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Boundless Bio (Nasdaq: BOLD) – Q2-25 10-Q highlights

The clinical-stage oncology company reported no revenue and a H1-25 net loss of $31.4 m (vs. $32.4 m LY). Q2 operating loss narrowed to $17.1 m as R&D spend fell 17% YoY to $12.2 m after winding down the STARMAP study of RNR inhibitor BBI-825 and halting single-agent arms of POTENTIATE for CHK1 inhibitor BBI-355. G&A rose to $4.8 m, mainly lease expense for the new San Diego HQ.

Cash, cash equivalents and short-term investments totaled $127.1 m; management projects runway into H1-2028 after a workforce reduction (~33%) and portfolio focus.

Pipeline update: 1) A new arm combining BBI-355 with BBI-825 opened for enrolment based on pre-clinical synergy; initial proof-of-concept data is expected within existing cash runway. 2) Kinesin degrader BBI-940 named development candidate; IND filing targeted H1-26. 3) ATM facility allows up to $14.5 m of additional equity but no shares sold to date.

Balance sheet: total assets $179.5 m; accumulated deficit $232.9 m. Lease liabilities for the 10-year HQ total $49.5 m PV. No debt outstanding. Company remains a non-accelerated filer and an emerging growth company.

Outlook: focus on ecDNA-directed therapeutics with near-term catalysts (BBI-355/825 combo data, IND for BBI-940). Continued losses and reliance on external financing persist until clinical validation and eventual approvals.

Boundless Bio (Nasdaq: BOLD) – punti salienti del 10-Q del secondo trimestre 2025

La società oncologica in fase clinica ha riportato zero ricavi e una perdita netta nel primo semestre 2025 di 31,4 milioni di dollari (contro 32,4 milioni nello stesso periodo dell'anno precedente). La perdita operativa del secondo trimestre si è ridotta a 17,1 milioni di dollari grazie a una riduzione del 17% su base annua della spesa in R&S, scesa a 12,2 milioni di dollari, a seguito della conclusione dello studio STARMAP sull’inibitore RNR BBI-825 e dell’interruzione dei bracci a singolo agente dello studio POTENTIATE per l’inibitore CHK1 BBI-355. Le spese generali e amministrative sono aumentate a 4,8 milioni di dollari, principalmente per il canone di locazione della nuova sede centrale a San Diego.

La liquidità, equivalenti e investimenti a breve termine ammontano a 127,1 milioni di dollari; la direzione prevede una copertura finanziaria fino al primo semestre 2028 dopo una riduzione del personale di circa il 33% e una focalizzazione del portafoglio.

Aggiornamento sul pipeline: 1) È stato aperto un nuovo braccio di studio che combina BBI-355 con BBI-825, basato su sinergie precliniche; i primi dati di proof-of-concept sono attesi entro la disponibilità finanziaria attuale. 2) Il degradatore di chinesina BBI-940 è stato selezionato come candidato allo sviluppo; la presentazione dell’IND è prevista per il primo semestre 2026. 3) La struttura ATM consente fino a 14,5 milioni di dollari di capitale aggiuntivo, ma finora non sono state vendute azioni.

Situazione patrimoniale: attività totali per 179,5 milioni di dollari; deficit accumulato di 232,9 milioni. Le passività da leasing per la sede decennale ammontano a un valore attuale di 49,5 milioni. Nessun debito in essere. La società mantiene lo status di non-accelerated filer e di emerging growth company.

Prospettive: l’attenzione rimane sulle terapie dirette contro ecDNA con catalizzatori a breve termine (dati combinati BBI-355/825, IND per BBI-940). Perdite continue e dipendenza da finanziamenti esterni persisteranno fino alla validazione clinica e alle eventuali approvazioni.

Boundless Bio (Nasdaq: BOLD) – aspectos destacados del 10-Q del segundo trimestre de 2025

La compañía oncológica en etapa clínica reportó ningún ingreso y una pérdida neta en el primer semestre de 2025 de 31,4 millones de dólares (frente a 32,4 millones en el mismo período del año anterior). La pérdida operativa del segundo trimestre se redujo a 17,1 millones de dólares debido a una disminución del 17% interanual en gastos de I+D a 12,2 millones, tras la finalización del estudio STARMAP del inhibidor RNR BBI-825 y la suspensión de los brazos de monoterapia del estudio POTENTIATE para el inhibidor CHK1 BBI-355. Los gastos generales y administrativos aumentaron a 4,8 millones, principalmente por el alquiler de la nueva sede en San Diego.

