Company Quick10K Filing
BridgeBio Pharma
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 0 $0
10-Q 2019-11-08 Quarter: 2019-09-30
10-Q 2019-08-14 Quarter: 2019-06-30
S-1 2019-05-24 Public Filing
8-K 2019-12-12 Officers, Regulation FD, Exhibits
8-K 2019-11-13 Enter Agreement, Other Events, Exhibits
8-K 2019-11-07 Earnings, Exhibits
8-K 2019-10-07 Officers
8-K 2019-09-09 Enter Agreement, Regulation FD, Exhibits
8-K 2019-06-26 Amend Bylaw, Other Events, Exhibits
BBIO 2019-09-30
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_984.htm
EX-10.2 bbio-ex102_719.htm
EX-10.3 bbio-ex103_720.htm
EX-31.1 bbio-ex311_8.htm
EX-31.2 bbio-ex312_7.htm
EX-32.1 bbio-ex321_9.htm
EX-32.2 bbio-ex322_6.htm

BridgeBio Pharma Earnings 2019-09-30

BBIO 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
WORK
TRWH
UGRO
VIR
XTEG
VERY
VIE
BLPG 0 2 5 3 1 -4 -4 -0 32% 0.0 -282%
DGTW 0 0 3 -0 -0 -6 -4 -0 12,618% 0.0 -16,557%
BHAT

10-Q 1 bbio-10q_20190930.htm 10-Q bbio-10q_20190930.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 September 30, 2019

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 November 5, 2019 the registrant had 123,574,967 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

 

37

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

50

Item 4.

 

Controls and Procedures

 

50

PART II.

 

OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

52

Item 1A.

 

Risk Factors

 

52

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

104

Item 3.

 

Defaults Upon Senior Securities

 

104

Item 4.

 

Mine Safety Disclosures

 

104

Item 5.

 

Other Information

 

104

Item 6.

 

Exhibits

 

105

Signatures

 

106

 

 

 

 

 

2


 

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Balance Sheets

(unaudited)

(in thousands, except shares and per share amounts)

 

 

 

September 30,

2019

 

 

December 31,

2018

 

Assets

 

 

 

 

 

(1)

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

413,973

 

 

$

436,086

 

Short-term marketable securities

 

 

122,080

 

 

 

 

Prepaid expenses and other current assets

 

 

22,102

 

 

 

9,137

 

Total current assets

 

 

558,155

 

 

 

445,223

 

Property and equipment, net

 

 

2,984

 

 

 

1,575

 

Long-term marketable securities

 

 

75,886

 

 

 

 

PellePharm investment

 

 

907

 

 

 

17,050

 

Other assets

 

 

2,598

 

 

 

1,093

 

Total assets

 

$

640,530

 

 

$

464,941

 

Liabilities, Redeemable Convertible Noncontrolling Interests and

   Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

10,270

 

 

$

13,509

 

Accrued compensation and benefits

 

 

7,580

 

 

 

4,047

 

Accrued research and development liabilities

 

 

13,198

 

 

 

8,915

 

Accrued distributions to stockholders

 

 

 

 

 

997

 

LEO call option liability

 

 

4,021

 

 

 

3,009

 

Other accrued liabilities

 

 

4,789

 

 

 

2,100

 

Total current liabilities

 

 

39,858

 

 

 

32,577

 

Term loans, noncurrent

 

 

75,017

 

 

 

54,507

 

Other liabilities

 

 

1,388

 

 

 

495

 

Total liabilities

 

 

116,263

 

 

 

87,579

 

Commitments and contingencies (Note 10)

 

 

 

 

 

 

 

 

Redeemable convertible noncontrolling interests

 

 

2,570

 

 

 

122

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Undesignated preferred stock, $0.001 par value; 25,000,000 and no shares

   authorized as of September 30, 2019 and December 31, 2018; no shares

   issued and outstanding as of September 30, 2019 and December 31, 2018

 

 

 

 

 

 

