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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, 2021

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

 

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 29, 2021, the registrant had 147,166,573 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

 

9

Item 2.

 

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

 

39

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

52

Item 4.

 

Controls and Procedures

 

52

PART II.

 

OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

53

Item 1A.

 

Risk Factors

 

53

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

53

Item 3.

 

Defaults Upon Senior Securities

 

54

Item 4.

 

Mine Safety Disclosures

 

54

Item 5.

 

Other Information

 

54

Item 6.

 

Exhibits

 

55

Signatures

 

57

 

 

2


 

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Balance Sheets

(in thousands, except shares and per share amounts)

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

(Unaudited)

 

 

(1)

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

180,347

 

 

$

356,082

 

Short-term marketable securities

 

 

419,264

 

 

 

251,011

 

Receivable from licensing and collaboration agreements

 

 

7,710

 

 

 

 

Receivable from a related party

 

 

462

 

 

 

 

Prepaid expenses and other current assets

 

 

31,927

 

 

 

35,731

 

Total current assets

 

 

639,710

 

 

 

642,824

 

Investment in equity securities

 

 

17,707

 

 

 

 

Property and equipment, net

 

 

27,741

 

 

 

20,325

 

Operating lease right-of-use assets

 

 

17,108

 

 

 

16,508

 

Intangible assets, net

 

 

46,204

 

 

 

 

Other assets

 

 

33,054

 

 

 

23,931

 

Total assets

 

$

781,524

 

 

$

703,588

 

Liabilities, Redeemable Convertible Noncontrolling Interests and Stockholders’ Equity (Deficit)

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

12,035

 

 

$

8,945

 

Accrued compensation and benefits

 

 

21,560

 

 

 

29,682

 

Accrued research and development liabilities

 

 

37,645

 

 

 

27,290

 

Accrued professional services

 

 

4,976

 

 

 

5,579

 

LEO call option liability

 

 

 

 

 

5,550

 

Operating lease liabilities, current portion

 

 

4,999

 

 

 

3,795

 

Term loans, current portion

 

 

 

 

 

1,458

 

Other accrued liabilities

 

 

14,608

 

 

 

13,349

 

Total current liabilities

 

 

95,823

 

 

 

95,648

 

2029 Notes, net

 

 

732,659

 

 

 

 

2027 Notes, net

 

 

539,517

 

 

 

383,436

 

Term loans, net of current portion

 

 

103,138

 

 

 

92,421

 

Operating lease liabilities, net of current portion

 

 

18,683

 

 

 

14,677

 

Other long-term liabilities

 

 

27,578

 

 

 

9,520

 

Total liabilities

 

 

1,517,398

 

 

 

595,702

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

Redeemable convertible noncontrolling interests

 

 

2,967

 

 

 

1,630

 

Stockholders’ equity (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;
   
153,279,652 shares issued and 147,087,891 shares outstanding as of
   September 30, 2021,
125,264,070 shares issued and 122,849,389 
   shares outstanding as of December 31, 2020

 

 

153

 

 

 

125

 

Treasury stock, at cost; 6,191,761 shares as of September 30, 2021,
   
2,414,681 shares as of December 31, 2020

 

 

(275,000

)

 

 

(75,000

)

Additional paid-in capital

 

 

821,220

 

 

 

1,021,344

 

Accumulated other comprehensive income

 

 

19

 

 

 

192

 

Accumulated deficit

 

 

(1,289,789

)

 

 

(888,755

)

Total BridgeBio stockholders’ equity (deficit)

 

 

(743,397

)

 

 

57,906

 

Noncontrolling interests

 

 

4,556

 

 

 

48,350

 

Total stockholders’ equity (deficit)

 

 

(738,841

)

 

 

106,256

 

Total liabilities, redeemable convertible noncontrolling interests and
   stockholders’ equity (deficit)

 

$

781,524

 

 

$

703,588

 

 

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

 

(1)
The condensed consolidated balance sheet as of December 31, 2020 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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

License revenue

 

$

1,585

 

 

$

8,127

 

 

$

55,084

 

 

$

8,127

 

Product sales

 

 

759

 

 

 

 

 

 

1,746

 

 

 

 

Total revenue

 

 

2,344

 

 

 

8,127

 

 

 

56,830

 

 

 

8,127

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products sold

 

 

1,454

 

 

 

 

 

 

1,563

 

 

 

 

Research and development

 

 

104,305

 

 

 

92,050

 

 

 

328,824

 

 

 

246,873

 

Selling, general and administrative

 

 

46,084

 

 

 

36,016

 

 

 

137,461

 

 

 

108,247

 

Total operating costs and expenses

 

 

151,843

 

 

 

128,066

 

 

 

467,848

 

 

 

355,120

 

Loss from operations

 

 

(149,499

)

 

 

