Bolt Biotherapeutics(BOLT) - 2025 Q3 - Quarterly Results

Financial Performance - Collaboration revenue for Q3 2025 was $2.2 million, up 92% from $1.1 million in Q3 2024[14] - Loss from operations for Q3 2025 was $7.7 million, significantly reduced from $16.4 million in Q3 2024, a decline of 53%[14] - Net loss for Q3 2025 was $7.1 million, compared to a net loss of $15.2 million in Q3 2024, a reduction of 53%[14] - Net loss for the nine months ended September 30, 2025, was $26,745 million, an improvement from a net loss of $47,182 million in the same period of 2024, representing a reduction of about 43.3%[18] Expenses - Research and Development (R&D) expenses decreased to $6.5 million in Q3 2025 from $13.8 million in Q3 2024, a reduction of 53%[14] - General and Administrative (G&A) expenses were $3.3 million in Q3 2025, down from $3.8 million in Q3 2024, a decrease of 13%[14] - Total operating expenses for Q3 2025 were $9.9 million, down from $17.6 million in Q3 2024, a decrease of 44%[14] - The company reported a stock-based compensation expense of $1,741 million for the nine months ended September 30, 2025, down from $6,225 million in the same period of 2024, a decrease of approximately 72%[18] Cash and Assets - Cash balance as of September 30, 2025, was $38.8 million, expected to fund operations into 2027[4] - Cash and cash equivalents increased from $7,205 million in December 2024 to $17,753 million in September 2025, a growth of approximately 146%[16] - Cash, cash equivalents, and restricted cash at the end of the period increased to $19,518 million from $11,139 million in the previous year, a rise of approximately 75.5%[18] - Total current assets decreased from $50,814 million in December 2024 to $35,606 million in September 2025, a decline of approximately 30%[16] - Total assets decreased from $99,632 million in December 2024 to $65,053 million in September 2025, a decline of about 34.7%[16] Liabilities and Equity - Total liabilities decreased from $42,434 million in December 2024 to $32,952 million in September 2025, a reduction of about 22.4%[16] - Total stockholders' equity decreased from $57,198 million in December 2024 to $32,101 million in September 2025, a decline of about 43.9%[16] Future Developments - Initial clinical data for BDC-4182 Phase 1 study is anticipated in Q3 2026, targeting gastric and gastroesophageal cancer[5] - BDC-4182 is a next-generation Boltbody™ ISAC candidate targeting claudin 18.2, with promising preclinical results indicating robust immune response[5] - The company is seeking a partner for further development of BDC-3042, a proprietary agonist antibody targeting dectin-2[8]