Bolt Biotherapeutics, Inc.
BOLTHealthcare|Biotechnology|US
$6.54
+0.16 (+2.51%)
Tangible Book / Share
$7.48
Cash / Share
$10.41
Financials
Financial Snapshot
Market Cap
$12.6M
Enterprise Value
$21.4M
Revenue (TTM)
$4.7M
Net Income (TTM)
-$28.7M
Cash & Investments
$17.6M
Net Cash
-$4.0M
Free Cash Flow (TTM)
-$31.5M
Operating CF (TTM)
-$31.5M
Debt/Equity
1.71
Cash Runway & Burn Rate
Cash on Hand
$17.6M
Quarterly Burn
$7.9M
Monthly Burn
$2.6M
Est. Runway
~2.2 quarters
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $13.6M | $34.8M | $22.8M | $186.2M | $168.9M | $102.2M | $47.3M | $27.5M | $17.6M | |
| Operating Cash Flow | -$9.9M | -$26.3M | -$47.3M | -$57.1M | -$76.5M | -$69.5M | -$61.3M | -$39.9M | -$31.5M | |
| Free Cash Flow | -$10.2M | -$26.9M | -$50.6M | -$59.4M | -$78.5M | -$69.7M | -$61.3M | -$39.9M | -$31.5M | |
| Capital Expenditure | -$290.0K | -$508.0K | -$3.3M | -$2.3M | -$2.0M | -$206.0K | -$41.0K | -$72.0K | -$85.0K | |
| Financing Cash Flow | $19.1M | $48.6M | $39.6M | $311.1M | $503.0K | $253.0K | $108.0K | $19.0K | $30.0K |
R&D Spending
R&D (TTM)
$21.3M
R&D Intensity
453.1%
R&D Growth vs Prior
-25.4%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $215.0K | $231.0K | $1.3M | $5.7M | $7.9M | $7.7M | $7.7M | $4.7M | |
| R&D Expense | $9.4M | $26.0M | $40.4M | $75.7M | $73.1M | $61.5M | $57.5M | $28.5M | $21.3M | |
| R&D % of Revenue | — | 12094.0% | 17470.6% | 6004.4% | 1276.4% | 781.4% | 747.3% | 370.8% | 453.1% | |
| SG&A | $2.2M | $5.2M | $9.1M | $18.4M | $22.9M | $22.5M | $18.5M | $13.8M | $11.7M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $215.0K | $231.0K | $1.3M | $5.7M | $7.9M | $7.7M | $7.7M | $4.7M | |
| Cost of Revenue | $302.0K | $0.00 | $40.4M | $75.7M | $73.1M | $61.5M | $0.00 | $1.5M | $203.0K | |
| Gross Profit | -$302.0K | $215.0K | -$40.1M | -$74.4M | -$67.4M | -$53.7M | $7.7M | $6.2M | $4.5M | |
| R&D | $9.4M | $26.0M | $40.4M | $75.7M | $73.1M | $61.5M | $57.5M | $28.5M | $21.3M | |
| SG&A | $2.2M | $5.2M | $9.1M | $18.4M | $22.9M | $22.5M | $18.5M | $13.8M | $11.7M | |
| Operating Income | -$11.6M | -$31.0M | -$49.2M | -$92.8M | -$90.3M | -$76.2M | -$73.0M | -$34.6M | -$29.3M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$11.6M | -$30.5M | -$60.7M | -$98.6M | -$88.1M | -$69.2M | -$63.1M | -$33.4M | -$28.7M | |
| Net Income | -$11.6M | -$30.5M | -$60.7M | -$98.6M | -$88.1M | -$69.2M | -$63.1M | -$33.4M | -$28.7M | |
| EPS (Diluted) | -5.96 | -3.75 | -1.99 | -2.79 | -2.30 | -1.83 | -1.65 | -17.85 | -16.00 | |
| EBITDA | -$11.3M | -$30.6M | -$48.6M | -$97.4M | -$86.4M | -$67.3M | -$66.5M | -$32.1M | -$27.8M | |
| Shares Out. (M) | 0.10 | 0.40 | 1.81 | 1.87 | 1.87 | 1.89 | 1.91 | 1.87 | 1.69 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $13.6M | $34.8M | $5.5M | $27.4M | $9.2M | $10.8M | $7.2M | $11.7M | $12.9M | |
| Short-Term Investments | $0.00 | $0.00 | $17.3M | $158.8M | $159.6M | $91.4M | $40.1M | $15.8M | $4.7M | |
