Bolt Biotherapeutics, Inc.

Previous wording

The following discussion and analysis of our financial condition as of March 31, 2026 and results of operations for the three months ended March 31, 2026 and 2025 should be read in conjunction with our unaudited 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 year ended December 31, 2025, filed with the SEC on March 12, 2026. 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 June 30, 2026 and results of operations for the three and six months ended June 30, 2026 and 2025 should be read in conjunction with our unaudited 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 year ended December 31, 2025, filed with the SEC on March 12, 2026. 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 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. BDC-4182 is 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 anti-tumor activity compared to cytotoxic antibody-drug conjugates, or 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 1/2 clinical trial of BDC-4182 is ongoing in subjects with gastric and gastroesophageal junction cancer.

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 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. BDC-4182 is 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 anti-tumor activity compared to cytotoxic antibody-drug conjugates, or ADCs, in murine tumor models. Preclinical data supporting 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 1/2 clinical trial of BDC-4182 is ongoing in subjects with gastric and gastroesophageal junction cancer.

Previous wording

In October 2025, we announced a restructuring plan pursuant to which we reduced our overall operating expenses in order to preserve cash. The restructuring included a reduction of our workforce by approximately 20 employees, or approximately 50% of our workforce. We incurred a restructuring charge of $1.5 million in one-time termination benefits, such as severance costs and related benefits. The reduction-in-force was complete by the end of 2025 and the associated charges were recorded in the fourth quarter of 2025. The severance payments commenced in October 2025 and are expected to extend through July 2026.

Current wording

In October 2025, we announced a restructuring plan pursuant to which we reduced our overall operating expenses in order to preserve cash. The restructuring included a reduction of our workforce by approximately 20 employees, or approximately 50% of our workforce. We incurred a restructuring charge of $1.5 million in one-time termination benefits, such as severance costs and related benefits. The reduction-in-force was complete by the end of 2025 and the associated charges were recorded in the fourth quarter of 2025. The severance payments commenced in October 2025 and extended through July 2026.

Previous wording

We have incurred operating losses since our inception. Our net losses were $7.2 million and $11.0 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, we had an accumulated deficit of $468.0 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 $7.7 million and $15.0 million for the three and six months ended June 30, 2026, respectively, and $8.6 million and $19.6 million for the three and six months ended June 30, 2025, respectively. As of June 30, 2026, we had an accumulated deficit of $475.7 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

Comparison of the Three Months Ended March 31, 2026 and 2025

Current wording

Comparison of the Three and Six Months Ended 2026 and 2025

Previous wording

Revenue was $26,000 and $1.2 million for the three months ended March 31, 2026 and 2025, respectively. The decrease in revenue is primarily due to limited activities with our collaboration partners. Our revenue in 2025 was due to continued progress in our collaborations as we fulfill our performance obligations to our collaboration partners. We expect our collaboration revenue to vary from period to period, and we may have periods of little to no activity depending on the development timeline and activities with our collaboration partners.

Current wording

Revenue was $5,000 and $31,000 for the three and six months ended June 30, 2026, respectively, and $1.8 million and $3.0 million for the three and six months ended June 30, 2025, respectively. The decrease in revenue is primarily due to limited activities with our collaboration partners. Our revenue in 2025 was due to continued progress in our collaborations as we fulfill our performance obligations to our collaboration partners. We expect our collaboration revenue to vary from period to period, and we may have periods of little to no activity depending on the development timeline and activities with our collaboration partners.

Previous wording

Research and development expenses were $4.8 million and $9.5 million for the three months ended March 31, 2026 and 2025, respectively. The decrease was due to $1.8 million in lower personnel-related expenses due to a decrease in headcount related to the reduction in workforce, $1.3 million in lower research and development lab supplies and contract services expense, $0.7 million in lower facility expenses, $0.6 million in lower manufacturing expenses related to the timing of batch production of our product candidates, $0.2 million in lower clinical expenses and lower consulting and professional services.

