Bolt Biotherapeutics completes reverse‑merger acquisition of Prana Therapies and raises $120 million
Bolt Biotherapeutics merged with Prana Therapies in a sign‑and‑close reverse merger on October 23, 2026, issuing a mix of common and Series D preferred shares to Prana shareholders. At the same time the company closed a private‑placement financing that provides $120 million of upfront cash and up to $60 million more if warrants are exercised. The proceeds are intended to fund Bolt’s operations through 2028 and to advance Prana’s lead program, PRA‑216, which is in Phase 2 studies for several inflammatory diseases.
Why it matters
The financing extends Bolt’s cash runway to 2028, giving the combined company resources to reach multiple Phase 2 readouts in 2027. The merger gives Prana shareholders a controlling stake in Bolt, reshaping ownership and potentially influencing future strategic decisions.
Key facts
- 1The merger was completed on October 23, 2026, with Prana equityholders receiving a combination of Bolt common stock and Series D non‑voting convertible preferred stock. tradingview.com
- 2Bolt raised $120 million in gross proceeds from a private placement of preferred shares and warrants. tradingview.com
- 3Warrants attached to the financing could generate approximately $60 million in additional proceeds if fully exercised. tradingview.com
- 4The financing is expected to fund Bolt’s operations into 2028 and support multiple clinical milestones. stocktitan.net
- 5Prana’s lead program, PRA‑216, is a bispecific antibody targeting IL‑4Rα and TSLP that is in Phase 2 development for asthma, chronic obstructive pulmonary disease and atopic dermatitis, with a Phase 2 study in eosinophilic esophagitis planned. stocktitan.net
- 6Data from all four Phase 2 trials are expected to begin emerging in the second quarter of 2027. stocktitan.net
Summary written by AlphAI AI Desk from 7 of 7 sources. Not investment advice. Figures are as stated by the linked sources.