Company: BOLT
Filing Date: 2025-03-24
Form Type: 10-K
Source: 0000950170-25-043873
Chunk: 173

Company: Bolt Biotherapeutics, Inc.
Filing Date: 2025-03-24
Form: 10-K
Item: Item 1B
Chunk 173
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 estimated hours to complete the Company’s performance obligation will be recorded in the period in which changes are identified and amounts can be reasonably estimated. As of December 31, 2024 and December 31, 2023, receivables of $0.8 million and $0.6 million, respectively, related to research and development services performed under the Genmab Agreement were recorded as part of the prepaid expenses and other current assets line item on the balance sheet. Deferred revenue allocated to the unsatisfied performance obligation is recorded as a contract liability on the balance sheet and will be recognized over time as the services are performed. As of December 31, 2024, contract liabilities totaling $5.7 million were recorded in deferred revenue with $2.6 million in current liabilities and $3.1 million in non-current liabilities on the balance sheet based on the forecasted periods of performance. As of December 31, 2023, contract liabilities totaling $6.7 million were recorded in deferred revenue with $1.0 million in current liabilities and $5.7 million in non-current liabilities on the balance sheet based on the forecasted periods of performance.

105

As part of the Company’s ongoing collaboration with Genmab, the Company has reassessed the related variable consideration. In alignment with the Company’s latest forecast and strategic objectives, Genmab has agreed to take on an increased share of the activities originally planned as joint efforts, further optimizing resource allocation and enhancing operational efficiency. As a result, the Company’s variable consideration has been significantly reduced, impacting the recognized revenue for the period. The Company’s previously recognized revenue is not subject to reversal; however, the Company has adjusted its forward-looking revenue projections accordingly. While this resulted in no recognized revenue in the three-month period ending December 31, 2024, the Company will continue to make progress on the Genmab collaboration agreement and expects to recognize revenue in future periods as its performance obligations are satisfied. The Company remains committed to executing on this agreement and will continue to reassess its revenue recognition estimates as new information becomes available. The following table presents changes in the Company’s contract liability (in thousands):  

        Balance at December 31, 2022
         
        $
        8,498

        Addition—amount billed for research and development services

        1,896

        Revenue recognized

        (3,730
        )

        Balance at December 31, 2023

        6,664

        Addition—amount