Liquidity is under significant pressure with cash and equivalents dwindling to $11.6 million as of 2026Q1, failing to offset persistent quarterly cash outflows that frequently exceed $10 million.
Bolt Biotherapeutics, Inc. (BOLT) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | -31.45M | -39.85M | -61.29M | -69.53M | -76.5M | -57.07M | -47.31M | -26.34M | -9.87M |
| Operating CF Margin % | - | -517.87% | -797% | -882.75% | -1335.38% | -4529.05% | -20479.65% | -12252.56% | - |
| Operating CF Growth % | 152.55% | 34.98% | 11.85% | 9.12% | -34.06% | -20.63% | -79.58% | -166.85% | - |
| Net Income | -28.74M | -33.38M | -63.12M | -69.2M | -88.1M | -98.59M | -60.73M | -30.49M | -11.59M |
| Depreciation & Amortization | 919K | 1.29M | 1.78M | 1.85M | 1.67M | 1.19M | 611K | 335K | 302K |
| Stock-Based Compensation | 2.54M | 2.78M | 7.41M | 9.22M | 9.58M | 8.5M | 1.42M | 508K | 123K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 2.76M | 34K | 0 | 0 |
| Other Non-Cash Items | 2.63M | 1.57M | 1.08M | -1.54M | 3.41M | 8.56M | 13.64M | 1.04M | 153K |
| Working Capital Changes | -8.8M | -12.12M | -8.44M | -9.86M | -3.06M | 20.51M | -2.28M | 2.27M | 1.14M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 200K | 0 | 0 | -3.41M | 2.77M | 6.68M | 2.88M | 0 | 0 |
| Cash from Investing | 34.65M | 44.3M | 57.58M | 71.04M | 57.86M | -232.2M | -20.59M | -508K | -290K |
| Capital Expenditures | -85K | -72K | -41K | -206K | -1.95M | -2.34M | -3.26M | -508K | -290K |
| CapEx % of Revenue | 1.81% | 0.94% | 0.53% | 2.62% | 34.09% | 185.56% | 1412.12% | 236.28% | - |
| Acquisitions | 963K | 963K | 148K | 0 | -59.81M | 229.86M | 17.33M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -246K | 0 | 0 | 0 | 59.81M | -229.86M | -17.33M | 0 | 0 |
| Cash from Financing | 30K | 19K | 108K | 253K | 503K | 311.11M | 39.6M | 48.63M | 19.09M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -40K | -39K |
| Equity Issued (Net) | 44K | 19K | 108K | 253K | 503K | 311.11M | 41.56M | 48.67M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -14K | 0 | 0 | 0 | 0 | 0 | -1.97M | 0 | 19.13M |
| Net Change in Cash | 3.23M | 4.47M | -3.6M | 1.77M | -18.14M | 21.84M | -28.3M | 21.78M | 8.93M |
| Free Cash Flow | -31.54M | -39.92M | -61.33M | -69.73M | -78.46M | -59.4M | -50.57M | -26.85M | -10.16M |
| FCF Margin % | -670.98% | -518.8% | -797.53% | -885.36% | -1369.47% | -4714.6% | -21891.77% | -12488.84% | - |
| FCF Growth % | 38.64% | 34.91% | 12.05% | 11.12% | -32.07% | -17.47% | -88.34% | -164.23% | - |
| FCF per Share | -18.65 | -21.35 | -32.12 | -36.88 | -42.00 | -31.77 | -27.90 | -67.04 | -104.56 |
| FCF Conversion (FCF/Net Income) | 1.10x | 1.19x | 0.97x | 1.00x | 0.87x | 0.58x | 0.78x | 0.86x | 0.85x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying BOLT stock.
Bolt Biotherapeutics, Inc. (BOLT) generated $-39.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bolt Biotherapeutics, Inc. (BOLT) reported negative free cash flow of $39.9M in 2025, indicating capital requirements exceeded cash from operations.
Bolt Biotherapeutics, Inc. (BOLT) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Critical liquidity and clinical binary
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Accruals
As reported in financial statements, the persistent gap between net income and operating cash flow, with OCF/NI ratios frequently exceeding 1.0, suggests that non-cash expenses and working capital adjustments are significantly obscuring the underlying cash burn required to sustain the company's current clinical development trajectory.
The consistent divergence between net losses and operating cash outflows indicates that accounting earnings are not capturing the full extent of the cash-based resource consumption. Investors should monitor this relationship, as the reliance on non-cash adjustments to bridge the gap may be reaching a limit given the company's dwindling cash reserves.
Persistent Negative Free Cash Flow
Based on Bolt's reported figures, the company has failed to generate positive free cash flow in any of the last ten quarters, with quarterly outflows frequently exceeding $10 million, highlighting a structural inability to self-fund operations through its current, highly lumpy and unpredictable collaboration-based revenue model.
The lack of a clear path to positive free cash flow suggests that the company remains entirely dependent on external capital markets to fund its R&D pipeline. This trajectory implies that without a significant change in the revenue profile or a drastic reduction in clinical spending, the firm will continue to erode its remaining liquidity.
Working Capital Volatility Strains Liquidity
According to recent SEC filings, the erratic nature of working capital changes, including a $8.4 million outflow in 2024Q1, indicates that the company's cash position is highly sensitive to the timing of milestone-related receivables and the management of payables within its project-based operational framework.
The volatility in working capital suggests that the company lacks the operational scale to smooth out cash inflows and outflows effectively. This instability forces the firm to maintain a higher cash buffer than would otherwise be necessary, further exacerbating the pressure on its limited financial resources.
SBC and Capitalized Costs Obfuscation
As indicated by the financial data, stock-based compensation has historically served as a significant non-cash add-back, which, while preserving cash in the short term, may be masking the true economic cost of talent retention required to advance the company's complex ISAC platform through clinical trials.
The reliance on stock-based compensation to manage cash burn warrants further investigation, as it may lead to significant shareholder dilution over time. Analysts should consider whether the current level of compensation is sustainable relative to the clinical progress achieved, as this could impact the long-term value proposition for equity holders.