Announcement • Apr 30
Bolt Biotherapeutics, Inc., Annual General Meeting, Jun 10, 2026 Bolt Biotherapeutics, Inc., Annual General Meeting, Jun 10, 2026. Announcement • May 01
Bolt Biotherapeutics Presents Preclinical Results for Next-Generation Boltbody ISACs Targeting Cea and PD-L1 At AACR Annual Meeting 2025 Bolt Biotherapeutics announced preclinical results from its next-generation Boltbody ISACs targeting CEACAM5 and PD-L1 at the American Association for Cancer Research (AACR) Annual Meeting. This ISAC drives enhanced phagocytosis of CEA-positive tumor cells and stimulates production of critical immune-activating cytokines including IL-12p70, IFNg, and TNFa. Key results with the next-gen CEA ISAC are below: Antigen-dependent induction of immune-stimulating cytokines in human, NHP and mouse effector cells Complete responses in CEA transgenic syngeneic model demonstrates robust efficacy. Induction of immunological memory demonstrates potential for durable responses. In a non-GLP NHP tox study, the next-generation CEA ISAC was well-tolerated with no significant drug-related adverse events observed up to 15 mg/kg, the highest tested dose. Bolt's PD-L1 ISAC utilizes a novel human anti-PD-L1 antibody conjugated to a next-generation TLR7/8 agonist load via a non-cleavable linker. This ISAC leverages a unique mechanism of action due to its ability to target both tumor and immune cells that express PD-L1. Key results are below: PD-L1 ISACs directly activate and reprogram PD-L1-expressing myeloid cells in the TME to promote innate and adaptive antitumor immunity. PD-L1 ISAC's elicit complete regressions and immunological memory in models that are resistant to PD-1/PD-L1 checkpoint inhibitor therapy. Mechanistic studies indicate that PD-L1 expression by either tumor or immune cells is sufficient to drive antitumor efficacy. Blockade of the PD-1/PD- L1 axis is not required for PD-L1 ISAC efficacy but may be a supportive mechanism and complementary combination strategy. Favorable safety profile was demonstrated in non-GLP NHP toxicology studies supporting use in combination with SoC therapies & other agents. Details about the poster presentations can be found on the AACR website. Additionally, a copy of each poster is available on the Publications page of the Bolt Biotherapeutics website. This increases the population of activated immune system cells in the tumor microenvironment and promotes a robust immune response with the goal of generating durable therapeutic responses for patients with cancer. Announcement • Apr 26
Bolt Biotherapeutics Presents Results from the Phase 1 Dose-Escalation Clinical Study of BDC-3042 At AACR Annual Meeting 2025 Bolt Biotherapeutics announced results from its Phase 1 dose-escalation clinical study of BDC-3042 at the American Association for Cancer Research (AACR) Annual Meeting, taking place April 25-30, 2025, in Chicago, Illinois. Dectin-2 is a C-type lectin receptor best known for its role in pathogen recognition and induction of protective immune responses against fungi and other microbes. This single-agent, dose-escalation Phase 1 clinical study is evaluating BDC-3042 in patients with metastatic or unresectable triple-negative breast cancer (TNBC), clear cell renal cell carcinoma (ccRCC), colorectal cancer (CRC), melanoma, non-small cell lung cancer (NSCLC), and ovarian cancer. Key Clinical Study Findings: Seventeen patients with six different tumor types and a median of four prior lines of therapy were enrolled across the seven dose cohorts. Across all dose cohorts: No grade 4 or 5 drug-related adverse events (AEs) were reported; No drug-related serious adverse events (SAEs) were reported; No drug -related treatment discontinuations; The most frequent drug-related AEs were fatigue (12%), flatulence (12%), and nausea (12%) BDC-3042 demonstrated favorable pharmacokinetics (PK) providing ample exposure and flexibility to widen the dosing interval; Biological activity was confirmed, with evidence of target engagement and peripheral immunostimulatory effects consistent with preclinical studies; 100% (5/5) of patient samples had detectable dectin-2 staining when assessed by immunohistochemistry (IHC); The study provided evidence of monotherapy anti-tumor activity; One NSCLC patient from the 10 mg/kg cohort had an unconfirmed partial response and remains on study beyond 18 weeks; 80% of evaluable patients (12/15) had SD or better as their best response; Four out of five patients who had progressed after previous treatment with PD-1/PD-L1 blockers had SD with some reduction in tumor size; All three NSCLC patients had SD or better with some reduction in tumor size. The dose-escalation data support the selection of 10 mg/kg q2w as a recommended Phase 2 dose (RP2D), alongside potential exploration of other doses and schedules. The results support further clinical development in NSCLC and other post-immunotherapy settings, as patients previously treated with PD-(L)1 inhibitors appear to have more dectin-2 expression and may experience improved outcomes. Announcement • Apr 17
