Bolt Biotherapeutics, Inc.

Previous wording

The following discussion and analysis of our financial condition as of June 30, 2025 and results of operations for the three and six months ended June 30, 2025 and 2024 should be read in conjunction with our condensed consolidated financial statements and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q and in our other SEC filings, including our Annual Report on Form 10-K for the period ended December 31, 2024, filed with the SEC on March 24, 2025. Except as otherwise indicated herein or as the context otherwise requires, references in this Quarterly Report on Form 10-Q to “Bolt Bio,” “the Company,” “we,” “us” and “our” refer to Bolt Biotherapeutics, Inc.

Current wording

The following discussion and analysis of our financial condition as of September 30, 2025 and results of operations for the three and nine months ended September 30, 2025 and 2024 should be read in conjunction with our condensed consolidated financial statements and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q and in our other SEC filings, including our Annual Report on Form 10-K for the period ended December 31, 2024, filed with the SEC on March 24, 2025. Except as otherwise indicated herein or as the context otherwise requires, references in this Quarterly Report on Form 10-Q to “Bolt Bio,” “the Company,” “we,” “us” and “our” refer to Bolt Biotherapeutics, Inc.

Previous wording

BDC-4182 is a next-generation Boltbody™ ISAC that targets the tumor-associated antigen claudin 18.2. Claudin 18.2 is a clinically validated target in oncology with zolbetuximab, a first-in-class claudin 18.2-targeted monoclonal antibody, approved in Japan, the U.S., and other countries for the treatment of patients with claudin 18.2-positive, unresectable, advanced or recurrent gastric cancer in combination with chemotherapy. Other programs targeting claudin 18.2 are in development for the treatment of gastric/gastroesophageal junction cancer, pancreatic cancer, and other tumor types. Clinical candidate selection was supported by in vitro and in vivo experiments demonstrating potent anti-tumor activity in multiple preclinical models, safety and tolerability in toxicology studies, and enhanced preclinical efficacy compared to cytotoxic ADCs in murine tumor models. Data on our claudin 18.2 Boltbody ISAC program was presented at the Society for Immunotherapy of Cancer’s (SITC) Annual Meetings in both November of 2024 and 2023. The first-in-human Phase 1 dose escalation trial of BDC-4182 opened for enrollment in April 2025.

Current wording

BDC-4182 is a next-generation Boltbody™ ISAC that targets the tumor-associated antigen claudin 18.2. Claudin 18.2 is a clinically validated target in oncology with zolbetuximab, a first-in-class claudin 18.2-targeted monoclonal antibody, approved in Japan, the U.S., and other countries for the treatment of patients with claudin 18.2-positive, unresectable, advanced or recurrent gastric cancer in combination with chemotherapy. Other programs targeting claudin 18.2 are in development for the treatment of gastric/gastroesophageal junction cancer, pancreatic cancer, and other tumor types. Clinical candidate selection was supported by in vitro and in vivo experiments demonstrating potent anti-tumor activity in multiple preclinical models, safety and tolerability in toxicology studies, and enhanced preclinical efficacy compared to cytotoxic ADCs in murine tumor models. Data on our claudin 18.2 Boltbody ISAC program was presented at the Society for Immunotherapy of Cancer’s (SITC) Annual Meetings in November of 2025, 2024 and 2023. The first-in-human Phase 1 dose escalation trial of BDC-4182 is ongoing.

Previous wording

BDC-3042, our dectin-2 agonist antibody program, is being developed to repolarize critical cells in the tumor microenvironment known as tumor associated macrophages (TAMs). Dectin-2 agonism changes these TAMs from tumor-supportive macrophages to tumor-destructive macrophages that elicit durable anti-tumor immune responses in preclinical models. We received the Investigational New Drug Application, or IND, clearance from the FDA in July 2023. In October 2023, we dosed the first patient with BDC-3042 in the Phase 1 dose-escalation study in patients with a broad range of solid tumors. In April 2025, we reported results from our dose escalation trial of BDC-3042, demonstrating a favorable safety profile, dose-dependent biologic activity, and monotherapy anti-tumor activity. We have launched a formal partnering process to secure a partner for future development of BDC-3042.

