Bolt Biotherapeutics Reports Fourth Quarter and Full-Year 2025 Financial Results and Provides Business Update
Rhea-AI Summary
Bolt Biotherapeutics (Nasdaq: BOLT) reported Q4 and full-year 2025 results and a development update. Key points: BDC-4182, a Boltbody ISAC targeting claudin 18.2, is in Phase 1 dose escalation with initial clinical data expected in 3Q 2026. Cash, cash equivalents, and marketable securities were $31.8 million as of December 31, 2025, which the company expects will fund milestones into 2027. Collaboration revenue totaled $2.5 million in Q4 2025; full-year R&D and G&A expenses declined versus 2024 following restructuring.
Positive
- BDC-4182 Phase 1 data expected in 3Q 2026
- Cash balance of $31.8M expected to fund operations into 2027
- Collaboration revenue of $2.5M in Q4 2025 resumed recognition
Negative
- Full-year loss from operations $36.1M in 2025
- R&D expenses fell from $57.5M to $28.5M year-over-year
- Clinical programs for CEA and PD-L1 are on hold pending partnering or funding
Key Figures
Market Reality Check
Peers on Argus
BOLT was down 3.05% pre-announcement while peers were mixed: ERNA (-3.28%), PCSA (-3.68%), SNSE (-1.64%) versus INTS (+0.77%) and LYRA (+0.77%). This points to stock-specific factors over a broad sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 12 | Q3 2025 earnings | Positive | +0.2% | Improved loss, higher collaboration revenue, and cash runway into 2027. |
| Aug 14 | Q2 2025 earnings | Neutral | -5.3% | BDC-4182 entering Phase 1 and financials with reduced R&D and G&A. |
| May 12 | Q1 2025 earnings | Neutral | -6.7% | Early 2025 financials with pipeline progress and improved operating loss. |
| Mar 24 | FY 2024 results | Positive | -4.0% | Strong cash position and advancing BDC-4182 and BDC-3042 programs. |
| Nov 12 | Q3 2024 earnings | Neutral | -3.9% | R&D and G&A reductions with ongoing cancer immunotherapy progress. |
Earnings updates often coincided with negative price reactions despite recurring messages of adequate cash runway and pipeline progress.
Across the last five earnings releases since Nov 2024, Bolt has repeatedly highlighted a strong immunotherapy pipeline and a cash runway extending into 2026–2027, while progressively reducing R&D and G&A expenses and narrowing operating losses. Price reactions were negative in four of these five events, including after cash levels of $84.4M, $70.2M, and $58.0M were reported, suggesting a history of investor caution around these updates even when liquidity appeared sufficient.
Historical Comparison
Over the last five earnings releases, BOLT’s average 24-hour move was -3.94%, with four negative reactions despite recurring updates on cash runway and ISAC pipeline progress.
Earnings releases trace BOLT’s transition from preclinical focus to Phase 1 BDC-4182 studies, alongside steadily declining cash from $84.4M to $31.8M while extending runway guidance into 2027 through restructuring and reduced R&D and G&A spending.
Market Pulse Summary
This announcement combines improved 2025 financial discipline with a focused oncology pipeline. Bolt reported $31.8M in cash, expecting to fund key milestones into 2027, while sharply reducing R&D and G&A and narrowing operating losses to $36.1M. Clinically, BDC-4182 is in a Phase 1 dose-escalation study with initial data planned for 3Q 2026. Investors should monitor trial readouts, partnering progress for paused ISAC programs, and future collaboration revenue trends.
Key Terms
Phase 1 medical
dose escalation medical
T cell engagers medical
ADC medical
ISAC medical
AI-generated analysis. Not financial advice.
- First-in-class immune-stimulating antibody conjugate BDC-4182 in Phase 1 dose escalation study, initial clinical data expected in 3Q 2026
- Cash balance of
$31.8 million as of December 31, 2025 anticipated to fund key milestones into 2027
REDWOOD CITY, Calif., March 12, 2026 (GLOBE NEWSWIRE) -- Bolt Biotherapeutics (Nasdaq: BOLT), a clinical-stage biopharmaceutical company developing novel immunotherapies for the treatment of cancer, today reported financial results for the fourth quarter and full-year ended December 31, 2025, and provided a business update.
“BDC-4182 is the first of our next-generation Boltbody™ ISACs to enter the clinic, and we saw a clear difference versus our first-gen ISACs in terms of immune response from the very first patient treated,” said Willie Quinn, President and Chief Executive Officer. “The ISAC mechanism is radically different from ADCs and T cell engagers, and we believe that demonstrating anti-tumor activity with BDC-4182 will unlock an entirely new approach to treating cancer. We continue to enroll patients with gastric and gastroesophageal cancers in the Phase 1 dose-escalation trial and remain on track to report initial data in the third quarter of 2026.”
