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BBOT on Nasdaq

BridgeBio Oncology Therapeutics, Inc.

BridgeBio Oncology Therapeutics, Inc. is a clinical-stage biotechnology company.1 It is headquartered in South San Francisco, California.1 Its shares trade on Nasdaq under the symbol BBOT.1

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Last updated Oct 21, 2026.

Overview

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  • TickerBBOT on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersSouth San Francisco, California1
  • Incorporated inDE2
  • Business address256 E. Grand Avenue, Suite 104, South San Francisco, Ca 940802
  • Filer category, Emerging growth company2

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BBOT is a clinical-stage biotechnology company with the mission of transforming the lives of patients with cancers driven by RAS and PI3Kα, the two most frequently mutated oncogenes. Aberrant RAS signaling drives uncontrolled tumor growth in some of the deadliest cancers, including lung, breast, pancreas and colon cancer. This can come from mutations in RAS itself, which underlie approximately 30% of all human cancers, or from RAS-mediated overactivation of PI3Kα. Our goal is to provide meaningful benefit to patients by designing and developing new therapies to achieve high levels of target inhibition against these oncogenic drivers while maintaining a favorable tolerability profile.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Operating income45-$145.8M in 2025+349653% since 2023
-$150.0M-$100.0M-$50.0M02023: -$41.7K-$41.7K20232024: -$80.9M-$80.9M2024+193853%2025: -$145.8M-$145.8M2025+80%
Net income45-$134.0M in 2025+321410% since 2023
-$150.0M-$100.0M-$50.0M02023: -$41.7K-$41.7K20232024: -$74.3M-$74.3M2024+178052%2025: -$134.0M-$134.0M2025+80%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Research and development$121.2M$73.1M
Total operating expenses$145.8M$80.9M
Loss from operations-$145.8M-$80.9M
Interest income$11.3M$6.4M
Income from transition services agreements$1.2M$775.0K
Change in fair value of participation right liability-$725.0K-$564.0K
Other income (expense)-$35.0K$0
Total other income (expense), net$11.8M$6.6M
Net loss-$134.0M-$74.3M
Net loss per share attributable to common stockholders, basic-$4.30-$5,756.41
Net loss per share attributable to common stockholders, diluted-$4.30-$5,756.41
Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic31.1M shares12.9K shares
Weighted-average number of shares used in computing net loss per share attributable to common stockholders, diluted31.1M shares12.9K shares
General and administrative expenses$24.6M$7.8M

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Corporate structure

BridgeBio Oncology Therapeutics, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of BridgeBio Oncology Therapeutics, Inc.

  • Bihua Chen Filed SCHEDULE 13D/A on BridgeBio Oncology Therapeutics, Inc., latest Jul 6, 2026
  • CITADEL ADVISORS LLC Filed SCHEDULE 13G/A on BridgeBio Oncology Therapeutics, Inc., latest Nov 14, 2025 (2 filings since Feb 23, 2024)
  • Adage Capital Management, L.P. Filed SCHEDULE 13G/A on BridgeBio Oncology Therapeutics, Inc., latest Nov 13, 2025
  • BC Global Opportunities IX LP Filed SCHEDULE 13G on BridgeBio Oncology Therapeutics, Inc., latest Sep 3, 2025
  • BridgeBio Filed SCHEDULE 13D on BridgeBio Oncology Therapeutics, Inc., latest Aug 18, 2025
  • James E. Flynn Filed SCHEDULE 13G on BridgeBio Oncology Therapeutics, Inc., latest Aug 18, 2025
  • Helix Holdings II LLC Filed SCHEDULE 13D/A on BridgeBio Oncology Therapeutics, Inc., latest Aug 13, 2025 (3 filings since Feb 20, 2024)
  • INTEGRATED CORE STRATEGIES (US) LLC Filed SCHEDULE 13G/A on BridgeBio Oncology Therapeutics, Inc., latest Jul 30, 2025 (2 filings since Feb 15, 2024)
  • Sculptor Capital LP Filed SCHEDULE 13G on BridgeBio Oncology Therapeutics, Inc., latest Jul 24, 2025
  • BlackRock Filed SCHEDULE 13G/A on BridgeBio Oncology Therapeutics, Inc., latest Apr 22, 2025 (3 filings since Oct 22, 2024)
  • BlackRock Portfolio Management LLC Filed SCHEDULE 13G on BridgeBio Oncology Therapeutics, Inc., latest Apr 15, 2025
  • PRICE T ROWE ASSOCIATES INC /MD/ Filed SC 13G on BridgeBio Oncology Therapeutics, Inc., latest Nov 14, 2024
  • BridgeBio Oncology Therapeutics, Inc. South San Francisco, California

