Bolt Biotherapeutics closes Prana deal, raises $120M
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Bolt Biotherapeutics (BOLT) reported a third-quarter net loss of $4.422 million, compared with $7.144 million a year earlier, while collaboration revenue was $0 versus $2.169 million. It completed its acquisition of Prana Therapies on October 23, 2026, through a stock-for-stock reverse merger, and closed a concurrent private placement generating $120.0 million in gross proceeds before placement agent fees and other offering expenses.
Prana's pipeline is now Bolt's primary development focus. PRA-216, a half-life-extended IL-4Rα/TSLP bispecific, is in Phase 2 studies for asthma, atopic dermatitis and COPD; a fourth study in eosinophilic esophagitis is planned. Patient proof-of-concept data across all four studies are expected beginning in the second quarter of 2027. Proceeds are expected to fund operations into 2028. Bolt expects approximately 34.2 million common shares outstanding on an as-converted basis, subject to stockholder approval of Series D non-voting preferred stock conversion and before exercise of PIPE warrants.
Third-quarter R&D expenses were $2.209 million versus $6.535 million a year earlier, and G&A expenses were $2.521 million versus $3.337 million. The Chesapeake Master Lease was terminated, with an effective expiration date of January 1, 2027.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.Private placement generated $120.0 million gross proceeds; runway expected into 2028. 8.1× market cap
- Moderate pointQ3 net loss narrowed to $4.422 million from $7.144 million.
Negative
- Moderate pointCollaboration revenue was $0, versus $2.169 million in Q3 2025.
8-K Event Classification
Key Figures
Key Terms
half-life-extended technical
IL-4Rα/TSLP bispecific medical
INSPIRE multispecific antibody platform technical
proof-of-concept data medical
stock-for-stock reverse merger financial
ASC 805, Business Combinations financial
Earnings Snapshot
The private placement is expected to fund operations into 2028.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much did BOLT's October 2026 private placement raise?
When does BOLT expect PRA-216 data?
AI-generated analysis. How Rhea-AI works. Not financial advice.
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:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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:
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Trading |
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The |
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 November 12, 2026, Bolt Biotherapeutics, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 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 November 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: |
November 12, 2026 |
By: |
/s/ William P. Quinn |
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William P. Quinn |
Exhibit 99.1
Bolt Biotherapeutics Reports Third Quarter 2026 Financial Results and Provides Business Update
REDWOOD CITY, CA, November 12, 2026 – Bolt Biotherapeutics, Inc. (Nasdaq: BOLT), a clinical-stage biotechnology company advancing next-generation, half-life-extended multispecific antibodies, today reported financial results for the third quarter ended September 30, 2026, and provided a business update.
In October, Bolt completed its acquisition of Prana Therapies in a sign-and-close, stock-for-stock reverse merger and closed a concurrent $120 million private placement financing with leading healthcare institutional investors. Following the transaction, Prana’s pipeline became the primary development focus of the company, led by flagship program PRA-216, an IL-4Rα/TSLP bispecific antibody in Phase 2 development across multiple high-value inflammatory indications. In connection with the transaction, Sheila Gujrathi, M.D., Co-Founder and former Chief Executive Officer of Prana, was appointed Chief Strategy Officer of Bolt and joined the company’s Board of Directors.
“The transaction and financing provide us with the capital and public-company foundation to advance PRA-216 and the broader INSPIRE pipeline through what we believe will be an exciting and highly data-rich period ahead,” said Sheila Gujrathi, M.D., Chief Strategy Officer of Bolt Biotherapeutics. “PRA-216 is our flagship program and the first clinical validation of the INSPIRE platform. It is now in Phase 2 development in asthma, COPD and atopic dermatitis, with an additional study planned in eosinophilic esophagitis, and we expect patient proof-of-concept data across all four studies beginning in the second quarter of 2027. These studies will evaluate the potential of PRA-216 to move beyond the efficacy ceiling of single-mechanism therapies by combining complementary IL-4Rα and TSLP inhibition, while offering the potential convenience of infrequent, at-home dosing. Beyond PRA-216, we look forward to advancing additional wholly owned programs from INSPIRE as we work to build a new generation of differentiated multispecific therapies.”
