Bolt Biotherapeutics, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
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~$3.0
Price-to-sales vs peers
Base case. Range ~$3.0–$23. Sales per share times peers' typical price-to-sales; used only when earnings are negative.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Bolt Biotherapeutics, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Bolt Biotherapeutics has little or no product revenue yet; it used $31m of cash in the twelve months to June 2026. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 2 financial-health checks. Our price-to-sales vs peers value is $7.11 a share, against a share price of $6.47.
Source: 10-Q filed August 11, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Bolt Biotherapeutics, Inc.'s trailing-twelve-month revenue grew 12.8% year on year, with a free-cash-flow margin of -669.2%. Where it lags: change in growth rate of -65.9pp ranks 151 of 172 biotechnology companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to 12.8% (-65.9pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value Bolt Biotherapeutics, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.96 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$3.0 ~$6.9–$23 | Included, half weight |
| Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$3.0 ~$3.0–$23 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Bolt Biotherapeutics, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2021 | 2022 | 2023 | 2024 | 2025 | Now |
|---|---|---|---|---|---|---|
| Share price | $98.00 | $26.00 | $22.40 | $10.70 | $5.47 | $6.24 |
| Market value | $163m | $49m | $42m | $20m | $10m | $11m |
| + Net debt (− = net cash) | −$27m | −$9m | −$11m | −$7m | −$12m | −$13m |
| Enterprise value | $135m | $39m | $32m | $13m | −$1m | −$2m |
| Multiples | ||||||
| Price / sales | 129.1x | 8.5x | 5.4x | 2.7x | 1.3x | 2.3x |
| Price / earnings | — | — | — | — | — | — |
| Price / free cash flow | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — |
Weak moat
How hard Bolt Biotherapeutics's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -46.8% of total assets over 6 years.
Operating margin has been a median -1203.7%; its worst year was -2814.1%.
Free cash flow was positive in 0 of 5 years, at a median -1044.9% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (17 before it).
No analyst estimates are published for Bolt Biotherapeutics, Inc.: too few analysts cover it.
Last 12 months +8.3%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $4m | $5m | +12.8% |
| P/S multiple | 2.6x | 2.3x | −12.0% |
| Share count | 2m | 2m | +9.1% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
Last 3 years −69.7%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $7m | $5m | −30.7% |
| P/S multiple | 5.7x | 2.3x | −59.2% |
| Share count | 2m | 2m | +7.2% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| BOLT | −74% | −14% | −52% | −49% | +14% |
| Industry peers (median) | −56% | −18% | −28% | −5% | −27% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| BOLT | 33% | 50% | 25% | 25% | 46% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| BOLT | −74% | −56% | −67% | −63% | −55% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since February 5, 2021: 100% from March 17, 2021 to August 18, 2026. Getting back needed a 25037% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 11, 2026 | −13.5% | −0.1% | −20.4% | −6.5% |
| May 12, 2026 | +2.8% | +0.4% | +0.4% | +1.5% |
| March 12, 2026 | −5.3% | −2.1% | +9.9% | +12.8% |
| November 12, 2025 | −2.3% | −1.6% | −2.7% | +13.1% |
| August 14, 2025 | −8.4% | −0.2% | −13.0% | −5.3% |
| May 12, 2025 | −3.6% | +4.0% | −8.4% | −8.8% |
| March 24, 2025 | −4.3% | +2.0% | −8.9% | −15.3% |
| November 12, 2024 | −3.0% | −0.3% | −11.8% | −16.8% |
| August 13, 2024 | −1.6% | +2.0% | −1.6% | −11.8% |
