Boundless Bio Reports $65.36 Million Net Loss for 2024, Discontinues BBI-825 Trial

Boundless Bio, Inc. reported a net loss of $65.36 million for the year ended December 31, 2024, compared to a net loss of $49.43 million in 2023. Research and development expenses increased by $12.63 million to $55.27 million in 2024, primarily due to increased direct program costs related to clinical trials of BBI-355 and BBI-825, higher employee compensation costs, and increased stock-based compensation. General and administrative expenses rose by $5.84 million to $18 million, largely attributed to increased personnel costs, stock-based compensation, and expenses associated with being a publicly traded company. The company's other income, net, increased by $2.54 million to $7.9 million, mainly due to higher interest income from its investment portfolio.

A significant development during the year was the decision to discontinue the Phase 1/2 STARMAP clinical trial of BBI-825 in December 2024, following an assessment of preliminary pharmacokinetic data. This strategic shift prioritized resource allocation towards the continued development of BBI-355 and the Kinesin program. BBI-355, the company's lead ecDNA-directed therapeutic candidate (ecDTx), is currently in a Phase 1/2 clinical trial (POTENTIATE), with preliminary data expected in the second half of 2025. The Kinesin program is progressing through drug discovery, aiming for a development candidate nomination by mid-2025 and an Investigational New Drug (IND) application in the first half of 2026.

Boundless Bio's proprietary Spyglass platform continues to identify new targets for ecDTx development. The company's ecDNA diagnostic, ECHO, is being used in the BBI-355 trial to select patients. As of March 21, 2025, the company employed 64 full-time employees, with 47 dedicated to research and development. The company's cash, cash equivalents, and short-term investments totaled $152.1 million as of December 31, 2024, and management believes these resources will fund operations into 2027.

The company's financial statements reflect a significant increase in cash and cash equivalents and short-term investments, primarily due to the net proceeds of $87.7 million from its initial public offering (IPO) in April 2024. The IPO generated gross proceeds of $100 million. The company's accumulated deficit as of December 31, 2024, was $201.5 million. The company anticipates continued losses for the foreseeable future, with potential increases as it advances its ecDTx development, seeks regulatory approvals, and potentially commercializes its products. The company plans to finance future operations through equity offerings, debt financings, or collaborations.

Boundless Bio's outlook is focused on advancing its lead ecDTx candidate, BBI-355, through clinical development and regulatory approval. The company also plans to continue leveraging its Spyglass platform to identify and develop additional ecDTx candidates. The company intends to commercialize its ecDTx independently or through partnerships, but acknowledges the significant risks and uncertainties associated with biopharmaceutical development, regulatory approval, and market competition. The company's future financial performance will depend heavily on the success of its clinical trials and its ability to secure additional funding.