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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 September 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 November 2, 2021, the registrant had 37,284,650 shares of common stock outstanding.

 

 


 

Table of Contents

 

 

 

Page

PART I FINANCIAL INFORMATION

 

Item 1.

Financial Statements (unaudited)

1

 

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

1

 

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

2

 

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

3

 

Condensed Statements of Cash Flows for the Nine Months Ended September 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

18

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

25

Item 4.

Controls and Procedures

25

 

 

PART II OTHER INFORMATION

 

Item 1.

Legal Proceedings

26

Item 1A.

Risk Factors

26

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

26

Item 3.

Defaults Upon Senior Securities

26

Item 4.

Mine Safety Disclosures

26

Item 5.

Other Information

26

Item 6.

Exhibits

27

 

Signatures

28

 

 

i


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

BOLT BIOTHERAPEUTICS, INC.

CONDENSED BALANCE SHEETS

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

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

23,649

 

 

$

5,542

 

Short-term investments

 

 

189,244

 

 

 

17,296

 

Prepaid expenses and other current assets

 

 

9,595

 

 

 

2,523

 

Total current assets

 

 

222,488

 

 

 

25,361

 

Property and equipment, net

 

 

5,631

 

 

 

4,083

 

Operating lease right-of-use assets

 

 

25,216

 

 

 

12,267

 

Finance lease right-of-use assets

 

 

21

 

 

 

34

 

Restricted cash

 

 

1,565

 

 

 

1,565

 

Deferred offering costs

 

 

 

 

 

2,357

 

Long-term investments

 

 

77,639

 

 

 

 

Other assets

 

 

990

 

 

 

875

 

Total assets

 

$

333,550

 

 

$

46,542

 

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

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

5,155

 

 

$

1,598

 

Accrued expenses and other current liabilities

 

 

10,922

 

 

 

6,663

 

Deferred revenue

 

 

5,207

 

 

 

1,502

 

Operating lease liabilities

 

 

2,411

 

 

 

1,501

 

Total current liabilities

 

 

23,695

 

 

 

11,264

 

Operating lease liabilities, net of current portion

 

 

22,519

 

 

 

9,376

 

Deferred revenue, non-current

 

 

12,206

 

 

 

 

Convertible preferred stock purchase right liability, non-current

 

 

 

 

 

25,224

 

Other long-term liabilities

 

 

217

 

 

 

329

 

Total liabilities

 

 

58,637

 

 

 

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 September 30, 2021 and December 31, 2020, respectively; zero and 15,232,275 shares issued and outstanding at September 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 September 30, 2021 and December 31, 2020, respectively; 37,248,072 and 2,130,139 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively.

 

 

 

 

 

 

Additional paid-in capital

 

 

454,784

 

 

 

3,452

 

Accumulated other comprehensive loss

 

 

(38

)

 

 

 

Accumulated deficit

 

 

(179,833

)

 

 

(108,399

)

Total stockholders' equity (deficit):

 

 

274,913

 

 

 

(104,947

)

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

 

$

333,550

 

 

$

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Collaboration revenue

 

$

752

 

 

$

 

 

$

752

 

 

$

231

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

19,337

 

 

 

9,540

 

 

 

53,171

 

 

 

25,493

 

General and administrative

 

 

4,941

 

 

 

2,865

 

 

 

13,294

 

 

 

6,998

 

Total operating expense

 

 

24,278

 

 

 

12,405

 

 

 

66,465

 

 

 

32,491

 

Loss from operations

 

 

(23,526

)

 

 

(12,405

)

 

 

(65,713

)

 

 

(32,260

)

Other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

131

 

 

 

24

 

 

 

363

 

 

 

187

 

Change in fair value of preferred stock right liability

 

 

 

 

 

2,380

 

 

 

(6,084

)

 

 

2,380

 

Total other income (expense), net

 

 

131

 

 

 

2,404

 

 

 

(5,721

)

 

 

2,567

 

Net loss

 

 

(23,395

)

 

 

(10,001

)

 

 

(71,434

)

 

 

(29,693

)

Net unrealized gain (loss) on marketable securities

 

 

(15

)

 

 

1

 

 

 

(38

)

 

 

2

 

Comprehensive loss

 

$

(23,410

)

 

$

(10,000

)

 

$

(71,472

)

 

$

(29,691

)

Net loss per share, basic and diluted

 

$

(0.63

)

 

$

(4.73

)

 

$

(2.24

)

 

$

(14.19

)

Weighted-average shares outstanding, basic and diluted

 

 

37,206,793

 

 

 

2,112,499

 

 

 

31,824,180

 

 

 

2,092,977

 

 

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 September 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 June 30, 2021

 

 

 

 

$

 

 

 

 

37,191,005

 

 

$

 

 

$

452,357

 

 

$

(23

)

 

$

(156,438

)

 

$

295,896

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

 

57,067

 

 

 

 

 

 

185

 

 

 

 

 

 

 

 

 

185

 

Vesting of early exercised options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16

 

 

 

 

 

 

 

 

 

16

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,226

 

 

 

 

 

 

 

 

 

2,226

 

Unrealized loss on available-for-sale investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15

)

 

 

 

 

 

(15

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(23,395

)

 

 

(23,395

)

Balance at September 30, 2021

 

 

 

 

$

 

 

 

 

37,248,072

 

 

$

 

 

$

454,784

 

 

$

(38

)

 

$

(179,833

)

 

$

274,913

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 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 June 30, 2020

 

 

15,232,275

 

 

$

105,356

 

 

 

 

1,939,343

 

 

$

 

 

$

2,321

 

 

$

1

 

 

$

(67,363

)

 

$

(65,041

)

Adjustment to issuance cost for issuance of Series C-1 convertible preferred stock

 

 

 

 

 

(60

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

 

67,050

 

 

 

 

 

 

41

 

 

 

 

 

 

 

 

 

41

 

Issuance of common stock upon exercise of warrants

 

 

 

 

 

 

 

 

 

89,420

 

 

 

 

 

 

6

 

 

 

 

 

 

 

 

 

6

 

Vesting of early exercised options and restricted stock awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 

 

 

 

 

 

 

 

 

5

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

403

 

 

 

 

 

 

 

 

 

403

 

Unrealized gain on available-for-sale investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

1

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,001

)

 

 

(10,001

)

Balance at September 30, 2020

 

 

15,232,275

 

 

$

105,296

 

 

 

 

2,095,813

 

 

$

 

 

$

2,776

 

 

$

2

 

 

$

(77,364

)

 

$

(74,586

)

3


 

BOLT BIOTHERAPEUTICS, INC.

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

(Unaudited, in thousands, except share amounts)

 

 

 

Nine Months Ended September 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

 

 

 

 

 

 

 

 

 

116,266

 

 

 

 

 

 

337

 

 

 

 

 

 

 

 

 

337

 

Vesting of early exercised options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

114

 

 

 

 

 

 

 

 

 

114

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,358

 

 

 

 

 

 

 

 

 

6,358

 

Unrealized loss on available-for-sale investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38

)

 

 

 

 

 

(38

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(71,434

)

 

 

(71,434

)

Balance at September 30, 2021

 

 

 

 

$

 

 

 

 

37,248,072

 

 

$

 

 

$

454,784

 

 

$

(38

)

 

$

(179,833

)

 

$

274,913