Company: BOLT
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0000950170-25-043873
Chunk: 150

Company: Bolt Biotherapeutics, Inc.
Filing Date: 2025-03-24
Form: 10-K
Item: Item 1B
Chunk 150
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 not subject to expiration.The NOL carryforwards subject to expiration could expire unused and be unavailable to offset future income tax liabilities. The federal NOL carryforwards not subject to expiration are available to offset up to 80% of taxable income each year indefinitely. The state NOL carryforwards will begin to expire in 2035, unless previously utilized. As of December 31, 2024, we also had federal and state research credit carryforwards of $11.5 million and $6.5 million, respectively. The federal research and development tax credit carryforwards expire beginning in 2038 unless previously utilized, and the state research and development tax credit carryforwards do not expire. We have established valuation allowances against our NOLs and research and development credits due to the uncertainty surrounding the realization of these assets. We file tax returns in the U.S. and California. We are not currently under examination in any of these jurisdictions and all its tax years remain effectively open to examination due to NOL carryforwards.

We have performed a Section 382 study as of September 30, 2023 and expect approximately $2.8 million of federal research and development credits and $51.0 million of California NOL carryforward to expire unused due to Section 382 limitations. Pursuant to Sections 382 and 383 of the Internal Revenue Code, annual use of our NOL and research and development tax credit carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period.

85

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, we are not required to provide this information. 

86

Item 8. Consolidated Financial Statements and Supplementary Data. 

BOLT BIOTHERAPEUTICS, INC. 

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS 

    Page

    Report of Independent Registered Public Accounting Firm (PCAOB ID 238)
     
    88

    Consolidated Balance Sheets
     
    89

    Consolidated Statements of Operations and Comprehensive Loss
     
    90

    Consolidated Statements of Stockholders’ Equity
     
    91

    Consolidated Statements of Cash Flows
     
    92

    Notes to the Consolidated Financial Statements
     
    93

87

 Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of Bolt Bio