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Bolt Biotherapeutics, Inc. (BOLT)·Q2 2024 Earnings Summary

Executive Summary

  • Q2 2024 revenue was $1.275M in collaboration revenue (down 11% YoY) and net loss per share was $(0.56); operating loss widened due to $3.565M restructuring charges as part of May pipeline prioritization .
  • Cash, cash equivalents, and marketable securities were $97.5M at quarter-end, with runway guided through mid-2026; BDC-3042 advanced to Cohort 6 with no dose-limiting toxicities to date, and BDC-4182 progressed to IND-enabling activities with a poster accepted for SITC Nov-2024 .
  • Management reiterated strategic focus on BDC-3042 (Dectin-2 agonist) and next-gen ISAC BDC-4182 (CLDN18.2), continuing collaborations with Genmab and Toray; leadership changes from Q1 were carried forward (Willie Quinn as CEO/CFO) .
  • Consensus estimates from S&P Global for Q2 2024 were unavailable at the time of analysis; comparison vs Street could not be made and may limit immediate trading cues from a beat/miss framing (S&P Global consensus unavailable).

What Went Well and What Went Wrong

What Went Well

  • Advanced BDC-3042 into Cohort 6 with continued tolerability; “completed the safety evaluation period for cohort 5 with no dose-limiting toxicities” and are “now enrolling patients into cohort 6,” underscoring R&D execution .
  • BDC-4182 (CLDN18.2-targeting ISAC) in IND-enabling with strong preclinical activity; poster accepted for SITC Nov-2024, providing a near-term data/catalyst path .
  • Cash runway extended through mid-2026, enabling early clinical milestones; management emphasized “our strong cash position allows us to move these programs through early clinical development and provides us with cash runway through mid-2026” .

What Went Wrong

  • Collaboration revenue fell to $1.275M from $1.433M YoY; variability in collaboration activity contributed to a lower top line during the quarter .
  • Operating loss increased to $(22.597)M from $(19.832)M YoY, driven by restructuring charges ($3.565M) following the pipeline prioritization and workforce reduction .
  • Net loss widened to $(21.195)M vs $(18.057)M YoY, while interest income declined YoY ($1.402M vs $1.775M), providing less offset to operating losses .

Financial Results

Income Statement vs Prior Year and Prior Quarters

MetricQ2 2023Q4 2023Q1 2024Q2 2024
Collaboration Revenue ($USD Millions)$1.433 $2.089 $5.274 $1.275
Research & Development Expense ($USD Millions)$15.644 $16.322 $16.529 $15.433
General & Administrative Expense ($USD Millions)$5.621 $5.533 $5.837 $4.874
Restructuring Charges ($USD Millions)$0.000 $0.000 $0.000 $3.565
Total Operating Expenses ($USD Millions)$21.265 $21.855 $22.366 $23.872
Loss from Operations ($USD Millions)$(19.832) $(19.766) $(17.092) $(22.597)
Other Income, Net ($USD Millions)$1.775 $1.863 $6.281 (incl. $4.675M from Innovent conclusion) $1.402
Net Loss ($USD Millions)$(18.057) $(17.903) $(10.811) $(21.195)
Diluted EPS ($USD)$(0.48) $(0.47) $(0.28) $(0.56)
Weighted Avg Shares (Millions)37.750 37.942 38.068 38.128

Notes: Q1 2024 Other Income includes $4.675M related to concluding the Innovent collaboration .

Balance Sheet Highlights

MetricQ4 2023Q1 2024Q2 2024
Cash, Cash Equivalents & Marketable Securities ($USD Millions)$128.6 $112.8 $97.5
Cash and Cash Equivalents ($USD Millions)$10.810 $4.262 $6.202
Short-term Investments ($USD Millions)$91.379 $87.088 $67.495
Long-term Investments ($USD Millions)$26.413 $21.461 $23.834
Total Stockholders’ Equity ($USD Millions)$112.741 $104.159 $85.860

KPIs (R&D Execution)

  • BDC-3042 cohorts progressed: into Cohort 4 by Q4 2023, Cohort 4 fully enrolled by Q1 2024, Cohort 6 enrolling by Q2 2024, with no DLTs through Cohort 5 .
  • BDC-4182 advanced to IND-enabling; SITC poster accepted for Nov-2024 .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayFrom Q4 2023“Through late 2025” “Through mid-2026” (Q2 update); “into second half 2026” (Q1 update) Raised (extended)
BDC-3042 Update2H 2024Not specified in Q4“Anticipates providing update on enrollment and safety in H2 2024” (Q1) New timing clarity
BDC-4182 Clinical Start2025Not specified in Q4“Preparing to start clinical trials in 2025” (Q2) New milestone timing
SITC Presentation (BDC-4182)Nov 2024Not specified priorPoster at SITC (Nov 6-10, 2024) New near-term catalyst

Restructuring (costs)

  • Estimated charges: $3.0–$4.0M (announced Q1) .
  • Actual charges recorded Q2: $3.565M (incl. $2.9M termination benefits and $0.7M stock-based comp) .

