Bolt Biotherapeutics(BOLT) - 2025 Q2 - Quarterly Results

Introduction and Business Update This section details the CEO's strategic updates on BDC-4182 and BDC-3042, along with recent operational highlights and anticipated milestones CEO Statement and Strategic Focus The CEO highlighted BDC-4182's Phase 1 study for gastric and gastroesophageal cancer, with H1 2026 data expected, and the active search for a partner for BDC-3042, which showed a partial response - BDC-4182, a next-generation Boltbody™ ISAC, is now in a Phase 1 dose-escalation study for patients with gastric and gastroesophageal cancer, with initial data anticipated in the first half of 2026[2] - Bolt Biotherapeutics is seeking a partner for further development of BDC-3042, a dectin-2 agonist antibody, which demonstrated a partial response (PR) at the highest dose tested in lung cancer patients[2] Recent Highlights and Anticipated Milestones Key highlights include the initiation of the BDC-4182 Phase 1 study, a cash balance of $48.5 million expected to fund operations through mid-2026, ongoing collaborations with Genmab and Toray, and the continued search for a partner for BDC-3042 after completing its Phase 1 dose escalation - Next-generation claudin 18.2 ISAC BDC-4182 is now in a Phase 1 dose-escalation study, open for enrollment for patients with gastric and gastroesophageal cancer[4][5] - Cash, cash equivalents, and marketable securities totaled $48.5 million as of June 30, 2025, anticipated to fund key milestones and operations through mid-2026[4][5] - Collaborations with Genmab and Toray are progressing, advancing multiple development candidates and continuing research on additional programs[5] - Bolt is actively seeking a partner for BDC-3042 development following the completion of its Phase 1 dose-escalation clinical study[5] Financial Performance This section presents key financial highlights, including revenue, expenses, and operational loss, along with detailed consolidated statements of operations, balance sheets, and cash flows Key Financial Highlights For Q2 2025, collaboration revenue increased to $1.8 million, R&D and G&A expenses significantly decreased, and the loss from operations reduced to $9.2 million from $22.6 million in Q2 2024 Q2 2025 vs Q2 2024 Financial Performance | Financial Metric (Q2 2025 vs Q2 2024) | Q2 2025 (in millions) | Q2 2024 (in millions) | Change (YoY) | | :------------------------------------ | :-------------------- | :-------------------- | :----------- | | Collaboration Revenue | $1.8 | $1.3 | +$0.5 (+38.5%) | | Research and Development (R&D) Expenses | $7.5 | $15.4 | -$7.9 (-51.3%) | | General and Administrative (G&A) Expenses | $3.5 | $4.9 | -$1.4 (-28.6%) | | Restructuring Charges | $0.0 | $3.6 | -$3.6 (-100%) | | Loss from Operations | ($9.2) | ($22.6) | +$13.4 (+59.3%) | Condensed Consolidated Statements of Operations and Comprehensive Loss The condensed consolidated statements of operations show a net loss of $8.561 million for Q2 2025, an improvement from $21.195 million in Q2 2024, with the six-month net loss also improving to $19.601 million from $32.006 million Condensed Consolidated Statements of Operations and Comprehensive Loss | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Collaboration revenue | $1,804 | $1,275 | $3,026 | $6,549 | | Research and development | $7,498 | $15,433 | $17,010 | $31,962 | | General and administrative | $3,516 | $4,874 | $7,341 | $10,711 | | Restructuring charges | $— | $3,565 | $— | $3,565 | | Total operating expense | $11,014 | $23,872 | $24,351 | $46,238 | | Loss from operations | $(9,210) | $(22,597) | $(21,325) | $(39,689) | | Net loss | $(8,561) | $(21,195) | $(19,601) | $(32,006) | | Net loss per share, basic and diluted | $(4.46) | $(11.12) | $(10.22) | $(16.80) | Condensed Consolidated Balance Sheets As of June 30, 2025, total assets decreased to $75.499 million from $99.632 million, with total liabilities and stockholders' equity also showing corresponding decreases Condensed Consolidated Balance Sheets | Balance Sheet Item (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Cash and cash equivalents | $9,601 | $7,205 | | Short-term investments | $25,168 | $40,118 | | Total current assets | $38,336 | $50,814 | | Total assets | $75,499 | $99,632 | | Total current liabilities | $12,310 | $15,856 | | Total liabilities | $36,657 | $42,434 | | Total stockholders' equity | $38,842 | $57,198 | Condensed Consolidated Statements of Cash Flows For the six months ended June 30, 2025, net cash used in operating