Bolt Biotherapeutics, Inc. (NASDAQ: BOLT), a clinical-stage biotechnology company pioneering a new class of immuno-oncology agents that combine the targeting precision of antibodies with the power of both the innate and adaptive immune systems, today reported financial results for the fourth quarter and full year ended December 31, 2021, and provided an update on recent business highlights.
“In 2021, we demonstrated for the first time that our HER2-targeting Boltbody ISAC can increase myeloid cell infiltration and repolarize macrophages in the tumor microenvironment, and thereby, established proof of mechanism for our pioneering Boltbody ISAC platform. In our Phase 1/2 study, BDC-1001 was well tolerated at all dose levels tested with no dose-limiting toxicities. At the lower dose levels evaluated to date, we have seen stable disease in multiple different tumor types and a partial response that has now persisted for more than 60 weeks,” said Randall C. Schatzman, Ph.D., Chief Executive Officer of Bolt Biotherapeutics. “We continue to explore dose levels expected to achieve our targeted higher drug exposures, and look forward to determining the recommended Phase 2 dose for BDC-1001 as monotherapy and in combination with Opdivo.”
Recent Business Highlights
Upcoming Events
Fourth Quarter and Full Year 2021 Financial Results
Cash Position – Cash, cash equivalents, and marketable securities were $271.6 million as of December 31, 2021, compared to $22.8 million as of December 31, 2020. Bolt Biotherapeutics expects its cash balance to fund operations into 2024.
Collaboration Revenue – Revenue was $0.5 million for the quarter and $1.3 million for the full year ended December 31, 2021, compared to zero and $0.2 million for the same quarter and year in 2020. Revenue in 2021 was generated from services performed under the newly initiated R&D collaboration with Genmab A/S.
Research and Development Expenses – R&D expenses were $22.5 million for the quarter and $75.7 million for the full year ended December 31, 2021, compared to $14.9 million and $40.4 million for the same quarter and year in 2020, primarily due to increase in manufacturing and clinical trial expenses related to BDC-1001 and BDC-2034 and increase in personnel expenses relating to an increase in headcount.
General and Administrative Expenses – G&A expenses were $5.1 million for the quarter and $18.4 million for the full year ended December 31, 2021, compared to $2.1 million and $9.1 million for the same quarter and year in 2020, primarily due to increased expenses related to being a public company, including higher personnel expenses relating to increased headcount and an increase in professional services expenses.
Loss from Operations – Loss from operations was $27.1 million for the quarter and $92.8 million for the full year ended December 31, 2021, compared to $16.9 million and $49.2 million for the same quarter and year in 2020.
About the Boltbody™ Immune-Stimulating Antibody Conjugate (ISAC) Platform
ISACs are a new category of immunotherapy combining the precision of antibody targeting with the strength of the innate and adaptive immune systems. Boltbody ISACs comprise three primary components: a tumor-targeting antibody, a non-cleavable linker, and a proprietary immune stimulant to activate the patient’s innate immune system. By initially targeting a single marker on the surface of a patient’s tumor cells, an ISAC can create a new immune response by activating and recruiting myeloid cells. The activated myeloid cells start a feed-forward loop by releasing cytokines and chemokines, chemical signals that attract other immune cells and lower the activation threshold for an immune response. This reprograms the tumor microenvironment and invokes an adaptive immune response that targets the tumor, which can lead to the conversion of immunologically “cold” tumors to “hot” tumors with the goal of durable responses for patients with cancer.
About Bolt Biotherapeutics, Inc.
Bolt Biotherapeutics, Inc. is a clinical-stage biotechnology company pioneering a new class of immuno-oncology agents that combines the targeting precision of antibodies with the power of both the innate and adaptive immune systems. Bolt Biotherapeutics’ proprietary Boltbody™ Immune-stimulating Antibody Conjugates (ISACs) are designed to target tumor cells for elimination by the immune system. BDC-1001 is a HER2-targeting Boltbody ISAC in an ongoing Phase 1/2 clinical trial enrolling patients with HER2-expressing solid tumors. Bolt is also advancing BDC-2034, a Boltbody ISAC targeting CEA, and BDC-3042, an agonist antibody targeting Dectin-2. BDC-3042 is the Company's first myeloid-modulating candidate outside of the Boltbody ISAC platform. In addition, Bolt Biotherapeutics is developing new immuno-oncology Boltbody ISACs through strategic collaborations with leading biopharmaceutical companies.