Recent Highlights and Anticipated Milestones
- Initial clinical data from BDC-4182 Phase 1 study for patients with gastric and gastroesophageal cancer expected in the third quarter of 2026. BDC-4182 is a next-generation Boltbody™ ISAC targeting claudin 18.2, a clinically validated target with expression in gastric cancer, gastroesophageal junction cancer, pancreatic cancer, and other tumor types. In preclinical models, including cancer models with low claudin 18.2 expression, BDC-4182 demonstrated significant anti-tumor activity, induced immunological memory, and outperformed cytotoxic claudin 18.2 ADCs. Following a strong immune response that was observed at the initial dose levels, Bolt modified the clinical trial protocol to allow for step-up dosing, which has been successfully used commercially for T-cell engagers. The clinical trial in gastric and gastroesophageal cancers is ongoing, and the Company expects to present initial clinical data in the third quarter of 2026.
- Next-generation Boltbody™ ISACs targeting CEA and PD-L1. Bolt has two ISAC programs in preclinical development. Both programs are on hold pending partnering or funding and have the potential to be in the clinic within 18 months once activities resume.
- Bolt’s CEA-targeted ISAC comprises a novel, fully human antibody with high affinity and selectivity to CEACAM5 (CEA), and not to other members of the CEACAM family, conjugated to a proprietary next-generation TLR7/8 agonist via a non-cleavable linker. Bolt’s CEA ISAC induced complete and durable anti-tumor responses in preclinical models and was more effective than a Topo1-based ADC at lower doses and in a lower antigen density tumor model. This CEA ISAC was well tolerated in a non-GLP toxicology study.
- Bolt’s PD-L1 ISAC utilizes a novel human anti-PD-L1 antibody conjugated to a TLR7/8 agonist via a non-cleavable linker. This ISAC leverages a unique mechanism of action due to its ability to target both tumor and immune cells that express PD-L1. Preclinical results demonstrated that PD-L1 ISACs represent a compelling new approach to treat cancer, leveraging mechanisms that are distinct from and potentially complementary to conventional PD-1/PD-L1 blockade with the potential for enhanced immune activation and antitumor activity.
- Cash, cash equivalents, and marketable securities were
$31.8 million as of December 31, 2025. Cash on hand is expected to fund multiple milestones and operations into 2027.
Fourth Quarter and Full Year 2025 Financial Results
- Collaboration Revenue – Total collaboration revenue was
$2.5 million and$7.7 million for the fourth quarter and full year ended December 31, 2025, respectively, compared to zero and$7.7 million for the same quarter and year in 2024, respectively. Revenue in the fourth quarter and full year ended 2025 was due to continued progress in our collaborations as we fulfill our performance obligations to our collaboration partners. We reported no collaboration revenue in the fourth quarter of 2024 as a result of the reassessment of our expected future performance obligations.
- Research and Development (R&D) Expenses – R&D expenses were
$5.0 million for the fourth quarter and$28.5 million for the full year ended December 31, 2025, respectively, compared to$11.7 million and$57.5 million for the same quarter and year in 2024, respectively. The decrease between the comparable periods was mainly due to a continued decrease in salary and related expenses primarily as a result of our restructuring plans, reduced clinical trial expenses and lower research and development expenses.
- General and Administrative (G&A) Expenses – G&A expenses were
$3.1 million for the fourth quarter and$13.8 million for the full year ended December 31, 2025, respectively, compared to$3.9 million and$18.5 million for the same quarter and year in 2024, respectively. The decrease between the comparable periods was mainly due to a continued decrease in salary and related expenses primarily as a result of our restructuring plans.
- Loss from Operations – Loss from operations was
$7.1 million for the fourth quarter and$36.1 million for the full year ended December 31, 2025, respectively, compared to$16.9 million and$73.0 million for the same quarter and year in 2024, respectively.
About the Boltbody™ Immune-Stimulating Antibody Conjugate (ISAC) Platform
Bolt Biotherapeutics’ Boltbody ISAC platform harnesses the precision of antibodies with the power of the innate and adaptive immune system to generate a productive anti-cancer response. Each Boltbody ISAC candidate comprises a tumor-targeting antibody, a non-cleavable linker, and a proprietary immune stimulant. The antibody is designed to target one or more markers on the surface of a tumor cell and the immune stimulant is designed to recruit and activate myeloid cells. Activated myeloid cells initiate a positive feedback loop by releasing cytokines and chemokines, chemical signals that attract other immune cells and lower the activation threshold for an immune response. This increases the population of activated immune system cells in the tumor microenvironment and promotes a robust immune response with the goal of generating durable therapeutic responses for patients with cancer.
