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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 June 30, 2023

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.)

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 July 31, 2023, the registrant had 162,472,399 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

 

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

 

55

Item 4.

 

Controls and Procedures

 

55

PART II.

 

OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

56

Item 1A.

 

Risk Factors

 

56

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

58

Item 3.

 

Defaults Upon Senior Securities

 

58

Item 4.

 

Mine Safety Disclosures

 

58

Item 5.

 

Other Information

 

58

Item 6.

 

Exhibits

 

59

Signatures

 

61

 

 

2


 

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Balance Sheets

(in thousands, except shares and per share amounts)

 

 

 

June 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

(1)

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

302,438

 

 

$

376,689

 

Marketable securities

 

 

30,869

 

 

 

51,580

 

Investment in equity securities

 

 

50,487

 

 

 

43,653

 

Receivable from licensing and collaboration agreements

 

 

8,614

 

 

 

17,079

 

Restricted cash

 

 

19,930

 

 

 

37,930

 

Prepaid expenses and other current assets

 

 

20,546

 

 

 

21,922

 

Total current assets

 

 

432,884

 

 

 

548,853

 

Property and equipment, net

 

 

13,047

 

 

 

14,569

 

Operating lease right-of-use assets

 

 

9,814

 

 

 

10,678

 

Intangible assets, net

 

 

27,515

 

 

 

28,712

 

Other assets

 

 

20,401

 

 

 

20,224

 

Total assets

 

$

503,661

 

 

$

623,036

 

Liabilities, Redeemable Convertible Noncontrolling Interests and Stockholders’ Deficit

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

3,874

 

 

$

11,558

 

Accrued compensation and benefits

 

 

28,690

 

 

 

31,256

 

Accrued research and development liabilities

 

 

28,298

 

 

 

39,803

 

Operating lease liabilities, current portion

 

 

3,776

 

 

 

3,675

 

Deferred revenue, current portion

 

 

6,210

 

 

 

8,156

 

Accrued professional and other accrued liabilities

 

 

39,272

 

 

 

26,980

 

Total current liabilities

 

 

110,120

 

 

 

121,428

 

2029 Notes, net

 

 

735,940

 

 

 

734,988

 

2027 Notes, net

 

 

542,501

 

 

 

541,634

 

Term loan, net

 

 

440,496

 

 

 

430,993

 

Operating lease liabilities, net of current portion

 

 

10,916

 

 

 

12,274

 

Other long-term liabilities

 

 

13,326

 

 

 

26,643

 

Total liabilities

 

 

1,853,299

 

 

 

1,867,960

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

Redeemable convertible noncontrolling interests

 

 

333

 

 

 

(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;
   
167,611,692 shares issued and 161,419,931 shares outstanding as of
  June 30, 2023,
156,817,333 shares issued and 150,625,572 shares
   outstanding as of December 31, 2022

 

 

168

 

 

 

157

 

Treasury stock, at cost; 6,191,761 shares as of June 30, 2023 and
   December 31, 2022

 

 

(275,000

)

 

 

(275,000

)

Additional paid-in capital

 

 

1,128,100

 

 

 

938,703

 

Accumulated other comprehensive income (loss)

 

 

63

 

 

 

(328

)

Accumulated deficit

 

 

(2,215,354

)

 

 

(1,918,149

)

Total BridgeBio stockholders’ deficit

 

 

(1,362,023

)

 

 

(1,254,617

)

Noncontrolling interests

 

 

12,052

 

 

 

11,282

 

Total stockholders’ deficit

 

 

(1,349,971

)

 

 

(1,243,335

)

Total liabilities, redeemable convertible noncontrolling interests and
   stockholders’ deficit

 

$

503,661

 

 

$

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.

 

3


 

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

(in thousands, except shares and per share amounts)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue

 

$

1,641

 

 

$

73,746

 

 

$

3,467

 

 

$

75,440

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

599

 

 

 

700

 

 

 

1,250

 

 

 

2,048

 

Research and development

 

 

107,488

 

 

 

108,400

 

 

 

200,349

 

 

 

216,049

 

Selling, general and administrative

 

 

36,122

 

 

 

36,426

 

 

 

67,230

 

 

 

80,139

 

Restructuring, impairment and related charges

 

 

3,531

 

 

 

8,396

 

 

 

6,900

 

 

 

31,058

 

Total operating costs and expenses

 

 

147,740

 

 

 

153,922

 

 

 

275,729

 

 

 

329,294

 

Loss from operations

 

 

(146,099

)

 

 

(80,176

)

 

 

(272,262

)

 

 

(253,854

)

Other income (expense), net:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

4,514

 

 

 

766

 

 

 

8,667

 

 

 

1,033

 

Interest expense

 

 

(20,594

)

 

 

(20,279

)

 

 

(40,715

)

 

 

(40,623

)

Gain from sale of priority review voucher, net

 

 

 

 

 

107,946

 

 

 

 

 

 

107,946

 

Other income (expense), net

 

 

1,476

 

 

 

(10,816

)

 

 

875

 

 

 

(18,391

)

Total other income (expense), net

 

 

(14,604

)

 

 

77,617

 

 

 

(31,173

)

 

 

49,965

 

Net loss

 

 

(160,703

)

 

 

(2,559

)

 

 

(303,435

)

 

 

(203,889

)

Net loss (income) attributable to redeemable convertible
   noncontrolling interests and noncontrolling interests

 

 

2,804

 

 

 

(7,297

)

 

 

5,380

 

 

 

(2,364

)

Net loss attributable to common stockholders
   of BridgeBio

 

$

(157,899

)

 

$

(9,856

)

 

$

(298,055

)

 

$

(206,253

)

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

 

$

(0.98

)

 

$

(0.07

)

 

$

(1.90

)

 

$

(1.41

)

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

 

 

160,535,435

 

 

 

146,684,804

 

 

 

156,645,838

 

 

 

146,285,694

 

 

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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net loss

 

$

(160,703

)

 

$

(2,559

)

 

$

(303,435

)

 

$

(203,889

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

75

 

 

 

(44

)

 

 

391

 

 

 

(295

)

Comprehensive loss

 

 

(160,628

)

 

 

(2,603

)

 

 

(303,044

)

 

 

(204,184

)

Comprehensive loss (income) attributable to redeemable convertible
    noncontrolling interests and noncontrolling interests

 

 

2,804

 

 

 

(7,297

)

 

 

5,380

 

 

 

(2,364

)

Comprehensive loss attributable to common stockholders
   of BridgeBio

 

$

(157,824

)

 

$

(9,900

)

 

$

(297,664

)

 

$

(206,548

)

 

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’ Deficit

(Unaudited)

(in thousands, except shares and per share amounts)

 

 

 

Six Months Ended June 30. 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