Form 4: Director Acquires Black Diamond Therapeutics Stock

Black Diamond Therapeutics director Ali Behbahani acquired 4,291 shares of common stock in lieu of cash compensation.

Summary

• Ali Behbahani, a Director of Black Diamond Therapeutics, Inc. (BDTX), acquired 4,291 shares of common stock.
• The shares were acquired on September 19, 2025, at a price of $3.35 per share, based on the closing market price of September 18, 2025.
• This acquisition was made in accordance with the Issuer's Fifth Amended and Restated Non-Employee Director Compensation Policy, where the director elected to receive shares instead of cash for annual services.
• Following this transaction, Ali Behbahani directly beneficially owns 81,441 shares of BDTX common stock.
• He also indirectly beneficially owns 4,448,757 shares through New Enterprise Associates 16, L.P., disclaiming beneficial ownership for portions in which he has no pecuniary interest.

Sentiment

Score: 7

Explanation: The director's election to receive equity compensation instead of cash suggests a positive outlook on the company's future stock performance, aligning insider interests with shareholders.

Positives

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

Future Outlook

NA

Industry Context

This transaction is a routine insider filing for a biotechnology company, reflecting a director's election to receive equity compensation. It does not provide broader industry insights beyond the company's specific compensation practices.

Comparison to Industry Standards

• NA. This Form 4 reports an insider transaction, which is not typically compared to industry-wide financial performance benchmarks. The compensation policy itself, allowing non-employee directors to elect equity in lieu of cash, is a standard practice for many public companies.

Related Party Transactions

• Ali Behbahani, as a manager of NEA 16 GP, LLC, which is the sole general partner of NEA Partners 16, L.P., indirectly holds 4,448,757 shares through New Enterprise Associates 16, L.P. He disclaims beneficial ownership for portions without pecuniary interest.

Stakeholder Impact

• Shareholders: Increased alignment of director's interests with shareholders due to increased equity ownership.

Key Dates

Recommendation

The acquisition of shares by a director in lieu of cash compensation is generally viewed as a positive signal, indicating management's confidence in the company's future prospects and aligning their interests with shareholders. However, this single transaction, while positive, does not provide sufficient fundamental information to warrant a 'buy' or 'strong buy' recommendation without a broader analysis of the company's financial performance, strategic outlook, and market conditions. Therefore, a 'hold' recommendation is appropriate, acknowledging the positive insider sentiment while awaiting more comprehensive data.

Keywords

Black Diamond Therapeutics, BDTX, Ali Behbahani, Insider Trading, Form 4, Director Compensation, Equity Compensation, Stock Acquisition, Biotechnology, Pharmaceuticals