0000950170-21-003080 | 10-Q | XBRL Viewer

Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows:


	September 30, 2021		September 30, 2020
	(in thousands)
Cash and cash equivalents	$	180,347	$	366,967
Restricted cash — Included in “Prepaid expenses and other current assets”		176		—
Restricted cash — Included in “Other assets”		2,556		424
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	183,079	$	367,391

Summary of Adjustments to Condensed Consolidated Balance Sheet

The following table summarizes the adjustments made to our condensed consolidated balance sheet as of January 1, 2021 as a result of applying the modified retrospective method in adopting ASU 2020-06:


	As Reported			Adjustments						As Adjusted
	December 31, 2020			Account 2027 Notes wholly as debt			Cumulative impact on interest expense			January 1, 2021
	(in thousands)
2027 Notes, net	$	383,436		$	169,173		$	(14,328	)	$	538,281
Other long-term liabilities (1)		9,520			(1,095	)	$	—			8,425
Additional paid-in capital		1,021,344			(168,078	)		—			853,266
Accumulated deficit		(888,755	)		—			14,328			(874,427	)

(1)

Related deferred tax liability was recorded as part of “Other long-term liabilities.”

Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Sep. 30, 2021

Dec. 31, 2020

Current assets:

Cash and cash equivalents

$ 180,347

$ 356,082

^[1]

Short-term marketable securities

419,264

251,011

^[1]

Receivable from licensing and collaboration agreements

7,710

Receivable from a related party

462

Prepaid expenses and other current assets

31,927

35,731

^[1]

Total current assets

639,710

642,824

^[1]

Investment in equity securities

17,707

Property and equipment, net

27,741

20,325

^[1]

Operating lease right-of-use assets

17,108

16,508

^[1]

Intangible assets, net

46,204

Other assets

33,054

23,931

^[1]

Total assets

781,524

703,588

^[1]

Current liabilities:

Accounts payable

12,035

8,945

^[1]

Accrued compensation and benefits

21,560

29,682

^[1]

Accrued research and development liabilities

37,645

27,290

^[1]

Accrued professional services

4,976

5,579

^[1]

LEO call option liability

^[1]

5,550

Operating lease liabilities, current portion

4,999

3,795

^[1]

Term loans, current portion

^[1]

1,458

Other accrued liabilities

14,608

13,349

^[1]

Total current liabilities

95,823

95,648

^[1]

Term loans, net of current portion

103,138

92,421

^[1]

Operating lease liabilities, net of current portion

18,683

14,677

^[1]

Commitments and contingencies (Note 8)

27,578

9,520

^[1],[2]

Total liabilities

1,517,398

595,702

^[1]

Redeemable convertible noncontrolling interests

2,967

1,630

^[1]

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

^[1]

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)

^[1]

Additional paid-in capital

821,220

1,021,344

^[1]

Accumulated other comprehensive income

192

^[1]

Accumulated deficit

(1,289,789)

(888,755)

^[1]

Total BridgeBio stockholders’ equity (deficit)

(743,397)

57,906

^[1]

Noncontrolling interests

4,556

48,350

^[1]

Total stockholders’ equity (deficit)

(738,841)

106,256

^[1],[3]

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

781,524

703,588

^[1]

2029 Notes

Current liabilities:

Term loans, net of current portion

732,659

732,659

2027 Notes

Current liabilities:

Term loans, net of current portion

539,517

383,436

^[1]

$ 539,517

$ 383,436

[1]	The condensed consolidated balance sheet as of December 31, 2020 is derived from the audited consolidated financial statements as of that date.
[2]	Related deferred tax liability was recorded as part of “Other long-term liabilities.”
[3]	The consolidated balances as of December 31, 2020 and 2019 are derived from the audited consolidated financial statements as of those dates.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Milestone Compensation Arrangements

We have performance-based milestone compensation arrangements with certain employees and consultants, whose vesting is contingent upon meeting various milestones, with fixed monetary amounts known at inception that can be settled in the form of cash or equity at our sole discretion. We also have performance-based milestone compensation arrangements with certain employees and consultants as part of the 2020 Stock and Equity Award Exchange Program (the “Exchange Program”, see Note 15). The compensation arrangements under the Exchange Program are to be settled in the form of equity only. Performance-based milestone awards that are settled in the form of equity are satisfied in the form of fully-vested restricted stock awards (“RSAs”). We accrue for such contingent compensation when the related milestone is probable of achievement and is recorded in “Accrued compensation and benefits” for the current portion and in “Other long-term liabilities” for the noncurrent portion in the condensed consolidated balance sheets. There is no accrued compensation expense for performance-based milestone awards that are assessed to be not probable of achievement. The table below shows our commitment for the potential milestone amounts and the accruals for milestones deemed probable of achievement as of September 30, 2021.


	Potential Fixed Monetary Amount		Accrued Amount (1)
Settlement Type	(in thousands)
Cash	$	10,799	$	985
Stock (2)		121,128		11,973
Cash or stock at our sole discretion		108,928		3,949
Total	$	240,855	$	16,907

(1)

Amount recorded for performance-based milestone awards that are probable of achievement.

(2)

Includes the performance-based milestone awards that were granted as part of the Exchange Program further discussed in Note 15.

Other Research and Development and Commercial Agreements

We may also enter into contracts in the normal course of business with clinical research organizations for clinical trials, with contract manufacturing organizations for clinical supplies and with other vendors for preclinical studies, supplies and other services and products for commercial and operating purposes. These contracts generally provide for termination on notice with potential termination charges. As of September 30, 2021 and December 31, 2020, there were no material amounts accrued related to termination charges.

Indemnification

In the ordinary course of business, we may provide indemnifications of varying scope and terms to vendors, lessors, business partners, board members, officers and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by us, our negligence or willful misconduct, violations of law, or intellectual property infringement claims made by third parties. In addition, we have entered into indemnification agreements with directors and certain officers and employees that will require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. No material demands have been made upon us to provide indemnification under such agreements, and thus, there are no claims that we are aware of that could have a material effect on our condensed consolidated balance sheets, statements of operations and comprehensive loss, or statements of cash flows.

We also maintain director and officer insurance, which may cover certain liabilities arising from our obligation to indemnify our directors. To date, we have not incurred any material costs and have not accrued any liabilities in the condensed consolidated financial statements as a result of these provisions.

Contingencies

From time to time, we may become involved in legal proceedings arising in the ordinary course of business. We are not currently a party to any material legal proceedings.

Subsequent Event - Additional Information (Details) - Subsequent Event - LianBio - Equity Method Investee's IPO $ in Millions	Nov. 01, 2021 USD ($)
Subsequent Event [Line Items]
Proceeds raised from offering	$ 325.0
Equity interest	4.70%

Stock-Based Compensation - Summary of Restricted Stock Award Activity under Plans (Details) - Restricted Stock Awards - A&R 2019 Plan and 2019 Inducement Plan	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Shares of Restricted Stock Outstanding, Beginning balance \| shares	3,364,366
Unvested Shares of Restricted Stock Outstanding, Ending balance \| shares	2,128,173
Weighted-Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 4.47
Weighted-Average Grant Date Fair Value, Ending balance \| $ / shares	$ 5.22
2020 Stock and Equity Award Exchange Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Shares of Restricted Stock Outstanding, Granted \| shares	382,122
Unvested Shares of Restricted Stock Outstanding, Vested \| shares	(382,122)
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	$ 61.31
Weighted-Average Grant Date Fair Value, Vested \| $ / shares	$ 61.31
Regular Equity Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Shares of Restricted Stock Outstanding, Vested \| shares	(1,231,043)
Unvested Shares of Restricted Stock Outstanding, Cancelled \| shares	(5,150)
Weighted-Average Grant Date Fair Value, Vested \| $ / shares	$ 3.16
Weighted-Average Grant Date Fair Value, Cancelled \| $ / shares	$ 7.27

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of Common Stock Equivalents were Excluded from Computation of Diluted Net Loss per Share

The following common stock equivalents were excluded from the computation of diluted net loss per share, because including them would have been antidilutive:


	As of September 30,
	2021		2020
Unvested RSAs		2,128,173		3,912,305
Unvested RSUs		1,645,381		1,234,269
Unvested market-based RSUs		—		55,614
Unvested performance-based RSUs		75,040		72,798
Unvested performance-based RSAs		—		22,611
Common stock options issued and outstanding		10,171,267		7,986,544
Estimated shares issuable under performance-based milestone compensation arrangements		4,600,340		—
Estimated shares issuable under the ESPP		21,482		18,240
Assumed conversion of 2027 Notes		12,878,305		12,878,305
Assumed conversion of 2029 Notes		7,702,988		—
		39,222,976		26,180,686

Eidos - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended	9 Months Ended
	Jan. 26, 2021	Aug. 02, 2019	Feb. 29, 2020	Mar. 31, 2021	Sep. 30, 2021	Oct. 05, 2020
Variable Interest Entity [Line Items]
Difference recognized in equity				$ 91,997
Additional Paid-in Capital
Variable Interest Entity [Line Items]
Difference recognized in equity				$ 53,856
Eidos
Variable Interest Entity [Line Items]
Merger transactions completion date	Jan. 26, 2021
Aggregate consideration	$ 1,651,600
Cash consideration paid	$ 21,300
Number of shares issued in exchange of subsidiary equity	26,156,446
Total fair value	$ 1,630,300
Eidos \| Additional Paid-in Capital
Variable Interest Entity [Line Items]
Difference recognized in equity					$ (1,613,400)
Transaction costs incurred					$ 70,700
Eidos \| Merger Agreement
Variable Interest Entity [Line Items]
Right to receive of common stock						1.85
Cash per share in transaction						$ 73.26
Eidos \| Maximum \| Merger Agreement
Variable Interest Entity [Line Items]
Cash consideration						$ 175,000
Eidos \| Minimum \| Merger Agreement
Variable Interest Entity [Line Items]
Cash consideration						$ 0
Variable Interest Entity, Primary Beneficiary \| Eidos
Variable Interest Entity [Line Items]
Voting shares					50.00%
Percentage of cash commission		3.00%
Shares issued			448,755
Net proceeds issued from offerings			$ 24,100
Variable Interest Entity, Primary Beneficiary \| Eidos \| Maximum
Variable Interest Entity [Line Items]
Aggregate Offering Price Of Common Stock That May Be Issued		$ 100,000

Debt - Schedule of Outstanding Notes Balances (Details) - USD ($)
$ in Thousands

Sep. 30, 2021

Jan. 28, 2021

Dec. 31, 2020

Mar. 09, 2020

Liability component

Net carrying amount

$ 103,138

$ 92,421

^[1]

2029 Notes

Liability component

Principal

747,500

Unamortized debt discount

(14,841)

Unamortized debt issuance costs

$ (16,100)

Net carrying amount

732,659

2027 Notes

Liability component

Principal

550,000

Unamortized debt discount

(9,964)

(158,404)

Unamortized debt issuance costs

(519)

(8,160)

$ (13,000)

Net carrying amount

$ 539,517

383,436

Equity component, net of issuance costs

$ 169,173

[1]	The condensed consolidated balance sheet as of December 31, 2020 is derived from the audited consolidated financial statements as of that date.

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Accrued termination charges	$ 0	$ 0

Organization and Description of Business

9 Months Ended

Sep. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Description of Business

BridgeBio Pharma, Inc. (“BridgeBio”) was established to identify and advance transformative medicines to treat patients who suffer from Mendelian diseases, which are diseases that arise from defects in a single gene, and cancers with clear genetic drivers. BridgeBio’s pipeline of programs ranges from early science to advanced clinical trials and its commercial organization is focused on delivering the company’s two approved therapies.

Since inception, BridgeBio has either created wholly-owned subsidiaries or made investments in certain controlled entities, including partially-owned subsidiaries for which BridgeBio has a majority voting interest, and variable interest entities (“VIEs”) for which BridgeBio is the primary beneficiary (collectively, “we”, “our”, “us”). BridgeBio is headquartered in Palo Alto, California.

Condensed Consolidated Statements of Redeemable Convertible Noncontrolling Interests and Stockholders' Equity - USD ($)
$ in Thousands

Total

Cumulative Effect, Period of Adoption, Adjusted Balance

Equity Compensation Plans

Employee Stock Purchase Plan

Satisfy Tax Withholding

Redeemable Convertible Noncontrolling Interests

Common Stock

Equity Compensation Plans

Common Stock

2020 Stock and Equity Exchange Program

Common Stock

Employee Stock Purchase Plan

Common Stock

Satisfy Tax Withholding

Treasury Stock

Additional Paid-in Capital

Cumulative Effect, Period of Adoption, Adjusted Balance

Additional Paid-in Capital

Equity Compensation Plans

Additional Paid-in Capital

2020 Stock and Equity Exchange Program

Additional Paid-in Capital

Employee Stock Purchase Plan

Additional Paid-in Capital

Satisfy Tax Withholding

Accumulated Other Comprehensive Income (Loss)

Accumulated Deficit

Cumulative Effect, Period of Adoption, Adjusted Balance

Parent

Cumulative Effect, Period of Adoption, Adjusted Balance

Parent

Equity Compensation Plans

Parent

2020 Stock and Equity Exchange Program

Parent

Employee Stock Purchase Plan

Parent

Satisfy Tax Withholding

Noncontrolling Interests

2020 Stock and Equity Exchange Program

Beginning balance at Dec. 31, 2019

^[1]

$ 473,733

$ 124

$ 848,107

$ 254

$ (440,031)

$ 408,454

$ 65,279

Temporary equity, beginning balance at Dec. 31, 2019

^[1]

$ 2,243

Beginning balance, shares at Dec. 31, 2019

^[1]

123,658,287

$ 529

116,249

Equity component of 2027 Notes, net of issuance costs and deferred tax liability

8,063

167,726

Purchase of capped calls

(49,280)

(75,000)

$ (75,000)

(75,000)

(2,414,681)

2,414,681

Temporary Equity, issuance (repurchase) of noncontrolling interest

26,565

1,102

Temporary Equity, transfers from (to) noncontrolling interest

(574)

11,601

(12,175)

574

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

472

(103,216)

(91,850)

(11,366)

Ending balance at Mar. 31, 2020

(866)

449,018

$ 124

$ (75,000)

986,746

726

(531,881)

380,715

68,303

Temporary equity, ending balance at Mar. 31, 2020

3,053

Ending balance, shares at Mar. 31, 2020

121,359,855

2,414,681

Beginning balance at Dec. 31, 2019

^[1]

473,733

$ 124

848,107

254

(440,031)

408,454

65,279

Temporary equity, beginning balance at Dec. 31, 2019

^[1]

2,243

Beginning balance, shares at Dec. 31, 2019

^[1]

123,658,287

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

207

Ending balance at Sep. 30, 2020

215,813

$ 125

$ (75,000)

1,006,944

461

(768,774)

163,756

52,057

Temporary equity, ending balance at Sep. 30, 2020

2,574

Ending balance, shares at Sep. 30, 2020

122,542,410

2,414,681

Beginning balance at Mar. 31, 2020

449,018

$ 124

$ (75,000)

986,746

726

(531,881)

380,715

68,303

Temporary equity, beginning balance at Mar. 31, 2020

3,053

Beginning balance, shares at Mar. 31, 2020

121,359,855

2,414,681

691

$ 1

691

$ 1,069

691

$ 1,070

$ (1,070)

264,583

626,820

7,295

3,537

Temporary Equity, transfers from (to) noncontrolling interest

(431)

(3,110)

2,679

431

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

132

(134,636)

(121,034)

(13,602)

Ending balance at Jun. 30, 2020

(1,578)

325,606

$ 125

$ (75,000)

992,691

858

(652,915)

265,759

59,847

Temporary equity, ending balance at Jun. 30, 2020

1,906

Ending balance, shares at Jun. 30, 2020

122,251,258

2,414,681

462

$ 1,205

462

$ 1,205

462

$ 1,205

249,971

49,696

Repurchase of common stock to satisfy tax withholding

11,748

$ (243)

Repurchase of shares to satisfy tax withholding, shares

(8,515)

Temporary Equity, issuance (repurchase) of noncontrolling interest

7,267

1,000

Temporary Equity, transfers from (to) noncontrolling interest

(799)

1,081

(1,880)

799

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

(397)

(129,036)

(115,859)

(13,177)

Ending balance at Sep. 30, 2020

(1,131)

215,813

$ 125

$ (75,000)

1,006,944

461

(768,774)

163,756

52,057

Temporary equity, ending balance at Sep. 30, 2020

2,574

Ending balance, shares at Sep. 30, 2020

122,542,410

2,414,681

Beginning balance at Dec. 31, 2020

^[1]

106,256

^[2]

$ 125

$ (75,000)

1,021,344

192

(888,755)

57,906

48,350

Beginning balance (ASU 2020 06) at Dec. 31, 2020

$ (153,750)

$ (168,078)

$ 14,328

$ (153,750)

Temporary equity, beginning balance at Dec. 31, 2020

1,630

^[2]

1,630

^[1]

Beginning balance, shares at Dec. 31, 2020

^[1]

122,849,389

2,414,681

6,842

1,651

$ 1

6,841

1,651

6,842

1,651

819,113

65,298

19,841

Purchase of capped calls

(61,295)

(50,000)

$ (50,000)

(50,000)

Repurchase of common stock to satisfy tax withholding

(759,993)

759,993

(1,021)

Repurchase of shares to satisfy tax withholding, shares

(15,653)

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

(91,997)

$ 26

(53,856)

(53,830)

(38,167)

Repurchase of noncontrolling interests for cash and shares, including transaction costs shares

26,156,446

5,080

Temporary Equity, transfers from (to) noncontrolling interest

(517)

1,690

(2,207)

517

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

(249)

(170,206)

(163,079)

(7,127)

Ending balance at Mar. 31, 2021

(876)

(389,365)

$ 152

$ (125,000)

767,117

(57)

(1,037,506)

(395,294)

5,929

Temporary equity, ending balance at Mar. 31, 2021

1,271

Ending balance, shares at Mar. 31, 2021

149,114,600

3,174,674

Beginning balance at Dec. 31, 2020

^[1]

106,256

^[2]

$ 125

$ (75,000)

1,021,344

192

(888,755)

57,906

48,350

Beginning balance (ASU 2020 06) at Dec. 31, 2020

$ (153,750)

$ (168,078)

$ 14,328

$ (153,750)

Temporary equity, beginning balance at Dec. 31, 2020

1,630

^[2]

1,630

^[1]

Beginning balance, shares at Dec. 31, 2020

^[1]

122,849,389

2,414,681

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

(173)

Ending balance at Sep. 30, 2021

(738,841)

$ 153

$ (275,000)

821,220

(1,289,789)

(743,397)

4,556

Temporary equity, ending balance at Sep. 30, 2021

2,967

Ending balance, shares at Sep. 30, 2021

147,087,891

6,191,761

Beginning balance at Mar. 31, 2021

(389,365)

$ 152

$ (125,000)

767,117

(57)

(1,037,506)

(395,294)

5,929

Temporary equity, beginning balance at Mar. 31, 2021

1,271

Beginning balance, shares at Mar. 31, 2021

149,114,600

3,174,674

3,751

$ 1

3,750

3,751

646,250

32,509

(5,308)

$ (5,308)

(5,308)

Repurchase of common stock to satisfy tax withholding

(104,694)

$ (2,281)

Repurchase of shares to satisfy tax withholding, shares

(41,416)

Fair value of PellePharm noncontrolling interest on consolidation

5,074

Temporary Equity, issuance (repurchase) of noncontrolling interest

700

Temporary Equity, transfers from (to) noncontrolling interest

3,618

(1,416)

5,034

(3,618)

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

(100,512)

(96,348)

(4,164)

Ending balance at Jun. 30, 2021

(1,562)

(457,490)

$ 153

$ (130,308)

799,679

(1,133,854)

(464,294)

6,804

Temporary equity, ending balance at Jun. 30, 2021

1,865

Ending balance, shares at Jun. 30, 2021

149,614,740

3,279,368

$ 3,704

$ 2,170

$ 3,704

$ 2,170

$ 3,704

$ 2,170

349,452

50,924

16,896

(144,692)

$ (144,692)

(144,692)

Repurchase of common stock to satisfy tax withholding

(2,912,393)

2,912,393

(734)

Repurchase of shares to satisfy tax withholding, shares

(14,832)

640

2,800

640

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

362

(362)

(495)

857

(17)

Ending balance at Sep. 30, 2021

(159,680)

(1,336)

(155,935)

(3,745)

(738,841)

$ 153

$ (275,000)

$ 821,220

$ 19

$ (1,289,789)

$ (743,397)

$ 4,556

Temporary equity, ending balance at Sep. 30, 2021

$ 2,967

Ending balance, shares at Sep. 30, 2021

147,087,891

6,191,761

[1]	The consolidated balances as of December 31, 2020 and 2019 are derived from the audited consolidated financial statements as of those dates.
[2]	The condensed consolidated balance sheet as of December 31, 2020 is derived from the audited consolidated financial statements as of that date.

