Black Diamond Therapeutics (BDTX) 10-Q 11 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Aug. 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-38501
Entity Registrant Name	BLACK DIAMOND THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4254660
Entity Address, Address Line One	One Main Street, 14th Floor
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02142
City Area Code	(617)
Local Phone Number	252-0848
Title of each class	Common stock, par value $0.0001
Trading Symbol(s)	BDTX
Name of each exchange on which registered	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		51,575,323
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Entity Central Index Key	0001701541
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 41,888	$ 34,315
Investments	47,639	88,492
Prepaid expenses and other current assets	3,465	4,899
Total current assets	92,992	127,706
Property and equipment, net	2,253	2,587
Restricted cash	1,228	1,168
Right-of-use assets	23,406	24,794
Total assets	119,879	156,255
Current liabilities:
Accounts payable	2,737	1,877
Accrued expenses and other current liabilities	11,161	13,384
Total current liabilities	13,898	15,261
Non-current operating lease liabilities	23,782	25,299
Total liabilities	37,680	40,560
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at June 30, 2023 and December 31, 2022; no shares issued or outstanding at June 30, 2023 and December 31, 2022	0	0
Common stock; $0.0001 par value; 500,000,000 shares authorized at June 30, 2023 and December 31, 2022; 36,533,525 shares issued and outstanding at June 30, 2023 and 36,434,297 shares issued and outstanding at December 31, 2022	5	5
Additional paid-in capital	457,871	452,503
Accumulated other comprehensive loss	(661)	(1,824)
Accumulated deficit	(375,016)	(334,989)
Total stockholders' equity	82,199	115,695
Total liabilities and stockholders' equity	$ 119,879	$ 156,255

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	36,533,525	36,434,297
Common stock, shares outstanding (in shares)	36,533,525	36,434,297

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Research and development	$ 13,154	$ 16,195	$ 27,907	$ 33,981
General and administrative	6,878	6,978	13,686	14,871
Total operating expenses	20,032	23,173	41,593	48,852
Loss from operations	(20,032)	(23,173)	(41,593)	(48,852)
Other income (expense):
Interest income	539	386	1,161	792
Other (expense) income	341	(143)	405	(377)
Total other income (expense), net	880	243	1,566	415
Net loss	$ (19,152)	$ (22,930)	$ (40,027)	$ (48,437)
Net loss per share, basic (in dollars per share)	$ (0.52)	$ (0.63)	$ (1.09)	$ (1.33)
Net loss per share, diluted (in dollars per share)	$ (0.52)	$ (0.63)	$ (1.09)	$ (1.33)
Weighted average common shares outstanding, basic (in shares)	36,516,114	36,293,856	36,500,085	36,282,636
Weighted average common shares outstanding, diluted (in shares)	36,516,114	36,293,856	36,500,085	36,282,636
Comprehensive loss:
Net loss	$ (19,152)	$ (22,930)	$ (40,027)	$ (48,437)
Other comprehensive income (loss):
Unrealized gain (loss) on investments, net	515	(511)	1,163	(1,872)
Comprehensive loss	$ (18,637)	$ (23,441)	$ (38,864)	$ (50,309)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (40,027)	$ (48,437)
Adjustment to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	5,317	6,627
Depreciation expense	236	253
Amortization of premium on investments	130	365
Noncash rent expense	1,388	1,371
Loss on disposal of property and equipment	0	3
Loss on sale of equipment	37	0
Changes in current assets and liabilities:
Prepaid expenses and other current assets	1,434	(1,751)
Other non-current assets	0	6
Accounts payable	826	(1,885)
Accrued expenses and other current liabilities	(2,223)	(1,836)
Non-current operating lease liabilities	(1,517)	(1,383)
Net cash used in operating activities	(34,399)	(46,667)
Cash flows from investing activities:
Purchases of equipment	0	(200)
Proceeds from sale of equipment	95	0
Proceeds from sales and maturities of investments	41,886	57,241
Purchases of investments	0	(20,504)
Net cash provided by investing activities	41,981	36,537
Cash flows from financing activities:
Proceeds from exercise of common stock options and ESPP	51	153
Net cash provided by financing activities	51	153
Net increase (decrease) in cash and cash equivalents	7,633	(9,977)
Cash, cash equivalents and restricted cash, beginning of period	35,483	67,022
Cash, cash equivalents and restricted cash, end of period	43,116	57,045
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents, end of period	41,888	55,877
Restricted cash, end of period	1,228	1,168
Cash, cash equivalents and restricted cash, end of period	43,116	57,045
Supplemental disclosure of non-cash investing and financing activities:
Purchases of equipment included in accounts payable and accrued expenses	34	0
Right-of-use assets obtained in exchange for operating lease obligation	$ 0	$ 109