| March 21, 2024 | +3.4% | +0.1% | +20.7% | −4.3% |
| November 9, 2023 | −3.0% | +0.8% | −5.0% | −9.0% |
| August 7, 2023 | −0.8% | +0.4% | −5.3% | −15.6% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $7.2M |
| FY23 Q4 | $7.9M |
| FY24 Q1 | $11.3M |
| FY24 Q2 | $11.2M |
| FY24 Q3 | $9.8M |
| FY24 Q4 | $7.7M |
| FY25 Q1 | $3.6M |
| FY25 Q2 | $4.2M |
| FY25 Q3 | $5.2M |
| FY25 Q4 | $7.7M |
| FY26 Q1 | $6.5M |
| FY26 Q2 | $4.7M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 49.2% |
| FY23 Q4 | 37.5% |
| FY24 Q1 | 68.0% |
| FY24 Q2 | 64.6% |
| FY24 Q3 | 35.9% |
| FY24 Q4 | -2.4% |
| FY25 Q1 | -67.9% |
| FY25 Q2 | -62.7% |
| FY25 Q3 | -46.9% |
| FY25 Q4 | 0.1% |
| FY26 Q1 | 78.6% |
| FY26 Q2 | 12.8% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -1076.3% |
| FY23 Q4 | -967.4% |
| FY24 Q1 | -661.2% |
| FY24 Q2 | -695.3% |
| FY24 Q3 | -776.1% |
| FY24 Q4 | -949.9% |
| FY25 Q1 | -1871.1% |
| FY25 Q2 | -1312.3% |
| FY25 Q3 | -884.4% |
| FY25 Q4 | -469.3% |
| FY26 Q1 | -486.2% |
| FY26 Q2 | -654.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -1022.5% |
| FY23 Q4 | -885.4% |
| FY24 Q1 | -557.0% |
| FY24 Q2 | -573.9% |
| FY24 Q3 | -625.5% |
| FY24 Q4 | -797.5% |
| FY25 Q1 | -1591.6% |
| FY25 Q2 | -1232.5% |
| FY25 Q3 | -907.1% |
| FY25 Q4 | -517.9% |
| FY26 Q1 | -531.0% |
| FY26 Q2 | -669.2% |
| Fiscal year | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|
| Income | |||||||
| Revenue | 0 | 1 | 6 | 8 | 8 | 8 | 5 |
| EBITDA | −49 | −92 | −89 | −74 | −71 | −35 | −30 |
| Operating income | −49 | −93 | −90 | −76 | −73 | −36 | −31 |
| Net income | −61 | −99 | −88 | −69 | −63 | −33 | −29 |
| Diluted EPS | −$1.93 | −$2.97 | −$2.36 | −$1.83 | −$33.06 | −$17.85 | −$16.38 |
| Growth (year on year) | |||||||
| Revenue | — | +445.5% | +354.7% | +37.5% | −2.4% | +0.1% | +12.8% |
| Margins | |||||||
| EBITDA margin | <−999% | <−999% | <−999% | −943.9% | −926.7% | −452.5% | −634.1% |
| Operating margin | <−999% | <−999% | <−999% | −967.4% | −949.9% | −469.3% | −654.5% |
| Net margin | <−999% | <−999% | <−999% | −878.6% | −820.8% | −433.7% | −611.5% |
| Free-cash-flow margin | <−999% | <−999% | <−999% | −885.4% | −797.5% | −518.8% | −669.2% |
| Cash flow | |||||||
| Cash from operations | −47 | −57 | −77 | −70 | −61 | −40 | −31 |
| Capital spending | 3 | 2 | 2 | 0 | 0 | 0 | 0 |
| Free cash flow | −51 | −59 | −78 | −70 | −61 | −40 | −31 |
| Stock-based pay | 1 | 9 | 10 | 9 | 7 | 3 | 3 |
| Free cash flow after stock pay | −52 | −68 | −88 | −79 | −69 | −43 | −34 |
| Balance sheet | |||||||
| Cash | 6 | 27 | 9 | 11 | 7 | 12 | 13 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −6 | −27 | −9 | −11 | −7 | −12 | −13 |
| Diluted shares | 2m | 2m | 2m | 2m | 2m | 2m | 2m |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 1 | 0 | 1 | 2 | 2 | 3 | 0 | 0 |
| EBITDA | −16 | −16 | −12 | −9 | −7 | −7 | −7 | −8 |
| Operating income | −16 | −17 | −12 | −9 | −8 | −7 | −8 | −8 |
| Net income | −15 | −16 | −11 | −9 | −7 | −7 | −7 | −8 |
| Diluted EPS | −$7.93 | −$8.33 | −$5.76 | −$4.46 | −$3.72 | −$3.91 | −$4.31 | −$4.57 |
| Growth (year on year) | ||||||||
| Revenue | −54.9% | −100.0% | −76.8% | +41.5% | +90.1% | — | −97.9% | −99.7% |
| Margins | ||||||||
| EBITDA margin | <−999% | — | −958.8% | −493.9% | −341.3% | −273.2% | <−999% | <−999% |
| Operating margin | <−999% | — | −991.4% | −510.5% | −355.1% | −283.4% | <−999% | <−999% |
| Net margin | <−999% | — | −903.4% | −474.6% | −329.4% | −265.2% | <−999% | <−999% |
| Free-cash-flow margin | <−999% | — | — | — | −452.0% | −286.2% | — | <−999% |
| Cash flow | ||||||||
| Cash from operations | −14 | −14 | −13 | −10 | −10 | −7 | −8 | −7 |
| Capital spending | 0 | 0 | — | — | 0 | 0 | — | 0 |
| Free cash flow | −14 | −14 | — | — | −10 | −7 | — | −7 |
| Stock-based pay | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 |
