Black Diamond Therapeutics (BDTX) 10-Q 5 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		56,585,063
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Entity Central Index Key	0001701541
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 23,425	$ 56,221
Investments	89,257	75,179
Prepaid expenses and other current assets	2,856	2,634
Total current assets	115,538	134,034
Property and equipment, net	1,472	1,730
Restricted cash	826	823
Right-of-use assets	19,767	21,980
Other non-current assets	293	0
Total assets	137,896	158,567
Current liabilities:
Accounts payable	1,971	2,324
Accrued expenses and other current liabilities	18,829	17,322
Total current liabilities	20,800	19,646
Non-current operating lease liabilities	19,670	22,185
Total liabilities	40,470	41,831
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at September 30, 2024 and December 31, 2023; no shares issued or outstanding at September 30, 2024 and December 31, 2023	0	0
Common stock; $0.0001 par value; 500,000,000 shares authorized at September 30, 2024 and December 31, 2023; 56,521,914 shares issued and outstanding at September 30, 2024 and 51,645,557 shares issued and outstanding at December 31, 2023	7	7
Additional paid-in capital	568,434	534,187
Accumulated other comprehensive income (loss)	107	(27)
Accumulated deficit	(471,122)	(417,431)
Total stockholders' equity	97,426	116,736
Total liabilities and stockholders' equity	$ 137,896	$ 158,567

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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 issued (in shares)	0	0
Preferred stock, shares outstanding (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)	56,521,914	51,645,557
Common stock, shares outstanding (in shares)	56,521,914	51,645,557

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses:
Research and development	$ 12,914	$ 16,154	$ 39,015	$ 44,061
General and administrative	5,216	7,858	21,491	21,544
Total operating expenses	18,130	24,012	60,506	65,605
Loss from operations	(18,130)	(24,012)	(60,506)	(65,605)
Other income (expense):
Interest income	516	439	1,617	1,600
Other income (expense)	2,057	566	5,198	971
Total other income (expense), net	2,573	1,005	6,815	2,571
Net loss	$ (15,557)	$ (23,007)	$ (53,691)	$ (63,034)
Net loss per share, basic (in dollars per share)	$ (0.28)	$ (0.45)	$ (0.99)	$ (1.54)
Net loss per share, diluted (in dollars per share)	$ (0.28)	$ (0.45)	$ (0.99)	$ (1.54)
Weighted average common shares outstanding, basic (in shares)	56,507,956	50,943,155	54,498,037	41,367,347
Weighted average common shares outstanding, diluted (in shares)	56,507,956	50,943,155	54,498,037	41,367,347
Comprehensive loss:
Net loss	$ (15,557)	$ (23,007)	$ (53,691)	$ (63,034)
Other comprehensive income (loss):
Unrealized gain (loss) on investments, net	222	297	134	1,460
Comprehensive loss	$ (15,335)	$ (22,710)	$ (53,557)	$ (61,574)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (53,691)	$ (63,034)
Adjustment to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	8,991	8,068
Depreciation expense	258	351
(Accretion) amortization on investments	(3,057)	(361)
Noncash rent expense	2,213	2,096
Loss on disposal of equipment	0	358
(Gain) Loss on sale of equipment	(86)	0
Changes in current assets and liabilities:
Prepaid expenses and other current assets	(222)	2,106
Other non-current assets	(293)	0
Accounts payable	(353)	(1,033)
Accrued expenses and other current liabilities	1,507	988
Non-current operating lease liabilities	(2,515)	(2,300)
Net cash used in operating activities	(47,248)	(52,761)
Cash flows from investing activities:
Purchases of equipment	0	(33)
Proceeds from sale of equipment	86	95
Proceeds from sales and maturities of investments	109,000	50,136
Purchases of investments	(119,887)	(46,101)
Net cash (used in) provided by investing activities	(10,801)	4,097
Cash flows from financing activities:
Proceeds from exercise of common stock options and ESPP	762	128
Proceeds from issuance of common stock, net of issuance costs	24,494	71,850
Net cash provided by financing activities	25,256	71,978
Net (decrease) increase in cash and cash equivalents	(32,793)	23,314
Cash, cash equivalents and restricted cash, beginning of period	57,044	35,483
Cash, cash equivalents and restricted cash, end of period	24,251	58,797
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents, end of period	23,425	57,978
Restricted cash, end of period	826	819
Cash, cash equivalents and restricted cash, end of period	$ 24,251	$ 58,797

