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10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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, 2023

☐ 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.)
3160 Porter Drive, Suite 250, Palo Alto, CA		94304
(Address of principal executive offices)		(Zip Code)

(650) 391-9740

(Registrant’s telephone number, including area code)

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, a 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 May 2, 2023, the registrant had 160,500,999 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’ 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	41
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	53
Item 4.	Controls and Procedures	53
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	54
Item 1A.	Risk Factors	54
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	55
Item 3.	Defaults Upon Senior Securities	56
Item 4.	Mine Safety Disclosures	56
Item 5.	Other Information	56
Item 6.	Exhibits	57
Signatures		59

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Balance Sheets

(in thousands, except shares and per share amounts)


	March 31,			December 31,
	2023			2022
	(Unaudited)			(1)
Assets
Current assets:
Cash and cash equivalents	$	407,368		$	376,689
Marketable securities		34,122			51,580
Investment in equity securities		49,803			43,653
Receivable from licensing and collaboration agreements		10,761			17,079
Restricted cash		25,503			37,930
Prepaid expenses and other current assets		25,145			21,922
Total current assets		552,702			548,853
Property and equipment, net		13,566			14,569
Operating lease right-of-use assets		10,532			10,678
Intangible assets, net		28,113			28,712
Other assets		20,767			20,224
Total assets	$	625,680		$	623,036
Liabilities, Redeemable Convertible Noncontrolling Interests and Stockholders’ Deficit
Current liabilities:
Accounts payable	$	4,076		$	11,558
Accrued compensation and benefits		18,869			31,256
Accrued research and development liabilities		37,064			39,803
Accrued professional services		4,015			1,790
Operating lease liabilities, current portion		3,674			3,675
Deferred revenue, current portion		6,675			8,156
Other accrued liabilities		22,223			25,190
Total current liabilities		96,596			121,428
2029 Notes, net		735,463			734,988
2027 Notes, net		542,065			541,634
Term loan, net		435,764			430,993
Operating lease liabilities, net of current portion		11,904			12,274
Other long-term liabilities		17,501			26,643
Total liabilities		1,839,293			1,867,960
Commitments and contingencies (Note 8)
Redeemable convertible noncontrolling interests		(204	)		(1,589	)
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; 166,626,999 shares issued and 160,435,238 shares outstanding as of March 31, 2023, 156,817,333 shares issued and 150,625,572 shares outstanding as of December 31, 2022		167			157
Treasury stock, at cost; 6,191,761 shares as of March 31, 2023 and December 31, 2022		(275,000	)		(275,000	)
Additional paid-in capital		1,106,635			938,703
Accumulated other comprehensive loss		(12	)		(328	)
Accumulated deficit		(2,057,455	)		(1,918,149	)
Total BridgeBio stockholders’ deficit		(1,225,665	)		(1,254,617	)
Noncontrolling interests		12,256			11,282
Total stockholders’ deficit		(1,213,409	)		(1,243,335	)
Total liabilities, redeemable convertible noncontrolling interests and stockholders’ deficit	$	625,680		$	623,036

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

(1)

The condensed consolidated balance sheet as of December 31, 2022 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 March 31,
	2023			2022
Revenue:
License and services revenue	$	1,826		$	235
Product sales		—			1,459
Total revenue		1,826			1,694
Operating costs and expenses:
Cost of license revenue and products sold		651			1,348
Research and development		92,861			107,649
Selling, general and administrative		31,108			43,713
Restructuring, impairment and related charges		3,369			22,662
Total operating costs and expenses		127,989			175,372
Loss from operations		(126,163	)		(173,678	)
Other income (expense), net:
Interest income		4,153			267
Interest expense		(20,121	)		(20,344	)
Other expense, net		(601	)		(7,575	)
Total other income (expense), net		(16,569	)		(27,652	)
Net loss		(142,732	)		(201,330	)
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests		2,576			4,933
Net loss attributable to common stockholders of BridgeBio	$	(140,156	)	$	(196,397	)
Net loss per share attributable to common stockholders of BridgeBio, basic and diluted	$	(0.92	)	$	(1.35	)
Weighted-average shares used in computing net loss per share attributable to common stockholders of BridgeBio, basic and diluted		152,645,635			145,882,149

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 March 31,
	2023			2022
Net loss	$	(142,732	)	$	(201,330	)
Other comprehensive income (loss):
Unrealized gains (losses) on available-for-sale securities		316			(251	)
Comprehensive loss		(142,416	)		(201,581	)
Comprehensive loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests		2,576			4,933
Comprehensive loss attributable to common stockholders of BridgeBio	$	(139,840	)	$	(196,648	)

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’ Deficit

(Unaudited)

(in thousands, except shares and per share amounts)


	Three Months Ended March 31. 2023

	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, 2022 (2)	$	(1,589	)		150,625,572		$	157		6,191,761	$	(275,000	)	$	938,703		$	(328	)	$	(1,918,149	)	$	(1,254,617	)	$	11,282		$	(1,243,335	)
Issuance of shares under equity compensation plans		—			834,427			1		—		—			192			—			—			193			—			193
Issuance of common stock under ESPP		—			192,200			—		—		—			1,809			—			—			1,809			—			1,809
Repurchase of shares to satisfy tax withholding		—			(40,491	)		—		—		—			(512	)		—			—			(512	)		—			(512	)
Stock-based compensation		—			—			—		—		—			24,330			—			—			24,330			—			24,330
Issuance of common stock under Follow-on offering		—			8,823,530			9		—		—			143,007			—			—			143,016			—			143,016
Issuance of noncontrolling interests		—			—			—		—		—			—			—			—			—			42			42
Transfers from (to) noncontrolling interests		1,633			—			—		—		—			(2,843	)		—			—			(2,843	)		1,210			(1,633	)
Deconsolidation of PellePharm		899			—			—		—		—			1,949			—			850			2,799			1,151			3,950
Unrealized gain on available-for-sale securities		—			—			—		—		—			—			316			—			316			—			316
Net loss		(1,147	)		—			—		—		—			—			—			(140,156	)		(140,156	)		(1,429	)		(141,585	)
Balances as of March 31, 2023		(204	)		160,435,238			167		6,191,761		(275,000	)		1,106,635			(12	)		(2,057,455	)		(1,225,665	)		12,256			(1,213,409	)

Three Months Ended March 31, 2022

Redeemable

Accumulated