Bolt Biotherapeutics (BOLT) executive swaps options for lower strike

Rhea-AI Filing Summary

Bolt Biotherapeutics reported insider equity activity involving its Senior VP, Finance and PAO, with an earliest transaction date of 12/12/2025. The filing covers a series of employee stock options on common stock.

The executive agreed to cancel multiple existing stock options granted between 2020 and 2025 in exchange for new employee stock options with a lower exercise price of $5.44 per share, in blocks such as 1,236, 375, 600, 2,199, 6,699, 1,589, 2,499, 4,499 and 11,299 shares. Some replacement options vest in equal monthly installments of 1/36th of the shares, so long as the executive continues providing services, with vesting schedules beginning after dates including January 1, 2023, January 1, 2024, July 15, 2024 and January 1, 2025. At least one option is already fully vested and exercisable.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Nemec Sarah

(Last) (First) (Middle)

900 CHESAPEAKE DRIVE

(Street)

REDWOOD CITY CA 94063

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Bolt Biotherapeutics, Inc. [ BOLT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Senior VP, Finance and PAO

3. Date of Earliest Transaction (Month/Day/Year)
12/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (Right to Buy)	$5.44	12/12/2025		A		1,236		(1)	09/02/2030	Common Stock	1,236	(2)	1,236	D
Employee Stock Option (Right to Buy)	$86.8	12/12/2025		D			1,236	(1)	09/02/2030	Common Stock	1,236	(2)	0	D
Employee Stock Option (Right to Buy)	$5.44	12/12/2025		A		375		(1)	02/03/2031	Common Stock	375	(3)	375	D
Employee Stock Option (Right to Buy)	$400	12/12/2025		D			375	(1)	02/03/2031	Common Stock	375	(3)	0	D
Employee Stock Option (Right to Buy)	$5.44	12/12/2025		A		600		(1)	12/21/2031	Common Stock	600	(4)	600	D
Employee Stock Option (Right to Buy)	$90.2	12/12/2025		D			600	(1)	12/21/2031	Common Stock	600	(4)	0	D
Employee Stock Option (Right to Buy)	$5.44	12/12/2025		A		2,199		(1)	02/17/2032	Common Stock	2,199	(5)	2,199	D
Employee Stock Option (Right to Buy)	$61.6	12/12/2025		D			2,199	(1)	02/17/2032	Common Stock	2,199	(5)	0	D
Employee Stock Option (Right to Buy)	$5.44	12/12/2025		A		6,699		(6)	01/18/2033	Common Stock	6,699	(7)	6,699	D
Employee Stock Option (Right to Buy)	$27.8	12/12/2025		D			6,699	(6)	01/18/2033	Common Stock	6,699	(7)	0	D
Employee Stock Option (Right to Buy)	$5.44	12/12/2025		A		1,589		(8)	03/03/2034	Common Stock	1,589	(9)	1,589	D
Employee Stock Option (Right to Buy)	$25.4	12/12/2025		D			1,589	(8)	03/03/2034	Common Stock	1,589	(9)	0	D
Employee Stock Option (Right to Buy)	$5.44	12/12/2025		A		2,499		(10)	07/22/2034	Common Stock	2,499	(11)	2,499	D
Employee Stock Option (Right to Buy)	$14.602	12/12/2025		D			2,499	(10)	07/22/2034	Common Stock	2,499	(11)	0	D
Employee Stock Option (Right to Buy)	$5.44	12/12/2025		A		4,499		(1)	07/22/2034	Common Stock	4,499	(11)	4,499	D
Employee Stock Option (Right to Buy)	$14.602	12/12/2025		D			4,499	(1)	07/22/2034	Common Stock	4,499	(11)	0	D
Employee Stock Option (Right to Buy)	$5.44	12/12/2025		A		11,299		(12)	04/30/2035	Common Stock	11,299	(13)	11,299	D
Employee Stock Option (Right to Buy)	$7.02	12/12/2025		D			11,299	(12)	04/30/2035	Common Stock	11,299	(13)	0	D

Explanation of Responses:

1. The option is fully vested and exercisable.

2. The reporting person agreed to cancellation of an option granted on September 3, 2020, in exchange for a new option having a lower exercise price.

3. The reporting person agreed to cancellation of an option granted on February 4, 2021, in exchange for a new option having a lower exercise price.

4. The reporting person agreed to cancellation of an option granted on December 22, 2021, in exchange for a new option having a lower exercise price.

5. The reporting person agreed to cancellation of an option granted on February 18, 2022, in exchange for a new option having a lower exercise price.

6. For so long as the Reporting Person continuously provides services to the Issuer this option will vest with respect to the shares as follows: 1/36th of the Shares will vest upon the Reporting Person completing each month of continuous service following January 1, 2023.

7. The reporting person agreed to cancellation of an option granted on January 19, 2023, in exchange for a new option having a lower exercise price.

8. For so long as the Reporting Person continuously provides services to the Issuer this option will vest with respect to the shares as follows: 1/36th of the Shares will vest upon the Reporting Person completing each month of continuous service following January 1, 2024.

9. The reporting person agreed to cancellation of an option granted on March 4, 2024, in exchange for a new option having a lower exercise price.

10. For so long as the Reporting Person continuously provides services to the Issuer this option will vest with respect to the shares as follows: 1/36th of the Shares will vest upon the Reporting Person completing each month of continuous service following July 15, 2024.

11. The reporting person agreed to cancellation of an option granted on July 23, 2024, in exchange for a new option having a lower exercise price.

12. For so long as the Reporting Person continuously provides services to the Issuer this option will vest with respect to the shares as follows: 1/36th of the Shares will vest upon the Reporting Person completing each month of continuous service following January 1, 2025.

13. The reporting person agreed to cancellation of an option granted on May 1, 2025, in exchange for a new option having a lower exercise price.

	/s/ William P. Quinn, Attorney-in-Fact	12/16/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Bolt Biotherapeutics (BOLT) report in this Form 4?

The filing reports that the Senior VP, Finance and PAO of Bolt Biotherapeutics entered into a series of employee stock option transactions on 12/12/2025, canceling existing options and receiving new options to buy common stock.

Who is the reporting person and what is their role at Bolt Biotherapeutics (BOLT)?

The reporting person is an officer of Bolt Biotherapeutics, serving as Senior VP, Finance and PAO, as indicated in the relationship section of the filing.

What is the exercise price of the new stock options reported for Bolt Biotherapeutics (BOLT)?

The new employee stock options reported in the filing have an exercise price of $5.44 per share for Bolt Biotherapeutics common stock.

How many Bolt Biotherapeutics (BOLT) shares are covered by the new options in key grants?

The filing lists multiple new option grants covering common stock in amounts including 1,236, 375, 600, 2,199, 6,699, 1,589, 2,499, 4,499 and 11,299 shares.

What happened to the old stock options held by the Bolt Biotherapeutics (BOLT) executive?

According to the explanations of responses, the reporting person agreed to cancellation of options granted on several prior dates, including September 3, 2020; February 4, 2021; December 22, 2021; February 18, 2022; January 19, 2023; March 4, 2024; July 23, 2024; and May 1, 2025, in exchange for new options with a lower exercise price.

How do the new Bolt Biotherapeutics (BOLT) option grants vest for the executive?

For several new grants, the filing states that, so long as the reporting person continuously provides services to Bolt Biotherapeutics, 1/36th of the shares will vest upon completing each month of continuous service following dates such as January 1, 2023, January 1, 2024, July 15, 2024 and January 1, 2025.

Are any of the Bolt Biotherapeutics (BOLT) options already fully vested?

Yes. The explanations state that at least one option reported is fully vested and exercisable.