Detailed financial statements for Bolt Biotherapeutics, Inc. (BOLT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Bolt Biotherapeutics, Inc. is a biotechnology company currently conducting clinical trials, focused on developing innovative immuno-oncology therapies. Its mission is to create agents that equip the body's immune system to identify and eliminate cancerous cells. A key therapeutic in its pipeline is BDC-1001, an investigational treatment targeting the human epidermal growth factor receptor 2 (HER2).
Analysis Summary
Bolt Biotherapeutics, Inc. reported revenue of $7.7M in the most recent fiscal year, growing at a 5-year CAGR of 101.6%.
Trailing-twelve-month margins: gross margin 95.7%, operating margin -6.2%, net margin -6.1%.
At the current price of $3.63, BOLT has negative trailing earnings (P/E not meaningful) and an ROE of -125.92%. Market capitalisation stands at $7M.
Balance sheet quality for BOLT: current ratio of 3.6, net cash position of $4.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | $215000 | $231000 | $1.3M | $5.7M | $7.9M | $7.7M | $7.7M |
| Cost of Revenue | $302000 | 0 | $40.4M | $75.7M | $73.1M | $61.5M | 0 | $1.5M |
| Gross Profit | -$302000 | $215000 | -$40.1M | -$74.4M | -$67.4M | -$53.7M | $7.7M | $6.2M |
| Research & Development | $9.4M | $26.0M | $40.4M | $75.7M | $73.1M | $61.5M | $57.5M | $28.5M |
| Selling, General & Admin | $2.2M | $5.2M | $9.1M | $18.4M | $22.9M | $22.5M | $18.5M | $13.8M |
| Operating Expenses | $11.6M | $31.2M | $9.1M | $18.4M | $22.9M | $22.5M | $80.7M | $40.8M |
| Operating Income | -$11.6M | -$31.0M | -$49.2M | -$92.8M | -$90.3M | -$76.2M | -$73.0M | -$34.6M |
| EBITDA | -$11.3M | -$30.6M | -$48.6M | -$97.4M | -$86.4M | -$67.3M | -$66.5M | -$31.9M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$11.6M | -$30.5M | -$60.7M | -$98.6M | -$88.1M | -$69.2M | -$63.1M | -$33.4M |
| Income Tax | $40000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$11.6M | -$30.5M | -$60.7M | -$98.6M | -$88.1M | -$69.2M | -$63.1M | -$33.4M |
| EPS | $-5.96 | $-3.75 | $-1.99 | $-2.79 | $-2.30 | $-1.83 | $-1.65 | $-17.85 |
| EPS (Diluted) | $-5.96 | $-3.75 | $-1.99 | $-2.79 | $-2.30 | $-1.83 | $-1.65 | $-17.85 |
| Shares Outstanding (Diluted) | $97186 | $400497 | $1.8M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $13.6M | $34.8M | $5.5M | $27.4M | $9.2M | $10.8M | $7.2M | $11.7M |
| Short-term Investments | 0 | 0 | $17.3M | $158.8M | $159.6M | $91.4M | $40.1M | $15.8M |
| Receivables | 0 | $300000 | 0 | $200000 | 0 | 0 | $1.2M | $973000 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $14.1M | $35.9M | $25.4M | $189.2M | $172.7M | $105.7M | $50.8M | $30.3M |
| Property, Plant & Equipment | $1.4M | $11.5M | $16.4M | $30.6M | $28.5M | $24.1M | $24.9M | $20.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $16.0M | $48.4M | $46.5M | $307.7M | $227.8M | $159.8M | $99.6M | $56.7M |
| Accounts Payable | $892000 | $2.1M | $1.6M | $3.6M | $3.6M | $3.0M | $1.5M | $1.4M |
| Short-term Debt | 0 | 0 | 0 | $2.5M | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $2.8M | $8.7M | $11.3M | $21.3M | $23.1M | $20.5M | $15.9M | $8.4M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $31.9M | $94.3M | $151.5M | $57.6M | $56.3M | $47.0M | $42.4M | $30.2M |
| Retained Earnings | -$17.2M | -$47.7M | -$108.4M | -$207.0M | -$295.1M | -$364.3M | -$427.4M | -$460.8M |
