Company: BOLT
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0000950170-25-043873
Chunk: 215

Company: Bolt Biotherapeutics, Inc.
Filing Date: 2025-03-24
Form: 10-K
Item: Item 7
Chunk 215
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 and uncertainties, and actual results could vary materially. We have based this estimate on assumptions that may prove to be wrong, and we could deplete our capital resources sooner than we expect. Additionally, the process of testing product candidates in clinical trials is costly, and the timing of progress and expenses in these trials is uncertain. 

Our future capital requirements will depend on many factors, including: 

•the type, number, scope, progress, expansions, results, costs and timing of our clinical trials; 

•the type, number, scope, results, costs, and timing of preclinical studies for our product candidates or other potential product candidates or indications which we are pursuing or may choose to pursue in the future; 

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

•the costs and timing of manufacturing for our product candidates, including commercial manufacturing; 

•our efforts to enhance operational systems and hire additional personnel to satisfy our obligations as a public company, including enhanced internal controls over financial reporting; 

•the costs associated with hiring additional personnel and consultants as our preclinical and clinical activities increase; 

•the costs and timing of establishing or securing sales and marketing capabilities if any product candidate is approved; 

•our ability to achieve sufficient market acceptance, coverage and adequate reimbursement from third-party payors and adequate market share and revenue for any approved products; 

•patients’ willingness to pay out-of-pocket for any approved products in the absence of coverage and/or adequate reimbursement from third-party payors; 

•the terms and timing of establishing and maintaining collaborations, licenses and other similar arrangements; 

•the costs of obtaining, maintaining, defending, and enforcing our patent and other intellectual property rights; and 

•costs associated with any product candidates, products, or technologies that we may in-license or acquire. 

Until such time as we can generate significant revenue from sales of our product candidates, if ever, we expect to finance our cash needs through equity or debt financings or other capital sources, including potential collaborations, licenses, the sale of future royalties, and other similar arrangements. However, we may be unable to raise additional funds or enter into such other arrangements on favorable terms or at all. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest of our stockholders will be or could be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of our common stockholders. Debt financing and equity financing, if available, may involve