SAN DIEGO, Oct. 13, 2025 (GLOBE NEWSWIRE) -- Boundless Bio, (Nasdaq: BOLD) a clinical-stage oncology company interrogating extrachromosomal DNA (ecDNA) biology to deliver transformative therapies to patients with previously intractable oncogene amplified cancers, today announced an upcoming poster presentation at the AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics taking place October 22-26, 2025 in Boston, MA. Details of the presentations are as follows: Title: Synergi ...

An immersive celebration of art, identity, and modern retail arrives this fall at Bloomingdale's 59th Street flagship—featuring a striking façade and Carousel takeover, designed by acclaimed artist Yinka IloriNEW YORK, Sept. 4, 2025 /PRNewswire/ -- This fall, Bloomingdale's redefines the retail experience with Just Imagine—a bold, boundary-pushing campaign that transforms the iconic department store into a dynamic museum where fashion, art, and immersive storytelling converge.To kick off the campaign, accla ...

Core Viewpoint - Pringles is launching a new lineup of flavors, including the Smoky collection, Sharp White Cheddar, and Pringles Mingles flavors, aimed at satisfying diverse consumer cravings starting in September 2025 [2][5][8]. Product Launch Details - The new Pringles Smoky collection includes three flavors: Smoky Bacon, Smoky Mesquite BBQ, and Smoky Cheddar, each offering unique taste profiles [6][5]. - Pringles Sharp White Cheddar combines rich, nutty flavors with a touch of acidity to replicate aged white cheddar cheese [6]. - Pringles Mingles introduces two new flavors: Cinnamon & Sugar, which is the brand's first sweet flavor since 2016, and Jalapeño & Queso, balancing creamy queso with fresh jalapeño flavor [6][5]. Marketing and Collaboration - To celebrate the launch, Pringles is collaborating with Chef Calvin Eng from Bonnie's restaurant to create a special dish featuring the Smoky Mesquite BBQ flavor, available for a limited time [5][7]. - The marketing strategy emphasizes innovation and consumer engagement, with a focus on unique flavor experiences [4][8]. Company Background - Kellanova, the parent company of Pringles, is a leader in global snacking with a legacy of over 100 years and net sales of approximately $13 billion for 2024 [9].

Boundless Bio develops drugs that target ecDNA—a type of DNA found outside chromosomes within cancer cells. Its unique approach involves designing therapeutics aimed at treating oncogene-amplified cancers. These are aggressive tumors that standard treatments often fail to control. The company's core focus is its Spyglass platform, which pinpoints drug targets involved in ecDNA function. Its lead program, BBI-355, targets oncogene amplification through small molecule drugs. It aims to be the first to bring e ...

[Special Note Regarding Forward-Looking Statements and Market and Industry Data](index=4&type=section&id=SPECIAL%20NOTE%20REGARDING%20FORWARD-LOOKING%20STATEMENTS%20AND%20MARKET%20AND%20INDUSTRY%20DATA) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section outlines forward-looking statements, detailing risks such as limited operating history, capital needs, and unproven therapeutic approaches - The report contains forward-looking statements concerning future operations, financial position, use of IPO proceeds, cash runway, benefits of portfolio prioritization, timing and success of clinical trials, regulatory submissions, potential benefits of ecDTx, and intellectual property strategies[7](index=7&type=chunk) - Key risks include a limited operating history, significant operating losses, substantial additional capital requirements, early development stage with only one active clinical trial (BBI-355 and BBI-825 combination), novel and unproven approach to treating cancer with ecDTx, lengthy and expensive clinical development with uncertain outcomes, potential side effects, reliance on third parties, significant competition, and volatile stock price[8](index=8&type=chunk)[11](index=11&type=chunk) - The company operates in an evolving environment, and new risk factors and uncertainties may emerge, making forward-looking statements inherently subject to risks and uncertainties[9](index=9&type=chunk) [PART I. FINANCIAL INFORMATION](index=8&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=8&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents unaudited condensed financial statements, detailing financial position, operational performance, and cash flows [Condensed Balance Sheets](index=8&type=section&id=Condensed%20Balance%20Sheets) This section presents the company's financial position, detailing assets, liabilities, and stockholders' equity at specific dates | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Total assets | $179,453 | $206,409 | | Total liabilities | $56,762 | $55,767 | | Total stockholders' equity | $122,691 | $150,642 | - Total assets decreased by **$26.96 million** from December 31, 2024, to June 30, 2025, primarily due to a reduction in cash, cash equivalents, and short-term investments[15](index=15&type=chunk) - Total stockholders' equity decreased by **$27.95 million**, largely driven by the accumulated deficit from net losses[15](index=15&type=chunk) [Condensed Statements of Operations and Comprehensive Loss](index=9&type=section&id=Condensed%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) This section details the company's operational performance, including revenues, expenses, and net loss over specific periods | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Research and development | $12,218 | $14,735 | $24,355 | $27,864 | | General and administrative | $4,843 | $4,656 | $10,047 | $8,410 | | Total operating expenses | $17,061 | $19,391 | $34,402 | $36,274 | | Net loss | $(15,675) | $(16,976) | $(31,433) | $(32,406) | | Net loss per share, basic and diluted | $(0.70) | $(0.77) | $(1.41) | $(2.78) | - Net loss decreased by **$1.3 million** for the three months ended June 30, 2025, and by **$0.97 million** for the six months ended June 30, 2025, compared to the respective prior year periods[18](index=18&type=chunk) - Research and development expenses decreased by **$2.5 million** (3 months YoY) and **$3.5 million** (6 months YoY), while general and administrative expenses increased by **$0.2 million** (3 months YoY) and **$1.6 million** (6 months YoY)[18](index=18&type=chunk) [Condensed Statements