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What BridgeBio Oncology Therapeutics, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$956.0K5 Dec 31, 2025$490.0K5 Dec 31, 2024+95.1%
Operating-lease assets (leased space)$2.3M5 Dec 31, 2025$05 Dec 31, 2024

Real estate and locations

ItemLatestA year beforeChange
Area of real estate10,934 sq ft5 Nov 30, 2024

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$373.7M5 Dec 31, 2025$30.9M5 Dec 31, 2024+1111.3%
Marketable securities, current$51.8M5 Dec 31, 2025$124.8M5 Dec 31, 2024−58.5%

Properties, in its own words

Our principal executive office is located in South San Francisco, California, where we lease approximately 11,000 square feet of combined office and lab space under a lease that terminates in April 2030. We believe that these existing facilities will be adequate for our current needs and that suitable additional or alternative space will be available in the future on commercially reasonable terms, if required.

Item 2 of the 10-K filed Mar 5, 2026.3

Leadership

Who has led BridgeBio Oncology Therapeutics, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Bihua Chen2024–2025
  2. Eli M. Wallace2025–2026
  3. Pedro Beltran2026–now

Chair

  1. Bihua Chen2024–2025

President

  1. Pedro Beltran2026–now

Chief financial officer

  1. Caleb Tripp2024–2025
  2. Uneek Mehra2025–now

Chief operating officer

  1. Idan Elmelech2026–now
2025
Board members and other officers (16)

Former names

  • Helix Acquisition Corp. IIDec 20, 2023 to Aug 6, 20252

Timeline

  1. Sep 8, 20268-K Other events28
  2. Aug 11, 20268-K Results of operations29
  3. Jun 22, 20268-K Executive or director change; Shareholder vote30
  4. May 12, 20268-K Results of operations31
  5. May 5, 2026New chief executive Pedro Beltran becomes CEO8
  6. Apr 29, 20268-K Executive or director change32
  7. Apr 23, 20268-K Executive or director change; Regulation FD disclosure33
  8. Mar 26, 20268-K Executive or director change34
  9. Mar 5, 20268-K Results of operations35
  10. Jan 7, 20268-K Other events36
  11. Nov 12, 20258-K Results of operations37
  12. Aug 18, 2025New chief executive Eli M. Wallace becomes CEO9
  13. Aug 13, 20258-K Entered a material agreement; Completed an acquisition or sale; Unregistered sale of shares38
  14. Aug 6, 20258-K Regulation FD disclosure39
  15. Feb 9, 2024New chief executive Bihua Chen becomes CEO10

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($1.03) a share, on Nov 12, 2025.40

When it reported results

  1. Aug 11, 2026Reported quarterly or annual results29
  2. May 12, 2026Reported quarterly or annual results31
  3. Mar 5, 2026Reported quarterly or annual results35
  4. Nov 12, 2025Reported quarterly or annual results37

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

183 filings to the SEC since October 2021: 2 annual reports, 8 quarterly reports, 19 major events, 68 insider forms, 19 large holders, 67 other. The latest 20:

  1. Oct 5, 20264 EDGAR
  2. Oct 5, 20264 EDGAR
  3. Oct 5, 20264 EDGAR
  4. Oct 5, 20264 EDGAR
  5. Sep 14, 20264 EDGAR
  6. Sep 10, 2026EFFECT EDGAR
  7. Sep 8, 2026EFFECT EDGAR
  8. Sep 8, 20268-K EDGAR
  9. Sep 1, 2026S-3 EDGAR
  10. Sep 1, 2026POS AM EDGAR
  11. Aug 12, 2026424B3 EDGAR
  12. Aug 11, 202610-Q EDGAR
  13. Aug 11, 20268-K EDGAR
  14. Jul 6, 2026SCHEDULE 13D/A EDGAR
  15. Jul 6, 20264 EDGAR
  16. Jul 6, 20264 EDGAR
  17. Jul 6, 20264 EDGAR
  18. Jul 6, 20264 EDGAR
  19. Jul 6, 20264 EDGAR
  20. Jun 22, 2026424B3 EDGAR

