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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                to                

Commission File Number 001-39988

 

Bolt Biotherapeutics, Inc.

(Exact name of Registrant as specified in its Charter)

 

 

Delaware

47-2804636

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

 

 

900 Chesapeake Drive

Redwood City, CA

94063

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (650665-9295

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.00001 par value

 

BOLT

 

The Nasdaq Global Select Market

 

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of August 6, 2021, the registrant had 37,201,444 shares of common stock outstanding.

 

 


 

Table of Contents

 

 

 

Page

PART I FINANCIAL INFORMATION

 

Item 1.

Financial Statements (unaudited)

1

 

Condensed Balance Sheets as of June 30, 2021 and December 31, 2020

1

 

Condensed Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2021 and 2020

2

 

Condensed Statements of Convertible Preferred Stock and Stockholders’ Deficit for the Three and Six Months Ended June 30, 2021 and 2020

3

 

Condensed Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020

5

 

Notes to the Condensed Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

17

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

24

Item 4.

Controls and Procedures

24

 

 

PART II OTHER INFORMATION

 

Item 1.

Legal Proceedings

25

Item 1A.

Risk Factors

25

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

25

Item 3.

Defaults Upon Senior Securities

25

Item 4.

Mine Safety Disclosures

25

Item 5.

Other Information

25

Item 6.

Exhibits

26

 

Signatures

27

 

 

i


 

SPECIAL Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this Quarterly Report are forward-looking statements, including statements regarding:

 

any impact of the COVID-19 pandemic, or responses to the pandemic, on our business, collaborations, clinical trials or personnel;

 

our expectations regarding the potential benefits of our strategy and technology;

 

our expectations regarding the operation of our product candidates, collaborations and related benefits;

 

our beliefs regarding our industry;

 

our beliefs regarding the success, cost and timing of our product candidate development and collaboration activities and current and future clinical trials and studies;

 

our beliefs regarding the potential markets for our product candidates, collaborations and our and our collaborators’ ability to serve those markets;

 

our ability to attract and retain key personnel;

 

our ability to obtain funding for our operations, including funding necessary to complete further development and any commercialization of our product candidates; and

 

regulatory developments in the United States (the “U.S.”) and foreign countries, with respect to our product candidates.

These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance and achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology. These forward-looking statements are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of risks, uncertainties and assumptions, including those described in Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on March 31, 2021. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

We have common law trademark rights in the unregistered marks “Bolt Biotherapeutics, Inc.,” “Boltbody,” and the Bolt logo in certain jurisdictions. Solely for convenience, trademarks and tradenames referred to in this Quarterly Report appear without the ® and symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or that the applicable owner will not assert its rights, to these trademarks and tradenames.

 

 

ii


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

BOLT BIOTHERAPEUTICS, INC.

CONDENSED BALANCE SHEETS

(Unaudited, in thousands, except share and per share amounts)

 

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

58,302

 

 

$

5,542

 

Short-term investments

 

 

186,686

 

 

 

17,296

 

Prepaid expenses and other current assets

 

 

3,163

 

 

 

2,523

 

Total current assets

 

 

248,151

 

 

 

25,361

 

Property and equipment, net

 

 

4,551

 

 

 

4,083

 

Operating lease right-of-use assets

 

 

25,977

 

 

 

12,267

 

Finance lease right-of-use assets

 

 

25

 

 

 

34

 

Restricted cash

 

 

1,565

 

 

 

1,565

 

Deferred offering costs

 

 

 

 

 

2,357

 

Long-term investments

 

 

65,938

 

 

 

 

Other assets

 

 

867

 

 

 

875

 

Total assets

 

$

347,074

 

 

$

46,542

 

Liabilities, convertible preferred stock, and stockholders' equity (deficit)

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,614

 

 

$

1,598

 

Accrued expenses and other current liabilities

 

 

10,983

 

 

 

6,663

 

Deferred revenue

 

 

4,330

 

 

 

1,502

 