| Total Current Assets | $14.1M | $35.9M | $25.4M | $189.2M | $172.7M | $105.7M | $50.8M | $30.3M | $20.6M | |
| Total Assets | $16.0M | $48.4M | $46.5M | $307.7M | $227.8M | $159.8M | $99.6M | $56.7M | $40.3M | |
| Total Current Liabilities | $2.8M | $8.7M | $11.3M | $21.3M | $23.1M | $20.5M | $15.9M | $8.4M | $7.9M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $31.9M | $94.3M | $151.5M | $57.6M | $56.3M | $47.0M | $42.4M | $30.2M | $27.7M | |
| Stockholders' Equity | -$15.9M | -$45.8M | -$104.9M | $250.1M | $171.5M | $112.7M | $57.2M | $26.5M | $12.6M | |
| Retained Earnings | -$17.2M | -$47.7M | -$108.4M | -$207.0M | -$295.1M | -$364.3M | -$427.4M | -$460.8M | -$475.7M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$9.9M | -$26.3M | -$47.3M | -$57.1M | -$76.5M | -$69.5M | -$61.3M | -$39.9M | -$31.5M | |
| Capital Expenditure | -$290.0K | -$508.0K | -$3.3M | -$2.3M | -$2.0M | -$206.0K | -$41.0K | -$72.0K | -$85.0K | |
| Free Cash Flow | -$10.2M | -$26.9M | -$50.6M | -$59.4M | -$78.5M | -$69.7M | -$61.3M | -$39.9M | -$31.5M | |
| Investing Cash Flow | -$290.0K | -$508.0K | -$20.6M | -$232.2M | $57.9M | $71.0M | $57.6M | $44.3M | $34.7M | |
| Financing Cash Flow | $19.1M | $48.6M | $39.6M | $311.1M | $503.0K | $253.0K | $108.0K | $19.0K | $30.0K | |
| Issuance of Stock | $20.0K | $72.0K | $294.0K | $259.2M | $503.0K | $253.0K | $108.0K | $19.0K | $44.0K | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$39.0K | -$40.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $123.0K | $508.0K | $1.4M | $8.5M | $9.6M | $9.2M | $7.4M | $2.8M | $2.5M | |
| Net Change in Cash | $8.9M | $21.8M | -$28.3M | $21.8M | -$18.1M | $1.8M | -$3.6M | $4.5M | $3.2M |
Dilution Tracker
Shares Outstanding
2M
5-Year Share Growth
+3.2%
Stock Issuance (TTM)
$44.0K
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.10 | 0.40 | 1.81 | 1.87 | 1.87 | 1.89 | 1.91 | 1.87 | 1.69 | |
| Change vs Prior % | — | 312.1% | 352.4% | 3.2% | -0.1% | 1.2% | 1.0% | -2.0% | -9.6% | |
| Stock Issuance | $20.0K | $72.0K | $294.0K | $259.2M | $503.0K | $253.0K | $108.0K | $19.0K | $44.0K | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $123.0K | $508.0K | $1.4M | $8.5M | $9.6M | $9.2M | $7.4M | $2.8M | $2.5M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | 100.0% | -17370.6% | -5904.4% | -1176.4% | -681.4% | 100.0% | 80.6% | 95.7% | |
| Operating Margin % | — | -14404.2% | -21290.9% | -7364.1% | -1576.6% | -967.4% | -949.9% | -450.1% | -623.0% | |
| Net Margin % | — | -14180.0% | -26289.2% | -7824.7% | -1537.8% | -878.6% | -820.8% | -433.7% | -611.5% | |
| EBITDA Margin % | — | -14248.4% | -21026.4% | -7730.0% | -1508.7% | -855.0% | -864.2% | -417.0% | -591.9% | |
| FCF Margin % | — | -12488.8% | -21891.8% | -4714.6% | -1369.5% | -885.4% | -797.5% | -518.8% | -671.0% | |
| ROE % | 72.7% | 66.5% | 57.9% | -39.4% | -51.4% | -61.4% | -110.4% | -125.9% | -126.2% | |
| ROA % | -72.5% | -62.9% | -130.5% | -32.0% | -38.7% | -43.3% | -63.4% | -58.8% | -71.2% | |