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2021		36,234,624
Beginning balance at Dec. 31, 2021	$ 195,900	$ 5	$ 440,129	$ (414)	$ (243,820)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		3,565
Exercise of common stock options	11		11
Vesting of restricted stock units (in shares)		5,000
Issuance of common stock related to ESPP (in shares)		31,341
Issuance of common stock related to ESPP	142		142
Stock-based compensation (in shares)		13,038
Stock-based compensation	3,375		3,375
Unrealized gain (loss) on investments	(1,361)			(1,361)
Net loss	(25,507)				(25,507)
Ending balance (in shares) at Mar. 31, 2022		36,287,568
Ending balance at Mar. 31, 2022	172,560	$ 5	443,657	(1,775)	(269,327)
Beginning balance (in shares) at Dec. 31, 2021		36,234,624
Beginning balance at Dec. 31, 2021	195,900	$ 5	440,129	(414)	(243,820)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain (loss) on investments	(1,872)
Net loss	(48,437)
Ending balance (in shares) at Jun. 30, 2022		36,315,737
Ending balance at Jun. 30, 2022	152,371	$ 5	446,909	(2,286)	(292,257)
Beginning balance (in shares) at Mar. 31, 2022		36,287,568
Beginning balance at Mar. 31, 2022	172,560	$ 5	443,657	(1,775)	(269,327)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units (in shares)		3,333
Stock-based compensation (in shares)		24,836
Stock-based compensation	3,252		3,252
Unrealized gain (loss) on investments	(511)			(511)
Net loss	(22,930)				(22,930)
Ending balance (in shares) at Jun. 30, 2022		36,315,737
Ending balance at Jun. 30, 2022	$ 152,371	$ 5	446,909	(2,286)	(292,257)
Beginning balance (in shares) at Dec. 31, 2022	36,434,297	36,434,297
Beginning balance at Dec. 31, 2022	$ 115,695	$ 5	452,503	(1,824)	(334,989)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units (in shares)		23,575
Surrender of shares for taxes (in shares)		(3,903)
Issuance of common stock related to ESPP (in shares)		33,202
Issuance of common stock related to ESPP	51		51
Stock-based compensation (in shares)		24,776
Stock-based compensation	2,671		2,671
Unrealized gain (loss) on investments	648			648
Net loss	(20,875)				(20,875)
Ending balance (in shares) at Mar. 31, 2023		36,511,947
Ending balance at Mar. 31, 2023	$ 98,190	$ 5	455,225	(1,176)	(355,864)
Beginning balance (in shares) at Dec. 31, 2022	36,434,297	36,434,297
Beginning balance at Dec. 31, 2022	$ 115,695	$ 5	452,503	(1,824)	(334,989)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain (loss) on investments	1,163
Net loss	$ (40,027)
Ending balance (in shares) at Jun. 30, 2023	36,533,525	36,533,525
Ending balance at Jun. 30, 2023	$ 82,199	$ 5	457,871	(661)	(375,016)
Beginning balance (in shares) at Mar. 31, 2023		36,511,947
Beginning balance at Mar. 31, 2023	98,190	$ 5	455,225	(1,176)	(355,864)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units (in shares)		1,875
Stock-based compensation (in shares)		19,703
Stock-based compensation	2,646		2,646
Unrealized gain (loss) on investments	515			515
Net loss	$ (19,152)				(19,152)
Ending balance (in shares) at Jun. 30, 2023	36,533,525	36,533,525
Ending balance at Jun. 30, 2023	$ 82,199	$ 5	$ 457,871	$ (661)	$ (375,016)

NATURE OF BUSINESS AND BASIS OF

NATURE OF BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF BUSINESS AND BASIS OF PRESENTATION	NATURE OF BUSINESS AND BASIS OF PRESENTATION Black Diamond Therapeutics, Inc. (the Company) is a precision oncology medicine company pioneering the discovery and development of MasterKey therapies. The Company was originally organized as a limited liability company in December 2014 under the name ASET Therapeutics LLC. In September 2016, the Company was converted to a corporation under the laws of the State of Delaware under the name ASET Therapeutics, Inc. The Company changed its name to Black Diamond Therapeutics, Inc. in January 2018. Since its inception, the Company has devoted substantially all of its efforts to raising capital, obtaining financing and incurring research and development costs related to the development of its mutation, allostery, and pharmacology drug discovery engine. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s technology will be obtained, that any products developed will obtain necessary government regulatory approval or that any products, if approved, will be commercially viable. The Company operates in an environment of rapid technological innovation and substantial competition from pharmaceutical and biotechnological companies. In addition, the Company is dependent upon the services of its employees, consultants and service providers. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. On November 14, 2022, the Company filed a shelf registration statement on Form S-3 (the Shelf Registration Statement), with the Securities and Exchange Commission (the SEC), which covers the offering, issuance and sale of the Company’s common stock, preferred stock, debt securities, warrants and/or units of any combination thereof up to a maximum offering price of $500 million. The Company simultaneously entered into an Open Market Sale Agreement SM with Jefferies LLC (Jefferies), as sales agent, to provide for the issuance and sale by the Company of up to $150 million of its common stock from time to time through Jefferies (the ATM Program). The Shelf Registration Statement became effective on November 22, 2022. As of June 30, 2023, no sales have been made pursuant to the ATM Program. On July 5, 2023, the Company completed an underwritten public offering (the Follow-on Offering) of 15,000,000 shares of the Company’s common stock at a price to the public of $5.00 per share. The aggregate net proceeds from the Follow-on Offering totaled approximately $71.6 million, after deducting underwriting discounts and commissions, as well as other offering expenses. The accompanying condensed consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets, and the satisfaction of liabilities and commitments in the ordinary course of business. Historically, the Company has funded its operations primarily with proceeds from the sale of preferred stock and common stock. The Company expects to continue to generate operating losses for the foreseeable future. As of August 11, 2023, the issuance date of the condensed consolidated financial statements, the Company expects that its cash, cash equivalents and investments will be sufficient to fund its currently planned operations for at least the next 12 months from the filing date of these unaudited interim condensed consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies followed in the preparation of these condensed consolidated financial statements. Principles of consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and include the accounts of the Company and its wholly owned subsidiaries, Black Diamond Therapeutics (Canada), Inc. and Black Diamond Therapeutics Security Corporation, after elimination of all significant intercompany accounts and transactions. Unaudited interim financial information The condensed consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this Quarterly Report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report. In the opinion of the Company’s management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair statement of the results for the interim periods presented have been included. Use of estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions. The Company continues to monitor the impact of global economic developments, political unrest, high inflation, the recent failure of certain banks and financial institutions, and health crises, on all aspects of its business, and has considered the impact of these factors on estimates within its financial statements. The extent to which future developments may impact the Company’s business, results of operations or financial condition are uncertain and cannot be predicted with confidence and there may be changes to estimates in future periods. As of the date of issuance of these condensed consolidated financial statements, the Company has not experienced material business disruptions or incurred impairment losses in the carrying value of its assets as a result of these factors and is not aware of any specific related event or circumstance that would require it to update its estimates.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values: Fair value measurements at June 30, 2023 using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 33,253 $ — $ — $ 33,253 Investments: Corporate bonds — 21,474 — 21,474 U.S. Government agencies — 26,165 — 26,165 Total $ 33,253 $ 47,639 $ — $ 80,892 Fair value measurements at December 31, 2022 using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 32,278 $ — $ — $ 32,278 Investments: Commercial paper — 3,747 — 3,747 Corporate bonds — 45,643 — 45,643 U.S. Government agencies — 39,102 — 39,102 Total $ 32,278 $ 88,492 $ — $ 120,770 When developing fair value estimates, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. When available, the Company uses quoted market prices to measure fair value. The valuation technique used to measure fair value for the Company's Level 1 and Level 2 assets is a market approach, using prices and other relevant information generated by market transactions involving identical or comparable assets. If market prices are not available, the fair value measurement is based on models that use primarily market-based parameters including yield curves, volatilities, credit ratings and currency rates. In certain cases where market rate assumptions are not available, the Company is required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument. There were no transfers in or out of Level 3 categories in the periods presented.

