0000950170-23-017812.txt : 20230504 0000950170-23-017812.hdr.sgml : 20230504 20230504160100 ACCESSION NUMBER: 0000950170-23-017812 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 94 CONFORMED PERIOD OF REPORT: 20230331 FILED AS OF DATE: 20230504 DATE AS OF CHANGE: 20230504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BridgeBio Pharma, Inc. CENTRAL INDEX KEY: 0001743881 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38959 FILM NUMBER: 23888451 BUSINESS ADDRESS: STREET 1: 3160 PORTER DR. STREET 2: SUITE 250 CITY: PALO ALTO STATE: CA ZIP: 94304 BUSINESS PHONE: (650) 391-9740 MAIL ADDRESS: STREET 1: 3160 PORTER DR. STREET 2: SUITE 250 CITY: PALO ALTO STATE: CA ZIP: 94304 FORMER COMPANY: FORMER CONFORMED NAME: BridgeBio Pharma LLC DATE OF NAME CHANGE: 20180618 10-Q 1 bbio-20230331.htm 10-Q 10-Q
P5Dfalsehttp://fasb.org/us-gaap/2022#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2022#OtherAssetsNoncurrentP5DP5Dhttp://fasb.org/us-gaap/2022#OtherAssetsNoncurrentQ1P5Dhttp://fasb.org/us-gaap/2022#OtherAssetsNoncurrent--12-3100017438810001743881us-gaap:AdditionalPaidInCapitalMemberbbio:SatisfyTaxWithholdingMember2023-01-012023-03-310001743881us-gaap:TreasuryStockMember2023-03-310001743881bbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMemberus-gaap:RestrictedStockMember2023-03-310001743881srt:MaximumMemberbbio:OriginBiosciencesIncMember2018-01-012018-12-310001743881us-gaap:LicenseMemberbbio:LicenseAgreementMemberbbio:NavirePharmaIncMemberbbio:LianBioMember2023-01-012023-03-310001743881bbio:NavireBmsMemberbbio:LicenseAgreementMember2022-06-012022-06-300001743881bbio:TwoThousandTwentyStockAndEquityAwardExchangeProgramMemberbbio:TwoThousandNineteenStockOptionAndIncentivePlanMember2020-04-222020-04-220001743881bbio:QEDTherapeuticsIncMemberbbio:FoundationMedicineDiagnosticsAgreementMemberbbio:FoundationMedicineIncMember2018-11-302018-11-300001743881us-gaap:EmployeeStockOptionMember2023-01-012023-03-310001743881bbio:TwoPointFiveZeroPercentageConvertibleSeniorNotesDueTwoThousandAndTwentySevenMember2020-03-092020-03-090001743881us-gaap:AccountingStandardsUpdate201818Member2022-01-012022-03-310001743881bbio:QEDTherapeuticsIncMember2023-03-310001743881us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001743881bbio:LicenseAndCollaborationAgreementMemberbbio:HelsinnTherapeuticsMember2021-03-292021-03-290001743881bbio:LianBioMemberbbio:EquityMethodInvesteesIpoMember2022-01-012022-03-310001743881srt:MinimumMemberus-gaap:EmployeeStockOptionMember2023-01-012023-03-310001743881bbio:CommonStockOptionsIssuedAndOutstandingMember2022-01-012022-03-310001743881bbio:LoanAgreementMember2022-01-012022-03-310001743881srt:MaximumMemberbbio:LoanAgreementMember2021-11-300001743881us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001743881us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001743881us-gaap:RetainedEarningsMember2023-03-310001743881bbio:AssumedConversionOfTwoThousandTwentySevenNotesMember2023-01-012023-03-310001743881bbio:RedeemableConvertibleNoncontrollingInterestsMember2023-01-012023-03-310001743881bbio:QEDTherapeuticsIncMember2022-12-310001743881us-gaap:ResearchAndDevelopmentExpenseMember2022-01-012022-03-310001743881bbio:CommonStockOptionsIssuedAndOutstandingMember2023-01-012023-03-310001743881us-gaap:CommonStockMemberbbio:TwoThousandNineteenStockOptionAndIncentivePlanMember2023-02-280001743881bbio:OtherConsolidatedEntitiesMemberus-gaap:ResearchAndDevelopmentExpenseMember2022-01-012022-03-3100017438812023-04-240001743881us-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-03-310001743881bbio:QEDTherapeuticsIncMemberbbio:FoundationMedicineDiagnosticsAgreementMemberbbio:FoundationMedicineIncMember2023-02-012023-02-280001743881us-gaap:FairValueMeasurementsRecurringMember2023-03-310001743881srt:MaximumMemberbbio:AtTheMarketOfferingMemberus-gaap:CommonStockMember2020-07-012020-07-310001743881bbio:PellePharmIncMember2023-01-012023-03-310001743881bbio:FoundationMedicineDiagnosticsAgreementMemberbbio:FoundationMedicineIncMember2021-05-310001743881us-gaap:LicenseMemberbbio:LicenseAgreementMemberbbio:LianBioMember2021-01-012021-12-310001743881bbio:LianBioMemberbbio:EquityMethodInvesteesIpoMember2023-01-012023-03-310001743881bbio:BridgeBioServicesIncMember2023-01-012023-03-310001743881bbio:TwoThousandTwentyStockAndEquityAwardExchangeProgramMemberbbio:PerformanceBasedRestrictedStockAwardsMember2020-04-222020-04-220001743881bbio:NavirePharmaIncMemberbbio:LicenseAndCollaborationAgreementMemberbbio:BristolMyersSquibbCompanyMember2022-12-310001743881bbio:NavirePharmaIncMemberbbio:LicenseAndCollaborationAgreementMemberbbio:BristolMyersSquibbCompanyMember2023-01-012023-03-310001743881bbio:LicenseAgreementMemberbbio:HelsinnTherapeuticsMember2022-12-310001743881us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001743881us-gaap:AdditionalPaidInCapitalMember2023-03-310001743881bbio:LeaseAgreementsAndLettersOfCreditMember