0000950170-23-037977 | 10-Q | XBRL Viewer

Cash Equivalents and Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2023

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:


	June 30, 2023
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	52,591	$	—	$	—		$	52,591
Treasury bills		127,501		30		—			127,531
Agency discount notes		107,495		49		—			107,544
Total cash equivalents		287,587		79		—			287,666
Marketable securities:
Commercial paper		10,927		—		(20	)		10,907
Treasury bills		19,958		4		—			19,962
Total marketable securities		30,885		4		(20	)		30,869
Total cash equivalents and marketable securities	$	318,472	$	83	$	(20	)	$	318,535


	December 31, 2022
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	202,250	$	—	$	—		$	202,250
Commercial paper		159,812		—		(54	)		159,758
Total cash equivalents		362,062		—		(54	)		362,008
Marketable securities:
Commercial paper		51,854		—		(274	)		51,580
Total marketable securities		51,854		—		(274	)		51,580
Total cash equivalents and marketable securities	$	413,916	$	—	$	(328	)	$	413,588

Other Equity Investments	6 Months Ended
Jun. 30, 2023
Equity Method And Cost Method Investment [Abstract]
Other Equity Investments	6. Other Equity Investments LianBio In October 2019, our subsidiary, BridgeBio Pharma LLC (“BBP LLC”), entered into an exclusivity agreement with LianBio, pursuant to which BBP LLC received equity in LianBio. We account for BBP LLC’s equity interest in LianBio under ASC 321 Investments - Equity Securities as an investment in equity securities. For the three and six months ended June 30, 2023, we recorded an unrealized gain of $1.6 million and $3.2 million, respectively, for the ongoing mark-to-market adjustments of our investment, see Note 3. For the three and six months ended June 30, 2022, we recorded an unrealized loss of $7.7 million and $20.0 million, respectively, for the ongoing mark-to-market adjustments of our investment. As of June 30, 2023 and December 31, 2022, we recorded $57.1 million and $60.3 million, respectively, in cumulative unrealized loss for the ongoing mark-to-market adjustments of this investment. Pursuant to a License Agreement entered into in October 2019 between QED and LianBio, QED also received warrants which entitled QED to purchase 10% of the then-fully diluted shares of one of the subsidiaries of LianBio upon achievement of certain contingent development milestones. Changes in fair value of the warrants were not material for the three and six months ended June 30, 2023 and 2022. In October 2021, the warrants held by QED to purchase shares of one of the subsidiaries of LianBio were converted into the LianBio Warrant, which entitles QED to purchase 347,569 shares of LianBio. The LianBio Warrant is measured at fair value on a recurring basis, with changes in fair value recognized in our condensed consolidated statements of operations as part of “Other income (expense), net.” The LianBio Warrant, which is presented as part of “Other assets” in our condensed consolidated balance sheets, had a fair value of $0.8 million and $0.6 million as of June 30, 2023 and December 31, 2022, respectively. PellePharm As of April 15, 2021, BridgeBio had been the primary beneficiary of PellePharm as it had power over key decisions that significantly impact PellePharm’s economic performance. BridgeBio also had 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 had consolidated PellePharm during the period April 15, 2021 through December 31, 2022. On January 16, 2023, PellePharm's board of directors authorized the assignment of all PellePharm's assets to PellePharm ABC, LLC for liquidation and distribution under the General Assignment for the Benefit of Creditors (“ABC”). As part of the ABC proceedings, PellePharm's board of directors resigned effective March 6, 2023. The date the board of directors resigned was determined to be a VIE reconsideration event. Based on the changes to PellePharm’s governance structure and composition of the board of directors as a result of the ABC, BridgeBio was no longer the primary beneficiary, as it no longer had the power over key decisions that significantly impact PellePharm’s economic performance. Accordingly, during the three months ended March 31, 2023, BridgeBio deconsolidated PellePharm and recognized a loss of $1.2 million which is presented as part of “Other income (expense), net” on the condensed consolidated statements of operations for the six months ended June 30, 2023.

Other Equity Investments

6 Months Ended

Jun. 30, 2023

Equity Method And Cost Method Investment [Abstract]

Other Equity Investments

LianBio

In October 2019, our subsidiary, BridgeBio Pharma LLC (“BBP LLC”), entered into an exclusivity agreement with LianBio, pursuant to which BBP LLC received equity in LianBio. We account for BBP LLC’s equity interest in LianBio under ASC 321 Investments - Equity Securities as an investment in equity securities. For the three and six months ended June 30, 2023, we recorded an unrealized gain of $1.6 million and $3.2 million, respectively, for the ongoing mark-to-market adjustments of our investment, see Note 3. For the three and six months ended June 30, 2022, we recorded an unrealized loss of $7.7 million and $20.0 million, respectively, for the ongoing mark-to-market adjustments of our investment. As of June 30, 2023 and December 31, 2022, we recorded $57.1 million and $60.3 million, respectively, in cumulative unrealized loss for the ongoing mark-to-market adjustments of this investment.

Pursuant to a License Agreement entered into in October 2019 between QED and LianBio, QED also received warrants which entitled QED to purchase 10% of the then-fully diluted shares of one of the subsidiaries of LianBio upon achievement of certain contingent development milestones. Changes in fair value of the warrants were not material for the three and six months ended June 30, 2023 and 2022.

In October 2021, the warrants held by QED to purchase shares of one of the subsidiaries of LianBio were converted into the LianBio Warrant, which entitles QED to purchase 347,569 shares of LianBio. The LianBio Warrant is measured at fair value on a recurring basis, with changes in fair value recognized in our condensed consolidated statements of operations as part of “Other income (expense), net.” The LianBio Warrant, which is presented as part of “Other assets” in our condensed consolidated balance sheets, had a fair value of $0.8 million and $0.6 million as of June 30, 2023 and December 31, 2022, respectively.

PellePharm

As of April 15, 2021, BridgeBio had been the primary beneficiary of PellePharm as it had power over key decisions that significantly impact PellePharm’s economic performance. BridgeBio also had 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 had consolidated PellePharm during the period April 15, 2021 through December 31, 2022.

On January 16, 2023, PellePharm's board of directors authorized the assignment of all PellePharm's assets to PellePharm ABC, LLC for liquidation and distribution under the General Assignment for the Benefit of Creditors (“ABC”).

As part of the ABC proceedings, PellePharm's board of directors resigned effective March 6, 2023. The date the board of directors resigned was determined to be a VIE reconsideration event. Based on the changes to PellePharm’s governance structure and composition of the board of directors as a result of the ABC, BridgeBio was no longer the primary beneficiary, as it no longer had the power over key decisions that significantly impact PellePharm’s economic performance. Accordingly, during the three months ended March 31, 2023, BridgeBio deconsolidated PellePharm and recognized a loss of $1.2 million which is presented as part of “Other income (expense), net” on the condensed consolidated statements of operations for the six months ended June 30, 2023.

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - A&R 2019 Plan and 2019 Inducement Plan - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Shares of Restricted Stock Outstanding, Beginning balance \| shares	4,108,642
Unvested Shares of Restricted Stock Outstanding, Granted \| shares	8,013,121
Unvested Shares of Restricted Stock Outstanding, Vested \| shares	(1,590,766)
Unvested Shares of Restricted Stock Outstanding, Cancelled \| shares	(280,926)
Unvested Shares of Restricted Stock Outstanding, Ending balance \| shares	10,250,071
Weighted-Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 21.6
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	11.96
Weighted-Average Grant Date Fair Value, Vested \| $ / shares	16.18
Weighted-Average Grant Date Fair Value, Cancelled \| $ / shares	18.13
Weighted-Average Grant Date Fair Value, Ending balance \| $ / shares	$ 15

Public Offerings and Share Repurchase Program - Additional Information (Details) - USD ($)			1 Months Ended				3 Months Ended			6 Months Ended		12 Months Ended
	Apr. 03, 2023	Mar. 10, 2023	Jul. 31, 2023	May 31, 2023	Mar. 31, 2023	Jul. 31, 2020	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2021	May 31, 2021
Public offerings and share repurchase program [Line Items]
Net proceeds issued from offerings										$ 144,049,000	$ 0
Common stock, par value							$ 0.001		$ 0.001	$ 0.001
Shares issued							$ 1,033,000	$ 143,016,000
At-the-Market Offerings \| Subsequent Event
Public offerings and share repurchase program [Line Items]
Net proceeds issued from offerings			$ 27,200,000
Common Stock
Public offerings and share repurchase program [Line Items]
Sale of Stock, Number of Shares Issued in Transaction									455,800
Sale of stock, public offering price per share									$ 10.9
Net proceeds issued from offerings									$ 4,900,000
Shares issued								$ 9,000
Common Stock \| At-the-Market Offerings \| Subsequent Event
Public offerings and share repurchase program [Line Items]
Sale of stock, public offering price per share			$ 34.46
Common Stock \| Maximum \| At-the-Market Offerings
Public offerings and share repurchase program [Line Items]
Aggregate offering, issuance and sale price of common stock to be issued						$ 350,000,000
Percentage of cash commission						3.00%
2021 Share Repurchase Program
Public offerings and share repurchase program [Line Items]
Stock repurchased during period, shares												3,017,087
Stock repurchased, average price per share												$ 49.72
Stock repurchased, value												$ 150,000,000
2021 Share Repurchase Program \| Common Stock \| Maximum
Public offerings and share repurchase program [Line Items]
Share repurchase program, authorized amount													$ 150,000,000.0
2023 Follow-on Offering \| Common Stock
Public offerings and share repurchase program [Line Items]
Net proceeds issued from offerings	$ 1,000,000	$ 143,000,000
Common stock, par value					$ 0.001			$ 0.001
Public offering price per share					$ 17			$ 17
Shares issued	63,470	8,823,530
Underwriting discounts and commissions					1,323,529
Underwriting fees and commissions		6,500,000
Deferred offering costs		500,000
Commissions paid		$ 500,000
2023 Follow-on Offering \| Common Stock \| Maximum
Public offerings and share repurchase program [Line Items]
Percentage of cash commission					0.315%			0.315%
Percentage of Underwriters Commissions					4.30%			4.30%
Underwriting fees and commissions	$ 100,000
2023 Follow-on Offering \| Common Stock \| Minimum
Public offerings and share repurchase program [Line Items]
Percentage of outstanding securities					5.00%			5.00%
2023 ATM Agreement \| Common Stock \| At-the-Market Offerings
Public offerings and share repurchase program [Line Items]
Common stock, par value				$ 0.001
2023 ATM Agreement \| Common Stock \| Maximum \| At-the-Market Offerings
Public offerings and share repurchase program [Line Items]
Aggregate offering price of common stock that may issued and sold				$ 450,000,000
Percentage of sales agents commission				3.00%

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net loss	$ (303,435)	$ (203,889)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	49,085	52,409
Depreciation and amortization	3,270	3,466
Noncash lease expense	2,024	2,889
Accrual of payment-in-kind interest on term loan	6,742	0
Loss on deconsolidation of PellePharm	1,241	0
(Gain) loss from investment in equity securities, net	(2,399)	23,228
Fair value of shares issued under license agreements	0	4,567
Accretion of debt	4,580	4,383
Fair value adjustment of warrants	(222)	1,390
Loss on sale of certain assets	0	6,261
Impairment of long-lived assets	0	12,653
Gain from sale of priority review voucher, excluding transaction costs	0	(110,000)
Gain from recognition of receivable from licensing and collaboration agreement	0	(12,500)
Other noncash adjustments	(328)	853
Changes in operating assets and liabilities:
Receivable from licensing and collaboration agreements	8,466	2,993
Prepaid expenses and other current assets	1,057	(3,021)
Other assets	32	8,691
Accounts payable	(4,098)	(3,090)
Accrued compensation and benefits	(11,071)	(9,402)
Accrued research and development liabilities	(11,322)	5,953
Operating lease liabilities	(2,443)	(3,348)
Deferred revenue	(3,184)	16,641
Accrued professional and other liabilities	4,330	7,785
Net cash used in operating activities	(257,675)	(191,088)
Investing activities:
Purchases of marketable securities	(19,754)	(119,611)
Maturities of marketable securities	41,550	293,919
Purchases of investment in equity securities	(71,504)	(10,930)
Sales of investment in equity securities	67,068	9,708
Decrease in cash and cash equivalents resulting from deconsolidation of PellePharm	(503)	0
Payment for an intangible asset	0	(1,500)
Proceeds from sale of priority review voucher	0	110,000
Proceeds from sale of certain assets	0	10,000
Purchases of property and equipment	(440)	(3,261)
Net cash provided by investing activities	16,417	288,325
Financing activities:
Proceeds from issuance of common stock through Follow-on offering, net	144,049	0
Repayment of term loan	0	(20,486)
Proceeds from BridgeBio common stock issuances under ESPP	1,809	966
Repurchase of shares to satisfy tax withholding	(1,715)	(476)
Issuance costs associated with term loan	0	(1,120)
Proceeds from stock option exercises, net of repurchases	312	160
Other financing activities	4,563	0
Net cash provided by (used in) financing activities	149,018	(20,956)
Net (decrease) increase in cash, cash equivalents and restricted cash	(92,240)	76,281
Cash, cash equivalents and restricted cash at beginning of period	416,884	396,365
Cash, cash equivalents and restricted cash at end of period	324,644	472,646
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	28,738	25,435
Supplemental Disclosures of Noncash Investing and Financing Information:
Payment-in-kind interest added to principal of term loan	0	5,075
Unpaid property and equipment	131	73
Transfers (to) from noncontrolling interests (Note 5)	(5,940)	1,456
Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Cash and cash equivalents	302,438	470,098
Restricted cash	19,930	0
Restricted cash - Included in "Prepaid expenses and other current assets"	0	140
Restricted cash - Included in "Other assets"	2,276	2,408
Total cash, cash equivalents and restricted cash at end of period shown in the condensed consolidated statements of cash flows	$ 324,644	$ 472,646

Debt - Schedule of Total Interest Expense Recognized Related to Notes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Contractual interest expense	$ 7,641	$ 7,641	$ 15,284	$ 15,284
Amortization of debt discount and issuance costs	913	890	1,819	1,773
Total interest and amortization expense	8,554	8,531	17,103	17,057
2029 Notes
Debt Instrument [Line Items]
Contractual interest expense	4,204	4,204	8,409	8,409
Amortization of debt discount and issuance costs	477	466	952	929
Total interest and amortization expense	$ 4,681	$ 4,670	$ 9,361	$ 9,338
Effective interest rate	2.60%	2.60%	2.60%	2.60%
2027 Notes
Debt Instrument [Line Items]
Contractual interest expense	$ 3,437	$ 3,437	$ 6,875	$ 6,875
Amortization of debt discount and issuance costs	436	424	867	844
Total interest and amortization expense	$ 3,873	$ 3,861	$ 7,742	$ 7,719
Effective interest rate	2.80%	2.80%	2.80%	2.80%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

Cash equivalents:

Total cash equivalents

$ 287,666

$ 362,008

Marketable securities:

Investment in equity securities

50,487

43,653

^[1]

Level 1

Marketable securities:

Investment in equity securities

39,100

35,500

Treasury Bills

Cash equivalents:

Total cash equivalents

127,531

Commercial Paper

Cash equivalents:

Total cash equivalents

159,758

Agency Discount Notes

Cash equivalents:

Total cash equivalents

107,544

Recurring

Cash equivalents:

Total cash equivalents

287,666

362,008

Marketable securities:

Total marketable securities

30,869

51,580

Investment in equity securities

50,487

43,653

LianBio Warrant

792

570

Total financial assets

369,814

457,811

Liability

Embedded derivative

1,624

1,201

Short-term liability

4,634

Total financial liabilities

6,258

Recurring | Level 1

Cash equivalents:

Total cash equivalents

52,591

202,250

Marketable securities:

Total marketable securities

Investment in equity securities

50,487

43,653

LianBio Warrant

792

570

Total financial assets

103,870

246,473

Liability

Embedded derivative

Short-term liability

4,634

Total financial liabilities

4,634

Recurring | Level 2

Cash equivalents:

Total cash equivalents

235,075

159,758

Marketable securities:

Total marketable securities

30,869

51,580

Investment in equity securities

LianBio Warrant

Total financial assets

265,944

211,338

Liability

Embedded derivative

Short-term liability

Total financial liabilities

Recurring | Level 3

Cash equivalents:

Total cash equivalents

Marketable securities:

Total marketable securities

Investment in equity securities

LianBio Warrant

Total financial assets

Liability

Embedded derivative

1,624

1,201

Short-term liability

Total financial liabilities

1,624

Recurring | Money Market Funds

Cash equivalents:

Total cash equivalents

52,591

Recurring | Money Market Funds | Level 1

Cash equivalents:

Total cash equivalents

52,591

202,250

Recurring | Money Market Funds | Level 2

Cash equivalents:

Total cash equivalents

Recurring | Money Market Funds | Level 3

Cash equivalents:

Total cash equivalents

Recurring | Treasury Bills

Cash equivalents:

Total cash equivalents

127,531

159,758

Marketable securities:

Total marketable securities

19,962

Recurring | Treasury Bills | Level 1

Cash equivalents:

Total cash equivalents

Marketable securities:

Total marketable securities

Recurring | Treasury Bills | Level 2

Cash equivalents:

Total cash equivalents

127,531

159,758

Marketable securities:

Total marketable securities

19,962

Recurring | Treasury Bills | Level 3

Cash equivalents:

Total cash equivalents

Marketable securities:

Total marketable securities

Recurring | Commercial Paper

Marketable securities:

Total marketable securities

10,907

51,580

Recurring | Commercial Paper | Level 1

Marketable securities:

Total marketable securities

Recurring | Commercial Paper | Level 2

Marketable securities:

Total marketable securities

10,907

51,580

Recurring | Commercial Paper | Level 3

Marketable securities:

Total marketable securities

$ 0

Recurring | Agency Discount Notes

Cash equivalents:

Total cash equivalents

107,544

Recurring | Agency Discount Notes | Level 1

Cash equivalents:

Total cash equivalents

Recurring | Agency Discount Notes | Level 2

Cash equivalents:

Total cash equivalents

107,544

Recurring | Agency Discount Notes | Level 3

Cash equivalents:

Total cash equivalents

$ 0

[1]	The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited consolidated financial statements as of that date.

