Bolt Biotherapeutics, Inc. (BOLT): Business Model Canvas [Dec-2025 Updated]

You're looking at a biotech firm, Bolt Biotherapeutics, Inc., at a critical juncture, and honestly, understanding their business model is key to seeing where the next big win-or risk-lies. After their strategic pivot, the core value is their proprietary Boltbody™ Immune-Stimulating Antibody Conjugate (ISAC) platform, designed to activate the innate immune system right in the tumor. Here's the quick math: as of Q3 2025, they are running on $38.8 million in cash, funding R&D costs of $6.5 million that quarter, while pulling in $2.2 million from collaborations. So, the whole model hinges on successfully advancing BDC-4182 and landing a major licensing deal for BDC-3042. Dive into the canvas below to see exactly how their partnerships, costs, and revenue streams are set up to support this high-stakes scientific bet.

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

The Key Partnerships block for Bolt Biotherapeutics, Inc. centers on leveraging external expertise and capital to advance its proprietary Boltbody™ Immune-Stimulating Antibody Conjugate (ISAC) platform, especially given the company's focus on capital efficiency as of late 2025.

Genmab and Toray for ISAC Platform Research and Development

Bolt Biotherapeutics maintains strategic collaborations with both Genmab and Toray Industries, Inc., which are foundational to developing next-generation Boltbody™ ISAC programs. These partnerships utilize the company's expertise in myeloid biology.

• The collaboration with Toray Industries, Inc. focuses on developing an ISAC targeting Caprin-1, a novel cancer target discovered by Toray.
• Toray supplies its proprietary antibodies for this effort, such as the antibody TRK-950.
• The collaboration with Genmab has progressed to the selection of a second development candidate, alongside ongoing research and development on additional programs.

These external collaborations directly contribute to the company's reported revenue streams.

This revenue is recognized as Bolt Biotherapeutics fulfills its performance obligations under the respective Research and Development (R&D) agreements. For instance, the Q1 2025 revenue included a decrease of $3.5 million compared to Q1 2024, mainly due to the completion of performance obligations under the Amended Innovent Agreement.

Clinical Research Organizations (CROs) for Managing Phase 1 Trials

While specific financial figures for CRO engagement aren't itemized, the management of ongoing clinical trials is a key operational partnership area. The company is actively managing its Phase 1 studies, which involves external clinical management resources.

• The Phase 1 dose-escalation study for BDC-4182, targeting claudin 18.2, is ongoing in patients with gastric and gastroesophageal cancer.
• The company is modifying the BDC-4182 clinical trial protocol to implement step-up dosing, an approach used for T-cell engagers.
• Initial clinical data for BDC-4182 is anticipated in the third quarter of 2026.
• The Phase 1 dose-escalation study for BDC-3042 has been completed, supporting the selection of a recommended Phase 2 dose (RP2D) of 10 mg/kg q2w.

Actively Seeking a Partner for BDC-3042's Further Development

Bolt Biotherapeutics is explicitly seeking a partner to advance the development of its Dectin-2 agonist antibody, BDC-3042, following the completion of its first-in-human Phase 1 trial. This partnership search is critical for funding the next stages of development.

The Phase 1 data for BDC-3042, presented in April 2025 at the American Associates for Cancer Research (AACR) Annual Meeting, demonstrated a favorable safety profile, dose-dependent biological activity, and monotherapy anti-tumor activity, including a partial response in lung cancer patients at the highest dose tested. The company is running a partnering process to accelerate development and optimize commercialization.

Academic and Clinical Institutions for Trial Execution

Execution of clinical trials relies on agreements with various academic and clinical sites. The geographic scope of the ongoing trial indicates reliance on international institutions.

• The BDC-4182 Phase 1 study opened for enrollment for patients with gastric and gastroesophageal cancer in the first half of 2025, initially in Australia.
• Expansion to other countries for the BDC-4182 trial is planned for the second half of 2025.

Finance: draft 13-week cash view by Friday.

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

Research and development (R&D) of the Boltbody™ ISAC platform

Research and development expenses for the quarter ended September 30, 2025, were $6.5 million. This reflects a planned reduction from $13.8 million in the same quarter of 2024. For the second quarter of 2025, R&D expenses were $7.5 million, down from $15.4 million year-over-year. The decrease in R&D spending is partly due to discontinuing the development of trastuzumab imbotolimod, formerly known as BDC-1001, in May 2024. The platform itself harnesses precision antibody targeting with immune stimulation to recruit and activate myeloid cells. Preclinical data for next-generation Boltbody™ ISACs targeting CEA and PD-L1 were presented at the AACR Annual Meeting in April 2025.

The core activities driving R&D include:

• Advancing BDC-4182, the first next-generation Boltbody™ ISAC in the pipeline.
• Developing additional Boltbody™ ISACs through collaborations.
• Generating preclinical data supporting clinical development, such as data presented at SITC in November 2025.

