Company Quick10K Filing
BridgeBio Pharma
10-Q 2020-06-30 Filed 2020-08-11
10-Q 2020-03-31 Filed 2020-05-14
10-K 2019-12-31 Filed 2020-03-03
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-14
S-1 2019-05-24 Public Filing
8-K 2020-08-11 Earnings, Exhibits
8-K 2020-06-23
8-K 2020-06-02
8-K 2020-05-13
8-K 2020-04-27
8-K 2020-03-24
8-K 2020-03-04
8-K 2020-03-04
8-K 2020-03-04
8-K 2020-03-02
8-K 2020-02-12
8-K 2019-12-31
8-K 2019-12-12
8-K 2019-11-13
8-K 2019-11-07
8-K 2019-10-07
8-K 2019-09-09
8-K 2019-06-26

BBIO 10Q Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-10.1 bbio-ex101_317.htm
EX-31.1 bbio-ex311_6.htm
EX-31.2 bbio-ex312_9.htm
EX-32.1 bbio-ex321_7.htm
EX-32.2 bbio-ex322_8.htm

BridgeBio Pharma Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

10-Q 1 bbio-10q_20200630.htm 10-Q bbio-10q_20200630.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                 to                

Commission File Number: 001-38959

 

BridgeBio Pharma, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

 

84-1850815

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

421 Kipling Street

Palo Alto, CA

 

94301

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (650) 391-9740

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock

 

BBIO

 

The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of August 5, 2020, the registrant had 122,361,644 shares of common stock, $0.001 par value per share, outstanding.

 

 

 

 


 

Table of Contents

 

 

 

 

 

Page

PART I.

 

FINANCIAL INFORMATION

 

 

Item 1.

 

Financial Statements (Unaudited)

 

 

 

 

Condensed Consolidated Balance Sheets

 

3

 

 

Condensed Consolidated Statements of Operations

 

4

 

 

Condensed Consolidated Statements of Comprehensive Loss

 

5

 

 

Condensed Consolidated Statements of Redeemable Convertible Noncontrolling Interests and Stockholders’ Equity

 

6

 

 

Condensed Consolidated Statements of Cash Flows

 

8

 

 

Notes to Condensed Consolidated Financial Statements

 

9

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

38

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

47

Item 4.

 

Controls and Procedures

 

47

PART II.

 

OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

48

Item 1A.

 

Risk Factors

 

48

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

102

Item 3.

 

Defaults Upon Senior Securities

 

102

Item 4.

 

Mine Safety Disclosures

 

102

Item 5.

 

Other Information

 

102

Item 6.

 

Exhibits

 

103

Signatures

 

104

 

 

 

 

 

2


 

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Balance Sheets

(in thousands, except shares and per share amounts)

 

 

 

June 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

 

(1)

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

540,919

 

 

$

363,773

 

Short-term marketable securities

 

 

300,020

 

 

 

182,220

 

Prepaid expenses and other current assets

 

 

20,996

 

 

 

22,629

 

Total current assets

 

 

861,935

 

 

 

568,622

 

Property and equipment, net

 

 

15,573

 

 

 

5,625

 

Operating lease right-of-use assets, net

 

 

10,465

 

 

 

 

Long-term marketable securities

 

 

 

 

 

31,144

 

Other assets

 

 

17,254

 

 

 

26,288

 

Total assets

 

$

905,227

 

 

$

631,679

 

Liabilities, Redeemable Convertible Noncontrolling Interests and

   Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

12,835

 

 

$

8,852

 

Accrued compensation and benefits

 

 

13,590

 

 

 

13,317

 

Accrued research and development liabilities

 

 

37,241

 

 

 

20,896

 

Accrued professional services

 

 

8,609

 

 

 

2,222

 

LEO call option liability

 

 

5,276

 

 

 

4,078

 

Build-to-suit lease obligation

 

 

 

 

 

8,000

 

Operating lease liabilities, current portion

 

 

3,627

 

 

 

 

Other accrued liabilities

 

 

11,462

 

 

 

3,020

 

Total current liabilities

 

 

92,640

 

 

 

60,385

 

Term loans, noncurrent

 

 

92,908

 

 

 

91,791

 

2027 Notes

 

 

373,651

 

 

 

 

Operating lease liabilities, net of current portion

 

 

9,117

 

 

 

 

Other liabilities

 

 

9,399

 

 

 

3,527

 

Total liabilities

 

 

577,715

 

 

 

155,703

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

 

Redeemable convertible noncontrolling interests

 

 

1,906

 

 

 

2,243

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Undesignated preferred stock, $0.001 par value; 25,000,000 shares

   authorized; no shares issued and outstanding

 

 

 

 

 

 

Common stock, $0.001 par value; 500,000,000 shares authorized;

   124,665,939 shares issued and 122,251,258 shares outstanding as of

   June 30, 2020, 123,658,287 shares issued and outstanding as of

   December 31, 2019

 

 

125

 

 

 

124

 