El efectivo, equivalentes y las inversiones a corto plazo sumaron 127,1 millones de dólares; la dirección proyecta una financiación hasta el primer semestre de 2028 tras una reducción de plantilla (~33%) y un enfoque en el portafolio.

Actualización del pipeline: 1) Se abrió un nuevo brazo que combina BBI-355 con BBI-825 basado en sinergias preclínicas; se esperan datos iniciales de prueba de concepto dentro del actual flujo de caja. 2) El degradador de kinesina BBI-940 fue designado candidato para desarrollo; se apunta a presentar el IND en el primer semestre de 2026. 3) La estructura ATM permite hasta 14,5 millones de dólares adicionales en capital, pero hasta la fecha no se han vendido acciones.

Balance: activos totales de 179,5 millones; déficit acumulado de 232,9 millones. Pasivos por arrendamiento de la sede a 10 años con valor presente de 49,5 millones. Sin deuda pendiente. La compañía sigue siendo un presentador no acelerado y una empresa emergente de crecimiento.

Perspectivas: enfoque en terapias dirigidas a ecDNA con catalizadores a corto plazo (datos combinados BBI-355/825, IND para BBI-940). Las pérdidas continuarán y persistirá la dependencia de financiamiento externo hasta la validación clínica y las aprobaciones finales.

Boundless Bio (나스닥: BOLD) – 2025년 2분기 10-Q 주요 내용

임상 단계의 종양학 회사는 매출 없음을 보고했으며, 2025년 상반기 순손실은 3,140만 달러로 전년 동기 3,240만 달러 대비 소폭 감소했습니다. 2분기 영업손실은 RNR 억제제 BBI-825의 STARMAP 연구 종료와 CHK1 억제제 BBI-355의 단독 투여군 중단에 따라 연구개발비가 전년 대비 17% 감소한 1,220만 달러로 줄면서 1,710만 달러로 축소되었습니다. 관리 및 일반비용은 주로 새 샌디에이고 본사 임대료로 인해 480만 달러로 증가했습니다.

현금, 현금성 자산 및 단기 투자 총액은 1억 2,710만 달러이며, 경영진은 인력 감축(약 33%) 및 포트폴리오 집중화 후 2028년 상반기까지의 자금 운용 기간을 예상하고 있습니다.

파이프라인 업데이트: 1) BBI-355와 BBI-825의 병용 신규 연구군이 전임상 시너지 근거로 등록을 시작했으며, 현재 자금 운용 기간 내에 초기 개념 증명 데이터가 기대됩니다. 2) 키네신 분해제 BBI-940이 개발 후보로 선정되었으며, IND 제출은 2026년 상반기를 목표로 합니다. 3) ATM 시설을 통해 최대 1,450만 달러의 추가 자본 조달이 가능하지만 현재까지 주식은 발행되지 않았습니다.

재무상태: 총 자산 1억 7,950만 달러; 누적 적자 2억 3,290만 달러. 10년 임대 계약 본사에 대한 임대 부채 현재가치는 4,950만 달러입니다. 부채는 없습니다. 회사는 비가속 신고자 및 신흥 성장 기업 지위를 유지하고 있습니다.

전망: ecDNA 표적 치료제에 집중하며 단기 촉매제(병용 데이터 BBI-355/825, BBI-940 IND) 기대. 임상 검증 및 최종 승인까지 손실과 외부 자금 의존이 지속될 전망입니다.

Boundless Bio (Nasdaq : BOLD) – faits saillants du 10-Q du T2 2025

La société d’oncologie en phase clinique a rapporté aucun revenu et une perte nette au premier semestre 2025 de 31,4 M$ (contre 32,4 M$ l’an dernier). La perte d’exploitation du T2 s’est réduite à 17,1 M$ grâce à une baisse de 17 % des dépenses R&D en glissement annuel à 12,2 M$, suite à la clôture de l’étude STARMAP sur l’inhibiteur RNR BBI-825 et à l’arrêt des bras en monothérapie de POTENTIATE pour l’inhibiteur CHK1 BBI-355. Les frais généraux et administratifs ont augmenté à 4,8 M$, principalement en raison du loyer du nouveau siège à San Diego.