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS As of June 30, 2023, investments were comprised of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value Corporate bonds $ 21,765 $ — $ (291) $ 21,474 U.S. Government agencies 26,535 — (370) 26,165 Total $ 48,300 $ — $ (661) $ 47,639 As of December 31, 2022, investments were comprised of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 3,748 $ — $ (1) $ 3,747 Corporate bonds 46,443 — (800) 45,643 U.S. Government agencies 40,125 — (1,023) 39,102 Total $ 90,316 $ — $ (1,824) $ 88,492 As of June 30, 2023, all marketable securities held by the Company had remaining contractual maturities of one year or less, except for corporate bonds with a fair value of $1,994 that had maturities of one to three years. As of June 30, 2023, all marketable securities held by the Company were in a loss position. As of December 31, 2022, all marketable securities held by the Company had remaining contractual maturities of one year or less, except for U.S. government agencies, corporate bonds, and commercial paper with a fair value of $13,687 that had maturities of one to three years. As of December 31, 2022, all marketable securities held by the Company were in a loss position. As of June 30, 2023, the Company reviewed its investment portfolio to assess the unrealized losses on its available-for-sale investments. The Company evaluated whether it intended to sell the security and whether it was more likely than not that the Company would be required to sell the security before recovering its amortized cost basis. The Company also determined no portion of the unrealized losses relate to a credit loss. There have been no impairments of the Company’s assets measured and carried at fair value during the six months ended June 30, 2023 and the year ended December 31, 2022.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT Property and equipment, net consisted of the following: June 30, December 31, Laboratory equipment $ 645 $ 770 Furniture and fixtures 17 17 Computer and office equipment 38 38 Leasehold improvements 2,512 2,512 Property and equipment 3,212 3,337 Less: accumulated depreciation (959) (750) Total Property and Equipment, net $ 2,253 $ 2,587 Depreciation expense for the six months ended June 30, 2023 and 2022 was $236 and $253, respectively.

EQUITY METHOD INVESTMENT

EQUITY METHOD INVESTMENT	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
EQUITY METHOD INVESTMENT	EQUITY METHOD INVESTMENT In December 2022, the Company received 9,000,000 shares of common stock in a newly formed antibody-focused precision oncology company, Launchpad Therapeutics, Inc. (Launchpad), in exchange for contributing early discovery-stage antibody programs and granting Launchpad a license to use its MAP drug discovery engine to discover, develop and commercialize large molecule therapeutics. As of the transaction date and as of June 30, 2023, the Company has a 39.1% voting interest in Launchpad and one seat on Launchpad’s Board of Directors which provide the Company with significant influence over Launchpad. The remaining voting interest in Launchpad is held by Versant Ventures and New Enterprise Associates (NEA), who are shareholders of the Company. The Company accounted for the transaction under the equity method and recorded the carrying value of the Company’s investment in Launchpad common shares of $2,250 in equity method investments in the consolidated balance sheets. The contributed in process research and development (IPR&D) had zero basis on the Company’s books prior to the transaction, therefore the Company recognized a gain on sale of IPR&D of $2,232 in the consolidated statements of operations and comprehensive loss. The Company also recognized a loss from investments in equity method investee of $1,540 in the consolidated statement of operations and comprehensive loss, associated with the Company’s proportionate share of Launchpad’s losses. The assets contributed by the Company were principally IPR&D and were not deemed a business by Launchpad, therefore the Company determined its remaining basis difference of $710 was substantially related to IPR&D and immediately expensed it. As of December 31, 2022, the carrying value of the investment in Launchpad was reduced to zero. Since the Company has no obligation to provide financing support to Launchpad, the Company is not required to record further losses exceeding the carrying value of the investment. The Company also determined that its investment in Launchpad is not material or significant to its operations or financial position. As of June 30, 2023, the carrying value of the investment in Launchpad was zero.

