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Bolt Biotherapeutics, Inc. (BOLT)·Q3 2024 Earnings Summary

Executive Summary

  • Q3 2024 delivered smaller operating and net losses versus both Q2 and prior year, while collaboration revenue declined year over year; cash, cash equivalents and marketable securities were $84.4M, supporting runway through mid-2026 .
  • Pipeline execution advanced: BDC-3042 opened cohort 7 (10 mg/kg) with a data update expected in H1 2025, and BDC-4182 remains on track to start first-in-human trials in Q2 2025, following compelling preclinical efficacy and acceptable NHP safety presented at SITC .
  • Operating cost reductions from the May restructuring flowed through: R&D and G&A were down year over year, and loss from operations narrowed to $16.4M vs. $22.6M in Q2 .
  • No EPS/revenue consensus from S&P Global was available for comparison this quarter; therefore, no beat/miss assessment is provided (S&P Global consensus unavailable) .

What Went Well and What Went Wrong

What Went Well

  • Advanced BDC-3042 to the highest dose level, opening cohort 7 (10 mg/kg); management expects a clinical data update in H1 2025, underscoring steady dose-escalation progress .
  • Strengthened conviction in next-gen ISAC BDC-4182: presented SITC data showing superior efficacy vs. claudin 18.2 ADCs in syngeneic models and acceptable NHP safety, supporting Q2 2025 clinical start .
  • Cost discipline: R&D fell to $13.8M (vs. $15.0M prior year) and G&A to $3.8M (vs. $5.8M prior year), reflecting restructuring impact and lower salary-related expenses .

Management quote: “We believe that BDC-4182’s dramatic increase in potency and activity will potentially enable the treatment of patients whose tumors have lower claudin 18.2 expression…” – Willie Quinn, CEO .

What Went Wrong

  • Collaboration revenue fell to $1.1M from $2.5M in Q3 2023, due to lower services performed under R&D collaborations, highlighting revenue variability absent commercial products .
  • While losses narrowed sequentially, the business remains pre-revenue with net loss at $15.2M and EPS of $(0.40), reinforcing funding dependence on cash/investments and collaborations .
  • Deferred revenue declined versus year-end 2023 (non-current from $9.1M to $3.9M), reflecting progress on performance obligations that reduces future recognized revenue unless offset by new agreements .

Financial Results

P&L and EPS vs prior periods

MetricQ3 2023Q1 2024Q2 2024Q3 2024
Collaboration Revenue ($USD Millions)$2.528 $5.274 $1.275 $1.141
R&D Expense ($USD Millions)$14.951 $16.529 $15.433 $13.785
G&A Expense ($USD Millions)$5.760 $5.837 $4.874 $3.799
Total Operating Expense ($USD Millions)$20.711 $22.366 $23.872 $17.584
Loss from Operations ($USD Millions)$(18.183) $(17.092) $(22.597) $(16.443)
Net Loss ($USD Millions)$(16.257) $(10.811) $(21.195) $(15.176)
EPS (basic & diluted, $)$(0.43) $(0.28) $(0.56) $(0.40)
Weighted Avg Shares (Millions)37.87 38.07 38.13 38.25

Observations:

  • Collaboration revenue declined year over year and sequentially vs. Q2, while opex decreases drove a narrower operating loss; EPS improved sequentially from $(0.56) to $(0.40) .

Balance Sheet and Liquidity

MetricQ3 2023Q1 2024Q2 2024Q3 2024
Cash & Cash Equivalents ($USD Millions)$10.81 $4.26 $6.20 $9.37
Short-term Investments ($USD Millions)$91.38 $87.09 $67.50 $44.43
Long-term Investments ($USD Millions)$26.41 $21.46 $23.83 $30.60
Total Cash, Equivalents & Marketable Securities ($USD Millions)$128.59 $112.80 $97.50 $84.40
Deferred Revenue (Current + Non-current, $USD Millions)$11.31 $7.24 $6.54 $5.84

Notes: Company reiterated cash runway through mid-2026; total liquidity decreased sequentially as operations progressed and securities matured .