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, 2022		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
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	1,460
Net loss	(63,034)
Ending balance (in shares) at Sep. 30, 2023		51,635,184
Ending balance at Sep. 30, 2023	134,317	$ 7	532,697	(364)	(398,023)
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
Ending balance at Jun. 30, 2023	82,199	$ 5	457,871	(661)	(375,016)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of issuance costs (in shares)		15,000,000
Issuance of common stock, net of issuance costs	72,000	$ 2	71,998
Exercise of common stock options (in shares)		5,370
Exercise of common stock options	20		20
Vesting of restricted stock units (in shares)		63,547
Surrender of shares for taxes (in shares)		(14,554)
Issuance of common stock related to ESPP (in shares)		35,803
Issuance of common stock related to ESPP	57		57
Stock-based compensation (in shares)		11,493
Stock-based compensation	2,751		2,751
Unrealized gain (loss) on investments	297			297
Net loss	(23,007)				(23,007)
Ending balance (in shares) at Sep. 30, 2023		51,635,184
Ending balance at Sep. 30, 2023	$ 134,317	$ 7	532,697	(364)	(398,023)
Beginning balance (in shares) at Dec. 31, 2023	51,645,557	51,645,557
Beginning balance at Dec. 31, 2023	$ 116,736	$ 7	534,187	(27)	(417,431)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of issuance costs (in shares)		800,000
Issuance of common stock, net of issuance costs	4,000		4,000
Exercise of common stock options (in shares)		47,741
Exercise of common stock options	86		86
Vesting of restricted stock units (in shares)		1,250
Issuance of common stock related to ESPP (in shares)		26,659
Issuance of common stock related to ESPP	64		64
Stock-based compensation (in shares)		6,419
Stock-based compensation	1,713		1,713
Unrealized gain (loss) on investments	(68)			(68)
Net loss	(18,225)				(18,225)
Ending balance (in shares) at Mar. 31, 2024		52,527,626
Ending balance at Mar. 31, 2024	$ 104,306	$ 7	540,050	(95)	(435,656)
Beginning balance (in shares) at Dec. 31, 2023	51,645,557	51,645,557
Beginning balance at Dec. 31, 2023	$ 116,736	$ 7	534,187	(27)	(417,431)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)	234,642
Unrealized gain (loss) on investments	$ 134
Net loss	$ (53,691)
Ending balance (in shares) at Sep. 30, 2024	56,521,914	56,521,914
Ending balance at Sep. 30, 2024	$ 97,426	$ 7	568,434	107	(471,122)
Beginning balance (in shares) at Mar. 31, 2024		52,527,626
Beginning balance at Mar. 31, 2024	104,306	$ 7	540,050	(95)	(435,656)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of issuance costs (in shares)		3,690,853
Issuance of common stock, net of issuance costs	20,494		20,494
Exercise of common stock options (in shares)		168,972
Exercise of common stock options	389		389
Vesting of restricted stock units (in shares)		18,199
Surrender of shares for taxes (in shares)		(4,696)
Surrender of shares for taxes	(25)		(25)
Stock-based compensation (in shares)		7,533
Stock-based compensation	5,286		5,286
Unrealized gain (loss) on investments	(20)			(20)
Net loss	(19,909)				(19,909)
Ending balance (in shares) at Jun. 30, 2024		56,408,487
Ending balance at Jun. 30, 2024	110,521	$ 7	566,194	(115)	(455,565)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		17,929
Exercise of common stock options	32		32
Issuance of common stock related to ESPP (in shares)		87,443
Issuance of common stock related to ESPP	216		216
Stock-based compensation (in shares)		8,055
Stock-based compensation	1,992		1,992
Unrealized gain (loss) on investments	222			222
Net loss	$ (15,557)				(15,557)
Ending balance (in shares) at Sep. 30, 2024	56,521,914	56,521,914
Ending balance at Sep. 30, 2024	$ 97,426	$ 7	$ 568,434	$ 107	$ (471,122)

