08:20 AM EDT, 05/15/2024 (MT Newswires) -- Bolt Biotherapeutics ( BOLT ) shares were nearly 32% lower in premarket activity Wednesday following the company's announcement late Tuesday that it will stop the development of trastuzumab imbotolimod, BDC-1001, and has trimmed its workforce by about 50%.

The company said the BDC-1001 program is not expected to meet its pre-defined success criteria and it will now focus on developing its other cancer pipeline, which includes a first-in-class proprietary agonist antibody targeting Dectin-2 and its next-generation Boltbody immune-stimulating antibody conjugate, or ISAC, programs while continuing to support its collaborations with Genmab and Toray.

The company said this refocusing of resources is expected to extend its cash runway of $112.8 million into the second half of 2026.

Price: 0.9000, Change: -0.42, Percent Change: -31.82