The 183 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

1 open-market trades by officers, directors and large owners since October 2021: 1 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Feb 13, 2024Chen BihuaDirectorBuy2,400,000$10.00$24.0MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Eli Wallace, Ph.D.Former President and Chief Executive Officer$571.9K$11.5M54
2025Uneek Mehra, M.B.A.Former Chief Financial Officer$233.2K$4.6M54
2025Yong Ben, M.D., M.B.A.Chief Medical and Development Officer52$525.3K$3.2M54
2024Eli Wallace, Ph.D.Former President and Chief Executive Officer$544.2K$4.5M54
2024Yong Ben, M.D., M.B.A.Chief Medical and Development Officer52$170.3K$1.5M54

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 66. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Cormorant Asset Management, LP17,878,594$136.2M7.0%No change
Deerfield Management Company, L.P.4,885,446$37.2M0.5%No change
Omega Fund Management, LLC3,289,661$25.1M13.5%No change
EcoR1 Capital, LLC2,823,126$21.5M1.1%No change
Alphabet Inc.2,823,126$21.5M0.0%No change
Wellington Management Group Llp2,789,302$21.3M0.0%−29,046
Enavate Sciences Gp, LLC2,626,946$20.0M5.8%No change
Citadel Advisors LLC2,617,827$19.9M0.0%+89,065
Novo Holdings A/s2,250,000$17.1M1.0%+64,077
BlackRock, Inc.2,154,040$16.4M0.0%+65,743
Vanguard Capital Management LLC2,005,649$15.3M0.0%+1,467,208
Laurion Capital Management LP2,002,701$15.3M1.2%+80,045
Armistice Capital, LLC1,764,000$13.4M0.4%+436,000
State Street Corp1,036,569$7.9M0.0%+810,291
Aisling Capital Management LP1,018,018$7.8M1.6%No change
Opaleye Management Inc.700,000$5.3M0.5%+646,718
Geode Capital Management, LLC622,351$4.7M0.0%+43,117
Granahan Investment Management, LLC558,526$4.3M0.2%+327,486
Sphera Funds Management Ltd.460,985$3.5M0.5%New
Adage Capital Partners Gp, L.l.c.400,000$3.0M0.0%No change
Royce & Associates LP384,941$2.9M0.0%−251,581
Catalio Capital Management, LP318,407$2.4M0.5%New
Vanguard Fiduciary Trust Co291,522$2.2M0.0%+37,193
Charles Schwab Investment Management Inc286,518$2.2M0.0%−4,288
Casdin Capital, LLC282,312$2.2M0.1%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How BridgeBio Oncology Therapeutics, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBridgeBio Oncology Therapeutics, Inc.1
  • CIK0001869105
  • Employer ID (EIN)39-36907833
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address256 E. Grand Avenue, Suite 104, South San Francisco, CA 940801
  • Phone857 702 03771
  • Shares outstanding80,174,267 as of Aug 6, 20267
  • Public float$465.2M as of Aug 13, 20253
  • AuditorDeloitte & Touche, LLP, San Francisco, CA PCAOB ID 34; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceDec 20, 20231
  • Filings183 in all: 4 (47), 3 (21), 8-K (19), 424B3 (12), CORRESP (9), 10-Q (8), EFFECT (7), UPLOAD (7)1
    All 33 form types

    425 (6), SC 13G (6), SCHEDULE 13G (4), SCHEDULE 13G/A (4), POS AM (3), SCHEDULE 13D/A (3), 10-K (2), 424B4 (2), DRS (2), DRSLTR (2), S-1 (2), S-1/A (2), S-4/A (2), S-8 (2), 8-A12B (1), ARS (1), CERT (1), DEF 14A (1), DEFA14A (1), DRS/A (1), S-1MEF (1), S-3 (1), S-4 (1), SC 13D (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Mar 5, 2026
    Quarterly report (10-Q) Aug 11, 2026
    Proxy statement (DEF 14A) Apr 28, 2026
    Latest 8-K (8-K) Sep 8, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.0001 per shareBBOTThe Nasdaq Global Market

