Monitor 3Q 2026 for initial BDC-4182 data — a key catalyst. The reduced burn improves survival odds, but revenue decline and lack of near-term commercial products keep risk high. Any partnership for CEA or PD-L1 ISAC programs could provide upside.
Price Chart
Executive Summary
Bolt Biotherapeutics reported financial results for Q4 and full-year 2025, showing reduced operating losses due to lower R&D and G&A expenses following restructuring. The company highlighted progress in its BDC-4182 Phase 1 trial, with initial clinical data expected in 3Q 2026, and maintained a cash runway into 2027. Despite lower revenue and significant accumulated deficit, cost reductions improved financial efficiency.
Key Financial Metrics
Key Facts
- Collaboration revenue was $2.5M (Q4) and $7.7M (full year 2025), down from $7.7M in 2024 due to reassessment of performance obligations.
- R&D expenses dropped to $28.5M in 2025 from $57.5M in 2024 due to restructuring and reduced clinical activity.
- Cash and investments totaled $31.8M as of December 31, 2025, expected to fund operations into 2027.
- Net loss narrowed to $33.4M in 2025 from $63.1M in 2024, but company remains unprofitable.
- Initial clinical data for BDC-4182 in gastric cancer expected in 3Q 2026; trial protocol modified for step-up dosing.
Financial Impact
Reduced cash burn from $61.3M in 2024 to $39.9M in 2025, extending runway despite lower revenue.
Risk Factors
- Low revenue base and dependence on future partnerships or financings.
- Clinical failure risk for BDC-4182, especially given mechanism novelty.
- Market cap of $8M reflects extreme risk; dilution likely if future funding is required.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3255098 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 3 | $6.58 | awaiting T+5 | — | $6.37 (−3.19%) |
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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