NATURE OF BUSINESS AND BASIS OF

NATURE OF BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2024
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 clinical-stage oncology company developing MasterKey therapies that target families of oncogenic mutations in patients with cancer. 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 and advancement of its product candidates identified by its Mutation-Allostery-Pharmacology (MAP) drug discovery engine. The Company is subject to risks and uncertainties common to clinical-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 September 30, 2024, the Company sold 4,490,853 shares of its common stock pursuant to the ATM Program, resulting in gross proceeds to the Company of approximately $25.0 million ($24.5 million net of offering costs). 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 $71.9 million, after deducting underwriting discounts and commissions. The accompanying 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 common stock and preferred stock. The Company has had recurring losses and negative cash flows from operations in all periods since inception and had an accumulated deficit of $471.1 million as of September 30, 2024. The Company expects to continue to generate operating losses for the foreseeable future. As of November 5, 2024, 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 condensed consolidated financial statements. The Company will seek additional funding through private or public equity financings, debt financings, collaborations, strategic alliances and marketing, distribution or licensing arrangements. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into collaborations or other arrangements. The terms of any financing may adversely affect the holdings or the rights of the Company's stockholders. If the Company is unable to obtain funding, the Company could be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, or reduce headcount and general and administrative costs, which could adversely affect its business prospects. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
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 Security Corporation and Black Diamond Therapeutics (Canada), Inc., after elimination of all significant intercompany accounts and transactions. On October 10, 2023, Black Diamond Therapeutics (Canada), Inc. was dissolved by way of voluntary dissolution. 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 on Form 10-K for the year ended December 31, 2023. 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, disruptions in capital markets, changes in international trade relationships and military conflicts, 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. Recently issued accounting pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 requires that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). The standard is effective for annual and interim periods beginning after December 15, 2024. Adoption of the standard requires certain changes to be made prospectively, with some changes to be made retrospectively. The adoption is not expected to have a material impact on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280) (ASU 2023-07) which requires enhanced disclosure of (1) significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, (2) the amount and description of the composition of other segment items which reconcile to segment profit or loss, and (3) the title and position of the entity’s CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and allocating resources. The amendments also expand the interim segment disclosure requirements. This new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in this ASU apply retrospectively to all prior periods presented in the financial statements. The adoption of this update will not have a material impact on the Company’s consolidated financial statements. In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (ASU 2023-06). The standard is effective for annual and interim periods beginning after December 15, 2024. Adoption of the standard requires certain changes to be made prospectively, with some changes to be made retrospectively. The adoption is not expected to have a material impact on the Company’s consolidated financial statements.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 22,341 $ — $ — $ 22,341 Investments: Commercial paper — 65,113 — 65,113 Corporate bonds — 24,144 — 24,144 Total $ 22,341 $ 89,257 $ — $ 111,598 Fair value measurements at December 31, 2023 using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 30,803 $ — $ — $ 30,803 Investments: Commercial paper — 44,871 — 44,871 Corporate bonds — 30,308 — 30,308 Total $ 30,803 $ 75,179 $ — $ 105,982 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	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS As of September 30, 2024, investments were comprised of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 65,045 $ 73 $ (5) $ 65,113 Corporate bonds 24,105 41 (2) 24,144 Total $ 89,150 $ 114 $ (7) $ 89,257 As of December 31, 2023, investments were comprised of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 44,880 $ 4 $ (13) $ 44,871 Corporate bonds 30,326 — (18) 30,308 Total $ 75,206 $ 4 $ (31) $ 75,179 As of September 30, 2024, all marketable securities held by the Company had remaining contractual maturities of one year or less. As of December 31, 2023, all marketable securities held by the Company had remaining contractual maturities of one year or less. As of September 30, 2024, 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 nine months ended September 30, 2024 and the year ended December 31, 2023.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT Property and equipment, net consisted of the following: September 30, December 31, Furniture and fixtures $ 17 $ 17 Leasehold improvements 2,512 2,512 Property and equipment 2,529 2,529 Less: accumulated depreciation (1,057) (799) Total Property and Equipment, net $ 1,472 $ 1,730 Depreciation expense for the nine months ended September 30, 2024 and 2023 was $258 and $351, respectively.

EQUITY METHOD INVESTMENT

EQUITY METHOD INVESTMENT	9 Months Ended
	Sep. 30, 2024
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, Revelio Therapeutics, Inc. (Revelio) (formerly known as Launchpad Therapeutics, Inc.), in exchange for contributing early discovery-stage antibody programs and granting Revelio a license to use its MAP drug discovery engine to discover, develop and commercialize large molecule therapeutics. As of December 31, 2023 and September 30, 2024, the Company had a voting interest in Revelio of 39.1% and 21.2%, respectively, and one seat on Revelio’s Board of Directors, which provide the Company with significant influence over Revelio. Other investors in Revelio include Versant Ventures and New Enterprise Associates (NEA), who are shareholders of the Company.