Leases - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2019	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2020
Lessee Lease Description [Line Items]
Impairment loss		$ 0	$ 0	$ 0	$ 0
One time fees asset non-current	$ 10,000
Construction-in-Progress
Lessee Lease Description [Line Items]
Construction-in-progress asset		10,000		10,000
Pre-tax impairment loss on asset					$ (10,200)
Manufacturing Agreement
Lessee Lease Description [Line Items]
Lease agreement expiration	5 years
Supplemental Agreement
Lessee Lease Description [Line Items]
Cost related to manufacturing suite and additional equipment						$ 200
Termination Agreement
Lessee Lease Description [Line Items]
Remaining payable related to dedicated manufacturing suite		2,000		2,000
Payable related to termination fees for other existing services		$ 1,800		$ 1,800

Subsequent Event - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	Jul. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Subsequent Event [Line Items]
Net proceeds issued from offerings					$ 144,049	$ 0
Common Stock
Subsequent Event [Line Items]
Shares issued		63,470	8,823,530
Common stock price				$ 10.9
Net proceeds issued from offerings				$ 4,900
Subsequent Event \| At-the-Market Offerings
Subsequent Event [Line Items]
Net proceeds issued from offerings	$ 27,200
Common stock sales agent's commissions	$ 400
Subsequent Event \| At-the-Market Offerings \| Common Stock
Subsequent Event [Line Items]
Shares issued	800,000
Common stock price	$ 34.46

License and Collaboration Agreements - Additional Information (Details) - USD ($)

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

Mar. 29, 2021

Feb. 28, 2023

Jan. 31, 2023

Dec. 31, 2022

Aug. 31, 2020

Oct. 31, 2019

Sep. 30, 2019

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2021

Feb. 28, 2022

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Revenue

$ 1,641,000

$ 73,746,000

$ 3,467,000

$ 75,440,000

Deferred revenue, current portion

$ 8,156,000

^[1]

6,210,000

Receivable from licensing and collaboration agreements

17,079,000

^[1]

8,614,000

Research and development

107,488,000

108,400,000

200,349,000

216,049,000

Allowance for credit losses

$ 0

Common Stock

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Shares issued

63,470

8,823,530

ASC 808

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

License agreements share of co-commercialization loss as reduction to selling, general and administrative expenses

$ 0

600,000

1,800,000

Helsinn Therapeutics

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Reimbursable payment received

15,000,000

Receivable from licensing and collaboration agreements

8,000,000

Close-out plan costs subject to reimbursement

$ 2,100,000

$ 4,500,000

Percentage of close-out plan costs, subject to reimbursement

50.00%

QED Therapeutics, Inc

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Close-out plan costs

$ 11,000,000

$ 2,100,000

$ 5,700,000

Receivable from licensing and collaboration agreements

7,000,000

QED Therapeutics, Inc | Entities Affiliated With Perceptive Life Sciences Master Fund Ltd

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Warrant to purchase percentage

10.00%

Nonrefundable upfront payment receivable

$ 10,000,000

QED Therapeutics, Inc | Maximum | Entities Affiliated With Perceptive Life Sciences Master Fund Ltd

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Future potential development and sales milestone payments yet to receive

$ 132,500,000

License and Collaboration Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Unbilled receivables

$ 16,800,000

$ 6,500,000

Percentage of total unbilled receivables

97.50%

93.40%

License and Collaboration Agreement | Helsinn Therapeutics

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Percentage share of global development costs

60.00%

License and Collaboration Agreement | BMS

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Upfront payment yet to be received

90,000,000

Upfront, regulatory and launch milestone payments yet to be received

$ 815,000,000

License and Collaboration Agreement | QED Therapeutics, Inc

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

License agreement percentage share of profits and losses

50.00%

Percentage share of global development costs

40.00%

Regulatory and sales-based milestone payments yet to be received

$ 66,000,000

Reimbursable research and development

18,800,000

Reimbursable payment outstanding

31,300,000

Reimbursable commercial contracted activities

12,500,000

License and Collaboration Agreement | QED Therapeutics, Inc | Helsinn Therapeutics | ASC 808

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Research and development

1,000,000

9,500,000

2,200,000

15,700,000

License and Collaboration Agreement | Navire Pharma, Inc | BMS

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Milestone payments

Initial transaction price for the license and collaboration agreement

90,000,000

Allocation of transaction price for research and development

19,800,000

Allocation of transaction price to licenses

70,200,000

Deferred revenue

$ 15,300,000

12,100,000

Deferred revenue, current portion

8,200,000

6,200,000

Deferred revenue, noncurrent

7,100,000

5,900,000

License and Collaboration Agreement | Navire Pharma, Inc | Research and Development Expense | BMS

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Revenue

1,500,000

3,200,000

License and Collaboration Agreement | Receivable from Licensing and Collaboration Agreements

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Receivable from licensing and collaboration agreements

17,100,000

8,600,000

License Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Close-out plan costs subject to reimbursement

1,000,000

License Agreement | Helsinn Therapeutics

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Receivable from licensing and collaboration agreements

$ 16,300,000

License Agreement | LianBio

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Nonrefundable upfront payment receivable

$ 8,000,000

License Agreement | LianBio | License and Services Revenue

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Revenue

$ 8,500,000

License Agreement | Maximum | LianBio

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Future potential development and sales milestone payments yet to receive

$ 382,100,000

License Agreement | QED Therapeutics, Inc | LianBio | License and Services Revenue

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Revenue

License Agreement | Navire Pharma, Inc | LianBio | License and Services Revenue

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Revenue

$ 0

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

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Reimbursable payment received

4,000,000

Receivable from licensing and collaboration agreements

$ 5,300,000

Reimbursable remaining commencing installments

$ 11,000,000

Reimbursable remaining due in eleven equal monthly commencing installments

$ 1,000,000

Alexion License Agreements | Eidos

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Upfront nonrefundable payment received

$ 25,000,000

Alexion License Agreements | Maximum

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Regulatory milestone payment receivable subject to achievement of regulator milestones

30,000,000

Alexion Agreements | Eidos

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Revenue

26,700,000

Nonrefundable upfront payment receivable

$ 25,000,000

Alexion Agreements | Eidos | Common Stock

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Shares issued

556,173

Shares issued, price per share

$ 44.95

Aggregate purchase price

$ 25,000,000

Excess of purchase price over the value of common stock shares

$ 1,700,000

Alexion Agreements | Eidos | Common Stock | The Nasdaq Global Select Market

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Shares issued, price per share

$ 41.91

Excess of purchase price over the value of common stock shares

$ 1,700,000

[1]	The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited consolidated financial statements as of that date.

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Recognized Intangible Assets

The following table summarizes our recognized intangible assets as a result of the arrangements described in the following sections:


	June 30, 2023				December 31, 2022
	Weighted-average Estimated Useful Lives	Amount			Weighted-average Estimated Useful Lives	Amount
		(in thousands)				(in thousands)
Gross amount	11.5 years	$	32,500		12.0 years	$	32,500
Less: accumulated amortization			(4,985	)			(3,788	)
Total		$	27,515			$	28,712

Stock-Based Compensation - Additional Information (Details)				3 Months Ended			6 Months Ended
	Nov. 18, 2020 USD ($) Grantee shares	Apr. 22, 2020 USD ($) Grantee shares	Jun. 22, 2019 shares	Jun. 30, 2023 USD ($) Employee shares	Mar. 31, 2023	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Employee $ / shares shares	Jun. 30, 2022 USD ($)	Feb. 28, 2023 shares	Dec. 31, 2021 shares	Nov. 13, 2019 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation				$ 27,176,000		$ 28,305,000	$ 50,653,000	$ 52,586,000
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grand date fair value of options granted \| $ / shares							$ 5.54
2020 Stock and Equity Award Exchange Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation cost associated with performance-based milestone awards				500,000		3,400,000	$ 2,200,000	2,500,000
Maximum potential milestone performance-based awards to be settled in fully-vested RSA	$ 11,700,000	$ 183,400,000
Performance-based milestone awards	$ 0	$ 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 Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grand date fair value of options granted \| $ / shares							$ 8.48
Employee Stock Option \| 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				$ 2,000,000			$ 3,000,000
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									2,000,000		1,000,000
2021 A&R Plan \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common shares reserved for future issuance \| shares				6,744,341			6,744,341
A&R 2019 Inducement Plan \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common shares reserved for future issuance \| shares				930,077			930,077
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
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							$ 8.48
Total intrinsic value of options exercised							$ 600,000
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							3,605,000
A&R 2019 Plan and 2019 Inducement Plan \| Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period					4 years
Stock-based compensation				$ 8,100,000		9,400,000	15,000,000	20,200,000
Unrecognized compensation cost				49,300,000			$ 49,300,000
Unrecognized compensation cost, period for recognition							2 years 4 months 24 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				1,023,000		1,483,000	$ 5,654,000	2,968,000
Unrecognized compensation cost				2,600,000			$ 2,600,000
Unrecognized compensation cost, period for recognition							7 months 6 days
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				15,100,000		12,100,000	$ 27,400,000	24,000,000
Unrecognized compensation cost				145,600,000			$ 145,600,000
Unrecognized compensation cost, period for recognition							3 years 1 month 6 days
BridgeBio Equity Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance-based milestone awards compensation expense							$ 1,600,000	200,000
Stock-based compensation				$ 27,135,000		28,145,000	$ 50,570,000	52,326,000
BridgeBio Equity Plan \| 2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common shares reserved for future issuance \| shares				3,703,691			3,703,691
Stock-based compensation				$ 400,000		$ 700,000	$ 900,000	$ 1,400,000
Number of common shares authorized to issue for issuance of awards \| shares			2,000,000
Percentage of automatic annual increase in number of shares reserved for future issuance			1.00%
Purchase price as percentage of lower of fair market value as of beginning or end of offering period			85.00%
Maximum percentage of employee payroll deduction for stock purchase			15.00%
Maximum number of shares eligible to purchase during offering period \| shares			3,500
BridgeBio Equity Plan \| 2019 Employee Stock Purchase Plan \| Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares authorized to issue for issuance of awards \| shares			2,000,000
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

Restructuring, Impairment and Related Charges (Tables)

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Summary of Restructuring, Impairment and Related Charges

Restructuring, impairment and related charges included in our condensed consolidated statements of operations for the three and six months ended June 30, 2023 and 2022 consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Long-lived assets impairments and write-offs	$	—	$	—	$	—	$	12,653
Severance and employee-related costs		572		2,396		715		9,412
Winding down, exit and other related costs		2,959		6,000		6,185		8,993
Total	$	3,531	$	8,396	$	6,900	$	31,058

Schedule of Activity Related to Restructuring Liabilities Associated to Restructuring Initiatives

The following table summarizes the activity related to the restructuring liabilities associated with our restructuring initiatives for the six months ended June 30, 2023 and 2022:


	Six Months Ended June 30,
	2023			2022
	(in thousands)
Beginning balance	$	6,826		$	—
Reclassification of final payment obligation related to a manufacturing agreement that was recognized in the prior period (see Note 13)		—			2,185
Restructuring, impairment and related charges		6,900			31,058
Cash payments		(11,526	)		(8,195	)
Noncash activities		—			(13,825	)
Ending balance	$	2,200		$	11,223

Restructuring liabilities are presented in our condensed consolidated balance sheets as follows:


	June 30, 2023		December 31, 2022
	(in thousands)
Accounts payable	$	45	$	896
Accrued compensation and benefits		—		41
Accrued research and development liabilities		655		5,889
Other accrued liabilities		1,500		—
Total	$	2,200	$	6,826

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	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Outstanding, Beginning balance	11,637,861
Options Outstanding, Granted	1,724,909
Options Outstanding, Exercised	(55,908)
Options Outstanding, Cancelled	(456,326)
Options Outstanding, Outstanding, Ending balance	12,850,536	11,637,861
Options Outstanding, Exercisable	8,687,555
Eidos
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Outstanding, Beginning balance	1,445,885
Options Outstanding, Exercised	(14,776)
Options Outstanding, Cancelled	(19,815)
Options Outstanding, Outstanding, Ending balance	1,411,294	1,445,885
Options Outstanding, Exercisable	1,304,947
Weighted-Average Exercise Price per Option, Outstanding, Beginning balance	$ 14.96
Weighted-Average Exercise Price per Option, Exercised	12.37
Weighted-Average Exercise Price per Option, Cancelled	19.75
Weighted-Average Exercise Price per Option, Outstanding, Ending balance	14.92	$ 14.96
Weighted-Average Exercise Price per Option, Exercisable	$ 14.01
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance	5 years 3 months 18 days	5 years 10 months 24 days
Weighted-Average Remaining Contractual Life (years), Exercisable	5 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding, Ending balance	$ 7,904	$ 1,427
Aggregate Intrinsic Value, Exercisable	$ 7,904
Regular Equity Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Outstanding, Beginning balance	9,811,936
Options Outstanding, Granted	1,724,909
Options Outstanding, Cancelled	(434,560)
Options Outstanding, Outstanding, Ending balance	11,102,285	9,811,936
Options Outstanding, Exercisable	7,048,071
Weighted-Average Exercise Price per Option, Outstanding, Beginning balance	$ 28
Weighted-Average Exercise Price per Option, Granted	13.37
Weighted-Average Exercise Price per Option, Cancelled	23.9
Weighted-Average Exercise Price per Option, Outstanding, Ending balance	25.89	$ 28
Weighted-Average Exercise Price per Option, Exercisable	$ 27.02
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance	7 years 6 months	7 years 8 months 12 days
Weighted-Average Remaining Contractual Life (years), Exercisable	6 years 7 months 6 days
Aggregate Intrinsic Value, Outstanding, Ending balance	$ 18,217
Aggregate Intrinsic Value, Exercisable	$ 4,724
2020 Stock and Equity Award Exchange Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Outstanding, Beginning balance	380,040
Options Outstanding, Exercised	(41,132)
Options Outstanding, Cancelled	(1,951)
Options Outstanding, Outstanding, Ending balance	336,957	380,040
Options Outstanding, Exercisable	334,537
Weighted-Average Exercise Price per Option, Outstanding, Beginning balance	$ 2.35
Weighted-Average Exercise Price per Option, Exercised	3.13
Weighted-Average Exercise Price per Option, Cancelled	4.21
Weighted-Average Exercise Price per Option, Outstanding, Ending balance	2.25	$ 2.35
Weighted-Average Exercise Price per Option, Exercisable	$ 2.24
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance	5 years 8 months 12 days	6 years 2 months 12 days
Weighted-Average Remaining Contractual Life (years), Exercisable	5 years 8 months 12 days
Aggregate Intrinsic Value, Outstanding, Ending balance	$ 5,208	$ 2,246
Aggregate Intrinsic Value, Exercisable	$ 5,173

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

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 June 30, 2023.


	Potential Fixed Monetary Amount		Accrued Amount (1)
Settlement Type	(in thousands)
Cash	$	9,994	$	807
Stock (2)		52,482		8,322
Cash or stock at our sole discretion		130,922		3,534
Total	$	193,398	$	12,663

(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 contract 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 June 30, 2023, there were no material amounts accrued related to termination charges. As of December 31, 2022, we had liabilities for certain fees that we have incurred related to reprioritization of our research and development projects of approximately $3.3 million (see Note 16).

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 financial statements.

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 material 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.

Debt - Schedule of Balances of Borrowing under Loan Agreement (Details) - Loan Agreement - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal value of term loans	$ 429,916	$ 429,916
Debt discount, issuance costs and exit fee accretion	(11,486)	(14,247)
Term Loan, net	440,496	430,993
Payment in Kind
Debt Instrument [Line Items]
Principal value of term loans	$ 22,066	$ 15,324

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Public Offerings and Share Repurchase Program

6 Months Ended

Jun. 30, 2023

Public Offerings and Share Repurchase Program [Abstract]

Public Offerings and Share Repurchase Program

14.

Public Offerings and Share Repurchase Program

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 did not issue any shares or receive any proceeds from this offering during the three and six months ended June 30, 2023 and 2022. During the three months ended December 31, 2022, the Company sold 455,800 shares through this offering at an average price of $10.90 per share, resulting in net proceeds of $4.9 million. In May 2023, we terminated the Open Market Sale AgreementSM.

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 depended on a number of factors, including the market price of our common stock and general market and economic conditions. The stock repurchase program did not obligate us to repurchase any dollar amount or number of shares, and the program may be suspended or discontinued at any time. 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 in 2021. The repurchased shares are held in treasury as treasury stock as of June 30, 2023 and December 31, 2022.

2023 Follow-on Offering

In March 2023, we entered into an Underwriting Agreement (the “Follow-on Agreement”) with Goldman Sachs & Co. LLC, Evercore Group L.L.C., Morgan Stanley & Co. LLC and KKR Capital Markets LLC (“KCM”), as representatives of several underwriters (collectively, the “Underwriters”), relating to an underwritten public offering (the “Follow-on offering”) of 8,823,530 shares of the Company’s common stock, $0.001 par value per share (the “Common Stock”), at a public offering price of $17.00 per share. The Company also granted the Underwriters a 30-day option to purchase, at the public offering price less underwriting discounts and commissions, up to an additional 1,323,529 shares of Common Stock. The Company paid the Underwriters a commission of 4.3% of the aggregate gross proceeds received from all sales of the common stock under the Follow-on Agreement. The Underwriters included KCM, which is an affiliate of KKR Genetic Disorder L.P., a related party being a stockholder who beneficially owns greater than 5% of our outstanding securities. KCM received a commission of 0.315% of the aggregate gross

proceeds received from all sales of the common stock under the Follow-on Agreement. On March 10, 2023, 8,823,530 shares were issued under the Follow-on Agreement, for net proceeds of $143.0 million, after deducting underwriting fees and commissions of $6.5 million (of which $0.5 million related to commissions paid to KCM) and offering costs of $0.5 million. On April 3, 2023, the Underwriters partially exercised their 30-day option to purchase additional shares, for which 63,470 shares were issued for net proceeds of $1.0 million, after deducting underwriting fees and commissions of less than $0.1 million.

2023 Shelf Registration Statement and ATM Agreement

In May 2023, we filed a shelf registration statement on Form S-3 (the “2023 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 concurrently entered into an Equity Distribution Agreement (the “2023 ATM Agreement”) with Goldman Sachs & Co. LLC and SVB Securities LLC (collectively, the “ATM Sales Agents”), with respect to an “at-the-market” offering program under which we may issue and sell, from time to time at our sole discretion and pursuant to a prospectus supplement, shares of our common stock, par value $0.001 per share, having an aggregate offering price of up to $450.0 million through the ATM Sales Agents. We will pay the ATM Sales Agents a commission of up to 3.0% of the aggregate gross proceeds received from all sales of the common stock under the 2023 ATM Agreement. We did not issue any shares or receive any proceeds from this offering during the three months ended June 30, 2023. Refer to Note 19 for related subsequent event.

- Definition

The entire disclosure for equity.

+ References

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

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:


	June 30, 2023
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	52,591	$	52,591	$	—	$	—
Treasury bills		127,531		—		127,531		—
Agency discount notes		107,544		—		107,544		—
Total cash equivalents		287,666		52,591		235,075		—
Marketable securities:
Commercial paper		10,907		—		10,907		—
Treasury bills		19,962		—		19,962		—
Total marketable securities		30,869		—		30,869		—
Investment in equity securities		50,487		50,487		—		—
LianBio Warrant		792		792		—		—
Total financial assets	$	369,814	$	103,870	$	265,944	$	—
Liabilities
Embedded derivative	$	1,624	$	—	$	—	$	1,624
Short-term liability		4,634		4,634		—		—
Total financial liabilities	$	6,258	$	4,634	$	—	$	1,624


	December 31, 2022
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	202,250	$	202,250	$	—	$	—
Commercial paper		159,758		—		159,758		—
Total cash equivalents		362,008		202,250		159,758		—
Marketable securities:
Commercial Paper		51,580		—		51,580		—
Total marketable securities		51,580		—		51,580		—
Investment in equity securities		43,653		43,653		—		—
LianBio Warrant		570		570		—		—
Total financial assets	$	457,811	$	246,473	$	211,338	$	—
Liability
Embedded derivative	$	1,201	$	—	$	—	$	1,201

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 instrument 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.

Investments in Equity Securities

We have investments in equity securities of publicly held companies and we do not have restrictions on our ability to sell these securities. We have classified our investments in equity securities within Level 1, as the fair value of these equity securities are derived from observable inputs such as quoted prices in active markets. Our investments in equity securities had an aggregate fair value of $39.1 million and $35.5 million as of June 30, 2023 and December 31, 2022, respectively.

As of June 30, 2023 and December 31, 2022, we also have an investment in LianBio whose fair value amounted to $11.4 million and $8.2 million, respectively.

Total realized and unrealized gains and losses associated with investment in equity securities during the periods presented consisted of the following:


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
	(in thousands)
Net realized gains (losses) recognized on investment in equity securities sold	$	1,638		$	(141	)	$	8,796		$	(1,385	)
Net unrealized losses recognized on investment in equity securities held as of the end of the period		(203	)		(10,221	)		(6,397	)		(21,843	)
Total net gains (losses) included in “Other income expense, net”	$	1,435		$	(10,362	)	$	2,399		$	(23,228	)

LianBio Warrant

As of June 30, 2023 and December 31, 2022 our subsidiary, QED Therapeutics, Inc. (“QED”), held a warrant which entitles QED to purchase shares of LianBio (the “LianBio Warrant”, see Note 6). We classify the LianBio Warrant, which pertains to an equity security of a publicly held company, within Level 1 as the fair value of this equity security is derived from observable inputs such as quoted prices in an active market.

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 June 30, 2023, 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 $461.7 million and $415.1 million, respectively, based on their market prices on the last trading day for the period. As of December 31, 2022, the estimated fair value of our 2029 Notes and 2027 Notes were $314.0 million and $218.6 million, respectively, based on the market price on the last trading day for the period.

Term Loan

The fair value of our outstanding term loan (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 loan as of June 30, 2023 and December 31, 2022 was $381.3 million and $377.2 million, respectively.

- Definition

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.

+ References + Details

Intangible Assets - Summary of Recognized Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average Estimated Useful Lives	11 years 6 months	12 years
Gross amount	$ 32,500	$ 32,500
Less: accumulated amortization	(4,985)	(3,788)
Total	$ 27,515	$ 28,712

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$ 2,443	$ 3,348
Operating cash flows for finance lease	217	212
Operating lease right-of-use assets obtained in exchange for operating lease obligations	$ 828	$ 240

Cash Equivalents and Marketable Securities - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Realized gains or losses on available-for-sale securities	$ 0	$ 0
Available-for-sale securities, continuous unrealized loss position, more than 12 months	$ 0
Short-term marketable securities contractual maturities	2 months	6 months

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

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 redeemable convertible noncontrolling interests and 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 applied 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, 2022, 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, stockholders’ deficit and our cash flows for the periods presented. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any other future annual or interim periods.

Cash, Cash Equivalents and Marketable Securities

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 money market instruments, such as money market funds and repurchase agreements collateralized with securities issued by the U.S. government or its agencies.

Our marketable securities consist of high investment grade fixed income securities that are primarily invested in commercial paper and U.S. government securities. We classify our marketable securities as available-for-sale securities and report them at fair value in cash equivalents or marketable securities on the condensed consolidated balance sheets with related unrealized gains and losses included as a component of stockholders’ deficit. We classify our marketable securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity which is included in interest income on the condensed consolidated statements of operations. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are included in “Other income (expense), net”. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income.

Our cash, cash equivalents and marketable securities are exposed to credit risk in the event of default by the third parties that hold or issue such assets. Our cash, cash equivalents and marketable securities are held by financial institutions that management believes are of high credit quality. Our investment policy limits investments to fixed income securities denominated and payable in U.S. dollars such as corporate bonds, corporate commercial paper, U.S. government obligations, and money market funds, and places restrictions on maturities and concentrations by type and issuer.

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


	June 30, 2023		December 31, 2022
	(in thousands)
Cash and cash equivalents	$	302,438	$	376,689
Restricted cash		19,930		37,930
Restricted cash, non-current — included in “Other assets”		2,276		2,265
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	324,644	$	416,884

Restricted Cash

Restricted cash primarily represents funds in a controlled account that was established in connection with the Second Amendment of the Company’s Loan and Security Agreement that is described in Note 9. The use of such non-interest-bearing cash is restricted per the terms of the underlying amended loan agreement and is to be used solely for certain research and development expenses directly attributable to the performance of obligations associated with the Navire-BMS License Agreement, which is further described in Note 10. As of June 30, 2023 and December 31, 2022, restricted cash related to this agreement was $19.8 million and $37.8 million, respectively, which is presented as part of “Restricted cash” on the condensed consolidated balance sheets.

Additionally, under certain lease agreements and letters of credit, we have pledged cash and cash equivalents as collateral. As of June 30, 2023, restricted cash related to such agreements was $0.1 million and $2.2 million, which is presented as part of “Restricted cash” and “Other assets”, respectively, on the condensed consolidated balance sheets. As of December 31, 2022, restricted cash related to such agreements was $0.1 million and $2.3 million, which is presented as part of “Restricted cash” and “Other assets”, respectively, on the condensed consolidated balance sheets.

Accrued Professional and Other Accrued Liabilities

Accrued professional and other accrued liabilities presented on the condensed consolidated balance sheets consisted of the following balances:


	June 30, 2023		December 31, 2022
	(in thousands)
Accrued interest	$	17,523	$	17,500
Milestone liability		6,000		2,500
Accrued professional services		4,881		1,790
Short-term liability		4,634		—
Other accrued liabilities		6,234		5,190
Accrued professional and other accrued liabilities	$	39,272	$	26,980

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities and restricted cash. Substantially all of our cash, cash equivalents, marketable securities and restricted cash are held in financial institutions in the United States. Amounts on deposit may at times exceed federally insured limits. Although management currently believes that the financial institutions with whom it does business will be able to fulfill their commitments to the Company, there is no assurance that those institutions will be able to continue to do so. The Company has not experienced any credit losses associated with its balances in such accounts as of June 30, 2023 and December 31, 2022, and for the three and six months ended June 30, 2023 and 2022.

We are subject to certain risks and uncertainties and we believe that changes in any of the following areas could have a material adverse effect on future financial position or results of operations: ability to obtain future financing, regulatory approval and market acceptance of, and reimbursement for, product candidates, performance of third-party contract research organizations and manufacturers upon which we rely, development of sales channels, protection of our intellectual property, litigation or claims against us based on intellectual property, patent, product, regulatory, clinical or other factors, and our ability to attract and retain employees necessary to support our growth.

We are dependent on third-party manufacturers to supply products for research and development activities in our programs. In particular, we rely and expect to continue to rely on a small number of manufacturers to supply us with our requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs.

Due to the COVID-19 pandemic we have experienced delays in or temporary suspensions of the enrollment of patients in our subsidiaries’ ongoing clinical trials. We may continue to 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. In response to the COVID-19 pandemic, we have implemented safety measures to protect our patient community, employees, partners, suppliers and stockholders. In May 2023, the World Health Organization declared that COVID-19 is no longer a global health emergency. However, we cannot predict the impact COVID-19 or any future pandemic may have on global business operations and economic conditions, or 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.

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,

•

accruals for performance-based milestone compensation arrangements,

•

determining and allocating the transaction price to performance obligations for transactions accounted for under ASC 606, Revenue from Contracts with Customers,

•

the expected recoverability and estimated useful lives of our long-lived assets, and

•

additional charges as a result of, or that are associated with, any restructuring initiative as well as impairment and related charges.

We base our estimates on historical experience and on various other assumptions that we believe are reasonable. Actual results may differ from those estimates or assumptions.

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Commitments And Contingencies [Line Items]
Accrued termination charges	$ 0
Accrued Research and Development Liabilities
Commitments And Contingencies [Line Items]
Accrued exit fees		$ 3,300,000
Performance-Based Milestone Awards
Commitments And Contingencies [Line Items]
Accrual for milestones not probable	$ 0

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash


	June 30, 2023		December 31, 2022
	(in thousands)
Cash and cash equivalents	$	302,438	$	376,689
Restricted cash		19,930		37,930
Restricted cash, non-current — included in “Other assets”		2,276		2,265
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	324,644	$	416,884

Summary of Accrued Professional and Other Accrued Liabilities

Accrued professional and other accrued liabilities presented on the condensed consolidated balance sheets consisted of the following balances:


	June 30, 2023		December 31, 2022
	(in thousands)
Accrued interest	$	17,523	$	17,500
Milestone liability		6,000		2,500
Accrued professional services		4,881		1,790
Short-term liability		4,634		—
Other accrued liabilities		6,234		5,190
Accrued professional and other accrued liabilities	$	39,272	$	26,980

In-licensing Agreements - Additional Information (Details)	1 Months Ended		3 Months Ended		6 Months Ended
	Aug. 31, 2022 License	Mar. 31, 2017 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Aug. 31, 2016 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expense			$ 107,488,000	$ 108,400,000	$ 200,349,000	$ 216,049,000
Eidos Therapeutics, Inc \| Stanford License Agreement \| Leland Stanford Junior University
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
License fees		$ 10,000
Milestone payments							$ 1,000,000
License agreement of percentage					10.00%
TheRas, Inc \| Leidos Biomedical Research License and Cooperative Research and Development Agreements \| Leidos Biomedical Research, Inc
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expense			700,000	1,300,000	$ 1,200,000	1,700,000
Number of license agreements \| License	2
QED Therapeutics, Inc \| Foundation Medicine Diagnostics Agreement \| Foundation Medicine, Inc
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expense			$ 0	$ 400,000	$ 0	$ 1,000,000

Insider Trading Arrangements	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On June 6, 2023, Randal W. Scott, Ph.D., a member of our Board of Directors, adopted a trading plan for the sale of a maximum of 16,000 shares of our common stock (the “June 6 Plan”). The June 6 Plan is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c) and is expected to remain in effect until the earlier of (1) September 30, 2024 and (2) the date on which an aggregate of 16,000 shares of our common stock have been sold under such plan. On June 15, 2023, Frank McCormick, Ph.D., a member of our Board of Directors, adopted a trading plan for the sale of a maximum of 200,000 shares of our common stock (the “June 15 Plan”). The June 15 Plan is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c) and is expected to remain in effect until the earlier of (1) September 19, 2024 and (2) the date on which an aggregate of 200,000 shares of our common stock have been sold under such plan.
Randal W. Scott [Member]
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Frank McCormick [Member]
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Rule 10b5-1 Trading Plan [Member] \| Randal W. Scott [Member]
Trading Arrangements, by Individual
Name	Randal W. Scott, Ph.D
Title	Board of Directors
Adoption Date	June 6, 2023
Aggregate Available	16,000
Rule 10b5-1 Trading Plan [Member] \| Frank McCormick [Member]
Trading Arrangements, by Individual
Name	Frank McCormick
Title	Board of Directors
Adoption Date	June 15, 2023
Aggregate Available	200,000

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

Total

Equity Compensation Plans

Employee Stock Purchase Plan

Satisfy Tax Withholding

Redeemable Convertible Noncontrolling Interests

Common Stock

Equity Compensation Plans

Common Stock

Employee Stock Purchase Plan

Common Stock

Satisfy Tax Withholding

Treasury Stock

Additional Paid-in Capital

Equity Compensation Plans

Additional Paid-in Capital

Employee Stock Purchase Plan

Additional Paid-in Capital

Satisfy Tax Withholding

Accumulated Other Comprehensive Income (Loss)

Accumulated Deficit

Parent

Equity Compensation Plans

Parent

Employee Stock Purchase Plan

Parent

Satisfy Tax Withholding

Non-controlling Interests

Beginning balance at Dec. 31, 2021

^[1]

$ (867,002)

$ 154

$ (275,000)

$ 841,530

$ (132)

$ (1,436,966)

$ (870,414)

$ 3,412

Temporary equity, beginning balance at Dec. 31, 2021

^[1]

$ 1,423

Beginning balance, shares at Dec. 31, 2021

^[1]

147,343,323

6,191,761

Issuance of shares

$ 104

$ 966

$ 104

$ 966

$ 104

$ 966

Issuance of shares, shares

229,926

127,635

Repurchase of shares to satisfy tax withholding

$ (110)

Repurchase of shares to satisfy tax withholding, shares

(12,491)

Stock-based compensation

25,423

Issuance of noncontrolling interests

Transfers from (to) noncontrolling interests

(317)

365

Temporary Equity, transfers from (to) noncontrolling interest

(47)

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

(251)

Net loss

(200,290)

(196,397)

(3,893)

Temporary Equity, net loss

(1,040)

Ending balance at Mar. 31, 2022

(1,041,023)

$ 154

$ (275,000)

867,596

(383)

(1,633,363)

(1,040,996)

(27)

Temporary equity, ending balance at Mar. 31, 2022

336

Ending balance, shares at Mar. 31, 2022

147,688,393

6,191,761

Beginning balance at Dec. 31, 2021

^[1]

(867,002)

$ 154

$ (275,000)

841,530

(132)

(1,436,966)

(870,414)

3,412

Temporary equity, beginning balance at Dec. 31, 2021

^[1]

1,423

Beginning balance, shares at Dec. 31, 2021

^[1]

147,343,323

6,191,761

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

(295)

Ending balance at Jun. 30, 2022

(1,013,514)

$ (275,000)

892,960

(427)

(1,643,219)

(1,025,532)

12,018

Temporary equity, ending balance at Jun. 30, 2022

(1,499)

Ending balance, shares at Jun. 30, 2022

148,243,197

6,191,761

Beginning balance at Mar. 31, 2022

(1,041,023)

$ 154

$ (275,000)

867,596

(383)

(1,633,363)

(1,040,996)

(27)

Temporary equity, beginning balance at Mar. 31, 2022

336

Beginning balance, shares at Mar. 31, 2022

147,688,393

6,191,761

Issuance of shares

Issuance of shares, shares

609,058

Repurchase of shares to satisfy tax withholding

(366)

Repurchase of shares to satisfy tax withholding, shares

(54,254)

Stock-based compensation

23,901

Issuance of noncontrolling interests

4,686

Transfers from (to) noncontrolling interests

(144)

1,773

(1,917)

Temporary Equity, transfers from (to) noncontrolling interest

144

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

(44)

Net loss

(580)

(9,856)

9,276

Temporary Equity, net loss

(1,979)

Ending balance at Jun. 30, 2022

(1,013,514)

$ (275,000)

892,960

(427)

(1,643,219)

(1,025,532)

12,018

Temporary equity, ending balance at Jun. 30, 2022

(1,499)

Ending balance, shares at Jun. 30, 2022

148,243,197

6,191,761

Beginning balance at Dec. 31, 2022

^[1]

(1,243,335)

^[2]

$ 157

$ (275,000)

938,703

(328)

(1,918,149)

(1,254,617)

11,282

Temporary equity, beginning balance at Dec. 31, 2022

(1,589)

^[1]

Beginning balance, shares at Dec. 31, 2022

^[1]

150,625,572

6,191,761

Issuance of shares

$ 193

$ 1,809

$ 1

$ 192

$ 1,809

$ 193

$ 1,809

Issuance of shares, shares

834,427

192,200

Repurchase of shares to satisfy tax withholding

$ (512)

Repurchase of shares to satisfy tax withholding, shares

(40,491)

Stock-based compensation

24,330

Issuance of common stock under Follow-on offering

143,016

$ 9

143,007

143,016

Issuance of common stock under Follow-on offering, shares

8,823,530

Issuance of noncontrolling interests

Transfers from (to) noncontrolling interests

(1,633)

(2,843)

1,210

Temporary Equity, transfers from (to) noncontrolling interest

1,633

Deconsolidation of PellePharm

3,950

1,949

850

2,799

1,151

Temporary Equity, deconsolidation of PellePharm

899

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

316

Net loss

(141,585)

(140,156)

(1,429)

Temporary Equity, net loss

(1,147)

Ending balance at Mar. 31, 2023

(1,213,409)

$ 167

$ (275,000)

1,106,635

(12)

(2,057,455)

(1,225,665)

12,256

Temporary equity, ending balance at Mar. 31, 2023

(204)

Ending balance, shares at Mar. 31, 2023

160,435,238

6,191,761

Beginning balance at Dec. 31, 2022

^[1]

(1,243,335)

^[2]

$ 157

$ (275,000)

938,703

(328)

(1,918,149)

(1,254,617)

11,282

Temporary equity, beginning balance at Dec. 31, 2022

(1,589)

^[1]

Beginning balance, shares at Dec. 31, 2022

^[1]

150,625,572

6,191,761

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

391

Ending balance at Jun. 30, 2023

(1,349,971)

$ 168

$ (275,000)

1,128,100

(2,215,354)

(1,362,023)

12,052

Temporary equity, ending balance at Jun. 30, 2023

333

Ending balance, shares at Jun. 30, 2023

161,419,931

6,191,761

Beginning balance at Mar. 31, 2023

(1,213,409)

$ 167

$ (275,000)

1,106,635

(12)

(2,057,455)

(1,225,665)

12,256

Temporary equity, beginning balance at Mar. 31, 2023

(204)

Beginning balance, shares at Mar. 31, 2023

160,435,238

6,191,761

Issuance of shares

119

$ 1

118

119

Issuance of shares, shares

1,006,597

Repurchase of shares to satisfy tax withholding

(1,203)

Repurchase of shares to satisfy tax withholding, shares

(85,374)

Stock-based compensation

24,614

Issuance of common stock under Follow-on offering

1,033

Issuance of common stock under Follow-on offering, shares

63,470

Issuance of noncontrolling interests

Transfers from (to) noncontrolling interests

(1,918)

(3,097)

1,179

Temporary Equity, transfers from (to) noncontrolling interest

1,918

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

Net loss

(159,322)

(157,899)

(1,423)

Temporary Equity, net loss

(1,381)

Ending balance at Jun. 30, 2023

(1,349,971)

$ 168

$ (275,000)

$ 1,128,100

$ 63

$ (2,215,354)

$ (1,362,023)

$ 12,052

Temporary equity, ending balance at Jun. 30, 2023

$ 333

Ending balance, shares at Jun. 30, 2023

161,419,931

6,191,761

[1]	The consolidated balances as of December 31, 2022 and 2021 are derived from the audited consolidated financial statements as of those dates.
[2]	The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited consolidated financial statements as of that date.

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

Jun. 30, 2023

USD ($)

Commitments and Contingencies Disclosure [Abstract]

Potential Fixed Monetary Amount Settlement in Cash

$ 9,994

Potential Fixed Monetary Amount Settlement in Stock

52,482

^[1]

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

130,922

Total Potential Fixed Monetary Settlement Amount

193,398

Accrued Amount Settlement in Cash

807

^[2]

Accrued Amount Settlement in Stock

8,322

^[1],[2]

Accrued Amount Settlement in Cash or stock at our sole discretion

3,534

^[2]

Total Accrued Settlement Amount

$ 12,663

^[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.

License and Collaboration Agreements

6 Months Ended

Jun. 30, 2023

License And Collaboration Agreement [Abstract]

License and Collaboration Agreements

10.

