Bolt Biotherapeutics (BOLT) AI Stock Analysis

• Market Cap: $8.72M
• Dividend Yield: N/A
• Average Volume (3M): 29.18K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.57
• Revenue Growth: -46.88%
• EPS Growth: 34.83%
• Country: US
• Employees: 52
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -3.84
• Shares Outstanding: 1,921,567
• 10 Day Avg. Volume: 31,146
• 30 Day Avg. Volume: 29,181
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.39
• Price to Sales (P/S): 1.33
• P/FCF Ratio: -0.26
• Enterprise Value/Market Cap: 2.29
• Enterprise Value/Revenue: 2.60
• Enterprise Value/Gross Profit: 2.79
• Enterprise Value/Ebitda: -0.61
• 1Y Price Target: $41.00
• Price Target Upside: 803.08% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): -19.48
• Revenue Forecast (FY): $2.33M

• Rating: 41 Neutral
• Price Target: $4.50 ▼(-0.88% Downside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

The score is primarily held down by weak financial performance (large ongoing losses and heavy negative operating/free cash flow) and a weakening equity base. Technicals add pressure with a downtrend across key moving averages and negative MACD, though oversold readings modestly offset the bearish setup. Valuation provides limited support because the company is loss-making and no dividend yield is available.

Positive Factors

Boltbody platform

Bolt's Boltbody platform targets delivery of innate-immune stimulants directly to tumors, a differentiated technical moat. A reusable targeting platform can spawn multiple clinical programs and licensing opportunities, supporting durable R&D productivity and longer-term partnership value if clinical signals validate the approach.

Accelerating revenue growth

Revenue growth accelerated materially in 2025 (~48%), indicating emerging commercial or collaboration receipts versus prior flat trends. If sustained, this structural revenue progress reduces perpetual funding reliance and signals that program advancement or partner deals are beginning to monetize assets over the medium term.

Manageable nominal debt

Absolute debt levels are modest and relatively stable (~$20–25M) with moderate leverage (debt-to-equity ~0.87). Lower nominal indebtedness lessens near-term covenant and interest strain compared with highly leveraged peers, preserving strategic optionality for partnering or targeted financings while the pipeline progresses.

Negative Factors

Heavy cash burn

Operating cash flow remains deeply negative (~ -$39.9M in 2025) and free cash flow is similarly adverse, implying persistent cash burn. This structural outflow forces repeated capital raises or dilutive partnerships, raising refinancing and execution risk and potentially delaying programs if new funding is constrained.

Structural unprofitability

The company posts large, recurring operating and net losses (2025 net margin ~ -434%), reflecting an early-stage model without commercial product revenues. Persistent deep losses mean a long path to breakeven, requiring sustained financing and successful clinical/partnering outcomes before the business can self-fund development.

Eroding equity base

Shareholders' equity has eroded materially over recent years, weakening the capital buffer and elevating financing risk. A diminished equity base increases dilution pressure, reduces creditor comfort, and can make future capital raises costlier or more burdensome, constraining strategic flexibility over the medium term.

Bolt Biotherapeutics Business Overview & Revenue Model

Company Description

Bolt Biotherapeutics, Inc., a clinical-stage biotechnology company, engages in the development of immuno-oncology agents to target tumor cells for elimination by the immune system. The company is developing BDC-1001, a human epidermal growth factor receptor 2 (HER2), which is in Phase I/II clinical trial for the treatment of patients with HER2-expressing solid tumors, including HER2-low tumors; BDC-2034, a carcinoembryonic antigen program for colorectal, non-small cell lung, pancreatic, and breast cancers; and BDC-3042, a Dectin-2 agonist antibody program developed to repolarize critical cells in the tumor microenvironment by targeting cell-surface receptors on macrophages. It is also developing programmed cell death-ligand 1 program for tumors that are nonresponsive to immune checkpoint blockade. The company was formerly known as Bolt Therapeutics, Inc. and changed its name to Bolt Biotherapeutics, Inc. in July 2015. Bolt Biotherapeutics, Inc. was incorporated in 2015 and is headquartered in Redwood city, California.

