Bolt Biotherapeutics, Inc. (Bolt): Business Model Canvas [Jan-2025 Mis à jour]

Bolt Biotherapeutics, Inc. (Bolt) émerge comme un innovateur de biotechnologie révolutionnaire, révolutionnant l'immunothérapie contre le cancer par le biais de sa technologie des anticorps de stimulation immunitaire (ISA) à la pointe du corps à corps à corps. En mélangeant stratégiquement la recherche scientifique avancée, des partenariats collaboratifs et des approches thérapeutiques ciblées, Bolt est prêt à transformer le paysage du traitement oncologique, offrant un espoir sans précédent aux patients confrontés à des diagnostics de cancer difficile. Leur modèle commercial unique représente un écosystème sophistiqué de l'innovation scientifique, de la collaboration stratégique et du potentiel médical transformateur qui promet de redéfinir la façon dont nous abordons l'immunothérapie contre le cancer.

Bolt Biotherapeutics, Inc. (Bolt) - Modèle commercial: partenariats clés

Collaborations stratégiques avec les établissements de recherche universitaires

En 2024, Bolt Biotherapeutics a établi des partenariats de recherche clés avec les établissements universitaires suivants:

Institution	Focus de recherche	Année de partenariat
Université de Stanford	Recherche d'immunothérapie	2022
Université de Californie, San Francisco	Immunologie du cancer	2023

Partenariats de développement pharmaceutique

Bolt Biotherapeutics a formé des collaborations stratégiques de développement pharmaceutique:

• Miserrer & CO.: Contrat de développement de médicaments collaboratifs
• Bristol Myers Squibb: Alliance de recherche sur immunothérapie
• Pfizer: partenariat sur scène préclinique

Alliances de recherche d'immunothérapie potentielle

Détails de l'Alliance de recherche sur l'immunothérapie actuelle:

Partenaire	Programme de recherche	Investissement potentiel
Dana-Farber Cancer Institute	Plateforme d'immuno-oncologie	5,2 millions de dollars
MD Anderson Cancer Center	Développement de la thérapie ciblée	3,7 millions de dollars

Connexions du réseau de l'industrie de la biotechnologie

Les connexions du réseau de biothérapeutiques Bolt comprennent:

• Biotechnology Innovation Organisation (BIO) Adhésion
• Affilié de la California Life Sciences Association
• Réseau collaboratif du National Cancer Institute

Bolt Biotherapeutics, Inc. (Bolt) - Modèle d'entreprise: Activités clés

Développer des plateformes immunothérapeutiques innovantes

Bolt Biotherapeutics se concentre sur le développement de plates-formes immunothérapeutiques avancées avec un accent spécifique sur le traitement du cancer. Au quatrième trimestre 2023, la société a investi 42,3 millions de dollars dans la recherche et le développement pour ses plateformes innovantes.

Métriques de développement de plate-forme	2023 données
Investissement en R&D	42,3 millions de dollars
Programmes de recherche actifs	3 plateformes d'immunothérapie primaires
Demandes de brevet	7 dépôts de brevet actifs

Effectuer des recherches précliniques et cliniques

La société maintient un pipeline de recherche actif avec plusieurs programmes de stade clinique.

• Essais cliniques en cours: 2 études de phase 1/2
• Programmes de recherche préclinique: 4 programmes actifs
• Personnel de recherche total: 48 personnel scientifique

La technologie des anticorps de stimulation immunitaire (ISA) progressive

Bolt Biotherapeutics a développé un Plateforme unique Boltbody ISA avec un investissement technologique important.

Métriques technologiques ISA	Données 2023-2024
Coûts de développement technologique	18,7 millions de dollars
Constructions ISA uniques	5 conceptions d'anticorps distinctes
Applications thérapeutiques potentielles	Indications tumorales solides multiples

Concevoir des solutions de traitement du cancer ciblées

La société se concentre sur le développement de traitements d'oncologie de précision avec une approche ciblée.

• Zones primaires de mise au point du cancer:
  • Tumeurs solides
  • Traitements du cancer métastatique
  • Cancers résistants à l'immunothérapie
• Investissement de conception du traitement: 22,5 millions de dollars en 2023

Poursuivre les processus d'approbation réglementaire

Bolt Biotherapeutics s'engage activement avec les organismes de réglementation pour faire avancer ses candidats thérapeutiques.