Forward-Looking Statements
This press release contains forward-looking statements about us and our industry that involve substantial risks and uncertainties and are based on our beliefs and assumptions and on information currently available to us. All statements other than statements of historical facts contained in this press release, including statements regarding our clinical trials, the timing of enrollment for our Phase 1/2 trial for BDC-1001 for the treatment of patients with HER2-expressing solid tumors, the timing of our Phase 2 dose expansion part and the combination with an anti-PD-1 antibody part, the timing that Boltbody ISAC BDC-2034 will enter clinical trials, our ability to fund our clinical programs and the sufficiency of our cash, cash equivalents, and marketable securities, our future results of operations, financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” or “would,” or the negative of these words or other similar terms or expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements represent our current beliefs, estimates and assumptions only as of the date of this press release and information contained in this press release should not be relied upon as representing our estimates as of any subsequent date. These statements, and related risks, uncertainties, factors and assumptions, include, but are not limited to: the potential product candidates that we develop may not progress through clinical development or receive required regulatory approvals within expected timelines or at all; clinical trials may not confirm any safety, potency or other product characteristics described or assumed in this press release; such product candidates may not be beneficial to patients or become commercialized. These risks are not exhaustive. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Further information on factors that could cause actual results to differ materially from the results anticipated by our forward-looking statements is included in the reports we have filed or will file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2021. These filings, when available, are available on the investor relations section of our website at investors.boltbio.com and on the SEC’s website at www.sec.gov.
Opdivo® is a trademark of Bristol-Myers Squibb Company.
BOLT BIOTHERAPEUTICS, INC.
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share amounts)
| For The Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Collaboration revenue | $ | 508 | $ | — | $ | 1,260 | $ | 231 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 22,484 | 14,864 | 75,655 | 40,357 | ||||||||||||
| General and administrative | 5,099 | 2,058 | 18,393 | 9,056 | ||||||||||||
| Total operating expense | 27,583 | 16,922 | 94,048 | 49,413 | ||||||||||||
| Loss from operations | (27,075 | ) | (16,922 | ) | (92,788 | ) | (49,182 | ) | ||||||||
| Other income (expense), net | ||||||||||||||||
| Interest income | (82 | ) | 12 | 281 | 199 | |||||||||||
| Change in fair value of convertible preferred stock purchase right liability | — | (14,125 | ) | (6,084 | ) | (11,745 | ) | |||||||||
| Total other expense, net | (82 | ) | (14,113 | ) | (5,803 | ) | (11,546 | ) | ||||||||
| Net loss | (27,157 | ) | (31,035 | ) | (98,591 | ) | (60,728 | ) | ||||||||
| Net unrealized loss on marketable securities | (283 | ) | — | (321 | ) | — | ||||||||||
| Comprehensive loss | $ | (27,440 | ) | (31,035 | ) | $ | (98,912 | ) | (60,728 | ) | ||||||
| Net loss per share, basic and diluted | $ | (0.73 | ) | $ | (14.58 | ) | $ | (2.97 | ) | $ | (28.89 | ) | ||||
| Weighted-average shares outstanding, basic and diluted | 37,269,511 | 2,129,133 | 33,196,712 | 2,102,328 | ||||||||||||
BOLT BIOTHERAPEUTICS, INC.
BALANCE SHEETS
(in thousands)
| December 31, | ||||||||
| 2021 | 2020 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 27,383 | $ | 5,542 | ||||
| Short-term investments | 158,836 | 17,296 | ||||||
| Prepaid expenses and other current assets | 2,941 | 2,523 | ||||||
| Total current assets | 189,160 | 25,361 | ||||||
| Property and equipment, net | 6,158 | 4,083 | ||||||
| Operating lease right-of-use assets | 24,445 | 12,267 | ||||||
| Restricted cash | 1,565 | 1,565 | ||||||
| Deferred offering costs | — | 2,357 | ||||||
| Long-term investments | 85,348 | — | ||||||
| Other assets | 1,042 | 909 | ||||||
| Total assets | $ | 307,718 | $ | 46,542 | ||||
| Liabilities, Convertible Preferred Stock, and Stockholders' Equity (Deficit) | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,574 | $ | 1,598 | ||||
| Accrued expenses and other current liabilities | 12,384 | 6,663 | ||||||
| Deferred revenue | 2,869 | 1,502 | ||||||
| Operating lease liabilities | 2,501 | 1,501 | ||||||
| Total current liabilities | 21,328 | 11,264 | ||||||
| Operating lease liabilities, net of current portion | 21,854 | 9,376 | ||||||
| Deferred revenue, non-current | 14,207 | — | ||||||
| Convertible preferred stock purchase right liability, non-current | — | 25,224 | ||||||
| Other long-term liabilities | 210 | 329 | ||||||
| Total liabilities | 57,599 | 46,193 | ||||||
| Commitments and contingencies | ||||||||
| Convertible preferred stock | — | 105,296 | ||||||
| Stockholders' equity (deficit): | ||||||||
| Preferred stock | — | — | ||||||
| Common stock | — | — | ||||||
| Additional paid-in capital | 457,430 | 3,452 | ||||||
| Accumulated other comprehensive loss | (321 | ) | — | |||||
| Accumulated deficit | (206,990 | ) | (108,399 | ) | ||||
| Total stockholders' equity (deficit): | 250,119 | (104,947 | ) | |||||
| Total liabilities, convertible preferred stock, and stockholders' equity (deficit) | $ | 307,718 | $ | 46,542 | ||||
BOLT BIOTHERAPEUTICS, INC.