About Bolt Biotherapeutics, Inc.
Bolt Biotherapeutics is a clinical-stage biopharmaceutical company developing novel immunotherapies for the treatment of cancer. Bolt Biotherapeutics’ pipeline reflects the Company’s expertise in myeloid biology and cancer drug development. The Company’s pipeline includes BDC-4182, a next-generation Boltbody™ Immune-Stimulating Antibody Conjugate (ISAC) clinical candidate targeting claudin 18.2. BDC-4182 is currently in a Phase 1 dose escalation trial that includes patients with gastric and gastroesophageal cancer. The Company has strategic collaborations with Genmab and Toray built around the Company’s Boltbody™ Immune-Stimulating Antibody Conjugate (ISAC) platform technology. The Company is seeking to partner BDC-3042, a Dectin-2 agonist that recently completed a first-in-human Phase 1 dose escalation trial, as well as its preclinical ISAC programs targeting CEA and PD-L1. For more information, please visit https://www.boltbio.com/.
Forward-Looking Statements
This press release contains forward-looking statements about us and our industry that involve substantial risks and uncertainties and are based on our beliefs and assumptions and on information currently available to us. All statements other than statements of historical facts contained in this press release, including statements regarding our ability to partner our CEA ISAC and PD-L1 ISAC, the advancement and success of our BDC-4182 clinical trials, the timing of initial data from our Phase 1 dose-escalation study of BDC-4182, the timing of our ISAC programs, the anti-tumor potency, safety and tolerability, and characteristics of our product candidates, the initiation of future clinical trials, the potential value of collaborations, and the expected duration of our cash runway and ability to fund key milestones into 2027, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “on track,” “plan,” “potential,” “predict,” “project,” “should,” “will,” or “would,” or the negative of these words or other similar terms or expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements represent our current beliefs, estimates and assumptions only as of the date of this press release and information contained in this press release should not be relied upon as representing our estimates as of any subsequent date. These statements, and related risks, uncertainties, factors and assumptions, include, but are not limited to: the potential product candidates that we develop may not progress through clinical development or receive required regulatory approvals within expected timelines or at all; clinical trials may not confirm any safety, potency or other product characteristics described or assumed in this press release; such product candidates may not be beneficial to patients or become commercialized; and our ability to maintain our current collaborations and establish further collaborations. These risks are not exhaustive. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Further information on factors that could cause actual results to differ materially from the results anticipated by our forward-looking statements is included in the reports we have filed or will file with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. These filings, when available, are available on the investor relations section of our website at investors.boltbio.com and on the SEC’s website at www.sec.gov.
Investor Relations and Media Contact:
Matthew DeYoung
Argot Partners
(212) 600-1902
boltbio@argotpartners.com
| BOLT BIOTHERAPEUTICS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except share and per share amounts) | ||||||||||||||||
| For The Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Collaboration revenue | $ | 2,500 | $ | — | $ | 7,695 | $ | 7,690 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 4,988 | 11,722 | 28,533 | 57,469 | ||||||||||||
| General and administrative | 3,117 | 3,947 | 13,795 | 18,457 | ||||||||||||
| Restructuring charges | 1,480 | (222 | ) | 1,480 | 3,343 | |||||||||||
| Impairment charges | — | 1,469 | — | 1,469 | ||||||||||||
| Total operating expense | 9,585 | 16,916 | 43,808 | 80,738 | ||||||||||||
| Loss from operations | (7,085 | ) | (16,916 | ) | (36,113 | ) | (73,048 | ) | ||||||||
| Other income (expense), net: | ||||||||||||||||
| Interest income, net | 367 | 980 | 2,496 | 5,255 | ||||||||||||
| Other income, net | 87 | — | 241 | 4,675 | ||||||||||||
| Total other income, net | 454 | 980 | 2,737 | 9,930 | ||||||||||||
| Net loss | (6,631 | ) | (15,936 | ) | (33,376 | ) | (63,118 | ) | ||||||||
