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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, 2022

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, 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, 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 28, 2022, the registrant had 149,483,134 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 (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

 

56

Item 4.

 

Controls and Procedures

 

56

PART II.

 

OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

57

Item 1A.

 

Risk Factors

 

57

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

59

Item 3.

 

Defaults Upon Senior Securities

 

59

Item 4.

 

Mine Safety Disclosures

 

59

Item 5.

 

Other Information

 

59

Item 6.

 

Exhibits

 

60

Signatures

 

62

 

 

2


 

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Balance Sheets

(in thousands, except shares and per share amounts)

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(Unaudited)

 

 

(1)

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

483,235

 

 

$

393,772

 

Marketable securities

 

 

75,080

 

 

 

393,743

 

Investment in equity securities

 

 

33,662

 

 

 

49,148

 

Receivable from licensing and collaboration agreements

 

 

24,581

 

 

 

19,749

 

Prepaid expenses and other current assets

 

 

25,661

 

 

 

32,446

 

Total current assets

 

 

642,219

 

 

 

888,858

 

Property and equipment, net

 

 

15,603

 

 

 

30,066

 

Operating lease right-of-use assets

 

 

11,738

 

 

 

15,907

 

Intangible assets, net

 

 

29,310

 

 

 

44,934

 

Other assets

 

 

29,870

 

 

 

33,027

 

Total assets

 

$

728,740

 

 

$

1,012,792

 

Liabilities, Redeemable Convertible Noncontrolling Interests and Stockholders’ Deficit

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

10,158

 

 

$

11,884

 

Accrued compensation and benefits

 

 

24,842

 

 

 

37,041

 

Accrued research and development liabilities

 

 

44,564

 

 

 

44,138

 

Accrued professional services

 

 

4,230

 

 

 

6,786

 

Operating lease liabilities, current portion

 

 

4,044

 

 

 

4,938

 

Deferred revenue, current portion

 

 

7,518

 

 

 

 

Other accrued liabilities

 

 

23,838

 

 

 

30,282

 

Total current liabilities

 

 

119,194

 

 

 

135,069

 

2029 Notes, net

 

 

734,516

 

 

 

733,119

 

2027 Notes, net

 

 

541,205

 

 

 

539,934

 

Term loan, net

 

 

422,972

 

 

 

430,752

 

Operating lease liabilities, net of current portion

 

 

13,000

 

 

 

17,428

 

Other long-term liabilities

 

 

28,226

 

 

 

22,069

 

Total liabilities

 

 

1,859,113

 

 

 

1,878,371

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

Redeemable convertible noncontrolling interests

 

 

(2,388

)

 

 

1,423

 

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;
   
155,558,848 shares issued and 149,367,087 shares outstanding as of
   September 30, 2022,
153,535,084 shares issued and 147,343,323 shares
   outstanding as of December 31, 2021

 

 

156

 

 

 

154

 

Treasury stock, at cost; 6,191,761 shares as of September 30, 2022 and
   December 31, 2021

 

 

(275,000

)

 

 

(275,000

)

Additional paid-in capital

 

 

917,333

 

 

 

841,530

 

Accumulated other comprehensive loss

 

 

(348

)

 

 

(132

)

Accumulated deficit

 

 

(1,780,558

)

 

 

(1,436,966

)

Total BridgeBio stockholders’ deficit

 

 

(1,138,417

)

 

 

(870,414

)

Noncontrolling interests

 

 

10,432

 

 

 

3,412

 

Total stockholders’ deficit

 

 

(1,127,985

)

 

 

(867,002

)

Total liabilities, redeemable convertible noncontrolling interests and
   stockholders’ deficit

 

$

728,740

 

 

$

1,012,792

 

 

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

 

(1)
The condensed consolidated balance sheet as of December 31, 2021 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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

License and services revenue

 

$

338

 

 

$

1,585

 

 

$

74,319

 

 

$

55,084

 

Product sales

 

 

 

 

 

759

 

 

 

1,459

 

 

 

1,746

 

Total revenue

 

 

338

 

 

 

2,344

 

 

 

75,778

 

 

 

56,830

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of license revenue and products sold

 

 