2023-03-310001743881us-gaap:MoneyMarketFundsMember2022-12-310001743881bbio:TwoThousandTwentyOneCappedCallTransactionsMemberbbio:ShareRepurchaseTransactionsMember2021-01-252021-01-250001743881us-gaap:NoncontrollingInterestMember2022-03-310001743881bbio:TwoThousandSixteenEquityIncentivePlanAndTwoThousandEighteenStockOptionAndIncentivePlanMemberbbio:EidosTherapeuticsIncMember2023-01-012023-03-310001743881bbio:RegularEquityProgramMemberbbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMember2023-01-012023-03-3100017438812022-08-162022-08-160001743881bbio:HelsinnTherapeuticsMember2023-01-012023-03-310001743881us-gaap:AdditionalPaidInCapitalMemberus-gaap:EmployeeStockMember2023-01-012023-03-310001743881bbio:TwoThousandTwentyOneCappedCallTransactionsMember2021-01-252021-01-250001743881bbio:LoanAndSecurityAgreementMember2023-03-310001743881us-gaap:CommonStockMember2022-12-310001743881bbio:QEDTherapeuticsIncMembersrt:ScenarioForecastMember2023-01-012023-06-300001743881us-gaap:PaymentInKindPIKNoteMemberbbio:LoanAgreementMember2023-03-310001743881us-gaap:ParentMemberus-gaap:StockCompensationPlanMember2022-01-012022-03-310001743881bbio:InterestAdjustOnTwoPointTwoFivePercentageConvertibleSeniorNotesDueTwoThousandAndTwentyNineMember2023-03-310001743881bbio:AgencyDiscountNotesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310001743881us-gaap:NoncontrollingInterestMember2022-12-310001743881us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-012022-03-310001743881bbio:AgencyDiscountNotesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310001743881bbio:AccruedResearchAndDevelopmentLiabilitiesMember2022-12-310001743881bbio:QEDTherapeuticsIncMemberbbio:EntitiesAffiliatedWithPerceptiveLifeSciencesMasterFundLtdMember2019-10-012019-10-310001743881bbio:BridgeBioServicesIncMemberbbio:RestructuringImpairmentAndRelatedChargesMember2022-01-012022-03-310001743881us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310001743881bbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMemberbbio:TwoThousandTwentyStockAndEquityAwardExchangeProgramMember2022-12-310001743881bbio:BridgeBioServicesIncMemberus-gaap:ResearchAndDevelopmentExpenseMember2022-01-012022-03-310001743881bbio:LeidosBiomedicalResearchIncMemberbbio:TheRasIncMemberbbio:LeidosBiomedicalResearchLicenseAndCooperativeResearchAndDevelopmentAgreementsMember2023-01-012023-03-310001743881bbio:SatisfyTaxWithholdingMember2023-01-012023-03-310001743881bbio:InterestAdjustOnTwoPointFiveZeroPercentageConvertibleSeniorNotesDueTwoThousandAndTwentySevenMember2023-03-310001743881bbio:RedeemableConvertibleNoncontrollingInterestsMember2023-03-310001743881bbio:BridgeBioPharmaLimitedLiabilityCompanyMemberbbio:LianBioMemberbbio:EntitiesAffiliatedWithPerceptiveLifeSciencesMasterFundLtdMember2019-10-012019-10-310001743881bbio:ShareRepurchaseTransactionsMemberbbio:CappedCallTransactionsMember2020-03-040001743881bbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMemberus-gaap:EmployeeStockOptionMember2023-01-012023-03-310001743881bbio:PrincipalValueOfConvertibleSeniorNotesDueTwoThousandAndTwentyNineAndTwoThousandAndTwentySevenMember2023-03-310001743881bbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMemberbbio:EidosTherapeuticsIncMember2023-01-012023-03-310001743881bbio:TwoThousandTwentyOneCappedCallTransactionsMember2021-01-250001743881bbio:TwoPointFiveZeroPercentageConvertibleSeniorNotesDueTwoThousandAndTwentySevenMember2023-03-310001743881bbio:TwoPointFiveZeroPercentageConvertibleSeniorNotesDueTwoThousandAndTwentySevenMember2023-01-012023-03-310001743881bbio:TwoPointTwoFivePercentageConvertibleSeniorNotesDueTwoThousandAndTwentyNineMember2022-03-310001743881us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001743881bbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMemberbbio:OtherRSAsMember2023-01-012023-03-310001743881bbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMember2023-01-012023-03-310001743881bbio:LeaseAgreementsAndLettersOfCreditMember2022-12-310001743881bbio:AccruedCompensationAndBenefitsMember2023-03-310001743881bbio:TwoThousandTwentyOneCappedCallTransactionsMember2021-01-012021-12-310001743881bbio:BridgeBioServicesIncMemberbbio:TwoThousandNineteenEmployeeStockPurchasePlanMember2023-03-310001743881us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001743881us-gaap:TreasuryStockMember2022-12-310001743881bbio:TrancheTwoAdvanceMembersrt:MaximumMemberbbio:LoanAgreementMember2021-11-300001743881us-gaap:ShortTermInvestmentsMemberus-gaap:CommercialPaperMember2022-12-310001743881bbio:TwoPointFiveZeroPercentageConvertibleSeniorNotesDueTwoThousandAndTwentySevenMember2022-12-310001743881us-gaap:AccountsPayableMember2023-03-310001743881bbio:LoanAgreementMember2022-11-300001743881bbio:TwoThousandTwentyOneShareRepurchaseProgramMembersrt:MaximumMemberus-gaap:CommonStockMember2021-05-310001743881bbio:EstimatedSharesIssuablePerformanceBasedMilestoneCompensationArrangementMember2023-01-012023-03-310001743881bbio:TwoThousandTwentyStockAndEquityAwardExchangeProgramMember2023-01-012023-03-310001743881us-gaap:CommercialPaperMember2022-12-310001743881bbio:LicenseAgreementMemberbbio:HelsinnTherapeuticsMember2023-03-310001743881bbio:HelsinnTherapeuticsMember2022-12-012022-12-310001743881bbio:OriginAndSentynlTherapeuticsIncMember2023-03-310001743881bbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMemberbbio:TwoThousandTwentyStockAndEquityAwardExchangeProgramMember2023-01-012023-03-310001743881us-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001743881bbio:UnvestedPerformanceBasedRestrictedStockUnitMember2023-01-012023-03-310001743881bbio:QEDTherapeuticsIncMember2023-01-012023-01-310001743881us-gaap:PaymentInKindPIKNoteMemberbbio:LoanAgreementMember2022-12-310001743881us-gaap:ShortTermInvestmentsMember2023-03-310001743881bbio:ReceivableFromLicensingAndCollaborationAgreementsMemberbbio:LicenseAndCollaborationAgreementMember2023-03-310001743881bbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMemberus-gaap:RestrictedStockUnitsRSUMember2023-01-012023-03-310001743881us-gaap:TreasuryStockMember2022-03-310001743881bbio:RegularEquityProgramMemberbbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMember2023-03-310001743881bbio:OtherConsolidatedEntitiesMember2022-01-012022-03-310001743881bbio:RegularEquityProgramMemberbbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMember2022-12-310001743881srt:MaximumMemberbbio:QEDTherapeuticsIncMemberbbio:EntitiesAffiliatedWithPerceptiveLifeSciencesMasterFundLtdMember2019-10-012019-10-310001743881bbio:TwoPointTwoFivePercentageConvertibleSeniorNotesDueTwoThousandAndTwentyNineMember2022-01-012022-03-310001743881us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310001743881bbio:RedeemableConvertibleNoncontrollingInterestsMember2022-12-310001743881srt:MaximumMembersrt:ScenarioForecastMember2023-12-310001743881bbio:LoanAgreementMember2023-03-310001743881us-gaap:NoncontrollingInterestMember2023-01-012023-03-310001743881us-gaap:CommonStockMemberus-gaap:EmployeeStockMember2022-01-012022-03-3100017438812022-01-012022-12-310001743881bbio:BridgeBioServicesIncMemberbbio:TwoThousandNineteenEmployeeStockPurchasePlanMember2019-06-220001743881bbio:FollowOnOfferingMembersrt:MaximumMemberus-gaap:CommonStockMember2023-03-310001743881us-gaap:RetainedEarningsMember2023-01-012023-03-310001743881us-gaap:EmployeeStockMember2023-01-012023-03-310001743881bbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMemberus-gaap:RestrictedStockMember2022-01-012022-03-310001743881us-gaap:CommonStockMemberbbio:TwoThousandNineteenInducementEquityPlansMember2023-03-310001743881bbio:QEDTherapeuticsIncMemberbbio:FoundationMedicineDiagnosticsAgreementMemberbbio:FoundationMedicineIncMember2018-11-300001743881bbio:CappedCallTransactionsMember2020-03-042020-03-040001743881us-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2023-03-310001743881bbio:LicenseAgreementMemberbbio:LianBioMember2020-08-012020-08-310001743881bbio:EstimatedSharesIssuableEmployeeStockPurchasePlanMember2023-01-012023-03-310001743881bbio:BridgeBioServicesIncMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-012022-03-310001743881bbio:AgencyDiscountNotesMember2023-03-310001743881us-gaap:StockCompensationPlanMemberus-gaap:CommonStockMember2022-01-012022-03-310001743881us-gaap:NoncontrollingInterestMember2022-01-012022-03-310001743881bbio:NavirePharmaIncMemberus-gaap:ResearchAndDevelopmentExpenseMemberbbio:LicenseAndCollaborationAgreementMemberbbio:BristolMyersSquibbCompanyMember2023-01-012023-03-310001743881bbio:AssumedConversionOfTwoThousandTwentyNineNotesMember2023-01-012023-03-310001743881bbio:OtherConsolidatedEntitiesMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-012022-03-310001743881bbio:EstimatedSharesIssuablePerformanceBasedMilestoneCompensationArrangementMember2022-01-012022-03-310001743881us-gaap:RetainedEarningsMember2022-12-310001743881bbio:LianBioMember2023-03-310001743881bbio:QEDTherapeuticsIncMemberbbio:FoundationMedicineDiagnosticsAgreementMemberbbio:FoundationMedicineIncMember2022-01-012022-03-310001743881bbio:LeidosBiomedicalResearchIncMemberbbio:TheRasIncMemberbbio:LeidosBiomedicalResearchLicenseAndCooperativeResearchAndDevelopmentAgreementsMember2022-01-012022-03-310001743881bbio:TwoThousandTwentyOneStockOptionAndIncentivePlanMemberus-gaap:CommonStockMember2023-03-310001743881bbio:FollowOnOfferingMembersrt:MaximumMemberus-gaap:CommonStockMemberus-gaap:SubsequentEventMember2023-04-030001743881bbio:TermLoanAgreementMember2023-03-310001743881bbio:TwoThousandTwentyOneShareRepurchaseProgramMember2021-01-012021-12-310001743881srt:MaximumMemberbbio:TrancheTwoAdvanceMemberbbio:LoanAgreementMember2022-05-310001743881bbio:OriginAndSentynlTherapeuticsIncMember2022-03-312022-03-310001743881us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-03-310001743881bbio:ReceivableFromLicensingAndCollaborationAgreementsMemberbbio:LicenseAndCollaborationAgreementMember2022-12-310001743881us-gaap:PaymentInKindPIKNoteMemberbbio:LoanAgreementMember2022-01-012022-03-310001743881bbio:TwoThousandTwentyStockAndEquityAwardExchangeProgramMemberus-gaap:EmployeeStockOptionMember2020-04-222020-04-220001743881bbio:TwoThousandTwentyOneCappedCallTransactionsMemberbbio:ShareRepurchaseTransactionsMember2021-01-250001743881us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001743881bbio:PrincipalValueOnTwoPointTwoFivePercentageConvertibleSeniorNotesDueTwoThousandAndTwentyNineMember2023-03-310001743881bbio:TwoPointTwoFivePercentageConvertibleSeniorNotesDueTwoThousandAndTwentyNineMember2021-02-020001743881bbio:AccruedCompensationAndBenefitsMember2022-12-310001743881bbio:TwoPointFiveZeroPercentageConvertibleSeniorNotesDueTwoThousandAndTwentySevenMembersrt:MaximumMember2020-03-092020-03-090001743881bbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMemberus-gaap:RestrictedStockUnitsRSUMember2022-12-310001743881bbio:TwoThousandTwentyStockAndEquityAwardExchangeProgramMember2020-11-180001743881us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310001743881bbio:EidosTherapeuticsIncMemberbbio:StanfordLicenseAgreementMemberbbio:LelandStanfordJuniorUniversityMember2016-08-3100017438812022-12-310001743881us-gaap:LicenseAndServiceMember2023-01-012023-03-310001743881us-gaap:ParentMemberus-gaap:StockCompensationPlanMember2023-01-012023-03-310001743881bbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMember2023-03-310001743881bbio:UnvestedRestrictedStockUnitMember2023-01-012023-03-310001743881us-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-03-310001743881us-gaap:AccountingStandardsUpdate201818Memberbbio:QEDTherapeuticsIncMemberbbio:LicenseAndCollaborationAgreementMemberbbio:HelsinnTherapeuticsMember2023-01-012023-03-310001743881bbio:LoanAgreementMember2021-11-300001743881srt:MinimumMember2023-01-012023-03-310001743881bbio:AccruedResearchAndDevelopmentLiabilitiesMember2023-03-310001743881bbio:RegularEquityProgramMemberbbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMember2022-01-012022-12-310001743881bbio:EstimatedSharesIssuableEmployeeStockPurchasePlanMember2022-01-012022-03-3100017438812023-01-012023-03-310001743881bbio:OriginAndSentynlTherapeuticsIncMembersrt:MaximumMember2023-01-012023-03-310001743881bbio:NavirePharmaIncMemberbbio:LicenseAndCollaborationAgreementMemberbbio:BristolMyersSquibbCompanyMember2023-03-310001743881us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001743881bbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMemberbbio:EidosTherapeuticsIncMember2022-01-012022-12-310001743881us-gaap:AdditionalPaidInCapitalMemberus-gaap:StockCompensationPlanMember2023-01-012023-03-310001743881us-gaap:CommonStockMemberus-gaap:EmployeeStockMember2023-01-012023-03-310001743881us-gaap:LicenseMemberbbio:LicenseAgreementMemberbbio:NavirePharmaIncMemberbbio:LianBioMember2022-01-012022-03-310001743881bbio:TwoPointFiveZeroPercentageConvertibleSeniorNotesDueTwoThousandAndTwentySevenMember2022-01-012022-03-310001743881us-gaap:ParentMember2021-12-310001743881bbio:FollowOnOfferingMemberus-gaap:CommonStockMember2023-03-100001743881bbio:BridgeBioServicesIncMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-03-310001743881us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001743881bbio:QEDTherapeuticsIncMemberbbio:LicenseAndCollaborationAgreementMember2022-02-280001743881bbio:TwoThousandTwentyStockAndEquityAwardExchangeProgramMemberbbio:TwoThousandNineteenStockOptionAndIncentivePlanMember2020-11-182020-11-180001743881us-gaap:AdditionalPaidInCapitalMemberus-gaap:StockCompensationPlanMember2022-01-012022-03-3100017438812022-03-310001743881us-gaap:AdditionalPaidInCapitalMemberus-gaap:EmployeeStockMember2022-01-012022-03-310001743881bbio:QEDTherapeuticsIncMembersrt:MaximumMember2018-12-310001743881us-gaap:FairValueMeasurementsRecurringMember2022-12-310001743881bbio:CappedCallTransactionsMember2020-01-012020-12-310001743881us-gaap:AdditionalPaidInCapitalMemberbbio:SatisfyTaxWithholdingMember2022-01-012022-03-310001743881bbio:TwoPointTwoFivePercentageConvertibleSeniorNotesDueTwoThousandAndTwentyNineMember2021-01-280001743881us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001743881srt:MinimumMembersrt:ScenarioForecastMember2023-12-310001743881us-gaap:CommonStockMember2023-03-310001743881bbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMemberus-gaap:EmployeeStockOptionMember2022-01-012022-03-310001743881bbio:QEDTherapeuticsIncMember2023-03-310001743881us-gaap:OtherNonoperatingIncomeExpenseMemberbbio:OriginAndSentynlTherapeuticsIncMember2022-01-012022-03-310001743881bbio:CappedCallTransactionsMember2020-03-040001743881bbio:LoanAgreementMember2021-11-012021-11-300001743881srt:MaximumMemberbbio:LoanAgreementMember2021-11-012021-11-300001743881bbio:FollowOnOfferingMembersrt:MinimumMemberus-gaap:CommonStockMember2023