The company remains a pre-revenue entity, with 2026Q1 operating expenses of $14.5 million highlighting the absence of scaling benefits as R&D intensity continues to drive net losses.
Boundless Bio, Inc. (BOLD) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 901K | 1.25M | 1.09M | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | -901K | -1.25M | -1.09M | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | -15.19% | - | - | - | - | - | - | - |
| Operating Expenses | 67.11M | 62.3M | 72.18M | 54.8M | 46.47M | 25.3M | 134.37M | 93.18M | 60.05M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 23.81M | 18.71M | 18M | 12.16M | 9.31M | 6.02M | 30M | 17.27M | 11.28M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - |
| Research & Development | 44.51M | 44.84M | 55.27M | 42.64M | 37.16M | 19.28M | 104.37M | 75.9M | 48.77M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1.22M | -1.25M | -1.09M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -68.01M | -63.55M | -73.27M | -54.8M | -46.47M | -25.3M | -134.37M | -93.18M | -60.05M |
| Operating Margin % | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 13.26% | -33.71% | -17.92% | -83.66% | 81.17% | -44.21% | -55.18% | - |
| EBITDA | -62.63M | -62.3M | -72.18M | -53.84M | -45.53M | -24.62M | -126.92M | -89.43M | -58.47M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 10.79% | 13.69% | -34.07% | -18.26% | -84.93% | 80.6% | -41.92% | -52.96% | - |
| D&A (Non-Cash Add-back) | 5.38M | 1.25M | 1.09M | 957K | 942K | 682K | 7.46M | 3.75M | 1.58M |
| EBIT | -64.01M | -58.2M | -65.36M | -49.43M | -45.9M | -25.21M | 0 | -93.18M | -60.05M |
| Net Interest Income | 4M | 5.36M | 7.89M | 5.28M | 668K | 96K | 0 | 0 | 0 |
| Interest Income | 4M | 5.36M | 7.89M | 5.28M | 668K | 96K | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 4M | 5.36M | 7.9M | 5.36M | 568K | 91K | 5.55M | 693K | 378K |
| Pretax Income | -64.01M | -58.2M | -65.36M | -49.43M | -45.9M | -25.21M | -128.82M | -92.48M | -59.67M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.25M | 378K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 2.43% | -0.63% |
| Net Income | -64.01M | -58.2M | -65.36M | -49.43M | -45.9M | -25.21M | -128.82M | -90.24M | -59.67M |
| Net Margin % | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 0.59% | 10.96% | -32.22% | -7.7% | -82.07% | 80.43% | -42.76% | -51.23% | - |
| Net Income (Continuing) | -64.01M | -58.2M | -65.36M | -49.43M | -45.9M | -25.21M | -128.82M | -90.24M | -59.67M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.85 | -2.60 | -3.85 | -2.22 | -2.06 | -1.13 | -2.93 | -3.40 | -5.59 |
| EPS Growth % | 4.35% | 32.47% | -73.42% | -7.77% | -82.3% | 61.43% | 13.82% | 39.18% | - |
| EPS (Basic) | - | -2.60 | -3.85 | -2.22 | -2.06 | -1.13 | -2.93 | -2.05 | -1.36 |
| Diluted Shares Outstanding | 22.45M | 22.36M | 16.98M | 22.24M | 22.24M | 22.24M | 44.03M | 26.58M | 10.67M |
| Basic Shares Outstanding | 22.45M | 22.36M | 16.98M | 22.24M | 22.24M | 22.24M | 44.03M | 44.03M | 44.03M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying BOLD stock.
For fiscal year 2025, Boundless Bio, Inc. (BOLD) reported total revenue of $0.0M.
Boundless Bio, Inc. (BOLD) reported a net loss of $58.2M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Clinical Trial Funding Gap
Metrics are mathematically derived from official filings.
R&D Intensity Drives Cash Burn
As reported in recent financial statements, Boundless Bio maintains a high-cost structure dominated by R&D expenditures, which reached $9.7 million in 2026Q1, reflecting the capital-intensive nature of advancing the BBI-355 and BBI-825 programs through critical clinical trial phases without any offsetting revenue streams.
The company's cost profile is entirely focused on clinical development, with R&D consistently consuming the vast majority of operational resources. This reliance on external funding to cover these fixed costs suggests that the firm remains in a high-risk phase where operational discipline is secondary to achieving clinical milestones.
Operating Leverage Remains Non-Existent
Based on the company's reported figures, the lack of revenue generation results in a persistent operating loss, with 2026Q1 operating expenses of $14.5 million highlighting the absence of any scaling benefits as the firm continues to prioritize pipeline development over commercialization or cost-efficient operations.
Because the company has yet to achieve commercial viability, traditional operating leverage metrics are not applicable. Investors should monitor the ratio of R&D to SG&A, as any significant shift toward administrative bloat could indicate a premature move away from the core scientific mission.
Net Loss Reflects Development Stage
According to recent SEC filings, Boundless Bio's net loss of $13.6 million in 2026Q1 underscores the company's status as a pre-revenue entity, where reported earnings are primarily a function of clinical trial investment rather than operational performance or underlying business profitability.
The quality of these losses is typical for a clinical-stage biotech, though the volatility in quarterly net income suggests sensitivity to the timing of trial-related expenses. Analysts should focus on the cash burn rate rather than the bottom-line figure to assess the true sustainability of the current development trajectory.
Capital Runway Risks Demand Scrutiny
As indicated by the reported cash position of $17.9 million, the company faces a significant liquidity challenge, which may necessitate dilutive financing in the near term to sustain the ongoing clinical trials for its lead ecDNA-targeted oncology candidates.
The limited cash runway creates a structural risk that could force management to prioritize short-term capital raises over long-term value creation. This vulnerability warrants close monitoring, as any delay in clinical data readouts could exacerbate the firm's dependence on volatile equity markets for survival.