Second quarter 2026
Filed Aug 11, 2026Bolt Biotherapeutics Reports Second Quarter 2026 Financial Results and Provides Business Update
Operating losses and research and development spending declined from the prior-year quarter following restructuring, but collaboration revenue fell to $5,000 and the company reported cash expected to fund operations only into first quarter 2027. The key near-term catalyst is initial BDC-4182 clinical data expected with third quarter 2026 results.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Collaboration revenueGAAP | $5,000 | – | – |
| Research and development expensesGAAP | $5.1 million | – | – |
| General and administrative expensesGAAP | $2.4 million | – | – |
| Impairment chargesGAAP | $ 808 (in thousands) | – | – |
| Total operating expenseGAAP | $ 8,379 (in thousands) | – | – |
| Loss from operationsGAAP | $8.4 million | – | – |
| Interest income, netGAAP | $ 178 (in thousands) | – | – |
| Other income, netGAAP | $ 476 (in thousands) | – | – |
| Total other income (expense), netGAAP | $ 654 (in thousands) | – | – |
| Net lossGAAP | $ 7,720 (in thousands) | – | – |
| Net unrealized loss on marketable securitiesGAAP | $ 33 (in thousands) | – | – |
| Comprehensive lossGAAP | $ 7,753 (in thousands) | – | – |
| Net loss per share, basic and dilutedGAAP | $ (4.57 ) | – | – |
| Weighted-average shares outstanding, basic and dilutedGAAP | 1,690,529 | – | – |
| Six-month collaboration revenueGAAP | $ 31 (in thousands) | – | – |
| Six-month research and development expensesGAAP | $ 9,978 (in thousands) | – | – |
| Six-month general and administrative expensesGAAP | $ 5,220 (in thousands) | – | – |
| Six-month impairment chargesGAAP | $ 808 (in thousands) | – | – |
| Six-month total operating expenseGAAP | $ 16,006 (in thousands) | – | – |
| Six-month loss from operationsGAAP | $ 15,975 (in thousands) | – | – |
| Six-month net lossGAAP | $ 14,964 (in thousands) | – | – |
| Six-month net loss per share, basic and dilutedGAAP | $ (8.88 ) | – | – |
| Six-month net cash used in operating activitiesGAAP | $ 14,563 (in thousands) | – | – |
Third quarter 2026 and first quarter 2027 outlook
- NoteInitial clinical data from BDC-4182 Phase 1/2 study for patients with gastric and gastroesophageal cancer expected with third quarter 2026 results.
- NoteCash on hand is expected to fund operations into first quarter 2027.
What drove it
- The decrease in research and development expenses was mainly due to a decrease in salary and related expenses primarily as a result of restructuring and overall lower research and development activities.
- The decrease in general and administrative expenses was mainly due to a decrease in salary and related expenses primarily as a result of restructuring as well as lower consulting expenses.
- Revenue in the comparative periods was generated from services performed under the R&D collaborations as the company fulfills its performance obligations.
- The Phase 1/2 study is progressing with ongoing treatment of patients in Cohort 4 at the 4.0 mg/kg dose level.
Concerns
- Collaboration revenue was $5,000 for the quarter ended June 30, 2026, compared to $1.8 million for the same quarter in 2025.
- The company reported a net loss of $ 7,720 (in thousands) and loss from operations of $8.4 million for the quarter ended June 30, 2026.
- Cash on hand is expected to fund operations into first quarter 2027.
- The rest of the pipeline is currently on hold, including BDC-3042 and preclinical ISAC programs targeting CEA and PD-L1.
- The company recorded impairment charges of $ 808 (in thousands) during the quarter.
What to watch
- Initial clinical data from the BDC-4182 Phase 1/2 study expected with third quarter 2026 results.
- Progression of BDC-4182 patient treatment in Cohort 4 at the 4.0 mg/kg dose level.
- Cash runway expected to fund operations into first quarter 2027.
- Potential ability to partner the CEA ISAC and PD-L1 ISAC programs.
Balance sheet and cash flow
- Cash, cash equivalents, and marketable securities were $18.1 million as of June 30, 2026.
- Cash and cash equivalents were $ 12,860 (in thousands) as of June 30, 2026, compared to $ 11,703 (in thousands) as of December 31, 2025.
- Short-term investments were $ 4,738 (in thousands) as of June 30, 2026, compared to $ 15,802 (in thousands) as of December 31, 2025.
- Long-term investments were $ 509 (in thousands) as of June 30, 2026, compared to $ 4,337 (in thousands) as of December 31, 2025.
- Restricted cash was $ 200 (in thousands) and restricted cash, non-current was $ 1,538 (in thousands) as of June 30, 2026.
- Total assets were $ 40,344 (in thousands) as of June 30, 2026, compared to $ 56,748 (in thousands) as of December 31, 2025.
- Total liabilities were $ 27,704 (in thousands) as of June 30, 2026, compared to $ 30,243 (in thousands) as of December 31, 2025.
- Total stockholders' equity was $ 12,640 (in thousands) as of June 30, 2026, compared to $ 26,505 (in thousands) as of December 31, 2025.
- Net cash used in operating activities was $ 14,563 (in thousands) for the six months ended June 30, 2026, compared to $ 22,962 (in thousands) for the six months ended June 30, 2025.
- Purchases of property and equipment were $ 13 (in thousands) for the six months ended June 30, 2026.
- Proceeds from sales of property and equipment were $ 717 (in thousands) for the six months ended June 30, 2026, compared to $ 963 (in thousands) for the six months ended June 30, 2025.
Analysis
Bolt Biotherapeutics reported a lower operating loss for the second quarter of 2026, with loss from operations of $8.4 million compared with $9.2 million in the same quarter in 2025. The improvement reflected lower research and development expenses of $5.1 million versus $7.5 million and lower general and administrative expenses of $2.4 million versus $3.5 million. Management attributed both expense reductions principally to restructuring-related lower salary and related costs, with lower research and development activity also affecting R&D and lower consulting costs affecting G&A. The quarter also included impairment charges of $ 808 (in thousands).
Management, verbatim
In the second quarter, we continued to make meaningful progress in the ongoing BDC-4182 Phase 1/2 study in patients with gastric and gastroesophageal cancer. We are currently treating patients in Cohort 4. To date, BDC-4182 has been well tolerated, and we are seeing activity consistent with our immune-stimulating mechanism.
Willie Quinn, President and Chief Executive Officer
We expect to report initial clinical data from BDC-4182 with our third quarter 2026 results.
Willie Quinn, President and Chief Executive Officer
Not in the filing
stated, not guessed- Quarterly operating cash flow
- Free cash flow
- Debt balance
- Gross margin
- Non-GAAP financial metrics
- Quarter-over-quarter comparisons
- Financial revenue, expense, margin, EPS, or tax-rate guidance
- Capital return activity, including share repurchases and dividends
- Complete investing and financing cash flow information, because the filing text is truncated following the investing cash flow section
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.