BridgeBio Pharma, Inc. [BBIO] Filings

10-Q 1 bbio-20230930.htm 10-Q 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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, 2023

☐ 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.)
3160 Porter Drive, Suite 250, Palo Alto, CA		94304
(Address of principal executive offices)		(Zip Code)

(650) 391-9740

(Registrant’s telephone number, including area code)

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, par value $0.001 per share

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, a 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 October 26, 2023, the registrant had 173,967,052 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’ Deficit	6
	Condensed Consolidated Statements of Cash Flows	8
	Notes to Condensed Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	43
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	55
Item 4.	Controls and Procedures	55
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	56
Item 1A.	Risk Factors	56
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	58
Item 3.	Defaults Upon Senior Securities	58
Item 4.	Mine Safety Disclosures	58
Item 5.	Other Information	58
Item 6.	Exhibits	59
Signatures		61

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Balance Sheets

(in thousands, except shares and per share amounts)


	September 30,			December 31,
	2023			2022
	(Unaudited)			(1)
Assets
Current assets:
Cash and cash equivalents	$	505,213		$	376,689
Marketable securities		—			51,580
Investment in equity securities		38,052			43,653
Receivable from licensing and collaboration agreements		5,170			17,079
Restricted cash		16,652			37,930
Prepaid expenses and other current assets		22,583			21,922
Total current assets		587,670			548,853
Property and equipment, net		12,413			14,569
Operating lease right-of-use assets		9,332			10,678
Intangible assets, net		26,917			28,712
Other assets		18,676			20,224
Total assets	$	655,008		$	623,036
Liabilities, Redeemable Convertible Noncontrolling Interests and Stockholders’ Deficit
Current liabilities:
Accounts payable	$	4,472		$	11,558
Accrued compensation and benefits		33,735			31,256
Accrued research and development liabilities		29,244			39,803
Operating lease liabilities, current portion		4,137			3,675
Deferred revenue, current portion		6,592			8,156
Accrued professional and other accrued liabilities		27,885			26,980
Total current liabilities		106,065			121,428
2029 Notes, net		736,422			734,988
2027 Notes, net		542,938			541,634
Term loan, net		441,721			430,993
Operating lease liabilities, net of current portion		9,812			12,274
Other long-term liabilities		11,785			26,643
Total liabilities		1,848,743			1,867,960
Commitments and contingencies (Note 8)
Redeemable convertible noncontrolling interests		1,403			(1,589	)
Stockholders’ deficit:
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; 180,323,715 shares issued and 174,131,954 shares outstanding as of September 30, 2023, 156,817,333 shares issued and 150,625,572 shares outstanding as of December 31, 2022		180			157
Treasury stock, at cost; 6,191,761 shares as of September 30, 2023 and December 31, 2022		(275,000	)		(275,000	)
Additional paid-in capital		1,459,596			938,703
Accumulated other comprehensive income (loss)		34			(328	)
Accumulated deficit		(2,392,353	)		(1,918,149	)
Total BridgeBio stockholders’ deficit		(1,207,543	)		(1,254,617	)
Noncontrolling interests		12,405			11,282
Total stockholders’ deficit		(1,195,138	)		(1,243,335	)
Total liabilities, redeemable convertible noncontrolling interests and stockholders’ deficit	$	655,008		$	623,036

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

(1)

The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited consolidated financial statements as of that date.

