Core Insights - Bolt Biotherapeutics, Inc. reported a quarterly loss of $3.72 per share, which was better than the Zacks Consensus Estimate of a loss of $5.07, marking an earnings surprise of +26.63% [1] - The company generated revenues of $2.17 million for the quarter ended September 2025, exceeding the Zacks Consensus Estimate by 294.36% and showing an increase from $1.14 million in the same quarter last year [2] - The stock has underperformed, losing approximately 55.1% since the beginning of the year, while the S&P 500 has gained 16.4% [3] Financial Performance - Over the last four quarters, Bolt Biotherapeutics has surpassed consensus EPS estimates three times [2] - The current consensus EPS estimate for the upcoming quarter is -$4.85 on revenues of $0.5 million, and for the current fiscal year, it is -$20.72 on revenues of $4.07 million [7] Industry Context - The Medical - Biomedical and Genetics industry, to which Bolt Biotherapeutics belongs, is currently ranked in the top 34% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Performance - For the three and nine months ended September 30, 2025, the net losses were $7.1 million and $26.7 million, respectively, compared to $15.2 million and $47.2 million for the same periods in 2024[108]. - The net loss for Q3 2025 was $7.1 million, an improvement from a net loss of $15.2 million in Q3 2024, while the nine-month net loss decreased to $26.7 million from $47.2 million[142]. - Interest income for Q3 2025 was $0.5 million, down from $1.3 million in Q3 2024, and for the nine months, it decreased to $2.1 million from $4.3 million[140]. - The company has incurred operating losses since inception and expects to continue incurring significant expenses and losses in the foreseeable future[108]. - The accumulated deficit as of September 30, 2025, was $454.1 million, indicating ongoing financial challenges[142]. Revenue and Collaborations - The company has not recorded any revenue from product sales, with all revenue derived from collaborations with Toray, Genmab, and Innovent[106]. - Collaboration revenue for Q3 2025 was $2.2 million, up from $1.1 million in Q3 2024, while nine-month revenue decreased to $5.2 million from $7.7 million in the same period[135]. - The company expects collaboration revenue to fluctuate based on the timing and outcome of development activities and payments from partners[121]. Expenses and Cost Management - Research and development expenses for Q3 2025 were $6.5 million, down from $13.8 million in Q3 2024, and for the nine months, expenses decreased to $23.5 million from $45.7 million[136]. - General and administrative expenses for Q3 2025 were $3.3 million, a decrease from $3.8 million in Q3 2024, and for the nine months, expenses decreased to $10.7 million from $14.5 million[138]. - The restructuring plan announced in May 2024 resulted in a workforce reduction of approximately 50 employees, or 50% of the workforce, with estimated charges of $3.6 million[104]. - A new restructuring plan was announced on October 1, 2025, to reduce operating expenses, including a further workforce reduction of approximately 20 employees, with estimated pre-tax charges of $1.5 million to $2.0 million[110]. Cash Flow and Funding - The company reported a net cash used in operating activities of $32.7 million for the nine months ended September 30, 2025, compared to $46.9 million for the same period in 2024[145]. - As of September 30, 2025, the company had cash and cash equivalents of $38.8 million, which is expected to fund operations into 2027[142]. - Net cash provided by investing activities was $43.2 million for the nine months ended September 30, 2025, compared to $45.3 million for the same period in 2024[146]. - The net cash provided by investing activities in 2025 included $59.5 million in maturities of marketable securities, offset by $17.2 million in purchases of marketable securities[146]. - Net cash provided by financing activities was $14,000 for the nine months ended September 30, 2025, compared to $0.1 million in 2024[147]. - Existing cash, cash equivalents, and marketable securities may be sufficient to fund operations into 2027, but there is substantial doubt about the company's ability to continue as a going concern[148]. - The company will need to raise additional capital to continue advancing its programs, with primary uses of cash including funding clinical trials and employee salaries[150]. - Future capital requirements will depend on various factors, including the ability to generate revenue from product sales and the success of collaborations[151]. - The company may finance cash needs through equity or debt financings, but there is a risk of dilution for existing stockholders[151]. Research and Development - The company is developing BDC-4182, a next-generation Boltbody™ ISAC targeting claudin 18.2, with ongoing Phase 1 trials[102]. - BDC-3042, a dectin-2 agonist antibody, received IND clearance in July 2023, and the first patient was dosed in October 2023[103]. - The company has established a wholly-owned subsidiary in Australia to enhance its research and development capabilities in the region[107]. - The company anticipates continuing to incur research and development expenses as product candidates in later stages generally have higher costs[126]. - Future clinical development costs may vary significantly based on multiple factors, including trial costs and patient participation rates[130]. - Significant costs are associated with clinical trials and manufacturing product candidates, which are expected to grow as development progresses[150]. - The company faces uncertainties regarding the timing and costs of regulatory reviews and market acceptance of approved products[153]. Accounting Policies - There have been no material changes to critical accounting policies and estimates since the last annual report[156].