Bolt Biotherapeutics, Inc., Annual General Meeting, May 27, 2025 Bolt Biotherapeutics, Inc., Annual General Meeting, May 27, 2025. Reported Earnings • Nov 14
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: US$0.40 loss per share (improved from US$0.43 loss in 3Q 2023). Revenue: US$1.14m (down 55% from 3Q 2023). Net loss: US$15.2m (loss narrowed 6.6% from 3Q 2023). Revenue missed analyst estimates by 9.6%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is expected to decline by 76% p.a. on average during the next 3 years, while revenues in the Biotechs industry in the US are expected to grow by 22%. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 59% per year, which means it is significantly lagging earnings. Announcement • Nov 08
Bolt Biotherapeutics Presents Updated Preclinical Data for BDC-4182 and Key Learnings from Phase 1 Dose-Escalation Trial of BDC-1001 at SITC 39th Annual Meeting Bolt Biotherapeutics presented updated preclinical data for BDC-4182, a next-generation Boltbody™? ISAC clinical candidate targeting claudin 18.2, and provided key learnings from its Phase 1 dose-escalation trial of BDC-1001 at the 39th Annual Meeting of the Society for Immunotherapy of Cancer (SITC), being held in Houston, Texas from November 6-10, 2024. BDC-4182 has advanced into IND-enabling activities, supported by in vitro and in vivo experiments demonstrating potent anti-tumor activity in multiple preclinical models, with clinical trial initiation expected in 2025. In vivo assessment of anti-tumor activity was performed with a murine surrogate of BDC-4182 using xenograft and syngeneic tumor models with different levels of claudin 18.2 expression. This increases the population of activated immune system cells in the tumor microenvironment and promotes a robust immune response with the goal of generating durable therapeutic responses for patients with cancer. Board Change • Oct 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Jakob Dupont was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 05
Bolt Biotherapeutics, Inc. Announces Changes to Its Board of Directors Bolt Biotherapeutics, Inc. announced the appointment of Jakob Dupont, M.D., to its Board of Directors. Dr. Dupont brings more than two decades of experience in the field of oncology and immuno-oncology. With the appointment of Dr. Dupont, Executive Partner at Sofinnova Investments, Dr. Jim Healy, M.D., Ph.D., also at Sofinnova, will be stepping down as Lead Independent Director. In addition, Frank D. Lee will be departing the Board and Brian O’Callaghan, CEO of Deep Genomics, will be assuming the role of Chair. Dr. Dupont is Executive Partner, Private Equity at Sofinnova Investments. Prior to joining Sofinnova, Dr. Dupont was Global Head of Research & Development and Executive Vice President at Atara Biotherapeutics, where he led the development and regulatory approval of EBVallo®. He also served as Chief Medical Officer at Gossamer Bio. Before Gossamer Bio, Dr. Dupont served as Vice President and Global Head of Breast and Gynecologic Cancer Development for Genentech/Roche, where he was responsible for the global development of Herceptin®, Perjeta®, Kadcyla®, and Tecentriq®, among others, and where he previously led the development of Avastin® for Gynecologic and Breast Cancers when starting his industry career. He serves as a Board Member for Avenzo Therapeutics, Pyxis Oncology, and Imugene, and is on the Scientific Advisory Board for Flagship Pioneering. Dr. Dupont earned his bachelor’s degree from Vassar College, his master’s degree from New York University, and his M.D. from the Joan & Sanford I. Weill Medical College of Cornell University. Major Estimate Revision • Aug 20
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -US$1.34 to -US$1.52 per share. Revenue forecast unchanged at US$8.98m. Biotechs industry in the US expected to see average net income decline 14% next year. Consensus price target up from US$1.25 to US$1.58. Share price was steady at US$0.69 over the past week. Reported Earnings • Aug 15
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: US$0.56 loss per share (further deteriorated from US$0.48 loss in 2Q 2023). Revenue: US$1.28m (down 11% from 2Q 2023). Net loss: US$21.2m (loss widened 17% from 2Q 2023). Revenue exceeded analyst estimates by 43%. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 62% per year, which means it is significantly lagging earnings. Announcement • Jul 05
