--- schema_version: "secwatch.filing_event.v1" accession: "0000950170-24-059524" form_type: "8-K" ticker: "BOLT" cik: "0001641281" company_name: "Bolt Biotherapeutics, Inc." filed_at: "2024-05-14T23:59:59+00:00" generated_at: "2026-06-02T00:53:47.775957+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 0.8 calibrated_materiality_score: 0.8 confidence: "high" source: SEC EDGAR --- # Bolt Biotherapeutics restructures, cuts 50% workforce, CEO replaced; Q1 loss $17.1M ## Summary - 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. ## SEC filing metadata - accession: 0000950170-24-059524 - form_type: 8-K - ticker: BOLT - cik: 0001641281 - company_name: Bolt Biotherapeutics, Inc. - filed_at: 2024-05-14T23:59:59+00:00 - event_type: other_material - sentiment: negative - materiality_score: 0.8 - calibrated_materiality_score: 0.8 - confidence: high - sec_items: 2.02, 2.05, 5.02, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1641281/000095017024059524/0000950170-24-059524-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1641281/000095017024059524/bolt-20240513.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0000950170-24-059524 - JSON: https://secwatch.observer/filing/0000950170-24-059524.json - Plain text: https://secwatch.observer/filing/0000950170-24-059524.txt ## Source-grounded claims - claim_id: 5de8edb33bcc8470a2dd892f682c8e1d8ed4c5d1 claim: Bolt Biotherapeutics, Inc. reported financial results for first quarter ended March 31, 2024. evidence_excerpt: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1641281/000095017024059524/0000950170-24-059524-index.htm - claim_id: 0221e0c505 claim: Edgar G. Engleman resigned as Member of the Board of Directors at Bolt Biotherapeutics, Inc.. evidence_excerpt: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1641281/000095017024059524/0000950170-24-059524-index.htm - claim_id: 2701666c02 claim: Edith A. Perez departed as Chief Medical Officer at Bolt Biotherapeutics, Inc.. evidence_excerpt: Edith A. Perez, M.D. is stepping down as the Company’s Chief Medical Officer of the Company, effective as of May 15, 2024. evidence_url: https://www.sec.gov/Archives/edgar/data/1641281/000095017024059524/0000950170-24-059524-index.htm - claim_id: be8ef67a49 claim: Randall C. Schatzman resigned as Member of the Board of Directors at Bolt Biotherapeutics, Inc.. evidence_excerpt: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1641281/000095017024059524/0000950170-24-059524-index.htm - claim_id: cc31173edb claim: Randall C. Schatzman departed as Chief Executive Officer at Bolt Biotherapeutics, Inc.. evidence_excerpt: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1641281/000095017024059524/0000950170-24-059524-index.htm - claim_id: cf0d274f2943d6630c0e8a9a400b88e46a44cc87 claim: 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). evidence_excerpt: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1641281/000095017024059524/0000950170-24-059524-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.