BridgeBio Pharma, Inc. [BBIO] Filings

10-Q 1 bbio-20240630.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 June 30, 2024

☐ 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 July 25, 2024, the registrant had 188,032,738 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	47
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	60
Item 4.	Controls and Procedures	60
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	61
Item 1A.	Risk Factors	61
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	63
Item 3.	Defaults Upon Senior Securities	63
Item 4.	Mine Safety Disclosures	63
Item 5.	Other Information	63
Item 6.	Exhibits	64
Signatures		66

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Balance Sheets

(in thousands, except shares and per share amounts)


	June 30,			December 31,
	2024			2023
	(Unaudited)			(1)
Assets
Current assets:
Cash and cash equivalents	$	407,958		$	375,935
Marketable securities		39,813			—
Investments in equity securities		—			58,949
Receivables from licensing and collaboration agreements		660			1,751
Restricted cash		139,409			16,653
Prepaid expenses and other current assets		28,396			24,305
Total current assets		616,236			477,593
Investment in nonconsolidated entity		117,006			—
Property and equipment, net		9,840			11,816
Operating lease right-of-use assets		7,267			8,027
Intangible assets, net		25,123			26,319
Other assets		18,903			22,625
Total assets	$	794,375		$	546,380
Liabilities, Redeemable Convertible Noncontrolling Interests and Stockholders’ Deficit
Current liabilities:
Accounts payable	$	18,126		$	10,655
Accrued compensation and benefits		29,056			57,370
Accrued research and development liabilities		33,178			29,765
Operating lease liabilities, current portion		4,623			4,128
Deferred revenue, current portion		15,098			6,096
Accrued professional and other accrued liabilities		34,283			35,830
Total current liabilities		134,364			143,844
2029 Notes, net		737,882			736,905
2027 Notes, net		544,270			543,379
Term loan, net		435,447			446,445
Operating lease liabilities, net of current portion		7,059			8,981
Deferred revenue, net of current portion		16,961			3,727
Other long-term liabilities		485			5,634
Total liabilities		1,876,468			1,888,915
Commitments and contingencies (Note 8)
Redeemable convertible noncontrolling interests		(223	)		478
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; 194,224,499 shares issued and 188,032,738 shares outstanding as of June 30, 2024, 181,274,712 shares issued and 175,082,951 shares outstanding as of December 31, 2023		194			181
Treasury stock, at cost; 6,191,761 shares as of June 30, 2024 and December 31, 2023		(275,000	)		(275,000	)
Additional paid-in capital		1,851,058			1,481,032
Accumulated other comprehensive income		(4	)		31
Accumulated deficit		(2,669,173	)		(2,560,501	)
Total BridgeBio stockholders’ deficit		(1,092,925	)		(1,354,257	)
Noncontrolling interests		11,055			11,244
Total stockholders’ deficit		(1,081,870	)		(1,343,013	)
Total liabilities, redeemable convertible noncontrolling interests and stockholders’ deficit	$	794,375		$	546,380

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

(1)

The condensed consolidated balance sheet as of December 31, 2023 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 June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Revenue	$	2,168		$	1,641		$	213,288		$	3,467
Operating costs and expenses:
Cost of revenue		598			599			1,196			1,250
Research and development		114,695			107,488			255,667			200,349
Selling, general and administrative		59,523			36,122			125,330			67,230
Restructuring, impairment and related charges		2,891			3,531			6,291			6,900
Total operating costs and expenses		177,707			147,740			388,484			275,729
Loss from operations		(175,539	)		(146,099	)		(175,196	)		(272,262	)
Other income (expense), net:
Interest income		5,195			4,514			9,270			8,667
Interest expense		(22,937	)		(20,594	)		(46,408	)		(40,715	)
Gain on deconsolidation of a subsidiary		126,294			—			126,294			—
Loss on extinguishment of debt		—			—			(26,590	)		—
Net loss from equity method investment		(7,925	)		—			(7,925	)		—
Other income (expense), net		(632	)		1,476			8,851			875
Total other income (expense), net		99,995			(14,604	)		63,492			(31,173	)
Net loss		(75,544	)		(160,703	)		(111,704	)		(303,435	)
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests		2,088			2,804			3,032			5,380
Net loss attributable to common stockholders of BridgeBio	$	(73,456	)	$	(157,899	)	$	(108,672	)	$	(298,055	)
Net loss per share attributable to common stockholders of BridgeBio, basic and diluted	$	(0.39	)	$	(0.98	)	$	(0.59	)	$	(1.90	)
Weighted-average shares used in computing net loss per share attributable to common stockholders of BridgeBio, basic and diluted		187,586,680			160,535,435			183,145,995			156,645,838

