No material catalyst until 3Q 2026 BDC-4182 data. Cash runway into 2027 provides ~12+ months of liquidity at current burn rate. Monitor for partnership announcements on held pipeline programs (CEA, PD-L1 ISACs, BDC-3042) as potential upside catalysts. Stock is a binary event play on Phase 1/2 data.
Price Chart
Executive Summary
Bolt Biotherapeutics reported Q1 2026 collaboration revenue of $26,000, down 98% YoY from $1.2M, and a net loss of $7.2M ($4.31 per share). The company's cash balance fell to $23.9M, down from $31.8M at year-end 2025, with no new clinical data catalysts until 3Q 2026. The filing is neutral as a pre-revenue clinical-stage biotech with predictable cash burn and no material surprises.
Key Financial Metrics
Key Facts
- Collaboration revenue collapsed to $26,000 from $1.2M YoY, a 98% decline
- Net loss improved to $7.2M from $11.0M YoY, driven by reduced R&D and G&A spending
- Cash, cash equivalents, and marketable securities at $23.9M, down from $31.8M at Dec 31, 2025
- Cash runway expected to fund operations into 2027, including completion of BDC-4182 dose escalation
- Initial clinical data from BDC-4182 Phase 1/2 study still expected in 3Q 2026 — no change from prior guidance
- All pipeline programs beyond BDC-4182 remain on hold pending partnering or proof-of-concept
Financial Impact
Quarterly cash burn of ~$8.0M in operating activities; cash balance declining $7.9M from $31.8M to $23.9M
Risk Factors
- Cash burn continues with no near-term revenue catalyst; dilution risk if data disappoints
- BDC-4182 Phase 1/2 data in 3Q 2026 is binary — failure would likely force restructuring or shutdown
- Entire pipeline beyond lead candidate is on hold, limiting pipeline optionality
- Revenue concentration risk: collaboration revenue nearly zero in Q1 2026
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-219361 |
| Document: bolt-20260512.htm | 0001193125-26-219361 |
| Document: 0001193125-26-219361-index-headers.html | 0001193125-26-219361 |
| Document: 0001193125-26-219361-index.html | 0001193125-26-219361 |
| Document: 0001193125-26-219361.txt | 0001193125-26-219361 |
| 8-K Data (Synthetic) | 0001193125-26-219361 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 4d ago | 8-K | $6.27 | awaiting T+5 | — | $6.37 (+1.59%) |
Oct 6, 2026 21d ago | 8-K | $3.60 $3.98 | ▼ −10.56% | ▼ −11.54% | $6.37 (−76.94%) |
May 12, 2026 24w ago | 8-K | $4.83 $4.72 | ▼ −2.28% | ▼ −1.12% | $6.37 (+31.88%) |
May 12, 2026 24w ago | Press Release | $4.83 $4.72 | ▲ +2.28% | ▲ +1.12% | $6.37 (−31.88%) |
Mar 12, 2026 32w ago | Press Release | $3.91 $4.76 | ▲ +21.74% | ▲ +23.86% | $6.37 (+62.92%) |
US Market Status
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