Share Repurchase Program and Shelf Registration - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	9 Months Ended
	Jul. 31, 2020	Sep. 30, 2021	May 31, 2021
Common Stock \| Maximum \| At-the-Market Offerings
Share Repurchase Program And Shelf Registration [Line Items]
Aggregate offering, issuance and sale price of common stock to be issued	$ 350.0
Percentage of cash commission	3.00%
2021 Share Repurchase Program
Share Repurchase Program And Shelf Registration [Line Items]
Stock repurchased during period, shares		3,017,087
Stock repurchased, average price per share		$ 49.72
Stock repurchased, value		$ 150.0
2021 Share Repurchase Program \| Common Stock \| Maximum
Share Repurchase Program And Shelf Registration [Line Items]
Share repurchase program, authorized amount			$ 150.0

Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation:


	September 30, 2021
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	69,644	$	69,644	$	—	$	—
Short-term marketable securities:
U.S. treasury notes		60,555		—		60,555		—
Commercial paper		184,277		—		184,277		—
Corporate debt securities		134,351		—		134,351		—
Supranational debt securities		40,081		—		40,081		—
Total short-term marketable securities		419,264		—		419,264		—
Investment in equity securities		17,707		17,707		—		—
LianBio Warrants		2,878		—		—		2,878
Total financial assets	$	509,493	$	87,351	$	419,264	$	2,878
Liability
Embedded derivative	$	1,413	$	—	$	—	$	1,413


	December 31, 2020
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	266,437	$	266,437	$	—	$	—
Short-term marketable securities:
U.S. treasury bills		14,999		—		14,999		—
U.S. treasury notes		45,391		—		45,391		—
Commercial paper		144,851		—		144,851
Corporate debt securities		45,770		—		45,770		—
Total short-term marketable securities		251,011		—		251,011		—
LianBio Warrants		3,338		—		—		3,338
Total financial assets	$	520,786	$	266,437	$	251,011	$	3,338
Liabilities
LEO call option liability	$	5,550	$	—	$	—		5,550
Embedded derivative		1,340		—		—		1,340
Total financial liabilities	$	6,890	$	—	$	—	$	6,890

LEO Call Option

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Summary of Change in Estimated Fair Value of Liability Recorded in Other Income (Expense), Net

On March 30, 2021, LEO provided a notice of termination of the LEO call option effective April 15, 2021. As a result and based on the facts and circumstances that existed as of March 31, 2021, we evaluated that the likelihood of LEO exercising said option was remote and we remeasured the LEO call option liability to zero as of March 31, 2021. The following table sets forth a summary of the change in the estimated fair value of the LEO call option recorded in “Other income (expense), net”:


	Total
	(in thousands)
Balance as of December 31, 2020	$	5,550
Change in fair value upon notice of termination of the LEO call option		(5,550	)
Balance as of March 31, 2021	$	—

Schedule of Estimated Fair Value of Liability

Historically, we estimated the fair value of the LEO call option by estimating the fair value of various clinical, regulatory, and sales milestones based on the estimated risk and probability of achievement of each milestone, and allocated the value using a Black-Scholes option pricing model with the following assumptions as of December 31, 2020:


		December 31,
		2020
Probability of milestone achievement		12.0%-84.0%
Discount rate		0.1%-14.3%
Expected term (in years)		1.25-6.25
Expected volatility		80.0%-95.0%
Risk-free interest rate		1.16%-1.53%
Dividend yield		—

Commitments and Contingencies - Schedule of Potential Milestone Amounts and Accruals (Detail)
$ in Thousands

Sep. 30, 2021

USD ($)

Commitments And Contingencies Disclosure [Abstract]

Potential Fixed Monetary Amount Settlement in Cash

$ 10,799

Potential Fixed Monetary Amount Settlement in Stock

121,128

^[1]

Potential Fixed Monetary Amount Settlement in Cash or stock at our sole discretion

108,928

Total Potential Fixed Monetary Settlement Amount

240,855

Accrued Amount Settlement in Cash

985

^[2]

Accrued Amount Settlement in Stock

11,973

^[1],[2]

Accrued Amount Settlement in Cash or stock at our sole discretion

3,949

^[2]

Total Accrued Settlement Amount

$ 16,907

^[2]

[1]	Includes the performance-based milestone awards that were granted as part of the Exchange Program further discussed in Note 15.
[2]	Amount recorded for performance-based milestone awards that are probable of achievement.

Summary of Significant Accounting Policies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021
Summary Of Significant Accounting Policies [Line Items]
Cash, cash equivalents and restricted cash maturity period	90 days
ASU 2020 06
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2021
Change in accounting principle, accounting standards update, early adoption	true
Minimum
Summary Of Significant Accounting Policies [Line Items]
Percentage of voting shares	50.00%

Indicates (true false) whether accounting standards update was adopted.

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Stock-Based Compensation - Summary of Stock Based Compensation for Employees and Non Employees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	$ 16,130	$ 17,699	$ 83,061	$ 46,313
BridgeBio Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	15,490	13,869	78,216	37,454
Other Subsidiaries Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	640	390	4,845	774
Eidos
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation		3,440		8,085
Research and Development Expense
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	4,808	6,932	46,541	17,743
Research and Development Expense \| BridgeBio Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	4,198	4,974	44,661	13,194
Research and Development Expense \| Other Subsidiaries Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	610	310	1,880	538
Research and Development Expense \| Eidos
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation		1,648		4,011
Selling, General and Administrative Expenses
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	11,322		36,520
Selling, General and Administrative Expenses \| BridgeBio Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	11,292		33,555
Selling, General and Administrative Expenses \| Other Subsidiaries Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	$ 30		$ 2,965
General and Administrative Expense
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation		10,767		28,570
General and Administrative Expense \| BridgeBio Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation		8,895		24,260
General and Administrative Expense \| Other Subsidiaries Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation		80		236
General and Administrative Expense \| Eidos
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation		$ 1,792		$ 4,074

Debt - Schedule of Future Minimum Payments under Notes (Details) $ in Thousands	Sep. 30, 2021 USD ($)
2029 Notes and Interest on 2029 Notes
Debt Instrument [Line Items]
2022	$ 16,819
2023	16,819
2024	16,819
2025	16,819
Thereafter	806,366
Total future payments	873,642
Interest on 2029 Notes
Debt Instrument [Line Items]
Less amounts representing interest	(126,142)
2029 Notes
Debt Instrument [Line Items]
Total future payments	747,500
2027 Notes and Interest on 2027 Notes
Debt Instrument [Line Items]
2022	13,750
2023	13,750
2024	13,750
2025	13,750
Thereafter	570,625
Total future payments	625,625
Interest on 2027 Notes
Debt Instrument [Line Items]
Less amounts representing interest	(75,625)
2027 Notes
Debt Instrument [Line Items]
Total future payments	$ 550,000

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Provision for income tax	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Other liabilities
Operating Loss Carryforwards [Line Items]
Deferred tax liability, net					$ 1.1

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The condensed consolidated financial statements include the accounts of BridgeBio Pharma, Inc. and its wholly-owned subsidiaries and controlled entities, substantially all of which are denominated in U.S. dollars. All intercompany balances and transactions have been eliminated in consolidation. For consolidated entities where we own or are exposed to less than 100% of the economics, we record net loss attributable to noncontrolling interests in our condensed consolidated statements of operations equal to the percentage of the economic or ownership interest retained in such entities by the respective noncontrolling parties.

In determining whether an entity is considered a controlled entity, we apply the VIE and voting interest entity (“VOE”) models. We assess whether we are the primary beneficiary of a VIE based on our power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and our obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Entities that do not qualify as a VIE are assessed for consolidation under the VOE model. Under the VOE model, BridgeBio consolidates the entity if it determines that it has a controlling financial interest in the entity through its ownership of greater than 50% of the outstanding voting shares of the entity and that other equity holders do not have substantive voting, participating or liquidation rights. We assess whether we are the primary beneficiary of a VIE or whether we have a majority voting interest for entities consolidated under the VOE model at the inception of the arrangement and at each reporting date.

The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC.

The condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of our financial position, our results of operations and comprehensive loss, and our cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any other future annual or interim periods.

Reclassifications

Certain reclassifications have been made to the condensed consolidated statement of cash flows for the nine months ended September 30, 2020 to conform to the current year's presentation. These reclassifications had no net effect on cash flows from operating, financing and investing activities as previously reported.

Risks and Uncertainties

In March 2020, the World Health Organization declared the outbreak of SARS-CoV-2, the novel strain of coronavirus that causes Coronavirus disease 19 (“COVID-19”) a global pandemic. Since then, the resources of healthcare providers and hospitals have been focused on fighting the virus and any variants of the virus, and we have experienced delays in or temporary suspension of the enrollment of patients in our subsidiaries’ ongoing clinical trials. We additionally may experience delays in certain ongoing key program activities, including commencement of planned clinical trials, as well as non-clinical experiments and investigational new drug application-enabling good laboratory practice toxicology studies. The exact timing of delays and their overall impact on our business are currently unknown, and we are monitoring the ongoing COVID-19 pandemic as it continues to evolve. We are continuing to actively monitor the situation and may take further precautionary and preemptive actions as may be required by federal, state or local authorities or that we determine are in the best interests of public health and safety and that of our patient community, employees, partners, suppliers and stockholders. We cannot predict the effects that such actions, or the impact of COVID-19 on global business operations and economic conditions, may have on our business or strategy, including the effects on our ongoing and planned clinical development activities and prospects, or on our financial and operating results.

Cash, Cash Equivalents and Restricted Cash

We consider all highly liquid investments purchased with original maturities of 90 days or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in U.S. government money market funds.

Our restricted cash balance relates to cash and cash equivalents that we have pledged as collateral under certain lease agreements and letters of credit.


	September 30, 2021		September 30, 2020
	(in thousands)
Cash and cash equivalents	$	180,347	$	366,967
Restricted cash — Included in “Prepaid expenses and other current assets”		176		—
Restricted cash — Included in “Other assets”		2,556		424
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	183,079	$	367,391

Investment in Equity Securities

Our investment in equity securities consists of equity securities of publicly held companies. We measure the fair value of our investment in equity securities at each reporting period in accordance with Accounting Standards Codification (“ASC”) 321, Investments — Equity Securities. Changes in fair value resulting from observable price changes are included in “Other income (expense), net” in our condensed consolidated statements of operations. Upon sale of an equity security, any realized gain or loss is recognized in our condensed consolidated statements of operations.

License Arrangements and Multiple-Element Arrangements

Revenue from non-refundable, upfront license or technology access payments under license arrangements that are not dependent on any future performance by us is recognized when control of the license is transferred to our customer and our customer is able to benefit from the license. If we have continuing obligations to perform under the arrangement, such fees are recognized over the estimated period of continuing performance obligation.

When we enter into license agreements, we assess whether the arrangements fall within the scope of ASC 808, Collaborative Arrangements (ASC 808) based on whether the arrangements involve joint operating activities and whether both parties have active participation in the arrangement and are exposed to significant risks and rewards. To the extent that the arrangement falls within the scope of ASC 808, we assess whether the activities between us and our partner fall within the scope of other accounting literature. If we conclude that payments for activities from our partner to us represent consideration from a customer, such as license fees and contract manufacturing and research and development activities, we account for those elements within the scope of ASC 606, Revenue from Contracts with Customers. However, if we conclude that our partner is not a customer for certain activities and associated payments, such as for certain collaborative research, development, manufacturing and commercial activities, we present such payments as a reduction of research and development expense or selling, general and administrative expense, based on where we present the underlying expense. Additionally, if we reimburse our collaboration partners for these activities, we present such reimbursements as research and development expense or selling, general and administrative expense, depending upon the nature of the underlying expense.

If our collaborative arrangement provides for the sharing of profits and losses with our partner for commercialization activities, the treatment of our share in the profit-sharing structure depends on who the selling party is. If we are the selling party and the deemed principal, we record our collaboration partner’s share of profits as an addition to selling, general and administrative expenses and our collaboration partner’s share of loss as a reduction in selling, general and administrative expenses. If our partner is the selling party and the deemed principal, we record our share of profits as collaboration revenue and our share of losses as an addition to selling, general and administrative expenses.

Revenue Recognition

For elements of those arrangements that we determine should be accounted for under ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy our performance obligation. We apply the five-step model to contracts when it is probable that we will collect the consideration to which we are entitled in exchange for the goods or services we transfer to the customer.

At inception of the arrangement, once it is determined to be within the scope of ASC 606, we assess the goods or services promised within each contract and then identify the performance obligations and assess whether each promised good or service is distinct. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation, on a relative standalone selling price basis, when (or as) the performance obligation is satisfied. As part of the accounting for these arrangements, we develop assumptions that require judgment to determine the standalone selling price for each performance obligation identified in the contract. These key assumptions may include forecasted revenue or costs, development timelines, discount rates and probabilities of clinical and regulatory success.

License Fees: For arrangements that include a grant of a license to our intellectual property, we consider whether the license grant is distinct from the other performance obligations included in the arrangement. Generally, we would conclude that the license is distinct if the customer is able to benefit from the license with the resources available to it. For licenses that are distinct, we recognize revenues from nonrefundable, upfront license fees and other consideration allocated to the license when the license term has begun and we have provided all necessary information regarding the underlying intellectual property to the customer, which generally occurs at or near the inception of the arrangement. For licenses that are bundled with other promises, we determine whether the combined performance obligation is satisfied over time or at a point in time. If the combined performance obligation is satisfied over time, we use judgment in determining the appropriate method of measuring progress for purposes of recognizing revenue from the allocated transaction price. We evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and related revenue recognition.

Development and Regulatory Milestone Payments: At the inception of each arrangement that includes development and regulatory milestone payments, we evaluate whether the milestones are considered probable of being achieved and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within our or our collaboration partners control, such as non-operational developmental and regulatory approvals, are generally not considered probable of being achieved until those approvals are received. At the end of each subsequent reporting period, we re-evaluate the probability of achieving such development and regulatory milestones and any related constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis.

Sales-based Milestone Payments and Royalties: For arrangements that include sales-based royalties, including milestone payments based on the volume of sales, we will determine whether the license is deemed to be the predominant item to which the royalties or sales-based milestones relate and if such is the case, we will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).

Product supply services: Arrangements that include a promise for the future supply of drug product for either clinical development or commercial supply at the licensee’s discretion are generally considered as options. We will assess if these options provide a material right to the licensee and if so, they are accounted for as separate performance obligations and recognized when the future goods or services related to the option are provided or the option expires.

Product Sales: Revenue is recognized when our customers obtain control of the product and revenue is adjusted to reflect discounts, chargebacks, rebates, returns and other allowances associated to the respective sales.

Milestone and Royalty Payments Under Asset Acquisitions

Under our asset acquisitions, we could be required to pay development, regulatory and sales-based milestone payments if certain substantive milestones are met. We generally expense development milestones as incurred. For regulatory or sales-based milestones that are associated with an approved asset, we capitalize the milestone payments related to the asset purchase as a finite-lived intangible asset provided that the milestone payment is recoverable based on our estimated projected cash flows or if the asset has alternative future use. Such intangible asset is amortized over its estimated useful life on a straight-line basis, beginning on the date the asset is acquired, which would generally be the regulatory approval date. We assess the carrying value of our finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value may not be fully recoverable. Recoverability of finite-lived intangible assets is measured by comparison of the carrying value of the asset to the future undiscounted cash flows the asset is expected to generate.

We could also be required to pay royalties based on actual net sales under in-licensing agreements and asset acquisitions. Such royalties are expensed in the period of sale of the product.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, accruals for research and development activities and contingent clinical, development, regulatory and sales-based milestone payments in our in-licensing agreements and asset acquisitions, the valuation of our stock-based awards, accruals for performance-based milestone compensation arrangements, accounting for stock-based award modifications, the present value of lease payments of our leases on the respective lease commencement dates, the expected recoverability and estimated useful lives of our long-lived assets, the fair value of the LianBio Warrants (see Note 7) and the fair value of the LEO call option liability (see Note 7). We base our estimates on historical experience and on various other assumptions that are believed to be reasonable. Actual results may differ from those estimates or assumptions.

Recently Adopted Accounting Pronouncements

Accounting Standards Update (“ASU”) 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The guidance simplifies the complexity associated with applying U.S. GAAP for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options, that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share, to require entities to calculate diluted earnings per share for convertible instruments by using the if-converted method. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Adoption is either through a modified retrospective method or a full retrospective method of transition.

Effective January 1, 2021, we early adopted ASU 2020-06 using the modified retrospective method with respect to our 2027 Notes. As a result of the adoption, we no longer separately account for the liability and equity components of the 2027 Notes by allocating the proceeds between the liability component and the embedded conversion options, or equity component; and, instead, account for our 2027 Notes wholly as debt. This also resulted in the derecognition of a deferred tax liability, which represented a basis difference in the face value of the 2027 Notes due to the previous allocation of portion of the proceeds to the equity component. Additionally, we recorded a cumulative adjustment to decrease our opening accumulated deficit balance as of January 1, 2021, representing a reduction in previously recorded interest expense accretion to the principal amount of our 2027 Notes through December 31, 2020. The following table summarizes the adjustments made to our condensed consolidated balance sheet as of January 1, 2021 as a result of applying the modified retrospective method in adopting ASU 2020-06:


	As Reported			Adjustments						As Adjusted
	December 31, 2020			Account 2027 Notes wholly as debt			Cumulative impact on interest expense			January 1, 2021
	(in thousands)
2027 Notes, net	$	383,436		$	169,173		$	(14,328	)	$	538,281
Other long-term liabilities (1)		9,520			(1,095	)	$	—			8,425
Additional paid-in capital		1,021,344			(168,078	)		—			853,266
Accumulated deficit		(888,755	)		—			14,328			(874,427	)

(1)

Related deferred tax liability was recorded as part of “Other long-term liabilities.”

Under this transition method, we do not need to restate the comparative periods in transition and will continue to present financial information and disclosures for periods before January 1, 2021 in accordance with the pre-ASU 2020-06 guidance under ASC 470-20, Debt: Debt with Conversion and Other Options.

The adoption did not impact previously reported amounts in our condensed consolidated statements of operations and cash flows and our basic and diluted net loss per share amounts.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

15.

