Bolt Biotherapeutics Reports $8.6 Million Net Loss in Q2 2025, Down from $21.2 Million

Bolt Biotherapeutics, Inc. reported its financial results for the second quarter of 2025, revealing a net loss of $8.6 million, a significant decrease from the $21.2 million loss recorded in the same period of 2024. For the first half of 2025, the company reported a net loss of $19.6 million, compared to $32.0 million for the first half of the previous year. The reduction in losses is attributed to a decrease in operating expenses, which fell to $11.0 million in the second quarter of 2025 from $23.9 million in the same quarter of 2024, primarily due to cost-cutting measures implemented as part of a restructuring plan.

Collaboration revenue for the second quarter of 2025 was $1.8 million, up from $1.3 million in the same quarter of 2024, driven by increased services related to the Genmab collaboration. However, total collaboration revenue for the first half of 2025 was $3.0 million, down from $6.5 million in the prior year, largely due to revenue recognized under the amended Innovent Agreement in 2024. The company’s total operating expenses for the first half of 2025 were $24.4 million, down from $46.2 million in the same period of 2024, reflecting a strategic focus on key clinical programs and a reduction in workforce by approximately 50%.

As of June 30, 2025, Bolt Biotherapeutics had total assets of $75.5 million, a decrease from $99.6 million at the end of 2024. The company’s cash and cash equivalents increased to $9.6 million from $7.2 million, while short-term investments decreased significantly from $40.1 million to $25.2 million. The accumulated deficit stood at $447.0 million, indicating ongoing challenges in achieving profitability. The company’s total liabilities decreased to $36.7 million from $42.4 million, reflecting a reduction in accrued expenses and other current liabilities.

In terms of strategic developments, Bolt Biotherapeutics executed a 1-for-20 reverse stock split on June 6, 2025, aimed at improving its stock price and market perception. The company also established a wholly-owned subsidiary in Australia to enhance its global footprint and support its research and development initiatives. Looking ahead, Bolt Biotherapeutics anticipates continuing to incur significant expenses as it advances its clinical programs, particularly for its lead candidates BDC-3042 and BDC-4182. The company has indicated that it may need to raise additional capital to fund its operations beyond mid-2026, as it continues to navigate the complexities of drug development and market conditions.