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Bolt Biotherapeutics Reports Second Quarter 2026 Financial Results and Provides Business Update
Bolt Biotherapeutics Reports Second Quarter 2026 Financial Results and Provides Business Update
- First-in-class immune-stimulating antibody conjugate BDC-4182 Phase 1/2 study ongoing, initial clinical data expected to be released with Bolt's 3Q 2026 results
- Cash balance of $18.1 million as of June 30, 2026 anticipated to fund operations into 1Q 2027
REDWOOD CITY, Calif., Aug. 11, 2026 — Bolt Biotherapeutics (Nasdaq: BOLT), a clinical-stage biopharmaceutical company developing novel immunotherapies for the treatment of cancer, today reported financial results for the second quarter ended June 30, 2026, and provided a business update.
“In the second quarter, we continued to make meaningful progress in the ongoing BDC-4182 Phase 1/2 study in patients with gastric and gastroesophageal cancer. We are currently treating patients in Cohort 4. To date, BDC-4182 has been well tolerated, and we are seeing activity consistent with our immune-stimulating mechanism,” said Willie Quinn, President and Chief Executive Officer. “We expect to report initial clinical data from BDC-4182 with our third quarter 2026 results.”
Recent Highlights and Anticipated Milestones
- Initial clinical data from BDC-4182 Phase 1/2 study for patients with gastric and gastroesophageal cancer expected with third quarter 2026 results. BDC-4182 is a next-generation Boltbody™ ISAC targeting claudin 18.2, a clinically validated target with expression in gastric cancer, gastroesophageal junction cancer, pancreatic cancer, and other tumor types. In preclinical models, including cancer models with low claudin 18.2 expression, BDC-4182 demonstrated significant anti-tumor activity, induced immunological memory, and outperformed cytotoxic ADCs. Bolt has implemented step-up dosing, which has been successfully used commercially for T-cell engagers, as a strategy to get to higher doses safely. The clinical trial in gastric and gastroesophageal cancers is progressing well with ongoing treatment of patients in Cohort 4 at the 4.0 mg/kg dose level.
- Cash, cash equivalents, and marketable securities were $18.1 million as of June 30, 2026. Cash on hand is expected to fund operations into the quarter 2027.
Second Quarter 2026 Financial Results
- Collaboration Revenue – Total collaboration revenue was $5,000 for the quarter ended June 30, 2026, compared to $1.8 million for the same quarter in 2025. Revenue in the comparative periods was generated from services performed under the R&D collaborations as we fulfill our performance obligations.
- Research and Development (R&D) Expenses – R&D expenses were $5.1 million for the quarter ended June 30, 2026, compared to $7.5 million for the same quarter in 2025. The decrease between the comparable periods was mainly due to a decrease in salary and related expenses primarily as a result of our restructuring and overall lower research and development activities.
- General and Administrative (G&A) Expenses – G&A expenses were $2.4 million for the quarter ended June 30, 2026, compared to $3.5 million for the same quarter in 2025. The decrease between the comparable periods was mainly due to a decrease in salary and related expenses primarily as a result of our restructuring as well as lower consulting expenses.
- Loss from Operations – Loss from operations was $8.4 million for the quarter ended June 30, 2026, compared to $9.2 million for the same quarter in 2025.
About the Boltbody™ Immune-Stimulating Antibody Conjugate (ISAC) Platform
Bolt Biotherapeutics’ Boltbody ISAC platform harnesses the precision of antibodies with the power of the innate and adaptive immune system to generate a productive anti-cancer response. Each Boltbody ISAC candidate comprises a tumor-targeting antibody, a non-cleavable linker, and a proprietary immune stimulant. The antibody is designed to target one or more markers on the surface of a tumor cell and the immune stimulant is designed to recruit and activate myeloid cells. Activated myeloid cells initiate a positive feedback loop by releasing cytokines and chemokines, chemical signals that attract other immune cells and lower the activation threshold for an immune response. This increases the population of activated immune system cells in the tumor microenvironment and promotes a robust immune response with the goal of generating durable therapeutic responses for patients with cancer.
About Bolt Biotherapeutics, Inc.
Bolt Biotherapeutics is a clinical-stage biopharmaceutical company developing novel immunotherapies for the treatment of cancer. Bolt Biotherapeutics’ pipeline reflects the Company’s expertise in myeloid biology and cancer drug development. The Company’s lead program is BDC-4182, a next-generation Boltbody™ Immune-Stimulating Antibody Conjugate (ISAC) clinical candidate targeting claudin 18.2. BDC-4182 is currently in a Phase 1/2 trial that includes patients with gastric and gastroesophageal cancer. The Company has strategic collaborations with Genmab and Toray built around the Company’s Boltbody™ ISAC platform technology. The rest of the Company’s pipeline is currently on hold, including BDC-3042, a Dectin-2 agonist that completed a first-in-human Phase 1 dose escalation trial, as well as its preclinical ISAC programs targeting CEA and PD-L1. For more information, please visit https://www.boltbio.com/.
