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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)
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Delaware |
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84-1850815 |
(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
421 Kipling Street Palo Alto, CA |
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94301 |
(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (650) 391-9740
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock |
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BBIO |
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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.
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Large accelerated filer |
☒ |
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Accelerated filer |
☐ |
Non-accelerated filer |
☐ |
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Smaller reporting company |
☐ |
Emerging growth company |
☐ |
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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
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 |
|
|
|
|
— |
|
|
|
— |
|
|
|
|