Common stock, $0.001 par value; 500,000,000 and 97,412,870 shares

  authorized as of September 30, 2019 and December 31, 2018;

  117,359,502 and 92,057,704 shares issued and outstanding as of

  September 30, 2019 and December 31, 2018

 

 

117

 

 

 

92

 

Additional paid-in capital

 

 

826,062

 

 

 

494,231

 

Accumulated other comprehensive income

 

 

152

 

 

 

 

Accumulated deficit

 

 

(366,573

)

 

 

(179,444

)

Total BridgeBio stockholders' equity

 

 

459,758

 

 

 

314,879

 

Noncontrolling interests

 

 

61,939

 

 

 

62,361

 

Total stockholders' equity

 

 

521,697

 

 

 

377,240

 

Total liabilities, redeemable convertible noncontrolling interests and

   stockholders’ equity

 

$

640,530

 

 

$

464,941

 

 

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

 

(1)

The consolidated balance sheet as of December 31, 2018 is derived from the audited consolidated financial statements as of that date and was retroactively adjusted, including shares and per share amounts, as a result of the Reorganization. See Note 3 to the condensed consolidated financial statements for additional details.

 

3


 

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Statements of Operations

(unaudited)

(in thousands, except shares and per share amounts)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

License revenue

 

$

26,741

 

 

$

 

 

$

26,741

 

 

$

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of license revenue

 

 

2,500

 

 

 

 

 

 

2,500

 

 

 

 

Research and development

 

 

55,278

 

 

 

31,148

 

 

 

152,462

 

 

 

88,871

 

General and administrative

 

 

23,495

 

 

 

10,308

 

 

 

59,381

 

 

 

29,206

 

Total operating expenses

 

 

81,273

 

 

 

41,456

 

 

 

214,343

 

 

 

118,077

 

Loss from operations

 

 

(54,532

)

 

 

(41,456

)

 

 

(187,602

)

 

 

(118,077

)

Other income (expense), net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

2,736

 

 

 

528

 

 

 

6,505

 

 

 

531

 

Interest expense

 

 

(2,113

)

 

 

(1,156

)

 

 

(5,725

)

 

 

(1,368

)

Loss from ML Bio asset acquisition

 

 

(416

)

 

 

 

 

 

(416

)

 

 

 

Loss from PellePharm

 

 

(6,589

)

 

 

 

 

 

(16,144

)

 

 

 

LEO call option income (expense)

 

 

276

 

 

 

 

 

 

(1,012

)

 

 

 

Other income (expense)

 

 

(26

)

 

 

6

 

 

 

(40

)

 

 

(1,296

)

Total other income (expense), net

 

 

(6,132

)

 

 

(622

)

 

 

(16,832

)

 

 

(2,133

)

Net loss

 

 

(60,664

)

 

 

(42,078

)

 

 

(204,434

)

 

 

(120,210

)

Net loss attributable to redeemable convertible noncontrolling

   interests and noncontrolling interests

 

 

684

 

 

 

10,677

 

 

 

17,305

 

 

 

28,102

 

Net loss attributable to common stockholders of BridgeBio

 

$

(59,980

)

 

$

(31,401

)

 

$

(187,129

)

 

$

(92,108

)

Net loss per share, basic and diluted

 

$

(0.51

)

 

$

(0.52

)

 

$

(1.86

)

 

$

(1.60

)

Weighted-average shares used in computing net loss per share,

   basic and diluted

 

 

117,071,188

 

 

 

60,950,572

 

 

 

100,855,481

 

 

 

57,437,408

 

 

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


4


 

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Statements of Comprehensive Loss

(unaudited)

(in thousands)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net loss

 

$

(60,664

)

 

 

(42,078

)

 

$

(204,434

)

 

$

(120,210

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on available-for-sale securities

 

 

152

 

 

 

 

 

 

152

 

 

 

 

Comprehensive loss

 

$

(60,512

)

 

$

(42,078

)

 

$

(204,282

)

 

$

(120,210

)

 

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)

 

 

 

