Boundless Bio, Inc.(BOLD) - 2025 Q1 - Quarterly Report

PART I. FINANCIAL INFORMATION Financial Statements (Unaudited) This section presents Boundless Bio, Inc.'s unaudited condensed financial statements, including balance sheets, statements of operations, stockholders' equity, and cash flows, for the three months ended March 31, 2025 and 2024, reporting a net loss of $15,758 thousand for Q1 2025 Condensed Balance Sheets Total assets decreased to $191,242 thousand as of March 31, 2025, from $206,409 thousand at year-end 2024, primarily due to reduced cash and cash equivalents, while total stockholders' equity declined to $136,592 thousand Condensed Balance Sheet Highlights (in thousands) | Account | March 31, 2025 (unaudited) | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $15,117 | $26,587 | | Short-term investments | $123,136 | $125,527 | | Total current assets | $140,364 | $154,390 | | Total assets | $191,242 | $206,409 | | Total current liabilities | $6,338 | $8,135 | | Total liabilities | $54,650 | $55,767 | | Total stockholders' equity | $136,592 | $150,642 | Condensed Statements of Operations and Comprehensive Loss The company reported a net loss of $15,758 thousand for the three months ended March 31, 2025, an increase from $15,430 thousand in the prior year, driven by higher general and administrative expenses Condensed Statement of Operations (in thousands, except per share data) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Research and development | $12,138 | $13,129 | | General and administrative | $5,203 | $3,754 | | Total operating expenses | $17,341 | $16,883 | | Loss from operations | $(17,341) | $(16,883) | | Net loss | $(15,758) | $(15,430) | | Net loss per share, basic and diluted | $(0.71) | $(12.27) | Condensed Statements of Cash Flows Net cash used in operating activities was $14,530 thousand for Q1 2025, a decrease from $15,776 thousand in the prior year, with $3,060 thousand provided by investing activities and no financing activities Condensed Statement of Cash Flows (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(14,530) | $(15,776) | | Net cash provided by investing activities | $3,060 | $18,137 | | Net cash used in financing activities | $0 | $(924) | | Net (decrease)/increase in cash, cash equivalents, and restricted cash | $(11,470) | $1,437 | Notes to Condensed Financial Statements The notes detail the company's financial statements, including its April 2024 IPO which raised $87,700 thousand in net proceeds, and its current cash position of $138,300 thousand expected to fund operations for at least twelve months - The company completed its Initial Public Offering (IPO) on April 2, 2024, selling 6,250,000 shares at $16.00 per share, resulting in net proceeds of approximately $87,700 thousand[29] - As of March 31, 2025, the company had $138,300 thousand in cash, cash equivalents, and short-term investments, which it believes is sufficient to fund operations for at least the next twelve months[33] - The company has an accumulated deficit of $217,200 thousand as of March 31, 2025, and expects to incur significant losses for the foreseeable future[34] - In April 2025, the company entered into an Open Market Sale Agreement to sell up to $14,500 thousand of its common stock in "at the market" offerings; no shares have been sold under this agreement as of the report date[79][80] Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses the company's financial condition and operations, highlighting its clinical-stage oncology focus, lead candidate BBI-355 in Phase 1/2 trials, a net loss of $15,758 thousand for Q1 2025, and $138,300 thousand in cash and investments expected to fund operations into 2027 - The company's lead ecDTx, BBI-355, is in a Phase 1/2 clinical trial (POTENTIATE) for patients with oncogene amplified cancers, with preliminary safety and antitumor activity data expected in H2 2025[85] - The company made a strategic decision in December 2024 to discontinue dose escalation of its BBI-825 STARMAP clinical trial[86] - The company expects to select a development candidate for its Kinesin program by mid-2025 and submit an IND in the first half of 2026[87] - As of March 31, 2025, the company had $138,300 thousand in cash, cash equivalents, and short-term investments, which is believed to be sufficient to fund operations into 2027[92][118] R&D Expense Breakdown (in thousands) | Program | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | BBI-355 | $2,954 | $2,231 | | BBI-825 | $1,146 | $2,136 | | Other development programs | $801 | $1,220 | | Total direct program costs | $4,901 | $5,587 | | Indirect program costs | $7,237 | $7,542 | | Total R&D expenses | $12,138 | $13,129 | - R&D expenses decreased by $1,000 thousand year-over-year, primarily due to reduced spending on the BBI-825 trial and lower outside services costs, partially offset by increased facilities-related expenses from a new headquarters[113] - G&A expenses increased by $1,400 thousand year-over-year, driven by higher facilities costs, stock-based compensation, and costs associated with operating as a public company[114] Quantitative and Qualitative Disclosures About Market Risk As a smaller reporting company, Boundless Bio is not required to provide quantitative and qualitative disclosures about market risk - As a smaller reporting company, Boundless Bio is not required to provide quantitative and qualitative disclosures about market risk[136] Controls and Procedures Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, and as a newly public company, it is not yet required to evaluate internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by this report[137] - The company is not yet required to have management evaluate the effectiveness of its internal control over financial reporting due to the transition period for newly public companies[138] PART II. OTHER INFORMATION Legal Proceedings The company is not currently a party to any material pending legal proceedings and is unaware of any contemplated governmental proceedings - There are no material pending legal proceedings to which the company is a party[140] Risk Factors No material changes have occurred in the risk factors since the filing of the Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes have occurred in the risk factors since the filing of the Annual Report on Form 10-K for the year ended December 31, 2024[141] Unregistered Sales of Equity Securities and Use of Proceeds The company reports no unregistered sales of equity securities during the period, and there has been no material change in the planned use of IPO proceeds - There were no unregistered sales of equity securities in the quarter[142] - The planned use of proceeds from the IPO has not materially changed[143] Other Information A Rule 10b5-1 trading plan for former Chief Business Officer Neil Abdollahian was terminated on January 29, 2025, with no sales occurring prior to termination - On January 29, 2025, a Rule 10b5-1 trading plan for former Chief Business Officer Neil Abdollahian was terminated[150]