Bolt Biotherapeutics — Third Quarter 2026 Earnings Summary

Financial Performance:

• Collaboration revenue was $0 for the quarter ended September 30, 2026, compared to $2.2 million in the same quarter of 2025.
• Research and development (R&D) expenses were $2.2 million for the quarter ended September 30, 2026, a decrease from $6.5 million in the same quarter of 2025.
• General and administrative (G&A) expenses were $2.5 million for the quarter ended September 30, 2026, down from $3.3 million in the same quarter of 2025.
• Loss from operations was $4.7 million for the quarter ended September 30, 2026, compared to $7.7 million in the same quarter of 2025.
• Net loss for the nine months ended September 30, 2026, was $19.5 million, compared to $26.7 million in the same period of 2025.
• Cash and cash equivalents were $13.8 million as of September 30, 2026, compared to $11.7 million as of December 31, 2025.
• Total assets were $35.6 million as of September 30, 2026, compared to $56.7 million as of December 31, 2025.
• Deferred revenue was $1.1 million (current) and $0.9 million (non-current) as of September 30, 2026, compared to $0.4 million (current) and $1.5 million (non-current) as of December 31, 2025.
• Net cash used in operating activities was $17.6 million for the nine months ended September 30, 2026, compared to $32.7 million in the same period of 2025.

Guidance and Future Outlook:

• Cash runway is expected to fund operations into 2028 through multiple anticipated clinical and preclinical milestones.
• Initial clinical data for PRA-216 Phase 2 studies in asthma, atopic dermatitis, and chronic obstructive pulmonary disease (COPD) is expected in the second quarter of 2027.
• Patient proof-of-concept data across all four PRA-216 studies (including the planned study in eosinophilic esophagitis) is expected beginning in the second quarter of 2027.
• A second wholly owned INSPIRE program is expected to enter the clinic and generate initial clinical data in the second half of 2027.
• Disclosures required by ASC 805 regarding the Prana acquisition will be provided no later than January 8, 2027.

Business Segments and Product Lines:

• PRA-216, a half-life-extended IL-4Rα/TSLP bispecific antibody, is the primary development focus following the acquisition of Prana Therapies.
• PRA-216 is currently in Phase 2 development across asthma, atopic dermatitis, and COPD, with a fourth Phase 2 study planned in eosinophilic esophagitis.
• PRA-216 Phase 1 data provided clinical validation of the proprietary INSPIRE multispecific antibody platform, showing potential for at-home maintenance dosing every 8 to 12 weeks.
• The company is advancing a pipeline of additional wholly owned INSPIRE-based multispecific programs.
• The pipeline includes BDC-4182, a claudin 18.2-targeting Boltbody™ ISAC.
• Prana Therapies' pipeline was acquired via a stock-for-stock reverse merger and is now the primary development focus.

Market and Competitive Landscape:

• PRA-216 aims to move beyond the efficacy ceiling of single-mechanism therapies by combining complementary IL-4Rα and TSLP inhibition.
• The company positions its half-life-extended multispecific antibodies as differentiated therapies designed for extended exposure and convenient dosing.

Risks and Challenges:

• Forward-looking statements involve risks including the potential failure to receive requisite stockholder approvals for the Prana acquisition.
• Investors in the private placement may not exercise accompanying warrants, and the company may not receive additional proceeds therefrom.
• Product candidates may not progress through clinical development, receive regulatory approvals, or become commercialized within expected timelines.
• Clinical trials may not confirm safety, potency, or other product characteristics described in the press release.
• The company may fail to realize anticipated benefits from the transactions or maintain current collaborations.

Management Commentary and Tone:

• Sheila Gujrathi, M.D., Chief Strategy Officer, stated the transaction provides capital and a public-company foundation to advance PRA-216 and the INSPIRE pipeline through a "highly data-rich period."
• Willie Quinn, President and CEO, described the Prana acquisition as an "important transformation" for Bolt, citing a strong balance sheet, advanced clinical program, and differentiated platform as key positioning factors.
• Management expressed confidence in executing against important milestones ahead.

Other Key Points:

• Bolt completed the acquisition of Prana Therapies on October 23, 2026, via a stock-for-stock reverse merger, issuing 430,746 shares of common stock and 16,360.929 shares of Series D non-voting preferred stock.
• Concurrent with the acquisition, Bolt closed a private placement financing generating approximately $120 million in gross proceeds from the sale of 13,995.311 shares of Series D Preferred Stock and accompanying warrants.
• Sheila Gujrathi, M.D., former CEO of Prana, was appointed Chief Strategy Officer and joined Bolt's Board of Directors.
• Following the acquisition, the Chesapeake Master Lease was terminated with an effective expiration date of January 1, 2027.
• Bolt expects approximately 34.2 million shares of common stock outstanding on an as-converted basis after the acquisition and private placement, subject to stockholder approval of the Series D Preferred Stock conversion.
• R&D expense decreases were attributed to a R&D tax incentive, restructuring-related salary reductions, and lower overall R&D activities.
• G&A expense decreases were primarily due to restructuring-related salary reductions and lower personnel expenses.