Bolt Biotherapeutics (NASDAQ: BOLT) narrows Q1 loss, cuts expenses
Rhea-AI Filing Summary
Bolt Biotherapeutics reported first quarter 2026 results and a business update. Collaboration revenue was $26,000 compared with $1.2 million a year earlier as work under R&D collaborations declined. Research and development expenses fell to $4.8 million from $9.5 million, and general and administrative expenses declined to $2.8 million from $3.8 million, reflecting restructuring and lower clinical and research costs. Loss from operations narrowed to $7.6 million, with net loss at $7.2 million.
The company ended March 31, 2026 with $23.9 million in cash, cash equivalents, and marketable securities, which it expects will fund operations into 2027. Bolt’s lead program, BDC‑4182, a first‑in‑class immune‑stimulating antibody conjugate targeting claudin 18.2, is in an ongoing Phase 1/2 trial in gastric and gastroesophageal cancer, with initial clinical data expected in the third quarter of 2026. Other ISAC programs targeting CEA and PD‑L1, and the Dectin‑2 agonist BDC‑3042, remain on hold pending proof‑of‑concept for BDC‑4182.
Positive
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Insights
Bolt narrows losses, extends cash runway, and focuses on lead ISAC program.
Bolt Biotherapeutics is concentrating resources on its lead ISAC, BDC‑4182, in Phase 1/2 for gastric and gastroesophageal cancers. Initial clinical data are expected in Q3 2026, a key milestone for validating the ISAC platform before reactivating CEA and PD‑L1 programs.
Financially, collaboration revenue dropped to $26,000 from $1.2M, indicating much lower contribution from partnerships. However, restructuring and reduced clinical activity cut R&D to $4.8M and G&A to $2.8M, shrinking operating loss to $7.6M. Cash, cash equivalents, and marketable securities of $23.9M are expected to fund operations into 2027, giving time to reach the BDC‑4182 data readout.
Execution now hinges on successfully enrolling the Phase 1/2 trial and delivering the promised initial data in Q3 2026. Subsequent disclosures will clarify whether BDC‑4182’s safety and activity in humans align with its preclinical profile and whether paused pipeline assets can move forward.
8-K Event Classification
Key Figures
Key Terms
immune-stimulating antibody conjugate medical
Phase 1/2 study medical
Boltbody ISAC medical
deferred revenue financial
comprehensive loss financial
Earnings Snapshot
Bolt expects its March 31, 2026 cash, cash equivalents, and marketable securities of $23.9 million to fund operations into 2027.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On May 12, 2026, Bolt Biotherapeutics, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2026 and a business update. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.
The information contained herein and the accompanying exhibit is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended, nor shall it be deemed incorporated by reference in any filing with the Securities and Exchange Commission made by us, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Description |
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99.1 |
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Press Release dated May 12, 2026. |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Bolt Biotherapeutics, Inc. |
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Date: |
May 12, 2026 |
By: |
/s/ William P. Quinn |
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William P. Quinn |
Exhibit 99.1
Bolt Biotherapeutics Reports First Quarter 2026 Financial Results and Provides Business Update
REDWOOD CITY, CA, May 12, 2026 – Bolt Biotherapeutics (Nasdaq: BOLT), a clinical-stage biopharmaceutical company developing novel immunotherapies for the treatment of cancer, today reported financial results for the first quarter ended March 31, 2026, and provided a business update.
“We are encouraged by what we have seen thus far in patients treated with BDC‑4182, a next‑generation Boltbody™ ISAC. BDC-4182 has a unique mechanism of action , that has the potential to combine the power of ADCs with the durability of T-cell engagers and unlock a new frontier in cancer treatment,” said Willie Quinn, President and Chief Executive Officer. “We continue to enroll patients with gastric and gastroesophageal cancer in our ongoing clinical trial, and we look forward to reporting initial data in the third quarter of 2026.”
