Company: BOLT
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0000950170-25-043873
Chunk: 186

Company: Bolt Biotherapeutics, Inc.
Filing Date: 2025-03-24
Form: 10-K
Item: Item 1B
Chunk 186
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 liability

        7,137

        5,736

        Stock-based compensation

        2,256

        2,645

        Reserves and accruals

        1,585

        2,493

        Intangible assets

        127

        145

        Total deferred tax assets

        103,379

        89,663

        Less valuation allowance

        (96,870
        )

        (83,680
        )

        Net deferred tax assets

        6,509

        5,983

        Deferred tax liabilities:

        Right-of-use assets

        (6,159
        )

        (5,424
        )

        Property and equipment

        (311
        )

        (461
        )

        Prepaid assets

        (39
        )

        (98
        )

        Total deferred tax assets

        (6,509
        )

        (5,983
        )

        Net deferred tax assets
         
        $
        —

        $
        —

       A valuation allowance is required to be established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are uncertain. A full review of all positive and negative evidence needs to be considered. The Company has established a full valuation allowance against the net deferred tax assets as of December 31, 2024 and 2023 due to historical losses and uncertainty surrounding the use of such assets. The valuation allowance increased by $13.2 million between December 31, 2024 and December 31, 2023 primarily due to the generation of operating losses. As of December 31, 2024, the Company has net operating loss, or NOL, carryforwards for federal and state income tax purposes of $234.9 million and $324.0 million, respectively. The federal NOL carryforwards generated prior to 2018 and state NOL carryforwards, if not utilized, will expire beginning in 2035. Federal NOL carryforwards aggregating $230.5 million are not subject to expiration. The Company has research credit carryforwards for federal and state income tax purposes of approximately $11.5 million and $6.5 million, respectively, as of December 31, 2024. The federal credits begin to expire in 2038 and