Financial Performance - Collaboration revenue for Q3 2025 was $2.2 million, up 92% from $1.1 million in Q3 2024[14] - Loss from operations for Q3 2025 was $7.7 million, significantly reduced from $16.4 million in Q3 2024, a decline of 53%[14] - Net loss for Q3 2025 was $7.1 million, compared to a net loss of $15.2 million in Q3 2024, a reduction of 53%[14] - Net loss for the nine months ended September 30, 2025, was $26,745 million, an improvement from a net loss of $47,182 million in the same period of 2024, representing a reduction of about 43.3%[18] Expenses - Research and Development (R&D) expenses decreased to $6.5 million in Q3 2025 from $13.8 million in Q3 2024, a reduction of 53%[14] - General and Administrative (G&A) expenses were $3.3 million in Q3 2025, down from $3.8 million in Q3 2024, a decrease of 13%[14] - Total operating expenses for Q3 2025 were $9.9 million, down from $17.6 million in Q3 2024, a decrease of 44%[14] - The company reported a stock-based compensation expense of $1,741 million for the nine months ended September 30, 2025, down from $6,225 million in the same period of 2024, a decrease of approximately 72%[18] Cash and Assets - Cash balance as of September 30, 2025, was $38.8 million, expected to fund operations into 2027[4] - Cash and cash equivalents increased from $7,205 million in December 2024 to $17,753 million in September 2025, a growth of approximately 146%[16] - Cash, cash equivalents, and restricted cash at the end of the period increased to $19,518 million from $11,139 million in the previous year, a rise of approximately 75.5%[18] - Total current assets decreased from $50,814 million in December 2024 to $35,606 million in September 2025, a decline of approximately 30%[16] - Total assets decreased from $99,632 million in December 2024 to $65,053 million in September 2025, a decline of about 34.7%[16] Liabilities and Equity - Total liabilities decreased from $42,434 million in December 2024 to $32,952 million in September 2025, a reduction of about 22.4%[16] - Total stockholders' equity decreased from $57,198 million in December 2024 to $32,101 million in September 2025, a decline of about 43.9%[16] Future Developments - Initial clinical data for BDC-4182 Phase 1 study is anticipated in Q3 2026, targeting gastric and gastroesophageal cancer[5] - BDC-4182 is a next-generation Boltbody™ ISAC candidate targeting claudin 18.2, with promising preclinical results indicating robust immune response[5] - The company is seeking a partner for further development of BDC-3042, a proprietary agonist antibody targeting dectin-2[8]

Core Insights - Bolt Biotherapeutics reported its financial results for Q3 2025, highlighting its focus on developing BDC-4182, a next-generation Boltbody™ ISAC for cancer treatment, with initial clinical data expected in Q3 2026 [1][2][4] Financial Performance - The company had a cash balance of $38.8 million as of September 30, 2025, which is anticipated to fund key milestones into 2027 [4][10] - Collaboration revenue for Q3 2025 was $2.2 million, an increase from $1.1 million in Q3 2024 [10][12] - Research and Development (R&D) expenses decreased to $6.5 million in Q3 2025 from $13.8 million in Q3 2024, primarily due to reduced salary and clinical expenses [10][12] - General and Administrative (G&A) expenses were $3.3 million in Q3 2025, down from $3.8 million in Q3 2024 [10][12] - The loss from operations was $7.7 million for Q3 2025, compared to $16.4 million for the same quarter in 2024 [10][12] Clinical Development - BDC-4182 is currently in a Phase 1 dose escalation study targeting gastric and gastroesophageal cancer, with initial data expected in Q3 2026 [2][5] - Preclinical data presented at the SITC indicated that BDC-4182 stimulates a strong immune response leading to complete tumor regression [5] - The company is also developing next-generation ISACs targeting CEA and PD-L1, with promising preclinical results [5] Collaborations and Partnerships - Ongoing collaborations with Genmab and Toray focus on developing additional next-generation ISAC programs for cancer treatment [5][10] - The company is seeking a partner for further development of BDC-3042, a proprietary agonist antibody targeting dectin-2 [10]