of Convertible Preferred Stock and Stockholders' Equity/ (Deficit)](index=10&type=section&id=Condensed%20Statements%20of%20Convertible%20Preferred%20Stock%20and%20Stockholders'%20Equity/%20(Deficit)) This section outlines changes in convertible preferred stock and stockholders' equity, reflecting capital structure evolution and accumulated deficit | Metric (in thousands) | December 31, 2024 | March 31, 2025 | June 30, 2025 | | :-------------------- | :---------------- | :------------- | :------------ | | Total stockholders' equity | $150,642 | $136,592 | $122,691 | | Accumulated deficit | $(201,472) | $(217,230) | $(232,905) | - The accumulated deficit increased from **$(201.5) million** at December 31, 2024, to **$(232.9) million** at June 30, 2025, reflecting ongoing net losses[21](index=21&type=chunk) - Stock-based compensation contributed **$3.49 million** to additional paid-in capital during the six months ended June 30, 2025[21](index=21&type=chunk) [Condensed Statements of Cash Flows](index=11&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) This section details cash inflows and outflows from operating, investing, and financing activities over specific periods | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(26,359) | $(32,012) | | Net cash provided by/ (used in) investing activities | $14,352 | $(50,054) | | Net cash provided by financing activities | $117 | $89,723 | | Net increase/ (decrease) in cash, cash equivalents, and restricted cash | $(11,890) | $7,657 | - Net cash used in operating activities decreased by **$5.65 million** for the six months ended June 30, 2025, compared to the prior year, primarily due to reduced third-party spending on discovery, development, and clinical activities[24](index=24&type=chunk)[131](index=131&type=chunk) - Investing activities shifted from a net outflow of **$50.1 million** in H1 2024 to a net inflow of **$14.4 million** in H1 2025, driven by net maturities of available-for-sale securities[24](index=24&type=chunk)[132](index=132&type=chunk) - Financing activities provided significantly less cash in H1 2025 (**$0.1 million**) compared to H1 2024 (**$89.7 million**), as the prior period included net proceeds from the IPO[24](index=24&type=chunk)[133](index=133&type=chunk) [Notes to Condensed Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) [1. Organization and Basis of Presentation](index=12&type=section&id=1.%20Organization%20and%20Basis%20of%20Presentation) This section describes the company's business, IPO details, and financial position, including cash runway and accumulated deficit - Boundless Bio, Inc is a clinical-stage precision oncology company focused on developing ecDNA-directed therapeutic candidates (ecDTx) for oncogene amplified tumors[27](index=27&type=chunk) - The company completed its IPO on April 2, 2024, selling 6,250,000 shares at $16.00 per share, generating approximately **$87.7 million** in net proceeds[28](index=28&type=chunk) - As of June 30, 2025, the company had **$127.1 million** in cash, cash equivalents, and short-term investments, which it believes will fund operations for at least twelve months[32](index=32&type=chunk)[36](index=36&type=chunk] It has an accumulated deficit of **$232.9 million** and expects to incur significant operating losses for the foreseeable future[32](index=32&type=chunk)[36](index=36&type=chunk) [2. Summary of Significant Accounting Policies](index=14&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) This section outlines the accounting principles used in financial statement preparation, noting no material policy changes - The condensed financial statements are prepared in accordance with U.S GAAP and SEC interim reporting requirements, with certain footnote disclosures condensed or omitted[37](index=37&type=chunk) - There were no material changes to the company's significant accounting policies during the six months ended June 30, 2025[39](index=39&type=chunk) - The company qualifies as an 'emerging growth company' (EGC) and has elected to use the extended transition period for complying with new or revised financial accounting standards[40](index=40&type=chunk) [3. Fair Value Measurements](index=16&type=section&id=3.%20Fair%20Value%20Measurements) This section details the fair value of financial assets, categorizing them by valuation inputs (Level 1 and Level 2) | Asset Type (in thousands) | June 30, 2025 Fair Value | December 31, 2024 Fair Value | | :------------------------ | :----------------------- | :--------------------------- | | Money market funds (Level 1) | $11,797 | $24,889 | | U.S. government obligations (Level 2) | $112,451 | $118,289 | | Corporate debt securities (Level 2) | — | $7,238 | | Total fair value of assets | $124,248 | $150,416 | - Money market funds are classified as Level 1, while U.S government obligations and corporate debt securities are classified as Level 2, reflecting valuation based on observable market data[47](index=47&type=chunk) [4. Investments](index=16&type=section&id=4.%20Investments) This section provides details on the company's investment portfolio, including money market funds and government obligations | Investment Type (in thousands) | June 30, 2025 Estimated Fair Value | December 31, 2024 Estimated Fair Value | | :----------------------------- | :--------------------------------- | :----------------------------------- | | Money market funds | $11,797 | $24,889 | | U.S. government obligations | $112,451 | $118,289 | | Corporate debt securities | — | $7,238 | | Total cash equivalents and investments | $124,248 | $150,416 | - As of June 30, 2025, there were 21 available-for-sale securities with an estimated fair value of **$78.6 million** in gross unrealized loss positions, primarily due to the rising interest rate environment[52](index=52&type=chunk) [5. Property and Equipment](index=18&type=section&id=5.%20Property%20and%20Equipment) This section details the company's property and equipment, net of accumulated depreciation and amortization | Category (in thousands) | June 30, 2025 | December 31, 2024 | | :---------------------- | :------------ | :---------------- | | Lab equipment | $4,374 | $4,338 | | Computers and software | $899 | $895 | | Leasehold improvements | $1,030 | $981 | | Furniture and fixtures | $1,834 | $1,816 | | Total property and equipment | $8,137 | $8,030 | | Less accumulated depreciation and amortization | $(4,343) | $(3,709) | | Property and equipment, net | $3,794 | $4,321 | - Net property and equipment decreased from **$4.32 million** at December 31, 2024, to **$3.79 million** at June 30, 2025, primarily due to accumulated depreciation and amortization[53](index=53&type=chunk) [6. Accounts Payable and Accrued Liabilities](index=18&type=section&id=6.