Black Diamond Ends 2025 with $128.7M Cash, Sets Q2 2026 Phase 2 NSCLC and GBM Trials
Black Diamond ended 2025 with $128.7 million in cash and investments and generated $29.6 million of net operating cash versus a $62.3 million outflow in 2024. Phase 2 NSCLC data, including preliminary DOR and PFS, will be presented in Q2 2026 and a randomized Phase 2 GBM trial launches the same quarter.
1. Financial Performance
Black Diamond closed 2025 with $128.7 million in cash, cash equivalents and investments, up from $98.6 million at year-end 2024. The company generated $29.6 million of net cash from operations versus a $62.3 million outflow in 2024, delivered a net income of $22.4 million for 2025, and reduced R&D and G&A expenses to $33.6 million and $16.6 million, respectively.
2. Phase 2 NSCLC Trial Results
Initial data from the Phase 2 trial of silevertinib in frontline non-classical EGFR mutant NSCLC showed a 60% objective response rate by RECIST 1.1, an 86% CNS response rate by RANO-BM and a 91% disease control rate as of November 3, 2025, with no new safety signals observed.
3. Upcoming Milestones and Cash Runway
Updated Phase 2 NSCLC results—including preliminary duration of response and progression-free survival data—will be presented in the second quarter of 2026, and a randomized Phase 2 trial in newly diagnosed EGFR-altered glioblastoma is slated to initiate the same quarter. Cash resources are expected to fund operations into the second half of 2028.