Executive Summary

BBOT reported no revenue and a GAAP net loss of $44.8M for Q3 2025; diluted EPS was -$1.03, missing S&P Global consensus of -$0.344 by $0.69 per share. Management cited ongoing Phase 1 programs and higher R&D and public company costs as drivers . Values retrieved from S&P Global.*
Cash, cash equivalents, and marketable securities were $468.3M at 9/30/25; management reiterated runway “into 2028,” supported by de‑SPAC and PIPE proceeds .
Clinical highlights: Fast Track designation for KRAS G12C inhibitor BBO‑8520 with early Phase 1 dose‑escalation data showing a 60% confirmed ORR; initial readouts expected in 1H/2H 2026 across the three lead programs .
Operating expenses ramped significantly YoY (R&D +96%, G&A +696%) due to clinical trial and manufacturing scale-up and de‑SPAC/public company transition costs, widening the quarterly loss .
Stock reaction catalysts: cash runway assurance, 2026 clinical readout timing, and regulatory designations; near‑term sentiment sensitive to spend trajectory and clarity on program timelines .

What Went Well and What Went Wrong

What Went Well

Fast Track designation for BBO‑8520 in KRAS G12C metastatic NSCLC; early Phase 1 data showed 60% confirmed ORR, supporting potential for combination with pembrolizumab .
Pipeline momentum: three internally discovered clinical assets progressed; initial data milestones set (BBO‑8520 update in Q1’26; BBO‑10203 1H’26; BBO‑11818 2H’26) .
Management strengthened: appointment of industry veteran Uneek Mehra as CFO; leadership emphasized robust pipeline and funding position—“we are well positioned to execute on our mission…” (CEO, Eli Wallace) .

What Went Wrong

EPS missed Street estimates materially (actual -$1.03 vs -$0.344 consensus), driven by higher R&D (clinical trials, manufacturing) and G&A (de‑SPAC costs and executive bonus), and the issuance of stock to a related party recorded in G&A . Values retrieved from S&P Global.*
Net loss widened to $44.8M vs $17.3M YoY as operating expenses rose with trial execution and public company transition .
Ongoing obligations and potential disputes noted: milestone liabilities under Leidos/LLNS agreements and a UCSF communication asserting a sub‑$5M “Indexed Milestone Payment” that BBOT disputes, adding uncertainty risk .

Financial Results

Income Statement Comparison vs Prior Year and Estimates

Metric	Q3 2024	Q3 2025
Revenues ($USD Millions)	$0.0	$0.0
Research & Development ($USD Millions)	$17.9	$35.1
General & Administrative ($USD Millions)	$1.8	$14.1
Total Operating Expenses ($USD Millions)	$19.7	$49.2
Loss from Operations ($USD Millions)	$(19.7)	$(49.2)
Total Other Income (Expense), net ($USD Millions)	$2.3	$4.4
Net Loss ($USD Millions)	$(17.3)	$(44.8)
Diluted EPS ($USD)	$(1,562.18)	$(1.03)
Weighted‑Avg Shares (basic & diluted)	11,089	43,491,085
EPS Consensus Mean ($USD)	—	-0.344*
Revenue Consensus Mean ($USD Millions)	—	0.0*

Values retrieved from S&P Global.*

Notes:

EPS miss: -$1.03 actual vs -$0.344 consensus (miss of $0.69). Values retrieved from S&P Global.* Actual EPS from filings .
No revenue was expected or reported; consensus revenue was $0.0. Values retrieved from S&P Global.*

R&D Expense Itemization (Segment‑like Breakdown)

R&D Components ($USD Millions)	Q3 2024	Q3 2025
Research, Development & Contract Manufacturing	$8.7	$26.7
Payroll & Personnel	$7.1	$6.7
Facilities & Other	$2.1	$1.6
Total R&D	$17.9	$35.1

Balance Sheet Highlights

Metric ($USD Millions unless noted)	Dec 31, 2024	Sep 30, 2025
Cash, Cash Equivalents & Marketable Securities	$155.6	$468.3
Total Assets	$164.3	$484.8
Total Liabilities	$19.6	$38.1
Total Stockholders’ Equity (Deficit)	$(178.6)	$446.7

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Through	Not previously provided as public company	“fund operations into 2028”	Initiated
BBO‑8520 Clinical Update	Q1 2026	N/A	“Updated clinical data expected in Q1 2026”	Initiated
BBO‑10203 Initial Data	1H 2026	N/A	“Initial Phase 1 data expected 1H 2026”	Initiated
BBO‑11818 Initial Data	2H 2026	N/A	“Initial Phase 1 data expected 2H 2026”	Initiated

No revenue, margin, OpEx, OI&E, or tax rate quantitative guidance was provided in the quarter .