La trésorerie, les équivalents de trésorerie et les placements à court terme s’élèvent à 127,1 M$ ; la direction prévoit une autonomie financière jusqu’au premier semestre 2028 après une réduction d’environ 33 % des effectifs et une concentration du portefeuille.

Mise à jour du pipeline : 1) Un nouveau bras combinant BBI-355 et BBI-825 a été ouvert à l’inscription, basé sur une synergie préclinique ; les premières données de preuve de concept sont attendues dans la trésorerie actuelle. 2) Le dégradeur de kinésine BBI-940 a été désigné candidat au développement ; le dépôt de l’IND est prévu au premier semestre 2026. 3) Le mécanisme ATM permet jusqu’à 14,5 M$ de capitaux supplémentaires, mais aucune action n’a encore été vendue.

Bilan : total des actifs de 179,5 M$ ; déficit cumulé de 232,9 M$. Passifs locatifs pour le siège sur 10 ans d’une valeur actuelle de 49,5 M$. Pas de dette en cours. La société reste un déposant non accéléré et une entreprise en croissance émergente.

Perspectives : focalisation sur les thérapies ciblant l’ecDNA avec des catalyseurs à court terme (données combinées BBI-355/825, IND pour BBI-940). Les pertes se poursuivent et la dépendance au financement externe persistera jusqu’à la validation clinique et aux approbations finales.

Boundless Bio (Nasdaq: BOLD) – Highlights des 10-Q-Berichts für Q2-2025

Das klinisch orientierte Onkologieunternehmen meldete keine Einnahmen und einen Nettoverlust von 31,4 Mio. USD im ersten Halbjahr 2025 (gegenüber 32,4 Mio. USD im Vorjahr). Der operative Verlust im zweiten Quartal verringerte sich auf 17,1 Mio. USD, da die F&E-Ausgaben um 17 % im Jahresvergleich auf 12,2 Mio. USD sanken, bedingt durch den Abschluss der STARMAP-Studie zum RNR-Inhibitor BBI-825 und die Einstellung der Monotherapie-Arme der POTENTIATE-Studie für den CHK1-Inhibitor BBI-355. Die allgemeinen und administrativen Kosten stiegen auf 4,8 Mio. USD, hauptsächlich aufgrund der Mietkosten für den neuen Hauptsitz in San Diego.

Barmittel, Zahlungsmitteläquivalente und kurzfristige Investitionen beliefen sich auf 127,1 Mio. USD; das Management erwartet eine Finanzierung bis ins erste Halbjahr 2028 nach einer Personalreduzierung (~33 %) und einer Fokussierung des Portfolios.

Pipeline-Update: 1) Ein neuer Arm, der BBI-355 mit BBI-825 kombiniert, wurde aufgrund präklinischer Synergien für die Einschreibung geöffnet; erste Proof-of-Concept-Daten werden innerhalb des bestehenden Cash-Runs erwartet. 2) Der Kinesin-Degrader BBI-940 wurde zum Entwicklungskandidaten ernannt; die IND-Einreichung ist für das erste Halbjahr 2026 geplant. 3) Die ATM-Vereinbarung ermöglicht bis zu 14,5 Mio. USD zusätzliche Eigenkapitalaufnahme, bisher wurden jedoch keine Aktien verkauft.

Bilanz: Gesamtvermögen 179,5 Mio. USD; kumulierter Fehlbetrag 232,9 Mio. USD. Leasingverbindlichkeiten für den 10-jährigen Hauptsitz belaufen sich auf einen Barwert von 49,5 Mio. USD. Keine ausstehenden Schulden. Das Unternehmen bleibt ein Non-Accelerated Filer und ein Emerging Growth Company.

Ausblick: Fokus auf ecDNA-orientierte Therapeutika mit kurzfristigen Katalysatoren (Kombinationsdaten BBI-355/825, IND für BBI-940). Fortgesetzte Verluste und Abhängigkeit von externer Finanzierung werden bis zur klinischen Validierung und endgültigen Zulassungen anhalten.

Positive
  • $127.1 m cash & investments support operations into H1-2028, reducing immediate financing risk.
  • R&D cut by 17% YoY following workforce reduction, extending runway without halting core programs.
  • New BBI-355/BBI-825 combination arm opens a potentially differentiated strategy after encouraging pre-clinical synergy.
  • Development candidate BBI-940 advances pipeline with IND planned H1-26.
  • ATM facility for $14.5 m provides flexible, low-cost capital access.
Negative
  • Company still reports zero revenue and an accumulated deficit of $232.9 m.
  • Lead assets previously showed toxicity (BBI-355) and auto-induction PK issues (BBI-825) in monotherapy settings.
  • One-third workforce reduction may slow discovery capabilities.
  • Long-term lease obligations total $49.5 m PV, raising fixed cost base.
  • Future progress depends on early-stage trials; failure could necessitate dilutive financing.

Insights

TL;DR: Cash runway to 1H-28 and pipeline focus reduce burn, but value remains tied to early-stage clinical proof.

The trimmed Q2 loss shows early effects of the portfolio prioritization: R&D dropped $2.5 m YoY while maintaining key programs. With $127 m on hand, Boundless projects >3-year runway, unusual for a micro-cap biotech. The new ATM adds optionality without dilution today. However, the story now hinges on the BBI-355/825 combo delivering clean safety and efficacy; prior monotherapy toxicity and auto-induction risk remain concerns. BBI-940 offers another shot on goal but IND is a year away. Net: neutral near term; catalyst driven.

TL;DR: Scientific rationale for CHK1+RNR combo is solid, yet clinical validation and biomarker selection are critical.

The mechanistic synergy between CHK1 inhibition and nucleotide depletion is compelling for ecDNA-driven tumors, especially with intermittent dosing that may mitigate hematologic toxicities. ECHO diagnostic could enrich responders, improving trial efficiency. Still, prior narrow therapeutic index of BBI-355 and self-induction of BBI-825 metabolism signal formulation and schedule challenges. The kinesin degrader is innovative but unproven. Overall impact neutral until clinical signals emerge.

Boundless Bio (Nasdaq: BOLD) – punti salienti del 10-Q del secondo trimestre 2025

La società oncologica in fase clinica ha riportato zero ricavi e una perdita netta nel primo semestre 2025 di 31,4 milioni di dollari (contro 32,4 milioni nello stesso periodo dell'anno precedente). La perdita operativa del secondo trimestre si è ridotta a 17,1 milioni di dollari grazie a una riduzione del 17% su base annua della spesa in R&S, scesa a 12,2 milioni di dollari, a seguito della conclusione dello studio STARMAP sull’inibitore RNR BBI-825 e dell’interruzione dei bracci a singolo agente dello studio POTENTIATE per l’inibitore CHK1 BBI-355. Le spese generali e amministrative sono aumentate a 4,8 milioni di dollari, principalmente per il canone di locazione della nuova sede centrale a San Diego.

La liquidità, equivalenti e investimenti a breve termine ammontano a 127,1 milioni di dollari; la direzione prevede una copertura finanziaria fino al primo semestre 2028 dopo una riduzione del personale di circa il 33% e una focalizzazione del portafoglio.

Aggiornamento sul pipeline: 1) È stato aperto un nuovo braccio di studio che combina BBI-355 con BBI-825, basato su sinergie precliniche; i primi dati di proof-of-concept sono attesi entro la disponibilità finanziaria attuale. 2) Il degradatore di chinesina BBI-940 è stato selezionato come candidato allo sviluppo; la presentazione dell’IND è prevista per il primo semestre 2026. 3) La struttura ATM consente fino a 14,5 milioni di dollari di capitale aggiuntivo, ma finora non sono state vendute azioni.

Situazione patrimoniale: attività totali per 179,5 milioni di dollari; deficit accumulato di 232,9 milioni. Le passività da leasing per la sede decennale ammontano a un valore attuale di 49,5 milioni. Nessun debito in essere. La società mantiene lo status di non-accelerated filer e di emerging growth company.

Prospettive: l’attenzione rimane sulle terapie dirette contro ecDNA con catalizzatori a breve termine (dati combinati BBI-355/825, IND per BBI-940). Perdite continue e dipendenza da finanziamenti esterni persisteranno fino alla validazione clinica e alle eventuali approvazioni.

Boundless Bio (Nasdaq: BOLD) – aspectos destacados del 10-Q del segundo trimestre de 2025

La compañía oncológica en etapa clínica reportó ningún ingreso y una pérdida neta en el primer semestre de 2025 de 31,4 millones de dólares (frente a 32,4 millones en el mismo período del año anterior). La pérdida operativa del segundo trimestre se redujo a 17,1 millones de dólares debido a una disminución del 17% interanual en gastos de I+D a 12,2 millones, tras la finalización del estudio STARMAP del inhibidor RNR BBI-825 y la suspensión de los brazos de monoterapia del estudio POTENTIATE para el inhibidor CHK1 BBI-355. Los gastos generales y administrativos aumentaron a 4,8 millones, principalmente por el alquiler de la nueva sede en San Diego.

El efectivo, equivalentes y las inversiones a corto plazo sumaron 127,1 millones de dólares; la dirección proyecta una financiación hasta el primer semestre de 2028 tras una reducción de plantilla (~33%) y un enfoque en el portafolio.

Actualización del pipeline: 1) Se abrió un nuevo brazo que combina BBI-355 con BBI-825 basado en sinergias preclínicas; se esperan datos iniciales de prueba de concepto dentro del actual flujo de caja. 2) El degradador de kinesina BBI-940 fue designado candidato para desarrollo; se apunta a presentar el IND en el primer semestre de 2026. 3) La estructura ATM permite hasta 14,5 millones de dólares adicionales en capital, pero hasta la fecha no se han vendido acciones.

Balance: activos totales de 179,5 millones; déficit acumulado de 232,9 millones. Pasivos por arrendamiento de la sede a 10 años con valor presente de 49,5 millones. Sin deuda pendiente. La compañía sigue siendo un presentador no acelerado y una empresa emergente de crecimiento.

Perspectivas: enfoque en terapias dirigidas a ecDNA con catalizadores a corto plazo (datos combinados BBI-355/825, IND para BBI-940). Las pérdidas continuarán y persistirá la dependencia de financiamiento externo hasta la validación clínica y las aprobaciones finales.

Boundless Bio (나스닥: BOLD) – 2025년 2분기 10-Q 주요 내용

임상 단계의 종양학 회사는 매출 없음을 보고했으며, 2025년 상반기 순손실은 3,140만 달러로 전년 동기 3,240만 달러 대비 소폭 감소했습니다. 2분기 영업손실은 RNR 억제제 BBI-825의 STARMAP 연구 종료와 CHK1 억제제 BBI-355의 단독 투여군 중단에 따라 연구개발비가 전년 대비 17% 감소한 1,220만 달러로 줄면서 1,710만 달러로 축소되었습니다. 관리 및 일반비용은 주로 새 샌디에이고 본사 임대료로 인해 480만 달러로 증가했습니다.

현금, 현금성 자산 및 단기 투자 총액은 1억 2,710만 달러이며, 경영진은 인력 감축(약 33%) 및 포트폴리오 집중화 후 2028년 상반기까지의 자금 운용 기간을 예상하고 있습니다.

파이프라인 업데이트: 1) BBI-355와 BBI-825의 병용 신규 연구군이 전임상 시너지 근거로 등록을 시작했으며, 현재 자금 운용 기간 내에 초기 개념 증명 데이터가 기대됩니다. 2) 키네신 분해제 BBI-940이 개발 후보로 선정되었으며, IND 제출은 2026년 상반기를 목표로 합니다. 3) ATM 시설을 통해 최대 1,450만 달러의 추가 자본 조달이 가능하지만 현재까지 주식은 발행되지 않았습니다.

재무상태: 총 자산 1억 7,950만 달러; 누적 적자 2억 3,290만 달러. 10년 임대 계약 본사에 대한 임대 부채 현재가치는 4,950만 달러입니다. 부채는 없습니다. 회사는 비가속 신고자 및 신흥 성장 기업 지위를 유지하고 있습니다.

전망: ecDNA 표적 치료제에 집중하며 단기 촉매제(병용 데이터 BBI-355/825, BBI-940 IND) 기대. 임상 검증 및 최종 승인까지 손실과 외부 자금 의존이 지속될 전망입니다.