%20Accounts%20Payable%20and%20Accrued%20Liabilities) This section outlines the company's short-term liabilities, including accounts payable and accrued research and development costs | Category (in thousands) | June 30, 2025 | December 31, 2024 | | :---------------------- | :------------ | :---------------- | | Accounts payable | $2,294 | $1,274 | | Accrued research and development costs | $3,058 | $2,584 | | Other accrued liabilities | $503 | $1,496 | | Total accounts payable and accrued liabilities | $5,855 | $5,354 | - Total accounts payable and accrued liabilities increased by **$0.5 million** from December 31, 2024, to June 30, 2025, mainly driven by an increase in accounts payable and accrued R&D costs[54](index=54&type=chunk) [7. Lease Agreements](index=18&type=section&id=7.%20Lease%20Agreements) This section details the company's non-cancelable facility lease, including future minimum payments and operating lease liabilities - The company entered into a non-cancelable facility lease (2024 Lease) for its San Diego headquarters, commencing November 2024 with base rent payments starting July 2025, for a 120-month term[55](index=55&type=chunk)[57](index=57&type=chunk) - Future minimum lease payments under the 2024 Lease as of June 30, 2025, total **$72.3 million**, with operating lease liabilities recorded at **$49.5 million**[60](index=60&type=chunk) - Lease expense for the three months ended June 30, 2025, was approximately **$2.4 million**, significantly higher than **$0.7 million** in the prior year, due to the new 2024 Lease[58](index=58&type=chunk) [8. Commitments and Contingencies](index=20&type=section&id=8.%20Commitments%20and%20Contingencies) This section describes the company's contractual commitments, indemnification obligations, and absence of material litigation - The company enters into cancellable contracts for preclinical research, clinical trials, manufacturing, and other services, which generally provide for termination upon notice without significant penalty[61](index=61&type=chunk) - The company provides indemnification to vendors, lessors, business partners, officers, and directors, with potential future payments being unlimited in many cases, but no material costs have been incurred to date[62](index=62&type=chunk)[64](index=64&type=chunk) - There are no material outstanding litigation matters, and no liabilities for loss contingencies have been accrued as of June 30, 2025, or December 31, 2024[65](index=65&type=chunk) [9. Common Stock](index=22&type=section&id=9.%20Common%20Stock) This section details common stock options, equity awards, and shares available for issuance under employee plans | Category (in thousands) | June 30, 2025 | December 31, 2024 | | :---------------------- | :------------ | :---------------- | | Common stock options issued and outstanding | 4,647 | 3,818 | | Equity awards available for future issuance | 2,934 | 2,648 | | Shares available for purchase under employee stock purchase plan | 325 | 187 | | Total | 7,906 | 6,653 | - The total number of common stock shares reserved for future issuance increased from **6.65 million** at December 31, 2024, to **7.91 million** at June 30, 2025[66](index=66&type=chunk) [10. Stock-Based Compensation](index=22&type=section&id=10.%20Stock-Based%20Compensation) This section outlines the company's stock-based compensation plans, including options, exercise prices, and related expenses - The 2024 Incentive Award Plan became effective with the IPO, authorizing 3,765,892 shares for issuance as of June 30, 2025, including an evergreen provision increase[67](index=67&type=chunk) | Metric (in thousands, except per share data) | June 30, 2025 | December 31, 2024 | | :------------------------------------------- | :------------ | :---------------- | | Balance of stock options outstanding | 4,647 | 3,818 | | Weighted-average exercise price | $5.10 | $6.37 | | Unrecognized compensation cost (stock options) | $11,800 | N/A | | Unrecognized compensation cost (ESPP) | $700 | N/A | | Stock-Based Compensation Expense (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Research and development | $642 | $888 | $1,357 | $1,412 | | General and administrative | $1,051 | $1,247 | $2,133 | $2,051 | | Total stock-based compensation | $1,693 | $2,135 | $3,490 | $3,463 | [11. Net Loss Per Common Share](index=24&type=section&id=11.%20Net%20Loss%20Per%20Common%20Share) This section presents the calculation of net loss per common share, basic and diluted, for the reported periods | Metric (in thousands, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss | $(15,675) | $(16,976) | $(31,433) | $(32,406) | | Weighted-average shares | 22,356 | 22,023 | 22,328 | 11,641 | | Net loss per share, basic and diluted | $(0.70) | $(0.77) | $(1.41) | $(2.78) | - Potential common shares from options were excluded from diluted net loss per share calculation as their inclusion would be anti-dilutive due to the net loss[79](index=79&type=chunk) [12. Segment Information](index=25&type=section&id=12.%20Segment%20Information) This section confirms the company operates as a single reporting segment, focusing on ecDTx development with no revenue | Expense Category (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | R&D – Compensation and benefits | $3,217 | $3,679 | $6,512 | $7,165 | | R&D – Clinical trial costs | $2,448 | $2,935 | $5,298 | $5,532 | | G&A – Compensation and benefits | $1,528 | $1,645 | $3,102 | $3,192 | | Facilities related | $2,400 | $652 | $4,699 | $1,304 | | Total operating expense | $17,061 | $19,391 | $34,402 | $36,274 | - The company operates and manages its business as one reporting and one operating segment, focused on designing and developing ecDTx, with no revenue recorded to date[41](index=41&type=chunk)[81](index=81&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition and results, focusing on ecDNA therapeutics, portfolio prioritization, and financial impacts, including liquidity [Overview](index=26&type=section&id=Overview) This section provides an