License and Collaboration Agreements

License Development and Commercialization Agreement with BMS

On May 12, 2022, BridgeBio and our subsidiary, Navire, entered into an exclusive license development and commercialization agreement with BMS (the “Navire-BMS License Agreement”), pursuant to which Navire granted BMS exclusive rights to develop and commercialize Navire’s product candidate, BBP-398, in all indications worldwide, except for the People’s Republic of China, Macau, Hong Kong, Taiwan, Thailand, Singapore, and South Korea (the “Asia Region”). The development and commercialization of BBP-398 within the Asia Region is governed under the Navire-LianBio License Agreement (as discussed below). The Navire-BMS License Agreement expands an earlier agreement between Navire and BMS that was executed in July 2021 to study BBP-398 in a combination therapy trial to treat advanced solid tumors with KRAS mutations (the “2021 Navire-BMS Agreement”). The Navire-BMS License Agreement does not alter the terms of the 2021 Navire-BMS Agreement.

Under the terms of the Navire-BMS License Agreement, Navire was entitled to receive a non-refundable, upfront payment of $90.0 million, which Navire received in full in June 2022. Additionally, Navire is eligible to receive additional payments totaling up to approximately $815.0 million in the aggregate, subject to the achievement of development, regulatory and commercial milestones, as well as tiered royalties in the low-to-mid teens as a percentage of adjusted net sales by BMS of the licensed products sold worldwide, outside of the Asia Region. Navire will retain the option to acquire higher royalties in the United States in connection with funding a portion of development costs upon the initiation of registrational studies. Based on the terms of the Navire-BMS License Agreement, Navire will continue to lead its ongoing Phase 1 monotherapy and combination therapy trials (collectively, the “Phase 1 Trials”), and BMS will lead and fund all other development and commercialization activities. Navire is fully funding the Phase 1 trials with the exception of the combination therapy governed under the 2021 Navire-BMS Agreement. In accordance with the 2021 Navire-BMS Agreement, both parties are sharing all research and development costs equally for this trial. We have recorded all research and development costs for the Phase 1 Trials, as well as the reimbursement for the costs associated with the trial governed by the 2021 Navire-BMS Agreement within research and development in our condensed consolidated statement of operations.

We determined that the Navire-BMS License Agreement falls within the scope of ASC 606 as BMS is a customer in this arrangement, and we identified the following performance obligations in the agreement:

•

an exclusive license to develop and commercialize BBP-398 and the related know-how; and

•

research and development services to complete the Phase 1 Trials for BBP-398 (expected to be completed in 2025).

We determined that the performance obligations outlined above are capable of being distinct and distinct with the context of the contract given such rights and activities are independent of each other. The license can be used by BMS without the research and development services. Similarly, those services provide a distinct benefit to BMS within the context of the contract, separate from the license, as the services could be provided by BMS or another third party without our assistance. We may enter into clinical and commercial supply agreements for the licensed territory. We determined that the optional right to future products under these supply agreements does not represent a material right. In March 2023, Navire and BMS entered into a clinical supply agreement for the supply of clinical quantities of the licensed product. Navire has not provided any clinical supplies to BMS during the three and six months ended June 30, 2023.

We determined the initial transaction price at inception of the Navire-BMS License Agreement to be $90.0 million, which is comprised of the fixed and non-refundable upfront payment. No additional development, regulatory, or sales milestone payments are included in the transaction price, as all such payments are variable consideration that are fully constrained as of June 30, 2023. We include variable consideration in our transaction price to the extent that it is probable that it will not result in a significant revenue reversal when the uncertainty associated with the variable consideration is subsequently resolved. As part of management’s evaluation of the variable consideration, we considered numerous factors, including the fact that achievement of the milestones is outside of our control, contingent upon the success of our existing and future clinical trials, BMS’ efforts, and receipt of regulatory approval that is subject to scientific risks of success. 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 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.

We allocated the transaction price of $90.0 million based on the stand-alone selling prices (“SSP”) of each of the performance obligations as follows:

•

$70.2 million for the upfront transfer of the license; and

•

$19.8 million for ongoing research and development services.

The SSP for the license was determined using an approach that considered discounted, probability-weighted cash flows related to the license transferred. The SSP for the ongoing research and development services were based on estimates of the associated effort and cost of these services, adjusted for a reasonable gross profit margin that would be expected to be realized under similar contracts.

We recognized revenue for each of the two performance obligations as follows:

•

We recognized revenue related to the license at a point in time upon transfer of the rights and control of the license to BMS. The transfer of the rights and control of the license occurred in June 2022, thus we recognized the full amount allocated to the license and related know-how during the three months ended June 30, 2022.

•

The research and development services performance obligation consists of our completion of the Phase 1 Trials. We are recognizing revenue related to the research and development services over time using an input method to measure progress by utilizing costs incurred to-date relative to total expected costs. We expect to complete the Phase 1 Trials in 2025. Revenue recognized related to this performance obligation for the three and six months ended June 30, 2023 was $1.5 million and $3.2 million, respectively. Revenue recognized related to this performance obligation for the three and six months ended June 30, 2022 was $3.2 million, respectively.

Our condensed consolidated balance sheet as of June 30, 2023 includes a deferred revenue balance of $12.1 million ($6.2 million presented as “Deferred revenue, current portion” and $5.9 million included in “Other long-term liabilities”) related to our research and development services obligation. Our condensed consolidated balance sheet as of December 31, 2022 includes a deferred revenue balance of $15.3 million ($8.2 million presented as “Deferred revenue, current portion” and $7.1 million included in “Other long-term liabilities”) related to our research and development services obligation.

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”, and collectively with HHC, “Helsinn”) (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 received a co-exclusive license to co-commercialize infigratinib in the United States in the licensed indications. The QED-Helsinn License and Collaboration Agreement became effective on April 16, 2021. Upon approval by the FDA in May 2021, QED and HTU co-commercialized infigratinib in the licensed indications in the United States and shared profits and losses on a 50:50 basis. Additionally, QED and Helsinn shared 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.

On February 28, 2022, QED and Helsinn amended the QED-Helsinn License and Collaboration Agreement (the “Amended QED-Helsinn License and Collaboration Agreement”) effective on March 1, 2022. Under the terms of the Amended QED-Helsinn License and Collaboration Agreement, Helsinn had an exclusive license to commercialize infigratinib in the United States and was responsible for solely developing, manufacturing and commercializing infigratinib in oncology indications except for achondroplasia or any other skeletal dysplasias worldwide, outside of Greater China. QED retains all rights to develop, manufacture and commercialize infigratinib in skeletal dysplasia, including achondroplasia.

Pursuant to the the Amended QED-Helsinn License and Collaboration Agreement, QED was eligible to receive regulatory and sales-based milestone payments of up to $66.0 million, as well as tiered royalties in the low to mid-teens as a percentage of adjusted net sales by Helsinn of the licensed products sold worldwide, outside of Greater China.

The Amended QED-Helsinn License and Collaboration Agreement also provided for a transitional period, which extended from the effective date through August 31, 2022, for which QED was contracted to assist in research and development and commercialization activities. The costs related to QED's contracted activities incurred during the transitional period were fully reimbursable by Helsinn and were due to QED subsequent to the transitional period. Helsinn also agreed to reimburse QED’s obligation to FMI described in Note 7 as part of the Amended QED-Helsinn License and Collaboration Agreement. In recording this transaction, we recognized a corresponding gain as part of “Other income (expense), net” for the three months ended June 30, 2022.

Effective December 21, 2022, QED and Helsinn (the “Helsinn Parties”), entered into a Mutual Termination Agreement (“MTA”), which terminates the Amended QED-Helsinn License and Collaboration Agreement and all rights and obligations thereunder. The Helsinn Parties agreed to perform certain close-out services to enable QED to pursue the development, manufacture and commercialization of infigratinib as a potential treatment of non-oncology indications, such as in achondroplasia worldwide, excluding China, Hong Kong, and Macau. As a result of the termination, QED is no longer entitled to any future regulatory or sales-based milestone payments. QED was subject to royalties on net sales of TRUSELTIQTM through March 31, 2023, at which date Helsinn no longer sells the licensed product. The FDA permanently discontinued the distribution of TRUSELTIQTM and all clinical investigations under the associated IND are discontinued. Helsinn completed sales of the licensed product during the three months ended March 31, 2023, and the associated revenue recognized was immaterial. The Helsinn Parties have developed a Close-Out Plan, as defined within the MTA. Activities within the Close-Out Plan are to be shared equally subsequent to the first $11.0 million of costs, which are the responsibility of QED. QED reached the threshold of $11.0 million in January 2023. The activities within the Close-Out Plan are expected to be completed in 2023.

In accordance with the MTA, all outstanding obligations under the Amended QED-Helsinn License and Collaboration agreement related to the contracted services during the transitional period became due. As of the date of the MTA, outstanding obligations were $31.3 million, consisting of reimbursable contracted research and development and commercial activities of $18.8 million and the reimbursement of QED’s obligation to FMI of $12.5 million described in Note 7. In accordance with the payment terms of the MTA, we received $15.0 million from Helsinn in December 2022 and $5.3 million in January 2023. The remaining $11.0 million related to the remaining reimbursement of QED's obligation to FMI and is due in eleven equal monthly installments of $1.0 million commencing in February 2023, of which we have received $4.0 million as of June 30, 2023. All costs incurred subsequent to the transitional period are considered close-out costs and the responsibilities between the Helsinn Parties and are outlined within the Close-Out Plan. For the three and six months ended June 30, 2023, QED has incurred $2.1 million and $5.7 million of close-out costs, respectively, of which $2.1 million and $4.5 million, respectively, is subject to 50% reimbursement from Helsinn. As of June 30, 2023, the outstanding receivable due from Helsinn was $8.0 million, of which $7.0 million relates to the reimbursement of QED’s obligation to FMI and $1.0 million relates to the reimbursable costs incurred under the Close-Out Plan. As of December 31, 2022, the outstanding receivable due from Helsinn was $16.3 million. The outstanding receivables are presented in “Receivables from licensing and collaboration agreements” within our condensed consolidated balance sheets. All close-out costs incurred, including Helsinn’s

reimbursements, are recorded in “Restructuring, impairment and related charges” within our condensed consolidated statement of operations (See Note 16).

The QED-Helsinn License and Collaboration Agreement, the Amended QED-Helsinn License Collaboration Agreement, and the MTA are considered to be within the scope of ASC 808 as the parties are active participants and are exposed to the significant risks and rewards of the collaborative activity. The QED-Helsinn License and Collaboration Agreement and the Amended QED-Helsinn License and Collaboration Agreement are also partially within the scope of ASC 606 for the units of account where 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 collaborative 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 the collaborative research and development and commercialization services 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. The Amended QED-Helsinn License and Collaboration Agreement did not give rise to any additional performance obligations. All of the license revenue relating to these units of account accounted for under ASC 606 were recognized in the year ended December 31, 2021.

For the unit of account that is within the scope of ASC 808 relating to collaborative research and development services, pursuant to the QED-Helsinn License and Collaboration Agreement, the Amended QED-Helsinn License Collaboration Agreement, and the MTA, we have recognized Helsinn’s share of research and development expenses of $1.0 million and $2.2 million for the three and six months ended June 30, 2023, respectively, as a reduction to restructuring, impairment and related charges. We have recognized Helsinn’s share of research and development expenses of $9.5 million and $15.7 million for the three and six months ended June 30, 2022, respectively, as a reduction of research and development expenses.

For the unit of account that is within the scope of ASC 808 relating to commercial activities, pursuant to the QED-Helsinn License and Collaboration Agreement, the Amended QED-Helsinn License Collaboration Agreement, and the MTA, we accounted for Helsinn’s share of the co-commercialization activities as reduction to selling, general and administrative expenses. We did not incur any costs relating to commercialization activities subject to reimbursement from Helsinn for the three and six months ended June 30, 2023. We recognized Helsinn’s share of the co-commercialization activities of $0.6 million and $1.8 million for the three and six months ended June 30, 2022, respectively.

License Agreement with LianBio

Navire

In August 2020, Navire entered into an exclusive license agreement with LianBio, or 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, or 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, which we recognized as license revenue in 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 in 2021.

We accounted for the Navire-LianBio License Agreement under ASC 606 and identified the exclusive license as a distinct performance obligation since LianBio can benefit from the license on its own by developing and commercializing the underlying product using its own resources. In addition, we will enter into clinical and commercial supply agreements for the licensed territory. We determined that the optional right to future products under these supply agreements does not represent a material right. In July 2022, Navire and LianBio entered into a clinical supply agreement for the manufacture and supply of clinical quantities of the licensed product. No clinical supplies were provided to LianBio during the three and six months ended June 30, 2023 and 2022.

QED

In October 2019, QED entered into an exclusive license agreement with LianBio (the “QED-LianBio License Agreement”). Pursuant to the QED-LianBio License Agreement, QED granted to LianBio an exclusive, sublicensable license under the licensed patent rights and know-how to develop, manufacture and commercialize infigratinib for any and all human prophylactic and therapeutic uses in all cancer indications (including in combination with other therapies) in certain territories outside the United States. Under the QED-LianBio License Agreement, QED received a nonrefundable upfront payment of $10.0 million and is entitled to receive development and sales milestones payments of up to $132.5 million and tiered royalties on net sales ranging from the low to mid-teens. In addition, QED also received warrants which entitled QED to purchase 10% of the then-fully diluted shares of one of the subsidiaries of LianBio upon achievement of certain contingent development milestones (see Note 7).

We accounted for the QED-LianBio License Agreement and the LianBio Exclusivity Agreement as a single transaction under ASC 606 and identified the exclusive license as a distinct performance obligation since LianBio can benefit from the license on its own by developing and commercializing the underlying product using its own resources. In addition, we will enter into clinical and commercial supply agreements for the licensed territory. We determined that the LianBio’s optional right to future products under these supply agreements is not considered to represent a material right. A clinical supply agreement was entered into in November 2021. QED has provided insignificant amounts of clinical supplies to LianBio during the three and six months ended June 30, 2023, and we have recorded such amounts within revenue in our condensed consolidated statements of operations. No clinical supplies were provided to LianBio during the three and six months ended June 30, 2022.

License Agreement with Alexion

In September 2019, Eidos, entered into an exclusive license agreement with Alexion Pharma International Operations Unlimited Company, a subsidiary of Alexion Pharmaceuticals, Inc., or together Alexion, to develop, manufacture, and commercialize in Japan the compound known as acoramidis (previously known as AG10) and any of its various chemical forms and any pharmaceutical products containing acoramidis, or the Eidos-Alexion License Agreement. Under the agreement, Eidos received an upfront nonrefundable payment of $25.0 million.

Eidos also entered into a stock purchase agreement with Alexion, under which Eidos sold to Alexion 556,173 shares of Eidos common stock at a price per share of $44.95, for an aggregate purchase price of approximately $25.0 million. The excess of the purchase price over the value of the Eidos shares, determined based on the closing price of a share of Eidos’ common stock of $41.91 as reported on Nasdaq as of the date of execution, was $1.7 million and recognized in revenue as part of the upfront payment as discussed below.

Eidos is also eligible to receive $30.0 million in regulatory milestone payments subject to the achievement of regulatory milestones. Eidos will also receive royalty payments in the low-teens based on net sales of acoramidis in Japan. The royalty rate is subject to reduction if Alexion is required to obtain intellectual property rights from third parties to develop, manufacture or commercialize acoramidis in Japan, or upon the introduction of generic competition into market.

Eidos accounted for the license agreement under ASC 606 and identified the exclusive license as a distinct performance obligation since Alexion can benefit from the license on its own by developing and commercializing the underlying product using its own resources. Eidos recognized the $25.0 million upfront fee and $1.7 million premium paid for Eidos’ stock for a total upfront payment of $26.7 million in license revenue upon the effective date of the license agreement in September 2019. Eidos determined that the license was a right to use its intellectual property and as of the effective date, it had provided all necessary information to Alexion to benefit from the license and the license term had begun. In addition, Eidos entered into a clinical supply agreement in July 2020 and may enter into a commercial supply agreement for the licensed territory. Eidos determined that the optional right to future products under these supply agreements is not considered to represent a material right. Eidos has shipped insignificant amounts to Alexion as part of the clinical supply agreement during the three and six months ended June 30, 2023 and 2022, and has recorded such amounts within revenue in our condensed consolidated statements of operations.

Receivables from Licensing and Collaboration Agreements

Receivables from licensing and collaboration agreements represent valid claims against our partners, customers, biopharmaceutical companies including unbilled receivables and royalty payments due from third parties for licensing the Company’s technologies. Unbilled receivables include balances due from our biopharmaceutical customers related to development services and transition-related receivables that are recognized upon incurrence of the costs for the partnered programs but prior to the achievement of contractual billing rights. As of June 30, 2023 and December 31, 2022, the Company had unbilled receivables of $6.5 million and $16.8 million, respectively, of which 93.4% and 97.5%, respectively, of total unbilled receivables related to one partner. Total receivables from licensing and collaboration agreements as of June 30, 2023 and December 31, 2022 is $8.6 million and $17.1 million, respectively, and is presented as “Receivable from licensing and collaboration agreements” within our condensed consolidated balance sheets.

The Company evaluates the collectability of its receivable from licensing and collaboration agreements based on historical collection trends, the financial condition of payment partners, and external market factors and provides for an allowance for potential credit losses based on management’s best estimate of the amount of probable credit losses. As of June 30, 2023 and December 31, 2022, the Company did not have an allowance for credit losses.

Income Taxes - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended
	Aug. 16, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating Loss Carryforwards [Line Items]
Provision for income tax		$ 0	$ 0	$ 0	$ 0
Percentage of corporate alternative minimum tax rate	15.00%
Percentage of excise tax on corporate stock buy-back	1.00%

- Definition

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

+ References + Details

Debt - Schedule of Outstanding Notes Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
2029 Notes
Debt Instrument [Line Items]
Principal	$ 747,500	$ 747,500
Unamortized debt discount and issuance costs	(11,560)	(12,512)
Net carrying amount	735,940	734,988
2027 Notes
Debt Instrument [Line Items]
Principal	550,000	550,000
Unamortized debt discount and issuance costs	(7,499)	(8,366)
Net carrying amount	$ 542,501	$ 541,634

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation - Summary of Recognized Stock-based Compensation Expense Related to Restricted Stock Award Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 27,176	$ 28,305	$ 50,653	$ 52,586
A&R 2019 Plan and 2019 Inducement Plan \| Other RSAs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	1,023	1,483	2,049	2,968
A&R 2019 Plan and 2019 Inducement Plan \| Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 1,023	$ 1,483	5,654	$ 2,968
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]
Total stock-based compensation			$ 3,605

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Debt - Schedule of Future Minimum Payments Under Term Loan Agreement (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Term Loans, Interest on Term Loans and Exit Fee of Term Loan Agreement
Debt Instrument [Line Items]
Remainder of 2023	$ 17,086
2024	41,243
2025	41,243
2026	507,135
Total future payments	606,707
Term Loan Agreement
Debt Instrument [Line Items]
Total future payments	451,982
Less amounts representing interest	(146,127)
Less exit fee	$ (8,598)

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

Jun. 30, 2023

Dec. 31, 2022

Jun. 30, 2022

Dec. 31, 2021

Cash and Cash Equivalents [Line Items]

Cash and cash equivalents

$ 302,438

$ 376,689

^[1]

$ 470,098

Restricted cash

19,930

37,930

^[1]

Restricted cash, non-current - included in "Other assets"

$ 2,276

$ 2,265

Restricted Cash, Noncurrent, Statement of Financial Position [Extensible Enumeration]

Other Assets, Noncurrent

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

$ 324,644

$ 416,884

$ 472,646

$ 396,365

[1]	The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited consolidated financial statements as of that date.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [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 June 30, 2023						Six Months Ended June 30, 2023
	BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total		BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total
					(in thousands)
Research and development	$	13,188	$	41	$	13,229	$	24,925	$	83	$	25,008
Selling, general and administrative		13,947		—		13,947		25,645		—		25,645
Restructuring, impairment and related charges		—		—		—		—		—		—
Total stock-based compensation	$	27,135	$	41	$	27,176	$	50,570	$	83	$	50,653


	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
	BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total		BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total
					(in thousands)
Research and development	$	14,194	$	158	$	14,352	$	22,680	$	229	$	22,909
Selling, general and administrative		13,951		2		13,953		28,474		31		28,505
Restructuring, impairment and related charges		—		—		—		1,172		—		1,172
Total stock-based compensation	$	28,145	$	160	$	28,305	$	52,326	$	260	$	52,586

We recorded nil and $1.6 million of stock-based compensation expense for the three and six months ended June 30, 2023, respectively, for performance-based milestone awards that were achieved during the periods and were settled in cash. We recorded nil and $0.2 million of stock-based compensation expense for the three and six months ended June 30, 2022, respectively, for performance-based milestone awards that were achieved during the periods and were settled in cash.

