Company: BOLT
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0000950170-25-043873
Chunk: 51

Company: Bolt Biotherapeutics, Inc.
Filing Date: 2025-03-24
Form: 10-K
Item: Item 1A
Chunk 51
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, and for the year ended, December 31, 2024, describing the existence of substantial doubt about our ability to continue as a going concern. Our future capital requirements will depend on many factors, including: 

•the scope, rate of progress, results and costs of drug discovery, preclinical development, laboratory testing and clinical trials for our product candidates; 

•the number and development requirements of product candidates that we may pursue, and other indications for our current product candidates that we may pursue; 

•the costs, timing and outcome of regulatory review of our product candidates; 

•the scope and costs of manufacturing development and commercial manufacturing activities; 

•the cost associated with commercializing any approved product candidates; 

•the cost and timing of developing our ability to establish sales and marketing capabilities, if any; 

•the costs of preparing, filing and prosecuting patent applications, maintaining, enforcing and protecting our intellectual property rights, defending intellectual property-related claims and obtaining licenses to third-party intellectual property; 

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•the timing and amount of milestone and royalty payments we are required to make under our license agreements; 

•our ability to establish and maintain collaborations on favorable terms, if at all; and 

•the extent to which we acquire or in-license other product candidates and technologies and associated intellectual property. 

We will require additional capital to complete our planned clinical development programs for our current product candidates to obtain regulatory approval. Any additional capital raising efforts may divert our management from their day-to-day activities, which may adversely affect our ability to develop and commercialize our current and future product candidates, if approved. 

In addition, we cannot guarantee that future financing will be available on a timely basis, in sufficient amounts or on terms acceptable to us, if at all. Moreover, the terms of any financing may adversely affect the holdings or the rights of our stockholders and the issuance of additional securities by us, whether equity or debt, or the market perception that such issuances are likely to occur, could cause the market price of our common stock to decline. If we are unable to obtain funding on a timely basis on acceptable terms, we may be required to delay, reduce or terminate one or more of our research and development programs or the commercialization of any product candidates that may be approved. This could harm our business and could potentially cause us to cease operations. Considering all of these factors, we believe that there is substantial doubt about our ability to continue to operate as a going concern.

Raising additional capital may cause dilution to