Current wording

BDC-3042, our dectin-2 agonist antibody program, was developed to repolarize critical cells in the tumor microenvironment known as tumor associated macrophages (TAMs). Dectin-2 agonism changes these TAMs from tumor-supportive macrophages to tumor-destructive macrophages that elicit durable anti-tumor immune responses in preclinical models. We received the Investigational New Drug Application, or IND, clearance from the FDA in July 2023. In October 2023, we dosed the first patient with BDC-3042 in the Phase 1 dose-escalation study in patients with a broad range of solid tumors. In April 2025, we reported results from our dose escalation trial of BDC-3042, demonstrating a favorable safety profile, dose-dependent biologic activity, and monotherapy anti-tumor activity. BDC-3042 is not in active development and is available for partnering.

Previous wording

We have not recorded any revenue from product sales. To date, our only revenue has been derived from our collaborations with Toray, Genmab, and Innovent. In March 2019, we entered into the Toray Agreement to jointly develop and commercialize a Boltbody ISAC utilizing a Toray proprietary antibody. In May 2021, we entered into an oncology research and development collaboration with Genmab to evaluate Genmab antibodies and bispecific antibody engineering technologies in combination with our proprietary Boltbody ISAC technology platform, with the goal of discovering and developing next-generation bispecific ISACs for the treatment of cancer. The research collaboration will evaluate multiple bispecific ISAC product candidate concepts with the potential to identify up to three clinical candidates for development. In August 2021, we entered into an oncology research and development collaboration with Innovent to leverage Innovent’s proprietary therapeutic antibody portfolio and antibody discovery capability against undisclosed oncology targets in combination with our Boltbody ISAC technology and myeloid biology expertise to create new candidates for cancer treatments. The Innovent collaboration was amended in March 2024, when we secured exclusive worldwide rights to ISAC programs utilizing specified antibodies against two tumor antigen targets. We expect our collaborations with Toray and Genmab to add additional novel ISACs to our pipeline.

Current wording

We have not recorded any revenue from product sales. To date, our only revenue has been derived from our collaborations with Toray, Genmab, and Innovent. In March 2019, we entered into the Toray Agreement to jointly develop and commercialize a Boltbody ISAC utilizing a Toray proprietary antibody. In May 2021, we entered into an oncology research and development collaboration with Genmab to evaluate Genmab antibodies and bispecific antibody engineering technologies in combination with our proprietary Boltbody ISAC technology platform, with the goal of discovering and developing next-generation ISACs for the treatment of cancer. The research collaboration will evaluate multiple ISAC product candidate concepts with the potential to identify up to three clinical candidates for development. In August 2021, we entered into an oncology research and development collaboration with Innovent to leverage Innovent’s proprietary therapeutic antibody portfolio and antibody discovery capability against undisclosed oncology targets in combination with our Boltbody ISAC technology and myeloid biology expertise to create new candidates for cancer treatments. The Innovent collaboration was amended in March 2024, when we secured exclusive worldwide rights to ISAC programs utilizing certain antibodies against two tumor antigen targets. We expect our collaborations with Toray and Genmab to add additional novel ISACs to our pipeline.

Previous wording

We have incurred operating losses since our inception. Our net losses were $8.6 million and $19.6 million for the three and six months ended June 30, 2025, respectively, and $21.2 million and $32.0 million for the three and six months ended June 30, 2024, respectively. As of June 30, 2025, we had an accumulated deficit of $447.0 million. Substantially all of our net losses have resulted from costs incurred in connection with our research and development programs and from general and administrative costs associated with our operations. We expect to continue to incur significant expenses and operating losses for the foreseeable future as we:

Current wording

We have incurred operating losses since our inception. Our net losses were $7.1 million and $26.7 million for the three and nine months ended September 30, 2025, respectively, and $15.2 million and $47.2 million for the three and nine months ended September 30, 2024, respectively. As of September 30, 2025, we had an accumulated deficit of $454.1 million. Substantially all of our net losses have resulted from costs incurred in connection with our research and development programs and from general and administrative costs associated with our operations. We expect to continue to incur significant expenses and operating losses for the foreseeable future as we:

