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Boundless Bio, Inc.(BOLD) - 2025 Q2 - Quarterly Results

Executive Summary & Business Highlights 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 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 enrollment2 - BBI-940 is on track for submission of an investigational new drug (IND) application in the first half of 20262 - $127 million in cash supports operations into the first half of 2028, through expected proof-of-concept clinical readouts for both programs2 CEO Commentary 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 cancers3 - Excited to advance BBI-355/BBI-825 combination in the clinic and progress BBI-940 toward IND submission3 Research and Development Highlights and Upcoming Milestones 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 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 toxicity5 - The BBI-355/BBI-825 combination arm of the POTENTIATE trial is open for enrollment5 - Initial proof-of-concept clinical data for the combination is expected within the existing cash runway timeline5 Novel Kinesin Program 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 kinesin5 - Boundless expects to submit an IND application for BBI-940 in the first half of 20265 - Initial proof-of-concept clinical data for BBI-940 is expected within the existing cash runway timeline5 Second Quarter 2025 Financial Results 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 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 2028210 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 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 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 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)27 - 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 trial7 - Boundless Bio is conducting IND-enabling studies for BBI-940, a potentially first-in-class orally bioavailable, selective Kinesin degrader7 Forward-Looking Statements 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 expectations9 - 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 efficacy911 - 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 199511 Company Information This section provides essential contact information for investor relations and media inquiries Investor and Media Contacts 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 - Media Contact: Carly Scaduto12