-03-310001743881us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001743881us-gaap:CommonStockMember2021-12-310001743881bbio:EidosTherapeuticsIncMemberbbio:StanfordLicenseAgreementMemberbbio:LelandStanfordJuniorUniversityMember2017-03-012017-03-310001743881bbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMemberbbio:EidosTherapeuticsIncMember2023-03-310001743881bbio:TwoThousandSixteenEquityIncentivePlanAndTwoThousandEighteenStockOptionAndIncentivePlanMemberbbio:EidosTherapeuticsIncMember2023-03-310001743881us-gaap:CommercialPaperMember2023-03-310001743881bbio:RegularEquityProgramMemberus-gaap:RestrictedStockMemberbbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMember2023-01-012023-03-310001743881us-gaap:RetainedEarningsMember2022-01-012022-03-310001743881us-gaap:RestrictedStockMemberbbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMember2023-01-012023-03-310001743881srt:MinimumMemberbbio:LoanAgreementMember2021-11-012021-11-300001743881bbio:BridgeBioPharmaLimitedLiabilityCompanyMemberbbio:LianBioMemberbbio:EntitiesAffiliatedWithPerceptiveLifeSciencesMasterFundLtdMember2021-10-012021-10-310001743881bbio:FollowOnOfferingMemberus-gaap:CommonStockMember2023-03-310001743881bbio:BridgeBioServicesIncMemberbbio:TwoThousandNineteenEmployeeStockPurchasePlanMember2019-06-222019-06-220001743881us-gaap:AdditionalPaidInCapitalMember2022-12-310001743881bbio:LoanAndSecurityAgreementMember2022-12-310001743881bbio:FollowOnOfferingMemberus-gaap:CommonStockMember2023-03-102023-03-100001743881us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001743881bbio:LicenseAndCollaborationAgreementMember2023-03-310001743881us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2023-03-310001743881bbio:PrincipalValueAndInterestOnTwoPointTwoFivePercentageConvertibleSeniorNotesDueTwoThousandAndTwentyNineMember2023-03-310001743881us-gaap:PaymentInKindPIKNoteMemberbbio:LoanAgreementMember2023-01-012023-03-310001743881us-gaap:ParentMember2023-01-012023-03-310001743881srt:MaximumMemberbbio:LicenseAgreementMemberbbio:LianBioMember2020-08-012020-08-310001743881us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001743881bbio:TwoPointTwoFivePercentageConvertibleSeniorNotesDueTwoThousandAndTwentyNineMember2022-12-310001743881us-gaap:ParentMemberus-gaap:EmployeeStockMember2022-01-012022-03-310001743881us-gaap:CommonStockMemberbbio:EidosTherapeuticsIncMemberbbio:AlexionAgreementsMember2023-03-310001743881bbio:AgencyDiscountNotesMemberus-gaap:FairValueMeasurementsRecurringMember2023-03-3100017438812019-12-310001743881us-gaap:RestrictedStockMemberbbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMemberbbio:TwoThousandTwentyStockAndEquityAwardExchangeProgramMember2023-01-012023-03-310001743881us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-03-310001743881us-gaap:CommonStockMemberbbio:EidosTherapeuticsIncMemberbbio:AlexionAgreementsMember2019-09-012019-09-300001743881us-gaap:ParentMemberbbio:SatisfyTaxWithholdingMember2022-01-012022-03-310001743881us-gaap:AccountsPayableMember2022-12-310001743881bbio:PrincipalValueAndInterestOnTwoPointFiveZeroPercentageConvertibleSeniorNotesDueTwoThousandAndTwentySevenMember2023-03-310001743881bbio:LicenseAndCollaborationAgreementMemberbbio:BristolMyersSquibbCompanyMember2023-03-310001743881us-gaap:NoncontrollingInterestMember2023-03-310001743881bbio:AlexionLicenseAgreementsMembersrt:MaximumMember2023-03-310001743881bbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMemberus-gaap:RestrictedStockUnitsRSUMember2023-03-310001743881bbio:TwoPointTwoFivePercentageConvertibleSeniorNotesDueTwoThousandAndTwentyNineMember2023-01-012023-03-310001743881us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001743881us-gaap:RestrictedStockMemberbbio:TwoThousandTwentyStockAndEquityAwardExchangeProgramMember2023-01-012023-03-310001743881us-gaap:StockCompensationPlanMember2023-01-012023-03-310001743881bbio:EidosTherapeuticsIncMemberbbio:AlexionAgreementsMember2019-09-012019-09-300001743881bbio:UnvestedPerformanceBasedRestrictedStockUnitMember2022-01-012022-03-310001743881bbio:FollowOnOfferingMemberus-gaap:SubsequentEventMemberus-gaap:CommonStockMember2023-04-032023-04-030001743881bbio:LianBioMember2022-12-310001743881bbio:PrincipalValueInterestOnTermLoansAndExitFeeOfTermLoanAgreementMember2023-03-310001743881us-gaap:RetainedEarningsMember2022-03-310001743881us-gaap:ParentMember2022-01-012022-03-310001743881bbio:TwoPointTwoFivePercentageConvertibleSeniorNotesDueTwoThousandAndTwentyNineMember2023-03-310001743881us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001743881bbio:BridgeBioServicesIncMemberus-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-03-310001743881bbio:QEDTherapeuticsIncMemberbbio:FoundationMedicineDiagnosticsAgreementMemberbbio:FoundationMedicineIncMember2023-01-012023-03-310001743881bbio:TwoThousandNineteenEmployeeStockPurchasePlanMember2023-01-012023-03-310001743881bbio:QEDTherapeuticsIncMemberbbio:FoundationMedicineDiagnosticsAgreementMemberbbio:FoundationMedicineIncMember2023-01-310001743881srt:MaximumMemberbbio:TrancheOneAdvanceMemberbbio:LoanAgreementMember2021-11-300001743881bbio:OriginAndSentynlTherapeuticsIncMember2022-03-012022-03-310001743881us-gaap:NoncontrollingInterestMember2021-12-310001743881bbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMemberbbio:EidosTherapeuticsIncMember2022-12-310001743881bbio:AssumedConversionOfTwoThousandTwentySevenNotesMember2022-01-012022-03-310001743881us-gaap:AdditionalPaidInCapitalMember2021-12-310001743881exch:XNGSbbio:EidosTherapeuticsIncMemberus-gaap:CommonStockMemberbbio:AlexionAgreementsMember2019-09-300001743881bbio:PrincipalValueAndInterestOnTwoThousandAndTwentySevenAndTwoThousandAndTwentyNineMember2023-03-310001743881us-gaap:AccountingStandardsUpdate201818Memberbbio:QEDTherapeuticsIncMemberbbio:LicenseAndCollaborationAgreementMemberbbio:HelsinnTherapeuticsMember2022-01-012022-03-310001743881us-gaap:EmployeeStockMember2022-01-012022-03-310001743881us-gaap:StockCompensationPlanMemberus-gaap:CommonStockMember2023-01-012023-03-310001743881bbio:PaymentFollowingFDAApprovalOfTruseltiqMember2021-05-310001743881bbio:PrincipalValueOfTwoPointFiveZeroPercentageConvertibleSeniorNotesDueTwoThousandAndTwentySevenMember2023-03-310001743881us-gaap:TreasuryStockMember2021-12-310001743881bbio:QEDTherapeuticsIncMemberbbio:FoundationMedicineDiagnosticsAgreementMemberbbio:FoundationMedicineIncMember2023-03-312023-03-310001743881us-gaap:RestrictedStockMemberbbio:TwoThousandTwentyStockAndEquityAwardExchangeProgramMember2020-04-222020-04-220001743881us-gaap:RestrictedStockMemberbbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMember2022-12-310001743881us-gaap:ParentMember2022-03-310001743881bbio:LeidosBiomedicalResearchIncMemberbbio:TheRasIncMemberbbio:LeidosBiomedicalResearchLicenseAndCooperativeResearchAndDevelopmentAgreementsMember2022-08-012022-08-310001743881us-gaap:ParentMemberbbio:SatisfyTaxWithholdingMember2023-01-012023-03-310001743881srt:MinimumMemberbbio:TwoThousandTwentyStockAndEquityAwardExchangeProgramMember2020-04-222020-04-220001743881bbio:RedeemableConvertibleNoncontrollingInterestsMember2021-12-310001743881bbio:TwoPointFiveZeroPercentageConvertibleSeniorNotesDueTwoThousandAndTwentySevenAndTwoThousandAndTwentyNineMember2023-01-012023-03-310001743881us-gaap:ParentMember2022-12-310001743881bbio:EidosTherapeuticsIncMemberbbio:StanfordLicenseAgreementMemberbbio:LelandStanfordJuniorUniversityMember2023-01-012023-03-310001743881bbio:BridgeBioServicesIncMemberbbio:TwoThousandNineteenEmployeeStockPurchasePlanMember2023-01-012023-03-310001743881bbio:AlexionLicenseAgreementsMemberbbio:EidosTherapeuticsIncMember2019-09-012019-09-3000017438812022-01-012022-03-310001743881bbio:TwoThousandTwentyStockAndEquityAwardExchangeProgramMember2020-04-220001743881us-gaap:StockCompensationPlanMember2022-01-012022-03-310001743881bbio:TerminationAgreementMember2023-03-310001743881us-gaap:CommonStockMember2023-01-012023-03-310001743881bbio:UnvestedRestrictedStockUnitMember2022-01-012022-03-310001743881bbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMemberbbio:TwoThousandTwentyStockAndEquityAwardExchangeProgramMember2023-03-310001743881bbio:SatisfyTaxWithholdingMember2022-01-012022-03-310001743881bbio:FollowOnOfferingMemberus-gaap:CommonStockMember2023-03-012023-03-310001743881us-gaap:ShortTermInvestmentsMemberus-gaap:CommercialPaperMember2023-03-310001743881us-gaap:ParentMember2023-03-310001743881bbio:SatisfyTaxWithholdingMemberus-gaap:CommonStockMember2023-01-012023-03-310001743881bbio:TwoThousandTwentyStockAndEquityAwardExchangeProgramMemberus-gaap:EmployeeStockOptionMember2020-11-182020-11-180001743881bbio:QEDTherapeuticsIncMemberbbio:LicenseAndCollaborationAgreementMember2023-01-012023-03-310001743881bbio:QEDTherapeuticsIncMember2023-01-012023-03-310001743881bbio:UnvestedRestrictedStockAwardMember2023-01-012023-03-310001743881us-gaap:FairValueInputsLevel1Member2023-03-310001743881us-gaap:RestrictedStockMember2023-01-012023-03-310001743881bbio:OtherConsolidatedEntitiesMember2023-01-012023-03-310001743881us-gaap:EmployeeStockMemberbbio:BridgeBioServicesIncMemberbbio:TwoThousandNineteenEmployeeStockPurchasePlanMember2019-06-220001743881bbio:AssumedConversionOfTwoThousandTwentyNineNotesMember2022-01-012022-03-310001743881bbio:BridgeBioPharmaLimitedLiabilityCompanyMemberbbio:LianBioMemberbbio:EntitiesAffiliatedWithPerceptiveLifeSciencesMasterFundLtdMember2019-10-3100017438812021-12-310001743881bbio:LicenseAndCollaborationAgreementMemberbbio:BristolMyersSquibbCompanyMember2022-06-300001743881srt:MaximumMemberbbio:OriginBiosciencesIncMember2018-12-3100017438812023-03-310001743881us-gaap:ParentMemberus-gaap:EmployeeStockMember2023-01-012023-03-310001743881bbio:RedeemableConvertibleNoncontrollingInterestsMember2022-03-310001743881us-gaap:LicenseAndServiceMember2022-01-012022