Bolt Biotherapeutics Inc., a clinical-stage biopharmaceutical company, announced its financial results for the first quarter ended March 31, 2025. The company reported a total collaboration revenue of $1.2 million, a significant decrease from the $5.3 million reported in the same quarter of 2024. This decrease was primarily due to the completion of performance obligations under the Amended Innovent Agreement, which had contributed $3.5 million to the previous year's revenue. Research and Development (R&D) expenses were $9.5 million for the quarter, down from $16.5 million in the first quarter of 2024. This reduction was mainly attributed to decreased salary and related expenses, along with a decline in clinical expenses following the discontinued development of trastuzumab imbotolimod, formerly known as BDC-1001, in May 2024. General and Administrative (G&A) expenses also decreased to $3.8 million from $5.8 million in the same period of the previous year, driven by lower salary and related expenses due to a restructuring undertaken in May 2024. Bolt Biotherapeutics reported a loss from operations of $12.1 million for the first quarter of 2025, compared to a $17.1 million loss in the same quarter of the prior year. The company has a cash balance of $58.0 million as of March 31, 2025, which is expected to fund operations and key milestones through mid-2026. In terms of business updates, Bolt Biotherapeutics presented early clinical data for BDC-3042 at the AACR 2025, demonstrating a favorable safety profile and anti-tumor activity. The company is also seeking a partner to further develop BDC-3042. Additionally, enrollment for a Phase 1 dose-escalation study of BDC-4182 has commenced, marking progress in their pipeline of novel immunotherapies targeting gastric and gastroesophageal cancers.