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 June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Net loss	$	(75,544	)	$	(160,703	)	$	(111,704	)	$	(303,435	)
Other comprehensive loss:
Unrealized gains (losses) on available-for-sale securities		(6	)		75			(35	)		391
Comprehensive loss		(75,550	)		(160,628	)		(111,739	)		(303,044	)
Comprehensive loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests		2,088			2,804			3,032			5,380
Comprehensive loss attributable to common stockholders of BridgeBio	$	(73,462	)	$	(157,824	)	$	(108,707	)	$	(297,664	)

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)


	Six Months Ended June 30, 2024

	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, 2023 (2)	$	478			175,082,951		$	181		6,191,761	$	(275,000	)	$	1,481,032		$	31		$	(2,560,501	)	$	(1,354,257	)	$	11,244		$	(1,343,013	)
Issuance of shares under equity compensation plans		—			1,049,580			1		—		—			536			—			—			537			—			537
Issuance of common stock under ESPP		—			93,344			—		—		—			2,364			—			—			2,364			—			2,364
Repurchase of RSU shares to satisfy tax withholding		—			(78,915	)		—		—		—			(2,936	)		—			—			(2,936	)		—			(2,936	)
Stock-based compensation		—			—			—		—		—			27,125			—			—			27,125			—			27,125
Issuance of common stock under public offerings, net		—			10,975,784			11		—		—			314,730			—			—			314,741			—			314,741
Issuance of noncontrolling interests		—			—			—		—		—			—			—			—			—			35			35
Transfers from (to) noncontrolling interests		1,278			—			—		—		—			(1,857	)		—			—			(1,857	)		579			(1,278	)
Unrealized loss on available-for-sale securities		—			—			—		—		—			—			(29	)		—			(29	)		—			(29	)
Net income (loss)		(1,231	)		—			—		—		—			—			—			(35,216	)		(35,216	)		287			(34,929	)
Balances as of March 31, 2024	$	525			187,122,744		$	193		6,191,761	$	(275,000	)	$	1,820,994		$	2		$	(2,595,717	)	$	(1,049,528	)	$	12,145		$	(1,037,383	)
Issuance of shares under equity compensation plans		—			966,153			1		—		—			240			—			—			241			—			241
Repurchase of RSU shares to satisfy tax withholding		—			(56,159	)		—		—		—			(1,743	)		—			—			(1,743	)		—			(1,743	)
Stock-based compensation		—			—			—		—		—			31,504			—			—			31,504			—			31,504
Issuance of noncontrolling interests		—			—			—		—		—			—			—			—			—			164			164
Transfers from (to) noncontrolling interests		106			—			—		—		—			(72	)		—			—			(72	)		(34	)		(106	)
Deconsolidation of a subsidiary		—			—			—		—		—			135			—			126,294			126,429			14			126,443
Unrealized gain on available-for-sale securities		—			—			—		—		—			—			(6	)		—			(6	)		—			(6	)
Net loss		(854	)		—			—		—		—			—			—			(199,750	)		(199,750	)		(1,234	)		(200,984	)
Balances as of June 30, 2024	$	(223	)		188,032,738		$	194		6,191,761	$	(275,000	)	$	1,851,058		$	(4	)	$	(2,669,173	)	$	(1,092,925	)	$	11,055		$	(1,081,870	)


	Six Months Ended June 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		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	$

BridgeBio Pharma, Inc. [BBIO] Filings
10-Q	[2024-08-01]
10-Q	[2024-05-02]
10-K	[2024-02-22]
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]