“Completing the Prana acquisition marks an important transformation for Bolt,” said Willie Quinn, President and Chief Executive Officer of Bolt Biotherapeutics. “With a strong balance sheet, an advanced clinical program and a differentiated platform, we believe we are well positioned to execute against the important milestones ahead.”
Third Quarter 2026 Financial Results
Subsequent Events
About Bolt Biotherapeutics, Inc.
Bolt Biotherapeutics is a clinical-stage biotechnology company pioneering a new generation of half-life-extended multispecific antibodies designed to deliver best-in-disease therapies. Through the proprietary INSPIRE platform it acquired from Prana Therapies, the company combines complementary therapeutic mechanisms in fully IgG-based molecules designed for differentiated efficacy, extended exposure, and convenient dosing.
The company’s lead program, PRA-216, is a novel IL-4Rα/TSLP bispecific antibody currently in Phase 2 development in asthma, chronic obstructive pulmonary disease, and atopic dermatitis, with a fourth Phase 2 study planned in eosinophilic esophagitis. In addition to PRA-216, Bolt Biotherapeutics is advancing a wholly owned pipeline of additional INSPIRE-based multispecific programs across diseases with significant unmet need.
Bolt’s pipeline also includes BDC-4182, a claudin 18.2-targeting Boltbody™ ISAC.
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, without limitation, statements regarding Bolt, Prana, the concurrent private placement financing and the acquisition of Prana by Bolt (the “Transactions”) and other matters, including, without limitation, statements regarding: the Transactions, including any additional gross proceeds that may be received upon exercise, if any, of accompanying warrants, if any, and the expected effects, perceived benefits or opportunities and related timing with respect thereto; expectations regarding or plans for the company’s pipeline, including its ongoing and planned clinical trials, research and development programs and the expected timing for key milestones, including the release of clinical data; the potential benefits of PRA-216 and Prana’s other clinical programs; and expectations regarding the use of proceeds from the concurrent private placement financing and cash runway expectations therefrom, including such proceeds funding the company through key clinical milestones; and any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, 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 company’s ability to realize the anticipated benefits from the transactions, including as a result of its failure to receive the requisite stockholder approvals; investors in the private placement may not exercise their warrants and the company may not receive any additional proceeds therefrom; 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.
Contacts:
Christina Trout
VP, Corporate Development
(650) 665-9295
investors@pranatherapies.com
Matthew DeYoung
Argot Partners
(212) 600-1902
boltbio@argotpartners.com
BOLT BIOTHERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited, in thousands, except share and per share amounts)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Collaboration revenue |
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$ |
— |
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$ |
2,169 |
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$ |
31 |
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$ |
5,195 |
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Operating expenses: |
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Research and development |
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2,209 |
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6,535 |
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12,187 |
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23,545 |
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General and administrative |
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2,521 |
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3,337 |
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7,741 |
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10,678 |
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Impairment charges |
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— |
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— |
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808 |
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— |
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Total operating expense |
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4,730 |
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9,872 |
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20,736 |
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34,223 |
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Loss from operations |
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(4,730 |
) |
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(7,703 |
) |
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(20,705 |
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(29,028 |
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Other income (expense), net: |
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Interest income, net |
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145 |
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477 |
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599 |
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2,129 |
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Other income, net |
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163 |
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82 |
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557 |
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154 |
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Total other income (expense), net |
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308 |
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559 |
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1,156 |
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2,283 |
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Net loss |
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(4,422 |
) |
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(7,144 |
) |
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(19,549 |
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(26,745 |
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Net unrealized gain (loss) on marketable securities |
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1 |
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(4 |
) |
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(22 |
) |
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(107 |
) |
Comprehensive loss |
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$ |
(4,421 |
) |
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$ |
(7,148 |
) |
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$ |
(19,571 |
) |
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$ |
(26,852 |
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Net loss per share, basic and diluted |
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$ |
(2.25 |
) |
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$ |
(3.72 |
) |
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$ |
(10.09 |
) |
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$ |
(13.94 |
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Weighted-average shares outstanding, basic and diluted |
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1,966,084 |
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1,919,441 |
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1,936,954 |
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1,918,014 |
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BOLT BIOTHERAPEUTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
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September 30, |
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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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$ |
13,782 |
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$ |
11,703 |
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Short-term investments |
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1,016 |
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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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2,082 |
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2,555 |
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Total current assets |