Core Insights - Bolt Biotherapeutics is a leader in the biotechnology sector, focusing on immuno-oncology agents to effectively target and destroy tumor cells [1] - The company has a stable financial outlook with a consensus price target of $7, and is expected to exceed earnings estimates in its upcoming report [2] Financial Performance - The company reported an EPS of -$4.46, surpassing expectations by $1.94, and revenue of $1.8 million, exceeding forecasts of $0.82 million [3] - Analysts forecast an EPS of -1.61 for the current year, despite a challenging return on equity of -69.46% [5] Product Development - Bolt is advancing its immunotherapy BDC-4182 through a Phase 1 dose-escalation study targeting gastric and gastroesophageal cancer, with initial results expected in the first half of 2026 [3] - The company is seeking a development partner for its dectin-2 agonist antibody, BDC-3042, which has shown promising outcomes in lung cancer patients [3] Institutional Interest - Institutional investors own 86.70% of Bolt's stock, with significant investments from Squarepoint Ops LLC and Millennium Management LLC [4] - The stock opened at $6.64, with a market capitalization of $254.58 million [4] Analyst Ratings - Analyst opinions vary, with Stifel Nicolaus adjusting their price target from $25.00 to $20.00 while maintaining a "hold" rating [5] - Lake Street Capital initiated coverage with a "buy" rating and a target price of $80.00 [5]

Core Viewpoint - Bolt Biotherapeutics, Inc. (BOLT) is anticipated to report a year-over-year increase in earnings despite lower revenues for the quarter ending September 2025, with actual results being a significant factor influencing its near-term stock price [1][2]. Earnings Expectations - The consensus estimate indicates a quarterly loss of $5.07 per share, reflecting a year-over-year change of +36.6%, while revenues are projected to be $0.77 million, down 32.5% from the previous year [3]. - The consensus EPS estimate has been revised 0.83% lower in the last 30 days, indicating a reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model shows that the Most Accurate Estimate for Bolt Biotherapeutics is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +0.33%, suggesting a bullish outlook on earnings prospects [12]. - The stock currently holds a Zacks Rank of 3, indicating a likelihood of beating the consensus EPS estimate [12]. Historical Performance - In the last reported quarter, Bolt Biotherapeutics was expected to post a loss of $6.4 per share but actually reported a loss of -$4.46, achieving a surprise of +30.31% [13]. - Over the past four quarters, the company has surpassed consensus EPS estimates two times [14]. Industry Context - In the Zacks Medical - Biomedical and Genetics industry, Protagonist Therapeutics (PTGX) is expected to report a loss of $0.59 per share for the same quarter, with a year-over-year change of -9.3% and projected revenues of $10 million, up 113.7% from the previous year [18][19]. - Protagonist Therapeutics has a higher Most Accurate Estimate leading to an Earnings ESP of +29.92%, suggesting a strong likelihood of beating the consensus EPS estimate [19][20].

Core Points - Bolt Metals Corp. has announced a consolidation of its issued and outstanding common shares at a ratio of one (1) post-consolidated common share for every twenty-five (25) pre-consolidated common shares [1][2][3] - The total number of outstanding shares will be reduced to approximately 4,378,388 common shares [1][3] - The company's name and symbol will remain unchanged [1][3] Additional Details - All open orders will be canceled at the close of business on October 22, 2025, and dealers are reminded to re-enter their orders considering the share consolidation [2][3] - Trading on a consolidated basis is set to begin on October 23, 2025 [4] - The record date and anticipated payment date for the consolidation is also October 23, 2025 [4] - The new symbol for the shares will be BOLT, with a new CUSIP of 097692 40 4 and a new ISIN of CA097692 40 4 7 [4]

