Bolt Biotherapeutics, Inc., a clinical-stage biopharmaceutical company focused on developing novel immunotherapies for cancer treatment, reported its financial results for the third quarter and the nine months ended September 30, 2024. The company experienced a decrease in collaboration revenue, reporting $1.1 million for Q3 2024 compared to $2.5 million in Q3 2023. For the nine months, collaboration revenue increased to $7.7 million from $5.8 million in the prior year.
Total operating expenses for Q3 2024 were $17.6 million, down from $20.7 million in Q3 2023. For the nine-month period, operating expenses rose slightly to $63.8 million from $62.2 million. The net loss for Q3 2024 was $15.2 million, an improvement from a net loss of $16.3 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $47.2 million, compared to $51.3 million in the same period of 2023. The net loss per share for Q3 2024 was $(0.40), down from $(0.43) in Q3 2023.
As of September 30, 2024, the company reported cash and cash equivalents of $9.4 million, a decrease from $10.8 million at the end of 2023. Total current assets also fell to $57.1 million from $105.7 million, while total assets decreased to $109.3 million from $159.8 million. Total stockholders' equity was reported at $72.0 million, down from $112.7 million at the end of 2023.
Strategically, Bolt Biotherapeutics announced a significant restructuring plan in May 2024, which included a workforce reduction of approximately 50% and the discontinuation of the development of trastuzumab imbotolimod. This restructuring resulted in a total charge of $3.6 million, primarily for one-time termination benefits. The company anticipates ongoing net losses and will require additional capital to support its clinical programs.
The company has ongoing collaborations with Toray, Genmab, and Innovent, which are expected to contribute to future revenue. However, no revenue has been generated from product sales, and future revenue is contingent upon regulatory approvals. As of September 30, 2024, Bolt Biotherapeutics had an accumulated deficit of $411.5 million and cash and marketable securities totaling $84.4 million. The company expects its current cash position to meet its needs for at least the next 12 months.
About Bolt Biotherapeutics, Inc.
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