Equity-Based Awards of BridgeBio

In February 2023, the 2019 Inducement Equity Plan was amended and restated to increase the total number of shares authorized for issuance from 1,000,000 shares to 2,000,000 shares. As of June 30, 2023, 6,744,341 shares and 930,077 shares were reserved for future issuances under our 2021 Amended and Restated Stock Option and Incentive Plan (the “2021 A&R Plan”) and the Amended and Restated 2019 Inducement Equity Plan (the “A&R 2019 Inducement Plan”), respectively. Pursuant to the Merger Transactions, we also reserved 2,802,644 shares in 2021 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 2021 A&R Plan, the A&R 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 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 then 2019 Amended and Restated Stock Option and Incentive Plan (the “2019 A&R Plan”), which was amended and restated into the 2021 A&R Plan mentioned above, 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. 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 then 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.

For the three and six months ended June 30, 2023 we recognized $0.5 million and $2.2 million, respectively, for stock-based compensation cost associated with performance-based milestone awards whereby the milestones were determined to be probable of achievement as of June 30, 2023. For the three and six months ended June 30, 2022, we recognized $3.4 million and $2.5 million (net of reversals), respectively, of stock-based compensation cost associated with performance-based milestone awards whereby the milestones were determined to be probable of achievement as of June 30, 2022. Refer to Note 8 for contingent compensation accrued associated with performance-based milestones that are determined to be probable as of June 30, 2023.

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 six months ended June 30, 2023, we recognized $2.0 million and $3.0 million, respectively, of stock-based compensation cost associated with performance-based milestone awards whereby the milestones were determined to be probable of achievement as of the reporting date. Refer to Note 8 for contingent compensation accrued associated with performance-based milestone awards that are determined to be probable as of June 30, 2023. The stock-based compensation cost for milestone awards associated with performance-based milestone awards that were determined to be probable of achievement was not material for the three and six months ended June 30, 2022.

Stock Option Grants of BridgeBio

The following table summarizes BridgeBio’s stock option activity under the Plans for the six months ended June 30, 2023:


	Options Outstanding					Weighted- Average Exercise Price per Option		Weighted- Average Remaining Contractual Life (years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2022				11,637,861
Regular equity program		9,811,936				$	28.00		7.7	$	—
Eidos Awards Exchange		1,445,885				$	14.96		5.9	$	1,427
Exchange Program		380,040				$	2.35		6.2	$	2,246
Granted				1,724,909
Regular equity program		1,724,909				$	13.37
Exercised				(55,908	)
Eidos Awards Exchange		(14,776	)			$	12.37
Exchange Program		(41,132	)			$	3.13
Cancelled				(456,326	)
Regular equity program		(434,560	)			$	23.90
Eidos Awards Exchange		(19,815	)			$	19.75
Exchange Program		(1,951	)			$	4.21
Outstanding as of June 30, 2023				12,850,536
Regular equity program		11,102,285				$	25.89		7.5	$	18,217
Eidos Awards Exchange		1,411,294				$	14.92		5.3	$	7,904
Exchange Program		336,957				$	2.25		5.7	$	5,208
Exercisable as of June 30, 2023				8,687,555
Regular equity program		7,048,071				$	27.02		6.6	$	4,724
Eidos Awards Exchange		1,304,947				$	14.01		5.2	$	7,904
Exchange Program		334,537				$	2.24		5.7	$	5,173

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 six months ended June 30, 2023 was $8.48.

The aggregate intrinsic value of options outstanding and exercisable as of June 30, 2023 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 for the six months ended June 30, 2023 was $0.6 million.

For the three and six months ended June 30, 2023, we recognized stock-based compensation expense of $8.1 million and $15.0 million, respectively, related to stock options under the Plans. For the three and six months ended June 30, 2022, we recognized stock-based compensation expense of $9.4 million and $20.2 million, respectively, related to stock options under the Plans. As of June 30, 2023, there was $49.3 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 2.4 years.

Restricted Stock Units (RSUs) of BridgeBio

The following table summarizes BridgeBio’s RSU activity under the Plans for the six months ended June 30, 2023:


	Unvested Shares of RSUs Outstanding			Weighted- Average Grant Date Fair Value
Balance as of December 31, 2022		4,108,642		$	21.60
Granted		8,013,121		$	11.96
Vested		(1,590,766	)	$	16.18
Cancelled		(280,926	)	$	18.13
Balance as of June 30, 2023		10,250,071		$	15.00

For the three and six months ended June 30, 2023 we recognized stock-based compensation expense of $15.1 million and $27.4 million, respectively, related to RSUs under the Plans. For the three and six months ended June 30, 2022 we recognized stock-based compensation expense of $12.1 million and $24.0 million, respectively, related to RSUs under the Plans. As of June 30, 2023, there was $145.6 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 six months ended June 30, 2023:


	Unvested Shares of RSAs Outstanding			Weighted- Average Grant Date Fair Value
Balance as of December 31, 2022		652,058		$	7.29
Granted — Exchange Program		194,350		$	18.55
Vested — Exchange Program		(194,350	)	$	18.55
Vested — Regular equity program		(289,036	)	$	7.18
Cancelled — Regular equity program		—		$	-
Balance as of June 30, 2023		363,022		$	7.38

For the three and six months ended June 30, 2023 and 2022, we recognized stock-based compensation expense related to RSAs under the Plans as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Exchange Program	$	—	$	—	$	3,605	$	—
Other RSAs		1,023		1,483		2,049		2,968
Total stock-based compensation expense	$	1,023	$	1,483	$	5,654	$	2,968

As of June 30, 2023, there was $2.6 million of total unrecognized compensation cost related to RSAs under the Plans that is expected to be recognized over a weighted-average period of 0.6 years. The respective balances of unvested RSAs as of June 30, 2023 and December 31, 2022 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

On June 22, 2019, we adopted the 2019 ESPP, which became effective on June 25, 2019 and was amended and restated effective as of December 12, 2019. The ESPP initially reserves and authorizes the issuance of up to a total of 2,000,000 shares of common stock to participating employees. The ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2020, by the lower of: i) 1% of the outstanding number of shares of common stock on the immediately preceding December 31, ii) 2,000,000 shares or iii) such lesser number of shares as determined by the Compensation Committee.

Under the ESPP, eligible employees may purchase shares of BridgeBio common stock through payroll deductions at a price equal to 85% of the lower of the fair market values of the stock as of the beginning or the end of six-month offering periods. An employee’s payroll deductions under the ESPP are limited to 15% of the employee’s compensation and employees may not purchase more than 3,500 of shares of BridgeBio common stock during any offering period.

For the three and six months ended June 30, 2023, stock-based compensation expense related to our ESPP was $0.4 million and $0.9 million. For the three and six months ended June 30, 2022, stock-based compensation expense related to the ESPP was $0.7 million and $1.4 million, respectively. As of June 30, 2023, 3,703,691 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 six months ended June 30, 2023, we used the following weighted-average assumptions in the Black-Scholes calculations:


	Stock Options		ESPP
Expected term (in years)	6.00 - 6.02			0.50
Expected volatility	66.23% - 67.51%		86.12% - 113.19%
Risk-free interest rate	3.90% - 4.12%		3.12% - 4.98%
Dividend yield		—		—
Weighted-average fair value of stock-based awards granted	$	8.48	$	5.54

Equity Awards of Eidos

Prior to the Eidos Merger Transactions in 2021, 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 Eidos 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.

Cash Equivalents and Marketable Securities

6 Months Ended

Jun. 30, 2023

Cash Equivalents And Marketable Securities [Abstract]

Cash Equivalents and Marketable Securities

Cash equivalents consist primarily of amounts invested in money market instruments, such as money market funds and securities issued by the U.S. government or its agencies. Our marketable securities consist of high investment grade fixed income securities that are primarily invested in commercial paper and U.S. government securities.

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


	June 30, 2023
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	52,591	$	—	$	—		$	52,591
Treasury bills		127,501		30		—			127,531
Agency discount notes		107,495		49		—			107,544
Total cash equivalents		287,587		79		—			287,666
Marketable securities:
Commercial paper		10,927		—		(20	)		10,907
Treasury bills		19,958		4		—			19,962
Total marketable securities		30,885		4		(20	)		30,869
Total cash equivalents and marketable securities	$	318,472	$	83	$	(20	)	$	318,535


	December 31, 2022
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	202,250	$	—	$	—		$	202,250
Commercial paper		159,812		—		(54	)		159,758
Total cash equivalents		362,062		—		(54	)		362,008
Marketable securities:
Commercial paper		51,854		—		(274	)		51,580
Total marketable securities		51,854		—		(274	)		51,580
Total cash equivalents and marketable securities	$	413,916	$	—	$	(328	)	$	413,588

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 June 30, 2023 and December 31, 2022 our marketable securities have average contractual maturities of approximately 2 months and 6 months, respectively. We believe that we have the ability to realize the full value of all of these investments upon their respective maturities.

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
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	$ (0.98)	$ (0.07)	$ (1.9)	$ (1.41)
Net loss per share attributable to common stockholders of BridgeBio, diluted	$ (0.98)	$ (0.07)	$ (1.9)	$ (1.41)
Weighted-average shares used in computing net loss per share attributable to common stockholders of BridgeBio, basic	160,535,435	146,684,804	156,645,838	146,285,694
Weighted-average shares used in computing net loss per share attributable to common stockholders of BridgeBio, diluted	160,535,435	146,684,804	156,645,838	146,285,694

Summary of Significant Accounting Policies - Summary of Accrued Professional and Other Accrued Liabilities (Details) - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

Accrued Liabilities and Other Liabilities [Abstract]

Accrued interest

$ 17,523

$ 17,500

Milestone liability

6,000

2,500

Accrued professional services

4,881

1,790

Short-term liability

4,634

Other accrued liabilities

6,234

5,190

Accrued professional and other accrued liabilities

$ 39,272

$ 26,980

^[1]

[1]	The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited consolidated financial statements as of that date.

Restructuring, Impairment and Related Charges - Schedule of Activity Related to Restructuring Liabilities Associated to Restructuring Initiatives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring liabilities, balance			$ 6,826	$ 0
Reclassification of final payment obligation related to a manufacturing agreement that was recognized in the prior period (see Note 13)			0	2,185
Restructuring, impairment and related charges	$ 3,531	$ 8,396	6,900	31,058
Cash payments			(11,526)	(8,195)
Noncash activities			0	(13,825)
Restructuring liabilities, balance	2,200	$ 11,223	2,200	$ 11,223
Accounts Payable
Restructuring Cost and Reserve [Line Items]
Restructuring liabilities, balance			896
Restructuring liabilities, balance	45		45
Accrued Compensation and Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring liabilities, balance			41
Restructuring liabilities, balance	0		0
Accrued Research and Development Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring liabilities, balance			5,889
Restructuring liabilities, balance	655		655
Other Accrued Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring liabilities, balance			0
Restructuring liabilities, balance	$ 1,500		$ 1,500

Restructuring, Impairment and Related Charges

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring, Impairment and Related Charges

16.

Restructuring, Impairment and Related Charges

In January 2022, we committed to a restructuring initiative designed to drive operational changes in our business processes, efficiencies and cost savings to advance our corporate strategy and development programs. The restructuring initiative included, among other components, consolidation and rationalization of our facilities, reprioritization of development programs and the reduction in our workforce. We estimate to incur total charges in the range of approximately $7.0 million to $9.0 million for the fiscal year 2023, consisting primarily of winding down costs, exit and other related costs, impairments and write-offs of long-lived assets, and severance and employee-related costs. Our estimate of the range of costs is subject to certain assumptions and actual results may differ from those estimates or assumptions. We may also incur additional costs that are not currently foreseeable as we continue to evaluate our restructuring alternatives to drive operational changes in business processes, efficiencies and cost savings.

Restructuring, impairment and related charges included in our condensed consolidated statements of operations for the three and six months ended June 30, 2023 and 2022 consisted of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Long-lived assets impairments and write-offs	$	—	$	—	$	—	$	12,653
Severance and employee-related costs		572		2,396		715		9,412
Winding down, exit and other related costs		2,959		6,000		6,185		8,993
Total	$	3,531	$	8,396	$	6,900	$	31,058

The following table summarizes the activity related to the restructuring liabilities associated with our restructuring initiatives for the six months ended June 30, 2023 and 2022:


	Six Months Ended June 30,
	2023			2022
	(in thousands)
Beginning balance	$	6,826		$	—
Reclassification of final payment obligation related to a manufacturing agreement that was recognized in the prior period (see Note 13)		—			2,185
Restructuring, impairment and related charges		6,900			31,058
Cash payments		(11,526	)		(8,195	)
Noncash activities		—			(13,825	)
Ending balance	$	2,200		$	11,223

Restructuring liabilities are presented in our condensed consolidated balance sheets as follows:


	June 30, 2023		December 31, 2022
	(in thousands)
Accounts payable	$	45	$	896
Accrued compensation and benefits		—		41
Accrued research and development liabilities		655		5,889
Other accrued liabilities		1,500		—
Total	$	2,200	$	6,826

Noncontrolling Interests - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Noncontrolling Interest [Abstract]
Adjustments of carrying value of noncontrolling interest additional paid-in capital	$ (3.1)	$ 1.8	$ (5.9)	$ 1.5

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2023

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 anti-dilutive:


	As of June 30,
	2023		2022
Unvested RSAs		363,022		1,114,006
Unvested RSUs		10,250,071		6,055,931
Unvested performance-based RSUs		7,875		84,505
Common stock options issued and outstanding		12,850,536		12,669,110
Estimated shares issuable under performance-based milestone compensation arrangements		11,438,950		29,396,554
Estimated shares issuable under the ESPP		123,340		207,960
Assumed conversion of 2027 Notes		12,878,305		12,878,305
Assumed conversion of 2029 Notes		7,702,988		7,702,988
		55,615,087		70,109,359

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Summary Of Significant Accounting Policies [Line Items]

Cash, cash equivalents and restricted cash maturity period

90 days

Restricted cash

$ 19,930

$ 37,930

^[1]

Restricted cash, non-current - included in "Other assets"

$ 2,276

$ 2,265

Restricted Cash, Noncurrent, Statement of Financial Position [Extensible Enumeration]

Other Assets, Noncurrent

Loan and Security Agreement

Summary Of Significant Accounting Policies [Line Items]

Restricted cash

$ 19,800

$ 37,800

Lease Agreements and Letters of Credit

Summary Of Significant Accounting Policies [Line Items]

Restricted cash

100

Restricted cash, non-current - included in "Other assets"

$ 2,200

$ 2,300

Restricted Cash, Noncurrent, Statement of Financial Position [Extensible Enumeration]

Other Assets, Noncurrent

Minimum

Summary Of Significant Accounting Policies [Line Items]

Percentage of voting shares

50.00%

[1]	The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited consolidated financial statements as of that date.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

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:


	June 30, 2023
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	52,591	$	52,591	$	—	$	—
Treasury bills		127,531		—		127,531		—
Agency discount notes		107,544		—		107,544		—
Total cash equivalents		287,666		52,591		235,075		—
Marketable securities:
Commercial paper		10,907		—		10,907		—
Treasury bills		19,962		—		19,962		—
Total marketable securities		30,869		—		30,869		—
Investment in equity securities		50,487		50,487		—		—
LianBio Warrant		792		792		—		—
Total financial assets	$	369,814	$	103,870	$	265,944	$	—
Liabilities
Embedded derivative	$	1,624	$	—	$	—	$	1,624
Short-term liability		4,634		4,634		—		—
Total financial liabilities	$	6,258	$	4,634	$	—	$	1,624


	December 31, 2022
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	202,250	$	202,250	$	—	$	—
Commercial paper		159,758		—		159,758		—
Total cash equivalents		362,008		202,250		159,758		—
Marketable securities:
Commercial Paper		51,580		—		51,580		—
Total marketable securities		51,580		—		51,580		—
Investment in equity securities		43,653		43,653		—		—
LianBio Warrant		570		570		—		—
Total financial assets	$	457,811	$	246,473	$	211,338	$	—
Liability
Embedded derivative	$	1,201	$	—	$	—	$	1,201

Summary of Total Realized and Unrealized Gains and Losses Associated with Investment in Equity Securities

Total realized and unrealized gains and losses associated with investment in equity securities during the periods presented consisted of the following:


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
	(in thousands)
Net realized gains (losses) recognized on investment in equity securities sold	$	1,638		$	(141	)	$	8,796		$	(1,385	)
Net unrealized losses recognized on investment in equity securities held as of the end of the period		(203	)		(10,221	)		(6,397	)		(21,843	)
Total net gains (losses) included in “Other income expense, net”	$	1,435		$	(10,362	)	$	2,399		$	(23,228	)

Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Straight line operating lease costs	$ 992	$ 1,344	$ 2,024	$ 2,889
Finance lease costs	105	111	213	224
Variable lease costs	1,700	1,506	3,418	3,065
Total lease cost	$ 2,797	$ 2,961	$ 5,655	$ 6,178

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	19. Subsequent Event In July 2023, we issued and sold 800,000 shares of our common stock at a price of $34.46 per share pursuant to the 2023 ATM Agreement. We received net proceeds of $27.2 million from this sale, after deducting sales agent's commissions of $0.4 million.

Debt (Tables)

6 Months Ended

Jun. 30, 2023

Loan Agreement

Debt Instrument [Line Items]

Schedule of Loans Balances

The balances of our borrowing under the Amended Loan Agreement consisted of the following:


	June 30, 2023			December 31, 2022
	(in thousands)
Principal value of term loan	$	429,916		$	429,916
PIK added to principal		22,066			15,324
Debt discount, issuance costs and exit fee accretion		(11,486	)		(14,247	)
Term loan, net	$	440,496		$	430,993

Schedule of Future Minimum Payments

Future minimum payments under the Amended Loan Agreement as of June 30, 2023 are as follows:


	Amount
	(in thousands)
Remainder of 2023	$	17,086
Year Ending December 31:
2024		41,243
2025		41,243
2026		507,135
Total future payments		606,707
Less amounts representing interest		(146,127	)
Less exit fee		(8,598	)
Total principal amount of term loan payments	$	451,982

The amounts in the table above do not take into account our option to exercise future interest payments via PIK. Total future interest payments throughout the term of the Amended Loan Agreement could increase should we decide to exercise such option.

