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 first quarter ended March 31,
2021 and provided an update on recent business highlights.
“Our successful IPO in the first quarter of 2021 places us in a
position of strength to deliver on value-creating milestones in
2021 and 2022. We continue to advance our Phase 1/2 trial for our
lead candidate, BDC-1001, for the treatment of patients with
HER2-expressing solid tumors. We look forward to completing the
monotherapy dose escalation and initiating the monotherapy Phase 2
dose expansion cohorts as well as the evaluation of combining
BDC-1001 with an anti-PD-1 antibody later in 2021,” said Randall C.
Schatzman, Ph.D., Chief Executive Officer of Bolt. “Beyond
BDC-1001, we continue to advance our pipeline and are on track to
initiate clinical trials for CEA-targeted ISAC BDC-2034 in 2022 and
we expect to designate our third clinical candidate later this
year.”
Recent Business Highlights and Anticipated
Milestones
- Cash, cash equivalents, and marketable securities were
$302.9 million as of March 31, 2021, which is expected to fund
operations into 2023 – Bolt is well positioned to continue
to drive growth across the company and advance the pipeline through
key milestones, with cash to fund operations into 2023.
- Completed upsized Initial Public Offering in February
2021 – In February 2021, Bolt completed its Initial Public
Offering (IPO) of 13,225,000 shares of common stock, inclusive of
the full exercise by the underwriters of their option to purchase
1,725,000 shares, at a public offering price of $20.00 per share.
Gross proceeds from the IPO were approximately $264.5 million and
net proceeds from the offering, after deducting underwriting
discounts, commissions and offering expenses, were approximately
$242.0 million.
- Presented on the HER2-targeting Boltbody™ ISAC BDC-1001
in the “New Drugs on the Horizon” symposium and in a
trial-in-progress poster in April at the American Association for
Cancer Research (AACR) Virtual Annual Meeting
- At AACR’s New Drugs on the Horizon symposium, Bolt’s Chief
Scientific Officer David Dornan, Ph.D. presented key data-driven
decisions made during the development of Bolt’s lead program,
BDC-1001, a novel HER2-targeting ISAC. Dr. Dornan’s presentation
included a discussion of immunosuppression mediated by various
cells in the tumor microenvironment (TME), as well as the
tumor-supportive nature of antigen presenting cells (APCs) in the
TME in preclinical models. Reawakening these immunosuppressed APCs
can result in a productive and durable anti-tumor immune response,
as evidenced by BDC-1001 achieving complete tumor regression in
preclinical tumor models.
- A Trial in Progress poster was also presented at AACR by Manish
R. Sharma, M.D. of START Midwest, a principal investigator in
Bolt’s ongoing BDC-1001 Phase 1/2 trial. The poster detailed the
design of the four-part study evaluating BDC-1001 administered
intravenously with or without an immune checkpoint inhibitor
targeting PD-1 in up to 390 patients with HER2-expressing or
HER2-amplified advanced or metastatic solid tumors. The dose
escalation parts will evaluate sequential doses of BDC-1001 as a
monotherapy or in combination with a PD-1 checkpoint inhibitor in a
3+3 design, with the ability to backfill up to a total of 15
patients in each dose cohort. The dose expansion parts will
evaluate the recommended Phase 2 dose as monotherapy or in
combination with a PD-1 checkpoint inhibitor in four cohorts of
patients. Bolt expects to provide a further update on the trial
sometime in the second half of 2021.
Upcoming Events
- At the 2021 American Society of Clinical Oncology
(ASCO) Annual Meeting, Manish R. Sharma, M.D. of START
Midwest, a principal investigator in Bolt’s ongoing BDC-1001 Phase
1/2 trial will present a poster entitled “Preliminary results from
a Phase 1/2 study of BDC-1001, a novel HER2 targeting TLR7/8
immune-stimulating antibody conjugate (ISAC), in patients (pts)
with advanced HER2-expressing solid tumors.” This poster will
provide more details on the initial 20 patients treated with
BDC-1001, as of the initial data cutoff date of January 29,
2021.
First Quarter 2021 Financial Results
Cash Position – Cash, cash
equivalents, and marketable securities were $302.9 million as of
March 31, 2021, compared to $22.8 million as of December 31,
2020. Bolt expects its cash balance to fund operations into
2023.
Research and Development (R&D)
Expenses – R&D expenses were $14.1 million
for the quarter ended March 31, 2021, compared to $6.8 million for
the same quarter in 2020. The increase in R&D spending in the
comparative periods was due primarily to increased manufacturing of
BDC-1001 and BDC-2034 (CEA-targeting Boltbody ISAC program),
increased personnel-related expenses due to additional hiring and
increased facility-related expenses and outside services.
