Company: BOLT
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0000950170-25-043873
Chunk: 156

Company: Bolt Biotherapeutics, Inc.
Filing Date: 2025-03-24
Form: 10-K
Item: Item 1B
Chunk 156
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otherapies for the treatment of cancer. The Company’s pipeline candidates are built on the Company’s deep expertise in myeloid biology and cancer drug development, uniting the targeting precision of antibodies with the power of the innate and adaptive immune system to reprogram the tumor microenvironment for a productive anti-cancer response. 

2. Summary of Significant Accounting Policies Basis of Presentation The Company’s consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The financial statements for the fiscal year ended December 31, 2024 are consolidated and include the accounts of the Company and its subsidiary. The financial statements for the fiscal year ended December 31, 2023 were not consolidated and only reflect the accounts of the Company. Certain reclassifications on the statement of cash flows have been made to prior period amounts to conform to current period presentation.ConsolidationThe accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Bolt Biotherapeutics Australia PTY LTD (which are referred to herein, collectively, as the Company where context requires). The Company did not hold any assets or generate revenue during and as of the year ended December 31, 2024.  All intercompany balances and transactions have been eliminated on consolidation.  Out-of-Period AdjustmentOn August 7, 2020, the Company executed a non-cancellable lease agreement (the “Chesapeake Master Lease”) for its corporate office, laboratory and vivarium space in Redwood City, California. During the year ended December 31, 2024, the Company recorded an out-of-period adjustment related to an error in lease accounting that occurred in fiscal year 2020 and which was identified during the close process in December 2024. This adjustment corrected an understatement of operating lease right-of-use asset of $6.4 million and an understatement of operating lease liabilities of $6.8 million as of December 31, 2024. Additionally, this adjustment resulted in a cumulative impact of $0.4 million in total rent expense, of which $0.3 million is related to research and development expense and $0.1 million is related to general and administrative expense, recorded in the year ended December 31, 2024 which related to prior periods. The Company assessed the materiality of this adjustment on the previously issued annual financial statements in accordance with SEC Staff Accounting Bulletin No. 99. The Company concluded that the out-of-period adjustments were not material to the