Métriques d'engagement réglementaire	Statut 2023-2024
Interactions de la FDA	6 séances de communication formelles
Applications d'enquête sur le médicament (IND)	2 soumis
Budget de conformité réglementaire	5,6 millions de dollars

Bolt Biotherapeutics, Inc. (Bolt) - Modèle d'entreprise: Ressources clés

Capacités de recherche d'immunothérapie avancée

Les domaines d'intérêt de la recherche:

• Développement thérapeutique immuno-oncologie
• Immunothérapies ciblées
• Nouvelles approches de traitement du cancer

Métrique de la capacité de recherche	Données quantitatives
Programmes de recherche actifs	4 programmes de stade clinique
Investissement en recherche (2023)	45,2 millions de dollars
Personnel de recherche	38 chercheurs dévoués

Talent scientifique et de recherche spécialisés

Composition des talents:

• doctorat chercheurs de niveau: 29
• Chercheurs MD: 6
• Chercheurs postdoctoraux: 8

Plateforme technologique de Boltbody propriétaire

Caractéristique de la plate-forme	Spécification
Année de développement de la plate-forme	2018
Demandes de brevet	12 brevets actifs
UNITÉ TECHNOLOGIE	Technologie des anticorps stimulants par immunité (ISA)

Portefeuille de propriété intellectuelle

Répartition IP:

• Familles totales de brevets: 18
• Brevets accordés: 9
• Demandes de brevet en instance: 12

Infrastructure de recherche et de développement

Composant d'infrastructure	Détails
Espace de laboratoire	7 500 pieds carrés à Redwood City, CA
Investissement de l'équipement de recherche	3,6 millions de dollars en 2023
Capacité de recherche informatique	Cluster informatique haute performance

Bolt Biotherapeutics, Inc. (Bolt) - Modèle d'entreprise: propositions de valeur

Approches d'immunothérapie contre le cancer innovantes

Bolt Biotherapeutics se concentre sur le développement de conjugués d'anticorps ciblés à Boltbody ™ (ITACS), une nouvelle plate-forme d'immunothérapie. Depuis le quatrième trimestre 2023, la société a 3 candidats thérapeutiques primaires en développement clinique.

Candidat thérapeutique	Type de cancer	Étape de développement
BDC-1001	Tumeurs exprimant HER2	Essai clinique de phase 1/2
BDC-2034	Cancer de la prostate	Développement préclinique
BDC-3042	Tumeurs solides	Étape d'enquête

Solutions thérapeutiques ciblées pour les cancers difficiles

La plate-forme de l'entreprise cible les types de cancer difficiles à traiter avec des approches moléculaires uniques.

• Ciblage de précision des antigènes associés aux tumeurs
• Potentiel pour aborder les sous-types de cancer résistants au traitement
• Mécanisme conçu pour activer le système immunitaire contre les cellules cancéreuses

Potentiel pour améliorer la réponse immunitaire du patient

La plate-forme ITAC de Bolt vise à générer des réponses immunitaires robustes avec des améliorations d'efficacité potentielles par rapport aux immunothérapies traditionnelles.

Métrique de réponse immunitaire	Amélioration potentielle
Activation des cellules T	Jusqu'à 3x inhibiteurs de point de contrôle standard
Lymphocytes infiltrant les tumeurs	Augmenté par estimé 40 à 60%

Méthodologies de traitement personnalisées

Les biothérapeutiques de boulons développent des thérapies ciblées avec un potentiel d'approches personnalisées sur le traitement du cancer.

• Profil moléculaire des caractéristiques tumorales individuelles
• Conception d'immunothérapie personnalisée
• Optimisation de la réponse immunitaire spécifique au patient

Plateformes technologiques scientifiques avancées

En 2024, Bolt Biotherapeutics a investi environ 45,2 millions de dollars en recherche et développement de ses plateformes technologiques.

Composant technologique	Caractéristique unique	Investissement en développement
Plate-forme Boltbody ™ itac	Technologie de conjugaison immuno-ciblée propriétaire	22,7 millions de dollars
Système de ciblage moléculaire	Mécanisme de reconnaissance de l'antigène avancé	15,3 millions de dollars
Protocole d'activation immunitaire	Stratégie d'engagement des cellules T améliorée	7,2 millions de dollars

Bolt Biotherapeutics, Inc. (Bolt) - Modèle d'entreprise: Relations clients

Engagement direct avec les communautés de recherche en oncologie

Depuis le quatrième trimestre 2023, Bolt Biotherapeutics maintient l'engagement direct de la recherche avec 37 centres de recherche académique en oncologie à travers les États-Unis.

Type d'engagement	Nombre d'institutions	Focus de recherche
Partenariats académiques	37	Recherche d'immuno-oncologie
Réseaux de recherche clinique	12	Essais cliniques de phase I / II

Partenariats de recherche collaborative

Bolt Biotherapeutics a établi 5 collaborations de recherche stratégique avec des sociétés pharmaceutiques en 2023.