General and Administrative (G&A)
Expenses – G&A expenses were $4.3 million
for the quarter ended March 31, 2021, compared to $2.1 million for
the same quarter in 2020. The increase in G&A spending in the
comparative periods was due primarily to increased
personnel-related expenses due to additional hiring and increased
accounting and legal fees associated with the Company’s Initial
Public Offering which was completed in February 2021.
Loss from Operations – Loss from
operations was $24.5 million for the quarter ended March 31, 2021
compared to $8.6 million for the same quarter in 2020.
About Bolt Biotherapeutics, Inc.Bolt
Biotherapeutics, Inc. is 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. Bolt’s proprietary Boltbody™
Immune-stimulating Antibody Conjugates (ISACs) are designed to
target tumor cells for elimination by myeloid cells, which then
activates the myeloid cells to recruit the adaptive immune system
in the anti-tumor response. This leads to the conversion of
immunologically “cold” tumors to “hot” tumors. Bolt’s lead
candidate, BDC-1001, is a Boltbody ISAC comprised of a
HER2-targeting biosimilar of trastuzumab conjugated with a
non-cleavable linker to one of Bolt’s proprietary TLR7/8 agonists
for the treatment of patients with HER2-expressing solid tumors.
Bolt is also advancing BDC-2034, a Boltbody ISAC targeting CEA, and
a pipeline of other immuno-oncology products.
Forward-Looking StatementsThis 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 achievement of certain milestones in 2021 and
2022, 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 initiation of our monotherapy
Phase 2 dose expansion cohorts, the timing of designating
additional clinical candidates, 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 to fund operations into
2023, 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,” “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 Quarterly Report on Form 10-Q for the three months ended March
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.
BOLT BIOTHERAPEUTICS,
INC.CONDENSED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS(Unaudited, in thousands, except
share and per share amounts)
|
|
Three Months Ended March 31, |
|
|
|
2021 |
|
2020 |
Collaboration revenue |
|
$ |
— |
|
|
$ |
164 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
|
14,127 |
|
|
|
6,787 |
|
General and administrative |
|
|
4,299 |
|
|
|
2,122 |
|
Total operating expense |
|
|
18,426 |
|
|
|
8,909 |
|
Loss from operations |
|
|
(18,426 |
) |
|
|
(8,745 |
) |
Other income (expense), net |
|
|
|
|
|
|
|
|
Interest income, net |
|
|
56 |
|
|
|
112 |
|
Change in fair value of preferred stock right liability |
|
|
(6,084 |
) |
|
|
— |
|
Total other income (expense),
net |
|
|
(6,028 |
) |
|
|
112 |
|
Net loss |
|
|
(24,454 |
) |
|
|
(8,633 |
) |
Net unrealized loss on marketable securities |
|
|
(64 |
) |
|
|
(10 |
) |
Comprehensive loss |
|
$ |
(24,518 |
) |
|
$ |
(8,643 |
) |
Net loss per share, basic and
diluted |
|
$ |
(1.14 |
) |
|
$ |
(4.16 |
) |
Weighted-average shares
outstanding, basic and diluted |
|
|
21,498,306 |
|
|
|
2,077,365 |
|
BOLT BIOTHERAPEUTICS,
INC.CONDENSED BALANCE
SHEETS(Unaudited, in thousands)
|
|
March 31, |
|
December 31, |
|
|
2021 |
|
2020 |
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
95,481 |
|
|
$ |
5,542 |
|
Short-term investments |
|
|
171,188 |
|
|
|
17,296 |
|
Prepaid expenses and other current assets |
|
|
4,541 |
|
|
|
2,523 |
|
Total current assets |
|
|
271,210 |
|
|
|
25,361 |
|
Property and equipment, net |
|
|
3,910 |
|
|
|
4,083 |
|
Operating lease right-of-use
assets |
|
|
11,478 |
|
|
|
12,267 |
|
Finance lease right-of-use
assets |
|
|
30 |
|
|
|
34 |
|
Restricted cash |
|
|
1,565 |
|
|
|
1,565 |
|
Deferred offering costs |
|
|
— |
|
|
|
2,357 |
|
Long-term investments |
|
|
36,236 |
|
|
|
— |
|
Other assets |
|
|
208 |
|
|
|
875 |
|
Total assets |
|
$ |
324,637 |
|
|
$ |
46,542 |
|
Liabilities, convertible
preferred stock, and stockholders' equity (deficit) |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
2,888 |
|
|
$ |
1,598 |
|
Accrued expenses and other current liabilities |
|
|
5,994 |
