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Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Stock Based Compensation for Employees and Non Employees

Under each of the legal entity’s equity plans, we recorded stock-based compensation in the following expense categories in our condensed consolidated statements of operations for employees and non-employees:

 

 

 

Three Months Ended June 30, 2022

 

 

Six Months Ended June 30, 2022

 

 

 

BridgeBio
Equity Plan

 

 

Other
Subsidiaries
Equity Plan

 

 

Total

 

 

BridgeBio
Equity Plan

 

 

Other
Subsidiaries
Equity Plan

 

 

Total

 

 

 

(in thousands)

 

Research and development

 

$

14,194

 

 

$

158

 

 

$

14,352

 

 

$

22,680

 

 

$

229

 

 

$

22,909

 

Selling, general and administrative

 

 

13,951

 

 

 

2

 

 

 

13,953

 

 

 

28,474

 

 

 

31

 

 

 

28,505

 

Restructuring, impairment and related charges

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,172

 

 

 

—

 

 

 

1,172

 

Total stock-based compensation

 

$

28,145

 

 

$

160

 

 

$

28,305

 

 

$

52,326

 

 

$

260

 

 

$

52,586

 

 

 

 

 

Three Months Ended June 30, 2021

 

 

Six Months Ended June 30, 2021

 

 

 

BridgeBio
Equity Plan

 

 

Other
Subsidiaries
Equity Plan

 

 

Total

 

 

BridgeBio
Equity Plan

 

 

Other
Subsidiaries
Equity Plan

 

 

Total

 

 

 

(in thousands)

 

Research and development

 

$

19,163

 

 

$

121

 

 

$

19,284

 

 

$

40,463

 

 

$

1,270

 

 

$

41,733

 

Selling, general and administrative

 

 

12,532

 

 

 

219

 

 

 

12,751

 

 

 

22,263

 

 

 

2,935

 

 

 

25,198

 

Total stock-based compensation

 

$

31,695

 

 

$

340

 

 

$

32,035

 

 

$

62,726

 

 

$

4,205

 

 

$

66,931

 
Summary of Stock Option Activity

The following table summarizes BridgeBio’s stock option activity under the Plans for the six months ended June 30, 2022:

 

 

Options
Outstanding

 

 

Weighted-
Average
Exercise
Price per
Option

 

 

Weighted-
Average
Remaining
Contractual
Life (years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Outstanding as of December 31, 2021

 

 

 

 

12,141,756

 

 

 

 

 

 

 

 

 

 

Regular equity program

 

9,493,258

 

 

 

 

 

$

31.85

 

 

 

8.5

 

 

$

—

 

Eidos Awards Exchange

 

2,107,626

 

 

 

 

 

$

16.14

 

 

 

6.9

 

 

$

10,147

 

Exchange Program

 

540,872

 

 

 

 

 

$

2.46

 

 

 

7.0

 

 

$

7,956

 

Granted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regular equity program

 

 

 

 

1,468,894

 

 

$

8.45

 

 

 

 

 

 

 

Exercised

 

 

 

 

(107,692

)

 

 

 

 

 

 

 

 

 

Eidos Awards Exchange

 

(37,715

)

 

 

 

 

$

1.38

 

 

 

 

 

 

 

Exchange Program

 

(69,977

)

 

 

 

 

$

1.54

 

 

 

 

 

 

 

Cancelled

 

 

 

 

(833,848

)

 

 

 

 

 

 

 

 

 

Regular equity program

 

(429,897

)

 

 

 

 

$

34.54

 

 

 

 

 

 

 

Eidos Awards Exchange

 

(389,338

)

 

 

 

 

$

23.07

 

 

 

 

 

 

 

Exchange Program

 

(14,613

)

 

 

 

 

$

3.49

 

 

 

 

 

 

 

Outstanding as of June 30, 2022

 

 

 

 

12,669,110

 

 

 

 

 

 

 

 

 

 

Regular equity program

 

10,532,255

 

 

 

 

 

$

28.47

 

 

 

8.2

 

 

$

925

 

Eidos Awards Exchange

 

1,680,573

 

 

 

 

 

$

14.86

 

 

 

6.0

 

 

$

2,936

 

Exchange Program

 

456,282

 

 

 

 

 

$

2.56

 

 

 

6.7

 

 

$

3,294

 

Exercisable as of June 30, 2022

 

 

 

 

6,154,654

 

 

 

 

 

 

 

 

 

 

Regular equity program

 

4,491,447

 

 

 

 

 

$

26.18

 

 

 

7.3

 

 

$

—

 

Eidos Awards Exchange

 

1,241,614

 

 

 

 

 

$

12.67

 

 

 

5.5

 

 

$

2,788

 

Exchange Program

 

421,593

 

 

 

 

 

$

2.29

 

 

 

6.6

 

 

$

3,106

 
Summary of Restricted Stock Units Activity

The following table summarizes BridgeBio’s RSU activity under the Plans for the six months ended June 30, 2022:

 

 

 

Unvested
Shares of
RSUs
Outstanding

 

 

Weighted-
Average
Grant Date
Fair Value

 

Balance as of December 31, 2021

 

 

3,537,719

 

 

$

45.36

 

Granted

 

 

4,390,492

 

 

$

8.53

 

Vested

 

 

(732,587

)

 

$

21.95

 

Cancelled

 

 

(1,139,693

)

 

$

33.66

 

Balance as of June 30, 2022

 

 

6,055,931

 

 

$

23.69

 
Summary of Restricted Stock Award Activity

The following table summarizes our RSA activity under the Plans for the six months ended June 30, 2022:

 

 

 

Unvested
Shares of
RSAs
Outstanding

 

 

Weighted-
Average
Grant Date
Fair Value

 

Balance as of December 31, 2021

 

 

1,789,943

 

 

$

5.50

 

Vested — Regular equity program

 

 

(672,512

)

 

$

3.80

 

Cancelled — Regular equity program

 

 

(3,425

)

 

$

5.56

 

Balance as of June 30, 2022

 

 

1,114,006

 

 

$

6.52

 
2019 Employee Stock Purchase Plan  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Schedule of Assumptions Used to Determine Fair Value of Stock Purchase Rights

We used the Black-Scholes model to estimate the fair value of stock purchase rights under the ESPP. For the six months ended June 30, 2022, we used the following weighted-average assumptions in the Black-Scholes calculations:

 

Expected term (in years)

 

0.50

 

Expected volatility

52.04% - 191.67%

 

Risk-free interest rate

0.05% - 0.67%

 

Dividend yield

 

—

 

Weighted-average fair value of stock-based awards granted

$

6.72

 
Restricted Stock Awards  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Stock Based Compensation for Employees and Non Employees

For the three and six months ended June 30, 2022, we recognized stock-based compensation expense related to RSAs under the Plans as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2022

 

 

 

(in thousands)

 

Exchange Program

 

$

—

 

 

$

—

 

Other RSAs

 

 

1,483

 

 

 

2,968

 

Total stock-based compensation
   expense

 

$

1,483

 

 

$

2,968