Stock-Based Compensation

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 September 30, 2021						Nine Months Ended September 30, 2021
	BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total		BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total
	(in thousands)
Research and development	$	4,198	$	610	$	4,808	$	44,661	$	1,880	$	46,541
Selling, general and administrative		11,292		30		11,322		33,555		2,965		36,520
Total stock-based compensation	$	15,490	$	640	$	16,130	$	78,216	$	4,845	$	83,061


	Three Months Ended September 30, 2020								Nine Months Ended September 30, 2020
	BridgeBio Equity Plan		Eidos Equity Plan		Other Subsidiaries Equity Plan		Total		BridgeBio Equity Plan		Eidos Equity Plan		Other Subsidiaries Equity Plan		Total
	(in thousands)
Research and development	$	4,974	$	1,648	$	310	$	6,932	$	13,194	$	4,011	$	538	$	17,743
General and administrative		8,895		1,792		80		10,767		24,260		4,074		236		28,570
Total stock-based compensation	$	13,869	$	3,440	$	390	$	17,699	$	37,454	$	8,085	$	774	$	46,313

We have recorded $0.1 million and $3.3 million of stock-based compensation expense for the three and nine months ended September 30, 2021, respectively, for performance-based milestone awards that were achieved during the period and were settled in cash.

Equity-Based Awards of BridgeBio

As of September 30, 2021, 7,977,872 shares and 8,938 shares were reserved for future issuances under our 2019 Amended and Restated Stock Option and Incentive Plan (the “2019 A&R Plan”) and the 2019 Inducement Equity Plan (the “2019 Inducement Plan”), respectively. Pursuant to the Merger Transactions, we also reserved 2,802,644 shares specifically under the Eidos Award Exchange (the “Eidos Award Exchange Plan”), all of which were issued upon execution of the Eidos Award Exchange as discussed below. The 2019 A&R Plan, the 2019 Inducement Plan and the Eidos Award Exchange Plan are collectively referred herein as the “Plans”.

2020 Stock and Equity Award Exchange Program (Exchange Program)

On April 22, 2020, we completed our 2020 Stock and Equity Award Exchange Program (the “Exchange Program”) for certain subsidiaries, which was an opportunity for eligible controlled entities’ employees and consultants to exchange their subsidiary equity (including common stock, vested and unvested stock options and restricted stock awards (“RSAs”)) for BridgeBio equity (including common stock, vested and unvested stock options and RSAs) and/or performance-based milestone awards tied to the achievement of certain development and regulatory milestones. The Exchange Program aligns our incentive compensation structure for employees and consultants across the BridgeBio group of companies to be consistent with the achievement of our overall corporate goals. In connection with the Exchange Program, we issued awards of BridgeBio equity under the 2019 A&R Plan to 149 grantees covering 554,064 shares of common stock, 1,268,110 stock options to purchase common stock, 50,145 shares of RSAs and 22,611 shares of performance-based RSAs. The exchange also included performance-based milestone awards of up to $183.4 million to be settled in fully-vested RSAs in the future upon achievement of the milestones (collectively the “New Awards”). In consideration for all the subsidiaries’ shares tendered, BridgeBio increased its ownership in controlled entities included in the Exchange Program and the corresponding noncontrolling interest decreased.

On November 18, 2020, we completed a stock and equity award under our Exchange Program for a subsidiary. We issued awards of BridgeBio equity under the 2019 A&R Plan to 16 grantees covering 24,924 shares of common stock, 70,436 stock options to purchase common stock, and 10,772 shares of performance-based stock options to purchase common stock. The exchange also included performance-based milestone awards of up to $11.7 million to be settled in fully-vested RSAs in the future upon achievement of the milestones.

We evaluated the exchange of the controlled entities’ outstanding common stock and equity awards for BridgeBio awards as a modification under ASC 718, Share Based Payments. Under ASC 718, a modification is a change in the terms or conditions of a stock-based compensation award. In assessing the accounting treatment, we consider the fair value, vesting conditions and classification as an equity or liability award of the controlled entity equity before the exchange, compared to the BridgeBio equity received as part of the exchange to determine whether modification accounting must be applied. When applying modification accounting, we considered the type of modification to determine the appropriate stock-based compensation cost to be recognized on April 22 and November 18, 2020, (each the “Modification Date”), and subsequent to the Modification Date.

We considered the total shares of common stock and equity awards, whether vested or unvested, held by each participant in each controlled entity as the unit of account. The controlled entity’s common stock and equity awards in each unit of account was exchanged for a combination of BridgeBio’s common stock, time-based vesting equity awards and/or performance-based milestone awards. Other than the exchange of the controlled entity equity awards for performance-based milestone awards, all other exchanged BridgeBio equity awards retained the original vesting conditions. As a result, there was no incremental stock-based compensation expense resulting from the exchange of time-based equity awards.

At the completion of the Exchange Program, we determined $17.4 million of the performance-based milestone awards were probable of achievement and represented the incremental stock-based compensation cost resulting from the modification of time-based equity awards to performance-based milestone awards. These performance-based milestone awards were to be recognized over a period ranging from 0.7 year to 1.7 years. There was no incremental stock-based compensation cost arising from the completion of the Exchange Program on November 18, 2020. Under ASC 718, we account for such performance-based milestone awards as a liability in “Accrued compensation and benefits” and in “Other long-term liabilities” in the condensed consolidated balance sheets due to the fixed milestone amount that will be converted into a variable number of shares of BridgeBio common stock to be granted upon the achievement date.

During the nine months ended September 30, 2021, we recognized $25.8 million of stock-based compensation expense associated with milestone awards under the Exchange Program that were determined to be probable of achievement as of September 30, 2021. The related stock-based compensation expense for the three months ended September 30, 2021 was not material. Refer to Note 8 for contingent compensation accrued associated with performance-based milestones that are determined to be probable as of September 30, 2021.

Performance-based Milestone Awards

Apart from the Exchange Program discussed above, we have performance-based milestone compensation arrangements with certain employees and consultants whose vesting is contingent upon meeting various regulatory and development milestones, with fixed monetary amounts known at inception that can be settled in the form of cash or equity at our sole discretion, upon achievement of each contingent milestone. Upon achievement of a contingent milestone and if such performance-based milestone awards are settled in the form of equity, these are satisfied in the form of fully-vested RSAs. We recognize such contingent stock-based compensation expense when the milestone is probable of achievement. For the three and nine months ended September 30, 2021, we recognized $0.7 million and $6.7 million, respectively, of stock-based compensation expense associated with performance-based milestone awards that were determined to be probable of achievement as of September 30, 2021. Refer to Note 8 for contingent compensation accrued associated with performance-based milestones awards that are determined to be probable as of September 30, 2021.

Stock Option Grants of BridgeBio

The following table summarizes BridgeBio’s stock option activity under the Plans for the nine months ended September 30, 2021:


	Options Outstanding					Weighted- Average Exercise Price per Option		Weighted- Average Remaining Contractual Life (years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2020				7,632,961
Regular equity program		6,778,112				$	23.83		8.8		320,473
Exchange Program		854,849				$	2.22		8.2		58,891
Granted				3,830,863
Regular equity program		1,054,191				$	63.82
Eidos Awards Exchange		2,776,672				$	16.33
Exercised				(1,069,978	)
Regular equity program		(292,143	)			$	19.93
Eidos Awards Exchange		(497,082	)			$	16.10
Exchange Program		(280,753	)			$	1.68
Cancelled				(222,579	)
Regular equity program		(105,089	)			$	27.41
Eidos Awards Exchange		(113,320	)			$	20.17
Exchange Program		(4,170	)			$	3.09
Outstanding as of September 30, 2021				10,171,267
Regular equity program		7,435,071				$	29.60		8.3	$	146,291
Eidos Awards Exchange		2,166,270				$	16.18		7.1	$	66,554
Exchange Program		569,926				$	2.48		7.4	$	25,299
Exercisable as of September 30, 2021				4,486,617
Regular equity program		2,889,270				$	23.73		8.0	$	68,522
Eidos Awards Exchange		1,102,497				$	12.22		6.2	$	38,200
Exchange Program		494,850				$	2.03		7.4	$	22,190

The options granted to employees and non-employees are exercisable at the price of BridgeBio’s common stock at the respective grant dates. The options granted have a service condition and generally vest over a period of four years.

The weighted-average grant date fair value of options granted during the nine months ended September 30, 2021 was $31.03.

The aggregate intrinsic value of options outstanding and exercisable as of September 30, 2021 in the table above are calculated based on the difference between the exercise price and the current fair value of BridgeBio common stock. The total intrinsic value of options exercised during the nine months ended September 30, 2021 was $50.4 million.

During the three and nine months ended September 30, 2021, we recognized stock-based compensation expense of $8.1 million and $21.9 million, respectively, related to stock options under the Plans. As of September 30, 2021, there was $71.6 million of total unrecognized compensation cost related to stock options under the Plans that is expected to be recognized over a weighted-average period of 2.1 years.

Restricted Stock Units (RSUs) of BridgeBio

The following table summarizes BridgeBio’s RSU activity under the Plans for the nine months ended September 30, 2021:


	Unvested Shares of RSUs Outstanding			Weighted- Average Grant Date Fair Value
Balance as of December 31, 2020		1,053,838		$	34.21
Granted		1,148,597		$	65.25
Vested		(377,499	)	$	44.01
Cancelled		(179,555	)	$	53.21
Balance as of September 30, 2021		1,645,381		$	51.55

During the three and nine months ended September 30, 2021, we recognized stock-based compensation expense of $6.4 million and $16.8 million, respectively, related to RSUs under the Plans. As of September 30, 2021, there was $80.0 million of total unrecognized compensation cost related to RSUs under the Plans that is expected to be recognized over a weighted-average period of 3.1 years.

Restricted Stock Awards (RSAs) of BridgeBio

The following table summarizes our RSA activity under the Plans for the nine months ended September 30, 2021:


	Unvested Shares of RSAs Outstanding			Weighted- Average Grant Date Fair Value
Balance as of December 31, 2020		3,364,366		$	4.47
Granted — Exchange Program		382,122		$	61.31
Vested — Exchange Program		(382,122	)	$	61.31
Vested — Regular equity program		(1,231,043	)	$	3.16
Cancelled — Regular equity program		(5,150	)	$	7.27
Balance as of September 30, 2021		2,128,173		$	5.22

During the three and nine months ended September 30, 2021, we recognized stock-based compensation expense related to RSAs under the Plans as follows:


	Three Months Ended		Nine Months Ended
	September 30, 2021
	(in thousands)
Exchange Program	$	—	$	23,427
Other RSAs		1,486		4,754
Total stock-based compensation expense	$	1,486	$	28,181

As of September 30, 2021, there was $11.7 million of total unrecognized compensation cost related to RSAs under the Plans that is expected to be recognized over a weighted-average period of 2.1 years. The respective balances of unvested RSAs as of September 30, 2021 and December 31, 2020 are included as outstanding shares disclosed in the condensed consolidated balance sheets as the shares were issued but are subject to forfeiture per the terms of the awards.

2019 Employee Stock Purchase Plan (ESPP) of BridgeBio

During the three and nine months ended September 30, 2021, stock-based compensation expense related to our ESPP was immaterial. As of September 30, 2021, 4,235,440 shares were reserved for future issuance under the ESPP.

Valuation Assumptions

We used the Black-Scholes model to estimate the fair value of stock options and stock purchase rights under the ESPP. For the nine months ended September 30, 2021, we used the following weighted-average assumptions in the Black-Scholes calculations:


	Nine Months Ended September 30, 2021
	Stock Options		ESPP
Expected term (in years)	6.00-6.02			0.50
Expected volatility	51.43%-51.97%		47.61% - 52.04%
Risk-free interest rate	0.63%-1.09%		0.05% - 0.13%
Dividend yield		—		—
Weighted-average fair value of stock-based awards granted	$	31.03	$	16.29

Equity Awards of Eidos

Prior to the Merger Transactions, Eidos issued its own equity-based awards under the Eidos 2016 Equity Incentive Plan and the Eidos 2018 Stock Option and Incentive Plan (collectively, the “Eidos Plans”). Upon closing of the Merger Transactions, we issued 2,776,672 stock options to purchase common stock of BridgeBio and 25,972 shares of BridgeBio RSUs to 88 employees of Eidos under the Eidos Award Exchange in exchange for their then outstanding common stock options and RSUs under the Eidos Plans (the “Replaced Awards”). The awards issued in the Eidos Award Exchange have the same vesting terms and conditions as the Replaced Awards. We evaluated the exchange of the awards as a modification under ASC 718 and recognized no incremental compensation cost from such modification.

Stock-based compensation under the Eidos Plans from January 1, 2021 until the closing of the Merger Transactions was immaterial.

Share Repurchase Program and Shelf Registration

9 Months Ended

Sep. 30, 2021

Share Repurchase Program And Shelf Registration [Abstract]

Share Repurchase Program and Shelf Registration

14.

Share Repurchase Program and Shelf Registration

2021 Share Repurchase Program

In May 2021, our Board of Directors authorized and approved a stock repurchase program pursuant to which we may purchase up to $150.0 million of BridgeBio’s outstanding common stock. Stock repurchases under the program may be made from time to time, in the open market, in privately negotiated transactions and otherwise, at the discretion of our management and in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act, of 1934, as amended, and other applicable legal requirements. The timing, pricing and amounts of these repurchases will depend on a number of factors, including the market price of our common stock and general market and economic conditions. The stock repurchase program does not obligate us to repurchase any dollar amount or number of shares, and the program may be suspended or discontinued at any time. As of September 30, 2021, we repurchased 3,017,087 shares in the open market at an average price of $49.72 per share for a total of approximately $150.0 million. As of September 30, 2021, the repurchased shares are held in treasury as treasury stock.

2020 Shelf Registration

In July 2020, we filed a shelf registration statement on Form S-3 (the “2020 Shelf”) with the SEC in relation to the registration of common stock, preferred stock, debt securities, warrants and units or any combination thereof. We also simultaneously entered into an Open Market Sale AgreementSM with Jefferies LLC and SVB Leerink LLC (collectively, the “Sales Agents”), to provide for the offering, issuance and sale by us of up to an aggregate of $350.0 million of our common stock from time to time in “at-the-market” offerings under the 2020 Shelf and subject to the limitations thereof (the “2020 Sales Agreement”). We will pay to the applicable Sales Agents cash commissions of up to 3.0% of the gross proceeds of sales of common stock under the 2020 Sales Agreement. We have not issued any shares or received any proceeds from this offering as of September 30, 2021.

Asset Acquisitions and Collaboration Agreement - Additional Information (Details) - USD ($)

3 Months Ended

9 Months Ended

12 Months Ended

Nov. 30, 2018

Sep. 30, 2021

Dec. 31, 2018

May 31, 2021

Jan. 01, 2021

^[1]

Dec. 31, 2020

^[2]

Business Acquisition Equity Interests Issued Or Issuable [Line Items]

Amortization expenses

$ 700,000

$ 1,300,000

Amortization expenses, remainder period

1,200,000

Amortization expenses, 2022

3,700,000

Amortization expenses, 2023

3,700,000

Amortization expenses, 2024

3,700,000

Amortization expenses, 2025

3,700,000

Amortization expenses, thereafter

30,000,000.0

Capitalization of finite-lived intangible asset

46,204,000

Other accrued liabilities

27,578,000

$ 8,425,000

$ 9,520,000

^[1]

14,608,000

$ 13,349,000

Foundation Medicine Diagnostics Agreement | Foundation Medicine, Inc

Business Acquisition Equity Interests Issued Or Issuable [Line Items]

Capitalization of finite-lived intangible asset

$ 12,500,000

Payment Following FDA Approval of Truseltiq

Business Acquisition Equity Interests Issued Or Issuable [Line Items]

Regulatory milestone payments

$ 20,000,000.0

QED Therapeutics, Inc | Foundation Medicine Diagnostics Agreement | Foundation Medicine, Inc

Business Acquisition Equity Interests Issued Or Issuable [Line Items]

Regulatory milestone payments

$ 12,500,000

Regulatory milestone payments term

4 years

Other accrued liabilities

11,000,000.0

1,500,000

QED Therapeutics, Inc | Maximum

Business Acquisition Equity Interests Issued Or Issuable [Line Items]

Regulatory milestone payments

$ 60,000,000.0

Sales-based milestone payments

35,000,000.0

Origin Biosciences, Inc.

Business Acquisition Equity Interests Issued Or Issuable [Line Items]

One-time final payment

$ 15,000,000.0

Origin Biosciences, Inc. | Maximum

Business Acquisition Equity Interests Issued Or Issuable [Line Items]

Sales-based milestone payments

17,000,000.0

Assets acquisition required milestone payments

$ 18,800,000

[1]	Related deferred tax liability was recorded as part of “Other long-term liabilities.”
[2]	The condensed consolidated balance sheet as of December 31, 2020 is derived from the audited consolidated financial statements as of that date.

Condensed Consolidated Statements of Redeemable Convertible Noncontrolling Interests and Stockholders' Equity (Parenthetical) $ in Thousands	Mar. 31, 2021 USD ($)
Statement Of Stockholders Equity [Abstract]
Repurchase of Eidos noncontrolling interests for cash and shares, transaction costs	$ 70,734

Leases - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Dec. 31, 2019	Mar. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Lessee Lease Description [Line Items]
Impairment loss related to operating lease right-of-use assets		$ 2.6
One time fees asset non-current	$ 10.0
Remaining payable recorded as other current liabilities			$ 2.0	$ 4.0
Construction-in-Progress
Lessee Lease Description [Line Items]
New accounting pronouncement effect of adoption			$ 10.0
Manufacturing Agreement
Lessee Lease Description [Line Items]
Lease agreement expiration	5 years
Property and Equipment
Lessee Lease Description [Line Items]
Impairment loss		0.7
Selling, General and Administrative Expenses
Lessee Lease Description [Line Items]
Impairment loss		$ 3.3

Subsequent Event

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

Subsequent Event

18.

Subsequent Event

Equity Investment in LianBio

On November 1, 2021, LianBio raised $325.0 million in its IPO. BBP LLC is estimated to own equity interest of approximately 4.7% in LianBio as a result of the IPO. Refer to Note 7 for information on our equity investment in LianBio.