Current wording

Research and development expenses were $5.1 million and $10.0 million for the three and six months ended June 30, 2026, respectively, and $7.5 million and $17.0 million for the three and six months ended June 30, 2025, respectively. The decrease of $2.4 million in the comparable three-month periods was primarily due to $1.6 million in lower personnel-related expenses due to a decrease in headcount related to the October 2025 reduction in workforce, $0.4 million in lower facility expenses, $0.2 million in lower research and development lab supplies and contract services expense, $0.2 million in lower manufacturing expenses related to the timing of batch production of our product candidates, offset by an increase of $0.2 million in clinical expenses. The decrease of $7.0 million in the comparable six-month periods was due to $3.3 million in lower personnel-related expenses due to a decrease in headcount related to the October 2025 reduction in workforce, $1.6 million in lower research and development lab supplies and contract services, $1.2 million in lower facility expenses, and $0.9 million in lower process development and manufacturing expense.

Previous wording

General and administrative expenses were $2.8 million and $3.8 million for the three months ended March 31, 2026 and 2025, respectively. The decrease was due to $0.9 million in lower personnel-related expenses due to a decrease in headcount related to the reduction in workforce, a decrease of $0.3 million in lower consulting and professional services, offset by $0.2 million in higher facility expenses.

Current wording

General and administrative expenses were $2.4 million and $5.2 million for the three and six months ended June 30, 2026, respectively, and $3.5 million and $7.3 million for three and six months ended June 30, 2025, respectively. The decrease of $1.1 million in the comparable three-month periods was due to $0.5 million in lower personnel-related expenses due to a decrease in headcount related to the October 2025 reduction in workforce, a decrease of $0.3 million in lower consulting and professional services and a decrease of $0.2 million in marketing and office related expenses. The decrease of $2.1 million in the comparable six-month period was due to a $1.4 million decrease in lower personnel-related expenses due to a decrease in headcount related to the October 2025 reduction in workforce and a decrease of $0.7 million in consulting and professional services, offset by an increase in facility expenses of $0.2 million.

Previous wording

Interest income was $0.3 million and $1.1 million for the three months ended March 31, 2026 and 2025, respectively. The decrease in our interest income, net was due to less cash being invested compared to the prior year and a decrease in interest rates.

Current wording

Interest income was $0.2 million and $0.5 million for the three and six months ended June 30, 2026, respectively, and $0.6 million and $1.7 million for the three and six months ended June 30, 2025, respectively. The decrease in interest income, net, in 2026 was due to less cash being invested compared to 2025, and a decrease in interest rates.

Previous wording

Other income was $0.1 million and $22,000 for the three months ended March 31, 2026 and 2025, respectively. Other income did not change significantly from the prior year.

Current wording

Other income was $0.5 million and $0.6 million for the three and six months ended June 30, 2026, respectively, and $50,000 and $0.1 million for the three and six months ended June 30, 2025, respectively. Other income did not change significantly from 2025.

Previous wording

We have incurred net losses, $7.2 million and $11.0 million for the three months ended March 31, 2026 and 2025, respectively, and negative cash flows from operations since our inception, with an accumulated deficit of $468.0 million as of March 31, 2026, and we anticipate continuing to incur net operating losses and negative cash flows from operations for the foreseeable future. Under our current operating plans, we believe our cash and cash equivalents and marketable securities of $23.9 million as of March 31, 2026 may be sufficient to fund our operations into early 2027. As a result, 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 unaudited condensed consolidated financial statements.

Current wording

We incurred net losses of $7.7 million and $15.0 million for the three and six months ended June 30, 2026, respectively, and $8.6 million and $19.6 million for the three and six months ended June 30, 2025, respectively. We have incurred negative cash flows from operations since our inception, with an accumulated deficit of $475.7 million as of June 30, 2026, and we anticipate continuing to incur net operating losses and negative cash flows from operations for the foreseeable future. Under our current operating plans, we believe our cash and cash equivalents and marketable securities of $18.1 million as of June 30, 2026 may be sufficient to fund our operations into first quarter 2027. As a result, 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 unaudited condensed consolidated financial statements.