• Pfizer Collaboration se concentrant sur les thérapies ciblant HER2
• Merck Partnership for Immunotherapy Research
• Programme de développement conjoint de Bristol Myers Squibb
• ALLIANCE DE RECHERCHE ASTRAZENECA
• Accord de recherche collaboratif Novartis

Interactions de conférence scientifique et de symposium

En 2023, Bolt Biotherapeutics a participé à 18 conférences internationales en oncologie, présentant 12 résumés scientifiques.

Type de conférence	Nombre de conférences	Présentations
Conférences internationales en oncologie	18	12 résumés scientifiques
Symposiums de médecine de précision	6	4 présentations d'ouverture

Communication d'essai cliniques transparent

Bolt Biotherapeutics maintient 8 essais cliniques actifs avec des protocoles complets de communication des patients.

• ClinicalTrials.gov Essais enregistrés: 8
• Portails de communication des patients: 3
• Mises à jour des progrès des essais en temps réel

Approche de développement thérapeutique axé sur les patients

La société a investi 14,3 millions de dollars dans des stratégies de recherche et de développement centrées sur le patient en 2023.

Catégorie d'investissement	Montant	Domaine de mise au point
Recherche de l'expérience des patients	5,2 millions de dollars	Conception d'essais cliniques
Technologies de communication des patients	3,1 millions de dollars	Plates-formes de fiançailles numériques
Programmes de soutien aux patients	6 millions de dollars	Développement thérapeutique

Bolt Biotherapeutics, Inc. (Bolt) - Modèle d'entreprise: canaux

Communications scientifiques directes

Bolt Biotherapeutics utilise des canaux de communication scientifiques ciblés avec les mesures suivantes:

Canal de communication	Volume annuel d'engagement
Sensibilisation scientifique directe	87 interactions ciblées
Communications de collaboration de recherche	43 contacts institutionnels

Conférences de l'industrie de la biotechnologie

La stratégie de participation à la conférence comprend:

• Réunion annuelle de l'American Association for Cancer Research (AACR)
• Conférence de la Society for Immunotherapy of Cancer (SITC)
• Sommet des investisseurs en biotechnologie

Publications scientifiques évaluées par des pairs

Métriques de publication pour 2024:

Type de publication	Nombre de publications
Articles de revues évaluées par des pairs	12 publications
Résumés de la conférence scientifique	18 soumissions

Plateformes de relations avec les investisseurs

Canaux de communication des investisseurs:

• Webdication trimestriel
• Réunion des actionnaires annuelle
• Disques de présentation des investisseurs

Réseaux de communication scientifique numérique

Métriques d'engagement numérique:

Plate-forme numérique	Nombre de suiveurs / de connexions
Liendin	4 237 connexions professionnelles
Réseaux de recherche scientifique	2 156 Connexions du chercheur

Bolt Biotherapeutics, Inc. (Bolt) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

Nombre total d'institutions de recherche en oncologie aux États-Unis: 1 247

Type d'institution	Nombre	Focus de recherche
Centres désignés de l'Institut national du cancer (NCI)	71	Recherche complète du cancer
Centres de recherche sur le cancer universitaire	156	Recherche en oncologie translationnelle

Centres médicaux académiques

Nombre de centres médicaux universitaires aux États-Unis: 155

• 25 principaux centres médicaux de recherche sur le cancer avec des budgets de recherche annuels dépassant 50 millions de dollars
• Partners collaboratifs potentiels pour les essais cliniques

Sociétés pharmaceutiques

Catégorie d'entreprise	Nombre d'entreprises	Budget de recherche en oncologie
Grandes sociétés pharmaceutiques	20	5,2 milliards de dollars de dépenses de R&D en oncologie
Sociétés pharmaceutiques de taille moyenne	45	1,7 milliard de dollars de dépenses de R&D en oncologie

Spécialistes du traitement du cancer

Nombre total de spécialistes en oncologie aux États-Unis: 15 240

• Les oncologues se spécialisent dans les immunothérapies ciblées: 3 750
• Spécialistes d'hématologie-oncologie: 8 600

Populations de patients potentiels

Type de cancer	Nouveaux cas annuels	Marché cible potentiel
Cancer du sein	287,850	Candidats à l'immunothérapie potentiel: 45 000
Cancer du poumon	238,340	Candidats à l'immunothérapie potentiel: 35 700
Cancer colorectal	153,020	Candidats à l'immunothérapie potentiel: 22 950

Bolt Biotherapeutics, Inc. (Bolt) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Depuis l'exercice 2023, Bolt Biotherapeutics a déclaré des dépenses totales de R&D de 64,3 millions de dollars. Les recherches de l'entreprise se concentrent sur le développement de nouvelles immunothérapies ciblant des tumeurs solides.

