Core Insights - Bolt Biotherapeutics reported financial results for Q4 and full year 2025, highlighting collaboration revenue growth and ongoing clinical trials for its cancer immunotherapy candidates [1][4][10]. Financial Performance - Total collaboration revenue for Q4 2025 was $2.5 million, with full-year revenue at $7.7 million, compared to zero collaboration revenue in Q4 2024 [4][10]. - Research and development (R&D) expenses decreased to $5.0 million in Q4 2025 from $11.7 million in Q4 2024, and full-year R&D expenses were $28.5 million compared to $57.5 million in 2024 [10]. - General and administrative (G&A) expenses also saw a decline, totaling $3.1 million for Q4 2025, down from $3.9 million in Q4 2024, with full-year G&A expenses at $13.8 million compared to $18.5 million in 2024 [10]. - The company reported a loss from operations of $7.1 million for Q4 2025, significantly reduced from $16.9 million in Q4 2024, and a full-year loss of $36.1 million compared to $73.0 million in 2024 [10]. Clinical Development - BDC-4182, a next-generation Boltbody™ Immune-Stimulating Antibody Conjugate (ISAC), is currently in a Phase 1 dose-escalation trial targeting gastric and gastroesophageal cancers, with initial clinical data expected in Q3 2026 [2][6][8]. - The ISAC mechanism of BDC-4182 is distinct from traditional antibody-drug conjugates (ADCs) and T cell engagers, showing promising anti-tumor activity in preclinical models [2][6]. - The company has two additional ISAC programs targeting CEA and PD-L1 in preclinical development, which are currently on hold pending partnerships or funding [6][8]. Cash Position - As of December 31, 2025, the company had a cash balance of $31.8 million, which is expected to fund key milestones and operations into 2027 [5][6].