STATEMENTS OF CASH FLOWS
(in thousands)
| Years Ended December 31, | ||||||||
| 2021 | 2020 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net loss | $ | (98,591 | ) | $ | (60,728 | ) | ||
| Adjustments to reconcile net loss to net cash used | ||||||||
| in operating activities: | ||||||||
| Depreciation and amortization | 1,193 | 611 | ||||||
| Stock-based compensation expense | 8,500 | 1,420 | ||||||
| Accretion of premium/discount on short-term investments | 2,975 | 34 | ||||||
| Unrealized gain (loss) on marketable securities, net | (321 | ) | — | |||||
| Loss on disposal of property and equipment | 108 | — | ||||||
| Change in fair value of convertible preferred stock purchase right liability | 6,084 | 11,745 | ||||||
| Non-cash lease expense | 2,479 | 1,893 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Prepaid expenses and other assets | (568 | ) | (1,878 | ) | ||||
| Accounts payable and accrued expenses | 6,676 | 2,882 | ||||||
| Operating lease liabilities | (1,179 | ) | (3,389 | ) | ||||
| Deferred revenue | 15,574 | (69 | ) | |||||
| Other long-term liabilities | 4 | 171 | ||||||
| Net cash used in operating activities | (57,066 | ) | (47,308 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Purchase of property and equipment | (2,338 | ) | (3,262 | ) | ||||
| Purchases of marketable securities | (313,375 | ) | (33,229 | ) | ||||
| Maturities of marketable securities | 83,512 | 15,899 | ||||||
| Net cash used in investing activities | (232,201 | ) | (20,592 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Proceeds from issuance of preferred stock, net | 51,902 | 41,270 | ||||||
| Proceeds from initial public offering, net of issuance cost | 244,316 | — | ||||||
| Proceeds from issuance of common stock related to stock purchase agreement | 13,638 | — | ||||||
| Proceeds from issuance of common stock | 1,252 | 294 | ||||||
| Payment of deferred offering cost | — | (1,967 | ) | |||||
| Net cash provided by financing activities | 311,108 | 39,597 | ||||||
| NET INCREASE (DECREASE) IN CASH | 21,841 | (28,303 | ) | |||||
| Cash, cash equivalents and restricted cash at beginning of year | 7,107 | 35,410 | ||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 28,948 | $ | 7,107 | ||||
| Reconciliation of cash, cash equivalents and restricted cash: | ||||||||
| Cash and cash equivalents | $ | 27,383 | $ | 5,542 | ||||
| Restricted cash | 1,565 | 1,565 | ||||||
| Total cash, cash equivalents and restricted cash | $ | 28,948 | $ | 7,107 | ||||
| Supplemental schedule of non-cash investing and financing activities: | ||||||||
| Vesting of unvested issued common stock | $ | 123 | $ | 49 | ||||
| Purchases of PPE included in accounts payable and accrued liabilities | $ | 1,021 | $ | 28 | ||||
| Deferred offering costs in accounts payable and accrued liabilities | $ | — | $ | 390 | ||||
| Right of use assets obtained in exchange for operating lease obligations | $ | 14,657 | $ | 4,081 | ||||
Investor Relations and Media Contacts:
Karen L. Bergman
Vice President, Communications and Investor Relations
Bolt Biotherapeutics, Inc.
650-665-9295
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Sarah McCabe
Stern Investor Relations, Inc.
212-362-1200
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Maggie Beller or David Schull
Russo Partners, LLC
646-942-5631
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| Last Trade: | US$0.50 |
| Daily Change: | -0.06 -10.73 |
| Daily Volume: | 70,138 |
| Market Cap: | US$19.100M |
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