Asset Acquisitions and Collaboration Agreement - Summary of Intangible Assets Under Acquisitions (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Estimated Useful Lives	12 years 9 months 18 days
Gross amount	$ 47,500
Less accumulated amortization	(1,296)
Net book value included in "Other assets"	$ 46,204

Stock-Based Compensation - Summary of Stock Option Activity under Plans (Details) - A&R 2019 Plan and 2019 Inducement Plan - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Outstanding, Beginning balance	7,632,961
Options Outstanding, Granted	3,830,863
Options Outstanding, Exercised	(1,069,978)
Options Outstanding, Cancelled	(222,579)
Options Outstanding, Outstanding, Ending balance	10,171,267	7,632,961
Options Outstanding, Exercisable	4,486,617
Eidos
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Granted	2,776,672
Options Outstanding, Exercised	(497,082)
Options Outstanding, Cancelled	(113,320)
Options Outstanding, Outstanding, Ending balance	2,166,270
Options Outstanding, Exercisable	1,102,497
Weighted-Average Exercise Price per Option, Granted	$ 16.33
Weighted-Average Exercise Price per Option, Exercised	16.10
Weighted-Average Exercise Price per Option, Cancelled	20.17
Weighted-Average Exercise Price per Option, Outstanding, Ending balance	16.18
Weighted-Average Exercise Price per Option, Exercisable	$ 12.22
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance	7 years 1 month 6 days
Weighted-Average Remaining Contractual Life (years), Exercisable	6 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding, Ending balance	$ 66,554
Aggregate Intrinsic Value, Exercisable	$ 38,200
Regular Equity Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Outstanding, Beginning balance	6,778,112
Options Outstanding, Granted	1,054,191
Options Outstanding, Exercised	(292,143)
Options Outstanding, Cancelled	(105,089)
Options Outstanding, Outstanding, Ending balance	7,435,071	6,778,112
Options Outstanding, Exercisable	2,889,270
Weighted-Average Exercise Price per Option, Outstanding, Beginning balance	$ 23.83
Weighted-Average Exercise Price per Option, Granted	63.82
Weighted-Average Exercise Price per Option, Exercised	19.93
Weighted-Average Exercise Price per Option, Cancelled	27.41
Weighted-Average Exercise Price per Option, Outstanding, Ending balance	29.60	$ 23.83
Weighted-Average Exercise Price per Option, Exercisable	$ 23.73
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance	8 years 3 months 18 days	8 years 9 months 18 days
Weighted-Average Remaining Contractual Life (years), Exercisable	8 years
Aggregate Intrinsic Value, Outstanding, Ending balance	$ 146,291	$ 320,473
Aggregate Intrinsic Value, Exercisable	$ 68,522
2020 Stock and Equity Award Exchange Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Outstanding, Beginning balance	854,849
Options Outstanding, Exercised	(280,753)
Options Outstanding, Cancelled	(4,170)
Options Outstanding, Outstanding, Ending balance	569,926	854,849
Options Outstanding, Exercisable	494,850
Weighted-Average Exercise Price per Option, Outstanding, Beginning balance	$ 2.22
Weighted-Average Exercise Price per Option, Exercised	1.68
Weighted-Average Exercise Price per Option, Cancelled	3.09
Weighted-Average Exercise Price per Option, Outstanding, Ending balance	2.48	$ 2.22
Weighted-Average Exercise Price per Option, Exercisable	$ 2.03
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance	7 years 4 months 24 days	8 years 2 months 12 days
Weighted-Average Remaining Contractual Life (years), Exercisable	7 years 4 months 24 days
Aggregate Intrinsic Value, Outstanding, Ending balance	$ 25,299	$ 58,891
Aggregate Intrinsic Value, Exercisable	$ 22,190

Cash Equivalents and Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2021

Cash Equivalents And Marketable Securities [Abstract]

Schedule of Cash Equivalent and Marketable Securities Classified as Available-for-Sale

Cash equivalents and marketable securities classified as available-for-sale consisted of the following:


	September 30, 2021
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	69,644	$	—	$	—		$	69,644
Short-term marketable securities:
U.S. treasury notes		60,526		29		—			60,555
Commercial paper		184,273		7		(3	)		184,277
Corporate debt securities		134,365		10		(24	)		134,351
Supranational debt securities		40,081		1		(1	)		40,081
Total short-term marketable securities		419,245		47		(28	)		419,264
Total cash equivalents and marketable securities	$	488,889	$	47	$	(28	)	$	488,908


	December 31, 2020
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	266,437	$	—	$	—		$	266,437
Short-term marketable securities:
U.S. treasury bills		14,996		3		—			14,999
U.S. treasury notes		45,292		100		(1	)		45,391
Commercial paper		144,851		—		—			144,851
Corporate debt securities		45,680		93		(3	)		45,770
Total short-term marketable securities		250,819		196		(4	)		251,011
Total cash equivalents and marketable securities	$	517,256	$	196	$	(4	)	$	517,448

Equity Method and Other Investments in Equity Method Investees - Additional Information (Detail)	1 Months Ended		3 Months Ended		9 Months Ended
	Oct. 31, 2021 shares	Oct. 31, 2019 USD ($) Director	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Nov. 01, 2021	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Mar. 31, 2019 USD ($)
LianBio \| Equity Method Investee's IPO \| Subsequent Event
Schedule Of Equity Method Investments [Line Items]
Ownership interest							4.70%
LianBio \| Common Stock
Schedule Of Equity Method Investments [Line Items]
Ownership interest			6.00%		6.00%			6.00%
Bridge Bio Pharma Limited Liability Company \| Entities Affiliated With Perceptive Life Sciences Master Fund Ltd \| LianBio
Schedule Of Equity Method Investments [Line Items]
Ownership interest		10.00%							10.00%
Number of directors appoint or removal \| Director		1
Ownership interest, value		$ 3,800,000							$ 0
Impairments related investment			$ 0	$ 0	$ 0	$ 0
Warrant to purchase percentage		10.00%
Bridge Bio Pharma Limited Liability Company \| Entities Affiliated With Perceptive Life Sciences Master Fund Ltd \| LianBio \| Subsequent Event
Schedule Of Equity Method Investments [Line Items]
Warrants to purchase common stock \| shares	347,569
PellePharm, Inc
Schedule Of Equity Method Investments [Line Items]
Ownership interest, value								$ 0		$ 0
Impairments related investment			$ 0	$ 0
Preferred stock ownership percentage					61.90%
Equity security investment									$ 0

License Agreements Between Navire and LianBio - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total revenue		$ 2,344,000	$ 8,127,000	$ 56,830,000	$ 8,127,000
License Revenue
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total revenue		1,585,000	8,127,000	55,084,000	8,127,000
LianBio \| License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Nonrefundable upfront payment receivable			$ 8,000,000.0		$ 8,000,000.0
LianBio \| License Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Future potential development and sales milestone payments yet to receive	$ 382,100,000
LianBio \| License Agreement \| License Revenue
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total revenue		$ 0		$ 8,500,000

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Stock-Based Compensation - Additional Information (Details)			3 Months Ended		9 Months Ended
	Nov. 18, 2020 USD ($) Grantee shares	Apr. 22, 2020 USD ($) Grantee shares	Sep. 30, 2021 USD ($) Employee shares	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) Employee $ / shares shares	Sep. 30, 2020 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation			$ 16,130,000	$ 17,699,000	$ 83,061,000	$ 46,313,000
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common shares reserved for future issuance \| shares			4,235,440		4,235,440
Weighted-average grand date fair value of options granted \| $ / shares					$ 16.29
2020 Stock and Equity Award Exchange Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation cost associated with milestone awards					$ 25,800,000
Maximum potential milestone performance-based awards to be settled in fully-vested RSA	$ 11,700,000	$ 183,400,000
Performance-based milestone awards		$ 17,400,000
2020 Stock and Equity Award Exchange Program \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance-based milestone awards period for recognition		8 months 12 days
2020 Stock and Equity Award Exchange Program \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance-based milestone awards period for recognition		1 year 8 months 12 days
Employee Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grand date fair value of options granted \| $ / shares					$ 31.03
Employee Stock Options \| 2020 Stock and Equity Award Exchange Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options issued in exchange of subsidiary equity \| shares	70,436	1,268,110
Restricted Stock Awards \| 2020 Stock and Equity Award Exchange Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of RSAs issued in exchange of subsidiary equity \| shares		50,145
Performance based milestone awards compensation expense settled with equity			$ 700,000		$ 6,700,000
Performance-Based RSAs \| 2020 Stock and Equity Award Exchange Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Performance-Based RSAs issued in exchange of subsidiary equity \| shares		22,611
Performance-Based Stock Options \| 2020 Stock and Equity Award Exchange Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Performance-Based stock options issued in exchange of subsidiary equity \| shares	10,772
A&R 2019 Plan \| 2020 Stock and Equity Award Exchange Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of grantees \| Grantee	16	149
Number of shares issued in exchange of subsidiary equity \| shares	24,924	554,064
A&R 2019 Plan \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common shares reserved for future issuance \| shares			7,977,872		7,977,872
2019 Inducement Plan \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common shares reserved for future issuance \| shares			8,938		8,938
Eidos Award Exchange Plan \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common shares reserved for future issuance \| shares			2,802,644		2,802,644
A&R 2019 Plan and 2019 Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grand date fair value of options granted \| $ / shares					$ 31.03
Total intrinsic value of options exercised					$ 50,400,000
A&R 2019 Plan and 2019 Inducement Plan \| 2020 Stock and Equity Award Exchange Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation					$ 23,427,000
A&R 2019 Plan and 2019 Inducement Plan \| Employee Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period					4 years
Stock-based compensation			$ 8,100,000		$ 21,900,000
Unrecognized compensation cost			71,600,000		$ 71,600,000
Unrecognized compensation cost, period for recognition					2 years 1 month 6 days
A&R 2019 Plan and 2019 Inducement Plan \| Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation			1,486,000		$ 28,181,000
Unrecognized compensation cost, period for recognition					2 years 1 month 6 days
Unrecognized compensation cost			11,700,000		$ 11,700,000
A&R 2019 Plan and 2019 Inducement Plan \| Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation			6,400,000		$ 16,800,000
Unrecognized compensation cost, period for recognition					3 years 1 month 6 days
Unrecognized compensation cost			80,000,000.0		$ 80,000,000.0
BridgeBio Equity Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance-based milestone awards compensation expense			100,000		3,300,000
Stock-based compensation			$ 15,490,000	13,869,000	$ 78,216,000	37,454,000
Eidos
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation				$ 3,440,000		$ 8,085,000
Eidos \| Eidos 2016 and 2018 Plans
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options issued in exchange of subsidiary equity \| shares					2,776,672
Number of RSUs issued in exchange of subsidiary equity \| shares					25,972
Number of employees for replacement awards \| Employee			88		88
Incremental compensation cost for awards modification			$ 0		$ 0

Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Straight line operating lease costs	$ 1,457	$ 995	$ 4,078	$ 2,684
Finance lease costs
Straight line finance lease costs	88		205
Interest on finance lease liability	27		83
Variable lease costs	1,111	257	2,831	558
Total lease cost	$ 2,683	$ 1,252	$ 7,197	$ 3,242

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	153,279,652	125,264,070
Common stock, shares outstanding	147,087,891	122,849,389
Treasury stock, shares	6,191,761	2,414,681

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2021

Basis of Presentation and Principles of Consolidation

Reclassifications

Risks and Uncertainties

Cash, Cash Equivalents and Restricted Cash

Our restricted cash balance relates to cash and cash equivalents that we have pledged as collateral under certain lease agreements and letters of credit.


	September 30, 2021		September 30, 2020
	(in thousands)
Cash and cash equivalents	$	180,347	$	366,967
Restricted cash — Included in “Prepaid expenses and other current assets”		176		—
Restricted cash — Included in “Other assets”		2,556		424
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	183,079	$	367,391

Investment in Equity Securities

License Arrangements and Multiple-Element Arrangements

Revenue Recognition

Milestone and Royalty Payments Under Asset Acquisitions

We could also be required to pay royalties based on actual net sales under in-licensing agreements and asset acquisitions. Such royalties are expensed in the period of sale of the product.

Use of Estimates

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements


	As Reported			Adjustments						As Adjusted
	December 31, 2020			Account 2027 Notes wholly as debt			Cumulative impact on interest expense			January 1, 2021
	(in thousands)
2027 Notes, net	$	383,436		$	169,173		$	(14,328	)	$	538,281
Other long-term liabilities (1)		9,520			(1,095	)	$	—			8,425
Additional paid-in capital		1,021,344			(168,078	)		—			853,266
Accumulated deficit		(888,755	)		—			14,328			(874,427	)

(1)

Related deferred tax liability was recorded as part of “Other long-term liabilities.”

The adoption did not impact previously reported amounts in our condensed consolidated statements of operations and cash flows and our basic and diluted net loss per share amounts.

Stock-Based Compensation

Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

16.

Income Taxes

BridgeBio is subject to U.S. federal and state income taxes as a corporation. BridgeBio’s tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual effective tax rate adjusted for the effect of discrete items arising in that quarter. There was no provision for income tax for the three and nine months ended September 30, 2021 and 2020.

Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax basis of assets and liabilities using statutory rates. A valuation allowance is recorded against deferred tax assets if it is more likely than not that some or all of the deferred tax assets will not be realized. Due to the uncertainty surrounding the realization of the favorable tax attributes in future tax returns, we have recorded a full valuation allowance against our otherwise recognizable net deferred tax assets.

As a result of the issuance of our 2027 Notes in 2020, it was determined that our existing deferred tax assets do not fully offset the deferred tax liabilities when reviewing the reversals of temporary differences. This resulted in a deferred tax liability of $1.1 million that was recognized for the year ended December 31, 2020. As discussed in Note 2, we have derecognized the deferred tax liability on January 1, 2021 upon early adoption of ASU 2020-06, with no impact on the provision for income tax.

Our policy is to recognize interest and penalties associated with uncertain tax benefits as part of the income tax provision and include accrued interest and penalties with the related income tax liability on the condensed consolidated balance sheet. To date, we have not recognized any interest and penalties in our condensed consolidated statements of operations, nor have we accrued for or made payments for interest and penalties. Our unrecognized gross tax benefits would not reduce the estimated annual effective tax rate if recognized because we have recorded a full valuation allowance on its deferred tax assets.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Adjustments of carrying value of noncontrolling interest additional paid-in capital

Noncontrolling Interests - Additional Information (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Dec. 31, 2020

Minority Interest [Line Items]

$ (500)

$ 1,100

$ (200)

$ 9,600

Noncontrolling interests

$ 4,556

$ 48,350

^[1]

Eidos

Minority Interest [Line Items]

Noncontrolling interests

$ 40,200

[1]	The condensed consolidated balance sheet as of December 31, 2020 is derived from the audited consolidated financial statements as of that date.

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

Fair Value Measurement - Schedule of Estimated Fair Value of Liability (Details) - LEO Call Option	12 Months Ended
	Dec. 31, 2020
Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Expected term (in years)	1 year 3 months
Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Expected term (in years)	6 years 3 months
Probability of Milestone Achievement \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input	0.120
Probability of Milestone Achievement \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input	0.840
Discount Rate \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input	0.001
Discount Rate \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input	0.143
Expected Volatility \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input	0.800
Expected Volatility \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input	0.950
Risk-Free Interest Rate \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input	0.0116
Risk-Free Interest Rate \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input	0.0153

Fair Value Measurement - Additional Information (Details) - USD ($)	Sep. 30, 2021	Jan. 28, 2021	Dec. 31, 2020	Mar. 09, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets, transfers between Level 1, Level 2 or Level 3	$ 0		$ 0
Fair value liabilities, transfers between Level 1, Level 2 or Level 3	0		0
2029 Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt Instrument face amount	747,500,000	$ 717,500,000
Estimated fair value of notes payable	647,700,000
2027 Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt Instrument face amount	550,000,000.0			$ 550,000,000.0
Estimated fair value of notes payable	$ 759,800,000		$ 997,900,000

Fair Value Measurement

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurement

The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation:


	September 30, 2021
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	69,644	$	69,644	$	—	$	—
Short-term marketable securities:
U.S. treasury notes		60,555		—		60,555		—
Commercial paper		184,277		—		184,277		—
Corporate debt securities		134,351		—		134,351		—
Supranational debt securities		40,081		—		40,081		—
Total short-term marketable securities		419,264		—		419,264		—
Investment in equity securities		17,707		17,707		—		—
LianBio Warrants		2,878		—		—		2,878
Total financial assets	$	509,493	$	87,351	$	419,264	$	2,878
Liability
Embedded derivative	$	1,413	$	—	$	—	$	1,413


	December 31, 2020
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	266,437	$	266,437	$	—	$	—
Short-term marketable securities:
U.S. treasury bills		14,999		—		14,999		—
U.S. treasury notes		45,391		—		45,391		—
Commercial paper		144,851		—		144,851
Corporate debt securities		45,770		—		45,770		—
Total short-term marketable securities		251,011		—		251,011		—
LianBio Warrants		3,338		—		—		3,338
Total financial assets	$	520,786	$	266,437	$	251,011	$	3,338
Liabilities
LEO call option liability	$	5,550	$	—	$	—		5,550
Embedded derivative		1,340		—		—		1,340
Total financial liabilities	$	6,890	$	—	$	—	$	6,890

There were no transfers between Level 1, Level 2 or Level 3 during the periods presented.

There are uncertainties on the fair value measurement of the instruments classified under Level 3 due to the use of unobservable inputs and interrelationships between these unobservable inputs, which could result in higher or lower fair value measurements.

Marketable Securities

The fair value of our marketable securities classified within Level 2 is based upon observable inputs that may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications.

Investment in Equity Securities

We classify our investment in equity securities, which are currently equity securities of publicly held companies, within Level 1 as the fair values of these equity securities are derived from observable inputs such as quoted prices in active markets.

LEO Call Option Liability

The valuation of the LEO call option contained unobservable inputs that reflected our own assumptions for which there was little, if any, market activity at the measurement date. Accordingly, the LEO call option liability was remeasured to fair value on a recurring basis using unobservable inputs that were classified as Level 3 inputs. The uncertainty of the fair value measurement due to the use of unobservable inputs and interrelationships between these unobservable inputs could have resulted in higher or lower fair value measurement.


	Total
	(in thousands)
Balance as of December 31, 2020	$	5,550
Change in fair value upon notice of termination of the LEO call option		(5,550	)
Balance as of March 31, 2021	$	—


		December 31,
		2020
Probability of milestone achievement		12.0%-84.0%
Discount rate		0.1%-14.3%
Expected term (in years)		1.25-6.25
Expected volatility		80.0%-95.0%
Risk-free interest rate		1.16%-1.53%
Dividend yield		—

Eidos Embedded Derivative Liability in Loan Agreement

For the SVB and Hercules Loan entered into in November 2019 and prepaid in April 2021 (see Note 9), Eidos determined that the requirement to pay a fee upon certain events (“Success Fee”) is an embedded derivative liability to be measured at fair value. The fair value of the derivative was determined based on an income approach that identified the cash flows using a “with-and-without” valuation methodology. The inputs used to determine the estimated fair value of the derivative instrument were based primarily on the probability of an underlying event triggering the embedded derivative occurring and the timing of such event. The Success Fee survives the prepayment of the SVB and Hercules Loan per the terms of the contract; and, therefore, we continue to carry the embedded derivative liability at its fair value until it is settled or it expires.

Notes

The fair values of our 2.25% convertible senior notes due 2029 (the “2029 Notes”) and our 2.50% convertible senior notes due 2027 (the “2027 Notes”) (collectively, the “Notes”, see Note 9), which differ from their respective carrying values, are determined by prices for the Notes observed in market trading. The market for trading of the Notes is not considered to be an active market and therefore the estimate of fair value is based on Level 2 inputs. As of September 30, 2021, the estimated fair value of our 2029 Notes and 2027 Notes, which have aggregate face values of $747.5 million and $550.0 million, respectively, were $647.7 million and $759.8 million, respectively, based on their market prices on the last trading day for the period. As of December 31, 2020, the estimated fair value of the 2027 Notes was $997.9 million based on the market price on the last trading day for the period.

Term Loans

The fair value of our outstanding term loans (see Note 9) is estimated using the net present value of the payments, discounted at an interest rate that is consistent with a market interest rate, which is a Level 2 input. The estimated fair value of our outstanding term loans approximates the carrying amount, as the term loans bear a floating rate that approximates the market interest rate.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

License And Collaboration Agreement [Abstract]

Leases - Schedule of Supplemental Information Related to Remaining Lease Term and Discount Rate (Details)	Sep. 30, 2021	Sep. 30, 2020
Weighted-average remaining lease term (in years)
Operating leases	5 years 8 months 12 days	5 years 2 months 12 days
Finance lease	4 years 3 months 18 days
Weighted-average discount rate
Operating leases	5.58%	5.91%
Finance lease	6.62%	0.00%

License and Collaboration Agreement with Helsinn

9 Months Ended

Sep. 30, 2021

License and Collaboration Agreement with Helsinn

10.

License and Collaboration Agreement with Helsinn

On March 29, 2021, QED entered into a license and collaboration agreement with Helsinn Healthcare S.A. (“HHC”) and Helsinn Therapeutics (U.S.), Inc. (“HTU”, collectively with HHC, “Helsinn,” and together with QED, the “Parties”) (the “QED-Helsinn License and Collaboration Agreement”), pursuant to which QED granted to HHC exclusive licenses to develop, manufacture and commercialize QED’s product candidate, infigratinib, in oncology and all other indications except achondroplasia or any other skeletal dysplasias, worldwide, except for the People’s Republic of China, Hong Kong and Macau (“Greater China”), and under which QED will receive a co-exclusive license to co-commercialize infigratinib in the United States in the licensed indications. Under this agreement, Helsinn is likewise entitled to a right of first negotiation with respect to specific territories subject to the occurrence of a contingent event. As part of this agreement, QED is also required to transfer inventory within the transitional period, as described in the QED-Helsinn License and Collaboration Agreement. The effectiveness of the transactions contemplated under this agreement was subject to specified conditions, including the expiration or early termination of any waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). The waiting period under the HSR Act ended on April 16, 2021 and the QED-Helsinn License and Collaboration Agreement became effective as of that date.