overview of the company's clinical-stage oncology focus, portfolio prioritization, and workforce reduction - Boundless Bio is a clinical-stage precision oncology company developing ecDNA-directed therapeutic candidates (ecDTx) for oncogene amplified tumors, a condition affecting **14% to 17%** of cancer patients[84](index=84&type=chunk) - The company announced a portfolio prioritization on May 23, 2025, focusing on the BBI-355/BBI-825 combination, advancing the Kinesin program with BBI-940, and extending its cash runway into the first half of 2028[86](index=86&type=chunk)[95](index=95&type=chunk) - Due to a narrow therapeutic index and lack of dose-proportional exposure, respectively, BBI-355 and BBI-825 single-agent clinical development arms were discontinued, but a combination arm for BBI-355/BBI-825 has been opened based on preclinical synergistic activity[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) - The company incurred a **$1.0 million** charge related to a workforce reduction of approximately one-third, completed by June 30, 2025, as part of streamlining operations[95](index=95&type=chunk) [Macroeconomic, Political, and Regulatory Environment Considerations](index=30&type=section&id=Macroeconomic,%20Political,%20and%20Regulatory%20Environment%20Considerations) This section addresses risks from macroeconomic, political, and regulatory environments, including market volatility and potential FDA delays - Uncertainty in global macroeconomic, political, and regulatory environments poses significant risks, including market volatility, high interest rates, inflation, and potential disruptions to service providers and clinical sites[99](index=99&type=chunk) - Changes at the FDA, such as staff departures or funding shortages, could delay regulatory approvals and increase development costs[100](index=100&type=chunk) [Components of Our Results of Operations](index=30&type=section&id=Components%20of%20Our%20Results%20of%20Operations) This section details the components of operating results, including R&D and G&A expenses, and future revenue expectations - The company has not generated any revenue from product sales to date and does not expect to until ecDTx achieve regulatory approval, which may take several years[102](index=102&type=chunk) - Operating expenses consist of research and development (R&D) and general and administrative (G&A) expenses[103](index=103&type=chunk) R&D expenses are primarily for the Spyglass platform, ecDTx discovery, preclinical/clinical development, and ecDNA diagnostic development[104](index=104&type=chunk) - G&A expenses include personnel costs, facility-related costs, legal fees, professional fees, and insurance[111](index=111&type=chunk) Both R&D and G&A expenses are expected to increase as the business grows and potentially commercializes products[112](index=112&type=chunk) [Results of Operations](index=34&type=section&id=Results%20of%20Operations) [Comparison of the Three Months Ended June 30, 2025 and 2024](index=34&type=section&id=Comparison%20of%20the%20Three%20Months%20Ended%20June%2030,%202025%20and%202024) This section compares financial performance for the three months ended June 30, 2025 and 2024, highlighting changes in expenses and net loss | Metric (in thousands) | June 30, 2025 | June 30, 2024 | Change | | :-------------------- | :------------ | :------------ | :----- | | Research and development | $12,218 | $14,735 | $(2,517) | | General and administrative | $4,843 | $4,656 | $187 | | Interest income | $1,386 | $2,382 | $(996) | | Net loss | $(15,675) | $(16,976) | $1,301 | - R&D expenses decreased by **$2.5 million**, primarily due to reduced spending on the BBI-825 clinical trial and lower personnel, outside services, and lab supply costs, partially offset by increased facilities-related expenses[116](index=116&type=chunk) - G&A expenses increased by **$0.2 million**, mainly due to higher facilities-related costs, partially offset by decreased stock-based compensation and other personnel costs[117](index=117&type=chunk) - Other income, net, decreased by **$1.0 million** due to a reduction in interest income from a smaller investment portfolio and lower market yields[118](index=118&type=chunk) [Comparison of the Six Months Ended June 30, 2025 and 2024](index=36&type=section&id=Comparison%20of%20the%20Six%20Months%20Ended%20June%2030,%202025%20and%202024) This section compares financial performance for the six months ended June 30, 2025 and 2024, highlighting changes in expenses and net loss | Metric (in thousands) | June 30, 2025 | June 30, 2024 | Change | | :-------------------- | :------------ | :------------ | :----- | | Research and development | $24,355 | $27,864 | $(3,509) | | General and administrative | $10,047 | $8,410 | $1,637 | | Interest income | $2,971 | $3,803 | $(832) | | Net loss | $(31,433) | $(32,406) | $973 | - R&D expenses decreased by **$3.5 million**, driven by reduced direct program costs for BBI-825, lower personnel, outside services, and lab supply costs, partially offset by a **$2.7 million** increase in facilities-related expenses[120](index=120&type=chunk) - G&A expenses increased by **$1.6 million**, primarily due to a **$1.0 million** increase in facilities-related costs and a **$0.5 million** increase in professional service fees[121](index=121&type=chunk) - Other income, net, decreased by **$0.9 million** due to reduced interest income from a smaller investment portfolio and lower market yields[122](index=122&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) This section details the company's capital raised, current cash position, projected cash runway, and future funding requirements - The company has raised **$353.8 million** to date, primarily from convertible preferred stock and common stock sales, including **$87.7 million** net proceeds from its April 2024 IPO[123](index=123&type=chunk) - As of June 30, 2025, cash, cash equivalents, and short-term investments totaled **$127.1 million**, projected to fund operations into the first half of 2028[126](index=126&type=chunk) - The company expects to incur substantial losses for the foreseeable future and will require significant additional funding, likely through equity offerings, debt financings, or collaborations, to support its development and potential commercialization efforts[127](index=127&type=chunk)[129](index=129&type=chunk) | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(26,359) | $(32,012) | | Net