BOLT earnings analysis
What we found in BOLT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-4.57
- Gross margin
- 100.0%
- Operating margin
- -168000%
- Segment
- Collaboration revenue: $5,000 in Q2 2026, down from approximately $2.0 million in Q2 2025 and $26,000 in Q1 2026
What they said about what is next.
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.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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