Black Diamond Therapeutics' Silevertinib: Turning Dual-Cancer Ambition into a Cohesive Strategy?

Black Diamond Therapeutics reported topline Phase 2 results for silevertinib in first-line non-small cell lung cancer and glioblastoma, highlighting its potential to address both cancers driven by EGFR alterations. The data strengthens the scientific story, but investors are questioning how pivotal NSCLC development will be financed, especially with an at-the-market program already in place. Key catalysts include updated NSCLC data in 2026 and the start of the randomized GBM trial in 2026, while the biggest risks are tied to partnership timing, trial execution, and the possibility that earnings and revenue struggle to support the current valuation if silevertinib stalls.