Company: BOLT
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0000950170-25-043873
Chunk: 180

Company: Bolt Biotherapeutics, Inc.
Filing Date: 2025-03-24
Form: 10-K
Item: Item 1B
Chunk 180
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 restructuring plan reduced the Company’s workforce by approximately 50%. The Company recorded a total restructuring charge of $3.6 million, which consists of $2.9 million of one-time termination benefits such as severance costs and related benefits and $0.7 million of non-cash stock-based compensation expense. Cash payments of $1.9 million were made during the year ended December 31, 2024. As of December 31, 2024, $0.7 million of one-time termination benefits remain payable and are recorded within the accrued expenses and other current liabilities line item on the Company's consolidated balance sheet. Severance payments commenced in July 2024 and will extend through July 2025. The following table provides details on the Company's restructuring and other charges (in thousands): 

        Liability balance, June 30, 2024
        $
        2,900

        Adjustments in the period
         
        (221
        )

        Cash payments
         
        (1,940
        )

        Balance at December 31, 2024
        $
        739

In June 2024, the Company assessed whether the restructuring plan constituted a triggering event indicating potential impairment of its long-lived assets, including operating lease right-of-use assets and property and equipment. Based on this evaluation, the Company determined that while impairment indicators were present, no impairment charge was necessary at that time.  

109

9. Common Stock Shelf Registration and At-The-Market Equity Offering On March 30, 2022, the Company filed a shelf registration statement on Form S-3 (the "Registration Statement"). Pursuant to the Registration Statement, the Company may offer and sell securities having an aggregate public offering price of up to $250.0 million. In connection with the filing of the Registration Statement, the Company also entered into a sales agreement with Cowen and Company, LLC ("Cowen"), as sales agent or principal, pursuant to which the Company may issue and sell shares of its common stock for an aggregate offering price of up to $75.0 million under an at-the-market (the “ATM”) offering program. Pursuant to the ATM, the Company will pay Cowen a commission rate equal to 3.0% of the gross proceeds from the sale of any shares of common stock. The Company is not obligated to make any sales of shares of its common stock under the ATM. As of December 31, 2024, no shares of the Company's common