Bolt Biotherapeutics (BOLT) M&A announcement summary

Deal rationale and strategic fit

• Reverse merger adds Prana’s INSPIRE platform and multispecific-antibody pipeline, expected to become the primary development focus.

• INSPIRE uses half-life-extended, fully IgG-based multispecific antibodies designed for durable exposure and convenient subcutaneous delivery.

• Lead asset PRA-216 targets IL-4Rα and TSLP, combining downstream IL-4/IL-13 blockade with upstream TSLP inhibition.

• PRA-216 is in Phase 2 for asthma, COPD and atopic dermatitis; a study in eosinophilic esophagitis is planned.

Financial terms and conditions

• Stock-for-stock reverse merger exchanged Prana equity for 430,746 common shares and Series D preferred stock representing 16,791,675 common shares on an as-converted basis.

• Concurrent private placement provides $120 million in upfront gross proceeds, with up to $60 million more upon warrant exercise.

• Post-transaction fully diluted ownership: Prana holders 51.7%, private-placement investors 41.4% and pre-deal holders 6.9%.

• Upfront proceeds are expected to fund operations into 2028 and support clinical, preclinical and platform milestones.

Integration plans and timeline

• Willie Quinn remains CEO, Grant Yonehiro COO; Prana Co-Founder and former CEO Sheila Gujrathi became Chief Strategy Officer and joined the Board.

• PRA-216 Phase 2 patient readouts across four studies are expected from Q2 through Q4 2027; Phase 3 readiness is targeted for early 2028.

• The IL-31 bispecific is expected to enter clinical development with initial data in H2 2027; Programs 3 and 4 are expected to advance through IND-enabling work in H2 2027.

• Program 2 first-in-human studies and data in healthy volunteers and atopic dermatitis are planned for H2 2027.