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	9 Months Ended
	Sep. 30, 2024
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: September 30, December 31, Contracted research services $ 10,324 $ 8,071 Payroll and related expenses 4,251 5,175 Professional and consulting fees 925 963 Current portion of operating lease liability 3,329 3,113 Total accrued expenses and other current liabilities $ 18,829 $ 17,322

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2024
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, 2024, 2,065,822 shares of common stock, representing 4% of the Company’s outstanding shares of common stock as of December 31, 2023, 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, 2024. 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 Nine Months Ended 2024 2023 2024 2023 Stock options $ 1,927 $ 2,595 $ 8,754 $ 7,525 Restricted stock units — 58 18 250 Employee Stock Purchase Plan and Other 65 98 219 293 $ 1,992 $ 2,751 $ 8,991 $ 8,068 For the nine months ended September 30, 2024, the Company issued 22,007 shares of common stock under its 2020 Plan in accordance with 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 Nine Months Ended 2024 2023 2024 2023 Research and development $ 728 $ 767 $ 2,096 $ 2,549 General and administrative 1,264 1,984 6,895 5,519 $ 1,992 $ 2,751 $ 8,991 $ 8,068 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, 2023 8,135,711 $ 7.85 8.0 $ 1,146 Granted 3,604,552 $ 4.95 Exercised (234,642) $ 2.19 Cancelled or forfeited (231,895) $ 8.24 Expired (38,098) $ 22.04 Outstanding September 30, 2024 11,235,628 $ 6.98 7.8 $ 7,361 Options vested or expected to vest at September 30, 2024 11,235,628 $ 6.98 7.8 $ 7,361 Options exercisable at September 30, 2024 5,023,272 $ 10.46 6.5 $ 3,270 For the nine months ended September 30, 2024, total unrecognized compensation cost related to the unvested stock-options was $15,241, which is expected to be recognized over a weighted average period of 2.7 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, 2024: Number of shares Weighted average grant date fair value Unvested restricted common stock as of December 31, 2023 20,799 $ 2.41 Vested (19,449) $ 2.40 Cancelled or forfeited (1,350) $ 2.55 Unvested restricted common stock as of September 30, 2024 — $ — The total fair value of time-based restricted stock units vested during the nine months ended September 30, 2024 was $48. For the nine months ended September 30, 2024, there was no unrecognized compensation cost related to the time-based unvested restricted stock units. The Company had 19,000 performance restricted stock units outstanding at the year ended December 31, 2023. For the nine months ended September 30, 2024, the Company granted no performance restricted stock units to its employees, released no performance restricted stock units due to the achievement of certain financing milestones, and had no performance restricted stock units forfeited. As of September 30, 2024, the Company had 19,000 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 September 30, 2024, for performance-based restricted stock units that were outstanding, the achievement of the milestones that had not been met was considered not probable, and therefore no expense has been recognized related to these awards in the nine months ended September 30, 2024. 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 nine months ended September 30, 2024 and 2023, there were 114,102 and 69,005 shares, respectively, issued under the 2020 ESPP.

NET LOSS PER SHARE

NET LOSS PER SHARE	9 Months Ended
	Sep. 30, 2024
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 Nine Months Ended 2024 2023 2024 2023 Net loss $ (15,557) $ (23,007) $ (53,691) $ (63,034) Weighted average common shares outstanding, basic and diluted 56,507,956 50,943,155 54,498,037 41,367,347 Net loss per share, basic and diluted $ (0.28) $ (0.45) $ (0.99) $ (1.54) 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: Nine Months Ended 2024 2023 Options to purchase common stock 11,235,628 8,344,635 Unvested restricted stock — 22,674 Shares issuable under employee stock purchase plan 27,518 28,780 Unvested performance restricted stock units 19,000 19,000 Warrants to purchase common stock 10,757 10,757 11,292,903 8,425,846

LEASES

LEASES	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
LEASES	LEASES The Company has historically entered into lease arrangements for its facilities. As of September 30, 2024, 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 nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Lease Cost Operating lease cost $ 1,054 $ 1,054 $ 3,162 $ 3,162 Short-term lease cost 16 24 49 52 Variable lease cost 237 246 676 628 Sublease income (989) (334) (2,060) (804) Total lease cost $ 318 $ 990 $ 1,827 $ 3,038 Other Operating Lease Information September 30, 2024 September 30, 2023 Cash paid for amounts included in the measurement of lease liability $ 3,250 $ 3,164 Weighted-average remaining lease term 6.2 7.1 Weighted-average discount rate 5.3 % 5.3 % The variable lease costs for the three and nine months ended September 30, 2024 and 2023 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 September 30, 2024 were as follows: As of September 30, 2024 2024 (excluding the nine months ended September 30, 2024) $ 1,109 2025 4,477 2026 4,599 2027 4,724 2028 3,926 Thereafter 8,324 Total lease payments 27,159 Less: interest (4,160) Total lease liability $ 22,999

