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2021-02-06
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Bolt Biotherapeutics Aims For $150 Million U.S. IPO
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":380733609,"tweetId":"380733609","gmtCreate":1612586604701,"gmtModify":1703763861217,"author":{"id":3572520411935007,"idStr":"3572520411935007","authorId":3572520411935007,"authorIdStr":"3572520411935007","name":"SebastianCkm","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":6,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>hi</p></body></html>","htmlText":"<html><head></head><body><p>hi</p></body></html>","text":"hi","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/380733609","repostId":1171028778,"repostType":4,"repost":{"id":"1171028778","pubTimestamp":1612504750,"share":"https://www.laohu8.com/m/news/1171028778?lang=&edition=full","pubTime":"2021-02-05 13:59","market":"us","language":"en","title":"Bolt Biotherapeutics Aims For $150 Million U.S. IPO","url":"https://stock-news.laohu8.com/highlight/detail?id=1171028778","media":"Seekingalpha","summary":"Summary\n\nBolt Biotherapeutics has filed proposed terms for a $150 million IPO.\nThe firm is developin","content":"<p><b>Summary</b></p>\n<ul>\n <li>Bolt Biotherapeutics has filed proposed terms for a $150 million IPO.</li>\n <li>The firm is developing antibody conjugate treatments for various cancers.</li>\n <li>BOLT has produced early efficacy results for its lead program and has an impressive investor syndicate, so the IPO is worth consideration.</li>\n</ul>\n<p><b>Quick Take</b></p>\n<p>Bolt Biotherapeutics (BOLT) has filed to raise $150 million in an IPO of its common stock, according to an amended S-1registration statement.</p>\n<p>The firm is developing antibody conjugates for treating a variety of cancer conditions.</p>\n<p>BOLT has produced positive early efficacy signals for its lead candidate, has a strong investor syndicate and is pursuing large markets.</p>\n<p>For life science investors with an 18- to 24-month hold time frame, the IPO is worth considering.</p>\n<p><b>Company & Technology</b></p>\n<p>Redwood City, California-based Bolt was founded to leverage its myeloid biology expertise to develop immune stimulating antibody conjugates that directly kills tumor cells.</p>\n<p>Management is headed by Randall Schatzman, Ph.D., who has been with the firm since 2019 and was previously president and CEO of Alder BioPharmaceuticals.</p>\n<p>The firm's lead candidate, BDC-1001, is being developed to treat HER2+ breast and gastric cancers, among other cancer conditions.</p>\n<p>For its lead program, in Phase 1/2 trials, management has seen 'clinical activity in the form of stable disease' and various partial and other responses.</p>\n<p>Below is the current status of the company’s drug development pipeline:</p>\n<p><img src=\"https://static.tigerbbs.com/a34b84a6712107e6faeb814834f764ab\" tg-width=\"590\" tg-height=\"308\" referrerpolicy=\"no-referrer\"></p>\n<p>Source: Company S-1 Filing</p>\n<p>Investors in the firm have invested at least $105 million and include Novo Holdings, Vivo Capital, Sofinnova Venture Partners, Citadel, RA Capital, Pivotal bioVentures Partners and Rock Springs Capital.</p>\n<p><b>Market & Competition</b></p>\n<p>According to a 2017 marketresearch reportby GlobalData, the global market for Her2+ breast cancer treatments in the eight major markets (7MM plus urban China) was an estimated $6.4 billion in 2015 and was expected to reach $9.9 billion in 2025.</p>\n<p>This represents a forecast CAGR (Compound Annual Growth Rate) of 4.4% from 2015 to 2025.</p>\n<p>Key elements driving this expected growth are improved technologies and new drug approvals in western countries.</p>\n<p>However, for patients with cancer that has metastasized to the brain, existing antibody-based treatments have failed to help because they cannot pass the blood-brain barrier.</p>\n<p>Major competitive vendors that provide or are developing related treatments include:</p>\n<ul>\n <li>AbbVie (ABBV)</li>\n <li>Amgen (AMGN)</li>\n <li>AstraZeneca (AZN)</li>\n <li>Bristol-Myers Squibb (BMY)</li>\n <li>Eli Lilly (LLY)</li>\n <li>Genentech</li>\n <li>GlaxoSmithKline (GSK)</li>\n <li>Johnson & Johnson (JNJ)</li>\n <li>Merck (MRK)</li>\n <li>Novartis (NVS)</li>\n <li>Pfizer (PFE)</li>\n <li>Roche (OTCQX:RHHBY)</li>\n <li>Sanofi (SNY)</li>\n</ul>\n<p><b>Financial Status</b></p>\n<p>Bolt’s recent financial results are typical of a clinical stage biopharma in that they feature little revenue and significant R&D and G&A expenses associated with advancing its drug pipeline.</p>\n<p>Below are the company’s financial results for the past two and 3/4 years (Audited PCAOB for full years):</p>\n<p><img src=\"https://static.tigerbbs.com/8dfa251f1f837dabb712dc9923572ed9\" tg-width=\"1535\" tg-height=\"588\">Source: Company registration statement</p>\n<p>As of September 30, 2020, the company had $17.8 million in cash and $31.0 million in total liabilities. (Unaudited, interim)</p>\n<p><b>IPO Details</b></p>\n<p>Bolt intends to raise $150 million in gross proceeds from an IPO of its common stock, offering 8.825 million shares at a proposed midpoint price of $17.00 per share.