Executive Summary

Q4 2024 revenue was $0.00, below both prior quarter and consensus; GAAP net loss was $15.9M and GAAP EPS was $(0.42). The company emphasized continued R&D prioritization and cash runway into mid-2026 .
Wall Street consensus (S&P Global) expected $0.79M revenue and -$7.00 Primary EPS for Q4; actuals were $0.00 and -$8.40 Primary EPS. Both were misses, driven by reassessment of Genmab performance obligations leading to no Q4 collaboration revenue and ongoing R&D spend; note S&P Primary EPS methodology differs from reported GAAP EPS *.
Pipeline execution advanced: BDC‑3042 highest dose cohort fully enrolled with no DLTs; BDC‑4182 remains on track for first‑in‑human gastric cancer trial in Q2 2025, positioning upcoming clinical catalysts as near‑term stock drivers .
Cash, cash equivalents and marketable securities were $70.2M at 12/31/2024, with cash runway maintained through mid‑2026; management continues Genmab and Toray collaborations, supporting potential non‑dilutive R&D progress .

What Went Well and What Went Wrong

What Went Well

BDC‑3042 dose escalation reached the highest cohort with no dose‑limiting toxicities and evidence of biological activity; management expects data in Q2 2025, underscoring clinical execution and tolerability .
BDC‑4182 advanced through IND‑enabling work with strong preclinical activity, acceptable NHP safety at 12 mg/kg, and plans to start dose escalation in Australia in Q2 2025—highlighting a differentiated ISAC approach against claudin 18.2 .
Quote: “2024 was a transformational year for Bolt…BDC‑4182…poised to enter the clinic in the second quarter” — Willie Quinn, CEO, reinforcing strategic focus and pipeline momentum .

What Went Wrong

Q4 showed no collaboration revenue following reassessment of Genmab obligations; this drove a sequential revenue decline and contributed to operating losses despite lower Opex post‑restructuring .
R&D and G&A remain material relative to minimal revenue, sustaining negative operating income; impairment charges of $1.5M also weighed on results in Q4 .
With limited near‑term revenue visibility, investor attention centers on clinical readouts; any delay to BDC‑3042 data or BDC‑4182 FIH start would be a risk to the stock’s near‑term narrative .

Financial Results

Quarterly P&L vs prior periods

Metric	Q2 2024	Q3 2024	Q4 2024
Collaboration Revenue ($USD Millions)	$1.275	$1.141	$0.000
Research & Development ($USD Millions)	$15.433	$13.785	$11.722
General & Administrative ($USD Millions)	$4.874	$3.799	$3.947
Restructuring Charges ($USD Millions)	$3.565	$0.000	$(0.222)
Impairment Charges ($USD Millions)	$0.000	$0.000	$1.469
Total Operating Expenses ($USD Millions)	$23.872	$17.584	$16.916
Loss from Operations ($USD Millions)	$(22.597)	$(16.443)	$(16.916)
Net Loss ($USD Millions)	$(21.195)	$(15.176)	$(15.936)
GAAP EPS (basic & diluted) ($USD)	$(0.56)	$(0.40)	$(0.42)

Q4 year‑over‑year comparison

Metric	Q4 2023	Q4 2024
Collaboration Revenue ($USD Millions)	$2.089	$0.000
Research & Development ($USD Millions)	$16.322	$11.722
General & Administrative ($USD Millions)	$5.533	$3.947
Loss from Operations ($USD Millions)	$(19.766)	$(16.916)
Net Loss ($USD Millions)	$(17.903)	$(15.936)
GAAP EPS (basic & diluted) ($USD)	$(0.47)	$(0.42)

Liquidity and runway

Metric	Q2 2024	Q3 2024	Q4 2024
Cash, cash equivalents & marketable securities ($USD Millions)	$97.5	$84.4	$70.2
Cash runway commentary	Through mid‑2026	Through mid‑2026	Through mid‑2026

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash runway	Corporate	“Through mid‑2026” (stated Q2 & Q3)	“Through mid‑2026” (Q4 reiteration)	Maintained
Clinical milestone – BDC‑3042	Q2 2025	Dose escalation ongoing; data H1’25	Highest dose cohort fully enrolled; data in Q2’25	Clarified timing (maintained)
Clinical milestone – BDC‑4182	Q2 2025 start	IND‑enabling; FIH expected 2025	First‑in‑human trial planned Q2’25 in Australia	Narrowed start window (raised specificity)
Revenue/EPS	Q4 2024	None provided	None provided	N/A

Earnings Call Themes & Trends

Note: No Q4 2024 earnings call transcript was found; themes are compiled from company press releases.

