Q3 FY2026
Filed Nov 12, 2026Bolt reports zero collaboration revenue and a $4.7 million Q3 operating loss, while closing the Prana Therapies acquisition and a $120 million private placement that it says fund operations into 2028
Operating expenses and net loss fell sharply year over year, but collaboration revenue was zero, cash and investments are small relative to the operating loss, total stockholders' equity fell from $26,505 thousand to $8,562 thousand, and the company's runway statement depends on the October 2026 financing that was completed after the quarter ended.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Collaboration revenue, Q3 2026 (three months ended September 30, 2026)GAAP | zero | – | – |
| Research and development expenses, Q3 2026GAAP | $2.21M | – | – |
| General and administrative expenses, Q3 2026GAAP | $2.52M | – | – |
| Total operating expense, Q3 2026GAAP | $4.73M | – | – |
| Loss from operations, Q3 2026GAAP | −$4.73M | – | – |
| Interest income, net, Q3 2026GAAP | $145K | – | – |
| Other income, net, Q3 2026GAAP | $163K | – | – |
| Total other income (expense), net, Q3 2026GAAP | $308K | – | – |
| Net loss, Q3 2026GAAP | −$4.42M | – | – |
| Net loss per share, basic and diluted, Q3 2026GAAP | $(2.25) | – | – |
| Collaboration revenue, nine months ended September 30, 2026GAAP | $31K | – | – |
| Research and development expenses, nine months ended September 30, 2026GAAP | $12.19M | – | – |
| General and administrative expenses, nine months ended September 30, 2026GAAP | $7.74M | – | – |
| Impairment charges, nine months ended September 30, 2026GAAP | $808K | – | – |
| Total operating expense, nine months ended September 30, 2026GAAP | $20.74M | – | – |
| Loss from operations, nine months ended September 30, 2026GAAP | −$20.70M | – | – |
| Interest income, net, nine months ended September 30, 2026GAAP | $599K | – | – |
| Other income, net, nine months ended September 30, 2026GAAP | $557K | – | – |
| Total other income (expense), net, nine months ended September 30, 2026GAAP | $1.16M | – | – |
| Net loss, nine months ended September 30, 2026GAAP | −$19.55M | – | – |
| Net loss per share, basic and diluted, nine months ended September 30, 2026GAAP | $(10.09) | – | – |
| Net cash used in operating activities, nine months ended September 30, 2026GAAP | −$17.64M | – | – |
Capital returns
- No share repurchases or dividends are reported in the filing.
- Subsequent to quarter end, in October 2026, Bolt sold 13,995.311 shares of Series D Preferred Stock and accompanying warrants for aggregate gross proceeds of $120.0 million, before placement agent fees and other offering expenses. Gross proceeds from the warrants are not included.
- Financing cash flow for the nine months ended September 30, 2026 was $25 thousand, from proceeds from issuance of common stock, against $14 thousand in the prior-year nine months.
What drove it
- The company attributes the R&D decrease to an R&D tax incentive, lower salary and related expenses primarily from its restructuring, and overall lower research and development activities.
- The company attributes the G&A decrease to lower salary and related expenses primarily from its restructuring, as well as lower personnel expenses.
- The company states that collaboration revenue in the comparative periods was generated from services performed under the R&D collaborations as it fulfilled its performance obligations.
- The company reports the October 2026 acquisition of Prana Therapies, a stock-for-stock reverse merger, and the concurrent $120 million private placement, which it says make Prana's PRA-216 program and the INSPIRE pipeline its primary development focus.
- The company reports that the Chesapeake Master Lease was terminated following the Prana acquisition, with an effective lease expiration date of January 1, 2027.
Concerns
- Collaboration revenue was zero in the quarter, against $2,169 thousand in the same quarter of 2025, and nine-month collaboration revenue was $31 thousand, against $5,195 thousand.
- Stockholders' equity fell to $8,562 thousand at September 30, 2026 from $26,505 thousand at December 31, 2025.
- Cash and cash equivalents plus short-term and long-term investments at September 30, 2026 were $13,782 thousand, $1,016 thousand and $247 thousand respectively, against nine-month net cash used in operating activities of $(17,641) thousand.
- The company says the runway into 2028 relies on the October 2026 financing, which closed after the quarter ended.
- The company's forward-looking statements flag the risk that stockholder approvals are not obtained, which would affect realization of the transaction benefits. Stockholder approval of the conversion of the Series D Preferred Stock is still required.
- The company reports an $808 thousand impairment charge in the nine months ended September 30, 2026.
What to watch
- Stockholder approval of the conversion of the Series D non-voting convertible preferred stock into common stock, which the company says it will seek as soon as practicable.
- Expected approximately 34.2 million shares of common stock outstanding on an as-converted basis, before exercise of the PIPE warrants.
- Initial patient proof-of-concept data across the PRA-216 Phase 2 studies in asthma, COPD and atopic dermatitis, which the company expects beginning in the second quarter of 2027, and the planned eosinophilic esophagitis study.
- Entry into the clinic and initial clinical data for a second wholly owned INSPIRE program, which the company expects in 2H 2027.
- Disclosures required under ASC 805, Business Combinations, which the company says it will provide no later than January 8, 2027.
- Whether the company receives proceeds from exercise of the accompanying PIPE warrants, which the filing does not quantify.
Balance sheet and cash flow
- Cash and cash equivalents at September 30, 2026: $13,782 thousand, against $11,703 thousand at December 31, 2025.
- Short-term investments at September 30, 2026: $1,016 thousand, against $15,802 thousand at December 31, 2025.
- Long-term investments at September 30, 2026: $247 thousand, against $4,337 thousand at December 31, 2025.
