Bolt Biotherapeutics (BOLT) Q4 2025 earnings summary

Executive summary

• BDC-4182, a first-in-class immune-stimulating antibody conjugate (ISAC), entered Phase 1 dose escalation for gastric and gastroesophageal cancers, with initial clinical data expected in Q3 2026.

• Cash balance of $31.8 million as of December 31, 2025, expected to fund operations and milestones into 2027.

• Two additional ISAC programs targeting CEA and PD-L1 remain in preclinical development, pending partnership or funding.

Financial highlights

• Collaboration revenue was $2.5 million for Q4 2025 and $7.7 million for the full year, flat year-over-year.

• R&D expenses decreased to $5.0 million for Q4 and $28.5 million for the year, down from $11.7 million and $57.5 million in 2024.

• G&A expenses fell to $3.1 million for Q4 and $13.8 million for the year, compared to $3.9 million and $18.5 million in 2024.

• Net loss was $6.6 million for Q4 and $33.4 million for the year, improving from $15.9 million and $63.1 million in 2024.

• Cash used in operating activities was $39.9 million for 2025, down from $61.3 million in 2024.

Outlook and guidance

• Initial clinical data from the BDC-4182 Phase 1 trial expected in Q3 2026.

• Cash runway anticipated to fund key milestones and operations into 2027.

• CEA and PD-L1 ISAC programs could enter the clinic within 18 months if partnered or funded.