Redeemable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Convertible

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

BridgeBio

 

 

Noncontro-

 

 

Total

 

 

 

Noncontrolling

 

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

lling

 

 

Stockholders’

 

 

 

Interests

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Deficit

 

 

Equity

 

 

Interests

 

 

Equity

 

Balances as of December 31, 2018 (1)

 

$

122

 

 

 

 

92,057,704

 

 

$

92

 

 

$

494,231

 

 

$

 

 

$

(179,444

)

 

$

314,879

 

 

$

62,361

 

 

$

377,240

 

Issuance and vesting of restricted common

   stock and associated equity-based

   compensation expense

 

 

 

 

 

 

518,511

 

 

 

1

 

 

 

1,235

 

 

 

 

 

 

 

 

 

1,236

 

 

 

 

 

 

1,236

 

Repayment of nonrecourse notes

 

 

 

 

 

 

 

 

 

 

 

 

179

 

 

 

 

 

 

 

 

 

179

 

 

 

 

 

 

179

 

Issuance (repurchase) of noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,320

 

 

 

1,320

 

Transfers to (from) noncontrolling interest

 

 

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

 

 

 

93

 

 

 

492,677

 

 

 

 

 

 

(240,629

)

 

 

252,141

 

 

 

58,318

 

 

 

310,459

 

Vesting of restricted common stock and related

   equity-based compensation expense

 

 

 

 

 

 

604,144

 

 

 

 

 

 

2,119

 

 

 

 

 

 

 

 

 

2,119

 

 

 

 

 

 

2,119

 

Equity-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

69

 

 

 

 

 

 

 

 

 

69

 

 

 

 

 

 

69

 

Issuance (repurchase) of noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27,024

)

 

 

(27,024

)

Transfers to (from) noncontrolling interest

 

 

658

 

 

 

 

 

 

 

 

 

 

(25,440

)

 

 

 

 

 

 

 

 

(25,440

)

 

 

24,782

 

 

 

(658

)

Net loss

 

 

(685

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(65,964

)

 

 

(65,964

)

 

 

(7,685

)

 

 

(73,649

)

Balances as of June 30, 2019

 

 

175

 

 

 

 

93,180,359

 

 

 

93

 

 

 

469,425

 

 

 

 

 

 

(306,593

)

 

 

162,925

 

 

 

48,391

 

 

 

211,316

 

Vesting of restricted common stock and

   associated equity-based compensation expense

 

 

 

 

 

 

604,143

 

 

 

 

 

 

2,120

 

 

 

 

 

 

 

 

 

2,120

 

 

 

 

 

 

2,120

 

Equity-based compensation expense related to

   stock option plan

 

 

 

 

 

 

 

 

 

 

 

 

1,554

 

 

 

 

 

 

 

 

 

1,554

 

 

 

 

 

 

1,554

 

Equity-based compensation expense related to

   employee stock ownership plan

 

 

 

 

 

 

 

 

 

 

 

 

279

 

 

 

 

 

 

 

 

 

279

 

 

 

 

 

 

279

 

Issuance of common stock at $17.00 per share

   in connection with the initial public offering,

   net of issuance costs of $34,538

 

 

 

 

 

 

23,575,000

 

 

 

24

 

 

 

366,213

 

 

 

 

 

 

 

 

 

366,237

 

 

 

 

 

 

366,237

 

Issuance (repurchase) of noncontrolling interest

 

 

3,196

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(98

)

 

 

(98

)

Transfers to (from) noncontrolling interest

 

 

(166

)

 

 

 

 

 

 

 

 

 

(13,529

)

 

 

 

 

 

 

 

 

(13,529

)

 

 

13,695

 

 

 

166

 

Unrealized gains on available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

152

 

 

 

 

 

 

152

 

 

 

 

 

 

152

 

Net loss

 

 

(635

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(59,980

)

 

 

(59,980

)

 

 

(49

)

 

 

(60,029

)

Balances as of September 30, 2019

 

$

2,570

 

 

 

 

117,359,502

 

 

$

117

 

 

$

826,062

 

 

$

152

 

 

$

(366,573

)

 

$

459,758

 

 

$

61,939

 

 

$

521,697

 

 

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

 

(1)

The consolidated balances as of December 31, 2018 are derived from the audited consolidated financial statements as of that date and were retroactively adjusted, including shares and per share amounts, as a result of the Reorganization. See Note 3 to the condensed consolidated financial statements for additional details.