From the cover page of the 10-K filed Mar 5, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks BridgeBio Oncology Therapeutics, Inc. names in Item 1A of its 10-K filed Mar 5, 2026: 80 risks under these headings, as written.3

  • BBOT has a limited operating history, has not completed any clinical trials, has no products approved for commercial sale and has not generated any revenue, which may make it difficult for investors to evaluate BBOT’s current business and likelihood of success and viability.
  • BBOT has incurred significant net losses in each period since its inception, and expects to continue to incur significant net losses for the foreseeable future.
  • BBOT’s ability to generate revenue and achieve profitability depends significantly on its ability to achieve its objectives relating to the discovery, development and commercialization of its product candidates.
  • BBOT may require additional capital to finance its operations. If BBOT is unable to raise such capital when needed, or on acceptable terms, BBOT may be forced to delay, reduce or eliminate one or more of its research and drug development programs, future commercialization efforts, product development or other operations.
  • BBOT’s future prospects are substantially dependent on the advancement of its product candidates. If BBOT is unable to advance its product candidates through development, obtain regulatory approval and ultimately commercialize such product candidates, or experience significant delays in doing so, BBOT’s business will be materially harmed.
  • BBOT’s preclinical studies and clinical trials may fail to adequately demonstrate the safety and efficacy of any of its product candidates, which would prevent or delay development, regulatory approval and commercialization.
  • BBOT’s discovery and development activities are focused on precision oncology to treat RAS-dependent cancers, which is a rapidly evolving area of science, and the approach BBOT is taking to discover and develop drugs may never lead to approved or marketable products.
  • Any delays in the commencement or completion, or any termination or suspension, of BBOT’s current, planned or future clinical trials could result in increased costs to BBOT, delay or limit BBOT’s ability to generate revenue and adversely affect BBOT’s commercial prospects.
  • The outcome of preclinical testing and early clinical trials may not be predictive of the success of later clinical trials, and the results of BBOT’s clinical trials may not satisfy the requirements of the FDA, EMA or other comparable foreign regulatory authorities.
  • In addition to BBO-8520, BBO-10203 and BBO-11818, BBOT’s prospects depend in part upon discovering, developing and commercializing additional product candidates from BBOT’s discovery programs, which may fail in development or suffer delays that adversely affect their commercial viability.
  • BBOT’s approach to the discovery and development of product candidates is unproven, and BBOT may not be successful in its efforts to use and expand its approach to build a pipeline of product candidates with commercial value.
  • The regulatory approval processes of the FDA, EMA and other comparable foreign regulatory authorities are lengthy, time consuming and inherently unpredictable. If BBOT is ultimately unable to obtain regulatory approval of its product candidates, BBOT will be unable to generate product revenue and its business will be substantially harmed.
The other 68 risks
  • BBOT may not be able to submit INDs, CTAs or comparable applications to commence clinical trials on the timelines BBOT expects, and even if BBOT is able to, the FDA, EMA or any comparable foreign regulatory authority may not permit BBOT to proceed.
  • BBOT’s product candidates may cause significant adverse events, toxicities or other undesirable adverse events when used alone or in combination with other approved products or investigational new drugs that may result in a safety profile that could prevent regulatory approval, prevent market acceptance, limit their commercial potential or result in significant negative consequences.
  • Interim, preliminary and topline data from BBOT’s preclinical studies and clinical trials that BBOT announces or publishes from time to time may change as more data become available and are subject to audit and verification procedures that could result in material changes in the final data.
  • If BBOT experiences delays or difficulties in the enrollment or maintenance of patients in clinical trials, BBOT’s regulatory submissions or receipt of necessary marketing approvals could be delayed or prevented.
  • BBOT has limited resources and is currently focusing its efforts on the development of BBO-8520, BBO-10203 and BBO-11818 in particular indications and advancing its discovery programs. As a result, BBOT may fail to capitalize on other indications or product candidates that may ultimately have proven to be more profitable.
  • BBOT currently relies on third parties to supply and manufacture preclinical and clinical drug supplies, and BBOT intends to rely on third parties to produce commercial supplies of any approved product, which increases the risk that BBOT will not have sufficient quantities of these product candidates or products or such quantities at an acceptable cost, which could delay, prevent or impair BBOT’s development or commercialization efforts.