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17,080 |
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30,260 |
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Property and equipment, net |
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341 |
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1,245 |
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Operating lease right-of-use assets |
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16,367 |
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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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247 |
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4,337 |
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Other assets |
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18 |
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138 |
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Total assets |
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$ |
35,591 |
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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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$ |
633 |
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$ |
1,443 |
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Accrued expenses and other current liabilities |
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3,385 |
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3,717 |
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Deferred revenue |
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1,066 |
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449 |
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Operating lease liabilities |
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3,231 |
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|
2,826 |
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Total current liabilities |
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8,315 |
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8,435 |
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Operating lease liabilities, net of current portion |
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17,658 |
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20,132 |
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Deferred revenue, non-current |
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924 |
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1,544 |
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Other long-term liabilities |
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132 |
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|
132 |
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Total liabilities |
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27,029 |
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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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488,933 |
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487,305 |
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Accumulated other comprehensive loss |
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(43 |
) |
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(21 |
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Accumulated deficit |
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(480,328 |
) |
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(460,779 |
) |
Total stockholders' equity |
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8,562 |
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26,505 |
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Total liabilities and stockholders' equity |
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$ |
35,591 |
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$ |
56,748 |
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BOLT BIOTHERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
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Nine Months Ended September 30, |
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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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$ |
(19,549 |
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$ |
(26,745 |
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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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440 |
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1,036 |
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Stock-based compensation expense |
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1,603 |
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1,741 |
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Accretion of discount on marketable securities |
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(132 |
) |
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(509 |
) |
Gain on sale of property and equipment |
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(245 |
) |
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(288 |
) |
Asset impairment |
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|
808 |
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— |
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Non-cash lease expense |
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2,055 |
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|
1,875 |
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Changes in operating assets and liabilities: |
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Prepaid expenses and other assets |
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593 |
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(322 |
) |
Accounts payable and accrued expenses |
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(1,142 |
) |
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(5,233 |
) |
Operating lease liabilities |
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(2,069 |
) |
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(1,620 |
) |
Deferred revenue |
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(3 |
) |
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(2,762 |
) |
Other long-term liabilities |
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— |
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|
133 |
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Net cash used in operating activities |
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(17,641 |
) |
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(32,694 |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Purchases of property and equipment |
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(13 |
) |
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(72 |
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Proceeds from sales of property and equipment |
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|
722 |
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|
|
963 |
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Purchases of marketable securities |
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|
(1,230 |
) |
|
|
(17,176 |
) |
Maturities of marketable securities |
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20,216 |
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|
|
59,513 |
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Net cash provided by investing activities |
|
|
19,695 |
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|
|
43,228 |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Proceeds from issuance of common stock |
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|
25 |
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|
|
14 |
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Net cash provided by financing activities |
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|
25 |
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|
|
14 |
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NET INCREASE IN CASH |
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2,079 |
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|
|
10,548 |
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Cash, cash equivalents and restricted cash at beginning of year |
|
|
13,441 |
|
|
|
8,970 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
15,520 |
|
|
$ |
19,518 |
|
Reconciliation of cash, cash equivalents and restricted cash: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
13,782 |
|
|
$ |
17,753 |
|
Restricted cash |
|
|
1,738 |
|
|
|
1,765 |
|
Total cash, cash equivalents and restricted cash |
|
$ |
15,520 |
|
|
$ |
19,518 |
|