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,
	2023			2022			2023			2022
Revenue	$	4,091		$	338		$	7,558		$	75,778
Operating costs and expenses:
Cost of revenue		598			739			1,848			2,787
Research and development		125,136			92,511			325,485			308,560
Selling, general and administrative		35,777			31,188			103,007			111,327
Restructuring, impairment and related charges		272			5,016			7,172			36,074
Total operating costs and expenses		161,783			129,454			437,512			458,748
Loss from operations		(157,692	)		(129,116	)		(429,954	)		(382,970	)
Other income (expense), net:
Interest income		3,793			2,417			12,460			3,450
Interest expense		(20,306	)		(19,825	)		(61,021	)		(60,448	)
Gain from sale of priority review voucher, net		—			—			—			107,946
Other income (expense), net		(5,283	)		6,331			(4,408	)		(12,060	)
Total other income (expense), net		(21,796	)		(11,077	)		(52,969	)		38,888
Net loss		(179,488	)		(140,193	)		(482,923	)		(344,082	)
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests		2,489			2,854			7,869			490
Net loss attributable to common stockholders of BridgeBio	$	(176,999	)	$	(137,339	)	$	(475,054	)	$	(343,592	)
Net loss per share attributable to common stockholders of BridgeBio, basic and diluted	$	(1.08	)	$	(0.93	)	$	(2.99	)	$	(2.34	)
Weighted-average shares used in computing net loss per share attributable to common stockholders of BridgeBio, basic and diluted		163,308,632			147,937,817			158,891,152			146,842,453

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

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Statements of Comprehensive Loss

(Unaudited)

(in thousands)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Net loss	$	(179,488	)	$	(140,193	)	$	(482,923	)	$	(344,082	)
Other comprehensive income (loss):
Unrealized gains (losses) on available-for-sale securities		(29	)		79			362			(216	)
Comprehensive loss		(179,517	)		(140,114	)		(482,561	)		(344,298	)
Comprehensive loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests		2,489			2,854			7,869			490
Comprehensive loss attributable to common stockholders of BridgeBio	$	(177,028	)	$	(137,260	)	$	(474,692	)	$	(343,808	)

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

BRIDGEBIO PHARMA, INC.

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

(Unaudited)

(in thousands, except shares and per share amounts)


	Nine Months Ended September 30. 2023

	Redeemable																Accumulated						Total
	Convertible													Additional			Other						BridgeBio			Non-		Total
	Noncontrolling			Common Stock					Treasury Stock					Paid-In			Comprehensive			Accumulated			Stockholders’			controlling		Stockholders’
	Interests			Shares			Amount		Shares		Amount			Capital			Income (Loss)			Deficit			Deficit			Interests		Deficit
Balances as of December 31, 2022 (2)	$	(1,589	)		150,625,572		$	157		6,191,761	$	(275,000	)	$	938,703		$	(328	)	$	(1,918,149	)	$	(1,254,617	)	$	11,282	$	(1,243,335	)
Issuance of shares under equity compensation plans		—			834,427			1		—		—			192			—			—			193			—		193
Issuance of common stock under ESPP		—			192,200			—		—		—			1,809			—			—			1,809			—		1,809
Repurchase of shares to satisfy tax withholding		—			(40,491	)		—		—		—			(512	)		—			—			(512	)		—		(512	)
Stock-based compensation		—			—			—		—		—			24,330			—			—			24,330			—		24,330
Issuance of common stock under Follow-on offering, net		—			8,823,530			9		—		—			143,007			—			—			143,016			—		143,016
Issuance of noncontrolling interests		—			—			—		—		—			—			—			—			—			42		42
Transfers from (to) noncontrolling interests		1,633			—			—		—		—			(2,843	)		—			—			(2,843	)		1,210		(1,633	)
Deconsolidation of PellePharm		899			—			—		—		—			1,949			—			850			2,799			1,151		3,950
Unrealized gain on available-for-sale securities		—			—			—		—		—			—			316			—			316			—		316
Net loss		(1,147	)		—			—		—		—			—			—			(140,156	)		(

BridgeBio Pharma, Inc. [BBIO] Filings
10-Q	[2023-11-02]
10-Q	[2023-08-03]
10-Q	[2023-05-04]
10-K	[2023-02-23]
10-Q	[2022-11-03]
10-Q	[2022-08-04]
10-Q	[2022-05-05]
10-K	[2022-02-25]
10-Q	[2021-11-04]
10-Q	[2021-08-05]
10-Q	[2021-05-06]
10-K	[2021-02-25]
10-Q	[2020-11-05]
10-Q	[2020-08-11]
10-Q	[2020-05-14]
10-K	[2020-03-03]
10-Q	[2019-11-08]
10-Q	[2019-08-14]
S-1	[2019-05-24]