-03-310001743881bbio:SupplementalAgreementMember2020-01-012020-12-310001743881bbio:TwoPointTwoFivePercentageConvertibleSeniorNotesDueTwoThousandAndTwentyNineMember2021-01-282021-01-280001743881bbio:OriginAndSentynlTherapeuticsIncMember2022-03-310001743881us-gaap:ConstructionInProgressMember2022-01-012022-03-310001743881us-gaap:RetainedEarningsMember2021-12-310001743881us-gaap:PaymentInKindPIKNoteMemberbbio:LoanAgreementMember2021-11-300001743881us-gaap:LicenseMemberbbio:QEDTherapeuticsIncMemberbbio:LicenseAgreementMemberbbio:LianBioMember2023-01-012023-03-310001743881bbio:PerformanceBasedMilestoneAwardsMember2023-03-310001743881bbio:OriginAndSentynlTherapeuticsIncMember2022-10-012022-10-310001743881bbio:TwoPointFiveZeroPercentageConvertibleSeniorNotesDueTwoThousandAndTwentySevenMember2020-03-090001743881us-gaap:MoneyMarketFundsMember2023-03-310001743881us-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-03-310001743881us-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001743881us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001743881us-gaap:FairValueInputsLevel1Member2022-12-310001743881bbio:UnvestedRestrictedStockAwardMember2022-01-012022-03-310001743881us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310001743881bbio:TrancheOneAdvanceMemberbbio:LoanAgreementMember2023-01-012023-03-310001743881us-gaap:CommonStockMember2022-10-012022-12-310001743881srt:MaximumMemberus-gaap:EmployeeStockOptionMember2023-01-012023-03-310001743881us-gaap:ProductMember2022-01-012022-03-310001743881bbio:BridgeBioServicesIncMember2022-01-012022-03-310001743881bbio:PerformanceBasedStockOptionsMemberbbio:TwoThousandTwentyStockAndEquityAwardExchangeProgramMember2020-11-182020-11-180001743881bbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMemberbbio:OtherRSAsMember2022-01-012022-03-310001743881us-gaap:AdditionalPaidInCapitalMember2022-03-310001743881bbio:InterestTwoThousandAndTwentySevenAndTwoThousandAndAndTwentyNineMember2023-03-310001743881bbio:SatisfyTaxWithholdingMemberus-gaap:CommonStockMember2022-01-012022-03-310001743881bbio:RestructuringImpairmentAndRelatedChargesMember2022-01-012022-03-310001743881bbio:EidosTherapeuticsIncMemberus-gaap:CommonStockMemberbbio:AlexionAgreementsMember2019-09-300001743881us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-03-310001743881bbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMemberus-gaap:EmployeeStockOptionMember2023-03-310001743881bbio:TwoPointFiveZeroPercentageConvertibleSeniorNotesDueTwoThousandAndTwentySevenMember2022-03-310001743881bbio:QEDTherapeuticsIncMemberbbio:LicenseAndCollaborationAgreementMember2021-03-292021-03-290001743881us-gaap:ShortTermInvestmentsMember2022-12-310001743881bbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMemberbbio:TwoThousandTwentyStockAndEquityAwardExchangeProgramMember2022-01-012022-12-310001743881bbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMember2022-12-310001743881us-gaap:CommonStockMemberbbio:TwoThousandNineteenStockOptionAndIncentivePlanMember2019-11-130001743881bbio:OriginAndSentynlTherapeuticsIncMembersrt:MaximumMember2022-03-040001743881bbio:LicenseAndCollaborationAgreementMember2022-12-310001743881bbio:LoanAgreementMember2023-01-012023-03-310001743881srt:MaximumMemberbbio:TwoThousandTwentyStockAndEquityAwardExchangeProgramMember2020-04-222020-04-220001743881bbio:RedeemableConvertibleNoncontrollingInterestsMember2022-01-012022-03-310001743881srt:MaximumMemberbbio:AtTheMarketOfferingMemberus-gaap:CommonStockMember2020-07-310001743881us-gaap:LicenseMemberbbio:QEDTherapeuticsIncMemberbbio:LicenseAgreementMemberbbio:LianBioMember2022-01-012022-03-310001743881us-gaap:AccountingStandardsUpdate201818Member2023-01-012023-03-310001743881srt:MaximumMemberbbio:TwoPointTwoFivePercentageConvertibleSeniorNotesDueTwoThousandAndTwentyNineMember2021-01-282021-01-280001743881bbio:ManufacturingAgreementMember2019-12-012019-12-310001743881us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001743881us-gaap:CommonStockMember2022-03-310001743881bbio:OtherConsolidatedEntitiesMemberus-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-03-310001743881us-gaap:EmployeeStockMember2023-01-012023-03-310001743881bbio:LoanAgreementMember2022-12-310001743881bbio:EidosAwardExchangePlanMemberus-gaap:CommonStockMember2021-12-310001743881bbio:ShareRepurchaseTransactionsMemberbbio:CappedCallTransactionsMember2020-03-042020-03-040001743881us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-03-310001743881us-gaap:ConstructionInProgressMember2023-03-310001743881bbio:TwoThousandNineteenStockOptionAndIncentivePlanAndInducementEquityPlanMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-012022-03-310001743881us-gaap:FairValueInputsLevel2Memberbbio:AgencyDiscountNotesMemberus-gaap:FairValueMeasurementsRecurringMember2023-03-31xbrli:purebbio:Licensexbrli:sharesbbio:TradingDayiso4217:USDxbrli:sharesbbio:Employeebbio:Granteeiso4217:USD