  • BBOT faces substantial competition which may result in others discovering, developing or commercializing products before or more successfully than BBOT does.
  • BBOT’s product candidates may not achieve adequate market acceptance among physicians, patients, healthcare payors and others in the medical community necessary for commercial success.
  • The market opportunities for any product candidates BBOT develops, if approved, may be limited to certain smaller patient subsets and may be smaller than BBOT estimates them to be.
  • Any product candidates BBOT develops may become subject to unfavorable third-party coverage and reimbursement practices, as well as pricing regulations.
  • BBOT’s business entails a significant risk of product liability and if BBOT is unable to obtain sufficient insurance coverage such inability could have an adverse effect on BBOT’s business and financial condition.
  • Certain of BBOT’s product candidates are novel, complex and difficult to manufacture. BBOT could experience manufacturing problems that result in delays in BBOT’s development or commercialization or otherwise harm BBOT’s business.
  • Certain of BBOT’s product candidates are under development for the treatment of patient populations with significant comorbidities that may result in deaths or serious adverse or unacceptable side effects and require BBOT to abandon or limit its clinical development activities.
  • BBOT may be unable to obtain U.S. or foreign regulatory approval and, as a result, may be unable to commercialize its product candidates.
  • BBOT plans to develop certain of its current product candidates and potentially future product candidates in combination with other therapies, which would expose BBOT to additional risks.
  • BBOT has conducted and intends to continue conducting certain of its clinical trials globally. However, the FDA and other foreign equivalents may not accept data from such trials, in which case BBOT’s development plans may be delayed, which could materially harm BBOT’s business.
  • Obtaining and maintaining regulatory approval of BBOT’s product candidates in one jurisdiction does not mean that BBOT will be successful in obtaining regulatory approval of its product candidates in other jurisdictions.
  • Even if BBOT’s product candidates receive regulatory approval, they will be subject to significant post-marketing regulatory requirements and oversight.
  • The FDA, EMA and other regulatory authorities actively enforce the laws and regulations prohibiting the promotion of off-label uses.
  • If BBOT is required by the FDA, EMA or comparable regulatory authority to obtain clearance or approval of a companion diagnostic test in connection with approval of any of BBOT’s product candidates or a group of therapeutic products, and BBOT does not obtain or BBOT faces delays in obtaining clearance or approval of a diagnostic test, BBOT may not be able to commercialize the product candidate and BBOT’s ability to generate revenue may be materially impaired.
  • BBOT may seek certain designations for its product candidates, including Breakthrough Therapy, Fast Track and Priority Review in the U.S., and PRIME (priority medicines) in the EU, but BBOT might not receive such designations, and even if BBOT does, such designations may not lead to a faster development or regulatory review or approval process.
  • BBOT may not be able to obtain orphan drug designation or obtain or maintain orphan drug exclusivity for its product candidates and, even if BBOT does, that exclusivity may not prevent the FDA, EMA or other comparable foreign regulatory authorities, from approving competing products.
  • Current and future legislative and regulatory reform measures and cost containment initiatives may increase the difficulty and cost for BBOT to obtain adequate reimbursement for its product candidates and may adversely affect the prices we may set.
  • BBOT is or may become subject to stringent privacy laws, information security laws, regulations, policies and contractual obligations related to data privacy and security and changes in such laws, regulations, policies, contractual obligations and failure to comply with such requirements could subject BBOT to significant fines and penalties, which may have a material adverse effect on BBOT’s business, financial condition or results of operations.
  • If BBOT’s product candidates are licensed for marketing and receive federal healthcare reimbursement, any relationships BBOT may have with healthcare providers will be subject to applicable healthcare fraud and abuse laws and regulations, which could expose BBOT to criminal and civil penalties and exclusion from participation in government healthcare programs.
  • BBOT’s employees, independent contractors, consultants, commercial collaborators, principal investigators, CROs, suppliers and vendors may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.
  • BBOT’s business activities may be subject to the U.S. Foreign Corrupt Practices Act (FCPA) and similar anti-bribery and anti-corruption laws of other countries in which BBOT operates, as well as U.S. and certain foreign export controls, economic sanctions, import, and trade and national security laws and regulations. Compliance with these legal requirements could limit BBOT’s ability to compete in foreign markets and subject BBOT to liability if BBOT violates them.
