Bolt Biotherapeutics, Inc. Q1 FY2024 earnings call

Key Points

• Discontinued development of BDC-1001 as it didn't reproduce the desired 30% overall response rate in the Phase 2 portion, shifting resources to BDC-3042 and next-generation ISAC platform.
• Workforce reduction of approximately 50% to extend cash runway into the second half of 2026.
• Leadership changes: Willie Quinn becomes CEO, Randy Schatzman transitions to advisory role, Edith Perez moves to advisory role, and Dawn Colburn is promoted to Senior Vice President of Clinical Development.
• Overview of ISAC platform: Aim to train the immune system to recognize and eliminate cancer by targeting the tumor microenvironment's myeloid cells.
• BDC-3042: First-in-class Dectin-2 agonist monoclonal antibody in Phase 1 trial, evaluating safety and dose escalation across multiple cancer types (triple-negative breast cancer, colorectal cancer, etc.).
• BDC-4182: Next-generation Claudin 18.2 ISAC in IND enabling activities with promising preclinical data showing superior antitumor activity compared to cytotoxic ADCs.

No detailed financial performance figures by product segments are provided in the transcript as typically required for segment performance. The focus is on pipeline and strategic shifts rather than traditional segment revenue breakdowns.

Forward-Looking Statements

• Expect to extend cash runway into the second half of 2026 with existing resources.
• Plan to share a safety and enrollment update for the Phase 1 dose escalation trial of BDC-3042 in the latter half of 2024.
• Advance BDC-4182 towards initiating a clinical trial in 2025.

Risks

• Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. Investors are cautioned not to rely unduly on these statements, and Bolt disclaims any obligation to update them. Details on these risks can be found in Bolt's SEC filings.

Q: Elaborate on why Claudin 18.2 ISAC is more potent than the first-gen platform, the role of TLR7/8 agonists, and the competitive landscape.

A: Michael Alonso responded that improvements in TLR7/8 agonist potency, antibody design, and conjugation chemistry have made the next-gen ISACs much more potent than BDC-1001. TLR7/8 agonists are preferred as they activate the innate immune system effectively. Compared to cytotoxic ADCs, the ISACs performed superiorly in preclinical models.

Q: What triggered the decision to discontinue BDC-1001 and what were the learnings?

A: Willie Quinn and Dawn Colburn explained that BDC-1001 didn't reproduce the 30% overall response rate in the Phase 2 expansion cohorts, leading to the decision to shift resources. Learnings include lessons from the data to focus on more promising programs.

Q: What is the confidence level in BDC-3042's monotherapy activity and dose escalation?

A: Dawn Colburn stated it's early days in the clinic, but preclinical models suggest monotherapy activity, and they are hopeful to see activity at upcoming dose levels. Michael Alonso added they are in the range of clinical doses where interest is growing.

Q: What is the compelling argument for targeting Dectin-2 in BDC-3042?

A: Michael Alonso noted Dectin-2 is elevated in tumor-associated macrophages, relatively specific to the tumor compared to other targets like CD40, and targeting it can repolarize tumor-supportive macrophages to destructive ones.