Bolt Biotherapeutics (BOLT) Q1 2026 earnings summary

Executive summary

• Lead clinical candidate BDC-4182, a next-generation ISAC, is in Phase 1/2 trials for gastric and gastroesophageal cancer, with initial data expected in Q3 2026.

• Proprietary ISAC technology and collaborations with Toray and Genmab drive development efforts.

• Pipeline programs targeting CEA and PD-L1 are on hold pending BDC-4182 proof-of-concept.

• October 2025 restructuring reduced workforce by 50% to preserve cash, incurring $1.5 million in charges.

• No product sales to date; revenue derived solely from collaboration agreements.

Financial highlights

• Collaboration revenue was $26,000 for Q1 2026, down from $1.2 million year-over-year due to limited partner activity.

• Net loss for Q1 2026 was $7.2 million, or $(4.31) per share, improved from $11.0 million, or $(5.76) per share, year-over-year.

• Research and development expenses decreased to $4.8 million from $9.5 million year-over-year.

• General and administrative expenses fell to $2.8 million from $3.8 million year-over-year.

• Cash, cash equivalents, and marketable securities totaled $23.9 million as of March 31, 2026.

Outlook and guidance

• Initial clinical data from the BDC-4182 Phase 1/2 study is expected in Q3 2026.

• Cash runway projected into early 2027, but substantial doubt exists about ability to continue as a going concern within one year.

• Additional capital will be required to advance programs and fund operations.

• Resumption of CEA and PD-L1 ISAC programs is planned after BDC-4182 proof-of-concept.