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 June 30, 2023

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 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

 

i


 

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.

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,

 

 

 

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.

2


 

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

 

 

 

3


 

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

 

 

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

4


 

BOLT BIOTHERAPEUTICS, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

 

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net loss

 

$

(35,037

)

 

$

(46,342

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

925

 

 

 

765

 

Stock-based compensation expense

 

 

4,826

 

 

 

5,310

 

Accretion (amortization) of premium/discount on marketable securities