 

 

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 March 31, 2023

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.)

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 May 2, 2023, the registrant had 160,500,999 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

 

7

 

Notes to Condensed Consolidated Financial Statements

 

9

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

41

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

53

Item 4.

 

Controls and Procedures

 

53

PART II.

 

OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

54

Item 1A.

 

Risk Factors

 

54

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

55

Item 3.

 

Defaults Upon Senior Securities

 

56

Item 4.

 

Mine Safety Disclosures

 

56

Item 5.

 

Other Information

 

56

Item 6.

 

Exhibits

 

57

Signatures

 

59

 

 

2


 

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Balance Sheets

(in thousands, except shares and per share amounts)

 

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

(1)

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

407,368

 

 

$

376,689

 

Marketable securities

 

 

34,122

 

 

 

51,580

 

Investment in equity securities

 

 

49,803

 

 

 

43,653

 

Receivable from licensing and collaboration agreements

 

 

10,761

 

 

 

17,079

 

Restricted cash

 

 

25,503

 

 

 

37,930

 

Prepaid expenses and other current assets

 

 

25,145

 

 

 

21,922

 

Total current assets

 

 

552,702

 

 

 

548,853

 

Property and equipment, net

 

 

13,566

 

 

 

14,569

 

Operating lease right-of-use assets

 

 

10,532

 

 

 

10,678

 

Intangible assets, net

 

 

28,113

 

 

 

28,712

 

Other assets

 

 

20,767

 

 

 

20,224

 

Total assets

 

$

625,680

 

 

$

623,036

 

Liabilities, Redeemable Convertible Noncontrolling Interests and Stockholders’ Deficit

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

4,076

 

 

$

11,558

 

Accrued compensation and benefits

 

 

18,869

 

 

 

31,256

 

Accrued research and development liabilities

 

 

37,064

 

 

 

39,803

 

Accrued professional services

 

 

4,015

 

 

 

1,790

 

Operating lease liabilities, current portion

 

 

3,674

 

 

 

3,675

 

Deferred revenue, current portion

 

 

6,675

 

 

 

8,156

 

Other accrued liabilities

 

 

22,223

 

 

 

25,190

 

Total current liabilities

 

 

96,596

 

 

 

121,428

 

2029 Notes, net

 

 

735,463

 

 

 

734,988

 

2027 Notes, net

 

 

542,065

 

 

 

541,634

 

Term loan, net

 

 

435,764

 

 

 

430,993

 

Operating lease liabilities, net of current portion

 

 

11,904

 

 

 

12,274

 

Other long-term liabilities

 

 

17,501

 

 

 

26,643

 

Total liabilities

 

 

1,839,293

 

 

 

1,867,960

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

Redeemable convertible noncontrolling interests

 

 

(204

)

 

 

(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;
   
166,626,999 shares issued and 160,435,238 shares outstanding as of
   March 31, 2023,
156,817,333 shares issued and 150,625,572 shares
   outstanding as of December 31, 2022

 

 

167

 

 

 

157

 

Treasury stock, at cost; 6,191,761 shares as of March 31, 2023 and
   December 31, 2022

 

 

(275,000

)

 

 

(275,000

)

Additional paid-in capital

 

 

1,106,635

 

 

 

938,703

 

Accumulated other comprehensive loss

 

 

(12

)

 

 

(328

)

Accumulated deficit

 

 

(2,057,455

)

 

 

(1,918,149

)

Total BridgeBio stockholders’ deficit

 

 

(1,225,665

)

 

 

(1,254,617

)

Noncontrolling interests

 

 

12,256

 

 

 

11,282

 

Total stockholders’ deficit

 

 

(1,213,409

)

 

 

(1,243,335

)

Total liabilities, redeemable convertible noncontrolling interests and
   stockholders’ deficit

 

$

625,680

 

 

$

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.

 

3


 

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

(in thousands, except shares and per share amounts)

 

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

Revenue:

 

 

 

 

 

 

License and services revenue

 

$

1,826

 

 

$

235

 

Product sales

 

 

 

 

 

1,459

 

Total revenue

 

 

1,826

 

 

 

1,694

 

Operating costs and expenses:

 

 

 

 

 

 

Cost of license revenue and products sold

 

 

651

 

 

 

1,348

 

Research and development

 

 

92,861

 

 

 

107,649

 

Selling, general and administrative

 

 

31,108

 

 

 

43,713

 

Restructuring, impairment and related charges

 

 

3,369

 

 

 

22,662

 

Total operating costs and expenses

 

 

127,989

 

 

 

175,372

 

Loss from operations

 

 

(126,163

)

 

 

(173,678

)

Other income (expense), net:

 

 

 

 

 

 

Interest income

 

 

4,153

 

 

 

267

 

Interest expense

 

 

(20,121

)

 

 

(20,344

)

Other expense, net

 

 

(601

)

 

 

(7,575

)

Total other income (expense), net

 

 

(16,569

)

 

 

(27,652

)

Net loss

 

 

(142,732

)

 

 

(201,330

)

Net loss attributable to redeemable convertible
   noncontrolling interests and noncontrolling
   interests

 

 

2,576

 

 

 

4,933

 

Net loss attributable to common stockholders
   of BridgeBio

 

$

(140,156

)

 

$

(196,397

)

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

 

$

(0.92

)

 

$

(1.35

)

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

 

 

152,645,635

 

 

 

145,882,149

 

 

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 March 31,

 

 

 

 

2023

 

 

2022

 

 

Net loss

 

$

(142,732

)

 

$

(201,330

)

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

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

 

 

316

 

 

 

(251

)

 

Comprehensive loss

 

 

(142,416

)

 

 

(201,581

)

 

Comprehensive loss attributable to redeemable convertible noncontrolling interests and
  noncontrolling interests

 

 

2,576

 

 

 

4,933

 

 

Comprehensive loss attributable to common stockholders
   of BridgeBio

 

$

(139,840

)

 

$

(196,648

)

 

 

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’ Deficit

(Unaudited)

(in thousands, except shares and per share amounts)

 

 

 

Three Months Ended March 31. 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

 

 

 

 

 

 

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

)

 

 

(140,156

)

 

 

(1,429

)

 

 

(141,585

)

 Balances as of March 31, 2023

 

 

(204

)

 

 

 

160,435,238

 

 

 

167

 

 

 

6,191,761

 

 

 

(275,000

)

 

 

1,106,635

 

 

 

(12

)

 

 

(2,057,455

)

 

 

(1,225,665

)

 

 

12,256

 

 

 

(1,213,409

)

 

 

 

Three Months Ended March 31, 2022

 

 

 

Redeemable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

Convertible

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

BridgeBio

 

 

Non-

 

 

Total

 

 

 

Noncontrolling

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

controlling

 

 

Stockholders’

 

 

 

Interests