Bolt Biotherapeutics Receives Written Notice from Nasdaq Due to Non-Compliance with the Minimum Bid Requirement under Nasdaq Listing Rule 5450(a)(1) On July 2, 2024, Bolt Biotherapeutics, Inc. received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market, LLC (‘Nasdaq’) notifying the company that on July 1, 2024, the average closing price of its common stock over the prior 30 consecutive trading days had fallen below $1.00 per share, which is the minimum average closing price required to maintain listing on the Nasdaq Global Select Market under Nasdaq Listing Rule 5450(a)(1) (the ‘Minimum Bid Requirement’). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the company has 180 calendar days to regain compliance with the Minimum Bid Requirement (the ‘Grace Period’), subject to a potential 180 calendar day extension. To regain compliance, the closing bid price of its common stock must be at least $1.00 per share for a minimum of ten consecutive business days within the Grace Period. If the company do not achieve compliance with the Minimum Bid Requirement by December 30, 2024, the end of the Grace Period, the company may be eligible for an additional 180 calendar day period to regain compliance. To qualify, the company would be required to meet the continued listing requirement for the market value of the company’s publicly held shares and all other Nasdaq initial listing standards, with the exception of the bid price requirement, and would need to provide written notice of the company’s intention to cure the deficiency during the second compliance period by effecting a reverse stock split if necessary. However, if it appears to Nasdaq staff that the company will not be able to cure the deficiency, or if the company do not meet the other listing standards, Nasdaq could provide notice that the company’s common stock will be subject to delisting. In the event the company receive notice that the company’s common stock is being delisted, the company would be entitled to appeal the determination to a Nasdaq Listing Qualifications Panel and request a hearing. The company intend to actively monitor the closing bid price of its common stock and will evaluate available options to regain compliance with the Minimum Bid Requirement. There can be no assurance that the company will be able to regain compliance with the Minimum Bid Requirement or maintain compliance with the other listing requirements. The notice has no immediate effect on the listing or trading of the company’s common stock, which will continue to be listed and traded on the Nasdaq Global Select Market, subject to the company's compliance with the other Nasdaq listing requirements. Board Change • Jun 18
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Founder & Member of Scientific Advisory Board Ed Engleman was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • May 21
Consensus revenue estimates decrease by 12%, EPS upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from US$9.70m to US$8.50m. EPS estimate increased from -US$1.73 to -US$1.25 per share. Biotechs industry in the US expected to see average net income decline 11% next year. Consensus price target down from US$4.45 to US$3.06. Share price fell 41% to US$0.79 over the past week. Reported Earnings • May 16
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: US$0.28 loss per share (improved from US$0.45 loss in 1Q 2023). Revenue: US$5.27m (up 189% from 1Q 2023). Net loss: US$10.8m (loss narrowed 36% from 1Q 2023). Revenue exceeded analyst estimates by 134%. Earnings per share (EPS) also surpassed analyst estimates by 43%. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Biotechs industry in the US. Announcement • Apr 28
Bolt Biotherapeutics, Inc., Annual General Meeting, Jun 12, 2024 Bolt Biotherapeutics, Inc., Annual General Meeting, Jun 12, 2024, at 11:00 Pacific Standard Time. Agenda: To elect our two nominees for Class III directors to serve until our 2027 Annual Meeting of Stockholders; to ratify the selection by the audit committee of the Board of Directors of PricewaterhouseCoopers LLP as independent registered public accounting firm for the year ending December 31, 2024; and to conduct any other business properly brought before the 2024 Annual Meeting of Stockholders. Major Estimate Revision • Mar 28
Consensus revenue estimates increase by 44%, EPS downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from US$6.75m to US$9.70m. EPS estimate fell from -US$1.68 to -US$1.73 per share. Biotechs industry in the US expected to see average net income decline 9.5% next year. Consensus price target of US$4.45 unchanged from last update. Share price rose 21% to US$1.40 over the past week. Reported Earnings • Mar 22
Full year 2023 earnings: EPS in line with analyst expectations despite revenue beat Full year 2023 results: US$1.83 loss per share (improved from US$2.36 loss in FY 2022). Net loss: US$69.2m (loss narrowed 22% from FY 2022). Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Biotechs industry in the US. Price Target Changed • Dec 20