Topic	Previous Mentions (Q2 2024)	Previous Mentions (Q3 2024)	Current Period (Q4 2024)	Trend
BDC‑3042 tolerability/activity	Advanced to cohort 6; no DLTs	Opened 10 mg/kg cohort; H1’25 data	Highest dose cohort fully enrolled; no DLTs; Q2’25 data	Positive, progressing
BDC‑4182 readiness	IND‑enabling progress; SITC poster planned	Presented updated preclinical data at SITC	FIH gastric trial planned Q2’25; strong preclinical/acceptable NHP safety	Positive, approaching clinic
Collaborations (Genmab, Toray)	Progressing; Genmab research phase extension	Progressing	Advancing first Genmab dev candidate; Toray Caprin‑1 combo	Steady progress
Cash runway	Mid‑2026	Mid‑2026	Mid‑2026	Maintained
Opex discipline	R&D/G&A stable YoY	R&D/G&A slightly lower QoQ	Further declines post restructuring	Improving efficiency

Management Commentary

“BDC‑4182, our next‑generation ISAC, is poised to enter the clinic in the second quarter…BDC‑4182 has the potential to offer a better option for patients with stomach and other claudin 18.2‑expressing cancers.” — Willie Quinn, CEO .
“We’ve…cleared the DLT window for the highest dose level in the BDC‑3042 Phase 1 dose escalation trial and will provide a data update next quarter.” — Willie Quinn, CEO .
“BDC‑4182 demonstrated superior efficacy compared to cytotoxic claudin 18.2 ADCs… and can eradicate tumors with low claudin 18.2 expression.” — Michael Alonso, SVP Research, SITC update .
“Cash, cash equivalents, and marketable securities were $70.2 million…expected to fund…through mid‑2026.” — Company press release .

Q&A Highlights

A formal Q4 2024 earnings call transcript was not available; no Q&A highlights or guidance clarifications could be sourced for the quarter .

Estimates Context

Metric	Q4 2024 Consensus (S&P Global)	Q4 2024 Actual	Result
Revenue ($USD Millions)	$0.79*	$0.00	MISS
Primary EPS ($USD)	-$7.00*	-$8.40*	MISS
# of Estimates (Revenue / EPS)	3 / 2*	—	—

Values marked with * retrieved from S&P Global. Note: S&P “Primary EPS” methodology differs from GAAP basic/diluted net loss per share reported in the company’s press release (GAAP EPS for Q4 was $(0.42)) .

Key Takeaways for Investors

Near‑term catalysts: BDC‑3042 Phase 1 readout in Q2 2025 and BDC‑4182 first‑in‑human start in Q2 2025; these are likely stock drivers in the absence of revenue traction .
Q4’s revenue miss stemmed from reassessment of Genmab performance obligations; monitor collaboration accounting and milestones to gauge potential revenue resumption .
Operating discipline is visible: R&D and G&A contracted QoQ/YoY, and operating loss improved YoY; cash runway maintained into mid‑2026 supports execution without immediate financing needs .
Differentiation thesis: BDC‑4182’s preclinical superiority versus claudin 18.2 ADCs and acceptable NHP safety underpin potential clinical efficacy in lower antigen density tumors—watch early clinical signals and combinability .
Risk framework: Any delays to BDC‑3042 data or BDC‑4182 FIH initiation, or adverse safety/efficacy signals, would pressure sentiment given minimal revenue; collaboration progress with Genmab/Toray offers optionality .
Trading stance: Expect event‑driven volatility around the Q2 2025 data and FIH initiation; position sizing should reflect binary readout risk and limited near‑term fundamentals .

Appendix: Source Documents

Q4 2024 8‑K 2.02 and Exhibit 99.1 press release with full financials and commentary .
Q3 2024 8‑K 2.02 and Exhibit 99.1 press release .
Q2 2024 8‑K 2.02 and Exhibit 99.1 press release .
SITC preclinical data update press release (Nov 7, 2024) .
Company IR site and GlobeNewswire posting of Q4 2024 press release .

Bolt Biotherapeutics, Inc. (BOLT)·Q4 2024 Earnings Summary