Bolt Biotherapeutics Reports Second Quarter 2025 Financial Results and Provides Business Update

Core Insights - Bolt Biotherapeutics is advancing its clinical-stage immunotherapy pipeline, particularly focusing on BDC-4182, a next-generation Boltbody™ ISAC targeting claudin 18.2, currently in a Phase 1 dose-escalation study for gastric and gastroesophageal cancer [2][6][9] - The company reported a cash balance of $48.5 million as of June 30, 2025, which is expected to fund key milestones through mid-2026 [5][6] - Collaboration revenue for the second quarter of 2025 was $1.8 million, an increase from $1.3 million in the same quarter of 2024, indicating growth in R&D collaborations [6][11] Business Update - The Phase 1 study for BDC-4182 opened for enrollment in early 2025, with initial data expected in the first half of 2026 [2][6] - The company is seeking a partner for the further development of BDC-3042, which has shown activity in lung cancer patients [2][6] - Collaborations with Genmab and Toray are progressing, focusing on multiple development candidates and research programs [6][9] Financial Results - Total collaboration revenue for the quarter ended June 30, 2025, was $1.8 million, compared to $1.3 million for the same quarter in 2024 [6][11] - Research and Development (R&D) expenses decreased to $7.5 million in Q2 2025 from $15.4 million in Q2 2024, primarily due to reduced salary and clinical expenses [6][11] - General and Administrative (G&A) expenses also decreased to $3.5 million in Q2 2025 from $4.9 million in Q2 2024, reflecting cost management efforts [6][11] Operational Highlights - The company executed a one-for-twenty reverse stock split on June 6, 2025, which helped regain compliance with Nasdaq's minimum bid price requirement [7] - The Boltbody™ ISAC platform combines tumor-targeting antibodies with immune stimulants to enhance anti-cancer responses [8][9] - The company’s pipeline includes BDC-4182 and BDC-3042, with ongoing efforts to establish partnerships for further development [9]