Black Diamond Therapeutics Announces Preliminary Phase 2 Data for Silevertinib in 1L NSCLC and Plans for a Phase 2 Trial of Silevertinib in GBM
Rhea-AI Summary
Black Diamond Therapeutics (NASDAQ: BDTX) reported preliminary Phase 2 results for silevertinib in frontline (1L) NSCLC and announced plans for a randomized Phase 2 trial in newly diagnosed GBM.
Key 1L NSCLC data (n=43, data cutoff Nov 3, 2025): ORR 60%, CNS ORR 86%, DCR 91%; median follow-up 7.2 months; 29 patients remain on therapy. No new safety signals observed. PFS and DOR readouts expected Q2 2026.
GBM plan: randomized ~150-patient Phase 2 starting 1H 2026 (silevertinib + TMZ vs TMZ), primary endpoint PFS; preliminary GBM data expected 2028. Cash $135.5M as of Sept 30, 2025, expected to fund operations into 2H 2028.
Positive
- Objective Response Rate 60% in 43 frontline NSCLC patients
- CNS Objective Response Rate 86% in evaluable patients
- Cash position of $135.5M projected to fund operations into 2H 2028
- Planned randomized Phase 2 GBM trial of ~150 patients starting 1H 2026
Negative
- Median follow-up only 7.2 months for frontline NSCLC efficacy
- PFS and DOR not yet reported; key efficacy endpoints expected Q2 2026
- GBM trial efficacy unknown; preliminary data not expected until 2028
- Financial plan assumes a partner funds pivotal NSCLC development
News Market Reaction
On the day this news was published, BDTX declined 22.03%, reflecting a significant negative market reaction. Argus tracked a peak move of +3.0% during that session. Argus tracked a trough of -37.7% from its starting point during tracking. Our momentum scanner triggered 38 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $56M from the company's valuation, bringing the market cap to $197M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Peers showed mixed moves, with names like NTHI up 6% and CCCC down 1.55%, while BDTX was down 1.48%, pointing to stock-specific dynamics rather than a unified biotech move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 03 | Phase 2 data update | Positive | -22.0% | Preliminary 1L NSCLC Phase 2 data and GBM Phase 2 trial planning. |
| Dec 02 | Clinical webcast notice | Neutral | -8.5% | Announcement of webcast to present silevertinib Phase 2 data. |
| Nov 06 | Investor conferences | Neutral | -2.3% | Planned participation in multiple healthcare investor conferences. |
| Nov 06 | Q3 2025 earnings | Positive | +2.8% | Q3 results, cash <b>$135.5M</b>, runway into Q4 2027 and trial timing. |
| Aug 07 | Q2 2025 earnings | Positive | -15.2% | Q2 results, cash <b>$142.8M</b>, enrollment completion for silevertinib Phase 2. |
BDTX has often sold off on seemingly positive or neutral updates, with several recent news events showing negative price reactions despite constructive clinical and financial progress.
Over the last few months, Black Diamond reported advancing silevertinib through Phase 2 in NSCLC, expanding its GBM strategy, and strengthening its balance sheet. Q2 and Q3 2025 earnings highlighted cash of $142.8M and $135.5M with runway into 2027. Yet, clinically focused headlines, including a webcast announcement on Dec 2 and today’s topline Phase 2 data, were followed by notable share declines, underscoring a pattern of negative reactions to development updates.
Regulatory & Risk Context
An effective Form S-3 shelf filed on Nov 13, 2025 authorizes up to $500,000,000 of securities, including an ATM program of up to $150,000,000. While no usage is reported yet, this framework gives the company flexibility to raise capital for R&D and clinical programs, which could be dilutive if drawn upon.
Market Pulse Summary
The stock dropped -22.0% in the session following this news. A negative reaction despite seemingly strong data fits prior patterns, as earlier positive or neutral updates often coincided with declines, including a -15.24% move on Q2 2025 results and -8.49% on the recent clinical webcast notice. The sizeable $500M shelf registration may have reinforced dilution concerns. Given these dynamics, past trading history suggested that even encouraging efficacy metrics did not guarantee favorable price responses.
Key Terms
ORR medical
CNS medical
PFS medical
overall survival medical
OS medical
Independent Data Monitoring Committee medical
AI-generated analysis. Not financial advice.
