BridgeBio | SEC Filing

View:

Download DOC

Download PDF

Download XLS

Download XBRL

10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2022

☐ 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 October 28, 2022, the registrant had 149,483,134 shares of common stock, $0.001 par value per share, outstanding.

Table of Contents


		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Comprehensive Loss	5
	Condensed Consolidated Statements of Redeemable Convertible Noncontrolling Interests and Stockholders’ Equity (Deficit)	6
	Condensed Consolidated Statements of Cash Flows	8
	Notes to Condensed Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	43
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	56
Item 4.	Controls and Procedures	56
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	57
Item 1A.	Risk Factors	57
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	59
Item 3.	Defaults Upon Senior Securities	59
Item 4.	Mine Safety Disclosures	59
Item 5.	Other Information	59
Item 6.	Exhibits	60
Signatures		62

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Balance Sheets

(in thousands, except shares and per share amounts)


	September 30,			December 31,
	2022			2021
	(Unaudited)			(1)
Assets
Current assets:
Cash and cash equivalents	$	483,235		$	393,772
Marketable securities		75,080			393,743
Investment in equity securities		33,662			49,148
Receivable from licensing and collaboration agreements		24,581			19,749
Prepaid expenses and other current assets		25,661			32,446
Total current assets		642,219			888,858
Property and equipment, net		15,603			30,066
Operating lease right-of-use assets		11,738			15,907
Intangible assets, net		29,310			44,934
Other assets		29,870			33,027
Total assets	$	728,740		$	1,012,792
Liabilities, Redeemable Convertible Noncontrolling Interests and Stockholders’ Deficit
Current liabilities:
Accounts payable	$	10,158		$	11,884
Accrued compensation and benefits		24,842			37,041
Accrued research and development liabilities		44,564			44,138
Accrued professional services		4,230			6,786
Operating lease liabilities, current portion		4,044			4,938
Deferred revenue, current portion		7,518			—
Other accrued liabilities		23,838			30,282
Total current liabilities		119,194			135,069
2029 Notes, net		734,516			733,119
2027 Notes, net		541,205			539,934
Term loan, net		422,972			430,752
Operating lease liabilities, net of current portion		13,000			17,428
Other long-term liabilities		28,226			22,069
Total liabilities		1,859,113			1,878,371
Commitments and contingencies (Note 9)
Redeemable convertible noncontrolling interests		(2,388	)		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; 155,558,848 shares issued and 149,367,087 shares outstanding as of September 30, 2022, 153,535,084 shares issued and 147,343,323 shares outstanding as of December 31, 2021		156			154
Treasury stock, at cost; 6,191,761 shares as of September 30, 2022 and December 31, 2021		(275,000	)		(275,000	)
Additional paid-in capital		917,333			841,530
Accumulated other comprehensive loss		(348	)		(132	)
Accumulated deficit		(1,780,558	)		(1,436,966	)
Total BridgeBio stockholders’ deficit		(1,138,417	)		(870,414	)
Noncontrolling interests		10,432			3,412
Total stockholders’ deficit		(1,127,985	)		(867,002	)
Total liabilities, redeemable convertible noncontrolling interests and stockholders’ deficit	$	728,740		$	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.

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

(in thousands, except shares and per share amounts)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Revenue:
License and services revenue	$	338		$	1,585		$	74,319		$	55,084
Product sales		—			759			1,459			1,746
Total revenue		338			2,344			75,778			56,830
Operating costs and expenses:
Cost of license revenue and products sold		739			1,454			2,787			1,563
Research and development		92,511			104,305			308,560			328,824
Selling, general and administrative		31,188			46,084			111,327			137,461
Restructuring, impairment and related charges		5,016			—			36,074			—
Total operating costs and expenses		129,454			151,843			458,748			467,848
Loss from operations		(129,116	)		(149,499	)		(382,970	)		(411,018	)
Other income (expense), net:
Interest income		2,417			234			3,450			951
Interest expense		(19,825	)		(11,067	)		(60,448	)		(31,644	)
Gain from sale of priority review voucher, net		—			—			107,946			—
Other income (expense), net		6,331			(684	)		(12,060	)		7,539
Total other income (expense), net		(11,077	)		(11,517	)		38,888			(23,154	)
Net loss		(140,193	)		(161,016	)		(344,082	)		(434,172	)
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests		2,854			5,081			490			18,810
Net loss attributable to common stockholders of BridgeBio	$	(137,339	)	$	(155,935	)	$	(343,592	)	$	(415,362	)
Net loss per share attributable to common stockholders of BridgeBio, basic and diluted	$	(0.93	)	$	(1.06	)	$	(2.34	)	$	(2.88	)
Weighted-average shares used in computing net loss per share attributable to common stockholders of BridgeBio, basic and diluted		147,937,817			146,662,756			146,842,453			144,044,360

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

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Statements of Comprehensive Loss

(Unaudited)

(in thousands)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Net loss	$	(140,193	)	$	(161,016	)	$	(344,082	)	$	(434,172	)
Other comprehensive income (loss):
Unrealized gains (losses) on available-for-sale securities		79			(17	)		(216	)		(173	)
Comprehensive loss		(140,114	)		(161,033	)		(344,298	)		(434,345	)
Comprehensive loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests		2,854			5,081			490			18,810
Comprehensive loss attributable to common stockholders of BridgeBio	$	(137,260	)	$	(155,952	)	$	(343,808	)	$	(415,535	)

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

BRIDGEBIO PHARMA, INC.

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

(Unaudited)

(in thousands, except shares and per share amounts)


	Nine Months Ended September 30, 2022

	Redeemable														Accumulated						Total
	Convertible												Additional		Other						BridgeBio			Non-		Total
	Noncontrolling		Common Stock					Treasury Stock					Paid-In		Comprehensive			Accumulated			Stockholders'			controlling		Stockholders’
	Interests		Shares			Amount		Shares		Amount			Capital		Income (Loss)			Deficit			Deficit			Interests		Deficit
Balances as of December 31, 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	)		—		—		—