Market Overview - U.S. stock futures showed mixed results, with Dow futures declining approximately 0.1% [1] Company-Specific Movements - Fidus Investment Corp (NASDAQ:FDUS) experienced a significant drop of 2.6%, trading at $19.80 in pre-market after announcing a $100 million public offering of 6.750% notes due 2030 [1] - Bolt Biotherapeutics Inc (NASDAQ:BOLT) shares fell sharply by 13.4% to $4.90 following an update on BDC-4182 and an extension of its cash runway into 2027 [3] - Equifax Inc (NYSE:EFX) saw a decline of 10.9%, trading at $226.00, after Seaport Global initiated coverage with a Neutral rating [3] - TransUnion (NYSE:TRU) shares dropped 8.8% to $75.00, also receiving a Neutral rating from Seaport Global [3] - Lithium Americas Corp (NYSE:LAC) fell 5% to $6.69 after a previous increase of 23% on Wednesday [3] - Erasca Inc (NASDAQ:ERAS) shares decreased by 3.2% to $2.14 in pre-market trading [3] - Petco Health and Wellness Company Inc (NASDAQ:WOOF) declined 3.1% to $3.79 [3] - Rocket Companies Inc (NYSE:RKT) slipped 3.1% to $18.99, with Western Union set to replace Mr. Cooper Group Inc. in the S&P SmallCap 600 effective prior to trading on October 6 [3]

Market Overview - U.S. stock futures showed mixed results, with Dow futures declining approximately 0.1% on Thursday [1] Company-Specific Movements - Fidus Investment Corp (NASDAQ:FDUS) experienced a significant drop of 2.6%, trading at $19.80 in pre-market after announcing a $100 million public offering of 6.750% notes due 2030 [1] - Bolt Biotherapeutics Inc (NASDAQ:BOLT) shares plummeted 13.4% to $4.90 following an update on BDC-4182 and an extension of its cash runway into 2027 [3] - Equifax Inc (NYSE:EFX) fell 10.9% to $226.00 after Seaport Global analyst John Mazzoni initiated coverage with a Neutral rating [3] - TransUnion (NYSE:TRU) saw a decline of 8.8%, trading at $75.00, also receiving a Neutral rating from Seaport Global [3] - Lithium Americas Corp (NYSE:LAC) dropped 5% to $6.69 after a notable increase of 23% on the previous day [3] - Erasca Inc (NASDAQ:ERAS) fell 3.2% to $2.14 in pre-market trading [3] - Petco Health and Wellness Company Inc (NASDAQ:WOOF) decreased by 3.1%, trading at $3.79 [3] - Rocket Companies Inc (NYSE:RKT) slipped 3.1% to $18.99, with the announcement that Western Union will replace Mr. Cooper Group Inc. in the S&P SmallCap 600 effective prior to the opening of trading on October 6 [3]

Core Viewpoint - Premarket trading is showing notable activity with significant price movements indicating potential investment opportunities before the market opens [1] Premarket Gainers - Concorde International Group Ltd. (CIGL) increased by 53% to $3.94 [3] - Fermi Inc. Common Stock (FRMI) rose by 13% to $36.99 [3] - Kodiak AI, Inc. (KDK) also saw a 13% increase, reaching $6.76 [3] - AngioDynamics, Inc. (ANGO) gained 12%, trading at $12.45 [3] - Angel Studios, Inc. (ANGX) was up 11% at $8.51 [3] - Spruce Biosciences, Inc. (SPRB) increased by 9% to $9.75 [3] - K Wave Media Ltd. (KWM) rose by 9% to $2.66 [3] - Shoals Technologies Group, Inc. (SHLS) saw an 8% increase, trading at $8.59 [3] - StableX Technologies, Inc. (SBLX) was up 7% at $5.65 [3] Premarket Losers - Uni-Fuels Holdings Limited (UFG) decreased by 51% to $2.42 [4] - Akanda Corp. (AKAN) fell by 13% to $2.91 [4] - Equifax Inc. (EFX) dropped 11%, trading at $224.57 [4] - TransUnion (TRU) also saw an 11% decline, reaching $73.24 [4] - Bolt Biotherapeutics, Inc. (BOLT) decreased by 11% to $4.99 [4] - Dogwood Therapeutics, Inc. (DWTX) fell by 8% to $6.50 [4] - Galaxy Payroll Group Limited (GLXG) decreased by 8% to $4.52 [4] - Old Market Capital Corporation (OMCC) dropped 7% to $5.08 [4] - Entero Therapeutics, Inc. (ENTO) fell by 7% to $3.96 [4] - Flux Power Holdings, Inc. (FLUX) decreased by 7% to $3.74 [4]