cash provided by/ (used in) investing activities | $14,352 | $(50,054) | | Net cash provided by financing activities | $117 | $89,723 | [Contractual Obligations and Other Commitments](index=42&type=section&id=Contractual%20Obligations%20and%20Other%20Commitments) This section outlines the company's operating lease commitments and cancellable contracts for services - As of June 30, 2025, total future aggregate operating lease commitments for office and lab space amount to **$72.3 million**, expiring in October 2034[134](index=134&type=chunk) - The company enters into cancellable contracts for clinical trial, preclinical research, and manufacturing services, which are not separately presented as they generally allow for termination after a notice period[135](index=135&type=chunk) [Off-Balance Sheet Arrangements](index=42&type=section&id=Off-Balance%20Sheet%20Arrangements) This section confirms the absence of any off-balance sheet arrangements since the company's inception - The company has not had any off-balance sheet arrangements since its inception, as defined under SEC rules and regulations[136](index=136&type=chunk) [Critical Accounting Policies and Significant Estimates and Judgments](index=42&type=section&id=Critical%20Accounting%20Policies%20and%20Significant%20Estimates%20and%20Judgments) This section discusses key accounting policies and estimates, particularly for R&D expenses and stock-based compensation - The preparation of financial statements requires management to make estimates and judgments, particularly concerning accrued R&D expenses and stock-based compensation[137](index=137&type=chunk) - There have been no material changes to the company's critical accounting policies and estimates from those described in its 2024 10-K[138](index=138&type=chunk) [Emerging Growth Company and Smaller Reporting Company Status](index=42&type=section&id=Emerging%20Growth%20Company%20and%20Smaller%20Reporting%20Company%20Status) This section explains the company's status as an EGC and smaller reporting company, detailing associated disclosure elections - The company qualifies as an 'emerging growth company' (EGC) and has elected to use the extended transition period for complying with new or revised accounting standards, allowing delayed adoption[139](index=139&type=chunk) - The company will remain an EGC until the earliest of December 31, 2029, or other conditions related to revenue, market value, or debt issuance[140](index=140&type=chunk) - The company is also a 'smaller reporting company' and can take advantage of scaled disclosures as long as its public float or annual revenue remains below specified thresholds[141](index=141&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Boundless Bio, Inc is not required to provide quantitative and qualitative disclosures about market risk - The company is a smaller reporting company and is not required to provide quantitative and qualitative disclosures about market risk[143](index=143&type=chunk) [Item 4. Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of June 30, 2025, with internal control over financial reporting evaluation deferred for newly public companies - As of June 30, 2025, the company's disclosure controls and procedures were effective in providing reasonable assurance that required information is recorded, processed, summarized, and reported timely[144](index=144&type=chunk) - Due to SEC rules for newly public companies, management is not yet required to evaluate the effectiveness of internal control over financial reporting until after the filing of the 2025 Annual Report on Form 10-K[145](index=145&type=chunk) [PART II. OTHER INFORMATION](index=45&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) There are no material pending legal proceedings against the company, nor is management aware of any contemplated governmental proceedings - There are no material pending legal proceedings against the company, and management is unaware of any contemplated governmental proceedings[148](index=148&type=chunk) [Item 1A. Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) Investing in the company's common stock involves high risk, with no material changes to previously disclosed risk factors in the 2024 10-K - Investing in the company's common stock involves a high degree of risk, and investors should carefully consider the risks and uncertainties described in the 2024 10-K[149](index=149&type=chunk) - There have been no material changes to the risk factors set forth in Part I, Item 1A of the company's 2024 10-K[149](index=149&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section reports no unregistered sales or issuer purchases, detailing the shifted use of IPO proceeds to support BBI-355/BBI-825 and BBI-940 programs [(a) Recent Sales of Unregistered Securities.](index=45&type=section&id=(a)%20Recent%20Sales%20of%20Unregistered%20Securities.) This section confirms there have been no recent unregistered sales of equity securities by the company - There have been no recent unregistered sales of equity securities[150](index=150&type=chunk) [(b) Use of Proceeds.](index=45&type=section&id=(b)%20Use%20of%20Proceeds.) This section details the net proceeds from the April 2024 IPO and their reallocated use for key therapeutic programs - The IPO, completed on April 2, 2024, generated net proceeds of approximately **$87.7 million** after deducting underwriting discounts and offering expenses[151](index=151&type=chunk) - The planned use of IPO net proceeds has shifted due to portfolio prioritization, now directed to support the BBI-355/BBI-825 combination and BBI-940 programs, including initial proof-of-concept clinical data, research and development of other ecDTx programs, and general corporate purposes[152](index=152&type=chunk) [(c) Issuer Purchases of Equity Securities.](index=45&type=section&id=(c)%20Issuer%20Purchases%20of%20Equity%20Securities.) This section confirms there have been no issuer purchases of equity securities by the company - There have been no issuer purchases of equity securities[153](index=153&type=chunk) [Item 3. Defaults Upon Senior Securities](index=45&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Boundless Bio, Inc has not defaulted upon any senior securities - There have been no defaults upon senior securities[154](index=154&type=chunk) [Item 4. Mine Safety Disclosures](index=47&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to Boundless Bio, Inc - This item is not applicable[155](index=155&type=chunk) [Item 5. Other Information](index=47&type=section&id=Item%205.