Previous wording

In May 2021, we entered into an oncology research and development collaboration with Genmab to evaluate Genmab antibodies and bispecific antibody engineering technologies in combination with our proprietary Boltbody ISAC technology platform, with the goal of discovering and developing next-generation bispecific ISACs for the treatment of cancer. The research collaboration will evaluate multiple bispecific ISAC concepts to identify up to three clinical candidates for development. Genmab will fund the research, along with the preclinical and clinical development of these candidates through initial clinical proof of concept. Under the Genmab Agreement, we received an upfront payment of $10.0 million and in conjunction with the collaboration, Genmab purchased 41,052 shares of our common stock for $15.0 million. We evaluated the collaboration together with Genmab’s purchase of our common stock and allocated $1.4 million from the stock purchase proceeds, together with the $10.0 million upfront payment, to deferred revenue. We recognize this deferred revenue, together with payments received from Genmab for compensation based on agreed-upon full-time equivalent rates and out-of-pocket costs, as collaboration revenue over time as we fulfill our performance obligation to Genmab.

Current wording

In May 2021, we entered into an oncology research and development collaboration with Genmab to evaluate Genmab antibodies and bispecific antibody engineering technologies in combination with our proprietary Boltbody ISAC technology platform, with the goal of discovering and developing next-generation ISACs for the treatment of cancer. The research collaboration will evaluate multiple ISAC concepts to identify up to three clinical candidates for development. Genmab will fund the research, along with the preclinical and clinical development of these candidates through initial clinical proof of concept. Under the Genmab Agreement, we received an upfront payment of $10.0 million and in conjunction with the collaboration, Genmab purchased 41,052 shares of our common stock for $15.0 million. We evaluated the collaboration together with Genmab’s purchase of our common stock and allocated $1.4 million from the stock purchase proceeds, together with the $10.0 million upfront payment, to deferred revenue. We recognize this deferred revenue, together with payments received from Genmab for compensation based on agreed-upon full-time equivalent rates and out-of-pocket costs, as collaboration revenue over time as we fulfill our performance obligation to Genmab.

Previous wording

Our direct research and development expenses consist principally of external costs, such as fees paid to CROs and consultants in connection with our clinical and preclinical studies and costs related to manufacturing materials for our studies. Since our inception and through June 30, 2025, the majority of our third-party expenses were related to the research and development of trastuzumab imbotolimod, BDC-3042, and other product candidates. With the exception of costs incurred to satisfy our performance obligations under our collaboration agreements, we do not allocate employee costs and costs associated with our discovery efforts, laboratory supplies, and facilities, including other indirect costs, to specific product candidates as these costs are associated with multiple programs and, as such, are not separately classified. We use internal resources primarily to conduct our research as well as for managing our preclinical development, process development, manufacturing, and clinical development activities. We deploy our personnel across all of our research and development activities and, as our employees work across multiple programs, we do not currently track our costs by product candidate.

Current wording

Our direct research and development expenses consist principally of external costs, such as fees paid to CROs and consultants in connection with our clinical and preclinical studies and costs related to manufacturing materials for our studies. Since our inception and through September 30, 2025, the majority of our third-party expenses were related to the research and development of trastuzumab imbotolimod, BDC-3042, BDC-4182 and other product candidates. With the exception of costs incurred to satisfy our performance obligations under our collaboration agreements, we do not allocate employee costs and costs associated with our discovery efforts, laboratory supplies, and facilities, including other indirect costs, to specific product candidates as these costs are associated with multiple programs and, as such, are not separately classified. We use internal resources primarily to conduct our research as well as for managing our preclinical development, process development, manufacturing, and clinical development activities. We deploy our personnel across all of our research and development activities and, as our employees work across multiple programs, we do not currently track our costs by product candidate.

Previous wording

Other income in 2024 consists of the one-time payment received from Innovent under the Amended Innovent Agreement.

Current wording

Other income in 2025 consists of income earned from miscellaneous activities not core to our business. Other income in 2024 consists of the one-time payment received from Innovent under the Amended Innovent Agreement.

Previous wording

Comparison of the Three and Six Months Ended June 30, 2025 and 2024

Current wording

Comparison of the Three and Nine Months Ended September 30, 2025 and 2024

Previous wording

Revenue was $1.8 million and $3.0 million for the three and six months ended June 30, 2025, respectively, and $1.3 million and $6.5 million for the same periods in 2024, respectively. The increase of $0.5 million in the comparative three-month periods was due to additional rendered services related to the Genmab programs. The decrease of $3.5 million in revenue in the comparative six-month periods was mainly due to revenue recognized under the Amended Innovent Agreement, as we satisfied our performance obligation to Innovent.

