Bolt Biotherapeutics (BOLT) Q3 2026 earnings summary

Executive summary

• October acquisition of Prana Therapies and $120 million private placement shifted development focus to PRA-216 and the INSPIRE multispecific pipeline.

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

Financial highlights

• Q3 2026 collaboration revenue was $0, versus $2.2 million in Q3 2025; 9M revenue was $31,000, versus $5.2 million in 9M 2025.

• Q3 R&D expense was $2.2 million versus $6.5 million YoY; G&A was $2.5 million versus $3.3 million, with decreases attributed largely to restructuring and lower activity/personnel costs.

• Q3 operating loss was $4.7 million versus $7.7 million YoY; net loss was $4.4 million versus $7.1 million.

• 9M 2026 operating loss was $20.7 million and net loss was $19.5 million, versus $29.0 million and $26.7 million, respectively, in 9M 2025.

Outlook and guidance

• $120 million gross proceeds from the October private placement are expected to fund operations into 2028 and through multiple clinical and preclinical milestones.

• Initial PRA-216 Phase 2 data are expected in 2Q 2027; proof-of-concept data across four studies are expected to begin in 2Q 2027.

• A second wholly owned INSPIRE program is expected to enter clinical testing and generate initial data in 2H 2027.