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
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. 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 September 30, 2024 or December 31, 2023. 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	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
BENEFIT PLANS	BENEFIT PLANS The 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 nine months ended September 30, 2024 and 2023, the Company contributed $119, $619, $143 and $686, respectively, to the 401(k) Plan.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On October 7, 2024, the Company announced a corporate restructuring plan to prioritize the Company’s resources on advancing and optimizing development plans for its lead program BDTX-1535, strengthen operational efficiencies, and extend its cash runway (the “Restructuring Plan”). The Restructuring Plan included deprioritizing the Company’s development candidate BDTX-4933, a reduction in force, and certain other measures to streamline its general and administrative, operating and capital expenditures. The reduction in force included a reduction of approximately half of the Company’s workforce. The Company estimates that it will incur aggregate charges of approximately $2,700 in connection with the reduction in force, primarily consisting of severance payments and other employee termination-related expenses. The Company expects that the reduction in force will be substantially complete by the end of 2024. The estimated charges that the Company expects to incur are subject to a number of assumptions, and actual results may differ from these estimates. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the reduction in force. Cost savings from the Restructuring Plan are expected to be sufficient to fund operations into the second quarter of 2026.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (15,557)	$ (19,909)	$ (18,225)	$ (23,007)	$ (19,152)	$ (20,875)	$ (53,691)	$ (63,034)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Principles of consolidation and unaudited interim financial information	Black Diamond Therapeutics, Inc. (the Company) is a clinical-stage oncology company developing MasterKey therapies that target families of oncogenic mutations in patients with cancer. 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 and advancement of its product candidates identified by its Mutation-Allostery-Pharmacology (MAP) drug discovery engine. The Company is subject to risks and uncertainties common to clinical-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 Security Corporation and Black Diamond Therapeutics (Canada), Inc., after elimination of all significant intercompany accounts and transactions. On October 10, 2023, Black Diamond Therapeutics (Canada), Inc. was dissolved by way of voluntary dissolution. 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 on Form 10-K for the year ended December 31, 2023. 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 Security Corporation and Black Diamond Therapeutics (Canada), Inc., after elimination of all significant intercompany accounts and transactions. On October 10, 2023, Black Diamond Therapeutics (Canada), Inc. was dissolved by way of voluntary dissolution.
Use of estimates	Use of estimates
Recently issued accounting pronouncements	Recently issued accounting pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 requires that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). The standard is effective for annual and interim periods beginning after December 15, 2024. Adoption of the standard requires certain changes to be made prospectively, with some changes to be made retrospectively. The adoption is not expected to have a material impact on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280) (ASU 2023-07) which requires enhanced disclosure of (1) significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, (2) the amount and description of the composition of other segment items which reconcile to segment profit or loss, and (3) the title and position of the entity’s CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and allocating resources. The amendments also expand the interim segment disclosure requirements. This new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in this ASU apply retrospectively to all prior periods presented in the financial statements. The adoption of this update will not have a material impact on the Company’s consolidated financial statements. In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (ASU 2023-06). The standard is effective for annual and interim periods beginning after December 15, 2024. Adoption of the standard requires certain changes to be made prospectively, with some changes to be made retrospectively. The adoption is not expected to have a material impact on the Company’s consolidated financial statements.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 22,341 $ — $ — $ 22,341 Investments: Commercial paper — 65,113 — 65,113 Corporate bonds — 24,144 — 24,144 Total $ 22,341 $ 89,257 $ — $ 111,598 Fair value measurements at December 31, 2023 using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 30,803 $ — $ — $ 30,803 Investments: Commercial paper — 44,871 — 44,871 Corporate bonds — 30,308 — 30,308 Total $ 30,803 $ 75,179 $ — $ 105,982

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities	As of September 30, 2024, investments were comprised of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 65,045 $ 73 $ (5) $ 65,113 Corporate bonds 24,105 41 (2) 24,144 Total $ 89,150 $ 114 $ (7) $ 89,257 As of December 31, 2023, investments were comprised of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 44,880 $ 4 $ (13) $ 44,871 Corporate bonds 30,326 — (18) 30,308 Total $ 75,206 $ 4 $ (31) $ 75,179