Treasury stock, at cost; 2,414,681 shares as of June 30, 2020, nil as of

   December 31, 2019

 

 

(75,000

)

 

 

 

Additional paid-in capital

 

 

992,691

 

 

 

848,107

 

Accumulated other comprehensive income

 

 

858

 

 

 

254

 

Accumulated deficit

 

 

(652,915

)

 

 

(440,031

)

Total BridgeBio stockholders' equity

 

 

265,759

 

 

 

408,454

 

Noncontrolling interests

 

 

59,847

 

 

 

65,279

 

Total stockholders' equity

 

 

325,606

 

 

 

473,733

 

Total liabilities, redeemable convertible noncontrolling interests and

   stockholders’ equity

 

$

905,227

 

 

$

631,679

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

(1)

The condensed consolidated balance sheet as of December 31, 2019 is derived from the audited consolidated financial statements as of that date.

3


 

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

(in thousands, except shares and per share amounts)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

86,598

 

 

$

52,331

 

 

$

154,823

 

 

$

97,184

 

General and administrative

 

 

37,969

 

 

 

16,987

 

 

 

72,231

 

 

 

35,886

 

Total operating expenses

 

 

124,567

 

 

 

69,318

 

 

 

227,054

 

 

 

133,070

 

Loss from operations

 

 

(124,567

)

 

 

(69,318

)

 

 

(227,054

)

 

 

(133,070

)

Other income (expense), net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

934

 

 

 

1,662

 

 

 

2,875

 

 

 

3,769

 

Interest expense

 

 

(10,754

)

 

 

(1,941

)

 

 

(14,764

)

 

 

(3,612

)

Share in net loss of an equity method investment

 

 

 

 

 

(4,956

)

 

 

 

 

 

(9,555

)

Other income (expense)

 

 

(1,827

)

 

 

219

 

 

 

(1,353

)

 

 

(1,302

)

Total other income (expense), net

 

 

(11,647

)

 

 

(5,016

)

 

 

(13,242

)

 

 

(10,700

)

Net loss

 

 

(136,214

)

 

 

(74,334

)

 

 

(240,296

)

 

 

(143,770

)

Net loss attributable to redeemable convertible

   noncontrolling interests and noncontrolling

   interests

 

 

15,180

 

 

 

8,370

 

 

 

27,412

 

 

 

16,621

 

Net loss attributable to common stockholders

   of BridgeBio

 

$

(121,034

)

 

$

(65,964

)

 

$

(212,884

)

 

$

(127,149

)

Net loss per share, basic and diluted

 

$

(1.03

)

 

$

(0.71

)

 

$

(1.81

)

 

$

(1.37

)

Weighted-average shares used in computing net loss

   per share, basic and diluted (2)

 

 

117,012,062

 

 

 

92,893,303

 

 

 

117,407,750

 

 

 

92,613,243

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

(2)

The weighted-average shares used in computing net loss per share, basic and diluted for the three and six months ended June 30, 2019 were retroactively adjusted as a result of the 2019 Reorganization. See Note 13 to the condensed consolidated financial statements for additional details.

4


 

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Statements of Comprehensive Loss

(Unaudited)

(in thousands)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net loss

 

$

(136,214

)

 

$

(74,334

)

 

$

(240,296

)

 

$

(143,770

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on available-for-sale securities

 

 

132

 

 

 

 

 

 

604

 

 

 

 

Comprehensive loss

 

 

(136,082

)

 

 

(74,334

)

 

 

(239,692

)

 

 

(143,770

)

Comprehensive loss attributable to redeemable

  convertible noncontrolling interests and

  noncontrolling interests

 

 

15,180

 

 

 

8,370

 

 

 

27,412

 

 

 

16,621

 

Comprehensive loss attributable to common stockholders

   of BridgeBio

 

$

(120,902

)

 

$

(65,964

)

 

$

(212,280

)

 

$

(127,149

)

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

5


 

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Statements of Redeemable Convertible Noncontrolling Interests and Stockholders’ Equity

(Unaudited)

(in thousands, except shares and per share amounts)

 

 

 

Six Months Ended June 30, 2020

 

 

 

Redeemable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Convertible

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

BridgeBio

 

 

Noncontrol-

 

 

Total

 

 

 

Noncontrolling

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

ling

 

 

Stockholders’

 

 

 

Interests

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Deficit

 

 

Equity

 

 

Interests

 

 

Equity

 

Balances as of December 31, 2019 (3)

 

$

2,243

 

 

 

 

123,658,287

 

 

$

124

 

 

 

 

 

$

 

 

$

848,107

 

 

$

254

 

 

$

(440,031

)

 

$

408,454

 

 

$

65,279

 

 

$

473,733

 

Issuance of shares under equity

   compensation plans

 

 

 

 

 

 

116,249

 

 

 

 

 

 

 

 

 

 

 

 

529

 

 

 

 

 

 

 

 

 

529

 

 

 

 

 

 

529

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,063

 

 