2027 and 2029 Notes

Debt Instrument [Line Items]

Schedule of Loans Balances

The outstanding Notes’ balances consisted of the following:


	June 30, 2023						December 31, 2022
	2029 Notes			2027 Notes			2029 Notes			2027 Notes
	(in thousands)						(in thousands)
Principal	$	747,500		$	550,000		$	747,500		$	550,000
Unamortized debt discount and issuance costs		(11,560	)		(7,499	)		(12,512	)		(8,366	)
Net carrying amount	$	735,940		$	542,501		$	734,988		$	541,634

Schedule of Total Interest Expense Recognized and Effective Interest Related to Notes

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


	Three Months Ended June 30, 2023								Six Months Ended June 30, 2023
	2029 Notes			2027 Notes			Total		2029 Notes			2027 Notes			Total
	(in thousands)								(in thousands)
Contractual interest expense	$	4,204		$	3,437		$	7,641	$	8,409		$	6,875		$	15,284
Amortization of debt discount and issuance costs		477			436			913		952			867			1,819
Total interest and amortization expense	$	4,681		$	3,873		$	8,554	$	9,361		$	7,742		$	17,103

Effective interest rate		2.6	%		2.8	%				2.6	%		2.8	%


	Three Months Ended June 30, 2022								Six Months Ended June 30, 2022
	2029 Notes			2027 Notes			Total		2029 Notes			2027 Notes			Total
	(in thousands)								(in thousands)
Contractual interest expense	$	4,204		$	3,437		$	7,641	$	8,409		$	6,875		$	15,284
Amortization of debt discount and issuance costs		466			424			890		929			844			1,773
Total interest and amortization expense	$	4,670		$	3,861		$	8,531	$	9,338		$	7,719		$	17,057

Effective interest rate		2.6	%		2.8	%				2.6	%		2.8	%

Schedule of Future Minimum Payments

Future minimum payments under the Notes as of June 30, 2023 are as follows:


	2029 Notes			2027 Notes			Total
	(in thousands)
Remainder of 2023	$	8,409		$	6,875		$	15,284
Year ending December 31:
2024		16,819			13,750			30,569
2025		16,819			13,750			30,569
2026		16,819			13,750			30,569
2027		16,819			556,875			573,694
Thereafter		772,729			—			772,729
Total future payments		848,414			605,000			1,453,414
Less amounts representing interest		(100,914	)		(55,000	)		(155,914	)
Total principal amount	$	747,500		$	550,000		$	1,297,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
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+ Details

Stock-Based Compensation - Schedule of Assumptions Used to Determine Fair Value of Stock Options and Stock Purchase Rights under ESPP (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 months
Expected volatility, Minimum	86.12%
Expected volatility, Maximum	113.19%
Risk-free interest rate, Minimum	3.12%
Risk-free interest rate, Maximum	4.98%
Dividend yield	0.00%
Weighted-average fair value of stock-based awards granted	$ 5.54
Employee Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, Minimum	66.23%
Expected volatility, Maximum	67.51%
Risk-free interest rate, Minimum	3.90%
Risk-free interest rate, Maximum	4.12%
Dividend yield	0.00%
Weighted-average fair value of stock-based awards granted	$ 8.48
Employee Stock Options \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years
Employee Stock Options \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 7 days

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

Jun. 30, 2023

Dec. 31, 2022

Current assets:

Cash and cash equivalents

$ 302,438

$ 376,689

^[1]

Marketable securities

30,869

51,580

^[1]

Investment in equity securities

50,487

43,653

^[1]

Receivable from licensing and collaboration agreements

8,614

17,079

^[1]

Restricted cash

19,930

37,930

^[1]

Prepaid expenses and other current assets

20,546

21,922

^[1]

Total current assets

432,884

548,853

^[1]

Property and equipment, net

13,047

14,569

^[1]

Operating lease right-of-use assets

9,814

10,678

^[1]

Intangible assets, net

27,515

28,712

^[1]

Other assets

20,401

20,224

^[1]

Total assets

503,661

623,036

^[1]

Current liabilities:

Accounts payable

3,874

11,558

^[1]

Accrued compensation and benefits

28,690

31,256

^[1]

Accrued research and development liabilities

28,298

39,803

^[1]

Operating lease liabilities, current portion

3,776

3,675

^[1]

Deferred revenue, current portion

6,210

8,156

^[1]

Accrued professional and other accrued liabilities

39,272

26,980

^[1]

Total current liabilities

110,120

121,428

^[1]

Term loan, net

440,496

430,993

^[1]

Operating lease liabilities, net of current portion

10,916

12,274

^[1]

Other long-term liabilities

13,326

26,643

^[1]

Total liabilities

1,853,299

1,867,960

^[1]

Commitments and contingencies (Note 8)

Redeemable convertible noncontrolling interests

333

(1,589)

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;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

^[1]

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

(275,000)

^[1]

Additional paid-in capital

1,128,100

938,703

^[1]

Accumulated other comprehensive income (loss)

(328)

^[1]

Accumulated deficit

(2,215,354)

(1,918,149)

^[1]

Total BridgeBio stockholders' deficit

(1,362,023)

(1,254,617)

^[1]

Noncontrolling interests

12,052

11,282

^[1]

Total stockholders' deficit

(1,349,971)

(1,243,335)

^[1],[2]

Total liabilities, redeemable convertible noncontrolling interests and stockholders' deficit

503,661

623,036

^[1]

2029 Notes

Current liabilities:

Notes, net

735,940

734,988

^[1]

2027 Notes

Current liabilities:

Notes, net

$ 542,501

$ 541,634

^[1]

[1]	The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited consolidated financial statements as of that date.
[2]	The consolidated balances as of December 31, 2022 and 2021 are derived from the audited consolidated financial statements as of those dates.

Noncontrolling Interests

6 Months Ended

Jun. 30, 2023

Noncontrolling Interest [Abstract]

Noncontrolling Interests

As of June 30, 2023 and December 31, 2022, we had both redeemable convertible noncontrolling interests and noncontrolling interests in consolidated partially-owned entities, for which BridgeBio is the primary beneficiary under the VIE model. These balances are reported as separate components outside stockholders’ deficit in “Redeemable convertible noncontrolling interests” and as part of stockholders’ 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. For the three and six months ended June 30, 2023, the adjustments in the aggregate amounted to $(3.1) million and $(5.9) million, respectively. For the three and six months ended June 30, 2022, the adjustments in the aggregate amounted to $1.8 million and $1.5 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’ deficit.

Intangible Assets - Additional Information (Details) - USD ($)
$ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

Nov. 30, 2018

Mar. 31, 2022

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2018

Dec. 31, 2022

Mar. 04, 2022

May 31, 2021

Finite-Lived Intangible Assets [Line Items]

Amortization expenses

$ 600

$ 1,200

Amortization expenses, remainder period

1,200

Amortization expenses, 2024

2,400

Amortization expenses, 2025

2,400

Amortization expenses, 2026

2,400

Amortization expenses, 2027

2,400

Amortization expenses, thereafter

16,700

Capitalization of finite-lived intangible asset

32,500

$ 32,500

Other accrued liabilities

6,234

5,190

Accrued professional and other accrued liabilities

39,272

26,980

^[1]

Other long-term liabilities

13,326

26,643

^[1]

Foundation Medicine Diagnostics Agreement | Foundation Medicine, Inc

Finite-Lived Intangible Assets [Line Items]

Capitalization of finite-lived intangible asset

$ 12,500

Payment Following FDA Approval of Truseltiq

Finite-Lived Intangible Assets [Line Items]

Capitalization of finite-lived intangible asset

$ 20,000

QED Therapeutics, Inc

Finite-Lived Intangible Assets [Line Items]

Accrued professional and other accrued liabilities

6,000

2,500

Other long-term liabilities

$ 5,000

$ 8,500

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

Finite-Lived Intangible Assets [Line Items]

Potential regulatory milestone payments

$ 12,500

Regulatory milestone payments term

4 years

QED Therapeutics, Inc | Maximum

Finite-Lived Intangible Assets [Line Items]

Potential regulatory milestone payments

$ 60,000

Potential sales milestone payments

35,000

Origin Biosciences, Inc. | Maximum

Finite-Lived Intangible Assets [Line Items]

Potential sales milestone payments

17,000

Assets acquisition required milestone payments

$ 15,000

Origin-Sentynl APA

Finite-Lived Intangible Assets [Line Items]

Assets acquisition required milestone payments

$ 1,000

Derecognition of capitalized intangible asset net.

$ 13,500

Origin-Sentynl APA | Maximum

Finite-Lived Intangible Assets [Line Items]

Potential sales milestone payments

$ 4,500

[1]	The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited consolidated financial statements as of that date.

Debt - Schedule of Future Minimum Payments under Notes (Details) $ in Thousands	Jun. 30, 2023 USD ($)
2029 Notes and Interest on 2029 Notes
Debt Instrument [Line Items]
Remainder of 2023	$ 8,409
2024	16,819
2025	16,819
2026	16,819
2027	16,819
Thereafter	772,729
Total future payments	848,414
Interest on 2029 Notes
Debt Instrument [Line Items]
Less amounts representing interest	(100,914)
2029 Notes
Debt Instrument [Line Items]
Total future payments	747,500
2027 Notes and Interest on 2027 Notes
Debt Instrument [Line Items]
Remainder of 2023	6,875
2024	13,750
2025	13,750
2026	13,750
2027	556,875
Total future payments	605,000
Interest on 2027 Notes
Debt Instrument [Line Items]
Less amounts representing interest	(55,000)
2027 Notes
Debt Instrument [Line Items]
Total future payments	550,000
2027 Notes and Interest on 2027 Notes and 2029 Notes and Interest on 2029 Notes
Debt Instrument [Line Items]
Remainder of 2023	15,284
2024	30,569
2025	30,569
2026	30,569
2027	573,694
Thereafter	772,729
Total future payments	1,453,414
Interest on 2027 and 2029 Notes
Debt Instrument [Line Items]
Less amounts representing interest	(155,914)
2029 Notes and 2027 Notes
Debt Instrument [Line Items]
Total future payments	$ 1,297,500

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

Jun. 30, 2023

Dec. 31, 2022

^[1]

Leases [Abstract]

Operating leases, Remainder of 2023

$ 2,088

Operating leases, 2024

4,658

Operating leases, 2025

3,949

Operating leases, 2026

1,880

Operating leases, 2027

861

Operating leases, Thereafter

3,423

Operating leases, Total future minimum lease payments

16,859

Operating leases, Imputed interest

(2,167)

Total operating lease liabilities

14,692

Operating lease liabilities, current portion

3,776

$ 3,675

Operating lease liabilities, net of current portion

$ 10,916

$ 12,274

[1]	The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited consolidated financial statements as of that date.

Sale of Nonfinancial Assets

6 Months Ended

Jun. 30, 2023

Sale of Nonfinancial Assets [Abstract]

Sale of Nonfinancial Assets

12.

Sale of Nonfinancial Assets

Sale of Priority Review Voucher

In May 2022, we announced that we entered into a definitive agreement to sell our PRV for $110.0 million. We received the PRV in February 2021 under an FDA program intended to encourage the development of treatments for rare pediatric diseases. We were awarded the PRV when our subsidiary, Origin, received approval of NULIBRYTM. The PRV sale was subject to customary closing conditions and was completed in June 2022 following the expiration of applicable U.S. antitrust clearance requirements. We accounted for this transaction under ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets. We received the gross proceeds of $110.0 million in June 2022 and recognized a gain of $107.9 million, net of transaction costs, for the three and six months ended June 30, 2022.

Asset Purchase Agreement with Sentynl

On March 4, 2022, Origin and Sentynl entered into the Origin-Sentynl APA, pursuant to which Sentynl acquired global rights to NULIBRYTM, as well as certain specified assets of Origin, and will be responsible for the ongoing development and commercialization of NULIBRYTM in the United States and developing, manufacturing and commercializing fosdenopterin globally. The transaction closed on March 31, 2022, or the Closing Date. Under terms of the Origin-Sentynl APA, Origin received an upfront payment of $10.0 million upon the Closing Date and is eligible to receive sales milestone payments, as well as tiered royalties in the low single-digits as a percentage of adjusted net sales of products related to the acquired assets. Origin will continue to be responsible for the payment of up to $4.5 million in aggregate payments upon achievement of regulatory-based milestones under the Origin-Alexion APA (see Note 7). In October 2022, we paid $3.5 million of the regulatory-based milestone payment as the initial milestone criteria was met. As of June 30, 2023, Origin will continue to be responsible for a regulatory-based milestone payment upon first pricing approval in a European Medicines Agency, or EMA, country of up to $1.0 million when it becomes due.

We accounted for this transaction under ASC 610-20. Upon the Closing Date, we recognized a loss on sale of $6.3 million within “Other income (expense), net” in our condensed consolidated statement of operations for the three months ended March 31, 2022. The loss on sale was determined as the difference in the aforementioned upfront payment and the carrying value of the assets purchased by Sentynl of approximately $16.3 million, which comprised mainly of intellectual property rights and related intangible assets and existing inventories as of the Closing Date.

Origin’s sale of the assets covered in the Origin-Sentynl APA was not subject to the limitation on our ability to dispose of assets under the terms of the Amended Loan Agreement (see Note 9).

Sale of Nonfinancial Assets - Additional Information (Details) - USD ($)
$ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

Mar. 31, 2022

Oct. 31, 2022

Jun. 30, 2022

Mar. 31, 2022

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

^[1]

May 31, 2022

Mar. 04, 2022

Asset Acquisition [Line Items]

Gross proceeds from sale of priority review voucher

$ 0

$ 110,000

Loss on sale of certain assets

6,261

Intangible assets, net

27,515

$ 28,712

Priority Review Voucher

Asset Acquisition [Line Items]

Definitive agreement to sell

$ 110,000

Gross proceeds from sale of priority review voucher

$ 110,000

Gain recognized, net of transactions costs

$ 107,900

Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]

Other Nonoperating Income (Expense)

Origin-Sentynl APA

Asset Acquisition [Line Items]

Upfront payment received

$ 10,000

Intangible assets, net

16,300

Regulatory-based milestone payment

$ 3,500

Origin-Sentynl APA | Other income (expense), net

Asset Acquisition [Line Items]

Loss on sale of certain assets

$ 6,300

Origin-Sentynl APA | Maximum [Member]

Asset Acquisition [Line Items]

Potential sales milestone payments

$ 4,500

Regulatory-based milestone payment

$ 1,000

[1]	The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited consolidated financial statements as of that date.

Cash Equivalents and Marketable Securities - Schedule of Cash Equivalent and Marketable Securities Classified as Available-for-Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis Cash Equivalents	$ 287,587	$ 362,062
Unrealized Gains	79	0
Unrealized Losses	0	(54)
Cash Equivalents, Estimated Fair Value	287,666	362,008
Amortized Cost Basis	318,472	413,916
Unrealized Gains	83	0
Unrealized Losses	(20)	(328)
Estimated Fair Value	318,535	413,588
Treasury Bills
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis Cash Equivalents	127,501
Unrealized Gains	30
Unrealized Losses	0
Cash Equivalents, Estimated Fair Value	127,531
Commercial Paper
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis Cash Equivalents		159,812
Unrealized Gains		0
Unrealized Losses		(54)
Cash Equivalents, Estimated Fair Value		159,758
Agency Discount Notes
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis Cash Equivalents	107,495
Unrealized Gains	49
Unrealized Losses	0
Cash Equivalents, Estimated Fair Value	107,544
Money Market Funds
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis Cash Equivalents	52,591	202,250
Unrealized Gains	0	0
Unrealized Losses	0	0
Cash Equivalents, Estimated Fair Value	52,591	202,250
Short-term Marketable Securities
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis	30,885	51,854
Unrealized Gains	4	0
Unrealized Losses	(20)	(274)
Estimated Fair Value	30,869	51,580
Short-term Marketable Securities \| Treasury Bills
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis	19,958
Unrealized Gains	4
Unrealized Losses	0
Estimated Fair Value	19,962
Short-term Marketable Securities \| Commercial Paper
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis	10,927	51,854
Unrealized Gains	0	0
Unrealized Losses	(20)	(274)
Estimated Fair Value	$ 10,907	$ 51,580

Restructuring, Impairment and Related Charges - Summary of Restructuring, Impairment and Related Charges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Long-lived assets impairments and write-offs	$ 0	$ 0	$ 0	$ 12,653
Severance and employee-related costs	572	2,396	715	9,412
Winding down, exit and other related costs	2,959	6,000	6,185	8,993
Total	$ 3,531	$ 8,396	$ 6,900	$ 31,058

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Cash, Cash Equivalents and Marketable Securities


	June 30, 2023		December 31, 2022
	(in thousands)
Cash and cash equivalents	$	302,438	$	376,689
Restricted cash		19,930		37,930
Restricted cash, non-current — included in “Other assets”		2,276		2,265
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	324,644	$	416,884

Restricted Cash

Accrued Professional and Other Accrued Liabilities

Accrued professional and other accrued liabilities presented on the condensed consolidated balance sheets consisted of the following balances:


	June 30, 2023		December 31, 2022
	(in thousands)
Accrued interest	$	17,523	$	17,500
Milestone liability		6,000		2,500
Accrued professional services		4,881		1,790
Short-term liability		4,634		—
Other accrued liabilities		6,234		5,190
Accrued professional and other accrued liabilities	$	39,272	$	26,980

Concentration of Credit Risk and Other Risks and Uncertainties

Use of Estimates

•

accruals for research and development activities and contingent clinical, development, regulatory, and sales-based milestone payments in our in-licensing agreements and asset acquisitions,

•

accruals for performance-based milestone compensation arrangements,

•

determining and allocating the transaction price to performance obligations for transactions accounted for under ASC 606, Revenue from Contracts with Customers,

•

the expected recoverability and estimated useful lives of our long-lived assets, and

•

additional charges as a result of, or that are associated with, any restructuring initiative as well as impairment and related charges.

We base our estimates on historical experience and on various other assumptions that we believe are reasonable. Actual results may differ from those estimates or assumptions.

Stock-Based Compensation

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.C.Q3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479830/718-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.D.1.Q5)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SAB Topic 14.D.3.Q2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479830/718-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//718/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Fair Value Measurements - Additional Information (Details) - USD ($)

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

Feb. 02, 2021

Jan. 28, 2021

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

Fair value liabilities, transfers between Level 1, Level 2 or Level 3

Equity security investment

50,487,000

43,653,000

^[1]

Gains and losses from investment in equity securities

2,399,000

$ (23,228,000)

Estimated fair value of outstanding term loan

381,300,000

377,200,000

LianBio

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

Equity security investment

11,400,000

8,200,000

Level 1

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

Equity security investment

39,100,000

35,500,000

2029 Notes

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

Debt Instrument face amount

747,500,000

$ 747,500,000

$ 717,500,000

Estimated fair value of notes payable

461,700,000

314,000,000

2027 Notes

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

Debt Instrument face amount

550,000,000

$ 550,000,000.0

Estimated fair value of notes payable

$ 415,100,000

$ 218,600,000

[1]	The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited consolidated financial statements as of that date.

Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets, net

The following table summarizes our recognized intangible assets as a result of the arrangements described in the following sections:


	June 30, 2023				December 31, 2022
	Weighted-average Estimated Useful Lives	Amount			Weighted-average Estimated Useful Lives	Amount
		(in thousands)				(in thousands)
Gross amount	11.5 years	$	32,500		12.0 years	$	32,500
Less: accumulated amortization			(4,985	)			(3,788	)
Total		$	27,515			$	28,712

Amortization expense recorded as part of cost of revenue for the three and six months ended June 30, 2023 was $0.6 million and $1.2 million, respectively. Amortization expense recorded as part of cost of revenue for the three and six months ended June 30, 2022 was $0.6 million and $1.2 million, respectively. Future amortization expense is $1.2 million for the remainder of 2023, $2.4 million for each of the years from 2024 to 2027 and $16.7 million thereafter.

Novartis License Agreement

In January 2018, QED entered into a License Agreement with Novartis International Pharmaceutical, Inc. or Novartis, pursuant to which QED acquired certain intellectual property rights, including patents and know-how, related to infigratinib for the treatment of patients with fibroblast growth factor receptor (“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, or 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 U.S. Food and Drug Administration (“FDA”) approval of TRUSELTIQTM 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. In March 2023, the FDA permanently discontinued the distribution of TRUSELTIQTM and all clinical investigations under the associated Investigational New Drug application (“IND”) are discontinued as of March 2023 due to difficulty enrolling study patients for the required confirmation trial. However, the intellectual property rights, patents and know-how related to infigratinib is being applied to other clinical investigations for FGFR-driven diseases.

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, or 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, or 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 was required to pay $15.0 million upon the satisfaction of a certain condition, which was met in 2021. We capitalized the amount 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.

In connection with the Asset Purchase Agreement entered between Origin and Sentynl Therapeutics, Inc. (“Sentynl”), in March 2022, or the Origin-Sentynl APA, (see Note 11), Sentynl assumed the obligation to pay sales-based milestone payments and royalties to Alexion that occur subsequent to the closing of the Origin-Sentynl APA when they become due. Origin will continue to be responsible for a regulatory-based milestone payment upon first pricing approval in a European Medicines Agency, or EMA, country of up to $1.0 million when it becomes due. As a result of the Origin-Sentynl APA, we also derecognized the associated intangible asset with a net book value of $13.5 million as this was part of the assets that were transferred to Sentynl.

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 TRUSELTIQTM in patients with cholangiocarcinoma. The FDA approved the companion diagnostic for TRUSELTIQTM 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. While the FDA had permanently discontinued the distribution of TRUSELTIQTM and all clinical investigations under the associated IND were discontinued as of March 2023, the FMI companion diagnostics agreement drug discovery and development initiatives is being applied to other clinical investigations. As of June 30, 2023, the amount due to FMI is presented in our condensed consolidated balance sheets as $6.0 million in “Accrued professional and other accrued liabilities” and $5.0 million in “Other long-term liabilities”, respectively. As of December 31, 2022, the amount due to FMI is presented in our condensed consolidated balance sheets as $2.5 million in “Accrued professional and other accrued liabilities” and $8.5 million in “Other long-term liabilities”, respectively.

Fair Value Measurements - Summary of Total Realized and Unrealized Gains and Losses Associated with Investment in Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Net realized gains (losses) recognized on investment in equity securities sold	$ 1,638	$ (141)	$ 8,796	$ (1,385)
Net unrealized losses recognized on investment in equity securities held as of the end of the period	(203)	(10,221)	(6,397)	(21,843)
Total net gains (losses) included in "Other income expense, net"	$ 1,435	$ (10,362)	$ 2,399	$ (23,228)

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

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

Summary of Stock Based Compensation for Employees and Non Employees


	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
	BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total		BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total
					(in thousands)
Research and development	$	13,188	$	41	$	13,229	$	24,925	$	83	$	25,008
Selling, general and administrative		13,947		—		13,947		25,645		—		25,645
Restructuring, impairment and related charges		—		—		—		—		—		—
Total stock-based compensation	$	27,135	$	41	$	27,176	$	50,570	$	83	$	50,653


	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
	BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total		BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total
					(in thousands)
Research and development	$	14,194	$	158	$	14,352	$	22,680	$	229	$	22,909
Selling, general and administrative		13,951		2		13,953		28,474		31		28,505
Restructuring, impairment and related charges		—		—		—		1,172		—		1,172
Total stock-based compensation	$	28,145	$	160	$	28,305	$	52,326	$	260	$	52,586

Summary of Stock Option Activity

The following table summarizes BridgeBio’s stock option activity under the Plans for the six months ended June 30, 2023:


	Options Outstanding					Weighted- Average Exercise Price per Option		Weighted- Average Remaining Contractual Life (years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2022				11,637,861
Regular equity program		9,811,936				$	28.00		7.7	$	—
Eidos Awards Exchange		1,445,885				$	14.96		5.9	$	1,427
Exchange Program		380,040				$	2.35		6.2	$	2,246
Granted				1,724,909
Regular equity program		1,724,909				$	13.37
Exercised				(55,908	)
Eidos Awards Exchange		(14,776	)			$	12.37
Exchange Program		(41,132	)			$	3.13
Cancelled				(456,326	)
Regular equity program		(434,560	)			$	23.90
Eidos Awards Exchange		(19,815	)			$	19.75
Exchange Program		(1,951	)			$	4.21
Outstanding as of June 30, 2023				12,850,536
Regular equity program		11,102,285				$	25.89		7.5	$	18,217
Eidos Awards Exchange		1,411,294				$	14.92		5.3	$	7,904
Exchange Program		336,957				$	2.25		5.7	$	5,208
Exercisable as of June 30, 2023				8,687,555
Regular equity program		7,048,071				$	27.02		6.6	$	4,724
Eidos Awards Exchange		1,304,947				$	14.01		5.2	$	7,904
Exchange Program		334,537				$	2.24		5.7	$	5,173

Summary of Restricted Stock Units Activity

The following table summarizes BridgeBio’s RSU activity under the Plans for the six months ended June 30, 2023:


	Unvested Shares of RSUs Outstanding			Weighted- Average Grant Date Fair Value
Balance as of December 31, 2022		4,108,642		$	21.60
Granted		8,013,121		$	11.96
Vested		(1,590,766	)	$	16.18
Cancelled		(280,926	)	$	18.13
Balance as of June 30, 2023		10,250,071		$	15.00

Summary of Restricted Stock Award Activity

The following table summarizes our RSA activity under the Plans for the six months ended June 30, 2023:


	Unvested Shares of RSAs Outstanding			Weighted- Average Grant Date Fair Value
Balance as of December 31, 2022		652,058		$	7.29
Granted — Exchange Program		194,350		$	18.55
Vested — Exchange Program		(194,350	)	$	18.55
Vested — Regular equity program		(289,036	)	$	7.18
Cancelled — Regular equity program		—		$	-
Balance as of June 30, 2023		363,022		$	7.38

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 Purchase Rights


	Stock Options		ESPP
Expected term (in years)	6.00 - 6.02			0.50
Expected volatility	66.23% - 67.51%		86.12% - 113.19%
Risk-free interest rate	3.90% - 4.12%		3.12% - 4.98%
Dividend yield		—		—
Weighted-average fair value of stock-based awards granted	$	8.48	$	5.54

Restricted Stock Awards

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

Summary of Stock Based Compensation for Employees and Non Employees

For the three and six months ended June 30, 2023 and 2022, we recognized stock-based compensation expense related to RSAs under the Plans as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Exchange Program	$	—	$	—	$	3,605	$	—
Other RSAs		1,023		1,483		2,049		2,968
Total stock-based compensation expense	$	1,023	$	1,483	$	5,654	$	2,968

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Organization and Description of Business

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of Business

BridgeBio Pharma, Inc. (“BridgeBio” or the “Company”) is a commercial-stage biopharmaceutical company founded to discover, create, test and deliver transformative medicines to treat patients who suffer from genetic diseases and cancers with clear genetic drivers. BridgeBio’s pipeline of development programs ranges from early science to advanced clinical trials. BridgeBio was founded in 2015 and its team of experienced drug discoverers, developers and innovators are committed to applying advances in genetic medicine to help patients as quickly as possible.

Since inception, BridgeBio has either created wholly-owned subsidiaries or has 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.

Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

13.

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 lease, which is presented as part of “Property and equipment, net” in our condensed consolidated balance sheets, is 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Straight line operating lease costs	$	992	$	1,344	$	2,024	$	2,889
Finance lease costs		105		111		213		224
Variable lease costs		1,700		1,506		3,418		3,065
Total lease cost	$	2,797	$	2,961	$	5,655	$	6,178

Supplemental cash flow information related to leases are as follows:


	Six Months Ended June 30,
	2023		2022
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	2,443	$	3,348
Operating cash flows for finance lease		217		212
Operating lease right-of-use assets obtained in exchange for operating lease obligations		828		240

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


	June 30,
	2023			2022
Weighted-average remaining lease term (in years)
Operating leases		5.2			5.6
Finance lease		2.6			3.6
Weighted-average discount rate
Operating leases		6.34	%		5.73	%
Finance lease		6.62	%		6.62	%

As of June 30, 2023, future minimum lease payments for our noncancelable operating leases are as follows. Future minimum lease payments under our finance lease are not material.


	Amount
	(in thousands)
Remainder of 2023	$	2,088
Year ending December 31:
2024		4,658
2025		3,949
2026		1,880
2027		861
Thereafter		3,423
Total future minimum lease payments		16,859
Imputed interest		(2,167	)
Total	$	14,692

Reported as of June 30, 2023
Operating lease liabilities, current portion	$	3,776
Operating lease liabilities, net of current portion		10,916
Total operating lease liabilities	$	14,692

No impairment loss was recognized during the three and six months ended June 30, 2023 and 2022.

Manufacturing Agreement

In December 2019, we entered into a manufacturing agreement with a vendor 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 would have expired five years from when qualified operations begin. Under the terms of the agreement, we were assigned a dedicated manufacturing suite for certain months in each calendar year for a one-time fee of $10.0 million, which would 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. In 2020, we entered into a supplemental agreement with the vendor for certain upgrades on the dedicated manufacturing suite and for additional equipment of approximately $0.2 million. As of December 31, 2021, the readiness determination phase of the dedicated manufacturing suite was expected to be completed in 2022.

In March 2022, we mutually agreed with the vendor to terminate the manufacturing agreement. The termination agreement was formalized effective May 2022. In accordance with the termination agreement, we paid the $2.0 million remaining payable related to the dedicated manufacturing suite and a termination fee of $1.8 million. During the six months ended June 30, 2022, we recorded a pre-tax impairment loss of $10.2 million for the carrying value of the construction-in-progress asset that was no longer recoverable as our rights to the dedicated manufacturing suite will cease pursuant to the proposed termination agreement. The aforementioned impairment loss and the termination fee are included as part of “Restructuring, impairment and related charges” in our condensed consolidated statement of operations for the six months ended June 30, 2022 (see Note 16).

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Components of Lease Cost

The components of lease cost are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)				(in thousands)
Straight line operating lease costs	$	992	$	1,344	$	2,024	$	2,889
Finance lease costs		105		111		213		224
Variable lease costs		1,700		1,506		3,418		3,065
Total lease cost	$	2,797	$	2,961	$	5,655	$	6,178

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases are as follows:


	Six Months Ended June 30,
	2023		2022
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	2,443	$	3,348
Operating cash flows for finance lease		217		212
Operating lease right-of-use assets obtained in exchange for operating lease obligations		828		240

Schedule of Supplemental Information Related to Remaining Lease Term and Discount Rate

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


	June 30,
	2023			2022
Weighted-average remaining lease term (in years)
Operating leases		5.2			5.6
Finance lease		2.6			3.6
Weighted-average discount rate
Operating leases		6.34	%		5.73	%
Finance lease		6.62	%		6.62	%

Schedule of Future Minimum Lease Payments for Noncancelable Leases

As of June 30, 2023, future minimum lease payments for our noncancelable operating leases are as follows. Future minimum lease payments under our finance lease are not material.


	Amount
	(in thousands)
Remainder of 2023	$	2,088
Year ending December 31:
2024		4,658
2025		3,949
2026		1,880
2027		861
Thereafter		3,423
Total future minimum lease payments		16,859
Imputed interest		(2,167	)
Total	$	14,692

Reported as of June 30, 2023
Operating lease liabilities, current portion	$	3,776
Operating lease liabilities, net of current portion		10,916
Total operating lease liabilities	$	14,692

Leases - Schedule of Supplemental Information Related to Remaining Lease Term and Discount Rate (Details)	Jun. 30, 2023	Jun. 30, 2022
Weighted-average remaining lease term (in years)
Operating leases	5 years 2 months 12 days	5 years 7 months 6 days
Finance lease	2 years 7 months 6 days	3 years 7 months 6 days
Weighted-average discount rate
Operating leases	6.34%	5.73%
Finance lease	6.62%	6.62%

In-licensing Agreements

6 Months Ended

Jun. 30, 2023

In Licensing Agreements [Abstract]

In-licensing Agreements

11.

In-licensing Agreements

Stanford License Agreement

In April 2016, Eidos entered into a license agreement with the Board of Trustees of the Leland Stanford Junior University Stanford University, or Stanford University, relating to Eidos’ drug discovery and development initiatives. Under this agreement, Eidos has been granted certain worldwide exclusive licenses to make, use, and sell products that are covered by licensed patent rights. In March 2017, Eidos paid a license fee of $10,000, which was recorded as research and development expense during the year ended December 31, 2017, as the acquired assets did not have any alternative future use. Eidos may also be required to make future payments of up to approximately $1.0 million to Stanford University upon achievement of specific intellectual property, clinical and regulatory milestone events, and pay royalties of up to low single-digit percentages on future net sales, if any. In addition, Eidos is obligated to pay Stanford University a percentage of non-royalty revenue received by Eidos from its sublicensees, with the amount owed decreasing annually for three years based on when the applicable sublicense agreement is executed.

Additionally, under the license agreement with Stanford University, we will pay Stanford University a portion of all nonroyalty sublicensing consideration attributable to the sublicense of the licensed compounds. The license agreement states that if this event occurred in the third year, 10% is payable to Stanford University. For the three and six months ended June 30, 2023 and 2022, the cost of license revenue was not material.

Leidos Biomedical Research License and Cooperative Research and Development Agreements

In March 2017, TheRas entered into a cooperative research and development agreement, or Leidos CRADA, with Leidos Biomedical Research, Inc., or Leidos. In December 2018, TheRas and Leidos entered into a license agreement, or Initial Leidos License, under which TheRas was granted certain worldwide exclusive licenses to use the licensed compounds. The Leidos Agreements are related to TheRas’ drug discovery and development initiatives. The Initial Leidos License was terminated in 2021. TheRas and Leidos entered into two subsequent license agreements, or Additional Leidos Licenses, in August 2022; the two Additional Leidos Licenses related to (i) KRAS G12C inhibitor and (ii) P13Ka breaker compounds. The Leidos CRADA, Initial Leidos License, and Additional Leidos Licenses are also referred to herein as the Leidos Agreements. For the three and six months ended June 30, 2023, the research and development expenses were $0.7 million and $1.2 million, respectively, in connection with the Leidos Agreements. For the three and six months ended June 30, 2022, the research and development expenses were $1.3 million and $1.7 million, respectively, in connection with the Leidos Agreements.

Diagnostics Agreement with Foundation Medicine

As discussed in Note 7, QED and FMI entered into a diagnostics agreement relating to QED's drug discovery and development initiatives. For the three and six months ended June 30, 2023, QED recognized research and development expenses of nil, in

connection with this agreement. For the three and six months ended June 30, 2022, QED recognized research and development expenses of $0.4 million and $1.0 million, respectively, in connection with this agreement.

Other License and Collaboration Agreements

In addition to the agreements described above, we have also entered into other license and collaboration agreements with various institutions and business entities on terms similar to those described above, none of which are material individually or in the aggregate.

Net Loss Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

18.

Net Loss Per Share

Basic net loss per share attributable to common stockholders of BridgeBio is computed by dividing net loss attributable to common stockholders of BridgeBio by the weighted-average number of shares of common stock outstanding. Diluted net loss per share attributable to common stockholders of BridgeBio is computed by dividing net loss by the weighted-average number of shares of common stock outstanding, plus all additional common shares that would have been outstanding, assuming dilutive potential common shares had been issued for other dilutive securities. For the three and six months ended June 30, 2023 and 2022, diluted and basic net loss per share attributable to common stockholders of BridgeBio was identical since potential common shares were excluded from the calculation, as their effect was anti-dilutive.

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


	As of June 30,
	2023		2022
Unvested RSAs		363,022		1,114,006
Unvested RSUs		10,250,071		6,055,931
Unvested performance-based RSUs		7,875		84,505
Common stock options issued and outstanding		12,850,536		12,669,110
Estimated shares issuable under performance-based milestone compensation arrangements		11,438,950		29,396,554
Estimated shares issuable under the ESPP		123,340		207,960
Assumed conversion of 2027 Notes		12,878,305		12,878,305
Assumed conversion of 2029 Notes		7,702,988		7,702,988
		55,615,087		70,109,359

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.

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
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)

- Definition

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.

+ References + Details

- Definition

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.

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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+ Details

Stock-Based Compensation - Summary of Stock Based Compensation for Employees and Non Employees (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	$ 27,176	$ 28,305	$ 50,653	$ 52,586
BridgeBio Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	27,135	28,145	50,570	52,326
Other Subsidiaries Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	41	160	83	260
Research and Development Expense
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	13,229	14,352	25,008	22,909
Research and Development Expense \| BridgeBio Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	13,188	14,194	24,925	22,680
Research and Development Expense \| Other Subsidiaries Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	41	158	83	229
Selling, General and Administrative Expenses
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	13,947	13,953	25,645	28,505
Selling, General and Administrative Expenses \| BridgeBio Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	$ 13,947	13,951	$ 25,645	28,474
Selling, General and Administrative Expenses \| Other Subsidiaries Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation		$ 2		31
Restructuring, Impairment and Related Charges
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation				1,172
Restructuring, Impairment and Related Charges \| BridgeBio Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation				$ 1,172

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

17.

Income Taxes

BridgeBio is subject to U.S. federal, state and foreign 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 six months ended June 30, 2023 and 2022.

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.

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 sheets. 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.

On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (the “Inflation Act”) into law. The Inflation Act contains certain tax measures, including a corporate alternative minimum tax of 15% on some large corporations and an excise tax of 1% on corporate stock buy-backs. The various provisions of the Inflation Act do not have a material impact on the Company’s financial statements.

- Definition

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.