| Free cash flow after stock pay | −15 | −16 | — | — | −10 | −8 | — | −7 |
| Last 12 months unless stated | BOLT | TRDA | OCGN | RANI | ENSC | ANL | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $5m | $5m | $5m | $5m | $5m | $5m | $56m |
| Revenue growth, last 12 months | 12.8% | −94.1% | −3.7% | 306.4% | −39.3% | — | 12.6% |
| Revenue growth, 3-year average | −11.5% | — | 26.3% | — | 14.6% | — | 13.7% |
| Revenue growth, latest quarter | −99.7% | −53.9% | 8.4% | 893.0% | −15.1% | — | 10.2% |
| Operating margin | −654.5% | <−999% | <−999% | −675.8% | −281.3% | −714.0% | −189.4% |
| Operating margin, 3-year average | −887.4% | <−999% | <−999% | <−999% | −347.6% | — | −363.5% |
| Net margin | −611.5% | <−999% | <−999% | −618.0% | −280.5% | −710.6% | −169.8% |
| Cash from operations / revenue | −669.2% | <−999% | <−999% | −416.1% | −196.8% | −669.0% | −168.0% |
| Free-cash-flow margin | −669.2% | <−999% | <−999% | −417.0% | −197.2% | −672.8% | −162.4% |
| Free-cash-flow margin, 3-year average | −825.2% | <−999% | <−999% | <−999% | −165.8% | — | −310.0% |
| Stock pay / revenue | 54.1% | 413.3% | 201.1% | 186.4% | 1.8% | 30.6% | 20.0% |
| Change in share count | 1.0% | −0.6% | 14.1% | — | 74.6% | 0.2% | 8.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 12.8% | 12.6% | 85 of 172 |
| Change in growth rate Growth | -65.9pp | -0.1pp | 151 of 172 |
| Operating margin Profitability | -654.5% | -189.4% | 127 of 175 |
| Net margin Profitability | -611.5% | -157.3% | 132 of 180 |
| Free-cash-flow margin Cash generation | -669.2% | -145.4% | 134 of 176 |
| Stock pay as % of revenue Cash generation | 54.1% | 19.2% | 118 of 179 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Sofinnova Investments, Inc. | $530,226 | 138K | 23.0% | 0.0% |
| Renaissance Technologies LLC | $379,706 | 99K | 16.4% | ▲ 27.7% |
| Vivo Capital, LLC | $278,794 | 72K | 12.1% | 0.0% |
| Citadel Advisors LLC | $219,077 | 57K | 9.5% | ▲ 462.9% |
| T3 Companies, LLC | $146,300 | 38K | 6.3% | 0.0% |
| Board Of Trustees Of The Leland Stanford Junior University | $138,511 | 36K | 6.0% | 0.0% |
| Pfizer Inc | $133,832 | 31K | 5.8% | 0.0% |
| Lynx1 Capital Management LP | $118,580 | 31K | 5.1% | 0.0% |
| Nano Cap New Millennium Growth Fund L P | $105,875 | 28K | 4.6% | 0.0% |
| Geode Capital Management, LLC | $73,622 | 19K | 3.2% | ▼ 33.6% |
| Shay Capital LLC | $59,436 | 15K | 2.6% | ▲ 3.6% |
| Blackrock, Inc. | $37,388 | 10K | 1.6% | 0.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Bolt Biotherapeutics, Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Quinn William P. President, CEO and CFO | September 18, 2026 | Sell | 9,132 | $3.24 | $29,588 |
| Nemec Sarah Senior VP, Finance and PAO | September 18, 2026 | Sell | 4,077 | $3.24 | $13,209 |
| Yonehiro Grant Chief Operating Officer | September 18, 2026 | Sell | 6,850 | $3.24 | $22,194 |
| Quinn William P. President, CEO and CFO | September 17, 2026 | Sell | 6,545 | $3.32 | $21,729 |
| Nemec Sarah Senior VP, Finance and PAO | September 17, 2026 | Sell | 2,922 | $3.32 | $9,701 |
| Yonehiro Grant Chief Operating Officer | September 17, 2026 | Sell | 4,909 | $3.32 | $16,298 |
| Quinn William P. President, CEO and CFO | September 16, 2026 | Sell | 1,889 | $3.77 | $7,122 |
| Nemec Sarah Senior VP, Finance and PAO | September 16, 2026 | Sell | 843 | $3.77 | $3,178 |
| Yonehiro Grant Chief Operating Officer | September 16, 2026 | Sell | 1,417 | $3.77 | $5,342 |
| Quinn William P. President, CEO and CFO | June 5, 2026 | Buy | 637 | $3.88 | $2,472 |
| Nemec Sarah Senior VP, Finance and PAO | June 5, 2026 | Buy | 509 | $3.88 | $1,975 |
| Nemec Sarah Senior VP, Finance and PAO | December 5, 2025 | Buy | 125 | $4.61 | $576 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 11, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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