Executive Summary

Q1 2025 delivered a material upside surprise driven by $70.0M license revenue from the Servier deal, resulting in net income of $56.5M and diluted EPS of $0.98; consensus EPS was ~$0.02*, and consensus revenue ~$17.5M*, marking a significant beat *.
Cash runway extended to the fourth quarter of 2027 on quarter-end cash, cash equivalents, and investments of $152.4M, bolstered by the $70M upfront from Servier; net cash provided by operations in Q1 was $53.4M .
Clinical timelines updated: initial Phase 2 data for BDTX-1535 in 1L non-classical EGFRm NSCLC now targeted for Q4 2025 (previously Q2 2025), with plans to solicit FDA feedback on a potential pivotal path thereafter .
Near-term stock narrative centers on the outsized beat from one-time license revenue, extended runway reducing financing risk, and scrutiny on the pushed clinical update timing and execution milestones for BDTX-1535 .

What Went Well and What Went Wrong

Servier global licensing agreement for BDTX-4933 secured $70.0M upfront, with up to $710.0M in milestones plus tiered royalties—fortifying cash position and strategic focus on BDTX-1535 .
Operating discipline: R&D of $10.5M and G&A of $5.0M declined year over year, reflecting restructuring and prioritization of BDTX-1535 .
Management confidence on pivotal development: “Pending FDA feedback in the fourth quarter of 2025, we believe we are well-positioned to begin pivotal development of BDTX-1535 in the first half of 2026,” — Mark Velleca, CEO .

Clinical update timing for 1L non-classical EGFRm NSCLC moved from Q2 2025 to Q4 2025, extending the data catalyst timeline and increasing event risk concentration later in 2025 .
Heavy reliance on non-recurring license revenue for the beat (license revenue $70.0M vs $— last year), raising questions on sustainability of P&L absent commercial product revenue .
Execution risk persists: BDTX-1535 remains in Phase 2 with pivotal path contingent on FDA feedback; investor focus will be on timely enrollment, quality of data (ORR/DOR), and regulatory alignment .

Metric	Q3 2024	Q4 2024	Q1 2025
License Revenue ($USD Millions)	n/a	n/a	$70.0
Net Income (Loss) ($USD Millions)	$(15.6)	$(16.0)	$56.5
Diluted EPS ($USD)	$(0.28)	$(0.28)	$0.98
R&D Expense ($USD Millions)	$12.9	$12.3	$10.5
G&A Expense ($USD Millions)	$5.2	$6.0	$5.0

Notes: “n/a” indicates no revenue reported in the release; statements of operations did not include a revenue line for Q3/Q4.

Metric	Q3 2024	Q4 2024	Q1 2025
Net Income Margin %	n/a	n/a	80.8% (56.542/70.000)
Cash, Cash Equivalents & Investments ($USD Millions)	$112.7	$98.6	$152.4
Net Cash from Operations ($USD Millions)	$(11.3)	n/a (annual: $(62.3))	$53.4

Metric	Period	Consensus	Actual	Surprise
Revenue ($USD Millions)	Q1 2025	$17.5*	$70.0	+$52.5
Primary EPS ($USD)	Q1 2025	$0.023*	$0.98	+$0.96
# of Estimates (Revenue/EPS)	Q1 2025	4 / 4*	n/a	n/a

Values with an asterisk (*) retrieved from S&P Global.

Not applicable; the quarter’s revenue was license revenue from the Servier agreement (no product sales segments) .

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Company-level	Into Q2 2026	Into Q4 2027	Raised/Extended
Cash Runway	Company-level	Into Q4 2026	Into Q4 2027	Raised/Extended
BDTX-1535: Initial Phase 2 data (1L non-classical EGFRm NSCLC)	Clinical timeline	Q2 2025	Q4 2025	Delayed
BDTX-1535: FDA feedback on registrational path	Regulatory	R/R EGFRm NSCLC meeting planned Q1 2025	Plan to solicit FDA feedback in Q4 2025 for 1L path	Timing updated/shifted focus
BDTX-4933 program status	Corporate	Deprioritized; seeking partnerships	Licensed globally to Servier with $70M upfront, milestones up to $710M + royalties	Partnered/Monetized

No Q1 2025 earnings call transcript was available in our document set; themes below track narrative across company releases.

Topic	Previous Mentions (Q3 2024, Q4 2024)	Current Period (Q1 2025)	Trend
BDTX-1535 clinical progress (NSCLC)	Encouraging Phase 2 R/R data; 200 mg dose selected; Q1 2025 update planned	Initial 1L non-classical EGFRm data now Q4 2025; pivotal development targeted 1H 2026 pending FDA	Pushed timeline; pivot toward pivotal planning
GBM program expansion	Trigger trial data supports GBM expansion; expected Q1 2025	Phase 0/1 trial expanded into newly diagnosed GBM; AACR poster with encouraging PK/safety	Execution progressing
Cash runway	Into Q2 2026 (Q3) and Q4 2026 (Q4)	Into Q4 2027 on higher cash and Servier upfront	Improved
Corporate strategy / BDTX-4933	Deprioritized; seeking partnership	Global license to Servier; $70M upfront, milestones up to $710M	Monetized/partnered
Regulatory engagement (FDA)	R/R path feedback planned Q1 2025	Plan to solicit FDA feedback for 1L pivotal path in Q4 2025	Refocused timing/indication

“We continue to execute on enrollment in our BDTX-1535 Phase 2 trial for the treatment of newly diagnosed patients with EGFRm NSCLC and look forward to providing a clinical update in the fourth quarter of 2025.” — Mark Velleca, M.D., Ph.D., President and CEO .
“Our recently announced global licensing agreement with Servier for BDTX-4933 provides us with a strong cash position and runway into the fourth quarter of 2027.” — Mark Velleca .
Prior quarter framing: focus on advancing BDTX-1535 and sharing Phase 2 data in Q2 2025; GBM expansion anticipated Q1 2025 .

No Q1 2025 earnings call transcript was identified; Q&A highlights unavailable based on accessible documents [ListDocuments results: 0 earnings-call-transcript].

The quarter represented a substantial upside vs consensus: revenue $70.0M vs $17.5M* and diluted EPS $0.98 vs $0.023*; the beat was driven by the Servier license revenue, not product sales, and therefore should be considered non-recurring in nature *.
Near-term estimate models will likely recalibrate for one-time license revenue impact, with ongoing OPEX run-rate reflecting cost discipline. Future revisions hinge on BDTX-1535 clinical data timing and any additional partnering milestones *.

Values with an asterisk (*) retrieved from S&P Global.

One-time license revenue produced a headline beat; treat Q1 EPS/revenue as non-recurring and focus on cash runway and clinical execution to assess durability .
Runway into Q4 2027 reduces near-term financing risk and enhances negotiating position for potential future partnerships or pivotal execution .
The push of initial 1L EGFRm NSCLC Phase 2 data to Q4 2025 concentrates catalyst risk later in 2025; interim updates before Q4 appear limited .
BDTX-4933 monetization via Servier validates the platform’s partnering potential and provides optionality for further business development .
Watch enrollment progress, ORR/DOR quality at Q4 readout, and clarity of pivotal path and trial design (dose, endpoints) from FDA feedback .
Trading lens: Expect sensitivity to clinical timeline updates and any additional milestone payments; valuation drivers now tilt toward data quality and regulatory interactions rather than near-term P&L .