Financial Performance - Collaboration revenue for Q1 2025 was $1.2 million, a decrease of 77% from $5.3 million in Q1 2024[14] - Loss from operations for Q1 2025 was $12.1 million, compared to a loss of $17.1 million in Q1 2024, representing a 29% improvement[14] - Net loss for Q1 2025 was $11.0 million, compared to a net loss of $10.8 million in Q1 2024[14] - Net loss for Q1 2025 was $11,040,000, compared to a net loss of $10,811,000 in Q1 2024, representing an increase in loss of approximately 2.1%[18] Expenses - Research and Development (R&D) expenses decreased to $9.5 million in Q1 2025 from $16.5 million in Q1 2024, reflecting a reduction of 42%[14] - General and Administrative (G&A) expenses were $3.8 million in Q1 2025, down 35% from $5.8 million in Q1 2024[14] - Cash used in operating activities decreased to $13,365,000 in Q1 2025 from $16,751,000 in Q1 2024, a reduction of about 20.5%[18] - Depreciation and amortization expenses decreased to $399,000 in Q1 2025 from $458,000 in Q1 2024, a decline of about 12.9%[18] - Stock-based compensation expense significantly decreased to $709,000 in Q1 2025 from $2,302,000 in Q1 2024, a reduction of approximately 69.1%[18] - Changes in accounts payable and accrued expenses improved, decreasing to $2,511,000 in Q1 2025 from $3,544,000 in Q1 2024, a decrease of about 29.0%[18] Cash and Assets - Cash balance as of March 31, 2025, was $58.0 million, expected to fund operations through mid-2026[5] - Total assets decreased to $85.9 million as of March 31, 2025, from $99.6 million at the end of 2024[16] - Cash, cash equivalents, and restricted cash at the end of Q1 2025 totaled $10,156,000, up from $6,027,000 at the end of Q1 2024, an increase of about 68.5%[18] - Total cash and cash equivalents increased to $8,391,000 in Q1 2025 from $4,262,000 in Q1 2024, marking a growth of approximately 96.5%[18] Investment Activities - Net cash provided by investing activities increased to $14,551,000 in Q1 2025, compared to $10,203,000 in Q1 2024, reflecting a growth of approximately 42.9%[18] - Maturities of marketable securities decreased to $14,580,000 in Q1 2025 from $33,261,000 in Q1 2024, a decline of approximately 56.2%[18] - The company reported a gain on the sale of property and equipment amounting to $288,000 in Q1 2025, with no comparable figure in Q1 2024[18] Clinical Development - BDC-3042 Phase 1 dose-escalation study demonstrated a favorable safety profile and dose-dependent biological activity[5] - BDC-4182 Phase 1 study for gastric and gastroesophageal cancer opened for enrollment in April 2025[6] - Bolt Biotherapeutics is seeking a partner to accelerate the development of BDC-3042[5]
Bolt Biotherapeutics(BOLT) - 2025 Q1 - Quarterly Results