Bolt Acquires Prana and Raises $120 Million, With an Additional $60 Million Possible
Key Facts
Bolt Biotherapeutics announced on October 23, 2026, that it had acquired Prana Therapies through an immediate reverse merger for shares, alongside a private financing providing $120 million in upfront gross proceeds. The financing could increase by up to an additional $60 million if investors exercise the accompanying warrants, while the offering is expected to close on October 26, 2026. The deal gives Bolt PRA-216, a bispecific antibody targeting the IL-4Rα and TSLP pathways. The acquisition comes as the program advances in Phase 2 for asthma, chronic obstructive pulmonary disease and atopic dermatitis. The company also plans a Phase 2 study for eosinophilic esophagitis, broadening the range of indications being pursued for the program.
Bolt said the private financing proceeds are expected to fund its operations through 2028 and enable it to reach multiple clinical and preclinical milestones. This financial runway includes ongoing development of PRA-216 across the three indications that have entered Phase 2, as well as the planned study for eosinophilic esophagitis. The additional $60 million is not part of the upfront proceeds, as it depends on warrant exercises. The offering’s closing remains a subsequent expected step on October 26, two days after the deal announcement. Bolt will hold a call and webcast that day to discuss the acquisition, financing and development pipeline, at 8:30 a.m. Eastern Time.
The company expects patient data from the four trials to begin in the second quarter of 2027, with readouts continuing through the fourth quarter of the same year. The trials include the three programs for asthma, chronic obstructive pulmonary disease and atopic dermatitis, plus the planned eosinophilic esophagitis study. Prana had previously announced the start of Phase 2 development in the first three indications and expected patient data from its three trials during 2027. Bolt’s announcement adds an expectation of data from four trials spanning the second and fourth quarters, with the fourth study remaining among the announced plans. The forthcoming clinical data will therefore be among the key milestones the company has identified for the period expected to be covered by the financing.
The program’s background is based on Phase 1 study results in which Prana said PRA-216 was well tolerated. According to the company, there were no treatment-related serious or Grade 3 or higher adverse events, and no injection-site reactions or reported cases of conjunctivitis. In the 600 mg multiple-dose cohort, the company reported 100% pSTAT6 inhibition and a 50% reduction in serum TARC. The cohort also recorded a 100% reduction in blood eosinophils and a 25% reduction in IgE levels, with these markers lasting at least 12 weeks. Sheila Gujrathi said at the time that the results "reinforce our view that PRA-216 has the potential to drive faster, deeper and more durable responses," a company view of the treatment’s potential.
Gujrathi, Prana’s co-founder and former chief executive, became Bolt’s chief strategy officer and joined its board, according to the company’s statement. This brings together Prana’s former leadership and Bolt’s plan to develop the program following the acquisition, while the Phase 2 trials remain central to the expected 2027 readouts. The BOLT stock closed at about $4.19 on October 22, 2026, according to EL7 data. The company is scheduled to discuss details of the deal, financing and development pipeline on its call on October 26 at 8:30 a.m. Eastern Time. The call comes before the offering’s expected close that day and provides an announced time for presenting details of the arrangements and development plans.