Current wording

Revenue was $2.2 million and $5.2 million for the three and nine months ended September 30, 2025, respectively, and $1.1 million and $7.7 million for the same periods in 2024, respectively. The increase of $1.1 million in the comparative three-month periods was due to additional rendered services related to the Genmab programs. The decrease of $2.5 million in revenue in the comparative nine-month periods was mainly due to revenue recognized under the Amended Innovent Agreement, as we satisfied our performance obligation to Innovent.

Previous wording

Research and development expenses were $7.5 million and $17.0 million for the three and six months ended June 30, 2025, respectively and $15.4 million and $32.0 million for the same periods in 2024, respectively. The decrease of $7.9 million in the comparable three-month periods was due to $3.0 million in lower personnel-related expenses due to a decrease in headcount related to the reduction in workforce, $1.5 million in lower clinical expenses primarily related to the discontinued development of trastuzumab imbotolimod, formerly known as BDC-1001, in May 2024, $1.4 million in lower research and development lab supplies and contract services expense, $1.3 million in lower facility expenses, and $0.9 million in lower process development and manufacturing expense, offset by an increase of $0.2 million in higher consulting and professional services. The decrease of $15.0 million in the comparable six-month periods was due to $6.3 million in lower personnel-related expenses due to a decrease in headcount related to the reduction in workforce, $3.9 million in lower clinical expenses related to the discontinued development of trastuzumab imbotolimod, formerly known as BDC-1001, in May 2024, $2.3 million in lower facility expenses, $2.0 million in lower research and development lab supplies and contract services expense and $0.4 million in lower process development and manufacturing expense.

Current wording

Research and development expenses were $6.5 million and $23.5 million for the three and nine months ended September 30, 2025, respectively and $13.8 million and $45.7 million for the same periods in 2024, respectively. The decrease of $7.3 million in the comparable three-month periods was primarily due to $1.8 million in lower personnel-related expenses due to a decrease in headcount related to the reduction in workforce, $1.7 million in lower clinical expenses primarily related to the discontinued development of trastuzumab imbotolimod, formerly known as BDC-1001, in May 2024, $1.5 million in lower process development and manufacturing expense, $1.3 million in lower research and development lab supplies and contract services expense and $0.9 million in lower facility expenses. The decrease of $22.2 million in the comparable nine-month periods was primarily due to $8.2 million in lower personnel-related expenses due to a decrease in headcount related to the reduction in workforce, $5.6 million overall lower clinical expenses related to the discontinued development of trastuzumab imbotolimod, formerly known as BDC-1001, in May 2024 and BDC-4182 costs as we begin this trial, $3.4 million in lower research and development lab supplies and contract services expense, $3.2 million in lower facility expenses and $2.0 million in lower process development and manufacturing expense which was partially offset by $0.5 million in higher consulting costs and professional services.

Previous wording

General and administrative expenses were $3.5 million and $7.3 million for the three and six months ended June 30, 2025, respectively, and $4.9 million and $10.7 million for the same periods in 2024, respectively. The decrease of $1.4 million in the comparable three-month periods was due to $1.6 million decrease in salary, bonus and related expenses as a result of the restructuring plan, a decrease of $0.3 million in lower consulting and professional services and a decrease of $0.3 million in office-related expenses, offset by $0.9 million in higher facility expenses. The decrease of $3.4 million in the comparable six-month periods was due to $3.3 million decrease in salary, bonus and related expenses as a result of the restructuring plan, a decrease of $0.8 million in lower consulting and professional services, and a decrease of $0.6 million in office-related expenses. These decreases were partially offset by $1.7 million in higher facility expenses, which reflects a shift in allocation between research and development expenses and general and administrative expenses rather than an overall increase in total facility costs.

Current wording

General and administrative expenses were $3.3 million and $10.7 million for the three and nine months ended September 30, 2025, respectively, and $3.8 million and $14.5 million for the same periods in 2024, respectively. The decrease of $0.5 million in the comparable three-month periods was due to $0.9 million decrease in personnel-related expenses as a result of the restructuring plan and a decrease of $0.1 million in office-related expenses, partially offset by a increase of $0.3 million in consulting and professional services and $0.3 million in higher facility expenses. The decrease of $3.8 million in the comparable nine-month periods was due to $4.2 million decrease in personnel-related expenses as a result of the restructuring plan, a decrease of $0.7 million in office-related expenses, and a decrease of $0.7 million in lower consulting and professional services. These decreases were partially offset by $2.0 million in higher facility expenses, which reflects a shift in allocation between research and development expenses and general and administrative expenses rather than an overall increase in total facility costs.