Operating lease liabilities

 

 

2,323

 

 

 

1,501

 

Total current liabilities

 

 

19,250

 

 

 

11,264

 

Operating lease liabilities, net of current portion

 

 

23,160

 

 

 

9,376

 

Deferred revenue, non-current

 

 

8,535

 

 

 

 

Convertible preferred stock purchase right liability, non-current

 

 

 

 

 

25,224

 

Other long-term liabilities

 

 

233

 

 

 

329

 

Total liabilities

 

 

51,178

 

 

 

46,193

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

Convertible preferred stock, $0.00001 par value; 10,000,000 shares and 20,843,367 shares authorized at June 30, 2021 and December 31, 2020, respectively; zero and 15,232,275 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively.

 

 

 

 

 

105,296

 

Stockholders' equity (deficit):

 

 

 

 

 

 

 

 

Common stock, $0.00001 par value; 200,000,000 shares and 198,000,000 shares authorized at June 30, 2021 and December 31, 2020, respectively; 37,191,005 and 2,130,139 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively.

 

 

 

 

 

 

Additional paid-in capital

 

 

452,357

 

 

 

3,452

 

Accumulated other comprehensive loss

 

 

(23

)

 

 

 

Accumulated deficit

 

 

(156,438

)

 

 

(108,399

)

Total stockholders' equity (deficit):

 

 

295,896

 

 

 

(104,947

)

Total liabilities, convertible preferred stock, and stockholders' equity (deficit)

 

$

347,074

 

 

$

46,542

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

1


BOLT BIOTHERAPEUTICS, INC.

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited, in thousands, except share and per share amounts)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Collaboration revenue

 

$

 

 

$

67

 

 

$

 

 

$

231

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

19,707

 

 

 

9,166

 

 

 

33,834

 

 

 

15,953

 

General and administrative

 

 

4,054

 

 

 

2,011

 

 

 

8,353

 

 

 

4,133

 

Total operating expense

 

 

23,761

 

 

 

11,177

 

 

 

42,187

 

 

 

20,086

 

Loss from operations

 

 

(23,761

)

 

 

(11,110

)

 

 

(42,187

)

 

 

(19,855

)

Other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

176

 

 

 

51

 

 

 

232

 

 

 

163

 

Change in fair value of preferred stock right liability

 

 

 

 

 

 

 

 

(6,084

)

 

 

 

Total other income (expense), net

 

 

176

 

 

 

51

 

 

 

(5,852

)

 

 

163

 

Net loss

 

 

(23,585

)

 

 

(11,059

)

 

 

(48,039

)

 

 

(19,692

)

Net unrealized gain (loss) on marketable securities

 

 

41

 

 

 

11

 

 

 

(23

)

 

 

1

 

Comprehensive loss

 

$

(23,544

)

 

$

(11,048

)

 

$

(48,062

)

 

$

(19,691

)

Net loss per share, basic and diluted

 

$

(0.64

)

 

$

(5.29

)

 

$

(1.65

)

 

$

(9.45

)

Weighted-average shares outstanding, basic and diluted

 

 

36,595,112

 

 

 

2,089,320

 

 

 

29,088,267

 

 

 

2,083,197

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

2


BOLT BIOTHERAPEUTICS, INC.

CONDENSED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

(Unaudited, in thousands, except share amounts)

 

 

 

Three Months Ended June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Convertible

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Preferred Stock

 

 

 

Common

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity (Deficit)

 

Balance at March 31, 2021

 

 

 

 

$

 

 

 

 

36,331,846

 

 

$

 

 

$

436,165

 

 

$

(64

)

 

$

(132,853

)

 

$

303,248

 

Issuance of common stock related to stock purchase agreement

 

 

 

 

 

 

 

 

 

821,045

 

 

 

 

 

 

13,638

 

 

 

 

 

 

 

 

 

13,638

 

Issuance of common stock under employee stock purchase plan

 

 

 

 

 

 

 

 

 

