SCHEDULE: Tang Capital Reduces Bolt Biotherapeutics Stake to 3.5%

Tang Capital Management and its affiliates have reduced their beneficial ownership in Bolt Biotherapeutics, Inc. to 3.5% of common stock.

Summary

• Tang Capital Management, LLC, Kevin Tang, Tang Capital Partners, LP, and Tang Capital Partners International, LP collectively beneficially own 66,879 shares of Bolt Biotherapeutics, Inc. common stock.
• This aggregate ownership represents 3.5% of the company's outstanding common stock.
• The ownership percentage is based on 1,919,441 shares of Common Stock outstanding as of August 7, 2025, as reported in the Issuer's Form 10-Q filed on August 14, 2025.
• Tang Capital Management, LLC, Kevin Tang, Tang Capital Partners, LP, and Tang Capital Partners International, LP share both voting and dispositive power over these 66,879 shares.
• Tang Capital Partners III, Inc. and Tang Capital Partners IV, Inc. are also reporting persons but hold 0% beneficial ownership.

Sentiment

Score: 4

Explanation: The filing indicates a reduction in beneficial ownership below the 5% threshold by Tang Capital Management and its affiliates, which can be interpreted as a decrease in conviction or a portfolio rebalancing. This is generally viewed as a slightly negative signal.

Positives

• NA

Negatives

• The reduction in beneficial ownership below the 5% threshold by a significant institutional investor like Tang Capital Management could be interpreted as a decrease in conviction or a portfolio rebalancing.

Risks

• NA

Future Outlook

This filing is an ownership report and does not contain any forward-looking statements or guidance from Bolt Biotherapeutics, Inc. or the reporting persons regarding the issuer's future performance.

Management Comments

• Kevin Tang, as Manager of Tang Capital Management, LLC and Chief Executive Officer of Tang Capital Partners III, Inc. and Tang Capital Partners IV, Inc., certified that the information set forth in this statement is true, complete, and correct to the best of his knowledge and belief.

Industry Context

This filing primarily concerns an institutional investor's stake and does not provide specific insights into broader industry trends or competitive landscape for Bolt Biotherapeutics, Inc.

Stakeholder Impact

• Shareholders may perceive the reduction in a significant institutional stake as a negative signal, potentially influencing investor sentiment and share price.
• The company's management may need to address investor concerns regarding the reduction in institutional ownership.

Key Dates

Recommendation

The reduction in a significant institutional stake by Tang Capital Management below the 5% reporting threshold is a notable event that warrants attention. While it doesn't inherently signal a fundamental deterioration of the company, it suggests a re-evaluation by a key investor. A 'hold' recommendation is appropriate as investors should monitor future developments and conduct further due diligence on Bolt Biotherapeutics' operational and financial performance before making definitive buy or sell decisions.

Keywords

Bolt Biotherapeutics, Tang Capital Management, Beneficial Ownership, Schedule 13G, Institutional Investor, Common Stock, Equity Stake