  • If BBOT fails to comply with applicable environmental, health and safety laws and regulations, BBOT could become subject to fines or penalties or incur costs that could have a material adverse effect on the success of BBOT’s business.
  • BBOT’s success is highly dependent on BBOT’s ability to attract, hire and retain highly skilled executive officers and employees, and BBOT may experience difficulties in managing the future growth of BBOT’s organization.
  • BBOT’s reliance on a limited number of employees who provide various administrative, research and development, and other services across BBOT’s organization presents operational challenges that may adversely affect BBOT’s business.
  • BBOT’s use of new and evolving technologies, such as artificial intelligence, may present risks and challenges that can impact BBOT’s business, including by posing cybersecurity and other risks to BBOT’s confidential and/or proprietary information, including personal information, and as a result BBOT may be exposed to reputational harm and liability.
  • BBOT’s operations are vulnerable to interruption by flood, fire, earthquakes, power loss, telecommunications failure, terrorist activity, pandemics and other events beyond BBOT’s control, which could harm BBOT’s business.
  • BBOT has never commercialized a product candidate as a company before. If BBOT is unable to establish sales or marketing capabilities or enter into agreements with third parties to sell or market BBOT’s product candidates, BBOT may not be able to successfully sell or market its product candidates that obtain regulatory approval.
  • A variety of risks associated with marketing BBOT’s product candidates internationally could materially adversely affect BBOT’s business.
  • Changes in tax law could adversely affect BBOT’s business and financial condition.
  • BBOT’s ability to utilize its net operating loss carryforwards and certain other tax attributes to offset future taxable income may be limited.
  • If BBOT engages in future acquisitions or strategic partnerships, this may increase BBOT’s capital requirements, dilute BBOT’s stockholders, cause BBOT to incur debt or assume contingent liabilities, and subject BBOT to other risks.
  • Adverse events in the field of oncology or the biopharmaceutical industry could damage public perception of BBOT’s current or future product candidates and negatively affect BBOT’s business.
  • Derivation proceedings may be necessary to determine priority of inventions, and an unfavorable outcome may require BBOT to cease using the related technology or to attempt to license rights from the prevailing party.
  • If BBOT is unable to obtain, maintain and enforce patent protection for its technology and product candidates, or if the scope of the patent protection obtained is not sufficiently broad, BBOT’s competitors could develop and commercialize technology and products similar or identical to BBOT’s, and BBOT’s ability to successfully develop and commercialize its technology and product candidates may be adversely affected.
  • Patent terms may not protect BBOT’s competitive position for an adequate amount of time.
  • Changes to patent laws in the U.S. and other jurisdictions could diminish the value of patents in general, thereby impairing BBOT’s ability to protect its products.
  • BBOT may become involved in lawsuits to protect or enforce its patent or other intellectual property rights, which could be expensive, time-consuming and unsuccessful.
  • Third parties may allege that BBOT is infringing, misappropriating or otherwise violating their intellectual property rights, the outcome of which would be uncertain and could have a material adverse effect on BBOT’s business.
  • If BBOT is unable to obtain licenses from third parties on commercially reasonable terms, BBOT’s business could be adversely affected.
  • If BBOT fails to comply with its obligations in any future intellectual property licenses with third parties that BBOT may enter into, or otherwise experiences disruptions to its business relationships with future licensors, BBOT could lose intellectual property rights that are important to BBOT’s business.
  • If BBOT is unable to adequately protect its proprietary technology or obtain and maintain patent protection for its technology and products or if the scope of the patent protection obtained is not sufficiently broad, BBOT’s competitors could develop and commercialize technology and products similar or identical to BBOT’s, and BBOT’s ability to successfully commercialize its technology and products will be impaired.
  • BBOT may not be able to protect its intellectual property and proprietary rights throughout the world.
  • Intellectual property rights do not necessarily address all potential threats.
  • BBOT may be subject to claims challenging the inventorship or ownership of its patents and other intellectual property.
  • BBOT may not identify relevant third-party patents or pending patent applications or may incorrectly interpret the relevance, scope or expiration of a third-party patent which might adversely affect BBOT’s ability to develop and market its product candidates.
  • Intellectual property discovered through government funded programs may be subject to federal regulations such as “march-in” rights, certain reporting requirements and a preference for U.S.-based companies. Compliance with such regulations may limit BBOT’s exclusive rights and limit BBOT’s ability to contract with non-U.S. manufacturers.