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following: June 30, December 31, Contracted research services $ 3,829 $ 4,713 Payroll and related expenses 2,998 4,648 Professional and consulting fees 1,359 1,182 Current portion of operating lease liability 2,975 2,841 Total accrued expenses and other current liabilities $ 11,161 $ 13,384

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION 2020 Stock Option and Incentive Plan The 2020 Stock Option and Incentive Plan (the 2020 Plan) was approved by the Company’s board of directors on December 5, 2019, and the Company’s stockholders on January 14, 2020 and became effective on the date immediately prior to the date on which the registration statement for the Company’s initial public offering (IPO) was declared effective. The 2020 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights to the Company’s officers, employees, directors and consultants. The 2020 Plan provides for an annual increase, to be added on the first day of each fiscal year, by up to 4% of the Company’s outstanding shares of common stock as of the last day of the prior year. On January 1, 2023, 1,457,371 shares of common stock, representing 4% of the Company’s outstanding shares of common stock as of December 31, 2022, were added to the 2020 Plan. 2020 Employee Stock Purchase Plan The 2020 Employee Stock Purchase Plan (the 2020 ESPP) was approved by the Company’s board of directors on December 5, 2019, and the Company’s stockholders on January 14, 2020, and became effective on the date immediately prior to the date on which the registration statement for the Company’s IPO was declared effective. The 2020 ESPP provides for an annual increase, to be added on the first day of each fiscal year, by up to 1% of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31. The number of authorized shares reserved for issuance under the 2020 ESPP was increased by 326,364 shares effective as of January 1, 2023. Stock-based compensation expense The Company recorded stock-based compensation expense in the following award type categories included within the condensed consolidated statements of operations and comprehensive loss: Three Months Ended Six Months Ended 2023 2022 2023 2022 Stock options $ 2,475 $ 3,000 $ 4,930 $ 6,193 Restricted stock units 80 189 191 310 Employee Stock Purchase Plan and Other 91 63 196 124 $ 2,646 $ 3,252 $ 5,317 $ 6,627 For the six months ended June 30, 2023, the Company issued 44,479 shares of common stock out of its 2020 Plan under its policy where non-employee directors may elect to receive their compensation in the form of common stock in lieu of cash. The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss: Three Months Ended Six Months Ended 2023 2022 2023 2022 Research and development $ 833 $ 1,526 $ 1,782 $ 3,054 General and administrative 1,813 1,726 3,535 3,573 $ 2,646 $ 3,252 $ 5,317 $ 6,627 Options The following table summarizes the stock option activity under the Company’s equity awards plans: Options Weighted Average Exercise Price Weighted Average Remaining Life (in Years) Intrinsic Value (in thousands) Outstanding December 31, 2022 5,359,400 $ 12.40 7.8 $ 76 Granted 3,226,650 $ 2.70 Cancelled or forfeited (350,424) $ 10.61 Expired (68,124) $ 28.26 Outstanding June 30, 2023 8,167,502 $ 8.51 8.3 $ 11,313 Options vested or expected to vest at June 30, 2023 8,167,502 $ 8.51 8.3 $ 11,313 Options exercisable at June 30, 2023 3,265,021 $ 13.61 6.9 $ 1,610 For the six months ended June 30, 2023, total unrecognized compensation cost related to the unvested stock-options was $15,169, which is expected to be recognized over a weighted average period of 2.2 years. Restricted stock units The fair values of restricted stock units are based on the market value of the Company’s stock on the date of the grant. Under terms of the time-based restricted stock agreements covering the common stock, shares of restricted common stock are subject to a vesting schedule. The following table summarizes time-based restricted stock activity since January 1, 2023: Number of shares Weighted average grant date fair value Unvested restricted common stock as of December 31, 2022 101,397 $ 5.92 Vested (15,834) $ 13.25 Cancelled or forfeited (8,309) $ 2.14 Unvested restricted common stock as of June 30, 2023 77,254 $ 4.82 The total fair value of time-based restricted stock units vested during the six months ended June 30, 2023 was $210. For the six months ended June 30, 2023, total unrecognized compensation cost related to the time-based unvested restricted stock units was $117, which is expected to be recognized over a weighted average period of 0.7 years. The Company had 239,475 performance restricted stock units outstanding at the year ended December 31, 2022. For the six months ended June 30, 2023, the Company granted no performance restricted stock units to its employees related to the achievement of certain clinical development and/or financing milestones, released 9,616 performance restricted stock units due to the achievement of certain milestones, expired 193,000 performance restricted stock units, and had no performance restricted stock units forfeited. As of June 30, 2023, the Company had 36,859 performance restricted stock units outstanding. Recognition of stock-based compensation expense associated with performance restricted stock units commences when the performance conditions are considered probable of achievement, using management’s best estimates, which consider the inherent risk and uncertainty regarding the future outcomes of the milestones. As of June 30, 2023, for performance-based restricted stock units that were outstanding, the achievement of milestones was considered probable for 17,859 shares. As of June 30, 2023, two milestones for outstanding performance restricted stock units were achieved. For the six months ended June 30, 2023, the Company recognized stock-based compensation expense related to these milestones of $45. The milestones that had not been met were considered not probable, and therefore no expense had been recognized related to these awards in the six months ended June 30, 2023. Employee stock purchase plan The 2020 ESPP enables eligible employees to purchase shares of the Company's common stock at the end of each six-month offering period at a price equal to 85% of the fair market value of the shares on the first business day or the last business day of the offering period, whichever is lower. Eligible employees generally included all employees. Offering periods begin on the first trading day of January and July of each year and end on the last trading day in June and December of each year, except for the first offering period which began on the first trading day in March and ended on the last trading day in June. Share purchases are funded through payroll deductions of up to 10% of an employee’s eligible compensation for each payroll period, up to $25 each calendar year. During the six months ended June 30, 2023 and 2022, there were 33,202 and 31,341 shares, respectively, issued under the 2020 ESPP.