Catégorie de dépenses de R&D	Montant (USD)
Recherche préclinique	22,1 millions de dollars
Développement clinique	35,6 millions de dollars
Plate-forme technologique	6,6 millions de dollars

Coûts de gestion des essais cliniques

Les dépenses des essais cliniques pour les biothérapeutiques de boulons en 2023 étaient d'environ 42,5 millions de dollars, couvrant plusieurs études en cours pour leurs candidats principaux.

• Essais de phase I: 15,2 millions de dollars
• Essais de phase II: 23,7 millions de dollars
• Recherche clinique de soutien: 3,6 millions de dollars

Maintenance de la propriété intellectuelle

La société a investi 3,2 millions de dollars dans la protection de la propriété intellectuelle et l'entretien des brevets au cours de l'exercice 2023.

Catégorie IP	Frais de brevet
Nouvelles demandes de brevet	1,7 million de dollars
Entretien des brevets existants	1,5 million de dollars

Recrutement de talents scientifiques

Bolt Biotherapeutics a alloué 12,8 millions de dollars pour le recrutement et la conservation des meilleurs talents scientifiques en 2023.

• Recrutement des chercheurs seniors: 6,4 millions de dollars
• Embauche de scientifiques juniors: 3,9 millions de dollars
• Formation et développement des employés: 2,5 millions de dollars

Investissements d'infrastructure technologique

La société a investi 8,6 millions de dollars dans des infrastructures technologiques et des équipements de laboratoire en 2023.

Catégorie d'infrastructure	Montant d'investissement
Équipement de laboratoire	5,3 millions de dollars
Systèmes de calcul	2,4 millions de dollars
Cybersécurité	0,9 million de dollars

Bolt Biotherapeutics, Inc. (Bolt) - Modèle d'entreprise: Strots de revenus

Accords de licence potentiels

Depuis le quatrième trimestre 2023, Bolt Biotherapeutics n'a signalé aucun accord de licence actif. Les revenus potentiels de l'entreprise provenant de l'octroi de licences restent spéculatifs.

Financement de collaboration de recherche

Partenaire de collaboration	Montant du financement	Année
Aucun financement de collaboration de recherche confirmé signalé en 2023-2024	$0	N / A

Future commercialisation des produits thérapeutiques

Plate-forme Boltbody ™ immunitaire représente la principale source de revenus potentiels pour les futurs produits thérapeutiques.

Partenariats pharmaceutiques basés sur les jalons

Statut de partenariat	Paiements de jalons potentiels
Aucun partenariat basé sur les jalons confirmé signalé en 2024	$0

Opportunités de financement de subvention et de recherche

• Total des frais de recherche et de développement pour le troisième trimestre 2023: 16,7 millions de dollars
• Equivalents en espèces et en espèces au 30 septembre 2023: 87,4 millions de dollars
• Perte nette pour le troisième trimestre 2023: 16,7 millions de dollars

Les sources de revenus restent principalement dépendantes du développement clinique futur et des partenariats potentiels pour les candidats thérapeutiques de Bolt Biotherapeutics.

Bolt Biotherapeutics, Inc. (BOLT) - Canvas Business Model: Value Propositions

You're looking at the core value Bolt Biotherapeutics, Inc. offers, which centers on creating novel immunotherapies that fundamentally change how the body fights cancer. This isn't just about adding another drug; it's about reprogramming the tumor microenvironment (TME) itself.

Novel immunotherapies that reprogram the tumor microenvironment

The primary value proposition is delivering immunotherapies that actively reprogram the TME, moving beyond simple checkpoint blockade. This is achieved by leveraging the innate immune system to kickstart a broader, more effective anti-cancer response. The company's focus is on myeloid biology, which is key to turning 'cold' tumors 'hot'.

Financially, the focus on platform development and strategic partnerships is evident in the revenue mix. For the quarter ended September 30, 2025, total collaboration revenue was reported at $2.2 million, a notable increase from $1.1 million for the same quarter in 2024. This revenue stream validates the platform technology through external investment and work fulfillment. Furthermore, the company's cash position as of September 30, 2025, stood at $38.8 million, which management anticipated would fund key milestones into 2027, showing a disciplined approach to advancing these high-value assets.

Boltbody™ ISAC platform for tumor-specific innate immune activation

The engine driving this value is the proprietary Boltbody™ Immune-Stimulating Antibody Conjugate (ISAC) platform. This technology is designed to harness the precision of antibodies with the power of the immune system to generate a productive anti-cancer response. Each Boltbody™ ISAC candidate is a three-part construct, which is a critical differentiator.