%20Other%20Information) This section discloses a Rule 10b5-1 trading arrangement adopted by the Chief Medical Officer for 45,000 shares - Robert Doebele, MD, Ph.D, Chief Medical Officer, adopted a Rule 10b5-1 trading arrangement on April 3, 2025, covering **45,000 shares** with an expiration date of August 3, 2026[156](index=156&type=chunk)[157](index=157&type=chunk) [Item 6. Exhibits](index=48&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including corporate governance documents and officer certifications - The exhibits include the Amended and Restated Certificate of Incorporation, Amended and Restated Bylaws, certifications of principal executive and financial officers (31.1, 31.2, 32.1), and Inline XBRL documents (101.INS, 101.SCH, 104)[160](index=160&type=chunk)

[Executive Summary & Business Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Highlights) Boundless Bio initiated enrollment for its BBI-355/BBI-825 combination trial and advanced BBI-940 towards IND submission, with **$127 million** cash funding operations into H1 2028 [Key Announcements](index=1&type=section&id=Key%20Announcements) Boundless Bio opened enrollment for the BBI-355/BBI-825 combination trial and confirmed BBI-940's IND submission timeline, supported by a **$127 million** cash runway - BBI-355 and BBI-825 combination arm of the POTENTIATE trial is now open for enrollment[2](index=2&type=chunk) - BBI-940 is on track for submission of an investigational new drug (IND) application in the first half of 2026[2](index=2&type=chunk) - **$127 million** in cash supports operations into the first half of 2028, through expected proof-of-concept clinical readouts for both programs[2](index=2&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Zachary Hornby emphasized focused execution on programs with strong scientific rationale and significant potential for patients with oncogene-amplified cancers - Company is executing with sharpened focus on programs believed to have the strongest scientific rationale and greatest potential to impact patients with oncogene-amplified cancers[3](index=3&type=chunk) - Excited to advance BBI-355/BBI-825 combination in the clinic and progress BBI-940 toward IND submission[3](index=3&type=chunk) [Research and Development Highlights and Upcoming Milestones](index=1&type=section&id=Research%20and%20Development%20Highlights%20and%20Upcoming%20Milestones) Boundless Bio is advancing its POTENTIATE clinical trial with a BBI-355/BBI-825 combination and progressing BBI-940 towards an IND submission, with initial clinical data expected within the current cash runway [POTENTIATE Clinical Trial](index=1&type=section&id=POTENTIATE%20clinical%20trial) Preclinical data supports the BBI-355/BBI-825 combination for synergistic anti-tumor activity, with the POTENTIATE trial's combination arm now open for enrollment and initial data expected within the cash runway - Preclinical data provides strong mechanistic rationale to combine BBI-355 (CHK1 inhibitor) with BBI-825 (RNR inhibitor) for synergistic anti-tumor activity without overlapping toxicity[5](index=5&type=chunk) - The BBI-355/BBI-825 combination arm of the POTENTIATE trial is open for enrollment[5](index=5&type=chunk) - Initial proof-of-concept clinical data for the combination is expected within the existing cash runway timeline[5](index=5&type=chunk) [Novel Kinesin Program](index=1&type=section&id=Novel%20Kinesin%20program%20targeting%20ecDNA%20segregation%20and%20inheritance) Boundless Bio selected BBI-940 as its development candidate for a novel kinesin program, with an IND submission planned for H1 2026 and initial clinical data expected within the current cash runway - Boundless selected BBI-940 as its development candidate for its novel program targeting a previously undrugged kinesin[5](index=5&type=chunk) - Boundless expects to submit an IND application for BBI-940 in the first half of 2026[5](index=5&type=chunk) - Initial proof-of-concept clinical data for BBI-940 is expected within the existing cash runway timeline[5](index=5&type=chunk) [Second Quarter 2025 Financial Results](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Results) Boundless Bio reported a **$127.1 million** cash position, with a reduced net loss of **$15.7 million** for Q2 2025, driven by decreased R&D expenses [Summary of Financial Performance](index=2&type=section&id=Summary%20of%20Financial%20Performance) Boundless Bio's cash position of **$127.1 million** as of June 30, 2025, is projected to fund operations into H1 2028, with Q2 2025 net loss improving to **$15.7 million** - Cash, cash equivalents, and short-term investments totaled **$127.1 million** as of June 30, 2025, supporting operations into the first half of 2028[2](index=2&type=chunk)[10](index=10&type=chunk) Q2 2025 vs Q2 2024 Operating Expenses and Net Loss Highlights | Metric | Q2 2025 (Millions USD) | Q2 2024 (Millions USD) | Change (YoY) | | :-------------------------------- | :--------------------- | :--------------------- | :----------- | | Research and Development (R&D) Expenses | $12.2 | $14.7 | -$2.5 (-17.0%) | | General and Administrative (G&A) Expenses | $4.8 | $4.7 | +$0.1 (+2.1%) | | Net Loss | $15.7 | $17.0 | -$1.3 (-7.6%) | [Condensed Statements of Operations](index=4&type=section&id=Condensed%20Statements%20of%20Operations%20Data) Q2 2025 saw a **12.0%** decrease in total operating expenses and a **7.7%** improvement in net loss, while H1 2025 net loss per share significantly improved due to increased weighted-average shares Condensed Statements of Operations Data (Three Months Ended June 30) | Metric (in thousands USD) | Q2 2025 | Q2 2024 | Change (YoY) | | :-------------------- | :------ | :------ | :----------- | | Research and development | $12,218 | $14,735 | -$2,517 (-17.1%) | | General and administrative | $4,843 | $4,656 | +$187 (+4.0%) | | Total operating expenses | $17,061 | $19,391 | -$2,330 (-12.0%) | | Loss from operations | $(17,061) | $(19,391) | +$2,330 (+12.0%) | | Interest income | $1,386 | $2,382 | -$996 (-41.8%) | | Net loss | $(15,675) | $(16,976) | +$1,301 (+7.7%) | | Net loss per share, basic and diluted | $(0.70) | $(0.77) | +$0.07 (+9.1%) | | Weighted-average shares used in calculation | 22,356 | 22,023 | +333 (+1.5%) | Condensed Statements of Operations Data (Six Months Ended June 30) | Metric (in thousands USD) | H1 2025 | H1 2024 | Change (YoY) | | :-------------------- | :------ | :------ | :----------- | | Research and development | $24,355 | $27,864 | -$3,509 (-12.6%) | | General and administrative | $10,047 | $8,410 | +$1,637 (+19.5%) | | Total operating expenses | $34,402 | $36,274 | -$1,872 (-5.2%) | | Loss from operations | $(34,402) | $(36,274) | +$1,872 (+5.2%) | | Interest income | $2,971 | $3,803 | -$832 (-21.9%) | | Net loss | $(31,433) | $(32,406) | +$973 (+3.0%) | | Net loss per share, basic and diluted | $(1.41) | $(2.78) | +$1.37 (+49.3%) | | Weighted-average shares used in calculation | 22,328 | 11,641 | +10,687 (+91.8%) | [Condensed Balance Sheet](index=4&type=section&id=Condensed%20Balance%20Sheet%20Data) As of June 30, 2025, cash, cash equivalents, and short-term investments decreased by **$24.97 million**, contributing to a decline in total assets and stockholders' equity, while the accumulated deficit increased Condensed Balance Sheet Data (as of June 30, 2025 vs. December 31, 2024) | Metric (in thousands USD) | June 30, 2025 | December 31, 2024 | Change | | :-------------------------------- | :-------------- | :---------------- | :------- | | Cash, cash equivalents, and short-term investments | $127,148 | $152,114 | -$24,966 | | Total assets | $179,453 | $206,409 | -$26,956 | | Total liabilities | $56,762 | $55,767 | +$995 | | Accumulated deficit | $(232,905) | $(201,472) | -$31,433 | | Total stockholders' equity | $122,691 | $150,642 | -$27,951 | | Working capital | $120,477 | $146,255 | -$25,778 | [About Boundless Bio](index=2&type=section&id=About%20Boundless%20Bio) Boundless Bio is a clinical-stage oncology company developing ecDNA-directed therapies, including BBI-355 and BBI-825 in clinical trials, and BBI-940 in IND-enabling studies - Boundless Bio is a clinical-stage oncology company dedicated to unlocking a new paradigm in cancer therapeutics by addressing unmet needs in patients with oncogene amplified tumors, focusing on extrachromosomal DNA (ecDNA)[2](index=2&type=chunk)[7](index=7&type=chunk) - The company is developing the first ecDNA-directed therapeutic candidates (ecDTx), BBI-355 (oral, selective CHK1 inhibitor) and BBI-825 (oral, selective RNR inhibitor), evaluated in combination in the Phase 1/2 POTENTIATE clinical trial[7](index=7&type=chunk) - Boundless Bio is conducting IND-enabling studies for BBI-940, a potentially first-in-class orally bioavailable, selective Kinesin degrader[7](index=7&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This section cautions that non-historical statements are forward-looking, subject to inherent risks and uncertainties, and the company undertakes no obligation to update them, as qualified by safe harbor provisions - Statements not describing historical facts are forward-looking, identifiable by terms such as 'anticipate,' 'expect,' 'potential,' and are based on current beliefs and expectations[9](index=9&type=chunk) - Forward-looking statements are subject to inherent risks and uncertainties, including early development stage, novel and unproven approach, potential delays in clinical trials, dependence on third parties, and potential for unfavorable results or inadequate efficacy[9](index=9&type=chunk)[11](index=11&type=chunk) - The Company undertakes no obligation to update such statements, which are qualified in their entirety by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995[11](index=11&type=chunk) [Company Information](index=3&type=section&id=Company%20Information) This section provides essential contact information for investor relations and media inquiries [Investor and Media Contacts](index=3&type=section&id=Investor%20Contacts) Contact details are provided for investor relations, including James Lee and Renee Leck, and for media inquiries, Carly Scaduto - Investor Contacts: James Lee (Boundless Bio, Inc.) and Renee Leck (THRUST Strategic Communications)[12](index=12&type=chunk) - Media Contact: Carly Scaduto[12](index=12&type=chunk)

Core Insights - Boundless Bio is advancing its clinical programs targeting oncogene-amplified cancers, specifically through the BBI-355 and BBI-825 combination in the POTENTIATE trial, which is now open for enrollment [1][7] - The company is on track to submit an investigational new drug (IND) application for BBI-940 in the first half of 2026, aiming to deliver initial proof-of-concept clinical data within its existing cash runway timeline [1][7] - As of June 30, 2025, Boundless Bio has $127 million in cash, which is expected to support operations into the first half of 2028 [1][7] Research and Development Highlights - The POTENTIATE clinical trial is focused on evaluating the combination of BBI-355, a selective CHK1 inhibitor, and BBI-825, a selective RNR inhibitor, for their synergistic anti-tumor activity [5][7] - BBI-940 is being developed as a first-in-class orally bioavailable selective Kinesin degrader, with IND-enabling studies currently underway [5][7] Financial Performance - For the second quarter of 2025, research and development expenses were $12.2 million, a decrease from $14.7 million in the same period of 2024 [7][9] - General and administrative expenses were $4.8 million for the second quarter of 2025, slightly up from $4.7 million in the same period of 2024 [7][9] - The net loss for the second quarter of 2025 was $15.7 million, compared to a net loss of $17.0 million for the same period in 2024 [7][9]

