Bolt Biotherapeutics, Inc.

Bolt Biotherapeutics, Inc. (BOLT) reported a FY 2025 net loss of $33.4M, improved from $63.1M in FY 2024, driven by sharp cost reductions following two restructurings that cut workforce by ~50% each time. Collaboration revenue remained stable at $7.7M YoY from Toray, Genmab, and Innovent partnerships. Total operating expenses dropped 46% to $43.8M, with R&D down 50% to $28.5M (from $57.5M) due to trastuzumab imbotolimod discontinuation and headcount cuts, and G&A down 25% to $13.8M. Restructuring charges totaled $1.5M in 2025 vs. $3.3M prior year; no impairment in 2025 vs. $1.5M. Cash burn eased with net cash used in operations at $39.9M (vs. $61.3M), supported by $44.3M investing inflows from marketable securities maturities. Balance sheet shows $56.7M total assets, $30.3M current assets including $11.7M cash and $15.8M short-term investments, $26.5M stockholders' equity, and $30.2M liabilities dominated by $22.9M lease obligations. With $31.8M liquidity, runway extends to early 2027 amid going concern doubt; focus on BDC-4182 Phase 1 trial and ISAC platform validation.

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