10-Q
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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, 2022

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: (650) 665-9295

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. YesNo

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). YesNo

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 3, 2022, the registrant had 37,660,893 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, 2022 and December 31, 2021

1

 

Condensed Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended September 30, 2022 and 2021

2

 

Condensed Statements of Preferred Stock and Stockholders’ Equity (Deficit) for the Three and Nine Months Ended September 30, 2022 and 2021

3

 

Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021

4

 

Notes to the Condensed Financial Statements

5

Item 2.

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

19

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

30

Item 4.

Controls and Procedures

30

 

 

PART II OTHER INFORMATION

 

Item 1.

Legal Proceedings

31

Item 1A.

Risk Factors

31

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

31

Item 3.

Defaults Upon Senior Securities

31

Item 4.

Mine Safety Disclosures

31

Item 5.

Other Information

31

Item 6.

Exhibits

32

 

Signatures

33

 

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,

 

 

 

2022

 

 

2021

 

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

10,617

 

 

$

27,383

 

Short-term investments

 

 

160,513

 

 

 

158,836

 

Prepaid expenses and other current assets

 

 

3,696

 

 

 

2,941

 

Total current assets

 

 

174,826

 

 

 

189,160

 

Property and equipment, net

 

 

6,905

 

 

 

6,158

 

Operating lease right-of-use assets

 

 

22,777

 

 

 

24,445

 

Restricted cash

 

 

1,565

 

 

 

1,565

 

Long-term investments

 

 

38,432

 

 

 

85,348

 

Other assets

 

 

1,000

 

 

 

1,042

 

Total assets

 

$

245,505

 

 

$

307,718

 

Liabilities and stockholders' equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

3,828

 

 

$

3,574

 

Accrued expenses and other current liabilities

 

 

14,793

 

 

 

12,384

 

Deferred revenue

 

 

3,169

 

 

 

2,869

 

Operating lease liabilities

 

 

2,384

 

 

 

2,501

 

Total current liabilities

 

 

24,174

 

 

 

21,328

 

Operating lease liabilities, net of current portion

 

 

20,857

 

 

 

21,854

 

Deferred revenue, non-current

 

 

11,828

 

 

 

14,207

 

Other long-term liabilities

 

 

200

 

 

 

210

 

Total liabilities

 

 

57,059

 

 

 

57,599

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Preferred stock, $0.00001 par value, authorized shares—10,000,000 shares authorized at September 30, 2022 and December 31, 2021; zero shares issued and outstanding at September 30, 2022 and December 31, 2021

 

 

 

 

 

 

Common stock, $0.00001 par value; 200,000,000 shares authorized at September 30, 2022 and December 31, 2021; 37,660,893 and 37,399,694 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively

 

 

 

 

 

 

Additional paid-in capital

 

 

465,246

 

 

 

457,430

 

Accumulated other comprehensive loss

 

 

(1,709

)

 

 

(321

)

Accumulated deficit

 

 

(275,091

)

 

 

(206,990

)

Total stockholders' equity:

 

 

188,446

 

 

 

250,119

 

Total liabilities, convertible preferred stock, and stockholders' equity

 

$

245,505

 

 

$

307,718

 

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Collaboration revenue

 

$

2,112

 

 

$

752

 

 

$

4,318

 

 

$

752

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

18,973

 

 

 

19,337

 

 

 

56,278

 

 

 

53,171

 

General and administrative

 

 

5,485

 

 

 

4,941

 

 

 

17,321

 

 

 

13,294

 

Total operating expense

 

 

24,458

 

 

 

24,278

 

 

 

73,599

 

 

 

66,465

 

Loss from operations

 

 

(22,346

)

 

 

(23,526

)

 

 

(69,281

)

 

 

(65,713

)

Other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

587

 

 

 

131

 

 

 

1,180

 

 

 

363

 

Change in fair value of preferred stock right liability

 

 

 

 

 

 

 

 

 

 

 

(6,084

)

Total other income (expense), net

 

 

587

 

 

 

131

 

 

 

1,180

 

 

 

(5,721

)

Net loss

 

 

(21,759

)

 

 

(23,395

)

 

 

(68,101

)

 

 

(71,434

)

Net unrealized gain (loss) on marketable securities

 

 

94

 

 

 

(15

)

 

 

(1,388

)

 

 

(38

)

Comprehensive loss

 

$

(21,665

)

 

$

(23,410

)

 

$

(69,489

)

 

$

(71,472

)

Net loss per share, basic and diluted

 

$

(0.58

)

 

$

(0.63

)

 

$

(1.83

)

 

$

(2.24

)

Weighted-average shares outstanding, basic and diluted

 

 

37,454,340

 

 

 

37,206,793

 

 

 

37,293,121

 

 

 

31,824,180

 

 

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

2


 

BOLT BIOTHERAPEUTICS, INC.

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

(Unaudited, in thousands, except share amounts)

 

 

 

Three Months Ended September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

Total

 

 

 

Preferred Stock

 

 

 

Common

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balance at June 30, 2022

 

 

 

 

$

 

 

 

 

37,641,459

 

 

$

 

 

$

463,103

 

 

$

(1,803

)

 

$

(253,332

)

 

$

207,968

 

Vesting of restricted stock units

 

 

 

 

 

 

 

 

 

19,434

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,143

 

 

 

 

 

 

 

 

 

2,143

 

Unrealized loss on available-for-sale investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

94

 

 

 

 

 

 

94

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21,759

)

 

 

(21,759

)

Balance at September 30, 2022

 

 

 

 

$

 

 

 

 

37,660,893

 

 

$

 

 

$

465,246

 

 

$

(1,709

)

 

$

(275,091

)

 

$

188,446

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

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 gain 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

 

 

 

 

Nine Months Ended September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

Total

 

 

 

Preferred Stock

 

 

 

Common

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2021

 

 

 

 

$

 

 

 

 

37,399,694

 

 

$

 

 

$

457,430

 

 

$

(321

)

 

$

(206,990

)

 

$

250,119

 

Vesting of restricted stock units

 

 

 

 

 

 

 

 

 

65,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock under employee stock purchase plan

 

 

 

 

 

 

 

 

 

136,711

 

 

 

 

 

 

224

 

 

 

 

 

 

 

 

 

224

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

 

 

 

59,187

 

 

 

 

 

 

135

 

 

 

 

 

 

 

 

 

135

 

Vesting of early exercised options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

4

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,453

 

 

 

 

 

 

 

 

 

7,453

 

Unrealized loss on available-for-sale investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,388

)

 

 

 

 

 

(1,388

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(68,101

)

 

 

(68,101

)

Balance at September 30, 2022

 

 

 

 

$

 

 

 

 

37,660,893

 

 

$

 

 

$

465,246

 

 

$

(1,709

)

 

$

(275,091

)

 

$

188,446

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)