Bolt Biotherapeutics, Inc. Segments Disclosure
12. Segment Reporting
Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the chief operating decision maker (CODM), in deciding how to allocate resources to an individual segment and in assessing performance. Based on the information used by the CODM to allocate resources, the Company has determined it operates in one segment. The Company’s operating segment generates revenue from its collaboration agreements as described in Note 5.
The CODM assesses performance for the Company’s operating segment and decides how to allocate resources based on the Company’s cash runway and Net Loss that also is reported on the Consolidated Statements of Operations and Comprehensive Loss Income as Net Loss. Net loss is used to monitor budget versus actual results. The measure of segment assets is reported on the balance sheets as total assets.
As of December 31, 2025 and 2024, all of the Company’s property and equipment was maintained in the United States. For the year ended December 31, 2025 and 2024, all of the Company’s revenue was generated and incurred in the United States.
Please refer to the consolidated financial statements for further information related to these measures of segment performance. In addition, research and development and general and administrative expenses are significant segment expenses regularly provided to the CODM with the following categories:
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Years Ended December 31, |
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2025 |
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2024 |
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(In thousands) |
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Significant Segment Expenses: |
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Personnel related costs |
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$ |
13,544 |
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$ |
23,936 |
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Research and development expenses |
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6,795 |
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14,346 |
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Clinical trial expenses |
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4,325 |
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11,285 |
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General and administrative expenses |
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7,062 |
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8,952 |
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Facilities expenses |
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6,529 |
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7,734 |
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Stock-based compensation expense |
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2,782 |
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7,407 |
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Depreciation and other segment expenses (Note A) |
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1,291 |
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2,266 |
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Total segment expenses |
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42,328 |
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75,926 |
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Restructuring charges |
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1,480 |
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3,343 |
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Impairment charges |
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— |
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1,469 |
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Total segment and operating expenses |
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43,808 |
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80,738 |
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(Note A) Other segment expense include depreciation expense and other miscellaneous expenses.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 24, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.