Conducting Phase 1 clinical trials for BDC-4182

BDC-4182, a next-generation Boltbody™ ISAC targeting claudin 18.2, is currently in an ongoing Phase 1 dose escalation trial. This trial enrolls patients with gastric and gastroesophageal cancer. Following an observed strong immune response at initial dose levels, the clinical trial protocol was modified to allow for step-up dosing. The Company expects to present initial clinical data from this Phase 1 study in the third quarter of 2026. The Phase 1 dose-escalation study for BDC-4182 opened for enrollment in April 2025.

Managing and fulfilling obligations under R&D collaborations

Bolt Biotherapeutics maintains strategic collaborations built around the Boltbody™ ISAC platform. These include ongoing collaborations with Genmab and Toray. The Toray collaboration involves combining the Company's immunostimulatory linker-payloads with Toray antibodies targeting Caprin-1. Total collaboration revenue for the third quarter ended September 30, 2025, was $2.2 million, or $2.17 million, which doubled the revenue from the same quarter in 2024. This revenue is generated as performance obligations under the R&D collaborations are fulfilled.

Here's a quick look at key operational and financial metrics as of late 2025:

Securing new strategic licensing and development partnerships

The Company is actively running a process to find a partner for further development of its Dectin-2 agonist, BDC-3042. BDC-3042 recently completed its first-in-human Phase 1 dose escalation trial, with clinical results presented at the AACR Annual Meeting in April 2025. The cash balance of $38.8 million as of September 30, 2025, is expected to fund key milestones and operations into 2027. This cash position supports the ongoing development activities while seeking new deals. The Company also implemented a workforce reduction of approximately 50%, announced October 1, 2025, to extend this cash runway into 2027.

Protecting and expanding intellectual property (IP) portfolio

Maintaining, expanding, protecting, and enforcing the intellectual property portfolio is a stated goal for future success. The Boltbody™ ISAC approach itself is proprietary, combining an antibody with a proprietary immune stimulant. The Company is developing additional Boltbody™ ISACs, which falls under the IP expansion activity. The development of these next-generation candidates, such as those targeting CEA and PD-L1, is part of expanding the platform's application.

Finance: draft 13-week cash view by Friday.

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

When we look at what Bolt Biotherapeutics, Inc. relies on to execute its strategy, it really boils down to proprietary science and the capital to fund the journey through clinical milestones. You need to know what assets are truly locked in place.

The most critical asset is the Proprietary Boltbody™ Immune-Stimulating Antibody Conjugate (ISAC) platform. This technology is designed to harness the innate immune system, specifically by using innate immune agonists to convert what they call 'cold tumors' into 'hot tumors,' making them visible to tumor-killing cells. This platform underpins both their clinical candidates, BDC-3042 and BDC-4182. BDC-3042, for instance, is a Dectin-2 agonist antibody aimed at activating macrophages. Also, the platform has generated product candidates through strategic collaborations with other leading biopharmaceutical companies.

Next up is the financial foundation. As of September 30, 2025, Bolt Biotherapeutics, Inc. reported Cash, cash equivalents, and marketable securities of $38.8 million. That cash position is important because management indicated it is expected to fund operations and key milestones into 2027. That runway gives them breathing room to hit near-term data readouts without immediate financing pressure.

Here's a quick look at the recent financial health from the Q3 2025 report, which gives you a sense of the burn rate against the cash on hand:

The intellectual property is a hard asset protecting that platform. Bolt Biotherapeutics, Inc. maintains a Patent portfolio protecting ISAC technology and drug candidates. For example, U.S. Patent No. 10,675,358, entitled "Antibody Adjuvant Conjugates," provides protection for immunoconjugates of a piperazinyl imidazoquinoline adjuvant bound to an antibody, which covers their BDC-1001 ISAC embodiment. They are actively working to build out this robust portfolio to secure their pipeline.

Finally, you can't discount the human capital. The company possesses Deep expertise in myeloid biology and cancer drug development. This specialized knowledge, which dates back to the founding work by Dr. Edgar G. Engleman of Stanford University, is what allows them to design these novel immunotherapies. You see this expertise reflected in their pipeline management, such as the decision to prioritize BDC-3042 and BDC-4182 after discontinuing BDC-2034 due to off-target toxicity related to its targeting antibody.

The core resources can be summarized by their primary focus areas:

• Boltbody™ ISAC platform technology
• Cash runway extending into 2027
• Expertise in innate immune system reprogramming
• Patented protection for core ISAC constructs
• Clinical assets BDC-3042 and BDC-4182

Finance: review the Q4 2025 cash burn projection against the current runway by end of next week.

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.

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:

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:

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:

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:

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:

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.