- Silevertinib delivers robust anti-tumor activity as demonstrated by an ORR of
60% and a CNS response rate of86% in 43 1L NSCLC patients presenting with 35 different non-classical EGFR mutations; no new safety signals observed to date - PFS data for 1L NSCLC patients expected in Q2 2026; Company continues to explore partnership opportunities for pivotal development of silevertinib
- Based on encouraging CNS activity of silevertinib in multiple trials across NSCLC and GBM, Company plans to initiate a randomized Phase 2 trial of silevertinib in newly diagnosed GBM patients in 1H 2026; initial data anticipated in 2028
- Cash, cash equivalents, and investments of
$135.5 million as of September 30, 2025; expected to be sufficient to fund operations into 2H of 2028 - Company to host an investor webcast and conference call today at 8:00 AM ET
CAMBRIDGE, Mass., Dec. 03, 2025 (GLOBE NEWSWIRE) -- Black Diamond Therapeutics, Inc. (Nasdaq: BDTX), a clinical-stage oncology company developing MasterKey therapies that target families of oncogenic mutations in patients with cancer, today announced topline data from its Phase 2 trial of silevertinib in frontline (1L) non-small cell lung cancer (NSCLC) patients with non-classical epidermal growth factor receptor (EGFR) mutations (NCMs) and outlined plans for a randomized Phase 2 trial of silevertinib in patients with newly diagnosed glioblastoma (ND GBM).
“We are pleased to share these initial data in frontline NSCLC patients showing silevertinib’s activity against a broad spectrum of 35 distinct non-classical EGFR mutations,” said Mark Velleca, M.D., Ph.D., President and Chief Executive Officer of Black Diamond Therapeutics. “We are particularly encouraged by the CNS activity of silevertinib in treating NSCLC patients with brain metastases, as published data clearly demonstrate that CNS metastases are a key factor in early disease progression for NCM NSCLC patients treated with second- and third-generation EGFR-TKIs. We also believe that silevertinib is uniquely positioned as a potential treatment for patients with newly diagnosed EGFR-altered GBM, and plan to initiate a randomized Phase 2 trial in the first half of 2026, while PFS data matures in our Phase 2 NSCLC study and we continue our partnering discussions.”
Silevertinib Phase 2 1L NSCLC Initial Clinical Results and Program Update
43 frontline NSCLC patients harboring a broad spectrum of 35 distinct non-classical EGFR mutations were enrolled, including 16 patients with brain metastases (7 of whom had measurable CNS target lesions). All patients were enrolled at a 200mg oral daily dose of silevertinib. Efficacy and safety were assessed with a November 3, 2025 data cutoff; median follow-up time as of this date was 7.2 months and the study remains ongoing.
Key data highlights include:
For the 43 patients enrolled, preliminary efficacy data is as follows:
- 25 confirmed partial responses, 1 confirmed complete response
60% Objective Response Rate (ORR by RECIST 1.1)86% CNS ORR (by RANO-BM)91% disease control rate (DCR)
Initial duration of treatment data:
- 29 patients remain on therapy (5/29 after progression), longest ongoing for >19 months
Summary of safety data:
- No new safety signals observed
- Adverse events (AEs) experienced by a majority of patients include rash, stomatitis, diarrhea and paronychia
- AEs were managed with standard supportive care and dose interruptions/reductions without compromising response depth or durability to date
The Company expects to present updated results from the Phase 2 NSCLC trial, including Duration of Response (DOR) and Progression-free Survival (PFS) data in both the recurrent (83 patients) and frontline (43 patients) settings, at a medical meeting in the second quarter of 2026. Black Diamond continues to explore potential partnerships to advance silevertinib into pivotal development.
“These highly encouraging data speak to the potential of silevertinib to be the treatment of choice for frontline NSCLC patients with the full spectrum of non-classical EGFR mutations” said Sergey Yurasov, M.D., Ph.D., Black Diamond’s Chief Medical Officer. “We are struck by the compelling CNS response rate, which may translate to prolonged durability of response for patients with CNS metastases. Based on these data, and promising Phase 0/1 and Phase 1 GBM results, we are preparing to initiate a randomized Phase 2 trial of silevertinib in newly diagnosed GBM patients, one of the highest unmet needs in oncology.”
GBM Program Update and Phase 2 Plans
Approximately
“Prior attempts to treat EGFR-altered GBM patients have been limited by poor brain penetrance of targeted therapies and/or lack of potency of these therapies on the full spectrum of EGFR alterations” said Elizabeth Buck, Ph.D., Chief Scientific Officer of Black Diamond. “Based on encouraging CNS activity demonstrated by silevertinib across multiple trials, and its preclinical potency on all EGFR alterations found in GBM, we believe that silevertinib has the potential to be the first targeted therapy for these patients.”
