SCHEDULE: Vivo Capital Entities Reduce Bolt Bio Stake

Several Vivo Capital entities have reduced their beneficial ownership in Bolt Biotherapeutics, with some now holding 0% of common stock.

Summary

• Vivo Capital Fund VIII, L.P., Vivo Capital Surplus Fund VIII, L.P., and Vivo Capital VIII, LLC now report 0% beneficial ownership of Bolt Biotherapeutics, Inc. common stock.
• Vivo Panda Fund, L.P. and Vivo Panda, LLC beneficially own 72,414 shares of Bolt Biotherapeutics, Inc. common stock.
• The 72,414 shares held by Vivo Panda Fund, L.P. and Vivo Panda, LLC represent 3.8% of Bolt Biotherapeutics' common stock.
• The percentage is based on 1,919,441 shares of Common Stock outstanding as of November 5, 2025.
• The reporting persons certify that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as a slightly negative signal due to the divestment of shares by several Vivo Capital entities, suggesting a reduction in their investment exposure to Bolt Biotherapeutics.

Negatives

• Several Vivo Capital entities (Vivo Capital Fund VIII, L.P., Vivo Capital Surplus Fund VIII, L.P., and Vivo Capital VIII, LLC) have reduced their beneficial ownership to 0% of Bolt Biotherapeutics' common stock, indicating a full divestment for these specific funds.
• The overall reduction in beneficial ownership by a significant institutional investor group could be perceived as a negative signal regarding future prospects or a reallocation of capital away from Bolt Biotherapeutics.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that venture capital and investment funds frequently adjust their portfolio holdings based on strategic re-evaluations, market conditions, or the lifecycle stage of their investments. A reduction in stake by a prominent investor group like Vivo Capital, even if passive, can sometimes signal a shift in investment focus or a realization of gains, which is a common occurrence in the dynamic biotechnology sector.

Stakeholder Impact

• Shareholders may view the reduction in institutional ownership by Vivo Capital entities as a potential negative signal, possibly leading to increased scrutiny of the company's prospects or a re-evaluation of their own investment thesis.

Key Dates

Recommendation

The divestment of shares by several Vivo Capital entities, while not explicitly tied to company performance, suggests a re-evaluation of their investment in Bolt Biotherapeutics. Investors should hold and re-evaluate their position, seeking further clarity on the company's fundamentals and strategic direction, rather than making immediate buy or sell decisions based solely on this ownership change.

Keywords

Bolt Biotherapeutics, Vivo Capital, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Ownership, Biotechnology, SEC Filing, Divestment