Bolt Biotherapeutics, after acquiring Prana Therapies, develops PRA-216, an injected antibody for asthma, COPD and atopic dermatitis in Phase 2; nothing is approved.
Bolt's original case, immune-stimulating antibody conjugates in cancer, ended when it acquired Prana Therapies in October 2026; Prana holders now own 51.7% and new investors 41.4%. The company now centers on PRA-216, an IL-4R-alpha by TSLP bispecific antibody. Phase 2 trials are under way in asthma, COPD and atopic dermatitis, with eosinophilic esophagitis planned. Patient data come from mid-2027. A $120 million private placement funds operations into 2028.
Thesis checklist
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Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Next decision point
Tests: PRA-216 helps patients
Do the first Phase 2 trials show PRA-216 working in patients?
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Price and material events
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Bolt's oncology story ended with the Prana merger; PRA-216 is now in Phase 2
BDC-4182's Phase 1 readout in gastric/GEJ cancer will determine whether immune-activating antibody conjugates can generate durable clinical responses where checkpoints fall short
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Disease areas: Gastrointestinal cancers, Other cancers, Lung and respiratory diseases, Liver and digestive diseases, Skin diseases
Catalyst calendar · Upcoming FDA decisions · Thesis changes
Competitive landscape
7 peers tracked
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Runway: No underlying guidance available.