Boundless Bio (Nasdaq : BOLD) – faits saillants du 10-Q du T2 2025

La société d’oncologie en phase clinique a rapporté aucun revenu et une perte nette au premier semestre 2025 de 31,4 M$ (contre 32,4 M$ l’an dernier). La perte d’exploitation du T2 s’est réduite à 17,1 M$ grâce à une baisse de 17 % des dépenses R&D en glissement annuel à 12,2 M$, suite à la clôture de l’étude STARMAP sur l’inhibiteur RNR BBI-825 et à l’arrêt des bras en monothérapie de POTENTIATE pour l’inhibiteur CHK1 BBI-355. Les frais généraux et administratifs ont augmenté à 4,8 M$, principalement en raison du loyer du nouveau siège à San Diego.

La trésorerie, les équivalents de trésorerie et les placements à court terme s’élèvent à 127,1 M$ ; la direction prévoit une autonomie financière jusqu’au premier semestre 2028 après une réduction d’environ 33 % des effectifs et une concentration du portefeuille.

Mise à jour du pipeline : 1) Un nouveau bras combinant BBI-355 et BBI-825 a été ouvert à l’inscription, basé sur une synergie préclinique ; les premières données de preuve de concept sont attendues dans la trésorerie actuelle. 2) Le dégradeur de kinésine BBI-940 a été désigné candidat au développement ; le dépôt de l’IND est prévu au premier semestre 2026. 3) Le mécanisme ATM permet jusqu’à 14,5 M$ de capitaux supplémentaires, mais aucune action n’a encore été vendue.

Bilan : total des actifs de 179,5 M$ ; déficit cumulé de 232,9 M$. Passifs locatifs pour le siège sur 10 ans d’une valeur actuelle de 49,5 M$. Pas de dette en cours. La société reste un déposant non accéléré et une entreprise en croissance émergente.

Perspectives : focalisation sur les thérapies ciblant l’ecDNA avec des catalyseurs à court terme (données combinées BBI-355/825, IND pour BBI-940). Les pertes se poursuivent et la dépendance au financement externe persistera jusqu’à la validation clinique et aux approbations finales.

Boundless Bio (Nasdaq: BOLD) – Highlights des 10-Q-Berichts für Q2-2025

Das klinisch orientierte Onkologieunternehmen meldete keine Einnahmen und einen Nettoverlust von 31,4 Mio. USD im ersten Halbjahr 2025 (gegenüber 32,4 Mio. USD im Vorjahr). Der operative Verlust im zweiten Quartal verringerte sich auf 17,1 Mio. USD, da die F&E-Ausgaben um 17 % im Jahresvergleich auf 12,2 Mio. USD sanken, bedingt durch den Abschluss der STARMAP-Studie zum RNR-Inhibitor BBI-825 und die Einstellung der Monotherapie-Arme der POTENTIATE-Studie für den CHK1-Inhibitor BBI-355. Die allgemeinen und administrativen Kosten stiegen auf 4,8 Mio. USD, hauptsächlich aufgrund der Mietkosten für den neuen Hauptsitz in San Diego.

Barmittel, Zahlungsmitteläquivalente und kurzfristige Investitionen beliefen sich auf 127,1 Mio. USD; das Management erwartet eine Finanzierung bis ins erste Halbjahr 2028 nach einer Personalreduzierung (~33 %) und einer Fokussierung des Portfolios.

Pipeline-Update: 1) Ein neuer Arm, der BBI-355 mit BBI-825 kombiniert, wurde aufgrund präklinischer Synergien für die Einschreibung geöffnet; erste Proof-of-Concept-Daten werden innerhalb des bestehenden Cash-Runs erwartet. 2) Der Kinesin-Degrader BBI-940 wurde zum Entwicklungskandidaten ernannt; die IND-Einreichung ist für das erste Halbjahr 2026 geplant. 3) Die ATM-Vereinbarung ermöglicht bis zu 14,5 Mio. USD zusätzliche Eigenkapitalaufnahme, bisher wurden jedoch keine Aktien verkauft.

