BOLD - NEUTRAL - 1Q Recap; BBI-940 (Kinesin) Phase 1 Enrolling in ER+/HER2- BC, TNBC-LAR; POC Data Likely in 2027

研报英文原文证据摘录

BOLD - NEUTRAL - 1Q Recap; BBI-940 (Kinesin) Phase 1 Enrolling in ER+/HER2- BC, TNBC-LAR; POC Data Likely in 2027

May 11, 2026

Michael Schmidt, Ph.D. michael.schmidt@guggenheimpartners.com BOLD - NEUTRAL - 1Q Recap; BBI-940 (Kinesin)

617 859 4636 Phase 1 Enrolling in ER+/HER2- BC, TNBC-LAR;

Sarah Bi, Ph.D.

sarah.bi@guggenheimpartners.com POC Data Likely in 2027

857 350 0123

Rosy Liao, Ph.D. Key Message: BOLD reported 1Q earnings on Friday and provided an update on their rosy.liao@guggenheimpartners.com early-stage pipeline consistent with recent disclosures. Focus is on BBI-940, their oral 617 859 4663

degrader of a novel kinesin target involved in ecDNA segregation and oncogenesis in

Paul Jeng, Ph.D. potentially multiple tumor types. On the heels of its IND clearance earlier this year and

paul.jeng@guggenheimpartners.com recent presentation of pre-clinical data at AACR, BBI-940 is now enrolling a FIH Phase 1

617 859 4618 study (KOMODO-1) in two breast cancer subtypes (ER+/HR- and TNBC-LAR), with POC

data likely in 2027. On financials, BOLD ended 1Q26 with $92.8M in cash and equivalents

and is maintaining runway guidance into 2H 2028. We are updating our estimates to

reflect 1Q 2026 results and maintain our NEUTRAL rating.

BOLD NEUTRAL

Boundless Bio, Inc. Key Pipeline Updates

Sector: Biotechnology

Recall that in January this year, BOLD announced • BBI-940 (novel kinesin degrader):

Earnings Release IND acceptance for BBI-940, an in-house developed degrader of a previously undrugged,

Share Price $1.55 unnamed kinesin (see our note). Part 1 of the KOMODO-1 Phase 1 study of BBI-940

Price Target NA in ER+/HER2- post-CDK4/6i and post-endocrine therapy BC and TNBC LAR subtype is

currently enrolling, and BOLD expects to report POC data within its current cash runway