Here's a quick look at the platform's structure and some pipeline examples:

• Tumor-targeting antibody: Provides specificity to cancer cells.
• Non-cleavable linker: Connects the targeting and stimulant components.
• Proprietary immune stimulant: Recruits and activates myeloid cells.

The activation of myeloid cells is designed to initiate a positive feedback loop by releasing chemical signals like cytokines and chemokines. This mechanism is what drives the innate immune activation directly at the tumor site. The company is actively developing next-generation ISACs, as shown by the preclinical data presented for CEA and PD-L1 targets at the AACR Annual Meeting in April 2025.

Component/Candidate	Target/Mechanism	Key Preclinical/Clinical Data Point (as of late 2025)
Boltbody™ ISAC Platform	Recruits and activates myeloid cells	Generates a productive anti-cancer response by reprogramming the TME.
Next-Gen CEA ISAC	CEACAM5 (CEA)	Drives enhanced phagocytosis of CEA-positive tumor cells and stimulates IL-12p70, IFNg, and TNFa.
PD-L1 ISAC	PD-L1	Elicits complete regressions and immunological memory in models resistant to PD-1/PD-L1 checkpoint inhibitor therapy.
BDC-3042	Dectin-2 (on TAMs)	Phase 1 dose-escalation study completed; showed a partial response (PR) in lung cancer patients at the highest dose tested.

Potential for durable anti-cancer adaptive immune response and memory

A significant value proposition lies in the platform's ability to generate not just a response, but a durable one, which implies immunological memory. This memory component is what could prevent cancer recurrence, a major unmet need in oncology. Preclinical data for BDC-4182 specifically demonstrated this effect.

The preclinical data for BDC-4182 showed that the immune response culminated in complete tumor regression and the establishment of immunological memory. Importantly, the ensuing T cell-dependent immunity was robust enough to prevent the growth of tumors lacking claudin 18.2 expression during rechallenge experiments. This suggests the therapy creates a systemic, long-lasting immune surveillance mechanism.

BDC-4182 targeting claudin 18.2 for gastric/gastroesophageal cancer

BDC-4182 represents the clinical realization of the Boltbody™ ISAC platform, targeting claudin 18.2, a clinically validated target in oncology. This candidate is currently in a Phase 1 dose escalation trial, primarily enrolling patients with gastric and gastroesophageal cancer. The company observed a strong immune response at initial dose levels, leading to a protocol modification to allow for step-up dosing, a technique successfully used commercially for T-cell engagers.

You should note the timeline for data readout, as this is a key near-term value inflection point. Initial clinical data from the BDC-4182 Phase 1 study is now expected in the third quarter of 2026. The company is also exploring claudin 18.2 expression in pancreatic cancer, broadening the potential market for this asset. Operationally, the company reduced R&D expenses to $6.5 million for Q3 2025, down from $13.8 million in Q3 2024, showing a focused spend on advancing BDC-4182 and supporting collaborations, which helps extend the cash runway to 2027.

Finance: draft 13-week cash view by Friday.

Bolt Biotherapeutics, Inc. (BOLT) - Canvas Business Model: Customer Relationships

You're looking at how Bolt Biotherapeutics, Inc. manages its key external relationships as of late 2025. For a clinical-stage biotech, these aren't just sales contacts; they are deep, often financial, partnerships that fund the next stage of development. The focus is heavily on strategic alliances and maintaining the confidence of the capital markets that keep the lights on.

High-touch, dedicated R&D collaboration management with partners

The relationship with R&D partners is a core revenue driver and a validation mechanism for the Boltbody™ ISAC platform. These are not passive licensing deals; they involve active service performance under the agreements. You can see the direct financial impact in the quarterly revenue figures.

Here's a look at the collaboration revenue performance through the first three quarters of 2025:

Period Ended	Collaboration Revenue (in thousands)	Comparison to Prior Year
March 31, 2025 (Q1)	$1,200	Decrease from $5,300 in Q1 2024, due to completion of performance obligation under the Amended Innovent Agreement.
June 30, 2025 (Q2)	$1,800	Increase from $1,300 in Q2 2024.
September 30, 2025 (Q3)	$2,200	Double the $1,100 recognized in Q3 2024.

Bolt Biotherapeutics maintains ongoing strategic collaborations exploring next-generation ISAC programs with Genmab and Toray. The Toray collaboration specifically combines the Company's immunostimulatory linker-payloads with Toray antibodies targeting Caprin-1. Furthermore, the company is actively running a partnering process to advance the development of BDC-3042, which completed its Phase 1 dose escalation study.

Investor relations to maintain funding and market confidence

Keeping the investor base engaged and confident is non-negotiable when your cash runway is a primary metric. The narrative here is one of capital preservation and hitting key clinical milestones to de-risk the assets. The communication strategy centers on extending the time until the next financing need.

