Boundless Bio Reports $15.8 Million Net Loss in Q1 2025, Cash Reserves Decline

Boundless Bio, Inc. reported its financial results for the first quarter of 2025, revealing a net loss of $15.8 million, a slight increase from the $15.4 million loss recorded in the same period of the previous year. The company's total operating expenses rose to $17.3 million, compared to $16.9 million in the prior year, primarily driven by increased general and administrative costs, which rose by $1.4 million to $5.2 million. Research and development expenses decreased by $1.0 million to $12.1 million, reflecting reduced spending on the BBI-825 clinical trial, partially offset by increased investment in the ongoing BBI-355 trial.

In terms of liquidity, Boundless Bio reported cash, cash equivalents, and short-term investments totaling $138.3 million as of March 31, 2025, down from $154.4 million at the end of 2024. The company utilized $14.5 million in cash for operating activities during the quarter, a decrease from $15.8 million in the same quarter of 2024. The decline in cash used in operations was attributed to reduced third-party spending associated with discovery and clinical activities. The company has not generated any revenue to date and does not expect to do so until it successfully completes the development and regulatory approval of its ecDNA-directed therapeutic candidates (ecDTx).

Strategically, Boundless Bio continues to advance its clinical programs, particularly the BBI-355 trial, which is currently in a Phase 1/2 study for patients with oncogene amplified cancers. The company has also made a strategic decision to halt the BBI-825 trial based on preliminary data. Additionally, Boundless Bio is developing an ecDNA diagnostic test, ECHO, to identify patients who may benefit from its therapies. The company has retained global rights to all its programs and continues to explore new targets through its proprietary Spyglass platform.

As of May 6, 2025, Boundless Bio had 22,385,611 shares of common stock outstanding. The company has entered into an Open Market Sale Agreement with Jefferies LLC, allowing it to sell shares of common stock in "at the market" offerings, with an aggregate offering price of up to $14.5 million. The company believes its existing cash resources will be sufficient to fund operations into 2027, although it acknowledges the need for substantial additional funding to support ongoing development and commercialization efforts. The outlook remains cautious, with the company expecting to incur significant losses as it continues its clinical trials and seeks regulatory approvals.