Black Diamond plans to initiate a randomized Phase 2 trial in newly diagnosed GBM patients in the first half of 2026, with preliminary data expected in 2028.
Key trial highlights include:
- Expected to enroll approximately 150 newly diagnosed patients, randomized to receive TMZ (control arm) or silevertinib + TMZ (experimental arm)
- Initial focus will be on EGFRvIII-positive patients (approximately
30% of GBM) who are MGMT-negative (unmethylated) - Randomization and treatment will begin after patients have had their surgical resection and radiation
- Primary endpoint is PFS (RANO by Blinded Independent Committee Review), with an interim analysis; secondary endpoint is overall survival (OS)
- Trial will be governed by an Independent Data Monitoring Committee (IDMC)
Updated Financial Guidance
- Black Diamond previously reported cash, cash equivalents and investments of approximately
$135.5 million as of September 30, 2025, which the Company now believes is sufficient to fund its anticipated operating expenses and capital expenditure requirements into the second half of 2028. - Financial guidance assumes Black Diamond funds the Phase 2 trial of silevertinib in ND GBM and a potential partner funds pivotal development in NSCLC. Financial guidance does not assume receipt of potential development milestones from the Company’s partnership with Servier Pharmaceuticals LLC for BDTX-4933 (now S241656).
Conference Call Information
Black Diamond will host a conference call and webcast on Wednesday, December 3, 2025, at 8:00 AM ET to discuss the preliminary Phase 2 data for silevertinib in 1L NSCLC and plans for a Phase 2 trial of silevertinib in GBM. The webcast may be accessed online here or by visiting the Events page in the Investors section of the Company’s website at www.blackdiamondtherapeutics.com.
A replay of the webcast will be available for 30 days on the Investors section of Black Diamond’s website.
About Black Diamond Therapeutics
Black Diamond Therapeutics is a clinical-stage oncology company developing MasterKey therapies that target families of oncogenic mutations in patients with cancer. The Company’s MasterKey therapies are designed to address a broad spectrum of genetically defined tumors, overcome resistance, minimize wild-type mediated toxicities, and be brain penetrant to treat central nervous system disease. The Company is advancing silevertinib, a brain-penetrant fourth-generation EGFR MasterKey inhibitor targeting EGFR-mutant NSCLC and GBM. For more information, please visit www.blackdiamondtherapeutics.com.
From time to time, we may use our website or our LinkedIn profile at www.linkedin.com/company/black-diamond-therapeutics to distribute material information. Our financial and other material information is routinely posted to and accessible on the Investors section of our website, available at www.blackdiamondtherapeutics.com. Investors are encouraged to review the Investors section of our website because we may post material information on that site that is not otherwise disseminated by us. Information that is contained in and can be accessed through our website or our LinkedIn page is not incorporated into, and does not form a part of, this press release.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding: the continued development and advancement of silevertinib, including the ongoing Phase 2 clinical trial and the timing of clinical updates for silevertinib in patients with NSCLC and in patients with GBM, enrollment in the investigator sponsored Phase 0/1 clinical trial of silevertinib of newly diagnosed GBM patients with EGFR alterations, the expected timing for regulatory feedback and the disclosure of a potential registrational pathway for silevertinib in NSCLC, the potential of silevertinib to address the unmet medical need for newly diagnosed NSCLC patients with non-classical EGFR mutations and benefit patients with NSCLC across multiple lines of therapy, the potential future development plans for silevertinib in NSCLC and GBM, a potential partnership for silevertinib, and the Company’s expected cash runway. Any forward-looking statements in this press release are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Risks that contribute to the uncertain nature of the forward-looking statements include those risks and uncertainties set forth in its Annual Report on Form 10-K for the year ended December 31, 2024, filed with the United States Securities and Exchange Commission and in its subsequent filings filed with the United States Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Contact
For Investors:
investors@bdtx.com
For Media:
media@bdtx.com
FAQ
What were the topline silevertinib results for 1L NSCLC reported on Dec 3, 2025 (BDTX)?
When will BDTX report PFS and DOR for the Phase 2 NSCLC trial?
What is the design and timeline for Black Diamond's Phase 2 GBM trial (BDTX)?
How long will BDTX's cash runway last after the Dec 3, 2025 update?
Are there new safety concerns with silevertinib based on the Dec 3, 2025 update (BDTX)?
