Company: BOLT
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0000950170-25-043873
Chunk: 177

Company: Bolt Biotherapeutics, Inc.
Filing Date: 2025-03-24
Form: 10-K
Item: Item 1B
Chunk 177
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 the subtenant is responsible for certain operating expenses and taxes throughout the term under the sublease agreement. Sublease income was approximately $0.8 million and $0.8 million for each of the years ended December 31, 2024 and 2023. At December 31, 2024 and 2023, finance right-of-use leases were used to finance capital equipment such as printers or ozone generators, and are immaterial. 

107

The weighted-average remaining lease term and discount rate related to the Company’s lease liabilities as of December 31, 2024 were 6.4 years and 11.9%, respectively, for the operating leases. The weighted-average remaining lease term and discount rate related to the Company’s lease liabilities as of December 31, 2023 were 6.7 years and 11.1%, respectively, for the operating leases. The Company lease discount rates are based on estimates of its incremental borrowing rate, as the discount rates implicit in the Company’s leases cannot be readily determined. As the Company does not have any outstanding debt, the Company estimates the incremental borrowing rate based on its estimated credit rating and available market information. Cash required as security for our operation leases is secured by a letter of credit on behalf of the lessor in the amount of approximately $1.6 million and is recorded as restricted cash on the balance sheet as of December 31, 2024 and 2023. The components of lease expense were as follows (in thousands):  

        Years Ended December 31,

        2024

        2023

        Total operating lease cost
         
        $
        4,922

        $
        4,480

       Supplemental cash flow information related to leases was as follows (in thousands):  

        Years Ended December 31,

        2024

        2023

        Operating cash flows from operating leases
         
        $
        4,886

        $
        4,726

       The following is a schedule by year for future maturities of the Company’s operating lease liabilities and sublease income to be received as of December 31, 2024 (in thousands):  

        OperatingLeases

        Sublease Income

        2025
         
        $
        5,122

        $
        979

        2026

        5,399

        248

        2027

        5,584