</p>\n<p>No existing shareholders have indicated an interest to purchase shares at the IPO price.</p>\n<p>Assuming a successful IPO, the company’s enterprise value at IPO would approximate $629 million, excluding the effects of underwriter over-allotment options.</p>\n<p>Excluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 27.71%.</p>\n<p>Management says it will use the net proceeds from the IPO as follows:</p>\n<blockquote>\n approximately $100 million to fund the clinical development of BDC-1001 for the completion of our existing Phase 1/2 monotherapy clinical trial, the completion of our planned Phase 1/2 combination therapy trial and the planning, initiation and completion of up to three additional Phase 2 clinical trials;\n</blockquote>\n<blockquote>\n approximately $20 million to fund completion of IND-enabling studies, chemistry, manufacturing and control, or CMC, activities and the initiation of clinical development of BDC-2034; and\n</blockquote>\n<blockquote>\n the remaining proceeds for PD-L1 Boltbody ISAC and TAM1 antibody, research and development activities, as well as working capital and general corporate purposes.\n</blockquote>\n<p>Management’s presentation of the company roadshow isavailable here.</p>\n<p>Listed bookrunners of the IPO are Morgan Stanley, SVB Leerink, Stifel and Guggenheim Securities.</p>\n<p><b>Commentary</b></p>\n<p>Bolt is seeking an above-average IPO transaction amount to fund its pipeline development efforts.</p>\n<p>The firm’s lead candidate, BDC-1001, is being developed to treat HER2+ breast and gastric cancers, among other conditions.For BDC-1001, in Phase 1/2 trials management has seen 'clinical activity in the form of stable disease' and various partial and other responses.</p>\n<p>The market opportunities for the disease conditions the firm is seeking to treat are substantial. HER2+ breast is a large market by itself and is expected to grow at a moderate rate of growth in the coming years.</p>\n<p>Bolt has disclosed no collaboration agreements with major pharma firms so it is pursuing a go-it-alone approach currently.</p>\n<p>The company’s investor syndicate includes a number of notable life science venture capital firms.</p>\n<p>Morgan Stanley is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 90.0% since their IPO. This is a top-tier performance for all major underwriters during the period.</p>\n<p>The primary risk to the company’s potential is the sheer number of market competitors researching treatments.</p>\n<p>As to valuation, management is seeking an above range valuation for a biopharma in early clinical trials for its lead candidate.</p>\n<p>Given the firm’s positive early efficacy signals, strong investor syndicate and large markets it is pursuing, for life science investors with an 18- to 24-month hold time frame, the IPO is worth a close look.</p>\n<p><b>Expected IPO Pricing Date: February 4, 2021.</b></p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bolt Biotherapeutics Aims For $150 Million U.S. IPO</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ 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#eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBolt Biotherapeutics Aims For $150 Million U.S. IPO\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-05 13:59 GMT+8 <a href=https://seekingalpha.com/article/4402758-bolt-biotherapeutics-aims-for-150-million-u-s-ipo><strong>Seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nBolt Biotherapeutics has filed proposed terms for a $150 million IPO.\nThe firm is developing antibody conjugate treatments for various cancers.\nBOLT has produced early efficacy results for ...</p>\n\n<a href=\"https://seekingalpha.com/article/4402758-bolt-biotherapeutics-aims-for-150-million-u-s-ipo\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BOLT":"Bolt Biotherapeutics, Inc."},"source_url":"https://seekingalpha.com/article/4402758-bolt-biotherapeutics-aims-for-150-million-u-s-ipo","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1171028778","content_text":"Summary\n\nBolt Biotherapeutics has filed proposed terms for a $150 million IPO.\nThe firm is developing antibody conjugate treatments for various cancers.\nBOLT has produced early efficacy results for its lead program and has an impressive investor syndicate, so the IPO is worth consideration.\n\nQuick Take\nBolt Biotherapeutics (BOLT) has filed to raise $150 million in an IPO of its common stock, according to an amended S-1registration statement.\nThe firm is developing antibody conjugates for treating a variety of cancer conditions.\nBOLT has produced positive early efficacy signals for its lead candidate, has a strong investor syndicate and is pursuing large markets.\nFor life science investors with an 18- to 24-month hold time frame, the IPO is worth considering.\nCompany & Technology\nRedwood City, California-based Bolt was founded to leverage its myeloid biology expertise to develop immune stimulating antibody conjugates that directly kills tumor cells.\nManagement is headed by Randall Schatzman, Ph.D., who has been with the firm since 2019 and was previously president and CEO of Alder BioPharmaceuticals.