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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-38959

 

BridgeBio Pharma, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

 

84-1850815

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

421 Kipling Street

Palo Alto, CA

 

94301

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (650) 391-9740

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.001 per share

 

BBIO

 

The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

As of April 29, 2022, the registrant had 147,693,858 shares of common stock, $0.001 par value per share, outstanding.

 

 

 


 

Table of Contents

 

 

 

 

 

Page

PART I.

 

FINANCIAL INFORMATION

 

 

Item 1.

 

Financial Statements (Unaudited)

 

 

 

 

Condensed Consolidated Balance Sheets

 

3

 

 

Condensed Consolidated Statements of Operations

 

4

 

 

Condensed Consolidated Statements of Comprehensive Loss

 

5

 

 

Condensed Consolidated Statements of Redeemable Convertible Noncontrolling Interests and Stockholders’ Equity (Deficit)

 

6

 

 

Condensed Consolidated Statements of Cash Flows

 

7

 

 

Notes to Condensed Consolidated Financial Statements

 

9

Item 2.

 

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

 

36

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

46

Item 4.

 

Controls and Procedures

 

46

PART II.

 

OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

47

Item 1A.

 

Risk Factors

 

47

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

47

Item 3.

 

Defaults Upon Senior Securities

 

47

Item 4.

 

Mine Safety Disclosures

 

47

Item 5.

 

Other Information

 

47

Item 6.

 

Exhibits

 

48

Signatures

 

50

 

 

2


 

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Balance Sheets

(in thousands, except shares and per share amounts)

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(Unaudited)

 

 

(1)

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

371,550

 

 

$

393,772

 

Marketable securities

 

 

261,904

 

 

 

393,743

 

Investment in equity securities

 

 

37,772

 

 

 

49,148

 

Receivable from licensing and collaboration agreements

 

 

10,983

 

 

 

19,749

 

Prepaid expenses and other current assets

 

 

34,021

 

 

 

32,446

 

Total current assets

 

 

716,230

 

 

 

888,858

 

Property and equipment, net

 

 

17,182

 

 

 

30,066

 

Operating lease right-of-use assets

 

 

13,936

 

 

 

15,907

 

Intangible assets, net

 

 

30,476

 

 

 

44,934

 

Other assets

 

 

35,325

 

 

 

33,027

 

Total assets

 

$

813,149

 

 

$

1,012,792

 

Liabilities, Redeemable Convertible Noncontrolling Interests and Stockholders’ Deficit

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

10,107

 

 

$

11,884

 

Accrued compensation and benefits

 

 

15,458

 

 

 

37,041

 

Accrued research and development liabilities

 

 

43,342

 

 

 

44,138

 

Accrued professional services

 

 

5,411

 

 

 

6,786

 

Operating lease liabilities, current portion

 

 

4,363

 

 

 

4,938

 

Other accrued liabilities

 

 

24,782

 

 

 

30,282

 

Total current liabilities

 

 

103,463

 

 

 

135,069

 

2029 Notes, net

 

 

733,581

 

 

 

733,119

 

2027 Notes, net

 

 

540,355

 

 

 

539,934

 

Term loan, net

 

 

434,114

 

 

 

430,752

 

Operating lease liabilities, net of current portion

 

 

15,494

 

 

 

17,428

 

Other long-term liabilities

 

 

26,829

 

 

 

22,069

 

Total liabilities

 

 

1,853,836

 

 

 

1,878,371

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

Redeemable convertible noncontrolling interests

 

 

336

 

 

 

1,423

 

Stockholders’ deficit:

 

 

 

 

 

 

Undesignated preferred stock, $0.001 par value; 25,000,000 shares
   authorized;
no shares issued and outstanding

 

 

 

 

 

 

Common stock, $0.001 par value; 500,000,000 shares authorized;
   
153,880,154 shares issued and 147,688,393 shares outstanding as of
   March 31, 2022,
153,535,084 shares issued and 147,343,323 shares
   outstanding as of December 31, 2021

 

 

154

 

 

 

154

 

Treasury stock, at cost; 6,191,761 shares as of March 31, 2022 and
   December 31, 2021

 

 

(275,000

)

 

 

(275,000

)

Additional paid-in capital

 

 

867,596

 

 

 

841,530

 

Accumulated other comprehensive loss

 

 

(383

)

 

 

(132

)

Accumulated deficit

 

 

(1,633,363

)

 

 

(1,436,966

)

Total BridgeBio stockholders’ deficit

 

 

(1,040,996

)

 

 

(870,414

)

Noncontrolling interests

 

 

(27

)

 

 

3,412

 

Total stockholders’ deficit

 

 

(1,041,023

)

 

 

(867,002

)

Total liabilities, redeemable convertible noncontrolling interests and
   stockholders’ deficit

 

$

813,149

 

 

$

1,012,792

 

 

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

 

(1)
The condensed consolidated balance sheet as of December 31, 2021 is derived from the audited consolidated financial statements as of that date.

