Black Diamond Cuts 30% Of Its Workforce, Discontinues Drug From its 'MasterKey' Pipeline - Black Diamond Therapeutic (NASDAQ:BDTX)

Black Diamond Therapeutics Inc BDTX is realigning its resources to extend its cash runway into the third quarter of 2024.
The Company has discontinued the development of BDTX-189, an orally available small-molecule inhibitor that targets mutations of EGFR and HER2 kinases.
Black Diamond is doing away with the asset because of the “rapid evolution of the treatment landscape in non-small cell lung cancer (NSCLC) harboring either EGFR or HER2 Exon 20 insertion mutations,”
The Company will lay off 30% of its workforce, with a cash balance of $209.8 million as of December 31, 2021, BDTX expects to fund itself into 2024.
BDTX will focus on BDTX-1535 and BDTX-4933 and other discovery efforts across its MAP platform.
The first one is an inhibitor of EGFR mutations in glioblastoma and non-small cell lung cancer.
The Phase I study kicked off in January, and an update is slated for the second half of 2023.
Meanwhile, BDTX-4933 is a CNS-penetrant BRAF inhibitor. The Company initiated investigational new drug (IND)-enabling studies in Q1 of 2022, and IND submission is expected in the first half of 2023.
Price Action: BDTX shares are down 1.65% at $2.68 during the market session on the last check Monday.