(119,939

)

 

 

(411,018

)

 

 

(346,993

)

Other income (expense), net:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

234

 

 

 

692

 

 

 

951

 

 

 

3,567

 

Interest expense

 

 

(11,067

)

 

 

(10,929

)

 

 

(31,644

)

 

 

(25,693

)

Other income (expense), net

 

 

(684

)

 

 

9

 

 

 

7,539

 

 

 

(1,344

)

Total other income (expense), net

 

 

(11,517

)

 

 

(10,228

)

 

 

(23,154

)

 

 

(23,470

)

Net loss

 

 

(161,016

)

 

 

(130,167

)

 

 

(434,172

)

 

 

(370,463

)

Net loss attributable to redeemable convertible
   noncontrolling interests and noncontrolling
   interests

 

 

5,081

 

 

 

14,308

 

 

 

18,810

 

 

 

41,720

 

Net loss attributable to common stockholders
   of BridgeBio

 

$

(155,935

)

 

$

(115,859

)

 

$

(415,362

)

 

$

(328,743

)

Net loss per share, basic and diluted

 

$

(1.06

)

 

$

(0.98

)

 

$

(2.88

)

 

$

(2.79

)

Weighted-average shares used in computing net loss
   per share, basic and diluted

 

 

146,662,756

 

 

 

118,168,063

 

 

 

144,044,360

 

 

 

117,663,038

 

 

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,

 

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

Net loss

 

$

(161,016

)

 

$

(130,167

)

 

$

(434,172

)

 

$

(370,463

)

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

(17

)

 

 

(397

)

 

 

(173

)

 

 

207

 

 

Comprehensive loss

 

 

(161,033

)

 

 

(130,564

)

 

 

(434,345

)

 

 

(370,256

)

 

Comprehensive loss attributable to redeemable
  convertible noncontrolling interests and
  noncontrolling interests

 

 

5,081

 

 

 

14,308

 

 

 

18,810

 

 

 

41,720

 

 

Comprehensive loss attributable to common stockholders
   of BridgeBio

 

$

(155,952

)

 

$

(116,256

)

 

$

(415,535

)

 

$

(328,536

)

 

 

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, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

Redeemable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

BridgeBio

 

 

 

 

 

Total

 

 

 

Convertible

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

Stockholders'

 

 

Noncontrol-

 

 

Stockholders’

 

 

 

Noncontrolling

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Equity

 

 

ling

 

 

Equity

 

 

 

Interests

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

(Deficit)

 

 

Interests

 

 

(Deficit)

 

Balances as of December 31, 2020 (2)

 

$

1,630

 

 

 

 

122,849,389

 

 

$

125

 

 

 

2,414,681

 

 

$

(75,000

)

 

$

1,021,344

 

 

$

192

 

 

$

(888,755

)

 

$

57,906

 

 

$

48,350

 

 

$

106,256

 

Cumulative effect of ASU 2020-06 adoption

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(168,078

)

 

 

 

 

 

14,328

 

 

 

(153,750

)

 

 

 

 

 

(153,750

)

Issuance of shares under equity
   compensation plans

 

 

 

 

 

 

819,113

 

 

 

1

 

 

 

 

 

 

 

 

 

6,841

 

 

 

 

 

 

 

 

 

6,842

 

 

 

 

 

 

6,842

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,841

 

 

 

 

 

 

 

 

 

19,841

 

 

 

 

 

 

19,841

 

Purchase of capped calls

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(61,295

)

 

 

 

 

 

 

 

 

(61,295

)

 

 

 

 

 

(61,295

)

Repurchase of common stock

 

 

 

 

 

 

(759,993

)

 

 

 

 

 

759,993

 

 

 

(50,000

)

 

 

 

 

 

 

 

 

 

 

 

(50,000

)

 

 

 

 

 

(50,000

)

Issuance of common stock under ESPP

 

 

 

 

 

 

65,298

 

 

 

 

 

 

 

 

 

 

 

 

1,651

 

 

 

 

 

 

 

 

 

1,651

 

 

 

 

 

 

1,651

 

Repurchase of common stock to satisfy tax
    withholding

 

 

 

 

 

 

(15,653

)

 

 

 

 

 

 

 

 

 

 

 

(1,021

)

 

 

 

 

 

 

 

 

(1,021

)

 

 

 

 

 

(1,021

)

Repurchase of Eidos noncontrolling interests
   for cash and shares, including transaction
   costs of $
70,734

 

 

 

 

 

 

26,156,446

 

 

 

26

 

 

 

 

 

 

 

 

 

(53,856

)

 

 

 

 

 

 

 

 

(53,830

)

 

 

(38,167

)

 

 

(91,997

)

Issuance of noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,080

 

 

 

5,080

 

Transfers from (to) noncontrolling
    interests

 

 

517