Bolt Biotherapeutics Reports Q2 Financial Results, Cash Balance of $48.5mln

• Bolt Biotherapeutics reported Q2 2025 financial results. • BDC-4182, a next-gen Boltbody ISAC, is in Phase 1 dose-escalation study. • Cash balance is $48.5 million as of June 30, 2025, funding through mid-2026. • Focus on advancing BDC-4182 in gastric and gastroesophageal junction cancers.

Redwood City, Calif., Aug. 14, 2025 (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, 2025, and provided a business update. The company's lead candidate, BDC-4182, a next-generation claudin 18.2 ISAC, has entered Phase 1 dose-escalation studies for gastric and gastroesophageal cancer. The company reported $48.5 million in cash as of June 30, 2025, expected to fund operations through mid-2026.

Q2 financial highlights include collaboration revenue of $1.8 million, reduced R&D expenses of $7.5 million (down from $15.4M in Q2 2024), and G&A expenses of $3.5 million (down from $4.9M). The company completed a 1:20 reverse stock split on June 6, 2025, regaining Nasdaq compliance. Bolt continues collaborations with Genmab and Toray while seeking a partner for BDC-3042, which showed partial response in lung cancer patients.

Bolt Biotherapeutics' Q2 results paint a picture of a biotech in transition, working to advance its lead candidate while managing a limited cash runway. The company's focus has shifted to BDC-4182, a next-generation claudin 18.2 ISAC now in Phase 1 for gastric and gastroesophageal cancers. This represents a pivot after discontinuing development of trastuzumab imbotolimod (formerly BDC-1001) in May 2024.

The financial position shows both challenges and prudent management. With $48.5 million in cash as of June 30, Bolt projects runway through mid-2026, which should cover initial data readouts from the BDC-4182 trial expected in H1 2026. However, this represents a relatively tight timeline for a clinical-stage biotech with multiple programs.

The 88% reduction in quarterly operating loss (from $22.6 million to $9.2 million year-over-year) demonstrates successful cost-cutting measures, including a significant restructuring in May 2024. R&D expenses decreased by 51% to $7.5 million, while G&A expenses dropped by 29% to $3.5 million.

Importantly, Bolt is seeking a partner for BDC-3042 (dectin-2 agonist antibody) after completing dose escalation, with early signs of efficacy including a partial response in lung cancer at the highest dose. The company also maintains collaborations with Genmab and Toray, which generated $1.8 million in revenue this quarter, up from $1.3 million in Q2 2024.

The 1:20 reverse stock split implemented in June 2025 helped Bolt regain Nasdaq compliance, avoiding a potential delisting scenario. This financial engineering, while necessary, signals the challenges the company has faced in maintaining investor confidence.

References:
[1] https://www.stocktitan.net/news/BOLT/bolt-biotherapeutics-reports-second-quarter-2025-financial-results-huqt80ia0u65.html
[2] https://www.globenewswire.com/news-release/2025/08/14/3133839/0/en/Bolt-Biotherapeutics-Reports-Second-Quarter-2025-Financial-Results-and-Provides-Business-Update.html