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property and equipment, net consisted of the following: September 30, December 31, Furniture and fixtures $ 17 $ 17 Leasehold improvements 2,512 2,512 Property and equipment 2,529 2,529 Less: accumulated depreciation (1,057) (799) Total Property and Equipment, net $ 1,472 $ 1,730

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses and other current liabilities consisted of the following: September 30, December 31, Contracted research services $ 10,324 $ 8,071 Payroll and related expenses 4,251 5,175 Professional and consulting fees 925 963 Current portion of operating lease liability 3,329 3,113 Total accrued expenses and other current liabilities $ 18,829 $ 17,322

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2024
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 Nine Months Ended 2024 2023 2024 2023 Stock options $ 1,927 $ 2,595 $ 8,754 $ 7,525 Restricted stock units — 58 18 250 Employee Stock Purchase Plan and Other 65 98 219 293 $ 1,992 $ 2,751 $ 8,991 $ 8,068 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 Nine Months Ended 2024 2023 2024 2023 Research and development $ 728 $ 767 $ 2,096 $ 2,549 General and administrative 1,264 1,984 6,895 5,519 $ 1,992 $ 2,751 $ 8,991 $ 8,068
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, 2023 8,135,711 $ 7.85 8.0 $ 1,146 Granted 3,604,552 $ 4.95 Exercised (234,642) $ 2.19 Cancelled or forfeited (231,895) $ 8.24 Expired (38,098) $ 22.04 Outstanding September 30, 2024 11,235,628 $ 6.98 7.8 $ 7,361 Options vested or expected to vest at September 30, 2024 11,235,628 $ 6.98 7.8 $ 7,361 Options exercisable at September 30, 2024 5,023,272 $ 10.46 6.5 $ 3,270
Schedule of Restricted Stock Activity	The following table summarizes time-based restricted stock activity since January 1, 2024: Number of shares Weighted average grant date fair value Unvested restricted common stock as of December 31, 2023 20,799 $ 2.41 Vested (19,449) $ 2.40 Cancelled or forfeited (1,350) $ 2.55 Unvested restricted common stock as of September 30, 2024 — $ —

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
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 Nine Months Ended 2024 2023 2024 2023 Net loss $ (15,557) $ (23,007) $ (53,691) $ (63,034) Weighted average common shares outstanding, basic and diluted 56,507,956 50,943,155 54,498,037 41,367,347 Net loss per share, basic and diluted $ (0.28) $ (0.45) $ (0.99) $ (1.54)
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: Nine Months Ended 2024 2023 Options to purchase common stock 11,235,628 8,344,635 Unvested restricted stock — 22,674 Shares issuable under employee stock purchase plan 27,518 28,780 Unvested performance restricted stock units 19,000 19,000 Warrants to purchase common stock 10,757 10,757 11,292,903 8,425,846

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule 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 nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Lease Cost Operating lease cost $ 1,054 $ 1,054 $ 3,162 $ 3,162 Short-term lease cost 16 24 49 52 Variable lease cost 237 246 676 628 Sublease income (989) (334) (2,060) (804) Total lease cost $ 318 $ 990 $ 1,827 $ 3,038 Other Operating Lease Information September 30, 2024 September 30, 2023 Cash paid for amounts included in the measurement of lease liability $ 3,250 $ 3,164 Weighted-average remaining lease term 6.2 7.1 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 September 30, 2024 were as follows: As of September 30, 2024 2024 (excluding the nine months ended September 30, 2024) $ 1,109 2025 4,477 2026 4,599 2027 4,724 2028 3,926 Thereafter 8,324 Total lease payments 27,159 Less: interest (4,160) Total lease liability $ 22,999

NATURE OF BUSINESS AND BASIS _2

NATURE OF BUSINESS AND BASIS OF PRESENTATION (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended			9 Months Ended
	Jul. 05, 2023	Nov. 14, 2022	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Dec. 31, 2023
Subsidiary, Sale of Stock [Line Items]
Sale of stock, gross			$ 20,494	$ 4,000	$ 72,000
Accumulated deficit						$ (471,122)	$ (417,431)
Shelf Registration Statement
Subsidiary, Sale of Stock [Line Items]
Sale of stock, authorized consideration		$ 500,000
ATM Program
Subsidiary, Sale of Stock [Line Items]
Sale of stock, authorized consideration		$ 150,000
Number of shares sold (in shares)						4,490,853
Sale of stock, gross						$ 25,000
Sale of stock, net of offering costs						$ 24,500
Follow-on Offering
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)	15,000,000
Stock price (in dollars per share)	$ 5
Proceeds from equity financing	$ 71,900

