10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-39988

Bolt Biotherapeutics, Inc.

(Exact name of Registrant as specified in its Charter)


Delaware	47-2804636
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

900 Chesapeake Drive Redwood City, CA	94063
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (650) 665-9295

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.00001 par value	BOLT	The Nasdaq Global Select Market

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒

Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 7, 2024, the registrant had 38,127,740 shares of common stock outstanding.

Table of Contents


		Page
PART I FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)	1
	Condensed Balance Sheets as of March 31, 2024 and December 31, 2023	1
	Condensed Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2024 and 2023	2
	Condensed Statements of Stockholders’ Equity for the Three Months Ended March 31, 2024 and 2023	3
	Condensed Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023	4
	Notes to the Condensed Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27
Item 4.	Controls and Procedures	27

PART II OTHER INFORMATION
Item 1.	Legal Proceedings	27
Item 1A.	Risk Factors	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3.	Defaults Upon Senior Securities	27
Item 4.	Mine Safety Disclosures	28
Item 5.	Other Information	28
Item 6.	Exhibits	29
	Signatures	30

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

BOLT BIOTHERAPEUTICS, INC.

CONDENSED BALANCE SHEETS

(Unaudited, in thousands, except share and per share amounts)


	March 31,			December 31,
	2024			2023
Assets
Current assets:
Cash and cash equivalents	$	4,262		$	10,810
Short-term investments		87,088			91,379
Prepaid expenses and other current assets		3,705			3,519
Total current assets		95,055			105,708
Property and equipment, net		4,499			4,957
Operating lease right-of-use assets		18,347			19,120
Restricted cash		1,765			1,765
Long-term investments		21,461			26,413
Other assets		1,765			1,821
Total assets	$	142,892		$	159,784
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	2,219		$	2,987
Accrued expenses and other current liabilities		9,710			12,486
Deferred revenue		1,907			2,201
Operating lease liabilities		2,887			2,782
Total current liabilities		16,723			20,456
Operating lease liabilities, net of current portion		16,680			17,437
Deferred revenue, non-current		5,330			9,107
Other long-term liabilities		—			43
Total liabilities		38,733			47,043
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock, $0.00001 par value, authorized shares—10,000,000 shares authorized at March 31, 2024 and December 31, 2023; zero shares issued and outstanding at March 31, 2024 and December 31, 2023		—			—
Common stock, $0.00001 par value; 200,000,000 shares authorized at March 31, 2024 and December 31, 2023; 38,127,740 and 38,114,606 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively		1			1
Additional paid-in capital		479,290			476,988
Accumulated other comprehensive (loss) gain		(36	)		37
Accumulated deficit		(375,096	)		(364,285	)
Total stockholders' equity:		104,159			112,741
Total liabilities and stockholders' equity	$	142,892		$	159,784

The accompanying notes are an integral part of these unaudited condensed financial statements.

BOLT BIOTHERAPEUTICS, INC.

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited, in thousands, except share and per share amounts)


	Three Months Ended March 31,
	2024		2023
Collaboration revenue	$	5,274	$	1,826
Operating expenses:
Research and development

SEC Form 10-Q filed by Bolt Biotherapeutics Inc.