Bolt Biotherapeutics has halved its workforce for the second time in two years as the oncology biotech delays a readout of its lead immunotherapy.
The company had previously been expecting initial data from a phase 1 dose-escalation study of BDC-4182, an immune-stimulating antibody conjugate (ISAC) targeting Claudin 18.2 to treat gastric and gastroesophageal cancers, in the first half of 2026. In a postmarket release Oct. 1, the biotech explained that is currently modifying the trial protocol to allow for step-up dosing—incrementally increasing the dose toward the target level—after observing a “strong immune response at initial dose levels.”
However, this change means that the anticipated readout has been pushed back to the third quarter of next year. With the $48.5 million that Bolt ended June with expected to run out mid-2026, the biotech has been considering way to make its money go further.
The company has settled on halving its remaining workforce, which is expected to keep the lights on into 2027.
“I want to sincerely thank all of our colleagues impacted by this decision,” Bolt CEO Willie Quinn said in yesterday’s release. “Amid challenging market conditions, our strategic imperative is the clinical advancement of BDC-4812 and the support of our ISAC collaborations to increase shareholder value. We look forward to continuing our mission and to providing updates on BDC-4812 later next year.”
Bolt was left with 52 employees at the end of 2024 following a similar decision in August 2024 to halve the company’s workforce. Last year’s layoffs were tied to a “strategic refocusing” that saw the company halt development of a phase 2-stage ISAC called trastuzumab imbotolimod that was being developed for HER2-positive cancer.
The biotech has ongoing collaborations with Genmab and Toray. Bolt also confirmed in yesterday’s release that it’s still hunting for a partner for its dectin-2 agonist antibody BDC-3042, which completed a phase 1 dose-escalation study earlier this year.