How the Company Makes Money

Bolt Biotherapeutics primarily seeks to generate value and potential revenue by developing and advancing proprietary oncology drug candidates and, where applicable, partnering them with larger biopharmaceutical companies. As a clinical-stage biotech, its revenue model (when revenue exists) is generally driven by (1) collaboration and licensing arrangements—such as upfront payments, research funding, and potential development, regulatory, and commercial milestone payments, plus royalties on future net sales if partnered products reach the market; and (2) proceeds from financing activities (e.g., equity offerings) to fund R&D, which support operations but are not product revenue. Product sales revenue is null because the company does not have publicly established commercial products in routine market sale as of the latest available general information. Specific current partnerships, milestone structures, and recognized collaboration revenue amounts are null without citing a specific, up-to-date filing or disclosure.

Bolt Biotherapeutics Financial Statement Overview

Summary

Income statement and cash flow remain the main weaknesses: revenue is very small relative to the cost base, profitability is deeply negative, and operating/free cash flow are consistently and materially negative, implying ongoing funding needs. The balance sheet shows moderate leverage, but equity has eroded significantly, increasing financing risk despite some improvement in 2025 (narrower losses and better revenue growth).

Income Statement

Revenue remains very small for the size of the cost base, despite improving growth in 2025 (annual revenue growth ~48% vs ~flat in 2024). Profitability is structurally weak: the company has posted large operating losses every year (EBIT and EBITDA deeply negative), and net losses remain significant (2025 net margin roughly -434%). While losses narrowed meaningfully in 2025 versus 2024, the overall trajectory still reflects a business that is not close to breakeven.

Balance Sheet

Leverage is moderate in the latest period (2025 debt-to-equity ~0.87), but the bigger issue is a sharp erosion of the equity base over time (equity declined substantially from 2021–2024 to 2025), consistent with ongoing losses and cash burn. Total debt has stayed in a similar range (~$20–25M), yet returns to shareholders are very negative (2025 return on equity around -126%). The balance sheet is not highly levered, but it is weakening, which raises financing risk if losses persist.

Cash Flow

Cash generation is the key pressure point: operating cash flow is consistently negative and remains heavy in 2025 (about -$39.9M), with free cash flow also negative (about -$39.9M). Free cash flow improved versus 2024 (less negative), but still indicates ongoing funding needs. The cash burn broadly tracks the net loss (free cash flow to net income near 1x), suggesting limited near-term relief from working capital or non-cash items.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	7.70M	7.69M	7.88M	5.73M	1.26M
Gross Profit	6.20M	7.69M	-53.67M	-67.39M	-74.39M
EBITDA	-33.14M	-66.45M	-74.34M	-88.66M	-91.59M
Net Income	-33.38M	-63.12M	-69.20M	-88.10M	-98.59M
Balance Sheet
Total Assets	56.75M	99.63M	159.78M	227.81M	307.72M
Cash, Cash Equivalents and Short-Term Investments	27.50M	47.32M	102.19M	168.89M	186.22M
Total Debt	22.96M	25.21M	20.22M	22.61M	24.36M
Total Liabilities	30.24M	42.43M	47.04M	56.30M	57.60M
Stockholders Equity	26.50M	57.20M	112.74M	171.51M	250.12M
Cash Flow
Free Cash Flow	-39.92M	-61.33M	-69.73M	-78.46M	-59.40M
Operating Cash Flow	-39.85M	-61.29M	-69.53M	-76.50M	-57.07M
Investing Cash Flow	44.30M	57.58M	71.04M	57.86M	-232.20M
Financing Cash Flow	19.00K	108.00K	253.00K	503.00K	311.11M

Bolt Biotherapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.54
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BOLT, the sentiment is Negative. The current price of 4.54 is below the 20-day moving average (MA) of 4.54, below the 50-day MA of 5.38, and below the 200-day MA of 5.50, indicating a bearish trend. The MACD of -0.33 indicates Negative momentum. The RSI at 46.76 is Neutral, neither overbought nor oversold. The STOCH value of 30.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BOLT.

Bolt Biotherapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
XBIO	54 Neutral	$7.74M	-1.38	-60.33%	―	13.30%	22.70%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
INAB	47 Neutral	$20.12M	-0.53	-189.72%	―	―	70.57%
MBIO	45 Neutral	$6.79M	-5.07	-418.83%	―	―	98.58%
BOLT	41 Neutral	$8.72M	-0.31	-97.58%	―	-46.88%	34.83%
LYRA	41 Neutral	$878.57K	-0.48	-1032.82%	―	-59.21%	68.97%