6


 

BRIDGEBIO PHARMA, INC.

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

(unaudited)

(in thousands, except share and per share amounts)

 

 

 

Redeemable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

Convertible

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

BridgeBio

 

 

Noncontro-

 

 

Total

 

 

 

Noncontrolling

 

 

 

Common Stock

 

 

Paid-In

 

 

Accumulated

 

 

Stockholders'

 

 

lling

 

 

Stockholders’

 

 

 

Interests

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Equity

 

 

Interests

 

 

Equity

 

Balances as of December 31, 2017 (1)

 

$

833

 

 

 

 

51,314,794

 

 

$

51

 

 

$

134,495

 

 

$

(48,695

)

 

$

85,851

 

 

$

2,498

 

 

$

88,349

 

Vesting of restricted common stock and related

   equity-based compensation expense

 

 

 

 

 

 

449,371

 

 

 

1

 

 

 

321

 

 

 

 

 

 

322

 

 

 

 

 

 

322

 

Issuance (repurchase) of noncontrolling interest

 

 

15,617

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

553

 

 

 

553

 

Transfers to (from) noncontrolling interest

 

 

(11,286

)

 

 

 

 

 

 

 

 

 

3,876

 

 

 

 

 

 

3,876

 

 

 

7,410

 

 

 

11,286

 

Net loss

 

 

(3,614

)

 

 

 

 

 

 

 

 

 

 

 

 

(34,156

)

 

 

(34,156

)

 

 

(4,660

)

 

 

(38,816

)

Balances as of March 31, 2018

 

 

1,550

 

 

 

 

51,764,165

 

 

 

52

 

 

 

138,692

 

 

 

(82,851

)

 

 

55,893

 

 

 

5,801

 

 

 

61,694

 

Vesting of restricted common stock and related

   equity-based compensation expense

 

 

 

 

 

 

450,775

 

 

 

 

 

 

325

 

 

 

 

 

 

325

 

 

 

 

 

 

325

 

Issuance of common stock at $4.29 per share, net of

   issuance costs of $0

 

 

 

 

 

 

8,455,861

 

 

 

8

 

 

 

36,292

 

 

 

 

 

 

36,300

 

 

 

 

 

 

36,300

 

Issuance (repurchase) of noncontrolling interest

 

 

46,710

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

96,689

 

 

 

96,689

 

Transfers to (from) noncontrolling interest

 

 

(41,450

)

 

 

 

 

 

 

 

 

 

56,182

 

 

 

 

 

 

56,182

 

 

 

(14,732

)

 

 

41,450

 

Net loss

 

 

(3,618

)

 

 

 

 

 

 

 

 

 

 

 

 

(26,551

)

 

 

(26,551

)

 

 

(5,533

)

 

 

(32,084

)

Balances as of June 30, 2018

 

 

3,192

 

 

 

 

60,670,801

 

 

 

60

 

 

 

231,491

 

 

 

(109,402

)

 

 

122,149

 

 

 

82,225

 

 

 

204,374

 

Vesting of restricted common stock and related

   equity-based compensation expense

 

 

 

 

 

 

451,560

 

 

 

1

 

 

 

325

 

 

 

 

 

 

326

 

 

 

 

 

 

326

 

Issuance (repurchase) of noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

974

 

 

 

974

 

Transfers to (from) noncontrolling interest

 

 

75

 

 

 

 

 

 

 

 

 

 

(2,253

)

 

 

 

 

 

(2,253

)

 

 

2,178

 

 

 

(75

)

Net loss

 

 

(2,355

)