\nThe firm's lead candidate, BDC-1001, is being developed to treat HER2+ breast and gastric cancers, among other cancer conditions.\nFor its lead program, in Phase 1/2 trials, management has seen 'clinical activity in the form of stable disease' and various partial and other responses.\nBelow is the current status of the company’s drug development pipeline:\n\nSource: Company S-1 Filing\nInvestors in the firm have invested at least $105 million and include Novo Holdings, Vivo Capital, Sofinnova Venture Partners, Citadel, RA Capital, Pivotal bioVentures Partners and Rock Springs Capital.\nMarket & Competition\nAccording to a 2017 marketresearch reportby GlobalData, the global market for Her2+ breast cancer treatments in the eight major markets (7MM plus urban China) was an estimated $6.4 billion in 2015 and was expected to reach $9.9 billion in 2025.\nThis represents a forecast CAGR (Compound Annual Growth Rate) of 4.4% from 2015 to 2025.\nKey elements driving this expected growth are improved technologies and new drug approvals in western countries.\nHowever, for patients with cancer that has metastasized to the brain, existing antibody-based treatments have failed to help because they cannot pass the blood-brain barrier.\nMajor competitive vendors that provide or are developing related treatments include:\n\nAbbVie (ABBV)\nAmgen (AMGN)\nAstraZeneca (AZN)\nBristol-Myers Squibb (BMY)\nEli Lilly (LLY)\nGenentech\nGlaxoSmithKline (GSK)\nJohnson & Johnson (JNJ)\nMerck (MRK)\nNovartis (NVS)\nPfizer (PFE)\nRoche (OTCQX:RHHBY)\nSanofi (SNY)\n\nFinancial Status\nBolt’s recent financial results are typical of a clinical stage biopharma in that they feature little revenue and significant R&D and G&A expenses associated with advancing its drug pipeline.\nBelow are the company’s financial results for the past two and 3/4 years (Audited PCAOB for full years):\nSource: Company registration statement\nAs of September 30, 2020, the company had $17.8 million in cash and $31.0 million in total liabilities. (Unaudited, interim)\nIPO Details\nBolt intends to raise $150 million in gross proceeds from an IPO of its common stock, offering 8.825 million shares at a proposed midpoint price of $17.00 per share.\nNo existing shareholders have indicated an interest to purchase shares at the IPO price.\nAssuming a successful IPO, the company’s enterprise value at IPO would approximate $629 million, excluding the effects of underwriter over-allotment options.\nExcluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 27.71%.\nManagement says it will use the net proceeds from the IPO as follows:\n\n approximately $100 million to fund the clinical development of BDC-1001 for the completion of our existing Phase 1/2 monotherapy clinical trial, the completion of our planned Phase 1/2 combination therapy trial and the planning, initiation and completion of up to three additional Phase 2 clinical trials;\n\n\n approximately $20 million to fund completion of IND-enabling studies, chemistry, manufacturing and control, or CMC, activities and the initiation of clinical development of BDC-2034; and\n\n\n the remaining proceeds for PD-L1 Boltbody ISAC and TAM1 antibody, research and development activities, as well as working capital and general corporate purposes.\n\nManagement’s presentation of the company roadshow isavailable here.\nListed bookrunners of the IPO are Morgan Stanley, SVB Leerink, Stifel and Guggenheim Securities.\nCommentary\nBolt is seeking an above-average IPO transaction amount to fund its pipeline development efforts.\nThe firm’s lead candidate, BDC-1001, is being developed to treat HER2+ breast and gastric cancers, among other conditions.For BDC-1001, in Phase 1/2 trials management has seen 'clinical activity in the form of stable disease' and various partial and other responses.\nThe market opportunities for the disease conditions the firm is seeking to treat are substantial. HER2+ breast is a large market by itself and is expected to grow at a moderate rate of growth in the coming years.\nBolt has disclosed no collaboration agreements with major pharma firms so it is pursuing a go-it-alone approach currently.\nThe company’s investor syndicate includes a number of notable life science venture capital firms.\nMorgan Stanley is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 90.0% since their IPO. This is a top-tier performance for all major underwriters during the period.\nThe primary risk to the company’s potential is the sheer number of market competitors researching treatments.\nAs to valuation, management is seeking an above range valuation for a biopharma in early clinical trials for its lead candidate.\nGiven the firm’s positive early efficacy signals, strong investor syndicate and large markets it is pursuing, for life science investors with an 18- to 24-month hold time frame, the IPO is worth a close look.\nExpected IPO Pricing Date: February 4, 2021.","news_type":1},"isVote":1,"tweetType":1,"viewCount":49,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/380733609"}
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