Bolt Biotherapeutics Reports Q1 2025 Financial Results, Revenue Declines to $1.2 Million

Bolt Biotherapeutics, Inc. reported its financial results for the first quarter of 2025, revealing a collaboration revenue of $1.2 million, a significant decrease from $5.3 million in the same period last year. The decline in revenue is attributed primarily to the completion of performance obligations under the Amended Innovent Agreement. The company incurred a net loss of $11.0 million for the quarter, slightly higher than the $10.8 million loss reported in the first quarter of 2024. The net loss per share for the period was $0.29, compared to $0.28 in the prior year.

Total operating expenses for the first quarter of 2025 were $13.3 million, down from $22.4 million in the same quarter of 2024. This reduction was driven by a $7.0 million decrease in research and development expenses, which fell to $9.5 million, and a $2.0 million decrease in general and administrative expenses, which totaled $3.8 million. The decrease in operating expenses reflects the company's strategic restructuring plan announced in May 2024, which included a workforce reduction of approximately 50% to focus on key clinical assets.

In terms of operational developments, Bolt Biotherapeutics has made significant strides in its clinical pipeline. The company is advancing its lead candidate, BDC-3042, a dectin-2 agonist antibody, which has shown promising results in early trials. The first patient was dosed in a Phase 1 study in October 2023, and results reported in April 2025 indicated a favorable safety profile and dose-dependent biological activity. Additionally, the company has initiated a formal partnering process to secure resources for the further development of BDC-3042. The next-generation Boltbody ISAC candidate, BDC-4182, targeting claudin 18.2, is also progressing, with the first-in-human Phase 1 trial expected to begin in the second quarter of 2025.

As of March 31, 2025, Bolt Biotherapeutics had total assets of $85.9 million, down from $99.6 million at the end of 2024. The company reported cash and cash equivalents of $8.4 million, alongside short-term investments of $30.4 million. The accumulated deficit stood at $438.4 million, reflecting the ongoing investment in research and development. The company anticipates that its current cash and marketable securities will be sufficient to fund operations through mid-2026, although there is substantial doubt about its ability to continue as a going concern without raising additional capital.

Looking ahead, Bolt Biotherapeutics plans to continue its focus on advancing its clinical programs while managing its cash flow and operational expenses. The company is actively seeking additional funding through collaborations, equity sales, or other means to support its ongoing research and development efforts. The success of these initiatives will be critical as the company navigates the challenges of the biopharmaceutical landscape and aims to bring its innovative therapies to market.