Price target increased by 9.4% to US$5.25 Up from US$4.80, the current price target is an average from 4 analysts. New target price is 420% above last closing price of US$1.01. Stock is down 21% over the past year. The company is forecast to post a net loss per share of US$1.88 next year compared to a net loss per share of US$2.36 last year. Announcement • Dec 05
Bolt Biotherapeutics Enrolls First Patient in Phase 2 Clinical Study Evaluating Bdc-1001 in Patients with Her2-Positive Breast Cancer Previously Treated with Enhertu Bolt Biotherapeutics, Inc. announced that the first patient has been dosed in the Phase 2 clinical trial investigating BDC-1001, a HER2-targeting Boltbody™? Immune-Stimulating Antibody Conjugate (ISAC), as a single agent and in combination with the HER2-targeting antibody pertuzumab. The first patient was treated at City of Hope, by Irene Kang, M.D., Medical Director, Women's Health Medical Oncology, and Assistant Professor, Department of Medical Oncology and Therapeutics Research at City of Hope's cancer center in Irvine, California. Preclinical research combining pertuzumab with a BDC-1001 surrogate demonstrated enhanced anti-tumor efficacy in multiple models and was originally reported in Ackerman SE, et al. Nat Cancer. 2021;2(1):18-33. A full dataset was presented at the 38th Annual Meeting of the Society for Immunotherapy of Cancer in San Diego in November (Pearson C, et al. SITC 2023. Abstract #821), demonstrating that the combination significantly enhanced anti-tumor effectiveness in multiple HER2-expressing tumor models and providing a compelling mechanistic rationale for conducting a clinical trial to evaluate the potential benefit for patients. Pertuzumab, which binds a distinct HER2 epitope from the trastuzumab component of BDC-1001, may increase the amount of clustered Fc or "eat me signals" on the surface of the tumor. Following the successful completion of the BDC-1001 dose-escalation trial for the treatment of patients with HER2-expressing solid tumors, Bolt is now conducting two Phase 2 clinical trials in the U.S., Europe, and South Korea: NCT04278144 for patients with colorectal, endometrial, and gastroesophageal cancers and NCT05954143 for patients with breast cancer as described above. Major Estimate Revision • Nov 16
Consensus revenue estimates increase by 21% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from US$6.43m to US$7.77m. EPS estimate unchanged at -US$1.88. Biotechs industry in the US expected to see average net income growth of 5.7% next year. Consensus price target of US$4.80 unchanged from last update. Share price was steady at US$0.98 over the past week. Announcement • Oct 24
Bolt Biotherapeutics, Inc. Presents Updated Clinical Data from Phase 1 Dose-Escalation Trial of BDC-1001 as Monotherapy and in Combination with Nivolumab in HER2-Expressing Tumors at ESMO 2023 Congress Bolt Biotherapeutics, Inc. presented updated data from its Phase 1 dose-escalation trial of BDC-1001 at the European Society for Medical Oncology (ESMO) 2023 Congress, being held in Madrid, Spain and virtually from October 20-24, 2023. BDC-1001 is an investigational Immune-Stimulating Antibody Conjugate (ISAC) in development for the treatment of patients with human epidermal growth factor receptor 2 (HER2)-positive cancer. BDC-1001 comprises a HER2-targeting biosimilar of trastuzumab conjugated with a non-cleavable linker to a proprietary TLR7/8 agonist. The Phase 1 dose-escalation trial enrolled 131 patients with 16 different HER2-expressing solid tumor types across 18 dose levels in two arms, monotherapy and in combination with nivolumab. At enrollment, all patients entered in the study had evidence of tumor progression following prior standard of care treatments, and a majority of the patients were heavily pre-treated. Key findings from the updated Phase 1 BDC-1001 dose escalation study are summarized below: Improved BDC-1001 efficacy was observed since the data presented at ASCO in June 2023 with one new CR, two additional long-term SDs, and three patients who received therapy for at least one year; At the RP2D, one CR was observed in the monotherapy arm in a patient with salivary gland cancer and three PRs were observed at the RP2D; one in the monotherapy arm in a patient with biliary tract cancer and two in the combination arm in patients with colorectal and ovarian cancer. The response rate at the RP2D was 29% in evaluable patients with HER2-positive tumors, both in monotherapy (2/7, 29%) and in combination with nivolumab (2/7, 29%); At the RP2D, among evaluable patients with HER2-positive tumors, 43% (3/7) in the monotherapy arm and 57% (4/7) in the combination arm experienced at least 24 weeks of disease control, and 57% (4/7) in the monotherapy arm and 71% (5/7) in the combination arm achieved tumor shrinkage; BDC-1001 continues to be well tolerated at all dose levels and schedules as both monotherapy and in combination with nivolumab with no increase in toxicity in combination with BDC-1001. The most frequent drug-related