Financial Performance - Net losses for the three months ended March 31, 2025, were $11.0 million, compared to $10.8 million for the same period in 2024, with an accumulated deficit of $438.4 million as of March 31, 2025[98]. - Collaboration revenue decreased to $1.2 million in Q1 2025 from $5.3 million in Q1 2024, a decline of 77% due to the completion of performance obligations under the Amended Innovent Agreement[120]. - Net loss for Q1 2025 was $11.0 million, slightly higher than the $10.8 million loss in Q1 2024, indicating a 2% increase in losses year-over-year[125]. - Net cash used in operating activities was $13.4 million in Q1 2025 compared to $16.8 million in Q1 2024, a decrease of 20%[128]. - Cash and cash equivalents, along with marketable securities, totaled $58.0 million as of March 31, 2025, expected to fund operations through mid-2026[125]. - The accumulated deficit reached $438.4 million as of March 31, 2025, reflecting ongoing financial challenges[125]. - The company anticipates continuing to incur net losses and has substantial doubt about its ability to continue as a going concern within one year after the issuance of the financial statements[125]. Revenue Sources - The company has not recorded any revenue from product sales, with revenue solely derived from collaborations with Toray, Genmab, and Innovent[96]. - Collaboration revenue is expected to fluctuate based on the timing and outcome of development activities and payments from collaboration partners[106]. Research and Development - BDC-3042, a dectin-2 agonist antibody program, received FDA IND clearance in July 2023 and began dosing patients in a Phase 1 study in October 2023, with favorable results reported in April 2025[92]. - BDC-4182, targeting claudin 18.2, is expected to begin its first-in-human Phase 1 trial in the second quarter of 2025, following positive preclinical results[93]. - Research and development expenses were $9.5 million in Q1 2025, down from $16.5 million in Q1 2024, reflecting a 43% reduction primarily due to lower personnel-related costs and discontinued clinical development[121]. Operational Changes - The restructuring plan announced in May 2024 resulted in a workforce reduction of approximately 50 employees, or 50% of the workforce, with total restructuring charges estimated at $3.6 million[94]. - General and administrative expenses decreased to $3.8 million in Q1 2025 from $5.8 million in Q1 2024, a reduction of 35% attributed to restructuring and lower consulting costs[122]. - The establishment of a wholly-owned subsidiary in Australia in October 2024 aims to enhance research and development capabilities and strengthen partnerships in the Australian life sciences market[97]. Future Outlook - The company anticipates continued significant operating losses as it conducts ongoing and planned clinical trials and research and development programs[98]. - Future capital requirements will depend on various factors, including clinical trial costs and the success of collaborations, with significant uncertainty regarding funding availability[134]. - Macroeconomic factors, including inflation and interest rates, are anticipated to impact the company's business and financial condition[100].
Bolt Biotherapeutics(BOLT) - 2025 Q1 - Quarterly Report