Under the terms of the QED-Helsinn License and Collaboration Agreement, QED is eligible to receive payments totaling up to approximately $2.45 billion in the aggregate, including over $100.0 million in upfront, regulatory and launch milestone payments, and the remainder subject to the achievement of specified commercial milestones, as well as tiered royalties in the high teens as a percentage of adjusted net sales by Helsinn of the licensed products sold worldwide, outside of the United States and Greater China. Upon approval by the U.S. Food and Drug Administration (“FDA”), QED and HTU will co-commercialize infigratinib in the licensed indications in the United States and will share profits and losses on a 50:50 basis. In May 2021, we received such FDA approval for an oncology indication in the United States and effective as of that date, sharing of profits and losses commenced. QED and Helsinn will share global, excluding Greater China, research and development costs for infigratinib in the licensed indications at a rate of 40% for QED and 60% for Helsinn.

The QED-Helsinn License and Collaboration Agreement is considered to be within the scope of ASC 808 as the parties are active participants and are exposed to the risks and rewards of the collaborative activity, and partially within the scope of ASC 606, for the units of account that Helsinn is identified as a customer. For the units of account in the collaboration arrangement that do not represent a vendor-customer relationship, including the performance of research and development and commercialization services, we determined that ASC 606 is not appropriate to apply by analogy and applied a reasonable and rational accounting policy election that faithfully depicts the transfer of services to the collaboration partner over the estimated performance period. Reimbursement payments from Helsinn associated with profit and cost sharing provisions are recognized as the related expense is incurred and classified as an offset to the underlying expense and excluded from the transaction price.

We evaluated the terms of the QED-Helsinn License and Collaboration Agreement and identified Helsinn as a customer with the following two distinct performance obligations: (1) exclusive licenses to develop, manufacture, and commercialize the underlying product, and (2) transfer of inventory within the transitional supply period.

We consider the future potential regulatory and launch milestones to be variable consideration. We constrain variable consideration to the extent that it is not probable that it will result in a significant revenue reversal when the uncertainty associated with the variable consideration is subsequently resolved. We recognize consideration relating to sales-based milestones and royalties when the subsequent sales occur.

We determined the initial transaction price for the QED-Helsinn License and Collaboration Agreement to be $46.0 million, comprising of $20.0 million nonrefundable upfront license fee, $1.0 million for sale of certain existing inventory, and $25.0 million milestone for the first launch of the first indication of infigratinib in the U.S.

The remaining future potential milestone payments were not included in the transaction price as they were determined to be fully constrained under ASC 606. We determined that the achievement of such regulatory and launch milestones are contingent upon success in future clinical trials and regulatory approvals, which are not within our control and are uncertain at this stage. We expect that the royalty arrangements and commercial-based milestones will be recognized when the sales occur or the milestones are achieved pursuant to the sales-based royalty exception under ASC 606-10-55-65 because the license is the predominant item to which the royalties or commercial-based milestones relate. We will re-evaluate the transaction price at each reporting period and as uncertain events are resolved or other changes in circumstances occur.

Based on the distinct performance obligations under the QED-Helsinn License and Collaboration Agreement, we allocated the $46.0 million transaction price based on relative stand-alone selling prices of each of our performance obligations as $44.4 million for the licenses and $1.6 million for the transfer of inventory. For the delivery of the licenses, we based the stand-alone selling price on a discounted cash flow approach and considered several factors including, but not limited to, forecasted revenue and costs, development timelines, discount rate and probabilities of clinical and regulatory success. For the transfer of inventory, we based the stand-alone selling price on the actual costs incurred by us to purchase or manufacture the inventory as well as the average compensation of employees estimated to be incurred over the performance period.

As of September 30, 2021, we have provided all necessary information to Helsinn for it to benefit from the license under the license term and have completed the transfer of inventory. During the three and nine months ended September 30, 2021, we recognized $1.6 million and $46.0 million, respectively, in license revenue under these units of account accounted for under ASC 606. There were no outstanding receivables from Helsinn related to these units of accounts as of September 30, 2021.

For the unit of account that is within the scope of ASC 808 relating to research and development costs, we have recognized Helsinn’s share of research and development expenses of $9.6 million and $28.2 million as a reduction of research and development expenses for the three and nine months ended September 30, 2021, respectively. Total receivables from Helsinn relating to this unit of account accounted for under ASC 808 amounted to $7.7 million as of September 30, 2021 and are shown as part of “Receivable from licensing and collaboration agreements” in the condensed consolidated balance sheets.

Following the FDA approval of TRUSELTIQTM (infigratinib) in May 2021, we accounted for Helsinn’s share of the co-commercialization loss of $2.6 million and $6.8 million as a reduction to selling, general and administrative expenses for the three and nine months ended September 30, 2021, respectively.

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 4,474	$ 2,749
Operating cash flows for finance lease — cash paid for interest	101	0
Financing cash flows for finance lease — cash paid for principal	71
Operating lease right-of-use assets obtained in exchange for operating lease obligations	$ 6,380	$ 11,814

Debt - Schedule of Total Interest Expense Recognized Related to Notes (Details) - USD ($) $ in Thousands	3 Months Ended		7 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2021
Debt Instrument [Line Items]
Contractual interest expense	$ 7,643		$ 7,715	$ 21,666
Amortization of debt discount	848		10,186	2,388
Amortization of debt issuance costs	23		528	70
Total interest and amortization expense	8,514		$ 18,429	24,124
Effective interest rate		8.80%	8.80%
2029 Notes
Debt Instrument [Line Items]
Contractual interest expense	4,205			11,353
Amortization of debt discount	457			1,222
Total interest and amortization expense	$ 4,662			$ 12,575
Effective interest rate	2.60%			2.60%
2027 Notes
Debt Instrument [Line Items]
Contractual interest expense	$ 3,438	$ 3,361		$ 10,313
Amortization of debt discount	391	4,612		1,166
Amortization of debt issuance costs	23	239		70
Total interest and amortization expense	$ 3,852	$ 8,212		$ 11,549
Effective interest rate	2.80%	8.80%	8.80%	2.80%

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - A&R 2019 Plan and 2019 Inducement Plan - Restricted Stock Units (RSUs)	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Shares of Restricted Stock Outstanding, Beginning balance \| shares	1,053,838
Unvested Shares of Restricted Stock Outstanding, Granted \| shares	1,148,597
Unvested Shares of Restricted Stock Outstanding, Vested \| shares	(377,499)
Unvested Shares of Restricted Stock Outstanding, Cancelled \| shares	(179,555)
Unvested Shares of Restricted Stock Outstanding, Ending balance \| shares	1,645,381
Weighted-Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 34.21
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	65.25
Weighted-Average Grant Date Fair Value, Vested \| $ / shares	44.01
Weighted-Average Grant Date Fair Value, Cancelled \| $ / shares	53.21
Weighted-Average Grant Date Fair Value, Ending balance \| $ / shares	$ 51.55

Net Loss Per Share - Schedule of Common Stock Equivalents were Excluded from Computation of Diluted Net Loss per Share (Detail) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	39,222,976	26,180,686
Unvested RSAs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	2,128,173	3,912,305
Unvested RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	1,645,381	1,234,269
Unvested Market-Based RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share		55,614
Unvested Performance-Based RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	75,040	72,798
Unvested Performance-Based RSAs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share		22,611
Common Stock Options Issued and Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	10,171,267	7,986,544
Estimated Shares Issuable Performance Based Milestone Compensation Arrangement
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	4,600,340
Estimated Shares Issuable Under the ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	21,482	18,240
Assumed Conversion of 2027 Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	12,878,305	12,878,305
Assumed Conversion of 2029 Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	7,702,988

Asset Acquisitions and Collaboration Agreement

9 Months Ended

Sep. 30, 2021

Business Combinations [Abstract]

Asset Acquisitions and Collaboration Agreement

12.

Asset Acquisitions, In-licensing and Other Agreements

Novartis License Agreement

In January 2018, QED entered into a License Agreement with Novartis International Pharmaceutical, Inc. (“Novartis”), pursuant to which QED acquired certain intellectual property rights, including patents and know-how, related to infigratinib for the treatment of patients with FGFR-driven diseases. QED accounted for the transaction as an asset acquisition as substantially all of the estimated fair value of the gross assets acquired was concentrated in a single identified asset, in-process research and development (“IPR&D”), thus satisfying the requirements of the screen test in ASU 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business. The assets acquired and liabilities assumed in the transaction were measured based on their fair values. The fair value of the IPR&D acquired was charged to research and development expense as it had no alternative future use at the time of the acquisition.

If certain substantial milestones are met, QED could be required to pay up to $60.0 million in regulatory milestone payments, $35.0 million in sales-based milestone payments, and pay royalties of up to low double-digit percentages on net sales. Following the FDA approval of TRUSELTIQ in May 2021, we paid a one-time regulatory milestone payment to Novartis of $20.0 million. We capitalized such payment as a finite-lived intangible asset and amortize the amount over its estimated useful life on a straight-line basis.

Asset Purchase Agreement with Alexion

In June 2018, our subsidiary Origin Biosciences, Inc. (“Origin”) entered into an Asset Purchase Agreement with Alexion Pharma Holding Unlimited Company (“Alexion”) to acquire intellectual property rights, including patent rights, know-how, and contracts, related to the ALXN1101 molecule. Origin accounted for the transaction as an asset acquisition as substantially all of the estimated fair value of the gross assets acquired was concentrated in a single identified asset, IPR&D, thus satisfying the requirements of the screen test in ASU 2017-01. The assets acquired and liabilities assumed in the transaction were measured based on their fair values. The fair value of the IPR&D acquired was charged to research and development expense as it had no alternative future use at the time of the acquisition.

Pursuant to the Asset Purchase Agreement, Origin could be required to pay up to $18.8 million if a certain condition is met. Such a condition was met in 2021, resulting in a one-time final payment of $15.0 million during the three months ended September 30, 2021, which we capitalized as a finite-lived intangible asset and amortize it over its estimated useful life on a straight-line basis. In addition, under the Asset Purchase Agreement, Origin could be required to pay up to $17.0 million in sales-based milestone payments and royalties of up to low double-digit percentages on net sales.

Diagnostics Agreement with Foundation Medicine

In November 2018, QED and Foundation Medicine, Inc. (“FMI”) entered into a companion diagnostics agreement relating to QED’s drug discovery and development initiatives. Pursuant to the agreement, QED could be required to pay $12.5 million in regulatory approval milestones over a period of four years subsequent to the FDA approval of a companion diagnostic for TRUSELTIQ in patients with cholangiocarcinoma. The FDA approved the companion diagnostic for TRUSELTIQ in May 2021, which resulted in the capitalization of $12.5 million as a finite-lived intangible asset to be amortized over its estimated useful life on a straight-line basis. As of September 30, 2021, the amount due to FMI is presented in our condensed consolidated balance sheets in “Other accrued liabilities” and “Other long-term liabilities” for $1.5 million and $11.0 million, respectively.

Intangible Assets

The following table summarizes the intangible assets recognized in connection with the above agreements:


	Weighted Average Estimated Useful Lives	September 30, 2021
		(in thousands)
Gross amount	12.8 years	$	47,500
Less accumulated amortization			(1,296	)
Net book value included in “Other assets”		$	46,204

Amortization expense recorded as part of cost of products sold for the three and nine months ended September 30, 2021 was $0.7 million and $1.3 million, respectively. Future amortization expense is $1.2 million for the remainder of 2021, $3.7 million for each of the years from 2022 to 2025 and $30.0 million thereafter.

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
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)

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Net Loss Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

17.

Net Loss Per Share

The following common stock equivalents were excluded from the computation of diluted net loss per share, because including them would have been antidilutive:


	As of September 30,
	2021		2020
Unvested RSAs		2,128,173		3,912,305
Unvested RSUs		1,645,381		1,234,269
Unvested market-based RSUs		—		55,614
Unvested performance-based RSUs		75,040		72,798
Unvested performance-based RSAs		—		22,611
Common stock options issued and outstanding		10,171,267		7,986,544
Estimated shares issuable under performance-based milestone compensation arrangements		4,600,340		—
Estimated shares issuable under the ESPP		21,482		18,240
Assumed conversion of 2027 Notes		12,878,305		12,878,305
Assumed conversion of 2029 Notes		7,702,988		—
		39,222,976		26,180,686

Our 2029 Notes and 2027 Notes are convertible, based on the applicable conversion rate, into cash, shares of our common stock or a combination thereof, at our election.

As discussed in Notes 8 and 15, we have performance-based milestone compensation arrangements, whose vesting is contingent upon meeting various regulatory and development milestones, with fixed monetary amounts known at inception that can be settled in the form of cash or equity at our sole election, upon achievement of each contingent milestone. The common stock equivalents of such arrangements were estimated as if the contingent milestones were achieved as of the reporting date and the arrangements were all settled in equity.

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Oct. 29, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Trading Symbol	BBIO
Entity Registrant Name	BridgeBio Pharma, Inc.
Entity Central Index Key	0001743881
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	001-38959
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-1850815
Entity Address, Address Line One	421 Kipling Street
Entity Address, City or Town	Palo Alto
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94301
City Area Code	(650)
Local Phone Number	391-9740
Entity Common Stock, Shares Outstanding		147,166,573
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ

Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt

Notes

2029 Notes

On January 28, 2021, we issued an aggregate of $717.5 million principal amount of our 2029 Notes pursuant to an Indenture dated January 28, 2021 (the “2029 Notes Indenture”), between us and U.S. Bank National Association, as trustee (the “2029 Notes Trustee”), in a private offering to qualified institutional buyers (the “2021 Note Offering”) pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The 2029 Notes issued in the 2021 Note Offering include $67.5 million aggregate principal amount of 2029 Notes sold to the initial purchasers (the “2029 Notes Initial Purchasers”) pursuant to the exercise in part of the 2029 Notes Initial Purchasers’ option to purchase $97.5 million principal amount of additional 2029 Notes. On January 28, 2021, the 2029 Notes Initial Purchasers exercised the remaining portion of their option to purchase $30.0 million principal amount of additional 2029 Notes. The sale of those additional 2029 Notes closed on February 2, 2021.

The 2029 Notes will accrue interest payable semiannually in arrears on February 1 and August 1 of each year, beginning on August 1, 2021, at a rate of 2.25% per year. The 2029 Notes will mature on February 1, 2029, unless earlier converted, redeemed or repurchased. The 2029 Notes are convertible into cash, shares of BridgeBio’s common stock or a combination of cash and shares of BridgeBio’s common stock, at our election.

We received net proceeds from the 2021 Note Offering of approximately $731.4 million, after deducting the 2029 Notes Initial Purchasers’ discount (there were no direct offering expenses borne by us for the 2029 Notes). We used approximately $61.3 million of the net proceeds from the 2021 Note Offering to pay for the cost of the 2021 Capped Call Transactions described below and approximately $50.0 million to pay for the repurchase of shares of BridgeBio common stock described below. We intend to use the remainder of the net proceeds from the 2021 Note Offering for general corporate purposes, which may include research and development and clinical development costs to support the advancement of our drug candidates, including the continued growth of our commercial and medical affairs capabilities, the conduct of clinical trials and preclinical research and development activities; working capital; capital expenditures; repayment of outstanding indebtedness; general and administrative expenses; and other general corporate purposes.

A holder of 2029 Notes may convert all or any portion of its 2029 Notes at its option at any time prior to the close of business on the business day immediately preceding November 1, 2028 in multiples of $1,000 only under the following circumstances:



During any calendar quarter commencing after the calendar quarter ending on June 30, 2021 (and only during such calendar quarter), if the last reported sale price of BridgeBio’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;



During the five business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined in the 2029 Notes Indenture) per $1,000 principal amount of 2029 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of BridgeBio’s common stock and the conversion rate on each such trading day;



If we call such notes for redemption, at any time prior to the close of business on the second business day immediately preceding the redemption date; or



Upon the occurrence of specified corporate events, as defined in the 2029 Notes Indenture.

On or after November 1, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date, a holder may convert all or any portion of its 2029 Notes at any time, regardless of the foregoing.

The conversion rate will initially be 10.3050 shares of BridgeBio’s common stock per $1,000 principal amount of 2029 Notes (equivalent to an initial conversion price of approximately $97.04 per share of BridgeBio’s common stock, for a total of approximately 7,702,988 shares).

The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2029 Notes in connection with such a corporate event. The maximum number of shares issuable should there be an increase in the conversion rate is 11,361,851 shares of BridgeBio’s common stock.

We may not redeem the 2029 Notes prior to February 6, 2026. We may redeem for cash all or any portion of the 2029 Notes, at our option, on a redemption date occurring on or after February 6, 2026 and on or before the 41st scheduled trading day immediately before the maturity date, under certain circumstances. No sinking fund is provided for the Notes. If we undergo a fundamental change (as defined in the 2029 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2029 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2029 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 2029 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2029 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the 2029 Notes then outstanding may declare the entire principal amount of all the Notes plus accrued special interest, if any, to be immediately due and payable. The 2029 Notes are our general unsecured obligations and rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2029 Notes; equal in right of payment with all of our liabilities that are not so subordinated, including our 2027 Notes; effectively junior to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries.

In connection with the issuance of the 2029 Notes, we incurred approximately $16.1 million of debt issuance costs, which consisted of initial purchasers’ discounts. This was recorded as a reduction in the carrying value of the debt on the condensed consolidated balance sheet and is amortized to interest expense using the effective interest method over the expected life of the 2029 Notes or approximately their eight-year term.

2027 Notes

On March 9, 2020, we issued an aggregate principal amount of $550.0 million of our 2.50% Convertible Senior Notes due 2027 (the “2027 Notes”), pursuant to an Indenture dated March 9, 2020 (the “2027 Notes Indenture”), between us and U.S. Bank National Association, as trustee (the “2027 Notes Trustee”), in a private offering to qualified institutional buyers (the “2020 Note Offering”) pursuant to Rule 144A under the Securities Act. The 2027 Notes issued in the 2020 Note Offering include $75.0 million in aggregate principal amount of 2027 Notes sold to the initial purchasers (the “2027 Notes Initial Purchasers”) resulting from the exercise in full of their option to purchase additional 2027 Notes.

The 2027 Notes will accrue interest payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2020, at a rate of 2.50% per year. The 2027 Notes will mature on March 15, 2027, unless earlier converted or repurchased. The 2027 Notes are convertible into cash, shares of BridgeBio’s common stock or a combination of cash and shares of BridgeBio’s common stock, at our election.

We received net proceeds from the 2020 Note Offering of approximately $537.0 million, after deducting the 2027 Notes Initial Purchasers’ discount and offering expenses. We used approximately $49.3 million of the net proceeds from the 2020 Note Offering to pay for the cost of the 2020 Capped Call Transactions described below, and approximately $75.0 million to pay for the repurchase of shares of BridgeBio common stock described below. We intend to use the remainder of the net proceeds from the 2020 Note Offering for working capital and other general corporate purposes, including for its commercial organization and launch preparations. We may also use any remaining net proceeds to fund possible acquisitions of, or investments in, complementary businesses, products, services and technologies.

A holder of 2027 Notes may convert all or any portion of its 2027 Notes at its option at any time prior to the close of business on the business day immediately preceding December 15, 2026 in multiples of $1,000 only under the following circumstances:



During any calendar quarter commencing after the calendar quarter ending on June 30, 2020 (and only during such calendar quarter), if the last reported sale price of BridgeBio’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day (the “Conversion Price Condition”);



During the five business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined in the 2027 Notes Indenture) per $1,000 principal amount of 2027 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of BridgeBio’s common stock and the conversion rate on each such trading day (the “Conversion Rate Condition”); or



Upon the occurrence of specified corporate events, as defined in the 2027 Notes Indenture.

On or after December 15, 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date, a holder may convert all or any portion of its 2027 Notes at any time, regardless of the foregoing.