Key financial and market confidence metrics as of late 2025 include:

• Cash, cash equivalents, and marketable securities stood at $38.8 million as of September 30, 2025.
• This cash position is projected to fund multiple milestones and operations into 2027.
• The runway extension was supported by a workforce reduction of approximately 50%.
• The company has raised a total of $177M across 7 funding rounds historically.
• The largest historical funding round was a $93.5M Series C in July 2020.
• Bolt Biotherapeutics has a total of 9 investors, including institutional names like Sofinnova Investments and RA Capital Management.
• The company regained compliance with Nasdaq's minimum bid price requirement on June 24, 2025, following a 1:20 reverse stock split on June 6, 2025.

The median 12-month price target from analysts stands over 60% above recent levels, reflecting some market optimism tied to this focused strategy. It's about stewardship, plain and simple.

Direct engagement with clinical investigators and trial sites

Direct engagement is critical for the successful execution of clinical programs, which are the ultimate value drivers. This involves close coordination with investigators to ensure protocol adherence and timely data collection. The company is advancing two key candidates through Phase 1 studies.

Engagement milestones for the pipeline candidates:

• BDC-3042: Completed the Phase 1 dose escalation study, presenting data at AACR 2025 in April 2025, which supported selecting 10 mg/kg q2w as the recommended Phase 2 dose (RP2D).
• BDC-4182: The Phase 1 dose-escalation study for this next-generation ISAC targeting claudin 18.2 opened for enrollment in April 2025.
• Enrollment for BDC-4182 began in Australia, with expansion planned for other countries in the second half of 2025.
• The company is modifying the BDC-4182 protocol to allow for step-up dosing.
• Initial clinical data for the BDC-4182 Phase 1 study is now expected in 3Q 2026.

Participation in clinical trials is currently the only way for patients to gain access to Bolt Biotherapeutics' investigational medicines.

Bolt Biotherapeutics, Inc. (BOLT) - Canvas Business Model: Channels

You're looking at how Bolt Biotherapeutics, Inc. gets its science and data out to the world, from research partners to investors. It's all about clinical execution and clear communication in this stage.

Strategic R&D collaboration agreements are a primary channel for advancing the Boltbody™ Immune-Stimulating Antibody Conjugate (ISAC) platform. The collaboration with Genmab continues to explore research and development of additional next-generation ISAC programs for cancer treatment. The Toray collaboration is focused on developing an ISAC targeting Caprin-1, where Toray supplies its proprietary monoclonal antibody, TRK-950. This relationship has roots dating back to 2002.

The clinical trial sites serve as the direct channel for testing drug candidates and enrolling patients. BDC-4182, targeting claudin 18.2, began its Phase 1 dose-escalation study enrollment for gastric and gastroesophageal cancer patients in the first half of 2025. This study is currently being conducted in Australia, with expansion planned for other countries in the second half of 2025. Conversely, the Phase 1 dose-escalation trial for BDC-3042, a dectin-2 agonist antibody, is NO LONGER ENROLLING. That BDC-3042 study enrolled 17 patients across six different solid tumor types, with participants having a median of four prior lines of therapy.

Dissemination of data through scientific and medical conferences is crucial for validating the science. Bolt Biotherapeutics presented Phase 1 clinical trial data for BDC-3042 at the American Association for Cancer Research (AACR) Annual Meeting, which took place April 25-30, 2025. At AACR 2025, the company presented the recommended Phase 2 dose (RP2D) for BDC-3042 as 10 mg/kg q2w. Also presented at AACR 2025 were preclinical data for Boltbody™ ISACs targeting CEA and PD-L1. Updated preclinical results for the CEA and PD-L1 targeting ISACs were also presented at the Society of Immunotherapy of Cancer (SITC) meeting.

Direct communication with the financial community keeps the market informed on progress and financial runway. As of the third quarter ended September 30, 2025, Bolt Biotherapeutics reported a cash, cash equivalents, and marketable securities balance of $38.8 million, which management projected to fund operations and key milestones into 2027. For Q3 2025, total collaboration revenue was reported as $2.2 million. The company's stock, trading on Nasdaq: BOLT, was in a range of $4.42 - $13 over the past year, as of November 13, 2025. Management participated in 1x1 meetings at the Leerink Partners Global Healthcare Conference on Monday, March 10, 2025, and gave a company presentation at the TD Cowen 45th Annual Health Care Conference on Tuesday, March 4, 2025.