treatment-emergent adverse events (TEAEs) were grade 1 or 2 infusion-related reactions, which were observed in 29.8% of subjects. Grade 3 or higher treatment-related TEAEs were seen in ten subjects (7.6%), with only one grade 4 and no grade 5 drug-related AEs; Pharmacodynamic responses in both plasma and tissue were consistent with the mechanism of action for an ISAC. Statistically significant upregulation of TLR signaling pathway gene signature, innate immunity gene signatures and T cell inflamed phenotype was observed in the four patients with clinical benefit. Increases in innate immunity signatures was observed in patients in the q2w cohorts, but not q1w; The once-weekly dosing cohorts experienced higher rates of adverse events versus every-two-week (q2w) dosing, including: grade 3 or higher BDC-1001-related TEAEs (10.0% versus 2.6%), grade 3 or higher LVEF decreases (7.5% versus 2.6%), and infusion-related reactions (40.0% versus 28.2%), providing further support for the selection of 20 mg/kg q2w as the RP2D. Price Target Changed • Sep 29
Price target decreased by 7.7% to US$4.80 Down from US$5.20, the current price target is an average from 5 analysts. New target price is 362% above last closing price of US$1.04. Stock is down 30% over the past year. The company is forecast to post a net loss per share of US$1.87 next year compared to a net loss per share of US$2.36 last year. Reported Earnings • Aug 08
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: US$0.48 loss per share (improved from US$0.61 loss in 2Q 2022). Net loss: US$18.1m (loss narrowed 20% from 2Q 2022). Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 1.6%. Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Biotechs industry in the US. Price Target Changed • Nov 16
Price target decreased to US$6.40 Down from US$8.50, the current price target is an average from 5 analysts. New target price is 400% above last closing price of US$1.28. Stock is down 87% over the past year. The company is forecast to post a net loss per share of US$2.42 next year compared to a net loss per share of US$2.97 last year. Seeking Alpha • Aug 26
Bolt Biotherapeutics: A Promised Follow Up Summary
Today, we post a promised follow-up on early stage biotech concern Bolt Biotherapeutics.
The company has suffered some setbacks over the past year, but the stock now trades for approximately one-third of the cash on its balance sheet.
We update the investment thesis around Bolt Biotherapeutics in the paragraphs below.
"Pride is always a better lever against the nobility than reason." - Patrick Rothfuss, The Wise Man's Fear
In our first article on biotech name Bolt Biotherapeutics, Inc. (BOLT) back in September of last year, we concluded by saying the company had some "potentially intriguing technology" but it was not investment worthy at the time. We also promised we would check back in on this name to see how it was progressing. Today, we follow up on Bolt Biotherapeutics via the analysis below.
Seeking Alpha
Company Overview:
Bolt Biotherapeutics is headquartered in California. The company is developing drug candidates using its Boltbody immune-stimulating antibody conjugate (ISAC) platform. This technology is being applied to create a new category of immunotherapies that generate a robust anti-tumor immune response by combining the precision of antibody targeting with the strength of the innate and adaptive immune systems. By activating and recruiting myeloid cells, Boltbody ISACs re-program the tumor microenvironment to invoke a new anti-tumor immune response.
Company Website
Myeloid cells are a group of immune cells that belong to the innate immune system. They consist of cell types known as monocytes, macrophages, dendritic cells, and granulocytes. These cells serve many essential roles in the body's immune system. When these cells are functioning properly, they can stimulate anti-tumor effects in the body. Including the activation of tumor-specific T cells to support durable anti-tumor immune responses and immunological memory. Immunosuppressive factors produced in the tumor microenvironment can impair the normal function of these cells.
The stock currently trades around two bucks a share and sports an approximate market capitalization of $75 million.
Recent Developments:
The biggest news around the company since we last peaked in on it occurred early in December of last year. Bolt Biotherapeutics presented interim clinical data from its Phase 1/2 study of BDC-1001, its lead candidate, at the European Society for Medical Oncology Immuno-Oncology Congress. Early data showed 13 of the 40 tumor evaluable subjects with one durable partial response maintained through 52 weeks and multiple subjects achieving stable disease for >12 weeks. BDC - 1001 is currently in clinical development for the treatment of patients with HER2-expressing solid tumors, including subsets with HER2-low tumors.
