SEC Filing - Bolt Biotherapeutics

View:

Download DOC

Download PDF

Download XLS

Download XBRL

10-Q

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, 2023


☐	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. 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 July 31, 2023, the registrant had 37,950,986 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, 2023 and December 31, 2022	1
	Condensed Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2023 and 2022	2
	Condensed Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2023 and 2022	3
	Condensed Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022	5
	Notes to the Condensed Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	31

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	32
Item 4.	Mine Safety Disclosures	32
Item 5.	Other Information	32
Item 6.	Exhibits	33
	Signatures	34

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,
	2023			2022
Assets
Current assets:
Cash and cash equivalents	$	13,451		$	9,244
Short-term investments		112,415			159,644
Prepaid expenses and other current assets		4,802			3,858
Total current assets		130,668			172,746
Property and equipment, net		5,609			6,453
Operating lease right-of-use assets		20,622			22,072
Restricted cash		1,565			1,565
Long-term investments		31,220			23,943
Other assets		1,012			1,028
Total assets	$	190,696		$	227,807
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	3,436		$	3,594
Accrued expenses and other current liabilities		9,916			15,140
Deferred revenue		1,685			1,993
Operating lease liabilities		2,581			2,391
Total current liabilities		17,618			23,118
Operating lease liabilities, net of current portion		18,891			20,220
Deferred revenue, non-current		12,012			12,921
Other long-term liabilities		43			42
Total liabilities		48,564			56,301
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock, $0.00001 par value, authorized shares—10,000,000 shares authorized at June 30, 2023 and December 31, 2022; zero shares issued and outstanding at June 30, 2023 and December 31, 2022		—			—
Common stock, $0.00001 par value; 200,000,000 shares authorized at June 30, 2023 and December 31, 2022; 37,950,986 and 37,797,902 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively		1			—
Additional paid-in capital		472,485			467,513
Accumulated other comprehensive loss		(229	)		(919	)
Accumulated deficit		(330,125	)		(295,088	)
Total stockholders' equity:		142,132			171,506
Total liabilities and stockholders' equity	$	190,696		$	227,807

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

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,
	2023			2022			2023			2022
Collaboration revenue	$	1,433		$	1,393		$	3,259		$	2,206
Operating expenses:
Research and development		15,644			18,920			30,269			37,305
General and administrative		5,621			5,532			11,237			11,836
Total operating expense		21,265			24,452			41,506			49,141
Loss from operations		(19,832	)		(23,059	)		(38,247	)		(46,935	)
Other income, net
Interest income, net		1,775			395			3,210			593
Total other income, net		1,775			395			3,210			593
Net loss		(18,057	)		(22,664	)		(35,037	)		(46,342	)
Net unrealized gain (loss) on marketable securities		6			(407	)		690			(1,482	)
Comprehensive loss	$	(18,051	)	$	(23,071	)	$	(34,347	)	$	(47,824	)
Net loss per share, basic and diluted	$	(0.48	)	$	(0.61	)	$	(0.93	)	$	(1.25	)
Weighted-average shares outstanding, basic and diluted		37,750,393			37,293,557			37,717,391			37,211,174

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

BOLT BIOTHERAPEUTICS, INC.

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in thousands, except share amounts)


	Three Months Ended June 30, 2023
							Accumulated
					Additional		Other						Total
	Common				Paid-In		Comprehensive			Accumulated			Stockholders'
	Shares		Amount		Capital		Loss			Deficit			Equity
Balance at March 31, 2023		37,813,037	$	—	$	469,989	$	(235	)	$	(312,068	)	$	157,686
Vesting of restricted stock units		14,882		—		—		—			—			—
Issuance of common stock under employee stock purchase plan		118,566		1		140		—			—			141
Issuance of common stock upon exercise of stock options		4,501		—		6		—			—			6
Stock-based compensation		—		—		2,350		—			—			2,350
Unrealized gain on available-for-sale investments		—		—		—		6			—			6
Net loss		—		—		—		—			(18,057	)		(18,057	)
Balance at June 30, 2023		37,950,986	$	1	$	472,485	$	(229	)	$	(330,125	)	$	142,132

	Three Months Ended June 30, 2022
							Accumulated
					Additional		Other						Total
	Common				Paid-In		Comprehensive			Accumulated			Stockholders'
	Shares		Amount		Capital		Loss			Deficit			Equity
Balance at March 31, 2022		37,471,312	$	—	$	460,458	$	(1,396	)	$	(230,668	)	$	228,394
Vesting of restricted stock units		20,033		—		—		—			—			—
Issuance of common stock under employee stock purchase plan		136,711		—		224		—			—			224
Issuance of common stock upon exercise of stock options		13,403		—		28		—			—			28
Vesting of early exercised options		—		—		2		—			—			2
Stock-based compensation		—		—		2,391		—			—			2,391
Unrealized loss on available-for-sale investments		—		—		—		(407	)		—			(407	)
Net loss		—		—		—		—			(22,664	)		(22,664	)
Balance at June 30, 2022		37,641,459	$	—	$	463,103	$	(1,803	)	$	(253,332	)	$	207,968

BOLT BIOTHERAPEUTICS, INC.

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in thousands, except share amounts)


	Six Months Ended June 30, 2023
							Accumulated
					Additional		Other						Total
	Common				Paid-In		Comprehensive			Accumulated			Stockholders'
	Shares		Amount		Capital		Loss			Deficit			Equity
Balance at December 31, 2022		37,797,902	$	—	$	467,513	$	(919	)	$	(295,088	)	$	171,506
Vesting of restricted stock units		30,017		—		—		—			—			—
Issuance of common stock under employee stock purchase plan		118,566		1		140		—			—			141
Issuance of common stock upon exercise of stock options		4,501		—		6		—			—			6
Stock-based compensation		—		—		4,826		—			—			4,826
Unrealized gain on available-for-sale investments		—		—		—		690			—			690
Net loss		—		—		—		—			(35,037	)		(35,037	)
Balance at June 30, 2023		37,950,986	$	1	$	472,485	$	(229	)	$	(330,125	)	$	142,132

	Six Months Ended June 30, 2022
							Accumulated
					Additional		Other						Total
	Common				Paid-In		Comprehensive			Accumulated			Stockholders'
	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		45,867		—		—		—			—			—
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		—		—		5,310		—			—			5,310
Unrealized loss on available-for-sale investments		—		—		—		(1,482	)		—			(1,482	)
Net loss		—		—		—		—			(46,342	)		(46,342	)
Balance at June 30, 2022		37,641,459	$	—	$	463,103	$	(1,803	)	$	(253,332	)	$	207,968