Financial Data and Key Metrics Changes - The company ended Q1 with $138 million on the balance sheet, projecting cash to last until February 2028, allowing for continued clinical development of its programs [57] - The company expects meaningful readouts from the combination of its two lead programs and the new program in the clinic within the cash runway timeframe [58] Business Line Data and Key Metrics Changes - The company has three candidates in development, focusing on synthetic lethality in oncogene amplified tumors, with two lead programs being a selective Check1 inhibitor and a selective RNR inhibitor [10][15] - The company is exploring a combination therapy approach to enhance efficacy while managing safety concerns, with plans to dose both compounds weekly instead of daily [17][23] Market Data and Key Metrics Changes - The company operates in a niche market addressing oncogene amplification, which affects approximately 25% of all cancer patients, representing a significant unmet medical need [2][60] - The competitive landscape is evolving, with major pharmaceutical companies beginning to explore the e cDNA space, indicating growing interest in this area [52][54] Company Strategy and Development Direction - The company aims to leverage its proprietary SpyGlass platform to identify novel targets and develop therapies specifically for cancers driven by e cDNA [6][9] - The strategic focus includes expanding its pipeline with additional novel targets while ensuring efficient use of capital to sustain operations and development [66] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging biotech market environment but emphasizes the importance of demonstrating clinical efficacy to gain investor confidence [60][64] - The company is optimistic about its innovative approach and the potential for significant advancements in cancer treatment, positioning itself as a leader in the e cDNA space [64][66] Other Important Information - The company has developed a proprietary diagnostic tool called Echo to detect e cDNA, which integrates with standard multi-gene panels, enhancing its clinical studies [49][50] - The company is in the IND enabling phase for its new program targeting a novel kinesin oral degrader, with plans to initiate patient dosing in the first half of next year [45][46] Q&A Session Summary Question: What is the company's cash position and runway? - The company ended Q1 with $138 million, projecting cash to last until February 2028, allowing for continued clinical development of its programs [57] Question: What are the next steps for the combination therapy? - The company is awaiting FDA feedback on the combination therapy and plans to initiate patient dosing in the next couple of months [39][40] Question: How does the company view competition in the e cDNA space? - The company recognizes growing interest from major pharma companies in the e cDNA area but believes it remains a leader due to its focused research and proprietary platform [52][54] Question: What is the company's strategy for future target identification? - The company plans to continue identifying novel targets and drugs while being mindful of macroeconomic conditions affecting capital availability [66]

Company Overview - Boundless Bio is a clinical-stage oncology company focused on developing therapies for patients with oncogene amplified cancers, addressing a significant unmet medical need [3] - The company is investigating extrachromosomal DNA (ecDNA), which is implicated in oncogene amplification in 14% to 17% of cancer patients [3] Product Development - Boundless Bio is developing its first ecDNA-directed therapeutic candidate, BBI-355, an oral inhibitor of checkpoint kinase 1 (CHK1), currently in a Phase 1/2 clinical trial [3] - The next therapeutic candidate, BBI-825, is an oral inhibitor of ribonucleotide reductase (RNR) and has been evaluated in a Phase 1/2 clinical trial for cancer patients with resistance gene amplifications [3] - The company is also conducting IND-enabling studies for BBI-940, a potentially first-in-class orally bioavailable Kinesin degrader [3] Upcoming Events - Zachary Hornby, President and CEO of Boundless Bio, will participate in a fireside chat at the Goldman Sachs 46th Annual Global Healthcare Conference on June 9, 2025, at 9:20 a.m. ET [1][2]

Summary of Boundless Bio (BOLD) Update / Briefing May 27, 2025 Company Overview - **Company**: Boundless Bio (BOLD) - **Focus**: Development of therapies for oncogene amplified cancers, particularly through the study of extrachromosomal DNA (e cDNA) biology [5][6] Key Industry Insights - **Industry Context**: The biotechnology sector is facing challenges in securing funding and establishing differentiation due to a proliferation of competitor compounds [38] - **Market Considerations**: The company is prioritizing first-in-class drugs against innovative biological targets to maintain a competitive edge [38] Core Points and Arguments 1. **Portfolio Prioritization**: Boundless Bio has decided to discontinue all current arms of the BBI-355 clinical trial due to clinical observations and market considerations, shifting focus to a new trial arm evaluating BBI-355 in combination with BBI-825 [3][4] 2. **Workforce Reduction**: The company has streamlined operations, reducing its workforce by approximately 20 positions, representing about one-third of its staff, to extend its cash runway into the first half of 2028 [4][36] 3. **Development Candidates**: BBI-940 has been declared a development candidate for the novel kinesin oral degrader program, with an IND filing expected in the first half of 2026 [4][36] 4. **Clinical Findings**: BBI-355 has shown evidence of anti-tumor activity but has a narrow therapeutic index due to on-target hematologic toxicity, leading to the decision not to advance certain clinical arms [12][14] 5. **Combination Therapy Rationale**: The combination of BBI-355 and BBI-825 is believed to provide synergistic anti-tumor activity while minimizing hematologic toxicity, with plans to initiate clinical development in 2025 [28][29] Additional Important Content - **Scientific Basis**: The company has developed a proprietary SpyGlass platform to identify new targets in e cDNA biology, leading to the discovery of three druggable targets that may be synthetic lethal in oncogene amplified tumors [5][6] - **Clinical Strategy**: The combination of BBI-355 and BBI-825 is expected to leverage the unique mechanisms of both drugs, potentially overcoming the limitations observed when each is used independently [20][28] - **Preclinical Data**: BBI-940 has demonstrated potent anti-tumor activity in preclinical models, with favorable pharmacokinetics and oral bioavailability [33][34] - **Future Outlook**: The company is focused on achieving important clinical readout milestones and believes it is uniquely positioned with proprietary selective inhibitors [39][70] Financial Guidance - **Cash Runway**: The changes in operations and portfolio prioritization are expected to extend the company's cash runway into the first half of 2028, aligning with anticipated clinical readouts [36][37]