NET LOSS PER SHARE

NET LOSS PER SHARE	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHARE Net loss per share The following table summarizes the computation of basic and diluted net loss per share attributable to common shareholders of the Company (in thousands, except share and per share amounts): Three Months Ended Six Months Ended 2023 2022 2023 2022 Net loss $ (19,152) $ (22,930) $ (40,027) $ (48,437) Weighted average common shares outstanding, basic and diluted 36,516,114 36,293,856 36,500,085 36,282,636 Net loss per share, basic and diluted $ (0.52) $ (0.63) $ (1.09) $ (1.33) The Company’s potentially dilutive securities, which include options, unvested restricted stock and warrants to purchase common stock, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Six Months Ended 2023 2022 Options to purchase common stock 8,167,502 6,025,594 Unvested restricted stock 77,254 208,129 Shares issuable under employee stock purchase plan 102,351 27,572 Unvested performance restricted stock units 36,859 267,125 Warrants to purchase common stock 10,757 10,757 8,394,723 6,539,177

LEASES

LEASES	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
LEASES	LEASES The Company has historically entered into lease arrangements for its facilities. As of June 30, 2023, the Company had two operating leases with required future minimum payments. The Company determined the classification of these leases to be operating leases and recorded right-of-use assets and lease liabilities as of the effective dates. The Company’s leases generally do not include termination or purchase options. Operating leases In July 2020, the Company entered into a seven-year agreement with an option to extend for five In December 2020, the Company entered into an eleven-year agreement to lease approximately 18,120 square feet of office and laboratory space in New York, NY. The Company has an option to extend the lease for five The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating lease for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Lease Cost Operating lease cost $ 1,054 $ 1,057 $ 2,108 $ 2,116 Short-term lease cost 11 21 28 40 Variable lease cost 126 219 382 476 Sublease income (335) — (470) — Total lease cost $ 856 $ 1,297 $ 2,048 $ 2,632 Other Operating Lease Information June 30, 2023 June 30, 2022 Cash paid for amounts included in the measurement of lease liability $ 2,103 $ 1,290 Weighted-average remaining lease term 7.4 8.3 Weighted-average discount rate 5.3 % 5.3 % The variable lease costs for the three and six months ended June 30, 2023 and 2022 include common area maintenance and other operating charges. As the Company’s leases do not provide an implicit rate, the Company utilized its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Future minimum lease payments under the Company’s operating leases as of June 30, 2023 were as follows: As of June 30, 2023 2023 (excluding the six months ended June 30, 2023) $ 2,141 2024 4,359 2025 4,477 2026 4,599 2027 4,724 Thereafter 12,250 Total lease payments 32,550 Less: interest (5,793) Total lease liability $ 26,757

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company enters into contracts in the normal course of business with contract research organizations (CROs), contract manufacturing organizations (CMOs) and other third parties for preclinical research studies, clinical trials and testing and manufacturing services. These contracts do not contain minimum purchase commitments and are cancelable upon prior written notice. Payments due upon cancellation consist only of payments for services provided or expenses incurred, including noncancelable obligations of service providers, up to the date of cancellation. License agreements The Company is a party to license agreements, which include contingent payments. These payments will become payable if and when certain development, regulatory and commercial milestones are achieved. As of June 30, 2023, the satisfaction and timing of the contingent payments is uncertain and not reasonably estimable. Indemnification agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any indemnification arrangements that could have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its consolidated financial statements as of June 30, 2023 or December 31, 2022. Legal proceedings The Company is not currently party to and is not aware of any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to such legal proceedings.

BENEFIT PLANS

BENEFIT PLANS	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
BENEFIT PLANS	BENEFIT PLANSThe Company has a tax-qualified 401(k) and Profit Sharing defined contribution plan (the 401(k) Plan). Under the 401(k) Plan, the Company provides an employer safe harbor matching contribution equal to 100% of a participant’s eligible contributions of up to 6% of eligible compensation, subject to limits established by the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the Code). All matching contributions are fully vested when made. During the three and six months ended June 30, 2023 and 2022, the Company contributed $167, $543, $199 and $757, respectively, to the 401(k) Plan.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSOn July 5, 2023, the Company completed an underwritten public offering (the Follow-on Offering) of 15,000,000 shares of the Company’s common stock at a price to the public of $5.00 per share. The aggregate net proceeds from the Follow-on Offering totaled approximately $71,565, after deducting underwriting discounts and commissions, as well as other offering expenses.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Principles of consolidation and unaudited interim financial information	Black Diamond Therapeutics, Inc. (the Company) is a precision oncology medicine company pioneering the discovery and development of MasterKey therapies. The Company was originally organized as a limited liability company in December 2014 under the name ASET Therapeutics LLC. In September 2016, the Company was converted to a corporation under the laws of the State of Delaware under the name ASET Therapeutics, Inc. The Company changed its name to Black Diamond Therapeutics, Inc. in January 2018. Since its inception, the Company has devoted substantially all of its efforts to raising capital, obtaining financing and incurring research and development costs related to the development of its mutation, allostery, and pharmacology drug discovery engine. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s technology will be obtained, that any products developed will obtain necessary government regulatory approval or that any products, if approved, will be commercially viable. The Company operates in an environment of rapid technological innovation and substantial competition from pharmaceutical and biotechnological companies. In addition, the Company is dependent upon the services of its employees, consultants and service providers. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. Principles of consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and include the accounts of the Company and its wholly owned subsidiaries, Black Diamond Therapeutics (Canada), Inc. and Black Diamond Therapeutics Security Corporation, after elimination of all significant intercompany accounts and transactions. Unaudited interim financial information The condensed consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this Quarterly Report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report. In the opinion of the Company’s management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair statement of the results for the interim periods presented have been included.
Principles of consolidation	Principles of consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and include the accounts of the Company and its wholly owned subsidiaries, Black Diamond Therapeutics (Canada), Inc. and Black Diamond Therapeutics Security Corporation, after elimination of all significant intercompany accounts and transactions.
Use of estimates	Use of estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values: Fair value measurements at June 30, 2023 using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 33,253 $ — $ — $ 33,253 Investments: Corporate bonds — 21,474 — 21,474 U.S. Government agencies — 26,165 — 26,165 Total $ 33,253 $ 47,639 $ — $ 80,892 Fair value measurements at December 31, 2022 using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 32,278 $ — $ — $ 32,278 Investments: Commercial paper — 3,747 — 3,747 Corporate bonds — 45,643 — 45,643 U.S. Government agencies — 39,102 — 39,102 Total $ 32,278 $ 88,492 $ — $ 120,770

