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Bolt Biotherapeutics (BOLT) investor relations material
Bolt Biotherapeutics Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Advanced BDC-4182 (claudin 18.2 ISAC) into Phase 1 for gastric/gastroesophageal cancer, with enrollment started in April 2025 and initial data expected in H1 2026.
BDC-3042 (dectin-2 agonist) completed Phase 1, showing promising results in lung cancer; seeking a partner for further development.
May 2024 restructuring prioritized pipeline, discontinued trastuzumab imbotolimod and BDC-1001, and reduced workforce by 50%.
Collaborations with Toray, Genmab, and Innovent continue to provide revenue and pipeline expansion opportunities.
Financial highlights
Collaboration revenue was $1.8M for Q2 2025 (up $0.5M YoY) and $3.0M for H1 2025 (down $3.5M YoY due to Innovent revenue recognition in 2024).
Net loss was $8.6M for Q2 2025 (improved from $21.2M YoY) and $19.6M for H1 2025 (improved from $32.0M YoY); net loss per share was $(4.46) for Q2 2025.
R&D expenses decreased to $7.5M in Q2 2025 (from $15.4M YoY), mainly due to program discontinuation and lower salaries.
G&A expenses were $3.5M in Q2 2025 (down from $4.9M YoY) and $7.3M in H1 2025 (down from $10.7M YoY).
Cash, cash equivalents, and marketable securities totaled $48.5M as of June 30, 2025.
Outlook and guidance
Cash and equivalents expected to fund operations through mid-2026, but substantial doubt exists about ability to continue as a going concern without additional capital.
Initial data from BDC-4182 Phase 1 anticipated in H1 2026; expansion to additional countries planned in H2 2025.
Ongoing efforts to secure partnerships or raise capital; future funding needs will grow with clinical advancement.
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