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Total	$ 111,598	$ 105,982
Money market funds
Assets:
Cash equivalents:	22,341	30,803
Commercial paper
Assets:
Investments:	65,113	44,871
Corporate bonds
Assets:
Investments:	24,144	30,308
Level 1
Assets:
Total	22,341	30,803
Level 1 | Money market funds
Assets:
Cash equivalents:	22,341	30,803
Level 1 | Commercial paper
Assets:
Investments:	0	0
Level 1 | Corporate bonds
Assets:
Investments:	0	0
Level 2
Assets:
Total	89,257	75,179
Level 2 | Money market funds
Assets:
Cash equivalents:	0	0
Level 2 | Commercial paper
Assets:
Investments:	65,113	44,871
Level 2 | Corporate bonds
Assets:
Investments:	24,144	30,308
Level 3
Assets:
Total	0	0
Level 3 | Money market funds
Assets:
Cash equivalents:	0	0
Level 3 | Commercial paper
Assets:
Investments:	0	0
Level 3 | Corporate bonds
Assets:
Investments:	$ 0	$ 0

INVESTMENTS - Schedule of Marke

INVESTMENTS - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 89,150	$ 75,206
Unrealized Gains	114	4
Unrealized Losses	(7)	(31)
Fair Value	89,257	75,179
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	65,045	44,880
Unrealized Gains	73	4
Unrealized Losses	(5)	(13)
Fair Value	65,113	44,871
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	24,105	30,326
Unrealized Gains	41	0
Unrealized Losses	(2)	(18)
Fair Value	$ 24,144	$ 30,308

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Impairment of fair value assets	$ 0	$ 0

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment	$ 2,529		$ 2,529
Less: accumulated depreciation	(1,057)		(799)
Total Property and Equipment, net	1,472		1,730
Depreciation expense	258	$ 351
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	17		17
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	$ 2,512		$ 2,512

EQUITY METHOD INVESTMENT (Detai

EQUITY METHOD INVESTMENT (Details) - Revelio Therapeutics - USD ($)	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Common shares received from equity method investment (in shares)			9,000,000
Equity method investment, ownership percentage	21.20%	39.10%
Equity method investment	$ 0	$ 0

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Contracted research services	$ 10,324	$ 8,071
Payroll and related expenses	4,251	5,175
Professional and consulting fees	925	963
Current portion of operating lease liability	$ 3,329	$ 3,113
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses and other current liabilities	Total accrued expenses and other current liabilities
Total accrued expenses and other current liabilities	$ 18,829	$ 17,322

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended
	Jan. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jan. 14, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, options		$ 15,241,000		$ 15,241,000
Stock-based compensation expense		1,992,000	$ 2,751,000	$ 8,991,000	$ 8,068,000
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, recognition period (in years)				2 years 8 months 12 days
Stock-based compensation expense		1,927,000	2,595,000	$ 8,754,000	7,525,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of units vested				48,000
Unrecognized compensation cost		0		0
Stock-based compensation expense		$ 0	$ 58,000	$ 18,000	$ 250,000
Unvested performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units outstanding (in shares)						19,000
Units vested (in shares)				0
Performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units outstanding (in shares)		19,000		19,000
Units granted (in shares)				0
Units forfeited (in shares)				0
Stock-based compensation expense				$ 0
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)	2,065,822
2020 Stock Option Plan | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under share-based compensation plan				22,007
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
2020 ESPP | Shares issuable under employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under share-based compensation plan				114,102	69,005
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				$ 25,000

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,992	$ 2,751	$ 8,991	$ 8,068
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	728	767	2,096	2,549
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,264	1,984	6,895	5,519
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,927	2,595	8,754	7,525
Restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	0	58	18	250
Employee Stock Purchase Plan and Other
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 65	$ 98	$ 219	$ 293