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities	As of June 30, 2023, investments were comprised of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value Corporate bonds $ 21,765 $ — $ (291) $ 21,474 U.S. Government agencies 26,535 — (370) 26,165 Total $ 48,300 $ — $ (661) $ 47,639 As of December 31, 2022, investments were comprised of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 3,748 $ — $ (1) $ 3,747 Corporate bonds 46,443 — (800) 45,643 U.S. Government agencies 40,125 — (1,023) 39,102 Total $ 90,316 $ — $ (1,824) $ 88,492

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property and equipment, net consisted of the following: June 30, December 31, Laboratory equipment $ 645 $ 770 Furniture and fixtures 17 17 Computer and office equipment 38 38 Leasehold improvements 2,512 2,512 Property and equipment 3,212 3,337 Less: accumulated depreciation (959) (750) Total Property and Equipment, net $ 2,253 $ 2,587

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses and other current liabilities consisted of the following: June 30, December 31, Contracted research services $ 3,829 $ 4,713 Payroll and related expenses 2,998 4,648 Professional and consulting fees 1,359 1,182 Current portion of operating lease liability 2,975 2,841 Total accrued expenses and other current liabilities $ 11,161 $ 13,384

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation	The Company recorded stock-based compensation expense in the following award type categories included within the condensed consolidated statements of operations and comprehensive loss: Three Months Ended Six Months Ended 2023 2022 2023 2022 Stock options $ 2,475 $ 3,000 $ 4,930 $ 6,193 Restricted stock units 80 189 191 310 Employee Stock Purchase Plan and Other 91 63 196 124 $ 2,646 $ 3,252 $ 5,317 $ 6,627 The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss: Three Months Ended Six Months Ended 2023 2022 2023 2022 Research and development $ 833 $ 1,526 $ 1,782 $ 3,054 General and administrative 1,813 1,726 3,535 3,573 $ 2,646 $ 3,252 $ 5,317 $ 6,627
Schedule of Stock Option Activity	The following table summarizes the stock option activity under the Company’s equity awards plans: Options Weighted Average Exercise Price Weighted Average Remaining Life (in Years) Intrinsic Value (in thousands) Outstanding December 31, 2022 5,359,400 $ 12.40 7.8 $ 76 Granted 3,226,650 $ 2.70 Cancelled or forfeited (350,424) $ 10.61 Expired (68,124) $ 28.26 Outstanding June 30, 2023 8,167,502 $ 8.51 8.3 $ 11,313 Options vested or expected to vest at June 30, 2023 8,167,502 $ 8.51 8.3 $ 11,313 Options exercisable at June 30, 2023 3,265,021 $ 13.61 6.9 $ 1,610
Schedule of Restricted Stock Activity	The following table summarizes time-based restricted stock activity since January 1, 2023: Number of shares Weighted average grant date fair value Unvested restricted common stock as of December 31, 2022 101,397 $ 5.92 Vested (15,834) $ 13.25 Cancelled or forfeited (8,309) $ 2.14 Unvested restricted common stock as of June 30, 2023 77,254 $ 4.82

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Net Loss per Share	The following table summarizes the computation of basic and diluted net loss per share attributable to common shareholders of the Company (in thousands, except share and per share amounts): Three Months Ended Six Months Ended 2023 2022 2023 2022 Net loss $ (19,152) $ (22,930) $ (40,027) $ (48,437) Weighted average common shares outstanding, basic and diluted 36,516,114 36,293,856 36,500,085 36,282,636 Net loss per share, basic and diluted $ (0.52) $ (0.63) $ (1.09) $ (1.33)
Schedule of Antidilutive Securities Excluded from Computation of Net Loss per Share	The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Six Months Ended 2023 2022 Options to purchase common stock 8,167,502 6,025,594 Unvested restricted stock 77,254 208,129 Shares issuable under employee stock purchase plan 102,351 27,572 Unvested performance restricted stock units 36,859 267,125 Warrants to purchase common stock 10,757 10,757 8,394,723 6,539,177

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Summary of Lease Cost and Other Operating Lease Information	The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating lease for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Lease Cost Operating lease cost $ 1,054 $ 1,057 $ 2,108 $ 2,116 Short-term lease cost 11 21 28 40 Variable lease cost 126 219 382 476 Sublease income (335) — (470) — Total lease cost $ 856 $ 1,297 $ 2,048 $ 2,632 Other Operating Lease Information June 30, 2023 June 30, 2022 Cash paid for amounts included in the measurement of lease liability $ 2,103 $ 1,290 Weighted-average remaining lease term 7.4 8.3 Weighted-average discount rate 5.3 % 5.3 %
Schedule of Future Minimum Lease Payments	Future minimum lease payments under the Company’s operating leases as of June 30, 2023 were as follows: As of June 30, 2023 2023 (excluding the six months ended June 30, 2023) $ 2,141 2024 4,359 2025 4,477 2026 4,599 2027 4,724 Thereafter 12,250 Total lease payments 32,550 Less: interest (5,793) Total lease liability $ 26,757