|
|
|
6,663 |
|
Deferred revenue |
|
|
1,502 |
|
|
|
1,502 |
|
Operating lease liabilities |
|
|
1,628 |
|
|
|
1,501 |
|
Total current liabilities |
|
|
12,012 |
|
|
|
11,264 |
|
Operating lease liabilities, net
of current portion |
|
|
9,056 |
|
|
|
9,376 |
|
Convertible preferred stock
purchase right liability, non-current |
|
|
— |
|
|
|
25,224 |
|
Other long-term liabilities |
|
|
321 |
|
|
|
329 |
|
Total liabilities |
|
|
21,389 |
|
|
|
46,193 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Convertible preferred stock |
|
|
— |
|
|
|
105,296 |
|
Stockholders' equity
(deficit): |
|
|
|
|
|
|
|
|
Common stock |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
436,165 |
|
|
|
3,452 |
|
Accumulated other comprehensive
income |
|
|
(64 |
) |
|
|
— |
|
Accumulated deficit |
|
|
(132,853 |
) |
|
|
(108,399 |
) |
Total stockholders' equity (deficit): |
|
|
303,248 |
|
|
|
(104,947 |
) |
Total liabilities, convertible
preferred stock, and stockholders' equity (deficit) |
|
$ |
324,637 |
|
|
$ |
46,542 |
|
BOLT BIOTHERAPEUTICS,
INC.CONDENSED STATEMENTS OF CASH
FLOWS(Unaudited, in thousands)
|
|
Three Months Ended March 31, |
|
|
|
2021 |
|
2020 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(24,454 |
) |
|
$ |
(8,633 |
) |
Adjustments to reconcile net loss
to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
272 |
|
|
|
101 |
|
Stock-based compensation expense |
|
|
2,109 |
|
|
|
225 |
|
Accretion of premium/discount on marketable securities |
|
|
335 |
|
|
|
(23 |
) |
Unrealized loss on marketable securities, net |
|
|
(64 |
) |
|
|
(10 |
) |
Change in fair value of convertible preferred stock purchase rights
liabilities |
|
|
6,084 |
|
|
|
— |
|
Non-cash lease expense |
|
|
530 |
|
|
|
426 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Prepaid expenses and other assets |
|
|
(1,351 |
) |
|
|
33 |
|
Accounts payable and accrued expenses |
|
|
(88 |
) |
|
|
(540 |
) |
Operating lease liabilities |
|
|
66 |
|
|
|
(1,223 |
) |
Deferred revenue |
|
|
— |
|
|
|
(2 |
) |
Other long-term liabilities |
|
|
2 |
|
|
|
8 |
|
Net cash used in operating
activities |
|
|
(16,559 |
) |
|
|
(9,638 |
) |
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchase of property and
equipment |
|
|
(58 |
) |
|
|
(373 |
) |
Purchases of marketable
securities |
|
|
(198,069 |
) |
|
|
(13,235 |
) |
Maturities of marketable
securities |
|
|
7,606 |
|
|
|
— |
|
Net cash used in investing
activities |
|
|
(190,521 |
) |
|
|
(13,608 |
) |
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
|
|
|
|
|
Proceeds from issuance of
preferred stock, net of issuance cost |
|
|
51,902 |
|
|
|
— |
|
Proceeds from initial public
offering, net of issuance cost |
|
|
244,988 |
|
|
|
— |
|
Proceeds from issuance of common
stock |
|
|
129 |
|
|
|
34 |
|
Net cash provided by financing
activities |
|
|
297,019 |
|
|
|
34 |
|
Net increase (decrease) in
cash |
|
|
89,939 |
|
|
|
(23,212 |
) |
Cash, cash equivalents and
restricted cash at beginning of year |
|
|
7,107 |
|
|
|
35,410 |
|
Cash, cash equivalents and
restricted cash at end of period |
|
$ |
97,046 |
|
|
$ |
12,198 |
|
Reconciliation of cash,
cash equivalents and restricted cash: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
95,481 |
|
|
$ |
11,614 |
|
Restricted cash |
|
|
1,565 |
|
|
|
584 |
|
Total cash, cash equivalents and restricted cash |
|
$ |
97,046 |
|
|
$ |
12,198 |
|
Supplemental schedule of
non-cash investing and financing activities: |
|
|
|
|
|
|
|
|
Vesting of early exercised
options |
|
$ |
10 |
|
|
$ |
5 |
|
Purchases of property and
equipment included in accounts payable and accrued liabilities |
|
$ |
37 |
|
|
$ |
17 |
|
Deferred offering costs in
accounts payable and accrued liabilities |
|
$ |
672 |
|
|
$ |
— |
|
Right of use assets obtained in
exchange for operating lease obligations |
|
$ |
— |
|
|
$ |
254 |
|
Media Contacts: Maggie Beller or David Schull
Russo Partners, LLC 646-942-5631 maggie.beller@russopartnersllc.com
david.schull@russopartnersllc.com
Investor Relations Contact:Sarah McCabeStern
Investor Relations, Inc.212-362-1200sarah.mccabe@sternir.com
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