Recent Highlights and Anticipated Milestones
First Quarter 2026 Financial Results
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 lead program is BDC-4182, a next-generation Boltbody™ Immune-Stimulating Antibody Conjugate (ISAC) clinical candidate targeting claudin 18.2. BDC-4182 is currently in a Phase 1/2 trial that includes patients with gastric and gastroesophageal cancer. The Company has strategic collaborations with Genmab and Toray built around the Company’s Boltbody™ ISAC platform technology. The rest of the Company’s pipeline is currently on hold, including BDC-3042, a Dectin-2 agonist that 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)
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Three Months Ended March 31, |
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2026 |
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2025 |
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Collaboration revenue |
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$ |
26 |
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$ |
1,222 |
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Operating expenses: |
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Research and development |
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4,829 |
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9,512 |
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General and administrative |
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2,798 |
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3,825 |
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Total operating expense |
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7,627 |
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13,337 |
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Loss from operations |
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(7,601 |
) |
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(12,115 |
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Other income (expense), net: |
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Interest income, net |
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276 |
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1,053 |
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Other income, net |
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81 |
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22 |
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Total other income, net |
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357 |
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1,075 |
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Net loss |
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(7,244 |
) |
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(11,040 |
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Net unrealized gain (loss) on marketable securities |
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10 |
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(57 |
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Comprehensive loss |
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$ |
(7,234 |
) |
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$ |
(11,097 |
) |
Net loss per share, basic and diluted |
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$ |
(4.31 |
) |
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$ |
(5.76 |
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Weighted-average shares outstanding, basic and diluted |
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1,680,445 |
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1,916,943 |
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BOLT BIOTHERAPEUTICS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
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March 31, |
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December 31, |
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2026 |
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2025 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
11,609 |
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$ |
11,703 |
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Short-term investments |
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11,283 |
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15,802 |
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Restricted cash |
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200 |
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200 |
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Prepaid expenses and other current assets |
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2,660 |
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2,555 |
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Total current assets |
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25,752 |
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30,260 |
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Property and equipment, net |
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1,042 |
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1,245 |
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Operating lease right-of-use assets |
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18,564 |
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19,230 |
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Restricted cash, non-current |
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1,538 |
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1,538 |
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Long-term investments |
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1,019 |
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4,337 |
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Other assets |
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112 |
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138 |
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Total assets |
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$ |
48,027 |
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$ |
56,748 |
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Liabilities and stockholders' equity |
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Current liabilities: |
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Accounts payable |
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$ |
1,736 |
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$ |
1,443 |
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Accrued expenses and other current liabilities |
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2,021 |
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3,717 |
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Deferred revenue |
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630 |
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449 |
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Operating lease liabilities |
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2,956 |
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2,826 |
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Total current liabilities |
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7,343 |
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8,435 |
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Operating lease liabilities, net of current portion |
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19,352 |
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20,132 |
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Deferred revenue, non-current |
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1,352 |
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1,544 |
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Other long-term liabilities |
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158 |
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132 |
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Total liabilities |
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28,205 |
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30,243 |
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Commitments and contingencies |
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Stockholders' equity: |
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Common stock |
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— |
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— |
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Additional paid-in capital |
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487,856 |
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487,305 |
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Accumulated other comprehensive loss |
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(11 |
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(21 |
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Accumulated deficit |
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(468,023 |
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(460,779 |
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Total stockholders' equity |
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19,822 |
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26,505 |
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Total liabilities and stockholders' equity |
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$ |
48,027 |
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$ |
56,748 |
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BOLT BIOTHERAPEUTICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
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Three Months Ended March 31, |
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2026 |
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2025 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net loss |
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$ |
(7,244 |
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$ |
(11,040 |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation and amortization |
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203 |
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399 |
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Stock-based compensation expense |
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545 |
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709 |
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Accretion of discount on marketable securities |
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(45 |
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(209 |
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Gain on sale of property and equipment |
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(31 |
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(288 |
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Non-cash lease expense |
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666 |
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615 |
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Changes in operating assets and liabilities: |
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Prepaid expenses and other assets |
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(79 |
) |
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(169 |
) |
Accounts payable and accrued expenses |
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(1,403 |
) |
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(2,511 |
) |
Operating lease liabilities |
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(650 |
) |
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(500 |
) |
Deferred revenue |
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(11 |
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(503 |
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Other long-term liabilities |
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26 |
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132 |
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Net cash used in operating activities |
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(8,023 |
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(13,365 |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Proceeds from sales of property and equipment |
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31 |
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963 |
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Purchases of marketable securities |
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(1,230 |
) |
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(992 |
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Maturities of marketable securities |
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9,122 |
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14,580 |
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Net cash provided by investing activities |
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7,923 |
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14,551 |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Proceeds from issuance of common stock |
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6 |
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— |
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Net cash provided by financing activities |
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6 |
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— |
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NET (DECREASE) INCREASE IN CASH |
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(94 |
) |
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1,186 |
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Cash, cash equivalents and restricted cash at beginning of year |
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13,441 |
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8,970 |
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Cash, cash equivalents and restricted cash at end of period |
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$ |
13,347 |
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$ |
10,156 |
|
Reconciliation of cash, cash equivalents and restricted cash: |
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Cash and cash equivalents |
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$ |
11,609 |
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$ |
8,391 |
|
Restricted cash |
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1,738 |
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|
1,765 |
|
Total cash, cash equivalents and restricted cash |
|
$ |
13,347 |
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$ |
10,156 |
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