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Bolt Biotherapeutics (BOLT) investor relations material
Bolt Biotherapeutics Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Focused on developing novel immunotherapies for cancer, leveraging proprietary Boltbody ISAC platform and myeloid biology expertise, with emphasis on BDC-4182 and BDC-3042.
Pipeline prioritization led to discontinuation of trastuzumab imbotolimod (BDC-1001) and focus on BDC-3042 and BDC-4182.
Workforce reduced by ~50% in May 2024 and again by ~50% in October 2025 to preserve cash.
No product sales; revenue derived solely from collaborations with Toray, Genmab, and Innovent.
Presented preclinical data at SITC showing BDC-4182's strong tumor-dependent immune response and complete tumor regression in models.
Financial highlights
Cash, cash equivalents, and marketable securities totaled $38.8M as of September 30, 2025, expected to fund operations into 2027.
Collaboration revenue was $2.2M for Q3 2025 (up $1.1M YoY) and $5.2M for nine months (down $2.5M YoY).
Net loss was $7.1M for Q3 2025 (improved by $8.0M YoY) and $26.7M for nine months (improved by $20.4M YoY).
R&D expenses decreased to $6.5M for Q3 2025 (down $7.3M YoY) and $23.5M for nine months (down $22.2M YoY), mainly due to lower salary and clinical expenses after discontinuing BDC-1001.
G&A expenses were $3.3M for Q3 2025 (down $0.5M YoY) and $10.7M for nine months (down $3.8M YoY), reflecting lower salary costs post-restructuring.
Outlook and guidance
Cash runway projected into 2027, but substantial doubt exists about ability to continue as a going concern within one year due to uncertainty in collaboration income.
Initial clinical data for BDC-4182 Phase 1 study anticipated in Q3 2026.
Additional capital will be required to advance programs; options include partnering, equity, or other financing.
Ongoing focus on cost reduction and portfolio prioritization.
Actively seeking partners for BDC-3042 and CEA ISAC programs.
BDC-4182's advantage over ADCs in low antigen?
Update on partnering efforts for CEA ISAC, BDC-3042
Future R&D investment strategy with cash runway?
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Next Bolt Biotherapeutics earnings date
Q4 202520 Mar, 2026
Next Bolt Biotherapeutics earnings date
Q4 202520 Mar, 2026
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Frequently asked questions
Bolt Biotherapeutics Inc. is a clinical-stage biotechnology company engaged in developing innovative immunotherapies for cancer treatment. The company's proprietary technology, Boltbody Immune-stimulating Antibody Conjugate, represents a novel approach in immuno-oncology, aiming to transform "cold" tumors into "hot" tumors by engaging and activating myeloid cells to directly attack tumor cells. Bolt Biotherapeutics is advancing its lead clinical candidate, BDC-1001, a HER2-targeting Boltbody ISAC for the treatment of patients with HER2-positive solid tumors. Additionally, the company is developing BDC-3042, a myeloid modulating agonistic antibody aimed at reprogramming tumor-associated macrophages to enhance anti-tumor immunity, with plans to enter clinical trials. The company is headquartered in Redwood City, California, and its shares are listed on the Nasdaq.
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