Bolt Biotherapeutics, Inc. reported a net loss of $63.1 million for the year ended December 31, 2024, compared to a net loss of $69.2 million in 2023. The company's collaboration revenue decreased slightly from $7.9 million in 2023 to $7.7 million in 2024. Research and development expenses decreased by $4.0 million, primarily due to lower personnel costs following a workforce reduction. General and administrative expenses also decreased by $4.0 million, largely attributed to reduced salary and bonus expenses. The company recorded restructuring charges of $3.3 million and impairment charges of $1.5 million in 2024, related to a workforce reduction and asset impairment, respectively.
Significant changes compared to the previous fiscal year include the discontinuation of the trastuzumab imbotolimod (BDC-1001) development program in May 2024, resulting in a restructuring plan that reduced the workforce by approximately 50% and incurred $3.6 million in restructuring charges. The company also initiated a Phase 1 clinical trial for BDC-3042 in October 2023 and selected BDC-4182 as its next clinical candidate, anticipating the initiation of a clinical trial in the second quarter of 2025. In October 2024, Bolt Biotherapeutics established a wholly-owned subsidiary in Australia to expand its global footprint.
The company's revenue is primarily derived from collaboration agreements with Toray Industries, Genmab A/S, and Innovent Biologics, Inc. The collaboration with Innovent was amended in March 2024, granting Bolt Biotherapeutics worldwide rights to two ISAC programs. The company's cash and cash equivalents, and marketable securities totaled $70.2 million as of December 31, 2024. The company's independent registered public accounting firm noted substantial doubt about its ability to continue as a going concern within one year.
As of December 31, 2024, Bolt Biotherapeutics employed 52 full-time employees. The company's strategy focuses on leveraging its Boltbody ISAC platform and myeloid biology expertise to develop its pipeline of immuno-oncology product candidates. The company holds exclusive worldwide rights to its proprietary development programs. The company's outlook indicates a continued focus on the development of BDC-3042 and BDC-4182, with anticipated clinical trial results for BDC-3042 in the second quarter of 2025 and the initiation of a clinical trial for BDC-4182 in 2025. The company acknowledges substantial doubt about its ability to continue as a going concern.
About Bolt Biotherapeutics, Inc.
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