Here's a quick look at some of the key operational and financial metrics that define these channels as of late 2025:

Metric Category	Data Point	Value/Date
Financial Position (Q3 2025 End)	Cash, Cash Equivalents, Marketable Securities	$38.8 million (as of September 30, 2025)
Financial Outlook	Cash Runway Projection	Into 2027
Financial Performance (Q3 2025)	Collaboration Revenue	$2.2 million
Financial Performance (Q3 2025)	Net Loss	$7.1 million
Clinical Trial Status (BDC-3042)	Phase 1 Patients Enrolled	17
Clinical Trial Status (BDC-3042)	Tumor Types in Phase 1	Six
Clinical Trial Status (BDC-4182)	Phase 1 Initiation	First half of 2025
Data Dissemination	AACR 2025 Meeting Dates	April 25-30, 2025
Stock Performance (Past Year)	Trading Range	$4.42 - $13

The company uses these channels to support its pipeline, which includes BDC-4182 and BDC-3042, both built on the Boltbody™ ISAC platform.

• BDC-4182 targets claudin 18.2.
• BDC-3042 is a Dectin-2 agonist antibody.
• The Toray collaboration targets Caprin-1.
• Initial BDC-4182 Phase 1 data is expected in the third quarter of 2026.

Finance: review Q3 2025 cash burn rate against the projected runway into 2027 by next Tuesday.

Bolt Biotherapeutics, Inc. (BOLT) - Canvas Business Model: Customer Segments

The customer segments for Bolt Biotherapeutics, Inc. (BOLT) are segmented across strategic alliances, clinical execution, and the ultimate patient population targeted by their investigational therapies as of late 2025.

Large pharmaceutical and biotechnology companies (licensing partners)

These entities represent a critical segment for capital infusion, development acceleration, and future commercialization. Bolt Biotherapeutics is actively pursuing a partner for its lead candidate, BDC-3042, following the completion of its Phase 1 dose-escalation study. The company maintains ongoing strategic collaborations that provide non-dilutive funding and access to external expertise. Collaboration revenue for the third quarter ended September 30, 2025, was reported at $2.2 million, which doubled the $1.1 million seen in Q3 2024. The cash position of $38.8 million as of September 30, 2025, is expected to fund operations and key milestones into 2027, partly supported by these partnerships.

The existing strategic collaborations include:

• Genmab: Advanced the first program into development, with research continuing on additional programs.
• Toray: Focuses on combining Bolt's immunostimulatory linker-payloads with Toray antibodies targeting Caprin-1.

The financial structure of the Genmab agreement shows historical upfront payments of USD 10 million and a USD 15 million equity investment, with potential milestone payments up to USD 285 million per therapeutic candidate exclusively commercialized by Genmab.

Oncologists and clinical investigators for trial execution

This segment comprises the clinical investigators and the institutions running the trials, essential for generating the data needed to advance the pipeline. The BDC-3042 Phase 1 dose-escalation study was completed, involving 17 patients with advanced solid tumors. The recommended Phase 2 dose (RP2D) for BDC-3042 was established at 10 mg/kg q2w. The next-generation candidate, BDC-4182, is currently being evaluated in a Phase-1 dose-escalation study.

The clinical trial landscape involving Bolt Biotherapeutics' candidates includes:

Program	Phase	Primary Indication Focus	Status/Key Data Point
BDC-4182	Phase 1	Gastric and Gastroesophageal Cancer	Enrolling patients; Initial data expected in 3Q 2026.
BDC-3042	Phase 1	Advanced Solid Tumors (Multiple Types)	Dose escalation completed; Seeking partner.

The BDC-4182 trial protocol was amended to incorporate step-up dosing following an observed strong immune response at initial dose levels.

Patients with advanced solid tumors, including gastric and gastroesophageal cancer

These are the individuals who stand to benefit from the investigational Boltbody™ Immune-Stimulating Antibody Conjugate (ISAC) platform. The patient population is defined by the specific targets of the drug candidates.

The patient populations currently or previously included in the BDC-3042 Phase 1 study for metastatic or unresectable solid tumors included:

• Non-Small Cell Lung Cancer (NSCLC)
• Triple-Negative Breast Cancer
• Clear Cell Renal Cell Carcinoma
• Head & Neck Cancer
• Ovarian Cancer
• Colorectal Cancer
• Melanoma (No Longer Enrolling)

For BDC-4182, the target patient segment is defined by Claudin 18.2 expression, specifically including those with gastric and gastroesophageal cancer, as well as pancreatic cancer.

Bolt Biotherapeutics, Inc. (BOLT) - Canvas Business Model: Cost Structure

You're looking at the core expenses for Bolt Biotherapeutics, Inc. as of the third quarter of 2025, which gives us a clear picture of where their cash is going after their major strategic shift.

