Company: BOLT
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0000950170-25-043873
Chunk: 187

Company: Bolt Biotherapeutics, Inc.
Filing Date: 2025-03-24
Form: 10-K
Item: Item 1B
Chunk 187
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 the state credits can be carried forward indefinitely. Utilization of some of the federal and state NOL and credit carryforwards may be subject to annual limitations due to the change in ownership provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitation may result in the expiration of NOL and credit carryforwards before utilization. The Company has performed a Section 382 study as of September 30, 2023 and expects approximately $2.8 million of federal research and development tax credits and $51.0 million of California NOL carryforwards to expire unused due to Section 382 limitations. The Company files tax returns in the United States, California and various states. The Company is not currently under examination in any of these jurisdictions and all of the Company’s tax years remain effectively open to examination due to NOL carryforwards. The Company recognizes a tax benefit from uncertain tax positions when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Due to the existence of the full valuation allowance, future changes in unrecognized tax benefits will not impact the Company’s effective tax rate. The Company does not foresee material changes to its liability for uncertain tax benefits within the next 12 months. 

115

The following table summarizes the activity in the Company’s gross unrecognized tax benefits (in thousands):  

        Years Ended December 31,

        2024

        2023

        Balance at beginning of period
         
        $
        18,748

        $
        13,819

        Decrease related to prior year positions

        —

        (375
        )

        Increase related to current year positions

        5,084

        5,304

        Balance at end of period
         
        $
        23,832

        $
        18,748

       During the years ended December 31, 2024 and 2023, no interest or penalties were required to be recognized relating for unrecognized tax benefits. In the event the Company should need to recognize interest and penalties related to unrecognized income tax liabilities, this amount will be recorded as an accrued liability and an increase to income tax expense. 

15. Subsequent Events New Sublease   On March 10, 2025, the Company entered into a new sublease agreement under its Chesapeake Master Lease in Redwood City, California to sublease 11,773 square feet.