Bolt Biotherapeutics, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsBolt Biotherapeutics is a clinical-stage biopharmaceutical company developing immune-stimulating antibody conjugates (ISACs) for cancer, with its lead candidate BDC-4182 in a Phase 1/2 trial.
What they do
Bolt Biotherapeutics develops next-generation immunotherapies for cancer using its proprietary Boltbody ISAC platform, which combines tumor-targeting antibodies with immune-stimulating linker-payloads. The company's lead product candidate, BDC-4182, targets claudin 18.2 and is being evaluated in a Phase 1/2 clinical trial for gastric and gastroesophageal junction cancer. Bolt also has research collaborations with Toray and Genmab to develop additional ISAC candidates.
Revenue drivers
- Collaboration revenue — Revenue is generated from services under R&D collaborations with Toray and Genmab; it is not product sales and has been minimal, with quarterly revenue declining to $5,000 in Q2 2026.
Recent performance
For Q2 2026, Bolt reported collaboration revenue of $5,000, down from $1.8 million in Q2 2025. R&D expenses fell to $5.1 million from $7.5 million, and G&A expenses dropped to $2.4 million from $3.5 million, reflecting the October 2025 restructuring. Net loss was $7.7 million for Q2 2026, compared to $8.6 million in Q2 2025. As of June 30, 2026, cash and equivalents were $12.9 million on the balance sheet, though the company reported a cash balance of $18.1 million including marketable securities. Accumulated deficit stood at $475.7 million.
Strategy
Bolt is focused on advancing BDC-4182, its next-generation ISAC targeting claudin 18.2, through a Phase 1/2 clinical trial in gastric and gastroesophageal cancers. Management has implemented step-up dosing to safely reach higher doses, and the trial is currently treating patients in Cohort 4 at the 4.0 mg/kg dose level. The company also continues its collaborations with Toray and Genmab to expand the pipeline with additional ISAC candidates. A restructuring in October 2025 reduced the workforce by ~50% to preserve cash, with a restructuring charge of $1.5 million in severance costs.
Risks
- Cash runway limited — Cash balance of $18.1 million (including marketable securities) as of June 30, 2026 is expected to fund operations only into Q1 2027, creating financing risk.
- Clinical development risk — BDC-4182 is in early-stage Phase 1/2 trials; initial clinical data expected with Q3 2026 results could show safety or efficacy issues.
- Dependence on collaborations — Revenue is entirely dependent on collaborations with Toray and Genmab, and these partnerships may not yield successful product candidates or sustained revenue.
- Significant accumulated losses — Accumulated deficit of $475.7 million and recurring operating losses indicate continued need for substantial capital to fund operations.
Outlook
Management expects to release initial clinical data from the BDC-4182 Phase 1/2 study with third quarter 2026 results. The company anticipates continued operating losses and significant expenses for the foreseeable future as it conducts clinical trials and research programs. Cash is expected to fund operations into the first quarter of 2027.