0001193125-26-097543
SEC filingBoundless Bio, Inc. (BOLD), a clinical-stage oncology company, reported a net loss of $58.2 million for FY 2025, improved from $65.4 million in FY 2024, driven by a 13% reduction in operating expenses to $63.6 million. No revenue was generated as the company remains pre-commercial with no approved products. Research and development expenses decreased 19% to $44.8 million, primarily from reduced spending on discontinued trials like POTENTIATE and STARMAP, offset by BBI-940 investments. General and administrative expenses rose slightly 4% to $18.7 million due to facilities costs. Cash used in operations improved to $46.7 million from $60.8 million, supported by $37.8 million net investing inflows from investment maturities. Balance sheet shows $157.1 million total assets, $109.6 million current assets including $17.9 million cash equivalents and $89.7 million short-term investments, with $98.7 million stockholders' equity. Post-IPO cash runway extends into H2 2028, funding BBI-940 Phase 1 KOMODO-1 trial expecting initial data. Portfolio prioritization discontinued other ecDTx programs, focusing resources on lead asset amid ongoing losses and $259.7 million accumulated deficit.
Boundless Bio reported FY 2025 net loss of $58.2 million, or $3 per basic/diluted share, improved from $65.4 million ($3.85/share) in FY 2024. Total operating expenses declined 13% YoY to $63.6 million, reflecting portfolio prioritization and discontinued programs. Loss from operations was $63.6 million vs $73.3 million prior year. Other income net fell to $5.4 million from $7.9 million due to lower interest yields. Comprehensive loss $58.3 million. No revenue generated as pre-commercial. Cash position supports operations into H2 2028.
No revenue reported in FY 2025 or 2024. Company has no approved products and derives no product sales. All activity focused on clinical development of ecDTx candidates like BBI-940. Strategic shift discontinued POTENTIATE (BBI-355/BBI-825) and STARMAP (BBI-825) trials, concentrating resources on BBI-940 Phase 1 KOMODO-1 in breast cancer.
Pre-revenue biotech with no gross margins. Operating margin N/A. R&D expenses 71% of opex ($44.8M, down 19% YoY) from trial wind-downs and headcount reductions. G&A 29% of opex ($18.7M, up 4% YoY) due to facilities relocation. Stock-based compensation $6.1M (10% of opex). Accumulated deficit $259.7M. Full valuation allowance on deferred tax assets due to loss history.
Operating cash use $46.7M (improved from $60.8M). Investing $37.8M inflow from $213.2M maturities vs $174.9M purchases. Financing $0.1M from ESPP. Net cash decrease $8.7M; ending cash/equivalents/restricted $24.3M. Total assets $157.1M (down from prior); current assets $109.6M ($17.9M cash equiv, $89.7M short-term inv). Liabilities $58.4M (primarily $49.1M lease liab). Equity $98.7M. Lease obligations $69.8M undiscounted through 2034.
Cash runway into H2 2028 funds BBI-940 development, including KOMODO-1 initial POC data. No revenue guidance; substantial funding needed for commercialization. Risks include trial delays, regulatory hurdles, capital needs amid losses. Portfolio focus on BBI-940; Spyglass platform for future targets. Dependent on additional financing via equity/debt/collaborations.