Bilanz: Gesamtvermögen 179,5 Mio. USD; kumulierter Fehlbetrag 232,9 Mio. USD. Leasingverbindlichkeiten für den 10-jährigen Hauptsitz belaufen sich auf einen Barwert von 49,5 Mio. USD. Keine ausstehenden Schulden. Das Unternehmen bleibt ein Non-Accelerated Filer und ein Emerging Growth Company.

Ausblick: Fokus auf ecDNA-orientierte Therapeutika mit kurzfristigen Katalysatoren (Kombinationsdaten BBI-355/825, IND für BBI-940). Fortgesetzte Verluste und Abhängigkeit von externer Finanzierung werden bis zur klinischen Validierung und endgültigen Zulassungen anhalten.

0001679788FALSE00016797882025-08-052025-08-05

 
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): August 5, 2025
Coinbase Global, Inc.
(Exact name of registrant as specified in its charter)
 
Delaware001-4028946-4707224
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
One Madison Avenue
Suite 2400
New York, NY
 10010
(Address of principal executive offices)1
 
(Zip Code)1
Not Applicable
(Registrant’s telephone number, including area code)1
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 (see General Instructions A.2. below):
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 classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, $0.00001 par valueCOINThe Nasdaq Stock Market LLC
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.  ☐
1 We are a remote-first company. Accordingly, we do not maintain a headquarters. We are including this address solely for the purpose of satisfying the Securities and Exchange Commission’s request. Stockholder communications may also be sent to the email address: secretary@coinbase.com.



Item 8.01 Other Events.
On August 5, 2025, Coinbase Global, Inc., a Delaware corporation (the “Company”), issued a press release announcing that it proposes to offer, subject to market conditions and other factors, $1.0 billion aggregate principal amount of convertible senior notes due 2029 (the “2029 Notes”) and $1.0 billion aggregate principal amount of convertible senior notes due 2032 (the “2032 Notes” and, together with the 2029 Notes, the “Notes”). The Company also intends to grant the initial purchasers of the Notes options to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $150.0 million principal amount of the 2029 Notes and $150.0 million principal amount of the 2032 Notes. In connection with the pricing of the Notes, the Company expects to enter into privately negotiated capped call transactions relating to each series of Notes with one or more of the initial purchasers of the Notes and/or their respective affiliates and/or other financial institutions.
The Notes will be sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.

A copy of the press release announcing the proposed offering of the Notes is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Neither this Current Report on Form 8-K nor the press release constitutes an offer to sell, or the solicitation of an offer to buy, the Notes or the shares of the Company’s Class A common stock, if any, issuable upon conversion of the Notes.

Forward Looking Statements
This Current Report on Form 8-K contains forward-looking statements, including, but not limited to, statements regarding the Company’s expected entry into capped call transactions. Factors that could cause actual results to differ from those expressed in these forward-looking statements include the risks described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, and subsequent Quarterly Reports on Form 10-Q. All forward-looking statements are based on information and estimates available to us as of the date hereof. Unless required by law, the Company expressly disclaims any obligation to update publicly any forward-looking statements, whether as result of new information, future events or otherwise

Item 9.01   Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.  Description
99.1  
Press Release dated August 5, 2025 announcing the proposed offering of the Notes.
104The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
COINBASE GLOBAL, INC.
Dated: August 5, 2025By:/s/ Alesia J. Haas
Alesia J. Haas
Chief Financial Officer

FAQ

How much cash does Boundless Bio (BOLD) have after Q2-25?

The company reported $127.1 million in cash, cash equivalents and short-term investments as of 30 Jun 2025.

What is Boundless Bio’s projected cash runway?

Management estimates existing funds will support operations into the first half of 2028 after recent cost-cutting.

Why were the single-agent trials of BBI-355 and BBI-825 stopped?

BBI-355 showed hematologic toxicity at effective doses, while BBI-825 exhibited auto-induction reducing exposure; both arms were discontinued in favor of a combination approach.

When is the next clinical catalyst for BOLD?

Initial proof-of-concept data from the BBI-355/BBI-825 combination arm of the POTENTIATE trial are expected within the current cash runway (before mid-2028).

What new pipeline asset was announced?

Boundless selected BBI-940, a Kinesin degrader, as its next development candidate with an IND filing targeted for 1H-2026.

Has the company used its ATM program?

No. As of 30 Jun 2025, no shares have been sold under the $14.5 million ATM agreement.
Coinbase Global, Inc.

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