| ROIC % | -87.7% | -72.2% | -133.7% | -32.1% | -43.6% | -53.6% | -84.9% | -67.7% | -82.3% | |
| R&D / Revenue % | — | 12094.0% | 17470.6% | 6004.4% | 1276.4% | 781.4% | 747.3% | 370.8% | 453.1% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 7.4% | 445.5% | 354.7% | 37.5% | -2.4% | 0.1% | |
| Gross Profit | 0.0% | 171.2% | -18763.3% | -85.4% | 9.4% | 20.4% | 114.3% | -19.3% | |
| Operating Income | 0.0% | -166.3% | -58.8% | -88.7% | 2.7% | 15.6% | 4.1% | 52.6% | |
| Net Income | 0.0% | -163.1% | -99.2% | -62.3% | 10.6% | 21.5% | 8.8% | 47.1% | |
| EPS (Diluted) | 0.0% | 37.1% | 46.9% | -40.2% | 17.6% | 20.4% | 9.8% | -981.8% | |
| Operating Cash Flow | 0.0% | -166.8% | -79.6% | -20.6% | -34.1% | 9.1% | 11.8% | 35.0% | |
| Free Cash Flow | 0.0% | -164.2% | -88.3% | -17.5% | -32.1% | 11.1% | 12.0% | 34.9% | |
| R&D Expense | 0.0% | 176.0% | 55.2% | 87.5% | -3.3% | -15.8% | -6.6% | -50.4% | |
| SG&A Expense | 0.0% | 134.6% | 74.8% | 103.1% | 24.7% | -1.7% | -18.1% | -25.3% | |
| Total Assets | 0.0% | 203.3% | -3.9% | 561.2% | -26.0% | -29.9% | -37.6% | -43.0% | |
| Book Value / Share | 0.0% | 30.2% | 49.4% | 330.9% | -31.4% | -35.1% | -49.7% | -52.7% | |
| Debt | 0.0% | 25362.5% | 6.8% | 123.9% | -7.2% | -10.6% | 24.7% | -8.9% | |
| Diluted Shares | 0.0% | 312.1% | 352.4% | 3.2% | -0.1% | 1.2% | 1.0% | -2.0% |
Valuation
P/E (TTM)At Loss
P/S2.68
10Y Low / Med / High1.33 / 8.48 / 5043.79
P/B0.87
10Y Low / Med / High0.28 / 0.38 / 0.73
EV/EBITDAAt Loss
EV/Revenue4.55
10Y Low / Med / High2.79 / 10.81 / 5066.89
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$7.48
Cash / Share
$10.41
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -107.89 | -171.47 | -323.12 | -35.13 | -11.30 | -12.24 | -6.48 | -0.31 | -0.41 | |
| P/S Ratio | 0.00 | 1197.77 | 5043.79 | 145.44 | 8.48 | 5.38 | 2.66 | 1.33 | 2.68 | |
| P/B Ratio | -3.92 | -5.62 | -11.10 | 0.73 | 0.28 | 0.38 | 0.36 | 0.39 | 0.87 | |
| EV/EBITDA | -4.32 | -7.60 | -24.10 | -1.85 | -0.72 | -0.77 | -0.58 | -0.67 | -0.77 | |
| EV/Revenue | 0.00 | 1083.16 | 5066.89 | 143.04 | 10.81 | 6.57 | 5.00 | 2.79 | 4.55 |
Analyst Estimates & Quality
Altman Z-Score
-18.09
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $133.3K | $3.5M | $8.0M |
| Net Income | -$34.2M | -$37.8M | -$57.7M |
| EPS | $-18.27 | $-20.19 | $-30.84 |
| # Analysts (EPS) | 1 | 2 | 1 |
Dividends
Frequency
Quarterly
Recent Payments
| Ex-Date | Pay Date | Amount | Frequency |
|---|---|---|---|
| Aug 29, 2014 | Oct 2, 2014 | $0.00 | Quarterly |
| Jun 10, 2014 | Jul 9, 2014 | $0.00 | Quarterly |
| Mar 3, 2014 | Apr 2, 2014 | $0.00 | Quarterly |
| Dec 30, 2013 | Jan 15, 2014 | $0.00 | Quarterly |
| Sep 3, 2013 | Oct 3, 2013 | $0.00 | Quarterly |
| Jun 3, 2013 | Jul 5, 2013 | $0.00 | Quarterly |
| Mar 5, 2013 | Apr 4, 2013 | $0.00 | Quarterly |
| Nov 30, 2012 | Dec 18, 2012 | $0.00 | Quarterly |
| Sep 4, 2012 | Oct 4, 2012 | $0.00 | Quarterly |
| Jun 4, 2012 | Jul 6, 2012 | $0.00 | Quarterly |
| Mar 6, 2012 | Apr 5, 2012 | $0.00 | Quarterly |