Investor Relations and Media Contact
Matthew DeYoung Argot Partners (212) 600-1902 [email protected]
BOLT BIOTHERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited, in thousands, except share and per share amounts)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Collaboration revenue
$
5
$
1,804
$
31
$
3,026
Operating expenses:
Research and development
5,149
7,498
9,978
17,010
General and administrative
2,422
3,516
5,220
7,341
Impairment charges
808
—
808
—
Total operating expense
8,379
11,014
16,006
24,351
Loss from operations
(8,374
)
(9,210
)
(15,975
)
(21,325
)
Other income (expense), net:
Interest income, net
178
599
454
1,652
Other income, net
476
50
557
72
Total other income (expense), net
654
649
1,011
1,724
Net loss
(7,720
)
(8,561
)
(14,964
)
(19,601
)
Net unrealized loss on marketable securities
(33
)
(46
)
(23
)
(103
)
Comprehensive loss
$
(7,753
)
$
(8,607
)
$
(14,987
)
$
(19,704
)
Net loss per share, basic and diluted
$
(4.57
)
$
(4.46
)
$
(8.88
)
$
(10.22
)
Weighted-average shares outstanding, basic and diluted
1,690,529
1,917,629
1,685,514
1,917,288
BOLT BIOTHERAPEUTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)
June 30,
December 31,
2026
2025
Assets
Current assets:
Cash and cash equivalents
$
12,860
$
11,703
Short-term investments
4,738
15,802
Restricted cash
200
200
Prepaid expenses and other current assets
2,766
2,555
Total current assets
20,564
30,260
Property and equipment, net
571
1,245
Operating lease right-of-use assets
17,075
19,230
Restricted cash, non-current
1,538
1,538
Long-term investments
509
4,337
Other assets
87
138
Total assets
$
40,344
$
56,748
Liabilities and stockholders' equity
Current liabilities:
Accounts payable
$
868
$
1,443
Accrued expenses and other current liabilities
3,089
3,717
Deferred revenue
819
449
Operating lease liabilities
3,091
2,826
Total current liabilities
7,867
8,435
Operating lease liabilities, net of current portion
18,533
20,132
Deferred revenue, non-current
1,172
1,544
Other long-term liabilities
132
132
Total liabilities
27,704
30,243
Commitments and contingencies
Stockholders' equity:
Common stock
—
—
Additional paid-in capital
488,427
487,305
Accumulated other comprehensive loss
(44
)
(21
)
Accumulated deficit
(475,743
)
(460,779
)
Total stockholders' equity
12,640
26,505
Total liabilities and stockholders' equity
$
40,344
$
56,748
BOLT BIOTHERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Six Months Ended June 30,
2026
2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$
(14,964
)
$
(19,601
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
374
746
Stock-based compensation expense
1,097
1,334
Accretion of discount on marketable securities
(122
)
(379
)
Gain on sale of property and equipment
(404
)
(288
)
Asset impairment
808
—
Non-cash lease expense
1,347
1,239
Changes in operating assets and liabilities:
Prepaid expenses and other assets
(160
)
(236
)
Accounts payable and accrued expenses
(1,203
)
(3,351
)
Operating lease liabilities
(1,334
)
(1,026
)
Deferred revenue
(2
)
(1,533
)
Other long-term liabilities
—
133
Net cash used in operating activities
(14,563
)
(22,962
)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment
(13
)
—
Proceeds from sales of property and equipment
717
963
Purchases of marketable securities
(1,230
)
(15,457
)
Maturities of marketable securities
16,221
39,838
Net cash provided by investing activities
15,695
25,344
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock
25
14
Net cash provided by financing activities
25
14
NET INCREASE (DECREASE) IN CASH
1,157
2,396
Cash, cash equivalents and restricted cash at beginning of year
13,441
8,970
Cash, cash equivalents and restricted cash at end of period
$
14,598
$
11,366
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents
$
12,860
$
9,601
Restricted cash
1,738
1,765
Total cash, cash equivalents and restricted cash
$
14,598
$
11,366
Summary
REDWOOD CITY, Calif., Aug. 11, 2026 (GLOBE NEWSWIRE) -- Bolt Biotherapeutics (Nasdaq: BOLT), a clinical-stage biopharmaceutical company developing novel immunotherapies for the treatment of cancer, today reported financial results for the second quarter ended June 30, 2026, and provided a business update.