Bolt announced in a press release on May 14, 2024, that the Company would "cease further development of trastuzumab imbotolimod (BDC-1001)", Bolt's lead asset, "and reduce workforce by approximately 50%". Following Bolt's announcement, multiple analysts downgraded the Company's stock. Following this news, Bolt's stock dropped over 18% on May 15, 2024.
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