activities improved to $22.962 million, with net cash provided by investing activities at $25.344 million, leading to a net increase in cash of $2.396 million and an ending balance of $11.366 million Condensed Consolidated Statements of Cash Flows | Cash Flow Item (Six Months Ended June 30, in thousands) | 2025 | 2024 | | :------------------------------------------------------ | :------------ | :------------ | | Net cash used in operating activities | $(22,962) | $(32,893) | | Net cash provided by investing activities | $25,344 | $28,206 | | Net cash provided by financing activities | $14 | $79 | | NET INCREASE (DECREASE) IN CASH | $2,396 | $(4,608) | | Cash, cash equivalents and restricted cash at end of period | $11,366 | $7,967 | Other Corporate Developments This section outlines other corporate developments, specifically the one-for-twenty reverse stock split and its impact on Nasdaq compliance Reverse Stock Split On June 6, 2025, Bolt Biotherapeutics effected a one-for-twenty reverse stock split, which helped the company regain compliance with Nasdaq's minimum bid price requirement by June 24, 2025 - A one-for-twenty (1:20) reverse stock split of outstanding common stock was effected on June 6, 2025[7] - The reverse stock split contributed to Bolt Biotherapeutics regaining compliance with Nasdaq's minimum bid price requirement on June 24, 2025[7] Company and Platform Information This section provides an overview of the Boltbody™ ISAC platform technology and details about Bolt Biotherapeutics, Inc., its pipeline, and collaborations About the Boltbody™ Immune-Stimulating Antibody Conjugate (ISAC) Platform The Boltbody ISAC platform combines tumor-targeting antibodies with proprietary immune stimulants to recruit and activate myeloid cells, aiming to generate robust anti-cancer immune responses - The Boltbody ISAC platform utilizes tumor-targeting antibodies, non-cleavable linkers, and proprietary immune stimulants to recruit and activate myeloid cells, aiming to generate a productive anti-cancer immune response[8] - Activated myeloid cells release cytokines and chemokines, attracting other immune cells and lowering the activation threshold for an immune response, promoting durable therapeutic responses[8] About Bolt Biotherapeutics, Inc. Bolt Biotherapeutics is a clinical-stage biopharmaceutical company developing novel cancer immunotherapies, with a pipeline including BDC-4182 in Phase 1 and BDC-3042 seeking a partner, alongside strategic collaborations with Genmab and Toray - Bolt Biotherapeutics is a clinical-stage biopharmaceutical company developing novel immunotherapies for cancer, built on expertise in myeloid biology and cancer drug development[9][11] - The pipeline includes BDC-4182, a next-generation Boltbody™ Immune-Stimulating Antibody Conjugate (ISAC) clinical candidate targeting claudin 18.2, currently in a Phase 1 dose escalation trial[11] - The company is seeking to partner its Dectin-2 agonist, BDC-3042, that recently completed a first-in-human Phase 1 dose escalation trial, and has strategic collaborations with Genmab and Toray[11] Legal and Contact Information This section includes important disclosures regarding forward-looking statements and provides contact information for investor relations and media inquiries Forward-Looking Statements This section contains forward-looking statements, subject to substantial risks and uncertainties, which may cause actual results to differ materially, and the company disclaims any obligation to update them except as required by law - The press release contains forward-looking statements about the company and its industry, involving substantial risks and uncertainties based on current beliefs and assumptions[12] - These statements, identifiable by terms like "anticipate" or "expect," involve known and unknown risks that may cause actual results to differ materially, including those related to product candidate development, clinical trials, regulatory approvals, and collaborations[12] - The company assumes no obligation to update these forward-looking statements, except as required by law, and refers readers to its SEC filings for further information on factors that could cause actual results to differ[12] Investor Relations and Media Contact Matthew DeYoung of Argot Partners is the primary contact for investor relations and media inquiries for Bolt Biotherapeutics - For investor relations and media inquiries, contact Matthew DeYoung at Argot Partners, via phone (212) 600-1902 or email boltbio@argotpartners.com[13]