Bolt Biotherapeutics (BOLT) Q2 2026 earnings summary

Executive summary

• BDC-4182 advanced to Phase 1/2 clinical trials for gastric and gastroesophageal junction cancer, with Cohort 4 dosing ongoing and initial clinical data expected in Q3 2026.

• BDC-4182 targets claudin 18.2 and has shown significant anti-tumor activity in preclinical models, outperforming cytotoxic ADCs.

• Pipeline outside BDC-4182, including BDC-3042 and preclinical ISAC programs, remains on hold.

• No product sales; revenue derived solely from collaboration agreements with Toray and Genmab.

• October 2025 restructuring reduced workforce by 50% to preserve cash, incurring $1.5 million in one-time charges.

Financial highlights

• Collaboration revenue was $5,000 for Q2 2026 and $31,000 for H1 2026, down from $1.8 million and $3.0 million in the prior year periods.

• Net loss was $7.7 million for Q2 2026 and $15.0 million for H1 2026, compared to $8.6 million and $19.6 million in the prior year.

• Research and development expenses decreased to $5.1 million for Q2 2026 and $10.0 million for H1 2026, reflecting lower headcount and facility costs.

• General and administrative expenses fell to $2.4 million for Q2 2026 and $5.2 million for H1 2026.

• Impairment charge of $0.8 million recognized in Q2 2026 due to sublease termination.

Outlook and guidance

• Cash, cash equivalents, and marketable securities of $18.1 million as of June 30, 2026, expected to fund operations into Q1 2027.

• Substantial doubt exists about ability to continue as a going concern without additional capital.

• Plans to raise additional capital through equity, debt, or partnerships; failure to do so may require limiting or terminating development programs.

• Initial clinical data from BDC-4182 Phase 1/2 study anticipated in Q3 2026.