STOCK-BASED COMPENSATION - Sc_2

STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Options
Outstanding, beginning balance (in shares) | shares	8,135,711
Granted (in shares) | shares	3,604,552
Exercised (in shares) | shares	(234,642)
Canceled or forfeited (in shares) | shares	(231,895)
Expired (in shares) | shares	(38,098)
Outstanding, ending balance (in shares) | shares	11,235,628	8,135,711
Options vested or expected to vest (in shares) | shares	11,235,628
Options exercisable (in shares) | shares	5,023,272
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share) | $ / shares	$ 7.85
Granted (in dollars per share) | $ / shares	4.95
Exercised (in dollars per share) | $ / shares	2.19
Cancelled or forfeited (in dollars per share) | $ / shares	8.24
Expired (in dollars per share) | $ / shares	22.04
Outstanding, ending balance (in dollars per share) | $ / shares	6.98	$ 7.85
Options vested or expected to vest (in dollars per share) | $ / shares	6.98
Options exercisable (in dollars per share) | $ / shares	$ 10.46
Weighted Average Remaining Life and Intrinsic Value
Options outstanding, remaining life (in years)	7 years 9 months 18 days	8 years
Options vested or expected to vest, remaining life (in years)	7 years 9 months 18 days
Options exercisable, remaining life (in years)	6 years 6 months
Options outstanding, intrinsic value | $	$ 7,361	$ 1,146
Options vested or expected to vest, intrinsic value | $	7,361
Options exercisable, intrinsic value | $	$ 3,270

STOCK-BASED COMPENSATION - Sc_3

STOCK-BASED COMPENSATION - Schedule of Restricted Stock Activity (Details) - Unvested restricted stock	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of shares
Unvested restricted common stock, beginning balance (in shares) | shares	20,799
Vested (in shares) | shares	(19,449)
Cancelled or forfeited (in shares) | shares	(1,350)
Unvested restricted common stock, ending balance (in shares) | shares	0
Weighted average grant date fair value
Unvested restricted common stock, beginning balance (in dollars per share) | $ / shares	$ 2.41
Vested (in dollars per share) | $ / shares	2.40
Cancelled or forfeited (in dollars per share) | $ / shares	2.55
Unvested restricted common stock, ending balance (in dollars per share) | $ / shares	$ 0

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						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net loss	$ (15,557)	$ (19,909)	$ (18,225)	$ (23,007)	$ (19,152)	$ (20,875)	$ (53,691)	$ (63,034)
Weighted average common shares outstanding, basic (in shares)	56,507,956			50,943,155			54,498,037	41,367,347
Weighted average common shares outstanding, diluted (in shares)	56,507,956			50,943,155			54,498,037	41,367,347
Net loss per share, basic (in dollars per share)	$ (0.28)			$ (0.45)			$ (0.99)	$ (1.54)
Net loss per share, diluted (in dollars per share)	$ (0.28)			$ (0.45)			$ (0.99)	$ (1.54)

NET LOSS PER SHARE - Schedule o

NET LOSS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Net Loss per Share (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	11,292,903	8,425,846
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	11,235,628	8,344,635
Unvested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	22,674
Shares issuable under employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	27,518	28,780
Unvested performance restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	19,000	19,000
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	9 Months Ended
	Sep. 30, 2024 contract	Aug. 31, 2023 USD ($)	Dec. 31, 2020 ft²	Jul. 31, 2020 USD ($) 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 | $		$ 779		$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease Cost
Operating lease cost	$ 1,054	$ 1,054	$ 3,162	$ 3,162
Short-term lease cost	16	24	49	52
Variable lease cost	237	246	676	628
Sublease income	(989)	(334)	(2,060)	(804)
Total lease cost	$ 318	$ 990	1,827	3,038
Other Operating Lease Information
Cash paid for amounts included in the measurement of lease liability			$ 3,250	$ 3,164
Weighted-average remaining lease term (in years)	6 years 2 months 12 days	7 years 1 month 6 days	6 years 2 months 12 days	7 years 1 month 6 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	Sep. 30, 2024 USD ($)
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2024 (excluding the nine months ended September 30, 2024)	$ 1,109
2025	4,477
2026	4,599
2027	4,724
2028	3,926
Thereafter	8,324
Total lease payments	27,159
Less: interest	(4,160)
Total lease liability	$ 22,999

BENEFIT PLANS (Details)

BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Employer contribution, matching contribution percentage			100%
Employer contribution, percent of each participant's salary			6%
Employer contribution amount	$ 119	$ 143	$ 619	$ 686

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Thousands	Oct. 07, 2024 USD ($)
Subsequent event
Subsequent Event [Line Items]
Restructuring expected cost	$ 2,700