Previous wording

Interest income was $0.6 million and $1.7 million for the three and six months ended June 30, 2025, respectively, and $1.4 million and $3.0 million for the same periods in 2024, respectively. The interest income, net was primarily comprised of interest income from marketable securities.

Current wording

Interest income was $0.5 million and $2.1 million for the three and nine months ended September 30, 2025, respectively, and $1.3 million and $4.3 million for the same periods in 2024, respectively. The interest income, net was primarily comprised of interest income from marketable securities.

Previous wording

Other income was $0.1 million and $0.1 million for the three and six months ended June 30, 2025, respectively, and zero and $4.7 million for the same periods in 2024, respectively. The other income in 2024 was due to the one-time payment received from Innovent under the Amended Innovent Agreement.

Current wording

Other income was $0.1 million and $0.2 million for the three and nine months ended September 30, 2025, respectively, and zero and $4.7 million for the same periods in 2024, respectively. The other income in 2025 consists of income earned from miscellaneous activities not core to our business. The other income in 2024 was due to the one-time payment received from Innovent under the Amended Innovent Agreement.

Previous wording

We have incurred net losses, $8.6 million and $19.6 million for the three and six months ended June 30, 2025, respectively, and $21.2 million and $32.0 million for the same periods in 2024, respectively. We have incurred negative cash flows from operations since our inception, with an accumulated deficit of $447.0 million as of June 30, 2025 and anticipate continuing to incur net losses for the foreseeable future. Under our current plan, which includes income from collaboration arrangements, we believe our cash and cash equivalents and marketable securities of $48.5 million as of June 30, 2025 may be sufficient to fund our operations through mid-2026. However, due to the significant uncertainty in our plans, including the achievement of our collaboration income, we have concluded that there is substantial doubt about our ability to continue as a going concern within one year after the issuance of the consolidated financial statements.

Current wording

We have incurred net losses, $7.1 million and $26.7 million for the three and nine months ended September 30, 2025, respectively, and $15.2 million and $47.2 million for the same periods in 2024, respectively. We have incurred negative cash flows from operations since our inception, with an accumulated deficit of $454.1 million as of September 30, 2025 and anticipate continuing to incur net losses for the foreseeable future. Under our current plan, which includes income from collaboration arrangements, we believe our cash and cash equivalents and marketable securities of $38.8 million as of September 30, 2025 may be sufficient to fund our operations into 2027. However, due to the significant uncertainty in our plans, including the achievement of our collaboration income, we have concluded that there is substantial doubt about our ability to continue as a going concern with less than one year after the issuance of the consolidated financial statements.

Previous wording

Net cash used in operating activities was $23.0 million and $32.9 million for the six months ended June 30, 2025 and 2024, respectively. Net cash used in operating activities for the six months ended June 30, 2025 was due to our net loss of $19.6 million, adjusted down for $2.7 million of non-cash charges and up for a $6.0 million change in operating assets and liabilities. The non-cash charges were comprised of $1.3 million for stock-based compensation, $1.2 million of non-cash lease-related expense, $0.7 million for depreciation and amortization expense, and $0.3 million of gain on sale of property and equipment, partially offset by $0.4 million for accretion of discount on marketable securities. The change in net operating assets was primarily due to a $1.5 million decrease in our deferred revenue, a $3.4 million decrease in our accounts payable and accrued expenses, a $1.0 million decrease in operating lease liabilities, and a $0.2 million increase in our prepaid expenses and other current assets, offset by $0.1 million increase in other long-term liabilities. Net cash used in operating activities for the six months ended June 30, 2024 was due to our net loss of $32.0 million, adjusted down for $5.8 million of non-cash charges and up for a $6.7 million change in operating assets and liabilities. The non-cash charges were comprised of $5.1 million for stock-based compensation, $1.8 million for accretion of discount on marketable securities, $1.6 million of non-cash lease-related expense, and $0.9 million for depreciation and amortization expense. The change in net operating assets was due to a $2.6 million decrease in our accounts payable and accrued expenses, a $4.8 million decrease in our deferred revenue, a $1.3 million decrease in our operating lease liabilities, and a $2.1 million increase in our prepaid expenses and other current assets.