- Total assets at September 30, 2026: $35,591 thousand, against $56,748 thousand at December 31, 2025.
- Total liabilities at September 30, 2026: $27,029 thousand, against $30,243 thousand at December 31, 2025.
- Total stockholders' equity at September 30, 2026: $8,562 thousand, against $26,505 thousand at December 31, 2025.
- Deferred revenue, current, at September 30, 2026: $1,066 thousand, against $449 thousand at December 31, 2025. Deferred revenue, non-current: $924 thousand, against $1,544 thousand.
- Nine months ended September 30, 2026: net cash provided by investing activities $19,695 thousand (prior year $43,228 thousand); net increase in cash $2,079 thousand (prior year $10,548 thousand).
- Total cash, cash equivalents and restricted cash at end of period: $15,520 thousand, against $19,518 thousand at September 30, 2025.
- Free cash flow is not reported.
Analysis
Bolt reported a third quarter 2026 with no collaboration revenue, against $2,169 thousand in the third quarter of 2025, and the filing states that prior-period revenue came from services performed under its R&D collaborations. Total operating expense fell to $4,730 thousand from $9,872 thousand, with R&D down to $2,209 thousand from $6,535 thousand and G&A down to $2,521 thousand from $3,337 thousand. The company attributes the R&D decline to an R&D tax incentive, lower salary and related costs from its restructuring, and lower activity, and the G&A decline to lower salary costs from the restructuring and lower personnel expenses. The loss from operations narrowed to $(4,730) thousand from $(7,703) thousand, and the net loss to $(4,422) thousand from $(7,144) thousand, or $(2.25) per share against $(3.72).
The nine-month figures show the same pattern with a larger base. Collaboration revenue was $31 thousand against $5,195 thousand, R&D was $12,187 thousand against $23,545 thousand, and G&A was $7,741 thousand against $10,678 thousand. The filing also shows an $808 thousand impairment charge in the nine months, with no comparable charge in the prior year. Net loss for the nine months was $(19,549) thousand, or $(10.09) per share, against $(26,745) thousand, or $(13.94) per share. Net cash used in operating activities was $(17,641) thousand against $(32,694) thousand.
The balance sheet is smaller than a year earlier. Total assets were $35,591 thousand at September 30, 2026 against $56,748 thousand at December 31, 2025, and stockholders' equity was $8,562 thousand against $26,505 thousand. Cash and cash equivalents rose to $13,782 thousand from $11,703 thousand, but short-term investments fell to $1,016 thousand from $15,802 thousand, so the nine-month investing inflow of $19,695 thousand came mainly from maturities of marketable securities. Total liabilities declined to $27,029 thousand from $30,243 thousand.
The defining event of the period is the October 23, 2026 acquisition of Prana Therapies, completed through 430,746 shares of common stock and 16,360.929 shares of Series D non-voting preferred stock, together with a concurrent private placement of 13,995.311 Series D Preferred shares and accompanying warrants for aggregate gross proceeds of $120.0 million before placement agent fees and offering expenses. The company expects approximately 34.2 million common shares outstanding on an as-converted basis before PIPE warrant exercise, subject to stockholder approval of the Series D conversion. The company says the financing funds operations into 2028 through multiple milestones. Because the transaction closed after September 30, 2026, none of its effects appear in the reported quarter balance sheet.
The filing does not include formal financial guidance, so no outlook comparison is possible. The near-term focus is the PRA-216 Phase 2 program, where the company expects patient proof-of-concept data beginning in the second quarter of 2027, and a second wholly owned INSPIRE program expected to enter the clinic and generate initial data in 2H 2027. Investors should weigh the falling operating losses against zero current revenue, the reduced equity base, and the dependence of the stated runway on a financing and a stockholder approval that are still pending.
Management, verbatim
PRA-216 is our flagship program and the first clinical validation of the INSPIRE platform. It is now in Phase 2 development in asthma, COPD and atopic dermatitis, with an additional study planned in eosinophilic esophagitis, and we expect patient proof-of-concept data across all four studies beginning in the second quarter of 2027.
Sheila Gujrathi, M.D., Chief Strategy Officer of Bolt Biotherapeutics
Completing the Prana acquisition marks an important transformation for Bolt. With a strong balance sheet, an advanced clinical program and a differentiated platform, we believe we are well positioned to execute against the important milestones ahead.
Willie Quinn, President and Chief Executive Officer of Bolt Biotherapeutics
Not in the filing
stated, not guessed- Company financial guidance for revenue, gross margin, operating expenses or tax rate is not provided in the filing.
- Prior-period outlook was not provided, so no guidance comparison is possible.
- Consensus estimates and analyst expectations are not provided.
- Share price reaction is not provided.
- Prior-quarter (Q2 2026) figures are not printed for the income statement lines, so prior_quarter and qoq_change are null.
- Percentage year-over-year changes are not printed, so yoy_change is null for all rows.
- Free cash flow is not reported.
- Operating cash flow for the three months ended September 30, 2026 is not reported; only the nine-month figure is given.
- Balance sheet comparisons for cash, total assets and equity are against December 31, 2025, not a same-period prior year, so prior_year is null for those items and the values appear in balance_sheet_cash_flow.
- Segment or business-line revenue breakdown is not provided; collaboration revenue is the only revenue line.
- Net proceeds from the October 2026 private placement after fees and expenses are not reported.
- Number of PIPE warrants and exercise price are not reported, so warrant proceeds cannot be assessed.
- Pro forma or post-acquisition financial information for Prana Therapies is not provided; the ASC 805 disclosures are deferred.
- Cash runway duration is stated only as into 2028, with no quarter or month specified.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.