NATURE OF BUSINESS AND BASIS _2

NATURE OF BUSINESS AND BASIS OF PRESENTATION (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 05, 2023	Nov. 14, 2022
Shelf Registration Statement
Subsidiary, Sale of Stock [Line Items]
Sale of stock, authorized consideration		$ 500
Open Market Sale
Subsidiary, Sale of Stock [Line Items]
Sale of stock, authorized consideration		$ 150
Follow-on Offering | Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)	15,000,000
Stock price (in dollars per share)	$ 5

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Total	$ 80,892	$ 120,770
Money market funds
Assets:
Cash equivalents:	33,253	32,278
Commercial paper
Assets:
Investments:		3,747
Corporate bonds
Assets:
Investments:	21,474	45,643
U.S. Government agencies
Assets:
Investments:	26,165	39,102
Level 1
Assets:
Total	33,253	32,278
Level 1 | Money market funds
Assets:
Cash equivalents:	33,253	32,278
Level 1 | Commercial paper
Assets:
Investments:		0
Level 1 | Corporate bonds
Assets:
Investments:	0	0
Level 1 | U.S. Government agencies
Assets:
Investments:	0	0
Level 2
Assets:
Total	47,639	88,492
Level 2 | Money market funds
Assets:
Cash equivalents:	0	0
Level 2 | Commercial paper
Assets:
Investments:		3,747
Level 2 | Corporate bonds
Assets:
Investments:	21,474	45,643
Level 2 | U.S. Government agencies
Assets:
Investments:	26,165	39,102
Level 3
Assets:
Total	0	0
Level 3 | Money market funds
Assets:
Cash equivalents:	0	0
Level 3 | Commercial paper
Assets:
Investments:		0
Level 3 | Corporate bonds
Assets:
Investments:	0	0
Level 3 | U.S. Government agencies
Assets:
Investments:	$ 0	$ 0

INVESTMENTS - Schedule of Marke

INVESTMENTS - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 48,300	$ 90,316
Unrealized Gains	0	0
Unrealized Losses	(661)	(1,824)
Fair Value	47,639	88,492
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		3,748
Unrealized Gains		0
Unrealized Losses		(1)
Fair Value		3,747
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	21,765	46,443
Unrealized Gains	0	0
Unrealized Losses	(291)	(800)
Fair Value	21,474	45,643
U.S. Government agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	26,535	40,125
Unrealized Gains	0	0
Unrealized Losses	(370)	(1,023)
Fair Value	$ 26,165	$ 39,102

INVESTMENTS - Additional Inform

INVESTMENTS - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Fair value	$ 1,994,000	$ 13,687,000
Impairment of fair value assets	$ 0	$ 0

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment	$ 3,212		$ 3,337
Less: accumulated depreciation	(959)		(750)
Total Property and Equipment, net	2,253		2,587
Depreciation expense	236	$ 253
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment	645		770
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	17		17
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment	38		38
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	$ 2,512		$ 2,512

EQUITY METHOD INVESTMENT (Detai

EQUITY METHOD INVESTMENT (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Jun. 30, 2023	Dec. 01, 2022
Schedule of Equity Method Investments [Line Items]
Gain on sale of IP	$ 2,232,000
Research and development asset acquired other than through business combination, written-off	$ 710,000
Launchpad Therapeutics, Inc.
Schedule of Equity Method Investments [Line Items]
Common shares received from equity method investment (in shares)	9,000,000
Equity method investment, ownership percentage		39.10%
Equity method investment	$ 0	$ 0	$ 2,250,000
Loss recognized from equity method investment	$ 1,540,000

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Contracted research services	$ 3,829	$ 4,713
Payroll and related expenses	2,998	4,648
Professional and consulting fees	1,359	1,182
Current portion of operating lease liability	2,975	2,841
Total accrued expenses and other current liabilities	$ 11,161	$ 13,384
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses and other current liabilities	Total accrued expenses and other current liabilities

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 01, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jan. 14, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, options		$ 15,169		$ 15,169
Stock-based compensation expense		2,646	$ 3,252	$ 5,317	$ 6,627
2020 Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase of authorized shares, percent of common stock outstanding	4%						4%
Number of additional shares authorized (in shares)	1,457,371
2020 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase of authorized shares, percent of common stock outstanding							1%
Number of additional shares authorized (in shares)	326,364
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, recognition period (in years)				2 years 2 months 12 days
Stock-based compensation expense		2,475	3,000	$ 4,930	6,193
Stock options | 2020 Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under share-based compensation plan				44,479
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, recognition period (in years)				8 months 12 days
Fair value of units vested				$ 210
Unrecognized compensation cost		117		117
Stock-based compensation expense		$ 80	$ 189	$ 191	$ 310
Unvested performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units outstanding (in shares)						239,475
Units vested (in shares)				9,616
Achievement of milestones probable ( in shares)		17,859		17,859
Stock-based compensation expense				$ 45
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units outstanding (in shares)		36,859		36,859
Granted (in shares)				0
Expired performance restricted stock units (in shares)				193,000
Forfeited (in shares)				0
Stock-based compensation expense				$ 0
Shares issuable under employee stock purchase plan | 2020 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under share-based compensation plan				33,202	31,341
Award purchase period (in months)				6 months
Maximum percent of fair market value of common stock				85%
Maximum employee subscription rate		10%		10%
Maximum employee subscription amount				$ 25

