCUSD)14.9%52.2%0.4511.7%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with BDTX
    BDTX-25.7%121.6%0.02-
    Sector ETF (XLV)10.5%16.7%0.5116.8%
    Equity (SPY)15.4%17.9%0.7322.6%
    Gold (GLD)11.5%16.4%0.575.2%
    Commodities (DBC)8.4%18.1%0.381.3%
    Real Estate (VNQ)4.1%20.7%0.1617.4%
    Bitcoin (BTCUSD)64.0%66.2%1.0412.0%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9152026
    Short Interest: Shares Quantity5.1 Mil
    Short Interest: % Change Since 8312026-15.9%
    Average Daily Volume0.5 Mil
    Days-to-Cover Short Interest10.1 days
    Basic Shares Quantity57.4 Mil
    Short % of Basic Shares9.0%

    Returns Analyses

    Earnings Returns History

    Updated 9/8/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/5/20267.3%17.3%17.3%
    5/7/2026-3.5%1.4%-30.1%
    3/16/20261.8%-1.8%31.1%
    12/3/2025-22.0%-21.4%-25.5%
    8/7/2025-15.2%3.0%9.3%
    5/12/202510.3%20.6%35.4%
    3/6/2025-1.1%-13.2%-26.3%
    11/5/20248.7%13.0%-17.7%
    ...
    SUMMARY STATS   
    # Positive111313
    # Negative121010
    Median Positive3.2%4.0%10.4%
    Median Negative-4.4%-8.0%-25.3%
    Max Positive10.3%20.6%35.4%
    Max Negative-22.0%-21.6%-48.5%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/5/20267.3%17.3%17.3%
    5/7/2026-3.5%1.4%-30.1%
    3/16/20261.8%-1.8%31.1%
    12/3/2025-22.0%-21.4%-25.5%
    8/7/2025-15.2%3.0%9.3%
    5/12/202510.3%20.6%35.4%
    3/6/2025-1.1%-13.2%-26.3%
    11/5/20248.7%13.0%-17.7%
    8/6/2024-5.6%-11.7%6.0%
    5/9/2024-2.7%-21.6%-25.2%
    3/12/2024-5.5%17.5%24.5%
    11/6/20230.5%-6.3%19.5%
    8/11/2023-2.3%-9.7%2.1%
    5/9/2023-5.2%0.5%10.4%
    3/9/2023-13.7%0.0%-3.0%
    11/8/20223.2%12.2%-25.3%
    8/9/20220.8%6.6%-22.1%
    5/11/2022-1.6%-3.2%14.4%
    3/17/20225.0%3.0%9.9%
    11/8/20212.1%-4.0%-23.1%
    8/12/20212.6%-3.5%4.3%
    5/7/2021-0.2%4.0%-48.5%
    11/10/20206.1%1.2%4.1%
    SUMMARY STATS   
    # Positive111313
    # Negative121010
    Median Positive3.2%4.0%10.4%
    Median Negative-4.4%-8.0%-25.3%
    Max Positive10.3%20.6%35.4%
    Max Negative-22.0%-21.6%-48.5%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/05/202610-Q
    03/31/202605/07/202610-Q
    12/31/202503/16/202610-K
    09/30/202511/06/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/12/202510-Q
    12/31/202403/06/202510-K
    09/30/202411/05/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/09/202410-Q
    12/31/202303/12/202410-K
    09/30/202311/06/202310-Q
    06/30/202308/11/202310-Q
    03/31/202305/09/202310-Q
    12/31/202203/09/202310-K
    09/30/202211/08/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/05/202610-Q
    03/31/202605/07/202610-Q
    12/31/202503/16/202610-K
    09/30/202511/06/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/12/202510-Q
    12/31/202403/06/202510-K
    09/30/202411/05/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/09/202410-Q
    12/31/202303/12/202410-K
    09/30/202311/06/202310-Q
    06/30/202308/11/202310-Q
    03/31/202305/09/202310-Q
    12/31/202203/09/202310-K
    09/30/202211/08/202210-Q
    06/30/202208/09/202210-Q
    03/31/202205/11/202210-Q
    12/31/202103/17/202210-K
    09/30/202111/08/202110-Q
    06/30/202108/12/202110-Q
    03/31/202105/07/202110-Q
    12/31/202003/25/202110-K
    09/30/202011/10/202010-Q
    06/30/202008/11/202010-Q
    03/31/202005/12/202010-Q
    12/31/201903/24/202010-K
    09/30/201901/30/2020424B4

    Investor Activity (13F)

    Updated Oct 6, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    NEA Management Company, LLC$9.5 Mil0.5%26Hold13F
    Active Manager
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    NEA Management Company, LLC$9.5 Mil0.5%26Hold13F

    Industry Resources

    External Quote Links


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