This data was good enough to support initiation of the combination therapy study with nivolumab, also known by its brand name Opdivo from Bristol-Myers Squibb (BMY). That said, the data did not meet investors' expectations as the market cut the stock in roughly half after interim results from the study became known. Weekly dosing with a study around a combination therapy with Opdivo has begun and should be noted.
Company Website
The company has one other compound in development currently. It is called BDC-3042. This candidate is a myeloid modulating agonist antibody that reawakens myeloid cells to attack tumor cells. Specifically, BDC-3042 will stimulate a novel target called Dectin-2. This is found in tumor-associated macrophages across a broad range of solid tumors. Stimulating Dectin-2 leads to tumor macrophage reprogramming and anti-cancer activity in the company's preclinical studies. BDC-3042 will target solid tumors with a high unmet lead. However, BDC-3042 is still in the pre-clinical phase and is currently in IND-enabling studies.
Analyst Commentary & Balance Sheet:
Analysts are mixed on Bolt's prospects at the moment. Morgan Stanley has a Hold rating on the stock. On August 11th, SVP Securities downgraded Bolt from Outperform to Market Perform and slashed its price target in half to $4 a share. SVB's analyst noted he sees "A long road to recovery" following the company's announced discontinuation of second Boltbody candidate BDC-2034, which was previously on track to enter the clinic in 2023. The discontinuation was prompted by non-human primate fatalities observed at mid- to high-dose levels in toxicology studies.
That same day, both Stifel Nicolaus ($7 price target) and JonesTrading ($8 price target) maintained Buy ratings on Bolt Biotherapeutics. The company ended the second quarter with just over $220 million in cash and marketable securities on its balance sheet. Bolt burned through around $23 million during the quarter to fund all operations. The company has no long-term debt. Management has put in place measures to conserve cash as was summarized in its second quarter earnings press release. Major Estimate Revision • Aug 17
Consensus revenue estimates increase by 36% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from US$2.78m to US$3.78m. Forecast losses expected to reduce from -US$2.80 to -US$2.37 per share. Biotechs industry in the US expected to see average net income decline 57% next year. Consensus price target down from US$8.50 to US$6.00. Share price fell 19% to US$2.03 over the past week. Price Target Changed • May 02
Price target decreased to US$11.50 Down from US$18.50, the current price target is an average from 4 analysts. New target price is 637% above last closing price of US$1.56. Stock is down 94% over the past year. The company is forecast to post a net loss per share of US$2.98 next year compared to a net loss per share of US$2.97 last year. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Brian O'Callaghan was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 01
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: US$2.97 loss per share. Net loss: US$98.6m (loss widened 62% from FY 2020). Revenue missed analyst estimates by 43%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is expected to shrink by 100% compared to a 66% growth forecast for the pharmaceuticals industry in the US. Price Target Changed • Feb 25
Price target decreased to US$13.67 Down from US$19.50, the current price target is an average from 3 analysts. New target price is 286% above last closing price of US$3.54. Stock is down 87% over the past year. The company is forecast to post a net loss per share of US$3.02 next year compared to a net loss per share of US$28.89 last year. Board Change • Dec 23
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Lead Independent Director Jim Healy was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Major Estimate Revision • Aug 19
Consensus revenue estimates fall to US$1.00m The consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from US$3.33m to US$1.00m. Forecast losses increased from -US$2.52 to -US$2.95 per share. Biotechs industry in the US expected to see average net income decline 21% next year. Consensus price target broadly unchanged at US$39.75. Share price rose 15% to US$13.15 over the past week. Announcement • Jun 03
Bolt Biotherapeutics, Inc. announced that it expects to receive $15 million in funding from Genmab A/S Bolt Biotherapeutics, Inc. (NasdaqGS:BOLT) announced that it will receive $15,000,000 in equity round of funding from new investor Genmab A/S (CPSE:GMAB) on June 2, 2021. Reported Earnings • Apr 03
Full year 2020 earnings released: US$28.89 loss per share (vs US$15.29 loss in FY 2019) Full year 2020 results: Net loss: US$60.7m (loss widened 99% from FY 2019). Products in clinical trials Phase I: 4 Announcement • Feb 06
Bolt Biotherapeutics, Inc. has completed an IPO in the amount of $230 million. Bolt Biotherapeutics, Inc. has completed an IPO in the amount of $230 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 11,500,000
Price\Range: $20
Discount Per Security: $1.4
Transaction Features: Reserved Share Offering; Sponsor Backed Offering