San Francisco-based Bolt Biotherapeutics on Tuesday said it is ending development of its lead cancer drug, laying off half its staff and changing up its leadership.
Alongside announcing first quarter earnings, the biotechnology company revealed it will no longer advance its antibody-drug conjugate trastuzumab imbotolimod, or BDC-1001, after concluding the program was unlikely to meet its “high bar for advancement.”
Instead, the company will focus on two earlier-stage candidates: BDC-3042, an agonist antibody now in Phase 1 testing, and BDC-4182, currently in preclinical evaluation. The latter is a product of Bolt’s immune-stimulating antibody conjugate, or ISAC, platform, which is meant to trigger anti-tumor immune responses. It’s aimed at a protein called Claudin 18.2 that’s becoming an increasingly popular target among cancer drug developers.
The company’s ISAC research will continue to be supported by collaborations with Genmab and Toray. The former is funding up to three ISAC candidates through early-stage development, while the latter is funding one ISAC candidate through Phase 1 testing.
In a client note downgrading her rating on Bolt’s stock, Leerink Partners analyst Daina Graybosch described the two newly prioritized programs as “at the high end of risk, given novelty and early nature of development.” While Graybosch expressed confidence in the promise of Bolt’s platform, she expects “multiple surprises and restarts to come.”
Bolt is laying off 50% of its workforce, or approximately 50 people, as part of its pipeline reprioritization. The company expects the cuts to extend its cash runway into the second half of 2026.
Additionally, Willie Quinn, who was previously Bolt’s chief financial officer, has replaced Randal Schatzman as CEO. Chief Business Officer Grant Yonehiro will be promoted to chief operating officer, and Chief Medical Offier Edith Perez will move into an advisory role.
Shares for Bolt fell around 34% in Wednesday morning trading. The company is now worth about $33 million.
