Form 4: Black Diamond Therapeutics Director Ali Behbahani Boosts Stake Through Equity Compensation

Black Diamond Therapeutics, Inc. Director Ali Behbahani acquired 6,170 shares of common stock in lieu of cash compensation, increasing his beneficial ownership.

Summary

• Ali Behbahani, a Director and 10% Owner of Black Diamond Therapeutics, Inc. (BDTX), acquired 6,170 shares of common stock.
• The acquisition occurred on June 20, 2025, at a price of $2.33 per share, which was based on the closing market price on June 18, 2025.
• These shares were issued as equity compensation for his annual services as a non-employee director, in accordance with the Issuer's Fifth Amended and Restated Non-Employee Director Compensation Policy.
• Following this transaction, Mr. Behbahani directly beneficially owns 77,150 shares of common stock.
• Additionally, he indirectly beneficially owns 4,448,757 shares through New Enterprise Associates 16, L.P. (NEA 16), where he is a manager of the general partner, NEA 16 GP, LLC. He disclaims beneficial ownership of portions in which he has no pecuniary interest.

Sentiment

Score: 6

Explanation: The acquisition of shares by a director, particularly in lieu of cash compensation, generally signals confidence in the company's future performance, which is a positive indicator for investors. However, it's a routine compensation event rather than a discretionary purchase, limiting the strength of the positive signal.

Positives

• Director Ali Behbahani elected to receive shares instead of cash compensation, indicating confidence in the company's future prospects and aligning his interests with shareholders.
• The acquisition increases the director's direct beneficial ownership in the company.

Future Outlook

This document, an SEC Form 4, reports an insider transaction and does not contain forward-looking statements or guidance regarding the company's future outlook.

Industry Context

This Form 4 filing reports a routine insider transaction where a director received equity in lieu of cash compensation. Such transactions are common in the biotechnology and pharmaceutical industries, where non-employee directors often receive a portion of their compensation in company stock to align their interests with shareholders. It does not provide broader industry trend analysis.

Comparison to Industry Standards

• The practice of compensating non-employee directors with equity, as seen with Black Diamond Therapeutics, is a standard corporate governance practice across various industries, including biotechnology. This aligns director incentives with shareholder value.
• Specific comparable companies or projects are not detailed in this filing, as it focuses solely on an individual's transaction.

Corporate Governance

Related Party Transactions

• The acquisition of shares by Director Ali Behbahani in lieu of cash compensation is a related party transaction as it involves compensation from the company to a director.
• The indirect beneficial ownership through New Enterprise Associates 16, L.P. (NEA 16), where the reporting person is a manager of the general partner, represents a related party relationship, although the reporting person disclaims pecuniary interest in certain portions.

Stakeholder Impact

• Shareholders: The director's decision to take equity compensation may be viewed positively, signaling alignment of interests and confidence in the company's long-term value.
• Employees: No direct impact on employees is indicated in this filing.
• Customers/Suppliers/Creditors: No direct impact on these stakeholders is indicated in this filing.

Key Dates

Keywords

Black Diamond Therapeutics, BDTX, Ali Behbahani, SEC Form 4, insider trading, director compensation, equity compensation, stock acquisition, beneficial ownership, New Enterprise Associates