 

 

 

 

 

 

 

8,063

 

 

 

 

 

 

8,063

 

Equity component of 2027 Notes, net of

   issuance costs and deferred tax liability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

167,726

 

 

 

 

 

 

 

 

 

167,726

 

 

 

 

 

 

167,726

 

Purchase of capped calls

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(49,280

)

 

 

 

 

 

 

 

 

(49,280

)

 

 

 

 

 

(49,280

)

Repurchase of common stock

 

 

 

 

 

 

(2,414,681

)

 

 

 

 

 

2,414,681

 

 

 

(75,000

)

 

 

 

 

 

 

 

 

 

 

 

(75,000

)

 

 

 

 

 

(75,000

)

Issuance of noncontrolling interests

 

 

1,102

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26,565

 

 

 

26,565

 

Transfers from (to) noncontrolling

    interests

 

 

574

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,601

 

 

 

 

 

 

 

 

 

11,601

 

 

 

(12,175

)

 

 

(574

)

Unrealized gains on available-for-sale

   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

472

 

 

 

 

 

 

472

 

 

 

 

 

 

472

 

Net loss

 

 

(866

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(91,850

)

 

 

(91,850

)

 

 

(11,366

)

 

 

(103,216

)

Balances as of March 31, 2020

 

 

3,053

 

 

 

 

121,359,855

 

 

 

124

 

 

 

2,414,681

 

 

 

(75,000

)

 

 

986,746

 

 

 

726

 

 

 

(531,881

)

 

 

380,715

 

 

 

68,303

 

 

 

449,018

 

Issuance of shares under equity

   compensation plans

 

 

 

 

 

 

264,583

 

 

 

 

 

 

 

 

 

 

 

 

691

 

 

 

 

 

 

 

 

 

691

 

 

 

 

 

 

691

 

Issuance of shares under the 2020 Stock

  and Equity Exchange Program

 

 

 

 

 

 

626,820

 

 

 

1

 

 

 

 

 

 

 

 

 

1,069

 

 

 

 

 

 

 

 

 

1,070

 

 

 

(1,070

)

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,295

 

 

 

 

 

 

 

 

 

7,295

 

 

 

 

 

 

7,295

 

Issuance of noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,537

 

 

 

3,537

 

Transfers from (to) noncontrolling

    interests

 

 

431

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,110

)

 

 

 

 

 

 

 

 

(3,110

)

 

 

2,679

 

 

 

(431

)

Unrealized gains on available-for-sale

   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

132

 

 

 

 

 

 

132

 

 

 

 

 

 

132

 

Net loss

 

 

(1,578

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(121,034

)

 

 

(121,034

)

 

 

(13,602

)

 

 

(134,636

)

Balances as of June 30, 2020

 

$

1,906

 

 

 

 

122,251,258

 

 

$

125

 

 

 

2,414,681

 

 

$

(75,000

)

 

$

992,691

 

 

$

858

 

 

$

(652,915

)

 

$

265,759

 

 

$

59,847

 

 

$

325,606

 

 

6


 

 

 

Six Months Ended June 30, 2019

 

 

 

Redeemable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Convertible

 

 

 

 

 

 

Additional

 

 

 

 

 

 

BridgeBio

 

 

Noncontrol-

 

 

Total

 

 

 

Noncontrolling

 

 

 

Common Stock

 

 

Paid-In

 

 

Accumulated

 

 

Stockholders'

 

 

ling

 

 

Stockholders’

 

 

 

Interests

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Equity

 

 

Interests

 

 

Equity

 

Balances as of December 31, 2018 (3)

 

$

122

 

 

 

 

92,057,704

 

 

$

92

 

 

$

494,231

 

 

$

(179,444

)

 

$

314,879

 

 

$

62,361

 

 

$

377,240

 

Issuance of shares under equity compensation plans

 

 

 

 

 

 

518,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

1,236

 

 

 

 

 

 

1,236

 

 

 

 

 

 

1,236

 

Repayment of nonrecourse notes

 

 

 

 

 

 

 

 

 

 

 

 

179

 

 

 

 

 

 

179

 

 

 

 

 

 

179

 

Issuance of noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,320

 

 

 

1,320

 

Transfers from (to) noncontrolling interests

 

 

870

 

 

 

 

 

 

 

 

 

 

(2,968

)

 

 

 

 

 

(2,968

)

 

 

2,098

 

 

 

(870

)

Net loss

 

 

(790

)

 

 

 

 

 

 

 

 

 

 

 

 

(61,185

)

 

 

(61,185

)

 

 

(7,461

)

 

 

(68,646

)

Balances as of March 31, 2019

 

 

202

 

 

 

 

92,576,215

 

 

 

92

 

 

 

492,678

 

 

 

(240,629

)

 

 

252,141

 

 

 

58,318

 

 

 

310,459

 

Issuance of shares under equity compensation plans

 

 

 

 

 

 

604,144

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

2,188

 

 

 

 

 

 

2,188