Company: BOLT
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0000950170-25-043873
Chunk: 182

Company: Bolt Biotherapeutics, Inc.
Filing Date: 2025-03-24
Form: 10-K
Item: Item 1B
Chunk 182
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 a price per share equal to 85% of the lower of the fair market value at the start or end of six-month purchase periods within the two-year offering period. In addition, the number of shares of common stock reserved for issuance under the ESPP automatically increases on January 1 of each calendar year that commences after the ESPP became effective and continuing through and including January 1, 2031, by the lesser of (1) 1% of the total number of shares of the Company's common stock outstanding on December 31 of the preceding calendar year, (2) 840,000 shares, and (3) a number of shares determined by the Company's board of directors. As a result, common stock reserved for issuance under the ESPP was increased by 381,146 shares on January 1, 2024. During the years ended December 31, 2024 and 2023, 183,378 and 254,169 shares were issued under the ESPP, respectively.

110

Performance and Service-Based Stock Options In September 2020, the compensation committee of the Company’s board of directors granted 526,018 options to employees that would commence vesting upon the closing of the Series C-2 financing and generally vest monthly over 48 months (the “Performance Awards”). The Company recognizes expense based on the fair value of the Performance Awards over the estimated service period (under the graded vesting method) to the extent the achievement of the related performance criteria is estimated to be probable. The Company determined that the financing milestone was achieved during January 2021. Accordingly, the Company recognized stock-based compensation expenses related to the Performance Awards of approximately $35,000 and $0.1 million for the years ended December 31, 2024 and 2023, respectively. The weighted-average grant date fair value of the Performance Awards was $3.24 per share.     The following table summarizes the stock option activity during the year ended December 31, 2024:    

        Options Outstanding

        Weighted-average Exercise Price

        Weighted-average Remaining ContractualTerm(in years)

        Weighted-average Grant Date Fair Value

        Aggregate Intrinsic Value (in thousands)

        Outstanding at December 31, 2023

        10,706,541

        $
        4.12

        7.7

        $
        12

        Granted

        4,849,434

        $
        0.96