During each of the calendar quarters ending March 31 and June 30, 2021, the 2027 Notes were eligible for conversion at the option of the holders as the Conversion Price Condition was met during the period.

The conversion rate will initially be 23.4151 shares of BridgeBio’s common stock per $1,000 principal amount of 2027 Notes (equivalent to an initial conversion price of approximately $42.71 per share of BridgeBio’s common stock, for a total of approximately 12,878,305 shares). Based on the closing price of our common stock on September 30, 2021, the if-converted value of the 2027 Notes exceeded its principal amount by approximately $53.6 million.

The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2027 Notes in connection with such a corporate event. The maximum number of shares issuable should there be an increase in the conversion rate is 17,707,635 shares of BridgeBio’s common stock.

We may not redeem the 2027 Notes prior to the maturity date, and no sinking fund is provided for the 2027 Notes. If we undergo a fundamental change (as defined in the 2027 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2027 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2027 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 2027 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2027 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the 2027 Notes then outstanding may declare the entire principal amount of all the 2027 Notes plus accrued special interest, if any, to be immediately due and payable. The 2027 Notes are our general unsecured obligations and rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2027 Notes; equal in right of payment with all of BridgeBio’s liabilities that are not so subordinated, including our 2029 Notes; effectively junior to any of BridgeBio’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries.

In accounting for the issuance of the 2027 Notes in 2020 under ASC 470-20, we separately accounted for the liability and equity components of the 2027 Notes by allocating the proceeds between the liability component and the embedded conversion options, or equity component, due to our ability to settle the 2027 Notes in cash, BridgeBio common stock, or a combination of cash and BridgeBio common stock at our option. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. The allocation was performed in a manner that reflected BridgeBio’s non-convertible debt borrowing rate for similar debt. The equity component of the 2027 Notes was recognized as a debt discount and represented the difference between the gross proceeds from the issuance of the 2027 Notes and the fair value of the liability of the 2027 Notes on the date of issuance. The equity component would not be remeasured as long as it continued to meet the conditions for equity classification.

In connection with the issuance of the 2027 Notes, we incurred approximately $13.0 million of debt issuance costs, which primarily consisted of initial purchasers’ discounts and legal and other professional fees. We allocated these costs to the liability and equity components based on the allocation of the proceeds. The portion of these costs allocated to the equity component totaling approximately $4.1 million was recorded as a reduction to additional paid-in capital in 2020. The portion of these costs allocated to the liability component totaling approximately $8.9 million was recorded as a reduction in the carrying value of the debt on the condensed consolidated balance sheet and was amortized to interest expense using the effective interest method over the expected life of the 2027 Notes or approximately their seven-year term.

As discussed in Note 2, effective January 1, 2021, we early adopted ASU 2020-06 using the modified retrospective method and, as a result, we are no longer required to separately account for the liability and equity components of the 2027 Notes, and, instead, account for our 2027 Notes wholly as debt. Comparative information with respect to our 2027 Notes disclosed below continue to be presented in accordance with the pre-ASU 2020-06 guidance under ASC 470-20.

Additional Information Related to the Notes

The outstanding Notes’ balances consisted of the following:


	September 30, 2021						December 31, 2020
	2029 Notes			2027 Notes			2027 Notes
	(in thousands)						(in thousands)
Liability component
Principal	$	747,500		$	550,000		$	550,000
Unamortized debt discount		(14,841	)		(9,964	)		(158,404	)
Unamortized debt issuance costs		—			(519	)		(8,160	)
Net carrying amount	$	732,659		$	539,517		$	383,436
Equity component, net of issuance costs							$	169,173

The following table sets forth the total interest expense recognized and effective interest rates related to the Notes for the current period:


	Three Months Ended September 30, 2021								Nine Months Ended September 30, 2021
	2029 Notes			2027 Notes			Total		2029 Notes			2027 Notes			Total
	(in thousands)								(in thousands)
Contractual interest expense	$	4,205		$	3,438		$	7,643	$	11,353		$	10,313		$	21,666
Amortization of debt discount		457			391			848		1,222			1,166			2,388
Amortization of debt issuance costs		—			23			23		—			70			70
Total interest and amortization expense	$	4,662		$	3,852		$	8,514	$	12,575		$	11,549		$	24,124
Effective interest rate		2.6	%		2.8	%				2.6	%		2.8	%

The following table sets forth the total interest expense recognized and effective interest rates related to the 2027 Notes for the comparative period:



	Three Months Ended			March 9, 2020 Through
	September 30, 2020			September 30, 2020
	(in thousands)
Contractual interest expense	$	3,361		$	7,715
Amortization of debt discount		4,612			10,186
Amortization of debt issuance costs		239			528
Total interest and amortization expense	$	8,212		$	18,429
Effective interest rate		8.8	%		8.8	%

Future minimum payments under the Notes as of September 30, 2021 are as follows:


	2029 Notes			2027 Notes
	(in thousands)
Remainder of 2021	$	—		$	—
Year ending December 31:
2022		16,819			13,750
2023		16,819			13,750
2024		16,819			13,750
2025		16,819			13,750
Thereafter		806,366			570,625
Total future payments		873,642			625,625
Less amounts representing interest		(126,142	)		(75,625	)
Total principal amount	$	747,500		$	550,000

Capped Call and Share Repurchase Transactions with Respect to the Notes

On each of January 25, 2021 and March 4, 2020, concurrently with the pricing of the 2029 Notes and 2027 Notes, respectively, we entered into separate privately negotiated capped call transactions (the “2021 Capped Call Transactions” and the “2020 Capped Call Transactions”, respectively, together the “Capped Call Transactions”) with certain financial institutions (the “Capped Call Counterparties”). We used approximately $61.3 million and $49.3 million of the net proceeds from the 2021 Note Offering and 2020 Note Offering, respectively, to pay for the cost of the respective Capped Call Transactions. The Capped Call Transactions are expected generally to reduce the potential dilution to BridgeBio’s common stock upon any conversion of Notes and/or offset any cash payments we are required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap initially equal to $131.58 for the 2021 Capped Call Transactions and $62.12 for the 2020 Capped Call Transactions (both of which represented a premium of 100% over the last reported sale price of BridgeBio’s common stock on the date of the Capped Call Transactions) and are subject to certain adjustments under the terms of the Capped Call Transactions. The 2021 Capped Calls and 2020 Capped Calls cover 7,702,988 shares and 12,878,305 shares, respectively, of our common stock (subject to anti-dilution and certain other adjustments), which are the same number of shares of common stock that initially underlie the Notes. The 2021 Capped Calls have an initial strike price of approximately $97.04 per share, which corresponds to the initial conversion price of the 2029 Notes. The 2020 Capped Calls have an initial strike price of approximately $42.71 per share, which corresponds to the initial conversion price of the 2027 Notes. The Capped Call Transactions are separate transactions, entered into by us with the Capped Call Counterparties, and are not part of the terms of the Notes.

These Capped Call instruments meet the conditions outlined in ASC 815-40 to be classified in stockholders’ equity and are not subsequently remeasured as long as the conditions for equity classification continue to be met. We recorded a reduction to additional paid-in capital of approximately $61.3 million and $49.3 million during the three months ended March 31, 2021 and 2020, respectively, related to the premium payments for the Capped Call Transactions.

Additionally, we used approximately $50.0 million and $75.0 million of the net proceeds from the 2021 Note Offering and 2020 Note Offering to repurchase 759,993 shares and 2,414,681 shares, respectively, of our common stock concurrently with the closing of the Note Offerings from certain of the Notes’ Initial Purchasers in privately negotiated transactions. The agreed purchase price per share of common stock in the repurchases were $65.79 and $31.06, which were the last reported sale prices per share of our common stock on The Nasdaq Global Select Market (“Nasdaq”) on January 25, 2021 and March 4, 2020, respectively. The shares repurchased were recorded as treasury stock.

Term Loans

Hercules Loan and Security Agreement

We have a Loan and Security Agreement with Hercules Capital, Inc. (“Hercules”) under which we borrowed principal amounts of $35.0 million (“Tranche I”), $20.0 million (“Tranche II”), $20.0 million (“Tranche III”) and $25.0 million (“Tranche IV”), all of which remain outstanding. The Loan and Security Agreement has been amended from time to time.

In March 2020, we executed the Third Amendment to the Loan and Security Agreement primarily to allow us to issue our 2027 Notes and to enter into the Capped Call and Share Repurchase Transactions.

In April 2020, we entered into the Fourth Amendment to the Loan and Security Agreement, which among other things, extended the interest-only period and maturity date of the term loans, provided for certain interest rate reduction and increased the available loan facilities under the Loan and Security Agreement. There were no gains or losses arising from the amendment, which is considered a debt modification.

In January 2021, we executed the Fifth Amendment to the Loan and Security Agreement primarily to allow us to issue our 2029 Notes and to enter into the related 2021 Capped Call and share repurchase transactions.

In April 2021, we executed the Sixth Amendment to the Loan and Security Agreement (the “Amended Hercules Term Loan”), which, among other things:

(1)

provided for an additional principal borrowing amounting to $25.0 million (the proceeds of which were received by us as the Tranche IV upon the execution of the Amended Hercules Term Loan);

(2)

extended the interest-only period under the Loan and Security Agreement to June 1, 2024 (the “Amended Amortization Date”) which may be further extended to June 1, 2025, subject to certain conditions set forth in the Amended Hercules Term Loan;

(3)

extended the maturity date for the term loans under the Loan and Security Agreement to May 1, 2025, which may be further extended to May 1, 2026, subject to certain conditions set forth in the Amended Hercules Term Loan;

(4)

provided for an interest rate on the outstanding principal balance equal to the greater of (x) a floating interest rate linked to the prime rate as reported in the Wall Street Journal plus 4.40% and (y) 7.65% (7.65% as of September 30, 2021), payable monthly; and

(5)

provided for additional available facilities aggregating to $185.0 million, which comprises of: (a) an additional incremental loan in the amount of $70.0 million, available no later than June 15, 2022, (b) an additional incremental loan following the achievement of certain performance milestones in the amount of $40.0 million, available no later than September 15, 2022, and (c) an additional $75.0 million discretionary incremental tranche, subject to Hercules’ approval in its sole and absolute discretion, available no later than December 15, 2023.

The Amended Hercules Term Loan also provides us with greater flexibility to incur additional convertible debt and repurchase and/or redeem convertible debt, each subject to certain conditions set forth in the Amended Hercules Term Loan. There have not been any additional draws on the $185.0 million additional available facilities as of September 30, 2021. There were no gains or losses arising from the Amended Hercules Term Loan, which is considered a debt modification.

During the three and nine months ended September 30, 2021, we recognized interest expense related to the Amended Hercules Term Loan of $2.5 million and $6.8 million, respectively, of which $0.5 million and $1.4 million, respectively, relate to amortization of debt discount and issuance costs. During the three and nine months ended September 30, 2020, we recognized interest expense related to the Hercules Term Loan of $2.0 million and $5.4 million, respectively, of which $0.3 million and $1.0 million, respectively, relate to amortization of debt discount and issuance costs.

Silicon Valley Bank and Hercules Loan Agreement

Eidos entered into a Loan and Security Agreement with Silicon Valley Bank (“SVB”) and Hercules Capital, Inc. (the “SVB and Hercules Loan Agreement”), under which Eidos borrowed a principal amount of $17.5 million (the “Tranche A loan”) in November 2019. The Tranche A loan was subject to an interest rate equal to the greater of either (i) 8.50% or (ii) 3.25% plus the prime rate as reported in The Wall Street Journal (8.50% during the relevant period in 2021) and had an original maturity date of October 2, 2023.

The Tranche A loan also provided for a final payment charge equal to 5.95% multiplied by the amount funded to be paid when the loan becomes due or upon prepayment of the facility. If Eidos elected to prepay the Tranche A loan, there was also a prepayment fee of between 0.75% and 2.50% of the principal amount being prepaid depending on the timing and circumstances of prepayment. The Tranche A loan was secured by substantially all of Eidos’ assets, except Eidos’ intellectual property, which was the subject of a negative pledge.

In January 2021, Eidos entered into an amendment to the SVB and Hercules Loan Agreement primarily to allow Eidos to enter into the Merger Transactions. The amendment also required Eidos to maintain a certain amount of cash and cash equivalents with SVB.

The Tranche A loan was prepaid in full in April 2021 using a portion of the proceeds from Tranche IV under the Amended Hercules Term Loan discussed above. Loss on prepayment of the Tranche A loan recognized by Eidos was not material. Interest expense on the Tranche A loan was not material in 2021 through the prepayment date, as well as for the three and nine months ended September 30, 2020.

License Agreement Between Navire and Lian Bio	9 Months Ended
License Agreement Between Navire and Lian Bio	Sep. 30, 2021
Out Licensing Agreements [Abstract]
Licensing Agreements Between Navire and LianBio	11. License Agreement Between Navire and LianBio In August 2020, our subsidiary Navire Pharma, Inc. (“Navire”) entered into an exclusive license agreement with LianBio (the “Navire-LianBio License Agreement”). Pursuant to the Navire-LianBio License Agreement, Navire granted to LianBio an exclusive, sublicensable license under the licensed patent rights and know-how to develop, manufacture and commercialize SHP2 inhibitor BBP-398 (“BBP-398”), for tumors driven by RAS and receptor tyrosine kinase mutations. Under the terms of the Navire-LianBio License Agreement, LianBio will receive commercial rights in China and selected Asian markets and participate in clinical development activities for BBP-398. In consideration for the rights granted to LianBio, we received a nonrefundable $8.0 million upfront payment in 2020, which we recognized as license revenue for the three and nine months ended September 30, 2020. We will also have the right to receive future development and sales milestone payments of up to $382.1 million, and tiered royalty payments from single-digit to low-teens on net sales of the product in licensed territories. We recognized $8.5 million in license revenue, representing a regulatory milestone payment, during the nine months ended September 30, 2021. There was no license revenue recognized for the three months ended September 30, 2021 under this agreement.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities:
Net loss	$ (434,172)	$ (370,463)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	79,731	46,313
Depreciation and amortization	4,317	1,021
Noncash lease expense	4,078	2,169
Accretion of debt	4,043	12,315
LEO call option expense (income)	(5,550)	1,120
Other noncash adjustments	8,513	4,134
Changes in operating assets and liabilities:
Receivable from licensing and collaboration agreements	(7,710)
Receivable from a related party	(462)	(5,155)
Prepaid expenses and other current assets	(3,743)	(5,391)
Other assets	(8,930)	(194)
Accounts payable	1,360	547
Accrued compensation and benefits	(4,443)	2,395
Accrued research and development liabilities	4,686	4,004
Accrued professional services	346	1,151
Operating lease liabilities	(4,474)	(2,309)
Other accrued and other long-term liabilities	(1,629)	4,890
Net cash used in operating activities	(364,039)	(303,453)
Investing activities
Purchases of marketable securities	(575,478)	(269,802)
Maturities of marketable securities	305,200	139,016
Sales of marketable securities	98,925
Purchases of investment in equity securities	(23,960)
Sales of investment in equity securities	4,743
Increase in cash and cash equivalents from consolidation of PellePharm	13,654
Acquisition of intangible assets	(35,000)
Proceeds from disposal of property and equipment		147
Purchases of property and equipment	(10,710)	(5,372)
Net cash used in investing activities	(222,626)	(136,011)
Financing activities
Proceeds from issuance of 2029 Notes in 2021 and 2027 Notes in 2020	747,500	550,000
Issuance costs and discounts associated with issuance of 2029 Notes and 2027 Notes	(16,064)	(13,039)
Purchase of capped calls	(61,295)	(49,280)
Repurchases of common stock	(198,458)	(75,000)
Proceeds from at-the-market issuance of noncontrolling interest by Eidos, net		24,094
Transactions with noncontrolling interests	3,500	2,000
Repurchase of Eidos noncontrolling interest, including direct transaction costs	(85,090)
Proceeds from term loan	25,000
Repayment of term loan	(18,108)
Proceeds from BridgeBio common stock issuances under ESPP	3,821	1,205
Repurchase of shares to satisfy tax withholding	(4,035)	(243)
Proceeds from stock option exercises, net of repurchases	14,294	2,921
Net cash provided by financing activities	411,065	442,658
Net increase (decrease) in cash, cash equivalents and restricted cash	(175,600)	3,194
Cash, cash equivalents and restricted cash at beginning of period	358,679	364,197
Cash, cash equivalents and restricted cash at end of period	183,079	367,391
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	28,239	13,281
Supplemental Disclosures of Noncash Investing and Financing Information:
Net noncash portion of repurchase of Eidos noncontrolling interests	38,167
Direct transaction costs in the repurchase of Eidos recorded in "Additional paid-in capital" previously classified in "Prepaid expenses and other current assets"	8,749
Noncash contribution by noncontrolling interest	21,600
Deferred merger transaction costs included in Accounts payable and Accrued professional services		1,527
Recognized intangible asset recorded in Other accrued liabilities and Other long-term liabilities	12,500
Leasehold improvements paid by landlord	2,449
Repurchase of common stock recorded in Accounts payable	1,542
Recognition of property and equipment previously classified in other assets		10,000
Transfers from (to) noncontrolling interests (Note 6)	$ (221)	$ 9,572

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Summary of Stock Based Compensation for Employees and Non Employees


	Three Months Ended September 30, 2021						Nine Months Ended September 30, 2021
	BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total		BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total
	(in thousands)
Research and development	$	4,198	$	610	$	4,808	$	44,661	$	1,880	$	46,541
Selling, general and administrative		11,292		30		11,322		33,555		2,965		36,520
Total stock-based compensation	$	15,490	$	640	$	16,130	$	78,216	$	4,845	$	83,061


	Three Months Ended September 30, 2020								Nine Months Ended September 30, 2020
	BridgeBio Equity Plan		Eidos Equity Plan		Other Subsidiaries Equity Plan		Total		BridgeBio Equity Plan		Eidos Equity Plan		Other Subsidiaries Equity Plan		Total
	(in thousands)
Research and development	$	4,974	$	1,648	$	310	$	6,932	$	13,194	$	4,011	$	538	$	17,743
General and administrative		8,895		1,792		80		10,767		24,260		4,074		236		28,570
Total stock-based compensation	$	13,869	$	3,440	$	390	$	17,699	$	37,454	$	8,085	$	774	$	46,313

Summary of Stock Option Activity

The following table summarizes BridgeBio’s stock option activity under the Plans for the nine months ended September 30, 2021:


	Options Outstanding					Weighted- Average Exercise Price per Option		Weighted- Average Remaining Contractual Life (years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2020				7,632,961
Regular equity program		6,778,112				$	23.83		8.8		320,473
Exchange Program		854,849				$	2.22		8.2		58,891
Granted				3,830,863
Regular equity program		1,054,191				$	63.82
Eidos Awards Exchange		2,776,672				$	16.33
Exercised				(1,069,978	)
Regular equity program		(292,143	)			$	19.93
Eidos Awards Exchange		(497,082	)			$	16.10
Exchange Program		(280,753	)			$	1.68
Cancelled				(222,579	)
Regular equity program		(105,089	)			$	27.41
Eidos Awards Exchange		(113,320	)			$	20.17
Exchange Program		(4,170	)			$	3.09
Outstanding as of September 30, 2021				10,171,267
Regular equity program		7,435,071				$	29.60		8.3	$	146,291
Eidos Awards Exchange		2,166,270				$	16.18		7.1	$	66,554
Exchange Program		569,926				$	2.48		7.4	$	25,299
Exercisable as of September 30, 2021				4,486,617
Regular equity program		2,889,270				$	23.73		8.0	$	68,522
Eidos Awards Exchange		1,102,497				$	12.22		6.2	$	38,200
Exchange Program		494,850				$	2.03		7.4	$	22,190

Summary of Restricted Stock Units Activity

The following table summarizes BridgeBio’s RSU activity under the Plans for the nine months ended September 30, 2021:


	Unvested Shares of RSUs Outstanding			Weighted- Average Grant Date Fair Value
Balance as of December 31, 2020		1,053,838		$	34.21
Granted		1,148,597		$	65.25
Vested		(377,499	)	$	44.01
Cancelled		(179,555	)	$	53.21
Balance as of September 30, 2021		1,645,381		$	51.55

Summary of Restricted Stock Award Activity

The following table summarizes our RSA activity under the Plans for the nine months ended September 30, 2021:


	Unvested Shares of RSAs Outstanding			Weighted- Average Grant Date Fair Value
Balance as of December 31, 2020		3,364,366		$	4.47
Granted — Exchange Program		382,122		$	61.31
Vested — Exchange Program		(382,122	)	$	61.31
Vested — Regular equity program		(1,231,043	)	$	3.16
Cancelled — Regular equity program		(5,150	)	$	7.27
Balance as of September 30, 2021		2,128,173		$	5.22

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 Option Granted


	Nine Months Ended September 30, 2021
	Stock Options		ESPP
Expected term (in years)	6.00-6.02			0.50
Expected volatility	51.43%-51.97%		47.61% - 52.04%
Risk-free interest rate	0.63%-1.09%		0.05% - 0.13%
Dividend yield		—		—
Weighted-average fair value of stock-based awards granted	$	31.03	$	16.29

Restricted Stock Awards

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Stock Based Compensation for Employees and Non Employees

During the three and nine months ended September 30, 2021, we recognized stock-based compensation expense related to RSAs under the Plans as follows:


	Three Months Ended		Nine Months Ended
	September 30, 2021
	(in thousands)
Exchange Program	$	—	$	23,427
Other RSAs		1,486		4,754
Total stock-based compensation expense	$	1,486	$	28,181

Noncontrolling Interests

9 Months Ended

Sep. 30, 2021

Noncontrolling Interest [Abstract]

Noncontrolling Interests

As of September 30, 2021 and December 31, 2020, we had both redeemable convertible noncontrolling interests and noncontrolling interests in consolidated partially-owned entities, for which BridgeBio has a majority voting interest under the VOE model and for which BridgeBio is the primary beneficiary under the VIE model. These balances are reported as separate components outside stockholders’ equity (deficit) in “Redeemable convertible noncontrolling interests” and as part of stockholders’ equity (deficit) in “Noncontrolling interests” in the condensed consolidated balance sheets.

