Bolt Biotherapeutics, Inc.
BOLT Healthcare Biotechnology
In the quarter to June 2026, revenue fell 99.7%, EPS fell 2.47%, free cash flow grew 38.9% and total debt fell 14.3%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years; insiders bought in the last twelve months.
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Bolt Biotherapeutics, Inc. (BOLT) Altman Z-score
Bolt Biotherapeutics, Inc.'s Altman Z-score for fiscal 2025 is −12.67, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −12.67 | (5.03) |
| FY2024 | −7.64 | (4.10) |
| FY2023 | −3.54 | (1.74) |
| FY2022 | −1.79 | (2.21) |
| FY2021 | 0.42 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.38 | — | 0.46 | |
| Retained earnings / total assets | (8.12) | — | −11.37 | |
| EBIT / total assets | (0.64) | — | −2.10 | |
| Market value of equity / total liabilities | 0.34 | — | 0.20 | |
| Sales / total assets | 0.14 | — | 0.14 | |
| Altman Z-score | Distress zone | −12.67 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −27.30 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CSCIF COSCIENS Biopharma Inc. compare | −2.1× |
| BOLT Bolt Biotherapeutics, Inc. | −12.7× |
| SNTI Senti Biosciences, Inc. compare | −13.7× |
| KPTI Karyopharm Therapeutics Inc. compare | −23.9× |
| QNRX Quoin Pharmaceuticals, Ltd. Sponsored ADR compare | — |
| IMRN IMMURON compare | — |
| CNSP CNS Pharmaceuticals, Inc. compare | — |
| ADIL Adial Pharmaceuticals, Inc. compare | — |
| XTLB XTL Biopharmaceuticals Ltd. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets