Bolt Biotherapeutics Cuts Workforce Again, Delays Key Immunotherapy Readout

Bolt Biotherapeutics, a clinical-stage oncology company, has announced a significant workforce reduction and a delay in the readout of its lead immunotherapy candidate. This move comes as the biotech navigates challenging market conditions and seeks to extend its cash runway.

Workforce Reduction and Clinical Trial Modifications

Bolt has made the difficult decision to halve its workforce for the second time in two years. This latest round of layoffs is expected to extend the company's cash reserves into 2027, allowing it to continue its mission despite financial constraints.

The company is also modifying the trial protocol for its lead candidate, BDC-4182, an immune-stimulating antibody conjugate (ISAC) targeting Claudin 18.2 for the treatment of gastric and gastroesophageal cancers. The phase 1 dose-escalation study will now incorporate step-up dosing after observing a "strong immune response at initial dose levels."

Delayed Readout and Financial Outlook

As a result of these protocol changes, the anticipated readout for BDC-4182 has been pushed back from the first half of 2026 to the third quarter of that year. This delay has prompted Bolt to take strategic measures to conserve cash.

CEO Willie Quinn stated, "Amid challenging market conditions, our strategic imperative is the clinical advancement of BDC-4812 and the support of our ISAC collaborations to increase shareholder value."

At the end of June, Bolt reported $48.5 million in cash reserves, which were initially expected to last until mid-2026. The workforce reduction is a key part of the company's strategy to extend its financial runway beyond the new readout date.

Ongoing Collaborations and Future Plans

Despite the setbacks, Bolt continues to pursue collaborations with industry partners. The company maintains ongoing partnerships with Genmab and Toray, and is actively seeking a partner for its dectin-2 agonist antibody BDC-3042, which recently completed a phase 1 dose-escalation study.

Bolt remains committed to its mission in oncology research, with a focus on advancing BDC-4812 and supporting its ISAC collaborations. The company plans to provide further updates on BDC-4812 later next year, as it navigates these challenging times in the biotech industry.