0001193125-26-104121
SEC filingBolt 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.
Bolt Biotherapeutics delivered FY 2025 net loss of -$33.4M, a 47% YoY improvement from -$63.1M in 2024, primarily from aggressive cost controls post-restructurings. Collaboration revenue held steady at $7.7M YoY, reflecting progress on Toray, Genmab, and Innovent ISAC programs. Loss from operations narrowed to -$36.1M from -$73.0M as total operating expenses declined 46% to $43.8M. R&D expenses halved to $28.5M (vs. $57.5M), driven by trastuzumab imbotolimod discontinuation and headcount reductions. G&A fell 25% to $13.8M. Other income netted $2.7M, mainly $2.5M interest income. Comprehensive loss was -$33.5M. Balance sheet contracted to $56.7M total assets from $99.6M, with equity at $26.5M. Cash preservation yielded $4.5M net cash increase.
Revenue of $7.7M matched FY 2024, sourced entirely from collaborations: Toray (Caprin-1 ISAC joint development), Genmab (antibody-ISAC evaluation, $7.4M recognized), and Innovent (restructured for BDC-4182 rights, $0 in 2025 post-modification). No product sales; all from upfronts, research funding, and reimbursements recognized over time via input method (project hours). Deferred revenue ended at $2.0M ($0.4M current, $1.5M non-current). FY 2025 revenue flat as Genmab activities paused pending BDC-4182 data; Innovent one-time $4.7M payment (2024 other income) ended R&D obligations. Single reportable segment; U.S.-based operations.
No gross profit as pre-revenue biotech. Operating margin N/A; loss from operations -$36.1M (vs. -$73.0M). Cost structure optimized: personnel cuts reduced R&D personnel expenses $9.8M, clinical $6.9M; G&A salaries $4.9M lower. Stock-based comp fell to $2.8M from $7.4M. Restructuring $1.5M (severance); 2024 had $3.3M restructuring + $1.5M lease impairment. Lease expense $4.0M; depreciation $1.3M. Interest income $2.5M offset losses. Accumulated deficit $460.8M.
Operating cash use improved to -$39.9M from -$61.3M, reflecting expense cuts despite $33.4M net loss. Non-cash add-backs: $2.8M SBC, $2.5M lease expense, $1.3M depreciation. Working capital changes: -$5.4M payables/accruals, -$4.6M deferred revenue. Investing: +$44.3M (securities maturities $72.4M offset $29.0M purchases +$1.0M asset sales). Financing: +$19K ESPP. Ending cash/restricted $13.4M ($11.7M cash equiv.); marketable securities $20.1M ($15.8M short-term). Total liquidity $31.8M. Liabilities $30.2M (leases $22.9M); no debt. Equity $26.5M; 1.92M shares.
Cash runway to early 2027; substantial going concern doubt flagged. Prioritizing BDC-4182 Phase 1 (claudin 18.2 gastric/GEJ cancer); BDC-3042 paused for partnering. Pipeline on hold (CEA/PD-L1 ISACs). Restructurings preserve cash; need additional funding via equity/debt/partnering. Collaborations (Toray/Genmab) may yield ISACs; Innovent eligible for BDC-4182 milestones/royalties. Risks: clinical delays, funding shortfalls, competition in ISACs/ADCs. Focus: validate Boltbody platform via BDC-4182 data.