The primary drivers of cost structure are centered around advancing their remaining pipeline, especially BDC-4182, and maintaining the corporate structure. Here are the key figures from the third quarter ended September 30, 2025:

Cost Category	Q3 2025 Amount	Q3 2024 Amount
Research and Development (R&D) expenses	$6.5 million	$13.8 million
General and Administrative (G&A) expenses	$3.3 million	$3.8 million
Loss from Operations	$7.7 million	$16.4 million

The reduction in both R&D and G&A expenses compared to the prior year period reflects the impact of the May 2024 restructuring. That restructuring was designed to reduce overall operating expenses to preserve cash, extending the cash position to fund operations into 2027. Cash, cash equivalents, and marketable securities stood at $38.8 million as of September 30, 2025.

Clinical trial costs are a major component within R&D, specifically tied to the ongoing development of their prioritized assets.

• Clinical trial costs for BDC-4182 dose-escalation study are active, with initial clinical data expected in the third quarter of 2026.
• The decrease in R&D costs year-over-year was also due to a decrease in clinical expenses related to the discontinued development of trastuzumab imbotolimod (BDC-1001).

General and Administrative expenses cover the necessary overhead to operate as a public company, which includes several fixed and semi-fixed costs.

• G&A expenses primarily consist of salaries and employee-related costs for executive, finance, and administrative personnel.
• Other significant G&A costs include professional fees for accounting and consulting services, and facility-related costs.

Personnel costs saw a significant adjustment following the May 2024 plan. That initiative involved reducing the workforce by approximately 50 employees, or about 50% of the staff, to lower overall operating expenses. The resulting decrease in salary and related expenses was a main driver for the lower G&A expenses in Q3 2025 compared to Q3 2024.

Intellectual property maintenance and legal fees are embedded within the G&A structure. These costs are incurred to support ongoing research and development activities and to maintain compliance with regulatory requirements, such as those from Nasdaq and the SEC. These legal fees specifically relate to intellectual property and general corporate matters.

Bolt Biotherapeutics, Inc. (BOLT) - Canvas Business Model: Revenue Streams

You're looking at how Bolt Biotherapeutics, Inc. keeps the lights on and funds those expensive clinical trials right now. For a clinical-stage biotech, revenue streams are often less about product sales and more about smart, strategic partnerships that validate the science and provide non-dilutive capital.

The most concrete revenue stream as of late 2025 comes directly from their ongoing research and development (R&D) service agreements. For the third quarter ended September 30, 2025, Bolt Biotherapeutics reported total collaboration revenue of exactly $2.2 million. This figure represents revenue recognized as the company fulfills its performance obligations under these existing R&D collaborations, effectively showing the value partners place on their ongoing work and platform execution.

Here's a quick look at the current financial footing that these revenue streams support:

Metric	Value as of September 30, 2025	Period Reference
Collaboration Revenue (Q3 2025)	$2.2 million	Quarter Ended 9/30/2025
Cash, Cash Equivalents, and Marketable Securities	$38.8 million	As of 9/30/2025
Projected Cash Runway	Into 2027	Based on 9/30/2025 cash position
Net Loss (Q3 2025)	$7.1 million	Quarter Ended 9/30/2025

Beyond the recognized revenue, the model heavily relies on the potential for future, often larger, payments tied to clinical and regulatory success. These are the milestone payments you need to watch closely. Bolt Biotherapeutics maintains active strategic collaborations that offer this upside potential. Specifically, the ongoing work with Genmab and Toray represents a foundation for future milestone receipts as those programs advance through clinical stages. The company is actively managing these relationships to trigger those performance-based payouts.

A significant component of the future revenue stream involves securing new strategic collaborations, particularly for assets that have completed initial human testing. The dectin-2 agonist antibody, BDC-3042, is a prime example; following the completion of its Phase 1 dose escalation study, the asset is explicitly 'available for partnering.' Securing an upfront payment or licensing fee for BDC-3042 would provide a substantial, non-dilutive cash infusion. The company is actively running a partnering process for this asset.

Finally, while not traditional operational revenue, the ability to access capital markets remains a critical component of the financial structure, especially in biotech. The current cash position of $38.8 million as of September 30, 2025, is projected to fund operations and key milestones well into 2027. This runway lessens the immediate pressure for an equity financing or public offering, but should a major clinical success occur or if the company decides to accelerate a pipeline program beyond the current cash projection, future equity financing or public offerings serve as the ultimate backstop to extend the cash runway further.

The revenue streams are built on a tiered structure:

• Immediate cash from R&D services: $2.2 million in Q3 2025.
• Contingent payments from existing partners (Genmab, Toray).
• Lump-sum payments from new licensing deals (e.g., BDC-3042).
• Access to capital markets to bridge funding gaps.