Previous wording

Net cash used in operating activities was $8.0 million and $13.4 million for the three months ended March 31, 2026 and 2025, respectively. Net cash used in operating activities for the three months ended March 31, 2026 was due to our net loss of $7.2 million, adjusted down for $1.3 million of non-cash charges and up for a $2.1 million change in operating assets and liabilities. The non-cash charges were comprised of $0.5 million for stock-based compensation, $0.7 million of non-cash lease-related expense, and $0.2 million for depreciation and amortization expense. The change in net operating assets was primarily due to a $1.4 million decrease in our accounts payable and accrued expenses, a $0.7 million decrease in operating lease liabilities, and a $0.1 million increase in our prepaid expenses and other current assets. Net cash used in operating activities for the three months ended March 31, 2025 was due to our net loss of $11.0 million, adjusted down for $1.2 million of non-cash charges and up for a $3.6 million change in operating assets and liabilities. The non-cash charges were comprised of $0.7 million for stock-based compensation, $0.6 million of non-cash lease-related expense, $0.4 million for depreciation and amortization expense, $0.3 million gain on sale of property and equipment, partially offset by $0.2 million for accretion of discount on marketable securities. The change in net operating assets was due to a $2.5 million decrease in our accounts payable and accrued expenses, a $0.5 million decrease in our deferred revenue, a $0.5 million decrease in our operating lease liabilities, and a $0.2 million increase in our prepaid expenses and other current assets, offset by a $0.1 million increase in other assets.

Current wording

Net cash used in operating activities was $14.6 million and $23.0 million for the six months ended June 30, 2026 and 2025, respectively. Net cash used in operating activities for the six months ended June 30, 2026 was due to our net loss of $15.0 million, adjusted increase for $3.1 million of non-cash charges and decrease for $2.7 million change in operating assets and liabilities. The non-cash charges were comprised of $1.1 million for stock-based compensation, $1.3 million of non-cash lease-related expense, $0.8 million for asset impairment charges and $0.4 million for depreciation and amortization expense, partially offset by $0.4 million of gain on sale of property and equipment and $0.1 million for accretion of discount on marketable securities. The change in net operating assets was primarily due to a $1.2 million decrease in our accounts payable and accrued expenses and a $1.3 million decrease in operating lease liabilities. 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 comprised $1.3 million for stock-based compensation, $1.2 million of non-cash lease-related expense, and $0.7 million for depreciation and amortization expense, partially offset by $0.4 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 due to a $3.4 million decrease in our accounts payable and accrued expenses, a $1.5 million decrease in our deferred revenue, a $1.0 million decrease in our operating lease liabilities, and a $0.2 million increase in our prepaid expenses and other current assets, offset by a $0.1 million increase in other long-term liabilities.

Previous wording

Net cash provided by investing activities was $7.9 million and $14.6 million for the three months ended March 31, 2026 and 2025, respectively. The net cash provided by investing activities for the three months ended March 31, 2026 was due to $9.1 million in maturities of marketable securities offset by $1.2 million in purchases of marketable securities. The net cash provided by investing activities for the three months ended March 31, 2025 was due to $14.6 million in maturities of marketable securities and $1.0 million in proceeds from sales of property and equipment, offset by $1.0 million in purchases of marketable securities.

Current wording

Net cash provided by investing activities was $15.7 million and $25.3 million for the six months ended June 30, 2026 and 2025, respectively. The net cash provided by investing activities for the six months ended June 30, 2026 was due to $16.2 million in maturities of marketable securities and $0.7 million in proceeds from sales of property and equipment, offset by $1.2 million in purchases of marketable securities. 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 $1.0 million in proceeds from sales of property and equipment, offset by $15.5 million in purchases of marketable securities.

Previous wording

Net cash provided by financing activities was $6,000 and zero for three months ended March 31, 2026 and 2025, respectively. The net cash provided by financing activities for three months ended March 31, 2026 was due to net proceeds from the issuance of common stock from stock options.

Current wording

Net cash provided by financing activities was $25,000 and $14,000 for the six months ended June 30, 2026 and 2025, respectively. The net cash provided by financing activities for the six months ended June 30, 2026 was due to net proceeds from the issuance of common stock from our employee stock purchase plan and exercise of stock options. 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.

Previous wording

Based upon our current operating plans, we believe that our existing cash, cash equivalents and marketable securities may be sufficient to fund our operations into early 2027. As a result, we have concluded that there is substantial doubt about our ability to continue as a going concern within one year after the filing of these unaudited condensed consolidated financial statements.

Current wording

Based upon our current operating plans, we believe that our existing cash, cash equivalents and marketable securities may be sufficient to fund our operations into first quarter 2027. As a result, we have concluded that there is substantial doubt about our ability to continue as a going concern within one year after the filing of these unaudited condensed consolidated financial statements.