10-Q · May 12, 2026
Bolt Biotherapeutics reported a significant revenue drop to $26,000 for Q1 2026, compared to $1.2 million in the same period last year. The company's net loss has improved to $7.2 million from $11.0 million…
Earnings analysis · 10-Q
BOLT earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
Bolt reported only $5,000 of Q2 collaboration revenue, down from $26,000 sequentially and approximately $2.0 million year over year, while diluted EPS worsened to negative $4.57. Expense reductions narrowed the…
Read full summary
Bolt reported only $5,000 of Q2 collaboration revenue, down from $26,000 sequentially and approximately $2.0 million year over year, while diluted EPS worsened to negative $4.57. Expense reductions narrowed the operating loss to $8.4 million and net loss to $7.7 million, but the company remains heavily loss-making with a finite cash runway. Management maintained its expectation that $18.1 million of cash will fund operations into the first quarter of 2027 and continues to expect initial BDC-4182 data with third-quarter 2026 results.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-4.57
- Segment
- Collaboration revenue: $5,000 in Q2 2026, down from approximately $2.0 million in Q2 2025 and $26,000 in Q1 2026
What stood out
-
Collaboration revenue remained minimal
Q2 collaboration revenue was $5,000, compared with $26,000 in Q1 2026 and approximately $2.0 million in Q2 2025. Revenue therefore declined approximately 81% sequentially and 100% year over year on a rounded basis.
-
Gross margin stayed at 100%
Gross margin was 100.0%, reflecting the absence of material cost of collaboration revenue; however, the $5,000 revenue base provides negligible operating leverage.
-
Operating loss narrowed year over year
Operating expenses declined, reducing the operating loss to $8.4 million from $9.2 million in Q2 2025, an improvement of approximately $0.8 million or 9%.
-
Net loss narrowed year over year
Net loss declined to $7.7 million from $8.6 million in Q2 2025, an improvement of approximately $0.9 million or 10%.
-
EPS remained deeply negative
The company reported diluted EPS of negative $4.57, versus negative $4.46 in Q2 2025 and negative $4.31 in Q1 2026, indicating sequential and year-over-year EPS deterioration despite lower expenses.
-
Cash runway outlook maintained
Management said the $18.1 million cash balance at June 30, 2026 is expected to fund operations into the first quarter of 2027, maintaining the prior cash-runway outlook.
What to watch
-
Sharp collaboration revenue decline
Collaboration revenue fell to $5,000 from approximately $2.0 million in Q2 2025, demonstrating substantial volatility and limited current commercial revenue.
-
Continuing losses and cash burn
The company incurred a $7.7 million net loss and $8.4 million operating loss in Q2 2026 while holding $18.1 million of cash, implying continued reliance on available liquidity and potential future financing.
-
BDC-4182 clinical uncertainty
Initial BDC-4182 clinical data is expected with third-quarter 2026 results, creating clinical-development and event risk around the timing and quality of the data.
-
Finite cash runway
The $18.1 million cash balance is expected to fund operations only into the first quarter of 2027, leaving a finite runway before additional capital may be required.
-
No material risk-factor changes
The filing states there are no material changes from the risk factors in the December 31, 2025 Form 10-K; therefore, no new risk-factor mitigation or reduction was identified.
Management's outlook
No numeric revenue or EPS guidance was provided. Management stated that the $18.1 million cash balance as of June 30, 2026 is expected to fund operations into the first quarter of 2027, consistent with the prior outlook. Initial BDC-4182 data remains expected with third-quarter 2026 results.
Earlier filings 4
10-K · March 12, 2026
Bolt Biotherapeutics is a clinical-stage immuno-oncology company focused on validating its Boltbody ISAC platform through its lead claudin 18.2 candidate BDC-4182 (first-in-human dose escalation ongoing) while most…
10-K · March 24, 2025
Bolt Biotherapeutics restructured its pipeline in May 2024, discontinuing BDC-1001 to prioritize BDC-3042 (dectin-2 agonist) and the next-generation ISAC BDC-4182 (claudin 18.2). The company has completed enrollment of…
10-Q · November 12, 2024
Bolt reported collaboration revenue of $1,141,000 in Q3 2024 (down from $2,528,000 in Q3 2023) and a GAAP net loss of $15,176,000 (EPS -$0.40). Operating expenses decreased to $17,584,000 for the quarter and the company…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.