Earnings Call Themes & Trends

BBOT did not file an earnings call transcript for Q3 2025; prior two quarters were pre‑public or not available in our document set. Trend tracking reflects press release and 10‑Q commentary.

Topic	Previous Mentions (Q‑2, Q‑1)	Current Period (Q3 2025)	Trend
R&D Execution and Clinical Timelines	N/A (no public filings)	Three Phase 1 programs advancing; data timelines in 2026	Improving visibility
Regulatory/Legal	N/A	Fast Track for BBO‑8520; UCSF payment dispute noted	Mixed (designation positive; dispute risk)
Funding/Runway	N/A	Cash runway into 2028; de‑SPAC/PIPE proceeds bolstered cash	Strengthened
Manufacturing/Supply Chain	N/A	R&D itemization shows shift to contract manufacturing costs	Scaling up
Macro/Tariffs/Supply	N/A	Macro uncertainties acknowledged in MD&A (inflation, rates, geopolitics)	External headwinds noted
Partnerships/Licenses	N/A	Leidos/LLNS milestones and obligations updated	Ongoing

Management Commentary

CEO prepared remarks: “We continue to advance a robust pipeline of next‑generation KRAS and PI3Kα inhibitors… With three internally discovered clinical assets… and a strong financial position expected to fund operations into 2028, we are well positioned to execute on our mission…” — Eli Wallace, PhD, CEO .
Strategic focus: optimized target coverage for RAS‑pathway malignancies, dual ON/OFF KRAS inhibition rationale supporting durability and combination potential (pembro) .
Organizational updates: CFO appointment (Uneek Mehra) to support public company operations and capital allocation .

Q&A Highlights

No Q3 2025 earnings call transcript was located in filings or our document set; therefore, Q&A themes and guidance clarifications are unavailable for this quarter [Search attempted; none found].

Estimates Context

EPS: Actual -$1.03 vs consensus -$0.344 → significant miss driven by higher R&D and G&A linked to clinical and public company transition. Values retrieved from S&P Global.* Actual EPS from filings and expense drivers .
Revenue: $0.0 vs consensus $0.0 (in‑line). Values retrieved from S&P Global.*
Coverage: EPS estimates (#) = 5; Revenue estimates (#) = 6; Target Price consensus mean $24 with 5 contributing analysts; Recommendation text not available. Values retrieved from S&P Global.*

Key Takeaways for Investors

Funding runway into 2028 underpins execution through key 2026 clinical readouts across BBO‑8520/10203/11818; liquidity reduces near‑term financing overhang .
R&D and G&A step‑up widened losses; watch expense cadence as trials scale and manufacturing ramps; EPS likely to remain volatile absent revenue .
Regulatory momentum: Fast Track for BBO‑8520 and early 60% ORR in KRAS G12C NSCLC support combination development; data in Q1’26 a major inflection .
Corporate transition costs (de‑SPAC, executive bonus, related‑party stock issuance) inflated G&A in Q3; expect normalization after one‑time items, but public company costs persist .
Partnership/licensing obligations (Leidos/LLNS) carry milestone liabilities; monitor cash deployment and any additional agreements for optionality vs dilution .
Legal overhang: UCSF communication on “Indexed Milestone Payment” (BBOT disputes) adds small contingent risk; clarity post‑de‑SPAC advisable .
Trading lens: Near‑term sentiment hinges on spend discipline and timeline confirmations; medium‑term thesis depends on validating ON/OFF KRAS inhibition and PI3Kα breaker combinations in 2026 readouts .

Additional Notes

Prior two quarters’ earnings materials were not available in our document catalog; YoY comparisons provided via carve‑out and post‑de‑SPAC reported figures .
No non‑GAAP adjustments were presented; figures reflect GAAP results .