Bolt Biotherapeutics (NASDAQ: BOLT) slashes workforce, targets Q3 2026 BDC-4182 data

Rhea-AI Filing Summary

Bolt Biotherapeutics is implementing a major restructuring to cut operating expenses and preserve cash. The company will reduce its workforce by about 20 employees, representing roughly 50% of its staff, and expects pre-tax charges of $1.5 million to $2.0 million for severance, benefits, and related costs. These charges are expected to be recorded in the fourth quarter of 2025, with the reduction-in-force completed by the end of 2025.

The company also provided an update on its ongoing Phase 1 dose escalation study of BDC-4182, a next-generation Boltbody ISAC targeting claudin 18.2. A strong immune response was observed at initial dose levels, and the protocol is being modified to allow step-up dosing, which is supported by preclinical data. Bolt now expects to report initial clinical data in the third quarter of 2026 and states that the workforce reduction is intended to conserve capital and extend its cash runway into 2027.

Positive

• BDC-4182 clinical update: Early Phase 1 results showed a strong immune response at initial dose levels, and protocol modifications for step-up dosing are supported by preclinical data.
• Cash runway extension: Management states that the workforce reduction is intended to conserve capital and extend the company’s cash runway into 2027.

Negative

• Major workforce reduction: The company is cutting approximately 20 employees, or about 50% of its workforce, highlighting significant cost pressure and a sharp downsizing.
• Later timing for key trial data: Initial clinical data for BDC-4182 are now expected in the third quarter of 2026, pushing this program’s next major readout further into the future.
• Restructuring costs: The company expects to incur pre-tax charges between $1.5 million and $2.0 million related to severance, benefits, and associated expenses.

Insights

Biotech and Equity Research Analyst

Large cost-cutting with sizeable layoffs and later BDC-4182 readout is a mixed but net negative update.

Bolt Biotherapeutics is undertaking a significant restructuring, cutting about 50% of its workforce, or roughly 20 employees, to lower operating expenses and preserve cash. The company expects pre-tax charges of $1.5 million to $2.0 million tied to severance, benefits, and related costs, mostly recognized in Q4 2025. Management states that this move is intended to extend the cash runway into 2027, indicating a focus on conserving resources for key programs.

On the R&D side, the update on the Phase 1 study of BDC-4182, targeting claudin 18.2, notes a strong immune response at initial dose levels and a planned protocol modification to allow step-up dosing, supported by preclinical data. The first clinical data are now expected in the third quarter of 2026, which shifts the timing of this catalyst further out. Overall, while the trial update offers some scientific encouragement, the scale of the workforce reduction and later data timing would likely be viewed as adverse developments by many investors.

0001641281false00016412812025-10-012025-10-01

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

Date of Report (Date of earliest event reported): October 1, 2025

BOLT BIOTHERAPEUTICS, INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-39988	47-2804636
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
900 Chesapeake Drive
Redwood City, California				94063
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (650) 665-9295

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

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:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.00001 per share		BOLT		The Nasdaq Capital Market

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 2.05 Costs Associated with Exit or Disposal Activities.

On October 1, 2025, Bolt Biotherapeutics, Inc., a Delaware corporation (the “Company”), implemented a restructuring plan pursuant to which it will reduce overall operating expenses to preserve cash. The restructuring plan includes a reduction of the Company’s current workforce by approximately 20 employees, or approximately 50% of the Company’s workforce. The Company estimates that it will incur aggregate pre-tax charges between approximately $1.5 million to $2.0 million in connection with the reduction-in-force, primarily consisting of severance payments, employee benefits, and related costs. The Company expects that the reduction-in-force will be complete by the end of 2025 and that the associated charges will be recorded in the fourth quarter of 2025. The estimated charges that the Company expects to incur are subject to a number of assumptions, and actual results may differ materially from these estimates. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the restructuring plan.

Item 8.01 Other Events

On October 1, 2025, the Company announced an update on the ongoing Phase 1 dose escalation study of BDC-4182, a next-generation Boltbody™ ISAC clinical candidate targeting claudin 18.2, a clinically validated target in oncology. A strong immune response was observed at the initial dose levels and the Company is in the process of modifying the clinical trial protocol to allow for step-up dosing, which has been successfully used commercially for T-cell engagers. BDC-4182 preclinical data supports this approach. As a result of the update to the clinical trial protocol for BDC-4182, the Company now expects to report initial clinical data in the third quarter of 2026. To conserve capital and maintain long-term shareholder value, the Company is implementing a workforce reduction as described in Item 2.05, extending its cash runway into 2027. A press release announcing the reduction-in-force described in Item 2.05 and the update on the ongoing Phase 1 dose escalation study of BDC-4182 is filed hereto as Exhibit 99.1.

Exhibit No.		Description
99.1		Press Release dated October 1, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

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 hereunto duly authorized.

			Bolt Biotherapeutics, Inc.
Date:	October 2, 2025	By:	/s/ William P. Quinn
			William P. Quinn President, Chief Executive Officer and Chief Financial Officer

FAQ

What restructuring did Bolt Biotherapeutics (BOLT) announce?

Bolt Biotherapeutics announced a restructuring plan that reduces operating expenses by cutting about 20 employees, or roughly 50% of its workforce, to preserve cash.

How much will Bolt Biotherapeutics (BOLT) spend on its workforce reduction?

The company estimates aggregate pre-tax charges of approximately $1.5 million to $2.0 million, primarily for severance payments, employee benefits, and related costs, recorded in the fourth quarter of 2025.

When will Bolt Biotherapeutics complete its reduction-in-force?

Bolt Biotherapeutics expects the reduction-in-force to be complete by the end of 2025, with most associated charges recorded in the fourth quarter of 2025.

What update did Bolt Biotherapeutics provide on the BDC-4182 clinical trial?

The company reported a strong immune response at initial dose levels in the Phase 1 dose escalation study of BDC-4182 and is modifying the protocol to allow step-up dosing supported by preclinical data.

When does Bolt Biotherapeutics expect initial clinical data for BDC-4182?

Bolt Biotherapeutics now expects to report initial clinical data from the BDC-4182 Phase 1 study in the third quarter of 2026.

How does the restructuring affect Bolt Biotherapeutics’ cash runway?

The company states that the workforce reduction is intended to conserve capital and extend its cash runway into 2027, supporting long-term shareholder value.