739

 

 

 

1,454

 

 

 

2,787

 

 

 

1,563

 

Research and development

 

 

92,511

 

 

 

104,305

 

 

 

308,560

 

 

 

328,824

 

Selling, general and administrative

 

 

31,188

 

 

 

46,084

 

 

 

111,327

 

 

 

137,461

 

Restructuring, impairment and related charges

 

 

5,016

 

 

 

 

 

 

36,074

 

 

 

 

Total operating costs and expenses

 

 

129,454

 

 

 

151,843

 

 

 

458,748

 

 

 

467,848

 

Loss from operations

 

 

(129,116

)

 

 

(149,499

)

 

 

(382,970

)

 

 

(411,018

)

Other income (expense), net:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

2,417

 

 

 

234

 

 

 

3,450

 

 

 

951

 

Interest expense

 

 

(19,825

)

 

 

(11,067

)

 

 

(60,448

)

 

 

(31,644

)

Gain from sale of priority review voucher, net

 

 

 

 

 

 

 

 

107,946

 

 

 

 

Other income (expense), net

 

 

6,331

 

 

 

(684

)

 

 

(12,060

)

 

 

7,539

 

Total other income (expense), net

 

 

(11,077

)

 

 

(11,517

)

 

 

38,888

 

 

 

(23,154

)

Net loss

 

 

(140,193

)

 

 

(161,016

)

 

 

(344,082

)

 

 

(434,172

)

Net loss attributable to redeemable convertible
   noncontrolling interests and noncontrolling
   interests

 

 

2,854

 

 

 

5,081

 

 

 

490

 

 

 

18,810

 

Net loss attributable to common stockholders
   of BridgeBio

 

$

(137,339

)

 

$

(155,935

)

 

$

(343,592

)

 

$

(415,362

)

Net loss per share attributable to common stockholders
   of BridgeBio, basic and diluted

 

$

(0.93

)

 

$

(1.06

)

 

$

(2.34

)

 

$

(2.88

)

Weighted-average shares used in computing net loss
   per share attributable to common stockholders
   of BridgeBio, basic and diluted

 

 

147,937,817

 

 

 

146,662,756

 

 

 

146,842,453

 

 

 

144,044,360

 

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net loss

 

$

(140,193

)

 

$

(161,016

)

 

$

(344,082

)

 

$

(434,172

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on available-for-sale securities

 

 

79

 

 

 

(17

)

 

 

(216

)

 

 

(173

)

Comprehensive loss

 

 

(140,114

)

 

 

(161,033

)

 

 

(344,298

)

 

 

(434,345

)

Comprehensive loss attributable to redeemable convertible noncontrolling interests and
  noncontrolling interests

 

 

2,854

 

 

 

5,081

 

 

 

490

 

 

 

18,810

 

Comprehensive loss attributable to common stockholders
   of BridgeBio

 

$

(137,260

)

 

$

(155,952

)

 

$

(343,808

)

 

$

(415,535

)

 

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 (Deficit)

(Unaudited)

(in thousands, except shares and per share amounts)

 

 

 

Nine Months Ended September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2021 (2)

 

$

1,423

 

 

 

 

147,343,323

 

 

$

154

 

 

 

6,191,761

 

 

$

(275,000

)

 

$

841,530

 

 

$

(132

)

 

$

(1,436,966

)

 

$

(870,414

)

 

$

3,412

 

 

$

(867,002

)

Issuance of shares under equity
   compensation plans

 

 

 

 

 

 

229,926

 

 

 

 

 

 

 

 

 

 

 

 

104

 

 

 

 

 

 

 

 

 

104

 

 

 

 

 

 

104

 

Issuance of common stock under ESPP

 

 

 

 

 

 

127,635

 

 

 

 

 

 

 

 

 

 

 

 

966

 

 

 

 

 

 

 

 

 

966

 

 

 

 

 

 

966

 

Repurchase of shares to satisfy tax withholding

 

 

 

 

 

 

(12,491

)

 

 

 

 

 

 

 

 

 

 

 

(110

)

 

 

 

 

 

 

 

 

(110

)

 

 

 

 

 

(110

)

Stock-based compensation