Bolt Biotherapeutics to downsize, discontinue lead ADC candidate

San Francisco-based Bolt Biotherapeutics has announced significant changes to its operations, including halting the development of its primary cancer drug, laying off half its workforce, and restructuring its leadership team. This decision comes as part of the company's strategy to refocus on promising early-stage projects.

The biotechnology firm disclosed that it would discontinue the advancement of its antibody-drug conjugate known as trastuzumab imbotolimod (BDC-1001). The company concluded that the drug would not meet the stringent criteria required for continued development. This announcement was made alongside the release of its first-quarter earnings report.

Going forward, Bolt Biotherapeutics will concentrate on two other drug candidates: BDC-3042 and BDC-4182. BDC-3042, an agonist antibody, is currently undergoing Phase 1 clinical trials. BDC-4182, still in the preclinical evaluation phase, is developed using Bolt's immune-stimulating antibody conjugate (ISAC) platform. This platform is designed to elicit anti-tumor immune responses. BDC-4182 targets the Claudin 18.2 protein, a focus that is gaining attention among cancer drug researchers.

Bolt's ISAC research will continue through collaborations with Genmab and Toray. Genmab is funding up to three ISAC candidates during early-stage development, while Toray is financing one ISAC candidate through Phase 1 trials.

Daina Graybosch, an analyst at Leerink Partners, downgraded her rating on Bolt’s stock in response to these changes. She described the newly prioritized programs as high-risk due to their novelty and early stage of development. Despite her confidence in the potential of Bolt's platform, Graybosch anticipates several unexpected challenges and restarts for the company.

As part of its strategic pivot, Bolt is laying off approximately 50 employees, which accounts for around 50% of its workforce. The company believes that these layoffs will extend its financial resources through the latter half of 2026.

Leadership changes accompany the company's restructuring. Willie Quinn, previously the Chief Financial Officer, will take over as CEO, replacing Randal Schatzman. Grant Yonehiro, who served as Chief Business Officer, will be promoted to Chief Operating Officer. Edith Perez, the Chief Medical Officer, will transition to an advisory role.

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