 

3


 

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

(in thousands, except shares and per share amounts)

 

 

 

Three Months Ended March 31,

 

 

 

 

2022

 

 

2021

 

 

Revenue:

 

 

 

 

 

 

 

License revenue

 

$

235

 

 

$

462

 

 

Product sales

 

 

1,459

 

 

 

 

 

Total revenue

 

 

1,694

 

 

 

462

 

 

Operating costs and expenses:

 

 

 

 

 

 

 

Cost of license revenue and products sold

 

 

1,348

 

 

 

 

 

Research and development

 

 

107,649

 

 

 

122,559

 

 

Selling, general and administrative

 

 

43,713

 

 

 

45,407

 

 

Restructuring, impairment and related charges

 

 

22,662

 

 

 

 

 

Total operating costs and expenses

 

 

175,372

 

 

 

167,966

 

 

Loss from operations

 

 

(173,678

)

 

 

(167,504

)

 

Other income (expense), net:

 

 

 

 

 

 

 

Interest income

 

 

267

 

 

 

394

 

 

Interest expense

 

 

(20,344

)

 

 

(9,738

)

 

Other income (expense), net

 

 

(7,575

)

 

 

5,766

 

 

Total other income (expense), net

 

 

(27,652

)

 

 

(3,578

)

 

Net loss

 

 

(201,330

)

 

 

(171,082

)

 

Net loss attributable to redeemable convertible
   noncontrolling interests and noncontrolling
   interests

 

 

4,933

 

 

 

8,003

 

 

Net loss attributable to common stockholders
   of BridgeBio

 

$

(196,397

)

 

$

(163,079

)

 

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

 

$

(1.35

)

 

$

(1.18

)

 

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

 

 

145,882,149

 

 

 

138,627,729

 

 

 

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

 

4


 

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Statements of Comprehensive Loss

(Unaudited)

(in thousands)

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Net loss

 

$

(201,330

)

 

$

(171,082

)

Other comprehensive loss:

 

 

 

 

 

 

Unrealized losses on available-for-sale securities

 

 

(251

)

 

 

(249

)

Comprehensive loss

 

 

(201,581

)

 

 

(171,331

)

Comprehensive loss attributable to redeemable
  convertible noncontrolling interests and
  noncontrolling interests

 

 

4,933

 

 

 

8,003

 

Comprehensive loss attributable to common stockholders
   of BridgeBio

 

$

(196,648

)

 

$

(163,328

)

 

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

 

5


 

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Statements of Redeemable Convertible Noncontrolling Interests and Stockholders’ Equity (Deficit)

(Unaudited)

(in thousands, except shares and per share amounts)

 

 

 

Three Months Ended March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

Convertible

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

BridgeBio

 

 

Noncontrol-

 

 

Total

 

 

 

Noncontrolling

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

ling

 

 

Stockholders’

 

 

 

Interests

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Deficit

 

 

Interests

 

 

Deficit

 

Balances as of December 31, 2021 (2)

 

$

1,423

 

 

 

 

147,343,323

 

 

$

154

 

 

 

6,191,761

 

 

$

(275,000

)

 

$

841,530

 

 

$

(132

)

 

$

(1,436,966

)

 

$

(870,414

)

 

$

3,412

 

 

$

(867,002

)

Issuance of shares under equity
   compensation plans

 

 

 

 

 

 

229,926

 

 

 

 

 

 

 

 

 

 

 

 

104

 

 

 

 

 

 

 

 

 

104

 

 

 

 

 

 

104

 

Issuance of common stock under ESPP

 

 

 

 

 

 

127,635

 

 

 

 

 

 

 

 

 

 

 

 

966

 

 

 

 

 

 

 

 

 

966

 

 

 

 

 

 

966

 

Repurchase of shares to satisfy tax withholding

 

 

 

 

 

 

(12,491

)

 

 

 

 

 

 

 

 

 

 

 

(110

)

 

 

 

 

 

 

 

 

(110

)

 

 

 

 

 

(110

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,423

 

 

 

 

 

 

 

 

 

25,423

 

 

 

 

 

 

25,423

 

Issuance of noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

89

 

 

 

89

 

Transfers from (to) noncontrolling
    interests

 

 

(47

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(317

)

 

 

 

 

 

 

 

 

(317

)

 

 

365

 

 

 

48

 

Unrealized losses on available-for-sale
   securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(251

)

 

 

 

 

 

(251

)

 

 

 

 

 

(251

)

Net loss

 

 

(1,040

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(196,397

)

 

 

(196,397

)

 

 

(3,893

)

 

 

(200,290

)

Balances as of March 31, 2022

 

$

336

 

 

 

 

147,688,393

 

 

$

154

 

 

 

6,191,761

 

 

$

(275,000

)

 

$

867,596

 

 

$

(383

)

 

$

(1,633,363

)

 

$

(1,040,996

)

 

$

(27

)

 

$

(1,041,023

)

 

 

 

Three Months Ended March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

Redeemable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

BridgeBio

 

 

 

 

 

Total

 

 

 

Convertible

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

Stockholders'

 

 

Noncontrol-

 

 

Stockholders’

 

 

 

Noncontrolling

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Equity

 

 

ling

 

 

Equity

 

 

 

Interests

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

(Deficit)

 

 

Interests

 

 

(Deficit)

 

Balances as of December 31, 2020 (2)

 

$

1,630

 

 

 

 

122,849,389

 

 

$

125

 

 

 

2,414,681

 

 

$

(75,000

)

 

$

1,021,344

 

 

$

192

 

 

$

(888,755

)

 

$

57,906

 

 

$

48,350

 

 

$

106,256

 

Cumulative effect of ASU 2020-06 adoption

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(168,078

)

 

 

 

 

 

14,328

 

 

 

(153,750

)

 

 

 

 

 

(153,750

)

Issuance of shares under equity
   compensation plans

 

 

 

 

 

 

819,113

 

 

 

1

 

 

 

 

 

 

 

 

 

6,841