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 2,646	$ 3,252	$ 5,317	$ 6,627
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	833	1,526	1,782	3,054
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,813	1,726	3,535	3,573
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,475	3,000	4,930	6,193
Restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	80	189	191	310
Employee Stock Purchase Plan and Other
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 91	$ 63	$ 196	$ 124

STOCK-BASED COMPENSATION - Sc_2

STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Options
Outstanding, beginning balance (in shares)	5,359,400
Granted (in shares)	3,226,650
Canceled or forfeited (in shares)	(350,424)
Expired (in shares)	(68,124)
Outstanding, ending balance (in shares)	8,167,502	5,359,400
Options vested or expected to vest (in shares)	8,167,502
Options exercisable (in shares)	3,265,021
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 12.40
Granted (in dollars per share)	2.70
Cancelled or forfeited (in dollars per share)	10.61
Expired (in dollars per share)	28.26
Outstanding, ending balance (in dollars per share)	8.51	$ 12.40
Options vested or expected to vest (in dollars per share)	8.51
Options exercisable (in dollars per share)	$ 13.61
Weighted Average Remaining Life and Intrinsic Value
Options outstanding, remaining life (in years)	8 years 3 months 18 days	7 years 9 months 18 days
Options vested or expected to vest, remaining life (in years)	8 years 3 months 18 days
Options exercisable, remaining life (in years)	6 years 10 months 24 days
Options outstanding, intrinsic value	$ 11,313	$ 76
Options vested or expected to vest, intrinsic value	11,313
Options exercisable, intrinsic value	$ 1,610

STOCK-BASED COMPENSATION - Sc_3

STOCK-BASED COMPENSATION - Schedule of Restricted Stock Activity (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Unvested restricted stock
Number of shares
Unvested restricted common stock, beginning balance (in shares)	101,397
Vested (in shares)	(15,834)
Cancelled or forfeited (in shares)	(8,309)
Unvested restricted common stock, ending balance (in shares)	77,254
Weighted average grant date fair value
Unvested restricted common stock, beginning balance (in dollars per share) | $ / shares	$ 5.92
Vested (in dollars per share) | $ / shares	13.25
Cancelled or forfeited (in dollars per share) | $ / shares	2.14
Unvested restricted common stock, ending balance (in dollars per share) | $ / shares	$ 4.82
Unvested performance restricted stock units
Number of shares
Unvested restricted common stock, beginning balance (in shares)	239,475
Vested (in shares)	(9,616)

NET LOSS PER SHARE - Computatio

NET LOSS PER SHARE - Computation of Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net loss	$ (19,152)	$ (20,875)	$ (22,930)	$ (25,507)	$ (40,027)	$ (48,437)
Weighted average common shares outstanding, basic (in shares)	36,516,114		36,293,856		36,500,085	36,282,636
Weighted average common shares outstanding, diluted (in shares)	36,516,114		36,293,856		36,500,085	36,282,636
Net loss per share, basic (in dollars per share)	$ (0.52)		$ (0.63)		$ (1.09)	$ (1.33)
Net loss per share, diluted (in dollars per share)	$ (0.52)		$ (0.63)		$ (1.09)	$ (1.33)

NET LOSS PER SHARE - Schedule o

NET LOSS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Net Loss per Share (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	8,394,723	6,539,177
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	8,167,502	6,025,594
Unvested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	77,254	208,129
Shares issuable under employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	102,351	27,572
Unvested performance restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	36,859	267,125
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	10,757	10,757

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 contract	Dec. 31, 2020 ft²	Jul. 31, 2020 USD ($) ft²
Lessee, Lease, Description [Line Items]
Number of leases | contract	2
Principal office, lease two
Lessee, Lease, Description [Line Items]
Lease term (in years)			7 years
Lease term, optional extension (in years)			5 years
Area leased (square feet)			25,578
Letter of credit outstanding | $			$ 1,168
Operating Lease, Office and Laboratory Space, NY
Lessee, Lease, Description [Line Items]
Lease term (in years)		11 years
Lease term, optional extension (in years)		5 years
Area leased (square feet)		18,120

LEASES - Summary of Lease Cost

LEASES - Summary of Lease Cost and Other Operating Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lease Cost
Operating lease cost	$ 1,054	$ 1,057	$ 2,108	$ 2,116
Short-term lease cost	11	21	28	40
Variable lease cost	126	219	382	476
Sublease income	(335)	0	(470)	0
Total lease cost	$ 856	$ 1,297	2,048	2,632
Other Operating Lease Information
Cash paid for amounts included in the measurement of lease liability			$ 2,103	$ 1,290
Weighted-average remaining lease term (in years)	7 years 4 months 24 days	8 years 3 months 18 days	7 years 4 months 24 days	8 years 3 months 18 days
Weighted-average discount rate	5.30%	5.30%	5.30%	5.30%

LEASES - Schedule of Future Min

LEASES - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2023 (excluding the six months ended June 30, 2023)	$ 2,141
2024	4,359
2025	4,477
2026	4,599
2027	4,724
Thereafter	12,250
Total lease payments	32,550
Less: interest	(5,793)
Total lease liability	$ 26,757

BENEFIT PLANS (Details)

BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Retirement Benefits [Abstract]
Employer contribution, matching contribution percentage			100%
Employer contribution, percent of each participant's salary			6%
Employer contribution amount	$ 167	$ 199	$ 543	$ 757

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - Follow-on Offering $ / shares in Units, $ in Thousands	Jul. 05, 2023 USD ($) $ / shares shares
Subsequent Event [Line Items]
Number of shares sold (in shares) | shares	15,000,000
Proceeds from equity financing | $	$ 71,565
Stock price (in dollars per share) | $ / shares	$ 5