8-K
filed May 14, 2024, 7:59 PM ET
ticker BOLT
CIK 0001641281
other material
confidence high
sentiment negative
materiality 0.80
Bolt Biotherapeutics, Inc. (BOLT): restructuring charge — Bolt Biotherapeutics restructures, cuts 50% workforce, CEO replaced; Q1 loss $17.1M
Bolt Biotherapeutics, Inc.
- Q1 2024: loss from ops $17.1M; collaboration revenue $5.3M; cash $112.8M.
- Discontinuing trastuzumab imbotolimod (BDC-1001); focusing on BDC-3042 and next-gen ISAC BDC-4182 targeting Claudin 18.2.
- Reducing workforce by ~50% (50 employees); estimated pre-tax charges $3-4M for severance and related costs.
- CEO Randall Schatzman steps down; CFO Willie Quinn appointed President & CEO; CMO Edith Perez also departs; new COO Grant Yonehiro named.
- Cash runway extended into H2 2026, funding completion of BDC-3042 Phase 1 and clinical data for BDC-4182.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
Bolt Biotherapeutics, Inc. reported financial results for first quarter ended March 31, 2024.
- Period
- first quarter ended March 31, 2024
- Result
- reported results
Exact text from the filing
On May 14, 2024, Bolt Biotherapeutics, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2024 and a corporate update.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Edgar G. Engleman resigned as Member of the Board of Directors at Bolt Biotherapeutics, Inc..
- Action
- resigned
- Role
- Member of the Board of Directors
Exact text from the filing
On May 13, 2024, Edgar G. Engleman, M.D. notified the Company of his resignation as a member of the Company's Board of Directors (the “Board”) and from all committees of the Board on which he served, effective as of May 15, 2024.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Edith A. Perez departed as Chief Medical Officer at Bolt Biotherapeutics, Inc..
- Action
- stepping down
- Role
- Chief Medical Officer
Exact text from the filing
Edith A. Perez, M.D. is stepping down as the Company’s Chief Medical Officer of the Company, effective as of May 15, 2024.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Randall C. Schatzman resigned as Member of the Board of Directors at Bolt Biotherapeutics, Inc..
- Action
- resigned
- Role
- Member of the Board of Directors
Exact text from the filing
Randall C. Schatzman, Ph.D. is stepping down as the Company’s Chief Executive Officer and has resigned as a member of the Board, both effective as of May 15, 2024.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Randall C. Schatzman departed as Chief Executive Officer at Bolt Biotherapeutics, Inc..
- Action
- stepping down
- Role
- Chief Executive Officer
Exact text from the filing
Randall C. Schatzman, Ph.D. is stepping down as the Company’s Chief Executive Officer and has resigned as a member of the Board, both effective as of May 15, 2024.
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Bolt Biotherapeutics, Inc. announced a restructuring with charges of $3.0 million to $4.0 million affecting Bolt Biotherapeutics (approximately 50 employees, or approximately 50% of the Company's workforce).
- Type
- restructuring
- Charge
- $3.0 million to $4.0 million
- Affected area
- Bolt Biotherapeutics
- Headcount
- approximately 50 employees, or approximately 50% of the Company's workforce
Exact text from the filing
On May 14, 2024, the Company announced a strategic pipeline prioritization and restructuring plan pursuant to which it will discontinue developing trastuzumab imbotolimod, formerly known as BDC-1001, in order to focus on the Company’s next generation ISAC platform including new clinical candidate, BDC-4182, targeting Claudin 18.2, and Phase 1 asset, BDC-3042, a Dectin-2 agonist antibody, and reduce overall operating expenses to preserve cash. The restructuring plan includes a reduction of the Company’s current workforce by approximately 50 employees, or approximately 50% of the Company’s workforce. The Company estimates that it will incur aggregate pre-tax charges between approximately $3.0 million to $4.0 million in connection with the reduction-in-force, primarily consisting of severance payments, employee benefits, and related costs.
View on SEC.gov
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