| Total Equity | -$15.9M | -$45.8M | -$104.9M | $250.1M | $171.5M | $112.7M | $57.2M | $26.5M |
| Total Debt | $40000 | $10.2M | $10.9M | $24.4M | $22.6M | $20.2M | $25.2M | $23.0M |
| Net Debt | -$13.6M | -$24.6M | -$12.0M | -$161.9M | -$146.3M | -$82.0M | -$22.1M | -$4.5M |
| Working Capital | $11.3M | $27.2M | $14.1M | $167.8M | $149.6M | $85.3M | $35.0M | $21.8M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$11.6M | -$30.5M | -$60.7M | -$98.6M | -$88.1M | -$69.2M | -$63.1M | -$33.4M |
| Depreciation & Amortization | $302000 | $335000 | $611000 | $1.2M | $1.7M | $1.9M | $1.8M | $1.3M |
| Stock-based Compensation | $123000 | $508000 | $1.4M | $8.5M | $9.6M | $9.2M | $7.4M | $2.8M |
| Change in Working Capital | $1.1M | $2.3M | -$2.3M | $20.5M | -$3.1M | -$9.9M | -$8.4M | -$12.1M |
| Operating Cash Flow | -$9.9M | -$26.3M | -$47.3M | -$57.1M | -$76.5M | -$69.5M | -$61.3M | -$39.9M |
| Capital Expenditure | -$290000 | -$508000 | -$3.3M | -$2.3M | -$2.0M | -$206000 | -$41000 | -$72000 |
| Acquisitions | 0 | 0 | $17.3M | $229.9M | -$59.8M | 0 | $148000 | $963000 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$10.2M | -$26.9M | -$50.6M | -$59.4M | -$78.5M | -$69.7M | -$61.3M | -$39.9M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +7.4% | +445.5% | +354.7% | +37.5% | -2.4% | +0.1% | ||
| Net Income Growth (YoY) | -163.1% | -99.2% | -62.3% | +10.6% | +21.5% | +8.8% | +47.1% | |
| EPS Growth (YoY) | +37.1% | +46.9% | -40.2% | +17.6% | +20.4% | +9.8% | -981.8% | |
| Shares Change (YoY) | +312.1% | +352.5% | +3.2% | -0.1% | +1.2% | +1.0% | -2.1% | |
| FCF Growth (YoY) | -164.2% | -88.3% | -17.5% | -32.1% | +11.1% | +12.0% | +34.9% | |
| Gross Margin | 100.0% | -17370.6% | -5904.4% | -1176.4% | -681.4% | 100.0% | 80.6% | |
| Operating Margin | -14404.2% | -21290.9% | -7364.1% | -1576.6% | -967.4% | -949.9% | -450.1% | |
| EBITDA Margin | -14248.4% | -21026.4% | -7730.0% | -1508.7% | -855.0% | -864.2% | -414.4% | |
| Net Margin | -14180.0% | -26289.2% | -7824.7% | -1537.8% | -878.6% | -820.8% | -433.7% | |
| FCF Margin | -12488.8% | -21891.8% | -4714.6% | -1369.5% | -885.4% | -797.5% | -518.8% | |
| Effective Tax Rate | -0.3% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-104.56 | $-67.04 | $-27.90 | $-31.77 | $-42.00 | $-36.88 | $-32.12 | $-21.35 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $97186 | $400497 | $1.8M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -125.92% |
| Return on Invested Capital | -67.72% |
| Return on Assets | -58.81% |
| Gross Margin | 95.68% |
| Operating Margin | -623.04% |
| Net Margin | -611.47% |
Financial Health
| Debt / Equity | 1.71 |
| Current Ratio | 2.61 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -12.58 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -107.89 | -171.47 | -323.12 | -35.13 | -11.30 | -12.24 | -6.48 | -0.31 |
| P/B | -3.92 | -5.62 | -11.10 | 0.73 | 0.28 | 0.38 | 0.36 | 0.39 |
| P/S | 0.00 | 1197.77 | 5044.73 | 145.44 | 8.48 | 5.38 | 2.66 | 1.33 |
| Gross Margin | 0.0% | 100.0% | -17370.6% | -5904.4% | -1176.4% | -681.4% | 100.0% | 80.6% |
| Operating Margin | 0.0% | -14404.2% | -21290.9% | -7364.1% | -1576.6% | -967.4% | -949.9% | -450.1% |
| Net Margin | 0.0% | -14180.0% | -26289.2% | -7824.7% | -1537.8% | -878.6% | -820.8% | -433.7% |
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Explore sector: Healthcare · Biotechnology
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