We adjust the carrying value of noncontrolling interests to reflect the book value attributable to noncontrolling shareholders of consolidated partially-owned entities when there is a change in the ownership during the respective reporting period and such adjustments are recorded to additional paid-in capital. During the three and nine months ended September 30, 2021, the adjustments in the aggregate amounted to $(0.5) million and $(0.2) million, respectively. During the three and nine months ended September 30, 2020, the adjustments in the aggregate amounted to $1.1 million and $9.6 million, respectively. All such adjustments are disclosed within the “Transfers from (to) noncontrolling interests” line item in the condensed consolidated statements of redeemable convertible noncontrolling interests and stockholders’ equity (deficit).

As of December 31, 2020, the significant components of the noncontrolling interest balances pertained mainly to Eidos, which amounted to $40.2 million. Upon closing and completion of the Merger Transactions with Eidos on January 26, 2021 (see Note 5), the balance of the noncontrolling interest in Eidos was reduced to zero.

Cash Equivalents and Marketable Securities

9 Months Ended

Sep. 30, 2021

Cash Equivalents And Marketable Securities [Abstract]

Cash Equivalents and Marketable Securities

We invest in certain U.S. government money market funds classified as cash equivalents. The marketable securities consist of high investment grade fixed income securities that are primarily invested in commercial paper, corporate bonds, and U.S. government securities.

Cash equivalents and marketable securities classified as available-for-sale consisted of the following:


	September 30, 2021
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	69,644	$	—	$	—		$	69,644
Short-term marketable securities:
U.S. treasury notes		60,526		29		—			60,555
Commercial paper		184,273		7		(3	)		184,277
Corporate debt securities		134,365		10		(24	)		134,351
Supranational debt securities		40,081		1		(1	)		40,081
Total short-term marketable securities		419,245		47		(28	)		419,264
Total cash equivalents and marketable securities	$	488,889	$	47	$	(28	)	$	488,908


	December 31, 2020
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	266,437	$	—	$	—		$	266,437
Short-term marketable securities:
U.S. treasury bills		14,996		3		—			14,999
U.S. treasury notes		45,292		100		(1	)		45,391
Commercial paper		144,851		—		—			144,851
Corporate debt securities		45,680		93		(3	)		45,770
Total short-term marketable securities		250,819		196		(4	)		251,011
Total cash equivalents and marketable securities	$	517,256	$	196	$	(4	)	$	517,448

There have been no significant realized gains or losses on available-for-sale securities for the periods presented. There were no available-for-sale securities that have been in a continuous unrealized loss position for more than 12 months. As of September 30, 2021, our short-term marketable securities have average contractual maturities of approximately seven months. We believe that we have the ability to realize the full value of all of these investments upon their respective maturities.

Eidos

9 Months Ended

Sep. 30, 2021

Wholly Owned Subsidiary Disclosure [Abstract]

Eidos

From the date of BridgeBio’s initial investment until June 22, 2018, the Eidos initial public offering (“IPO”) closing date, Eidos was determined to be a VIE and BridgeBio consolidated Eidos as the primary beneficiary. Subsequent to the Eidos IPO, BridgeBio determined that Eidos was no longer a VIE due to its having sufficient equity at risk to finance its activities without additional subordinated financial support. From June 22, 2018 through January 26, 2021, BridgeBio determined that it held greater than 50% of the voting shares of Eidos and there were no other parties with substantive participating, liquidation or kick-out rights. BridgeBio consolidated Eidos under the VOE model until January 26, 2021, the date on which the Merger Transactions (as defined below) were consummated.

On August 2, 2019, Eidos filed a shelf registration statement on Form S-3 (the “2019 Shelf”) with the SEC in relation to the registration of common stock, preferred stock, warrants and units of any combination thereof. Eidos also simultaneously entered into an Open Market Sale AgreementSM with Jefferies LLC and SVB Leerink LLC (collectively, the “Eidos Sales Agents”), to provide for the offering, issuance and sale by Eidos of up to an aggregate offering price of $100.0 million of its common stock from time to time in “at-the-market” offerings under the 2019 Shelf and subject to the limitations thereof (the “2019 Sales Agreement”). Eidos would pay to the applicable Eidos Sales Agent cash commissions of up to 3.0 percent of the gross proceeds of sales of common stock under the 2019 Sales Agreement. Eidos issued 448,755 shares under this offering and received $24.1 million of net proceeds in February 2020.

On October 5, 2020, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Eidos, Globe Merger Sub I, Inc. (“Merger Sub”) and Globe Merger Sub II, Inc. (the two latter companies being our indirect wholly-owned subsidiaries), providing for, in a series of merger transactions (the “Merger Transactions”), the acquisition by us of all of the outstanding shares of common stock of Eidos (the “Eidos Common Stock”) other than shares of Eidos Common Stock that (i) were owned by Eidos as treasury stock, (ii) were owned by us and our subsidiaries and, in each case, not owned on behalf of third parties and (iii) were subject to an Eidos Restricted Share Award (as defined below). Under the Merger Agreement, the stockholders of Eidos had the right to receive, at their election, either 1.85 shares of our common stock or $73.26 in cash per Eidos share in the transaction, subject to proration as necessary to ensure that the aggregate amount of cash consideration was no greater than $175.0 million. In addition, immediately prior to the effective time of the merger of Merger Sub with and into Eidos (the “Effective Time”), (i) each option to purchase Eidos Common Stock (an “Eidos Option”) were to be converted into an option, on the same terms and conditions applicable to such Eidos Option immediately prior to the Effective Time, to purchase a specified number of shares of BridgeBio common stock, calculated pursuant to the terms of the Merger Agreement, and (ii) each outstanding award of shares of Eidos Common Stock that was subject to forfeiture conditions (subject to certain exceptions) (each, an “Eidos Restricted Share Award”) was to be converted into an award, on the same terms and conditions applicable to such Eidos Restricted Share Award immediately prior to the Effective Time, covering a number of whole restricted shares of BridgeBio common stock, calculated pursuant to the terms of the Merger Agreement, with any fractional shares being paid out to the holder of such Eidos Restricted Share Award in cash (conversion of the Eidos Option and the Eidos Restricted Share Awards collectively referred to as the “Eidos Awards Exchange”).

On January 19, 2021, the stockholders of each of BridgeBio and Eidos voted to approve all proposals related to the Merger Transactions and on January 26, 2021, we closed and completed the Merger Transactions. The acquisition of the Eidos Common Stock was settled through an aggregate consideration of $1,651.6 million, which was comprised of cash payments of $21.3 million and the issuance of approximately 26,156,446 shares of our common stock, with a total fair value of $1,630.3 million. We accounted for the purchase of the outstanding Eidos Common Stock as acquisition of noncontrolling interest in accordance with ASC 810, Consolidation (“ASC 810”). Under ASC 810, the carrying amount of the Eidos noncontrolling interest was adjusted to reflect the change in our ownership interest, and the difference between the fair value of the consideration paid, and the amount by which the noncontrolling interest was adjusted was recognized in equity. Such difference recognized in equity amounted to $(1,613.4) million and recorded within “Additional paid-in capital” during the nine months ended September 30, 2021. We continued to recognize the assets and liabilities of Eidos at their respective historical values as of the closing date of the Merger Transactions.

Through the closing of the Merger Transactions, we have incurred transaction costs aggregating $70.7 million that were recorded in “Additional paid-in capital” during the nine months ended September 30, 2021.

Upon closing and completion of the Merger Transactions with Eidos, Eidos became our wholly-owned subsidiary. Eidos’ common stock ceased to trade on The Nasdaq Global Select Market prior to the opening of business on January 26, 2021 and Eidos’ Certification and Notice of Termination of Registration under Section 12(g) of the Exchange Act was filed with the SEC on February 5, 2021.

Debt - Additional Information (Details)						1 Months Ended		3 Months Ended			7 Months Ended	9 Months Ended
Debt - Additional Information (Details)	Jan. 28, 2021 USD ($) shares TradingDay $ / shares	Jan. 25, 2021 USD ($) $ / shares shares	Mar. 09, 2020 USD ($) shares TradingDay $ / shares	Mar. 04, 2020 USD ($) $ / shares shares	Nov. 30, 2019 USD ($)	Apr. 30, 2021 USD ($)	Apr. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Jan. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	May 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jun. 30, 2018 USD ($)
Debt Instrument [Line Items]
Purchase of capped calls												$ 61,295,000	$ 49,280,000
Repurchase of common stock												198,458,000	75,000,000
Interest expense								$ 8,514,000			$ 18,429,000	$ 24,124,000
Hercules Capital, Inc
Debt Instrument [Line Items]
Debt instrument, frequency of interest payment						payable monthly
Stated interest rate						7.65%		7.65%				7.65%
Gains or losses on debt modification							$ 0
Debt instrument interest only extension date						Jun. 01, 2024
Debt instrument interest only extension date, one						Jun. 01, 2025
Debt instrument maturity date extension						May 01, 2025
Debt instrument amended maturity extended date						May 01, 2026
Debt instrument, additional available in loan facilities						$ 185,000.0		$ 185,000.0				$ 185,000.0
Debt instrument, additional increase available in loan facilities no later than June 15, 2022						70,000.0
Debt Instrument additional increase available in loan facilities upon achievement of certain performance milestones						40,000.0
Debt instrument, additional increase available in loan facilities no later than December 15, 2023						$ 75,000.0
Interest expense								2,500,000		$ 2,000,000.0		6,800,000	5,400,000
Amortization of debt discount and issuance costs								500,000		300,000		1,400,000	$ 1,000,000.0
Hercules Capital, Inc \| Prime Rate
Debt Instrument [Line Items]
Interest rate						4.40%
2029 Notes
Debt Instrument [Line Items]
Debt Instrument face amount	$ 717,500,000							747,500,000				$ 747,500,000
Proceeds from exercise of option to purchase additional notes	67,500,000
Debt instrument option to purchase additional notes	97,500,000
Proceeds from exercise of remaining portion of option to purchase additional notes	$ 30,000,000.0
Debt instrument issuance date	Jan. 28, 2021
Maturity year	2029
Debt instrument, frequency of interest payment	semiannually
Interest payable beginning date	Aug. 01, 2021
Stated interest rate	2.25%
Maturity date	Feb. 01, 2029
Description of payment terms of notes												The 2029 Notes will accrue interest payable semiannually in arrears on February 1 and August 1 of each year, beginning on August 1, 2021, at a rate of 2.25% per year. The 2029 Notes will mature on February 1, 2029, unless earlier converted, redeemed or repurchased.
Proceeds from issuance of notes after deducting discount and offering expenses	$ 731,400,000
Direct offering expense	0
Purchase of capped calls	61,300,000
Repurchase of common stock	50,000,000.0
Denomination of the principal amount of debt in consideration conversion of the notes	$ 1,000
Debt instrument, convertible, threshold trading days \| TradingDay	20
Debt instrument, convertible, threshold consecutive trading days \| TradingDay	30
Debt instrument, convertible, threshold percentage of stock price trigger	130.00%
Number of consecutive trading day period (Measurement period) for conversion of notes	5 days
Number of business days in consideration of conversion of notes	5 days
Threshold percentage of stock price trigger in measurement period	98.00%
Conversion rate	10.3050
Initial conversion price per share \| $ / shares	$ 97.04
Debt instrument, conversion, equivalent shares of common stock \| shares	7,702,988
Percentage of principal amount to be repurchased in fundamental change	100.00%
Minimum threshold percentage of aggregate principal by trustee or holders	25.00%
Debt issuance costs including initial purchasers discounts, legal and other professional fees	$ 16,100,000
Expected life of notes	8 years
Interest expense								4,662,000				$ 12,575,000
2029 Notes \| Maximum
Debt Instrument [Line Items]
Debt instrument, increase in conversion rate, number of shares issuable \| shares	11,361,851
2027 Notes
Debt Instrument [Line Items]
Debt Instrument face amount			$ 550,000,000.0					550,000,000.0				$ 550,000,000.0
Proceeds from exercise of option to purchase additional notes			$ 75,000,000.0
Debt instrument issuance date			Mar. 09, 2020
Maturity year			2027
Debt instrument, frequency of interest payment			semiannually
Interest payable beginning date			Sep. 15, 2020
Stated interest rate			2.50%
Maturity date			Mar. 15, 2027
Description of payment terms of notes												The 2027 Notes will accrue interest payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2020, at a rate of 2.50% per year. The 2027 Notes will mature on March 15, 2027, unless earlier converted or repurchased
Proceeds from issuance of notes after deducting discount and offering expenses			$ 537,000,000.0
Purchase of capped calls			49,300,000
Repurchase of common stock			75,000,000.0
Denomination of the principal amount of debt in consideration conversion of the notes			$ 1,000
Debt instrument, convertible, threshold trading days \| TradingDay			20
Debt instrument, convertible, threshold consecutive trading days \| TradingDay			30
Debt instrument, convertible, threshold percentage of stock price trigger			130.00%
Number of consecutive trading day period (Measurement period) for conversion of notes			5 days
Number of business days in consideration of conversion of notes			5 days
Threshold percentage of stock price trigger in measurement period			98.00%
Conversion rate			23.4151
Initial conversion price per share \| $ / shares			$ 42.71
Debt instrument, conversion, equivalent shares of common stock \| shares			12,878,305
Percentage of principal amount to be repurchased in fundamental change			100.00%
Minimum threshold percentage of aggregate principal by trustee or holders			25.00%
Debt issuance costs including initial purchasers discounts, legal and other professional fees			$ 13,000,000.0					519,000				$ 519,000			$ 8,160,000
Expected life of notes			7 years
Debt instrument, convertible, if-converted value of notes in excess of principal amount												53,600,000
Debt issuance costs allocated to equity component			$ 4,100,000
Debt issuance costs allocated to liability component			$ 8,900,000
Interest expense								$ 3,852,000		$ 8,212,000		$ 11,549,000
2027 Notes \| Maximum
Debt Instrument [Line Items]
Debt instrument, increase in conversion rate, number of shares issuable \| shares			17,707,635
2021 Capped Call Transactions
Debt Instrument [Line Items]
Purchase of capped calls		$ 61,300,000
Initial conversion price per share \| $ / shares		$ 97.04
Capped call transaction, cap price per share \| $ / shares		$ 131.58
Premium over last reported sale price percentage		100.00%
Number of shares covered by capped calls \| shares		7,702,988
Adjustments to additional paid in capital related to premium payments									$ 61,300,000
2021 Capped Call Transactions \| Share Repurchase Transactions
Debt Instrument [Line Items]
Repurchase of common stock		$ 50,000,000.0
Stock repurchased during period, shares \| shares		759,993
Repurchase of common stock price per share \| $ / shares		$ 65.79
2020 Capped Call Transactions
Debt Instrument [Line Items]
Purchase of capped calls				$ 49,300,000
Initial conversion price per share \| $ / shares				$ 42.71
Capped call transaction, cap price per share \| $ / shares				$ 62.12
Premium over last reported sale price percentage				100.00%
Number of shares covered by capped calls \| shares				12,878,305
Adjustments to additional paid in capital related to premium payments				$ (49,300,000)
2020 Capped Call Transactions \| Share Repurchase Transactions
Debt Instrument [Line Items]
Repurchase of common stock				$ 75,000,000.0
Stock repurchased during period, shares \| shares				2,414,681
Repurchase of common stock price per share \| $ / shares				$ 31.06
Tranche I \| Hercules Capital, Inc
Debt Instrument [Line Items]
Debt Instrument face amount																		$ 35,000,000.0
Tranche II \| Hercules Capital, Inc
Debt Instrument [Line Items]
Debt Instrument face amount																	$ 20,000,000.0
Tranche III \| Hercules Capital, Inc
Debt Instrument [Line Items]
Debt Instrument face amount																$ 20,000,000.0
Tranche IV
Debt Instrument [Line Items]
Debt Instrument face amount														$ 25,000,000.0
Tranche IV \| Hercules Capital, Inc
Debt Instrument [Line Items]
Debt instrument additional principal borrowing amount						$ 25,000,000.0
Tranche A Loan \| Silicon Valley Bank and Hercules Loan Agreement
Debt Instrument [Line Items]
Interest rate												8.50%
Debt instrument drawn amount					$ 17,500,000
Tranche A Loan \| Silicon Valley Bank and Hercules Loan Agreement \| Eidos
Debt Instrument [Line Items]
Stated interest rate					8.50%
Maturity date					Oct. 02, 2023
Final payment charge percentage					5.95%
Tranche A Loan \| Silicon Valley Bank and Hercules Loan Agreement \| Prime Rate \| Eidos
Debt Instrument [Line Items]
Interest rate					3.25%
Tranche A Loan \| Maximum \| Silicon Valley Bank and Hercules Loan Agreement \| Eidos
Debt Instrument [Line Items]
Percentage of prepayment fee					2.50%
Tranche A Loan \| Minimum \| Silicon Valley Bank and Hercules Loan Agreement \| Eidos
Debt Instrument [Line Items]
Percentage of prepayment fee					0.75%

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue:
Total revenue	$ 2,344	$ 8,127	$ 56,830	$ 8,127
Operating costs and expenses:
Cost of products sold	1,454	0	1,563	0
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
License Revenue
Revenue:
Total revenue	$ 1,585	$ 8,127	$ 55,084	$ 8,127
Product Sales
Revenue:
Total revenue	$ 759	$ 0	$ 1,746	$ 0

Leases - Schedule of Future Minimum Lease Payments for Noncancelable Leases (Details) - USD ($)
$ in Thousands

Sep. 30, 2021

Dec. 31, 2020

^[1]

Leases [Abstract]

Operating leases, Remainder of 2021

$ 1,214

Operating leases, 2022

6,455

Operating leases, 2023

5,289

Operating leases, 2024

4,478

Operating leases, 2025

3,967

Operating leases, Thereafter

6,317

Operating leases, Total future minimum lease payments

27,720

Operating leases, Imputed interest

(4,038)

Operating lease liabilities

23,682

Operating lease liabilities, current portion

4,999

$ 3,795

Operating lease liabilities, net of current portion

18,683

$ 14,677

Total operating lease liabilities

23,682

Finance lease, Remainder of 2021

420

432

445

459

Finance lease, Thereafter

Finance lease, Total future minimum lease payments

1,860

Finance lease, Imputed interest

(248)

Finance lease, Total

1,612

Finance lease liability, current portion — Included in "Other accrued liabilities"

$ 283

Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]

bbio:OtherAccruedLiabilitiesCurrent1Member

Finance lease liability, net of current portion - Included in "Other long-term liabilities"

$ 1,329

Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]

us-gaap:OtherNoncurrentLiabilitiesMember

Total finance lease liability

$ 1,612

[1]	The condensed consolidated balance sheet as of December 31, 2020 is derived from the audited consolidated financial statements as of that date.

Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Instrument [Line Items]

Schedule of Loans Balances

The outstanding Notes’ balances consisted of the following:


	September 30, 2021						December 31, 2020
	2029 Notes			2027 Notes			2027 Notes
	(in thousands)						(in thousands)
Liability component
Principal	$	747,500		$	550,000		$	550,000
Unamortized debt discount		(14,841	)		(9,964	)		(158,404	)
Unamortized debt issuance costs		—			(519	)		(8,160	)
Net carrying amount	$	732,659		$	539,517		$	383,436
Equity component, net of issuance costs							$	169,173

Schedule of Total Interest Expense Recognized Related to 2027 Notes

The following table sets forth the total interest expense recognized and effective interest rates related to the Notes for the current period:


	Three Months Ended September 30, 2021								Nine Months Ended September 30, 2021
	2029 Notes			2027 Notes			Total		2029 Notes			2027 Notes			Total
	(in thousands)								(in thousands)
Contractual interest expense	$	4,205		$	3,438		$	7,643	$	11,353		$	10,313		$	21,666
Amortization of debt discount		457			391			848		1,222			1,166			2,388
Amortization of debt issuance costs		—			23			23		—			70			70
Total interest and amortization expense	$	4,662		$	3,852		$	8,514	$	12,575		$	11,549		$	24,124
Effective interest rate		2.6	%		2.8	%				2.6	%		2.8	%

The following table sets forth the total interest expense recognized and effective interest rates related to the 2027 Notes for the comparative period:



	Three Months Ended			March 9, 2020 Through
	September 30, 2020			September 30, 2020
	(in thousands)
Contractual interest expense	$	3,361		$	7,715
Amortization of debt discount		4,612			10,186
Amortization of debt issuance costs		239			528
Total interest and amortization expense	$	8,212		$	18,429
Effective interest rate		8.8	%		8.8	%

Schedule of Future Minimum Payments

Future minimum payments under the Notes as of September 30, 2021 are as follows:


	2029 Notes			2027 Notes
	(in thousands)
Remainder of 2021	$	—		$	—
Year ending December 31:
2022		16,819			13,750
2023		16,819			13,750
2024		16,819			13,750
2025		16,819			13,750
Thereafter		806,366			570,625
Total future payments		873,642			625,625
Less amounts representing interest		(126,142	)		(75,625	)
Total principal amount	$	747,500		$	550,000

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Leases

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases

13.

Leases

Operating and Finance Leases

We have operating leases for our corporate headquarters, office spaces and laboratory facilities. One of our office space leases has a finance lease component representing lessor provided furniture and office equipment. Our finance leases, which are presented as part of “Property and equipment, net” in our consolidated balance sheets, are not material.

Certain leases include renewal options at our election and we include the renewal options when we are reasonably certain that the renewal option will be exercised. The lease liabilities were measured using a weighted-average discount rate based on the most recent borrowing rate as of the calculation of the respective lease liability, adjusted for the remaining lease term and aggregate amount of the lease.

The components of lease cost are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)				(in thousands)
Straight line operating lease costs	$	1,457	$	995	$	4,078	$	2,684
Finance lease costs
Straight line finance lease costs		88		—		205		—
Interest on finance lease liability		27		—		83		—
Variable lease costs		1,111		257		2,831		558
Total lease cost	$	2,683	$	1,252	$	7,197	$	3,242

Supplemental cash flow information related to leases are as follows:


	Nine Months Ended September 30,
	2021		2020
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	4,474	$	2,749
Operating cash flows for finance lease — cash paid for interest		101		—
Financing cash flows for finance lease — cash paid for principal		71		—
Operating lease right-of-use assets obtained in exchange for operating lease obligations		6,380		11,814

Supplemental information related to the remaining lease term and discount rate are as follows:


	September 30,
	2021			2020
Weighted-average remaining lease term (in years)
Operating leases		5.7			5.2
Finance lease		4.3			—
Weighted-average discount rate
Operating leases		5.58	%		5.91	%
Finance lease		6.62	%		—

As of September 30, 2021, future minimum lease payments for our noncancelable leases are as follows:


	Operating Leases			Finance Lease
	(in thousands)
Remainder of 2021	$	1,214		$	66
Year ending December 31:
2022		6,455			420
2023		5,289			432
2024		4,478			445
2025		3,967			459
Thereafter		6,317			38
Total future minimum lease payments		27,720			1,860
Imputed interest		(4,038	)		(248	)
Total	$	23,682		$	1,612

Reported as of September 30, 2021
Operating lease liabilities, current portion	$	4,999
Operating lease liabilities, net of current portion		18,683
Total operating lease liabilities	$	23,682
Finance lease liability, current portion — Included in “Other accrued liabilities”				$	283
Finance lease liability, net of current portion — Included in “Other long-term liabilities”					1,329
Total finance lease liability				$	1,612

We recognized an impairment loss for certain of our asset groups estimated using discounted cash flow model (income approach) during the three months ended March 31, 2021 of $3.3 million, which is included in selling, general and administrative expenses in our condensed consolidated statement of operations for the nine months ended September 30, 2021. The impairment loss recorded includes $2.6 million related to operating lease right-of-use assets and $0.7 million related to property and equipment namely leasehold improvements and office furniture and equipment that we no longer use.

Manufacturing Agreement

In December 2019, we entered into a manufacturing agreement to secure clinical and commercial scale manufacturing capacity for the manufacture of batches of active pharmaceutical ingredients for product candidates of certain subsidiaries of BridgeBio. Unless terminated as allowed within the manufacturing agreement, the agreement will expire five years from when qualified operations begin. Under the terms of the agreement, we are assigned a dedicated manufacturing suite for certain months in each calendar year for a one-time fee of $10.0 million, which will be applied to the buildout, commissioning, qualification, validation, equipping and exclusive use of the dedicated manufacturing suite.

We recorded a construction-in-progress asset of $10.0 million for the payments directly associated with the dedicated manufacturing suite as these payments are deemed to represent a non-lease component. The readiness determination phase of the dedicated manufacturing suite is expected to be completed in 2021. The remaining payable related to the dedicated manufacturing suite, recorded as part of “Other accrued liabilities” in the condensed consolidated balance sheets, amounted to $2.0 million and $4.0 million as of September 30, 2021 and December 31, 2020, respectively.

Fair Value Measurement - Summary of Change in Estimated Fair Value of Liability Recorded in Other Income (Expense), Net (Details) - LEO Call Option	3 Months Ended
	Mar. 31, 2021 USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 5,550
Change in fair value upon notice of termination of the LEO call option	$ (5,550,000)

Summary of Significant Accounting Policies - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands

Sep. 30, 2021

Dec. 31, 2020

Sep. 30, 2020

Dec. 31, 2019

Cash and cash equivalents

$ 180,347

$ 356,082

^[1]

$ 366,967

Restricted cash — Included in "Prepaid expenses and other current assets"

$ 176

Restricted Cash, Current, Asset, Statement of Financial Position [Extensible List]

us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember

Restricted cash — Included in "Other assets"

$ 2,556

$ 424

Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List]

us-gaap:OtherNoncurrentAssetsMember

Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows

$ 183,079

$ 358,679

$ 367,391

$ 364,197

[1]	The condensed consolidated balance sheet as of December 31, 2020 is derived from the audited consolidated financial statements as of that date.

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Schedule of Potential Milestone Amounts and Accruals

The table below shows our commitment for the potential milestone amounts and the accruals for milestones deemed probable of achievement as of September 30, 2021.


	Potential Fixed Monetary Amount		Accrued Amount (1)
Settlement Type	(in thousands)
Cash	$	10,799	$	985
Stock (2)		121,128		11,973
Cash or stock at our sole discretion		108,928		3,949
Total	$	240,855	$	16,907

(1)

Amount recorded for performance-based milestone awards that are probable of achievement.

(2)

Includes the performance-based milestone awards that were granted as part of the Exchange Program further discussed in Note 15.

Equity Method and Other Investments in Equity Method Investees

9 Months Ended

Sep. 30, 2021

Equity Method And Cost Method Investment [Abstract]

Equity Method and Other Investments in Equity Method Investees

LianBio

LianBio, a related party, is a global and science-driven biopharmaceutical company founded by Perceptive Advisors. LianBio is focused on sourcing the best opportunities and creating new therapeutic paradigms for first-in-class programs to bring the world’s leading science to Greater China and major Asian markets. In October 2019, BBP LLC entered into an exclusivity agreement with LianBio, pursuant to which BBP LLC received equity in LianBio representing a 10% ownership interest, valued at approximately $3.8 million at the time of the transaction. The equity interest was issued in consideration for certain rights of first negotiation and rights of first offer granted by BBP LLC to LianBio with respect to specified transactions covering intellectual property rights owned or controlled by BBP LLC or its affiliates in certain territories outside the United States. The equity interest gave BBP LLC the right to appoint or remove one director to the board of directors of LianBio. This right will terminate in the event that LianBio consummates an IPO.

Our 10% ownership interest was reduced to zero as of December 31, 2019 after recognizing our equity share in the net losses of LianBio for the year ended December 31, 2019. As of both September 30, 2021 and December 31, 2020, our equity method investment in LianBio represented approximately 6% of LianBio’s fully-diluted equity. We continue to account for our investment in LianBio under the equity method as we have the right to appoint or remove one director to the board of directors of LianBio, and therefore have significant influence over LianBio. The carrying amount of the investment in LianBio in the condensed consolidated balance sheets represents our maximum loss exposure related to our investment in LianBio. There were no impairments related to the LianBio investment for the three and nine months ended September 30, 2021 and 2020.

Pursuant to a License Agreement entered into in October 2019 between QED Therapeutics, Inc. (“QED”) and LianBio, QED also received warrants which entitle QED to purchase 10% of the then-fully diluted shares of one of the subsidiaries of LianBio upon achievement of certain contingent development milestones.

In October 2021, the warrants held by QED to purchase shares of one of the subsidiaries of LianBio were converted into a warrant to purchase 347,569 shares of LianBio. On November 1, 2021, LianBio completed its IPO and, as a result, BBP LLC’s ownership in LianBio was reduced to approximately 4.7% of LianBio’s equity.

PellePharm

On November 19, 2018, PellePharm, Inc. entered into the LEO Agreement, pursuant to which LEO Pharma (“LEO”) was granted an exclusive, irrevocable option to acquire PellePharm. The LEO call option was exercisable by LEO on or before the occurrence of certain events relating to PellePharm’s clinical development programs and no later than July 30, 2021. We accounted for the LEO call option as a current liability (the “LEO Call Option Liability”, see Note 3) in our condensed consolidated financial statements because BridgeBio was obligated to sell its shares in PellePharm to LEO at a pre-determined price, if the option were to be exercised. We remeasured the LEO call option to fair value at each subsequent balance sheet date until the LEO call option either was exercised, terminated or had expired.

Prior to the LEO Agreement, BridgeBio consolidated PellePharm under the VIE model. The date the LEO Agreement was entered into was determined to be a VIE reconsideration event. Based on our assessment, we had concluded that PellePharm remained a VIE after the reconsideration event as it did not have sufficient equity at risk to finance its activities without additional subordinated financial support. However, based on the then changes to PellePharm’s governance structure and board of directors composition as a result of the LEO Agreement, BridgeBio was no longer the primary beneficiary as it no longer had the power over the key decisions that most significantly impact PellePharm’s economic performance. Accordingly, BridgeBio deconsolidated PellePharm on November 19, 2018. After the deconsolidation in November 2018, PellePharm was considered a related party of BridgeBio.

Subsequent to the deconsolidation of PellePharm in 2018, we accounted for our retained common stock investment as an equity method investment and our retained preferred stock investment as a cost method investment. Upon adoption of ASU 2016-01 in 2019, we accounted for the investment in PellePharm preferred stock as an equity security without a readily determinable fair value. As of December 31, 2020, the aggregate carrying amount of our investments in PellePharm was zero. After the equity method investment was reduced to zero during the three months ended March 31, 2019, BridgeBio subsequently recorded its percentage of net losses consistent with its preferred stock ownership percentage of 61.9% until the equity security investment was also reduced to zero during the remaining period of 2019. The carrying amount of BridgeBio’s investment in PellePharm in the condensed consolidated balance sheets through March 31, 2021 represented its maximum loss exposure related to its VIE investment in PellePharm. There were no impairments related to our PellePharm investment through March 31, 2021.

LEO terminated the LEO Agreement effective as of April 15, 2021. The date the LEO Agreement was terminated was determined to be a VIE reconsideration event. Based on our assessment, we continue to conclude that PellePharm remains a VIE after the reconsideration event as it does not have sufficient equity at risk to finance its activities without additional subordinated financial support. Based on the changes to PellePharm’s board of directors composition as a result of the termination of the LEO Agreement, BridgeBio became the primary beneficiary as it has the power over the key decisions that most significantly impact PellePharm’s economic performance and it has the obligation to absorb losses or the right to receive benefits from PellePharm that could potentially be significant to PellePharm through its common and preferred stock interest in PellePharm. Accordingly, BridgeBio consolidated PellePharm effective on April 15, 2021.

Fair Value Measurement - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Short-term marketable securities:
Investment in equity securities	$ 17,707
Recurring
Short-term marketable securities:
Total short-term marketable securities	419,264	$ 251,011
Investment in equity securities	17,707
LianBio Warrants	2,878	3,338
Total financial assets	509,493	520,786
Liability
LEO call option liability		5,550
Embedded derivative	1,413	1,340
Total financial liabilities		6,890
Recurring \| Level 1
Short-term marketable securities:
Investment in equity securities	17,707
Total financial assets	87,351	266,437
Recurring \| Level 2
Short-term marketable securities:
Total short-term marketable securities	419,264	251,011
Total financial assets	419,264	251,011
Recurring \| Level 3
Short-term marketable securities:
LianBio Warrants	2,878	3,338
Total financial assets	2,878	3,338
Liability
LEO call option liability		5,550
Embedded derivative	1,413	1,340
Total financial liabilities		6,890
Recurring \| Money Market Funds
Cash equivalents:
Total cash equivalents	69,644	266,437
Recurring \| Money Market Funds \| Level 1
Cash equivalents:
Total cash equivalents	69,644	266,437
Recurring \| U.S. Treasury Bills
Short-term marketable securities:
Total short-term marketable securities		14,999
Recurring \| U.S. Treasury Bills \| Level 2
Short-term marketable securities:
Total short-term marketable securities		14,999
Recurring \| U.S. Treasury Notes
Short-term marketable securities:
Total short-term marketable securities	60,555	45,391
Recurring \| U.S. Treasury Notes \| Level 2
Short-term marketable securities:
Total short-term marketable securities	60,555	45,391
Recurring \| Commercial Paper
Short-term marketable securities:
Total short-term marketable securities	184,277	144,851
Recurring \| Commercial Paper \| Level 2
Short-term marketable securities:
Total short-term marketable securities	184,277	144,851
Recurring \| Corporate Debt Securities
Short-term marketable securities:
Total short-term marketable securities	134,351	45,770
Recurring \| Corporate Debt Securities \| Level 2
Short-term marketable securities:
Total short-term marketable securities	134,351	$ 45,770
Recurring \| Supranational Debt Securities
Short-term marketable securities:
Total short-term marketable securities	40,081
Recurring \| Supranational Debt Securities \| Level 2
Short-term marketable securities:
Total short-term marketable securities	$ 40,081

Stock-Based Compensation - Schedule of Assumptions Used to Determine Fair Value of Stock Options and Stock Purchase Rights under ESPP (Details)	9 Months Ended
	Sep. 30, 2021 $ / shares
Employee Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, Minimum	51.43%
Expected volatility, Maximum	51.97%
Risk-free interest rate, Minimum	0.63%
Risk-free interest rate, Maximum	1.09%
Weighted-average grand date fair value of options granted	$ 31.03
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 months
Expected volatility, Minimum	47.61%
Expected volatility, Maximum	52.04%
Risk-free interest rate, Minimum	0.05%
Risk-free interest rate, Maximum	0.13%
Weighted-average grand date fair value of options granted	$ 16.29
Minimum \| Employee Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years
Maximum \| Employee Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 7 days

Cash Equivalents and Marketable Securities - Schedule of Cash Equivalent and Marketable Securities Classified as Available-for-Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis	$ 488,889	$ 517,256
Unrealized Gains	47	196
Unrealized Losses	(28)	(4)
Estimated Fair Value	488,908	517,448
Money Market Funds
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis Cash Equivalents	69,644	266,437
Total cash equivalents	69,644	266,437
Short-term Marketable Securities
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis	419,245	250,819
Unrealized Gains	47	196
Unrealized Losses	(28)	(4)
Estimated Fair Value	419,264	251,011
Short-term Marketable Securities \| U.S. Treasury Bills
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis		14,996
Unrealized Gains		3
Estimated Fair Value		14,999
Short-term Marketable Securities \| U.S. Treasury Notes
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis	60,526	45,292
Unrealized Gains	29	100
Unrealized Losses		(1)
Estimated Fair Value	60,555	45,391
Short-term Marketable Securities \| Commercial Paper
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis	184,273	144,851
Unrealized Gains	7
Unrealized Losses	(3)
Estimated Fair Value	184,277	144,851
Short-term Marketable Securities \| Corporate Debt Securities
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis	134,365	45,680
Unrealized Gains	10	93
Unrealized Losses	(24)	(3)
Estimated Fair Value	134,351	$ 45,770
Short-term Marketable Securities \| Supranational Debt Securities
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis	40,081
Unrealized Gains	1
Unrealized Losses	(1)
Estimated Fair Value	$ 40,081

Summary of Significant Accounting Policies - Summary of Adjustments to Condensed Consolidated Balance Sheet (Details) - USD ($)
$ in Thousands

Sep. 30, 2021

Jan. 01, 2021

Dec. 31, 2020

^[2]

New Accounting Pronouncements Or Change In Accounting Principle [Line Items]

Additional paid-in capital

$ 27,578

$ 8,425

^[1]

$ 9,520

^[1]

821,220

853,266

1,021,344

Accumulated deficit

(1,289,789)

(874,427)

(888,755)

2027 Notes

New Accounting Pronouncements Or Change In Accounting Principle [Line Items]

ASU 2020 06 | Account 2027 Notes Wholly as Debt

$ 539,517

538,281

$ 383,436

New Accounting Pronouncements Or Change In Accounting Principle [Line Items]

Additional paid-in capital

^[1]

(1,095)

(168,078)

ASU 2020 06 | Cumulative Impact on Interest Expense

New Accounting Pronouncements Or Change In Accounting Principle [Line Items]

Accumulated deficit

14,328

ASU 2020 06 | 2027 Notes | Account 2027 Notes Wholly as Debt

New Accounting Pronouncements Or Change In Accounting Principle [Line Items]