Current wording

Net cash used in operating activities was $32.7 million and $46.9 million for the nine months ended September 30, 2025 and 2024, respectively. Net cash used in operating activities for the nine months ended September 30, 2025 was due to our net loss of $26.7 million, adjusted down for $3.9 million of non-cash charges and up for a $9.8 million change in operating assets and liabilities. The non-cash charges were comprised of $1.9 million of non-cash lease-related expense, $1.7 million for stock-based compensation, $1.0 million for depreciation and amortization expense, partially offset by $0.5 million for accretion of discount on marketable securities and $0.3 million of gain on sale of property and equipment. The change in net operating assets was primarily due to a a $5.2 million decrease in our accounts payable and accrued expenses, $2.8 million decrease in our deferred revenue, a $1.6 million decrease in operating lease liabilities, and a $0.3 million decrease in our prepaid expenses and other current assets, offset by $0.1 million increase in other long-term liabilities. Net cash used in operating activities for the nine months ended September 30, 2024 was due to our net loss of $47.2 million, adjusted down for $7.6 million of non-cash charges and up for a $7.2 million change in operating assets and liabilities. The non-cash charges were comprised of $6.2 million for stock-based compensation, $2.4 million of non-cash lease-related expense, $2.3 million for accretion of discount on marketable securities and $1.4 million for depreciation and amortization expense. The change in net operating assets was due to a a $5.5 million decrease in our deferred revenue, $2.2 million decrease in our accounts payable and accrued expenses, a $2.0 million decrease in our operating lease liabilities, offset by a $2.5 million decrease in our prepaid expenses and other current assets.

Previous wording

Net cash provided by investing activities was $25.3 million and $28.2 million for the six months ended June 30, 2025 and 2024, respectively. The net cash provided by investing activities for the six months ended June 30, 2025 was due to $39.8 million in maturities of marketable securities and sales of property and equipment of $1.0 million offset by $15.5 million in purchases of marketable securities. The net cash provided by investing activities for the six months ended June 30, 2024 was due to $83.5 million in maturities of marketable securities, offset by $55.3 million in purchases of marketable securities.

Current wording

Net cash provided by investing activities was $43.2 million and $45.3 million for the nine months ended September 30, 2025 and 2024, respectively. The net cash provided by investing activities for the nine months ended September 30, 2025 was due to $59.5 million in maturities of marketable securities and $1.0 million in proceeds from sales of property and equipment and offset by $17.2 million in purchases of marketable securities and $0.1 million in purchases of property and equipment. The net cash provided by investing activities for the nine months ended September 30, 2024 was due to $120.8 million in maturities of marketable securities, offset by $75.6 million in purchases of marketable securities.

Previous wording

Net cash provided by financing activities was $14,000 and $0.1 million for the six months ended June 30, 2025 and 2024, respectively. The net cash provided by financing activities for the six months ended June 30, 2025 was due to net proceeds from the issuance of common stock from our employee stock purchase plan. The net cash provided by financing activities for the six months ended June 30, 2024 was due to net proceeds from the issuance of common stock from our employee stock purchase plan.

Current wording

Net cash provided by financing activities was $14,000 and $0.1 million for the nine months ended September 30, 2025 and 2024, respectively. The net cash provided by financing activities for the nine months ended September 30, 2025 was due to net proceeds from the issuance of common stock from our employee stock purchase plan. The net cash provided by financing activities for the nine months ended September 30, 2024 was due to net proceeds from the issuance of common stock from our employee stock purchase plan.

Previous wording

Based upon our current operating plans, which includes assumptions regarding collaboration revenue and sublease income, we believe that our existing cash, cash equivalents and marketable securities should be sufficient to fund our operations only through mid-2026. As a result of the risks inherent in budgeting for early-stage drug development, we have concluded that there is substantial doubt about our ability to continue as a going concern.

Current wording

Based upon our current operating plans, which includes assumptions regarding collaboration revenue and sublease income, we believe that our existing cash, cash equivalents and marketable securities may be sufficient to fund our operations into 2027. As a result of the risks inherent in budgeting for early-stage drug development, we have concluded that there is substantial doubt about our ability to continue as a going concern.