Earnings Call Themes & Trends

Note: No Q2 2024 earnings call transcript was found in the document catalog; thematic tracking relies on press releases and 8-Ks (Q4 2023, Q1 2024, Q2 2024).

TopicPrevious Mentions (Q4 2023 and Q1 2024)Current Period (Q2 2024)Trend
R&D Execution (BDC-3042)Cleared safety in first 3 cohorts; entered Cohort 4 (Q4) . Q1: Cohort 4 fully enrolled; no DLTs through first 3 cohorts .Completed Cohort 5 safety with no DLTs; enrolling Cohort 6 .Positive progression; consistent tolerability
Next-gen ISAC (BDC-4182, CLDN18.2)Announced as next-gen candidate; IND-enabling ongoing; strong preclinical data (Q1) .IND-enabling ongoing; SITC poster accepted; preparing clinical start in 2025 .Advancing toward human studies; near-term data visibility
Collaborations (Genmab, Toray)Active collaborations supporting ISAC discovery/development (Q4/Q1) .Continued progress; Genmab initial research phase extended .Stable/constructive
Capital & RunwayCash $128.6M (Q4); runway through late 2025 . Q1: Cash $112.8M; runway into 2H 2026 .Cash $97.5M; runway through mid-2026 .Runway extended via restructuring
Pipeline Prioritization & RestructuringQ1: discontinue BDC-1001; ~50% workforce reduction .Q2: restructuring costs recorded; execution continues under new leadership .Focused portfolio; cost actions flowing through P&L

Management Commentary

  • “During the second quarter, we continued to make significant progress across our two programs, BDC-3042 and BDC-4182… completed the safety evaluation period for cohort 5 with no dose-limiting toxicities… now enrolling patients into cohort 6… poster on BDC-4182 at SITC… Our strong cash position allows us to move these programs through early clinical development and provides us with cash runway through mid-2026.” — Willie Quinn, CEO/CFO .
  • “Our next-gen ISACs have outperformed cytotoxic ADCs in our preclinical studies… we have decided to discontinue all BDC-1001 development and focus resources on BDC-3042 and BDC-4182…” — Willie Quinn (Q1 update) .
  • “We are excited to advance our first next-generation Boltbody ISAC, BDC-4182… BDC-4182 has advanced into IND-enabling studies and we look forward to sharing more details soon.” — Michael Alonso, SVP Research (Q1) .

Q&A Highlights

  • No Q2 2024 earnings call transcript was available; the company furnished a press release (8-K Item 2.02). No Q&A themes could be extracted from transcripts in the document catalog .

Estimates Context

  • Wall Street consensus estimates (S&P Global) for Q2 2024 EPS and revenue were unavailable at time of analysis due to data access limits; accordingly, beat/miss vs Street cannot be determined in this report (S&P Global consensus unavailable).

Key Takeaways for Investors

  • R&D momentum: BDC-3042 tolerability remains favorable through Cohort 5; Cohort 6 underway. This supports continued advancement and potential for future combination with PD-1 per earlier program design .
  • BDC-4182 (CLDN18.2) is the principal next-wave ISAC: IND-enabling work ongoing; SITC Nov-2024 poster provides a visible near-term scientific catalyst; clinical initiation targeted for 2025 .
  • Cash runway extended to mid-2026 post restructuring; this reduces near-term financing risk and aligns capital with the narrowed pipeline priorities .
  • Near-term financials impacted by restructuring charges ($3.565M in Q2), widening operating loss; collaboration revenue volatility is expected given milestone/service timing .
  • Leadership transitions completed in Q1 with CEO/CFO assuming expanded role, and clinical and operations leadership realigned—execution continuity evidenced in Q2 progress .
  • Street comparison unavailable: monitor updated consensus post-publication; absent a beat/miss lens, trade setups likely hinge on clinical milestones (SITC data signal, BDC-3042 safety/efficacy updates) and any collaboration developments (e.g., Genmab phase extension) .
  • Medium-term thesis: Focused asset base with myeloid biology differentiation (Dectin-2), and next-gen ISAC platform targeting a validated antigen (CLDN18.2) positions BOLT for binary clinical catalysts over the next 12–24 months; ensure risk budgeting for early-stage clinical readouts .