  • BBOT may be subject to claims by third parties asserting that BBOT’s employees, consultants or contractors have wrongfully used or disclosed confidential information of such third parties, or that they have wrongfully used or disclosed alleged trade secrets of their current or former employers, or that BBOT has misappropriated their intellectual property, or that they own what BBOT regards as its own intellectual property.
  • If BBOT is unable to protect the confidentiality of its trade secrets and other proprietary information, BBOT’s business and competitive position would be adversely affected.
  • If BBOT’s trademarks and trade names are not adequately protected, BBOT may not be able to build name recognition in its markets of interest and BBOT’s business may be adversely affected.
  • If BBOT does not obtain patent term extension in the U.S. under the Hatch-Waxman Act and in foreign countries under similar legislation, which if granted could extend the term of BBOT’s marketing exclusivity for any product candidates BBOT may develop, BBOT’s business may be materially and adversely affected.
  • BBOT relies on third parties to conduct its preclinical studies and clinical trials, and those third parties may not perform satisfactorily, including failing to meet deadlines for the completion of such trials, research and studies.
  • BBOT’s manufacturing process needs to comply with FDA regulations relating to the quality and reliability of such processes. Any failure to comply with relevant regulations could result in delays in or termination of BBOT’s clinical programs and suspension or withdrawal of any regulatory approvals.
  • If BBOT’s third-party manufacturers use hazardous materials in a manner that causes injury or violates applicable law, BBOT may be liable for damages.
  • If BBOT decides to establish collaborations but is not able to establish those collaborations on commercially reasonable terms, BBOT may have to alter its development and commercialization plans.
  • BBOT may enter into collaborations with third parties for the development and commercialization of product candidates. If those collaborations are not successful, BBOT may not be able to capitalize on the market potential of these product candidates.
  • Some of the third parties upon whom BBOT currently relies for the supply of the active pharmaceutical ingredients, drug product and starting materials used in BBOT’s product candidates are BBOT’s sole source of supply, and the loss of any of these suppliers could delay BBOT’s development efforts and harm BBOT’s business.
  • There may not be an active trading market for our common stock, which may make it difficult to sell shares of our common stock.
  • The market price of our common stock may be volatile, and investors could lose all or part of their investment.
  • If securities or industry analysts do not publish research or reports, or if they publish adverse or misleading research or reports, regarding BBOT, BBOT’s business or BBOT’s market, the Company’s stock price and trading volume could decline.
  • BBOT’s operating results may fluctuate significantly, which makes BBOT’s future operating results difficult to predict and could cause BBOT’s operating results to fall below expectations or guidance.
  • Several of our principal stockholders own a significant percentage of our Common Stock and can exert significant control over matters subject to stockholder approval.
  • Future sales, or the perception of future sales, by the Company or its stockholders in the public market could cause the market price for the Company’s securities to decline.

Legal proceedings

Except as discussed below, as of the date of this Form 10-K, we were not currently a party to any material legal proceedings. From time to time, in the ordinary course of business, we may become involved in legal proceedings. Regardless of the outcome, litigation could have a material adverse effect on us due to defense and settlement costs, diversion of management resources, negative publicity, reputational harm, and other factors, and there can be no assurances that favorable outcomes will be obtained.

In September 2016, BBOT entered into the UCSF License Agreement with The Regents of the University of California, San Francisco for an exclusive license to certain compounds. Although the UCSF License Agreement was terminated in June 2021, certain of its terms survived, including one calling for a payment that would become due to UCSF upon the occurrence of a change of control or an initial public offering of BBOT, as those events are contractually defined in the UCSF License Agreement (the “Indexed Milestone Payment”). In April 2025, UCSF sent an email to BBOT, followed by a letter dated June 16, 2025, stating that, in the future, the Indexed Milestone Payment in an amount less than $5.0 million will become due on an unspecified date following the Closing Date of the Business Combination Agreement. BBOT disagrees with UCSF’s interpretation of the terminated UCSF License Agreement and believes that no such payment will be due now or in the future.

The opening of Item 3, Legal Proceedings.3

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