| Net unrealized (loss) gain on marketable securities | (11 | ) | (108 | ) | (118 | ) | 60 | |||||||||
| Comprehensive loss | $ | (6,642 | ) | $ | (16,044 | ) | $ | (33,494 | ) | $ | (63,058 | ) | ||||
| Net loss per share, basic and diluted | $ | (3.84 | ) | $ | (8.32 | ) | $ | (17.85 | ) | $ | (33.06 | ) | ||||
| Weighted-average shares outstanding, basic and diluted | 1,727,222 | 1,914,249 | 1,869,924 | 1,909,225 | ||||||||||||
| BOLT BIOTHERAPEUTICS, INC. CONSOLIDATED BALANCE SHEETS (In thousands) | ||||||||
| December 31, | ||||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 11,703 | $ | 7,205 | ||||
| Short-term investments | 15,802 | 40,118 | ||||||
| Restricted cash | 200 | 784 | ||||||
| Prepaid expenses and other current assets | 2,555 | 2,707 | ||||||
| Total current assets | 30,260 | 50,814 | ||||||
| Property and equipment, net | 1,245 | 3,139 | ||||||
| Operating lease right-of-use assets | 19,230 | 21,756 | ||||||
| Restricted cash, non-current | 1,538 | 981 | ||||||
| Long-term investments | 4,337 | 22,880 | ||||||
| Other assets | 138 | 62 | ||||||
| Total assets | $ | 56,748 | $ | 99,632 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,443 | $ | 1,507 | ||||
| Accrued expenses and other current liabilities | 3,717 | 9,083 | ||||||
| Deferred revenue | 449 | 3,015 | ||||||
| Operating lease liabilities | 2,826 | 2,251 | ||||||
| Total current liabilities | 8,435 | 15,856 | ||||||
| Operating lease liabilities, net of current portion | 20,132 | 22,958 | ||||||
| Deferred revenue, non-current | 1,544 | 3,620 | ||||||
| Other long-term liabilities | 132 | - | ||||||
| Total liabilities | 30,243 | 42,434 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Common stock | — | — | ||||||
| Additional paid-in capital | 487,305 | 484,504 | ||||||
| Accumulated other comprehensive gain | (21 | ) | 97 | |||||
| Accumulated deficit | (460,779 | ) | (427,403 | ) | ||||
| Total stockholders' equity | 26,505 | 57,198 | ||||||
| Total liabilities and stockholders' equity | $ | 56,748 | $ | 99,632 | ||||
| BOLT BIOTHERAPEUTICS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | ||||||||
| Years Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net loss | $ | (33,376 | ) | $ | (63,118 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 1,291 | 1,781 | ||||||
| Stock-based compensation expense | 2,782 | 7,407 | ||||||
| Accretion of discount on marketable securities | (670 | ) | (2,615 | ) | ||||
| Gain on sale of fixed assets | (288 | ) | (70 | ) | ||||
| Asset impairment | — | 1,469 | ||||||
| Non-cash lease expense | 2,526 | 2,297 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Prepaid expenses and other assets | 76 | 2,571 | ||||||
| Accounts payable and accrued expenses | (5,430 | ) | (4,883 | ) | ||||
| Operating lease liabilities, net | (2,251 | ) | (1,412 | ) | ||||
| Deferred revenue | (4,642 | ) | (4,673 | ) | ||||
| Other long-term liabilities | 132 | (43 | ) | |||||
| Net cash used in operating activities | (39,850 | ) | (61,289 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Purchase of property and equipment | (72 | ) | (41 | ) | ||||
| Proceeds from sales of property and equipment | 963 | 148 | ||||||
| Purchases of marketable securities | (29,016 | ) | (88,855 | ) | ||||
| Maturities of marketable securities | 72,427 | 146,324 | ||||||
| Net cash provided by investing activities | 44,302 | 57,576 | ||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Proceeds from issuance of common stock | 19 | 108 | ||||||
| Net cash provided by financing activities | 19 | 108 | ||||||
| NET INCREASE (DECREASE) IN CASH | 4,471 | (3,605 | ) | |||||
| Cash, cash equivalents and restricted cash at beginning of year | 8,970 | 12,575 | ||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 13,441 | $ | 8,970 | ||||
| Reconciliation of cash, cash equivalents and restricted cash: | ||||||||
| Cash and cash equivalents | $ | 11,703 | $ | 7,205 | ||||
| Restricted cash | 1,738 | 1,765 | ||||||
| Total cash, cash equivalents and restricted cash | $ | 13,441 | $ | 8,970 | ||||
| Supplemental schedule of non-cash investing and financing activities: | ||||||||
| Right of use assets obtained in exchange for operating lease obligations | $ | — | $ | 6,402 | ||||
FAQ
When will Bolt (BOLT) report initial clinical data for BDC-4182?
How much cash did Bolt (BOLT) have at year-end 2025 and how long will it last?
What drove the year-over-year decline in Bolt's R&D expenses in 2025?
What is the status of Bolt's other ISAC programs targeting CEA and PD-L1?
Did Bolt (BOLT) recognize collaboration revenue in Q4 2025 and why?