Revenue Composition

MetricQ3 2023Q1 2024Q2 2024Q3 2024
Collaboration Revenue ($USD Millions)$2.528 $5.274 $1.275 $1.141
Product Revenue————

Estimates vs Actuals (S&P Global)

MetricQ3 2024 ConsensusQ3 2024 Actual
Revenue ($USD Millions)N/A – S&P Global consensus unavailable$1.141
EPS ($)N/A – S&P Global consensus unavailable$(0.40)

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayCorporate“Into second half 2026” (Q1’24) “Through mid-2026” (Q3’24) Lowered (timing pulled earlier)
BDC-4182 Clinical StartProgram“Initiate clinical trials in 2025” (Q1’24) “On track to start clinical trials in Q2 2025” (Q3’24) Refined (specific quarter)
BDC-3042 Data UpdateProgram“Enrollment & safety update in 2H 2024” (Q1’24) “Provide data update in H1 2025” (Q3’24) Refined (timing shifted)

Earnings Call Themes & Trends

Note: An earnings call transcript for Q3 2024 was not available in our document set; themes below reflect company communications (8-K/press releases).

TopicPrevious Mentions (Q-2)Previous Mentions (Q-1)Current Period (Q3)Trend
R&D execution (BDC-3042)Advanced to cohort 6; well tolerated Through cohorts 1–3; cohort 4 fully enrolled; well tolerated Opened cohort 7 (10 mg/kg); H1 2025 update planned Improving/progressing
Next-gen ISAC (BDC-4182)Poster accepted for SITC; IND-enabling underway Announced candidate targeting claudin 18.2; IND-enabling underway SITC data shows stronger efficacy vs ADCs; acceptable NHP safety; Q2 2025 clinical start Advancing toward clinic
Collaborations (Genmab/Toray)Extension of initial phase with Genmab; progress continues Active collaborations highlighted Ongoing progress reported Maintained
Cash runwayMid-2026 Second half 2026 Mid-2026 Tightened then stable
Leadership/Board—CEO/leadership changes; restructuring announced Board refresh: Jakob Dupont added; Chair transition Governance transitions ongoing

Management Commentary

  • “We have now completed the sixth dose level in the first-in-human clinical trial of BDC-3042, have opened the final cohort which will study a dose level of 10 mg/kg, and expect to provide a data update in the first half of 2025.” – Willie Quinn, CEO .
  • “We believe that BDC-4182’s dramatic increase in potency and activity will potentially enable the treatment of patients whose tumors have lower claudin 18.2 expression and may provide even better anti-tumor activity than conventional ADCs.” – Willie Quinn, CEO .
  • “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 (Q2 release) .

Q&A Highlights

  • No Q3 2024 earnings call transcript was available in our document set; no Q&A commentary to report [ListDocuments earnings-call-transcript returned none for Nov 2024].

Estimates Context

  • S&P Global consensus (EPS and revenue) for Q3 2024 was unavailable in our data access window; as a result, we cannot assess beat/miss vs. Street (S&P Global consensus unavailable) .
  • Given the restructuring and sequential opex reductions, Street models may need to reflect lower R&D and G&A trajectories and updated clinical catalysts (BDC-3042 H1 2025 update; BDC-4182 Q2 2025 first patient) .

Key Takeaways for Investors

  • Cost discipline is visible: R&D and G&A down year over year; operating loss narrowed to $16.4M from $22.6M in Q2, improving EPS from $(0.56) to $(0.40) .
  • Liquidity remains adequate: $84.4M in cash and marketable securities supports runway through mid-2026, lowering near-term financing risk absent unforeseen events .
  • Near-term catalysts: BDC-3042 safety/efficacy update in H1 2025; BDC-4182 first-in-human trial start in Q2 2025 following SITC preclinical outperformance vs claudin 18.2 ADCs .
  • Revenue variability persists with collaboration-only revenue; Q3 fell to $1.1M vs. $2.5M prior year, highlighting reliance on partner activity and milestone timing .
  • Governance and leadership transitions continue (board refresh in September), aligning oversight with prioritized pipeline focus on Dectin-2 and claudin 18.2 programs .
  • Without Street consensus, trading may hinge on clinical readouts and partnership updates; any positive BDC-3042 signals or swift BDC-4182 enrollment could be stock catalysts, while delays or safety signals would be risks .
  • Watch deferred revenue trends and collaboration updates for clues on forward revenue recognition, and monitor cash deployment pace against the mid-2026 runway target .