+ References

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+ Details

Stock-Based Compensation - Summary of Restricted Stock Award Activity under Plans (Details) - Restricted Stock Awards - A&R 2019 Plan and 2019 Inducement Plan	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Shares of Restricted Stock Outstanding, Beginning balance \| shares	652,058
Unvested Shares of Restricted Stock Outstanding, Ending balance \| shares	363,022
Weighted-Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 7.29
Weighted-Average Grant Date Fair Value, Ending balance \| $ / shares	$ 7.38
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	194,350
Unvested Shares of Restricted Stock Outstanding, Vested \| shares	(194,350)
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	$ 18.55
Weighted-Average Grant Date Fair Value, Vested \| $ / shares	$ 18.55
Regular Equity Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Shares of Restricted Stock Outstanding, Vested \| shares	(289,036)
Unvested Shares of Restricted Stock Outstanding, Cancelled \| shares	0
Weighted-Average Grant Date Fair Value, Vested \| $ / shares	$ 7.18
Weighted-Average Grant Date Fair Value, Cancelled \| $ / shares	$ 0

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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	3160 Porter Drive
Entity Address, Address Line Two	Suite 250
Entity Address, City or Town	Palo Alto
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94304
City Area Code	(650)
Local Phone Number	391-9740
Entity Common Stock, Shares Outstanding		162,472,399
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ

Net Loss Per Share - Schedule of Common Stock Equivalents were Excluded from Computation of Diluted Net Loss per Share (Detail) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	55,615,087	70,109,359
Unvested RSAs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	363,022	1,114,006
Unvested RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	10,250,071	6,055,931
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	7,875	84,505
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	12,850,536	12,669,110
Estimated Shares Issuable Under Performance-Based Milestone Compensation Arrangements
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	11,438,950	29,396,554
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	123,340	207,960
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	7,702,988

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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	167,611,692	156,817,333
Common stock, shares outstanding	161,419,931	150,625,572
Treasury stock, shares	6,191,761	6,191,761

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30, 2023.


	Potential Fixed Monetary Amount		Accrued Amount (1)
Settlement Type	(in thousands)
Cash	$	9,994	$	807
Stock (2)		52,482		8,322
Cash or stock at our sole discretion		130,922		3,534
Total	$	193,398	$	12,663

(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.

Restructuring, Impairment and Related Charges - Additional Information (Details) - Scenario Forecast $ in Millions	Dec. 31, 2023 USD ($)
Minimum
Restructuring Cost and Reserve [Line Items]
Estimated charges to be incurred	$ 7.0
Maximum
Restructuring Cost and Reserve [Line Items]
Estimated charges to be incurred	$ 9.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Other Equity Investments - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2021	Oct. 31, 2019	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule Of Equity Method Investments [Line Items]
Unrealized gain (loss) on ongoing mark-to-market adjustments of investment in equity security			$ (203)	$ (10,221)	$ (6,397)	$ (21,843)
Fair value of warrants			800		800		$ 600
Realized losses recognized on investment in equity securities			(1,638)	141	(8,796)	1,385
LianBio \| Equity Method Investee's IPO
Schedule Of Equity Method Investments [Line Items]
Unrealized gain (loss) on ongoing mark-to-market adjustments of investment in equity security			$ 1,600	$ 7,700	3,200	$ 20,000
Cumulative unrealized loss on ongoing mark-to-market adjustments of investment in equity security					57,100		$ 60,300
Bridge Bio Pharma Limited Liability Company \| Entities Affiliated With Perceptive Life Sciences Master Fund Ltd \| LianBio
Schedule Of Equity Method Investments [Line Items]
Warrant to purchase percentage		10.00%
Warrants to purchase common stock	347,569
Pelle Pharm Inc [Member]
Schedule Of Equity Method Investments [Line Items]
Realized losses recognized on investment in equity securities					$ 1,200

Debt - Additional Information (Details)					1 Months Ended		3 Months Ended		6 Months Ended		12 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	Jun. 30, 2022 USD ($)	Nov. 30, 2021 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Nov. 30, 2022 USD ($)	May 31, 2022 USD ($)	Feb. 02, 2021 USD ($)
Debt Instrument [Line Items]
Proceeds from term loan, net of issuance costs									$ 0	$ 1,120,000
Interest expense							$ 8,554,000	$ 8,531,000	17,103,000	17,057,000
Amortization of debt discount and issuance costs							913,000	890,000	1,819,000	1,773,000
Interest payable							17,523,000		17,523,000				$ 17,500,000
Debt instrument prepaid includes final payment charge and prepayment fee									0	20,486,000
License Agreement \| Navire BMS
Debt Instrument [Line Items]
Amount paid to lenders					$ 20,500,000
Principle amount paid to lenders					20,100,000
Exit fee					$ 400,000
Loan Agreement
Debt Instrument [Line Items]
Debt Instrument face amount														$ 450,000,000
Debt instrument, frequency of interest payment						quarterly
Debt instrument payment amortization date						Jan. 02, 2025
Debt instrument potential payment extended amortization date						Jan. 02, 2026
Stated interest rate						9.00%
Maturity date						Nov. 17, 2026
Debt issuance costs including initial purchasers discounts, legal and other professional fees							1,100,000		1,100,000
Interest expense							11,600,000	11,700,000	23,000,000	23,500,000
Amortization of debt discount and issuance costs							1,400,000	1,000,000	2,800,000	2,600,000
Interest payable							6,500,000		6,500,000				6,400,000
Loan Agreement \| Payment in Kind
Debt Instrument [Line Items]
Stated interest rate						3.00%
Accrued interest convertible into principal							3,400,000	3,300,000	6,700,000	5,100,000
Maximum \| Loan Agreement
Debt Instrument [Line Items]
Debt Instrument face amount						$ 750,000,000
Debt instrument prepayment premium percentage						3.00%
Debt instrument mandatory prepayments percentage of net cash proceeds from prepayment event transaction						75.00%
Minimum \| Loan Agreement
Debt Instrument [Line Items]
Debt instrument prepayment premium percentage						1.00%
Debt instrument mandatory prepayments percentage of net cash proceeds from prepayment event transaction						50.00%
2029 Notes
Debt Instrument [Line Items]
Debt Instrument face amount	$ 717,500,000						747,500,000		$ 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 payable							7,000,000		$ 7,000,000				7,000,000
Interest expense							4,681,000	4,670,000	9,361,000	9,338,000
Amortization of debt discount and issuance costs							477,000	466,000	952,000	929,000
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		$ 550,000,000
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
Expected life of notes			7 years
Debt issuance costs allocated to equity component			$ 4,100,000
Debt issuance costs allocated to liability component			$ 8,900,000
Interest payable							4,000,000		$ 4,000,000				$ 4,000,000
Interest expense							3,873,000	3,861,000	7,742,000	7,719,000
Amortization of debt discount and issuance costs							$ 436,000	$ 424,000	867,000	$ 844,000
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
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
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
Stock repurchased during period, shares \| shares				2,414,681
Repurchase of common stock price per share \| $ / shares				$ 31.06
Tranche 1 Advance \| Loan Agreement
Debt Instrument [Line Items]
Proceeds from issuance of Term Loans after deducting debt discount and issuance costs									431,300,000
Proceeds from term loan, net of issuance costs									$ 18,700,000
Tranche 1 Advance \| Maximum \| Loan Agreement
Debt Instrument [Line Items]
Debt Instrument face amount						$ 450,000,000
Tranche 2 Advance \| Maximum \| Loan Agreement
Debt Instrument [Line Items]
Debt Instrument face amount						$ 300,000,000
Debt instrument, amount available to be drawn															$ 100,000,000

Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

Notes

2029 Notes, net

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, which resulted in the total aggregate principal amount of $747.5 million.

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.

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 in the condensed consolidated balance sheets 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, net

On March 9, 2020, we issued an aggregate principal amount of $550.0 million of our 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.

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;

•

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; 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.

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 June 30, 2023, the if-converted value of the 2027 Notes did not exceed its principal amount.

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, Debt: Debt with Conversion and Other Options, 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. Effective January 1, 2021, we early adopted 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 (“ASU 2020-06”), and, as a result, we no longer separately account for the liability and equity components of the 2027 Notes, and, instead, account for our 2027 Notes wholly as debt.

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.

Additional Information Related to the Notes

The outstanding Notes’ balances consisted of the following:


	June 30, 2023						December 31, 2022
	2029 Notes			2027 Notes			2029 Notes			2027 Notes
	(in thousands)						(in thousands)
Principal	$	747,500		$	550,000		$	747,500		$	550,000
Unamortized debt discount and issuance costs		(11,560	)		(7,499	)		(12,512	)		(8,366	)
Net carrying amount	$	735,940		$	542,501		$	734,988		$	541,634

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


	Three Months Ended June 30, 2023								Six Months Ended June 30, 2023
	2029 Notes			2027 Notes			Total		2029 Notes			2027 Notes			Total
	(in thousands)								(in thousands)
Contractual interest expense	$	4,204		$	3,437		$	7,641	$	8,409		$	6,875		$	15,284
Amortization of debt discount and issuance costs		477			436			913		952			867			1,819
Total interest and amortization expense	$	4,681		$	3,873		$	8,554	$	9,361		$	7,742		$	17,103

Effective interest rate		2.6	%		2.8	%				2.6	%		2.8	%


	Three Months Ended June 30, 2022								Six Months Ended June 30, 2022
	2029 Notes			2027 Notes			Total		2029 Notes			2027 Notes			Total
	(in thousands)								(in thousands)
Contractual interest expense	$	4,204		$	3,437		$	7,641	$	8,409		$	6,875		$	15,284
Amortization of debt discount and issuance costs		466			424			890		929			844			1,773
Total interest and amortization expense	$	4,670		$	3,861		$	8,531	$	9,338		$	7,719		$	17,057

Effective interest rate		2.6	%		2.8	%				2.6	%		2.8	%

As of June 30, 2023, interest payable on the 2029 and 2027 Notes amounted to $7.0 million and $4.0 million, respectively. As of December 31, 2022, interest payable on the 2029 and 2027 Notes amounted to $7.0 million and $4.0 million, respectively.

Future minimum payments under the Notes as of June 30, 2023 are as follows:


	2029 Notes			2027 Notes			Total
	(in thousands)
Remainder of 2023	$	8,409		$	6,875		$	15,284
Year ending December 31:
2024		16,819			13,750			30,569
2025		16,819			13,750			30,569
2026		16,819			13,750			30,569
2027		16,819			556,875			573,694
Thereafter		772,729			—			772,729
Total future payments		848,414			605,000			1,453,414
Less amounts representing interest		(100,914	)		(55,000	)		(155,914	)
Total principal amount	$	747,500		$	550,000		$	1,297,500

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), or, together, the Capped Call Transactions, with certain financial institutions, or 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, Derivatives and Hedging, 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 for the years ended December 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, or Nasdaq, on January 25, 2021 and March 4, 2020, respectively. The shares repurchased were recorded as treasury stock.

Term Loan, net

Loan and Security Agreement

In November 2021, we entered into a Loan and Security Agreement (the “Loan Agreement,” and as amended by the First Amendment (as defined below) and the Second Amendment (as defined below), the “Amended Loan Agreement”), by and among (i) U.S. Bank National Association, in its capacity as administrative agent (in such capacity, the “Administrative Agent”) and collateral agent (in such capacity, the “Collateral Agent”), (ii) certain lenders (the “Lenders”), (iii) BridgeBio, as a borrower, and (iv) certain subsidiaries of BridgeBio, as guarantors (the “Guarantors”). In May 2022, we entered into the First Amendment to the Loan Agreement (the “First Amendment”) and in November 2022, we entered into the Second Amendment to the Loan Agreement (the “Second Amendment”), as further described below.

Pursuant to the original terms and conditions of the Loan Agreement, the Lenders agreed to extend term loans to us in an aggregate principal amount of up to $750.0 million, comprised of (i) a tranche 1 advance of $450.0 million (the “Tranche 1 Advance”), and (ii) a tranche 2 advance of $300.0 million (the “Tranche 2 Advance”) (collectively, the “Term Loan Advances”). The Tranche 1 Advance under the Loan Agreement was funded on November 17, 2021. The Tranche 2 Advance remained available for funding until December 31, 2022, which was available at our election after the occurrence of certain milestone events relating to data from our clinical trials. The terms related to the Tranche 2 Advance were modified in the First Amendment and Second Amendment as further discussed below. The First Amendment’s term included the reduction of the aggregate amount of the Tranche 2 Advance from $300.0 million to $100.0 million. The Second Amendment eliminated the $100.0 million Tranche 2 Advance. As a result of the Second Amendment, the total aggregate principal amount of the loan is $450.0 million before any mandatory prepayment.

As security for our obligations under the Loan Agreement, each of BridgeBio and the Guarantors granted the Collateral Agent, for the benefit of the Lenders, a continuing security interest in substantially all of the assets of BridgeBio and the Guarantors (including all equity interests owned or hereafter acquired by BridgeBio and the Guarantors), subject to certain customary exceptions. Upon exceeding certain investment and disposition thresholds, additional subsidiaries of BridgeBio will be required to join as guarantors.

Any outstanding principal on the Term Loan Advances will accrue interest at a fixed rate equal to 9.0% per annum. 3.0% of which can be a payment-in-kind (“PIK”) until January 1, 2025. Interest payments are payable quarterly following the funding of a Term Loan Advance. We would be required to make principal payments on the outstanding balance of the Term Loan Advances commencing on January 2, 2025 (the “Term Loan Amortization Date”) in nine quarterly installments, plus interest. If we have achieved certain milestone events relating to data from the clinical trial of acoramidis (the “Acoramidis Milestone”) on or prior to January 1, 2025, then the Term Loan Amortization Date would be automatically extended to January 2, 2026. Any amounts outstanding under the Term Loan Advances are due and payable on November 17, 2026 (the “Maturity Date”).

We may prepay the outstanding principal amount of the Term Loan Advances at any time (in whole, but not in part), plus accrued and unpaid interest and a prepayment premium ranging from 1.0% to 3.0% of the principal amount outstanding depending on the timing of payment (plus a customary make-whole amount if prepaid on or prior to November 17, 2022).

At the Lenders’ election, we are also required to make mandatory prepayments upon the occurrence of certain prepayment events related to the repurchase or redemption of pledged collateral, entry into certain royalty transactions, disposition of other assets or subsidiaries, and entry into licensing and other monetization transactions (all such events “prepayment events”), which could be 50% or 75% of net cash proceeds from such transaction depending on achievement of the Acoramidis Milestone.

Subject to the mandatory prepayment requirements for certain prepayment events, the Loan Agreement contains customary affirmative and limited negative covenants which, among other things, limit our ability to (i) incur additional indebtedness, (ii) pay dividends or make certain distributions, (iii) dispose of our assets, grant liens, license or encumber our assets or (iv) fundamentally alter the nature of our business. BridgeBio and the Guarantors have broad ability to license our intellectual property, dispose of other assets and enter into monetization and royalty transactions, subject in each case to the requirement to make a mandatory prepayment described above. The Loan Agreement provides that BridgeBio and the Guarantors may, subject to certain limitations, (x) repurchase BridgeBio’s equity interest and the equity interest of any of its subsidiaries, (y) enter into any joint ventures or similar investments, and (z) make other investments and acquisitions. Subject to the mandatory prepayment requirement described above, portfolio companies owned by BridgeBio that are not parties to the Loan Agreement are, subject to certain exceptions, not subject to any covenants or limitations under the Loan Agreement.

The Loan Agreement also contains customary events of default, including among other things, our failure to make any principal or interest payments when due, the occurrence of certain bankruptcy or insolvency events or the breach of the covenants under the Loan Agreement. Upon the occurrence of an event of default, the Lenders may, among other things, accelerate our obligations under the Loan Agreement.

We received net proceeds from the Tranche 1 Advance of $431.3 million, after deducting debt discount and issuance costs of $18.7 million, of which approximately $1.1 million of debt issuance cost were incurred for professional services provided by KKR Capital Markets LLC. KKR Capital Markets LLC is an affiliate of KKR Genetic Disorder L.P., a related party being a principal stockholder of BridgeBio.

In May 2022, we entered into the First Amendment, which, among other things:

•

permitted the sale of our priority review voucher (“PRV”, see Note 12) and, generally, future dispositions of other PRVs;

•

reduced the aggregate amount of the Tranche 2 Advance from $300.0 million to $100.0 million and modified certain conditions to the availability thereof, as mentioned above;

•

amended the principal payments such that the entire outstanding principal balance of the Term Loan Advances is due and payable at the Maturity Date or upon early termination; and

•

modified the terms and conditions governing when certain entities into which we have made investments will be required to become guarantors under the Amended Loan Agreement.

In June 2022, the receipt of an upfront payment under the license development and commercialization agreement that our subsidiary, Navire Pharma, Inc. (“Navire”), entered into with Bristol-Myers Squibb Company (“BMS”), which is further described in Note 10, triggered certain mandatory prepayment provisions of the Amended Loan Agreement. As a result, we paid $20.5 million to the Lenders in June 2022, of which $20.1 million and $0.4 million were applied to principal and exit fee, respectively.

Pursuant to the terms of the Loan Agreement, we exercised our option to convert $3.4 million and $6.7 million of accrued interest into principal via PIK for the three and six months ended June 30, 2023, respectively. Pursuant to the terms of the Loan Agreement, we exercised our option to convert $3.3 million and $5.1 million of accrued interest into principal via PIK for the three and six months ended June 30, 2022, respectively.

In November 2022, we entered into the Second Amendment, which, among other things:

•

acknowledged that our prior prepayment made with certain cash proceeds received in connection the receipt of an upfront payment under the Navire-BMS License Agreement, which is further described in Note 10, satisfied the mandatory prepayment requirement under the Amended Loan Agreement, on the terms and conditions specified in the Amended Loan Agreement;

•

permitted certain budgeted expenses to be excluded from the definition of cash proceeds subject to the Company’s mandatory prepayment obligations, on the terms and conditions specified in the Amended Loan Agreement, refer to Note 2 under Restricted Cash section for further discussion;

•

removed certain threshold amounts applicable to certain prepayment events; and

•

terminated the Lenders’ $100.0 million Tranche 2 Advance.

The balances of our borrowing under the Amended Loan Agreement consisted of the following:


	June 30, 2023			December 31, 2022
	(in thousands)
Principal value of term loan	$	429,916		$	429,916
PIK added to principal		22,066			15,324
Debt discount, issuance costs and exit fee accretion		(11,486	)		(14,247	)
Term loan, net	$	440,496		$	430,993

For the three and six months ended June 30, 2023, we recognized interest expense related to the Amended Loan Agreement of $11.6 million and $23.0 million, respectively, of which $1.4 million and $2.8 million, respectively, relate to amortization of debt discount and issuance costs. For the three and six months ended June 30, 2022, we recognized interest expense related to the Amended Loan Agreement of $11.7 million and $23.5 million, respectively, of which $1.0 million and $2.6 million, respectively, relate to amortization of debt discount and issuance costs. As of June 30, 2023 and December 31, 2022, interest payable under the Amended Loan Agreement included in “Accrued professional and other accrued liabilities” in our condensed consolidated balance sheet amounted to $6.5 million and $6.4 million, respectively.

Future minimum payments under the Amended Loan Agreement as of June 30, 2023 are as follows:


	Amount
	(in thousands)
Remainder of 2023	$	17,086
Year Ending December 31:
2024		41,243
2025		41,243
2026		507,135
Total future payments		606,707
Less amounts representing interest		(146,127	)
Less exit fee		(8,598	)
Total principal amount of term loan payments	$	451,982

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details