Bolt Biotherapeutics completes reverse‑merger acquisition of Prana Therapies with $120 million financing
Bolt Biotherapeutics acquired Prana Therapies in a sign‑and‑close reverse merger on October 23 2026, issuing Bolt common and Series D preferred shares to Prana equityholders. The transaction was accompanied by a private‑placement of $120 million of preferred stock, with warrants that could generate up to an additional $60 million. The financing is intended to fund the combined company's operations into 2028 and advance Prana’s INSPIRE platform, led by the bispecific antibody PRA‑216. Prana co‑founder Dr. Sheila Gujrathi joined Bolt’s board as chief strategy officer.
Why it matters
The $120 million financing extends Bolt’s cash runway to 2028, supporting multiple Phase‑2 readouts for PRA‑216 in 2027. The merger dilutes existing Bolt shareholders, leaving them with roughly 6.9% of the combined company, while giving Prana shareholders a 51.7% stake, according to the company’s filing.
Key facts
- 1Bolt completed a reverse‑merger acquisition of Prana Therapies, exchanging Prana equity for 430,746 Bolt common shares and 16,360.929 Series D preferred shares. stocktitan.net
- 2Bolt raised $120 million in upfront private‑placement financing, with warrants that could provide up to an additional $60 million. stocktitan.net
- 3The financing is expected to fund Bolt’s operations into 2028. stocktitan.net
- 4Dr. Sheila Gujrathi, Prana co‑founder and former CEO, was appointed chief strategy officer and joined Bolt’s board of directors. stocktitan.net
- 5Post‑merger, former Prana equityholders own approximately 51.7% of the combined company on a fully‑diluted basis. investing.com
- 6Former Bolt equityholders own approximately 6.9% of the combined company on a fully‑diluted basis. investing.com
Summary written by AlphAI AI Desk from 5 of 5 sources. Not investment advice. Figures are as stated by the linked sources.