29,685

 

 

 

 

 

 

420

 

 

 

 

 

 

 

 

 

420

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

 

8,429

 

 

 

 

 

 

23

 

 

 

 

 

 

 

 

 

23

 

Vesting of early exercised options and restricted stock awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

88

 

 

 

 

 

 

 

 

 

88

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,023

 

 

 

 

 

 

 

 

 

2,023

 

Unrealized gain on available-for-sale investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41

 

 

 

 

 

 

41

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(23,585

)

 

 

(23,585

)

Balance at June 30, 2021

 

 

 

 

$

 

 

 

 

37,191,005

 

 

$

 

 

$

452,357

 

 

$

(23

)

 

$

(156,438

)

 

$

295,896

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Convertible

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Preferred Stock

 

 

 

Common

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity (Deficit)

 

Balance at March 31, 2020

 

 

10,070,102

 

 

$

77,505

 

 

 

 

1,937,803

 

 

$

 

 

$

2,089

 

 

$

(10

)

 

$

(56,304

)

 

$

(54,225

)

Issuance of Series C-1 convertible preferred stock, net of issuance costs of $225 and convertible preferred stock purchase right liability of $13,479

 

 

5,162,173

 

 

 

27,851

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

 

1,540

 

 

 

 

 

 

5

 

 

 

 

 

 

 

 

 

5

 

Vesting of early exercised options and restricted stock awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

4

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

223

 

 

 

 

 

 

 

 

 

223

 

Unrealized gain on available-for-sale investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11

 

 

 

 

 

 

11

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,059

)

 

 

(11,059

)

Balance at June 30, 2020

 

 

15,232,275

 

 

$

105,356

 

 

 

 

1,939,343

 

 

$

 

 

$

2,321

 

 

$

1

 

 

$

(67,363

)

 

$

(65,041

)

3


 

BOLT BIOTHERAPEUTICS, INC.

CONDENSED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

(Unaudited, in thousands, except share amounts)

 

 

 

Six Months Ended June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Convertible

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Preferred Stock

 

 

 

Common

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity (Deficit)

 

Balance at December 31, 2020

 

 

15,232,275

 

 

$

105,296

 

 

 

 

2,130,139

 

 

$

 

 

$

3,452

 

 

$

 

 

$

(108,399

)

 

$

(104,947

)

Issuance of Series C-2 convertible preferred stock, net of issuance cost of $42

 

 

5,611,059

 

 

 

51,902

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification of convertible preferred stock purchase right liability to equity upon issuance of convertible C-2 preferred stock

 

 

 

 

 

31,308

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conversion of convertible preferred stock to common stock

 

 

(20,843,334

)

 

$

(188,506

)

 

 

 

20,843,334

 

 

 

 

 

 

188,506

 

 

 

 

 

 

 

 

 

188,506

 

Issuance of common stock upon initial public offering, net of issuance costs of $22,541

 

 

 

 

 

 

 

 

 

13,225,000

 

 

 

 

 

 

241,959

 

 

 

 

 

 

 

 

 

241,959

 

Issuance of common stock upon exercise of common stock warrants

 

 

 

 

 

 

 

 

 

82,603

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock related to stock purchase agreement

 

 

 

 

 

 

 

 

 

821,045

 

 

 

 

 

 

13,638

 

 

 

 

 

 

 

 

 

13,638

 

Issuance of common stock under employee stock purchase plan

 

 

 

 

 

 

 

 

 

29,685

 

 

 

 

 

 

420

 

 

 

 

 

 

 

 

 

 

 

420

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

 

59,199

 

 

 

 

 

 

152

 

 

 

 

 

 

 

 

 

152

 

Vesting of early exercised options and restricted stock awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

98

 

 

 

 

 

 

 

 

 

98

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,132

 

 

 

 

 

 

 

 

 

4,132

 

Unrealized loss on available-for-sale investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(23

)

 

 

 

 

 

(23

)

Net loss