0000950170-24-018811 | 10-K | XBRL Viewer

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Stock-Based Compensation - Summary of Stock Based Compensation for Employees and Non Employees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	$ 115,016	$ 93,828	$ 105,574
BridgeBio Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	114,721	93,541	100,186
Other Subsidiaries Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	295	287	5,388
Research and Development Expense
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	61,647	37,987	56,195
Research and Development Expense \| BridgeBio Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	61,433	37,700	53,829
Research and Development Expense \| Other Subsidiaries Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	214	287	2,366
Selling, General and Administrative Expenses
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	53,369	54,669	49,379
Selling, General and Administrative Expenses \| BridgeBio Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	53,288	54,669	46,357
Selling, General and Administrative Expenses \| Other Subsidiaries Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	$ 81		$ 3,022
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

Other Equity Investments - Additional Information (Details) $ / shares in Units, $ in Thousands					1 Months Ended			12 Months Ended
	Feb. 22, 2024 shares	Feb. 20, 2024 shares	Feb. 13, 2024 $ / shares	Nov. 01, 2021 USD ($)	Mar. 31, 2023 USD ($)	Oct. 31, 2021 shares	Oct. 31, 2019 Director	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Schedule Of Equity Method Investments [Line Items]
Unrealized gain (loss) on ongoing mark-to-market adjustments of investment in equity security								$ 9,646	$ (11,953)	$ (40,830)
Realized losses recognized on investment in equity securities								8,668	3,731	2,206
Gain on conversion from equity method investment to investment in equity securities								0	0	68,538
Other income (expense)								(984)	1,571	1,197
Fair value of warrants								1,600	600
Equity security investment								58,949	43,653
LianBio
Schedule Of Equity Method Investments [Line Items]
Equity security investment								22,400	8,200
LianBio \| Equity Method Investee's IPO
Schedule Of Equity Method Investments [Line Items]
Ownership interest				4.70%
Unrealized gain (loss) on ongoing mark-to-market adjustments of investment in equity security								$ 14,200	$ (22,600)	$ (37,700)
LianBio \| Equity Method Investee's IPO \| Other Income (Expense)
Schedule Of Equity Method Investments [Line Items]
Gain on conversion from equity method investment to investment in equity securities				$ 68,500
Bridge Bio Pharma Limited Liability Company \| LianBio \| Subsequent Event
Schedule Of Equity Method Investments [Line Items]
Special cash dividend declared per share \| $ / shares			$ 4.8
Depositary fees per share \| $ / shares			$ 0.05
Common stock held \| shares	5,350,361
Bridge Bio Pharma Limited Liability Company \| Entities Affiliated With Perceptive Life Sciences Master Fund Ltd \| LianBio
Schedule Of Equity Method Investments [Line Items]
Ownership interest							10.00%
Number of directors appoint or removal \| Director							1
Warrant to purchase percentage							10.00%
Warrants to purchase common stock \| shares						347,569
Bridge Bio Pharma Limited Liability Company \| Entities Affiliated With Perceptive Life Sciences Master Fund Ltd \| LianBio \| Subsequent Event
Schedule Of Equity Method Investments [Line Items]
Warrants exercised \| shares		347,569
PellePharm, Inc
Schedule Of Equity Method Investments [Line Items]
Realized losses recognized on investment in equity securities					$ 1,200

Fair Value Measurements

12 Months Ended

Dec. 31, 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:


	December 31, 2023
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	13,530	$	13,530	$	—	$	—
Treasury bills		256,067		—		256,067		—
Total cash equivalents		269,597		13,530		256,067		—
Investment in equity securities		58,949		58,949		—		—
LianBio Warrant		1,554		1,554		—		—
Total financial assets	$	330,100	$	74,033	$	256,067	$	—
Liability
Embedded derivative	$	1,665	$	—	$	—	$	1,665


	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 instruments 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.

Investment in Equity Securities

We have investment in equity securities of publicly held companies, which are actively traded with quoted prices that are readily available, and we do not have restrictions on our ability to sell these securities. Therefore, these are classified within Level 1. As of December 31, 2023 and 2022, our investment in equity securities had an aggregate fair value of $58.9 million and $43.7 million, respectively, which includes our investment in LianBio whose fair value amounted to $22.4 million and $8.2 million, respectively. This investment was originally accounted for under the equity method until it was converted into an investment in equity securities that is accounted for under ASC 321 upon completion of LianBio’s initial public offering, or IPO, in November 2021 (see Note 7).

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


	Year Ended December 31,
	2023		2022			2021
	(in thousands)
Gain on conversion from equity method investment to equity securities	$	—	$	—		$	68,538
Net realized gain recognized on investment in equity securities sold		8,668		3,731			2,206
Net unrealized gain (loss) recognized on investment in equity securities held as of the end of the period		9,646		(11,953	)		(40,830	)
Total net gain (loss) included in “Other income (expense), net”	$	18,314	$	(8,222	)	$	29,914

LianBio Warrant

As of December 31, 2023 and 2022, our subsidiary, QED held a warrant which entitles QED to purchase shares of LianBio, or the LianBio Warrant, see Note 7. 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.

LEO Call Option Liability

As of December 31, 2023 and 2022, we no longer recognized the LEO Call Option that we previously carried as a liability in our consolidated balance sheets. In November 2018, LEO Pharma, or LEO, was granted an exclusive, irrevocable option to acquire our subsidiary, PellePharm, Inc, or PellePharm. The LEO Call Option was exercisable by LEO on or before the occurrence of certain events relating to PellePharm’s clinical development programs and no later than July 30, 2021. The LEO Call Option liability was subject to remeasurement to fair value at each balance sheet date until the LEO Call Option was either exercised, terminated or it expired as it did not qualify for equity classification. On March 30, 2021, LEO provided a notice of termination of the LEO Call Option effective April 15, 2021. As a result and based on the facts and circumstances that existed as of March 31, 2021, we evaluated that the likelihood of LEO exercising said option was remote and we remeasured the LEO Call Option liability to zero as of March 31, 2021 and recognized a gain on remeasurement of the LEO Call Option liability of $5.6 million recorded in “Other income (expense), net” for the year ended December 31, 2021.

Notes

The fair value of our 2029 Notes and our 2027 Notes, or, collectively, the Notes, see Note 10, 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 December 31, 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 $638.7 million and $695.8 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, which have aggregate face values of $747.5 million and $550.0 million, respectively, were $314.0 million and $218.6 million, respectively, based on their market prices on the last trading day for the period.

Term Loan

The fair value of our outstanding term loan as of December 31, 2023 and 2022 (see Note 10) 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 December 31, 2023 and 2022 was $389.1 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

Cash Equivalents and Marketable Securities - Schedule of Cash Equivalent and Marketable Securities Classified as Available-for-Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis Cash Equivalents	$ 269,566	$ 362,062
Unrealized Gains	31	0
Unrealized Losses	0	(54)
Cash Equivalents, Estimated Fair Value	269,597	362,008
Amortized Cost Basis		413,916
Unrealized Gains		0
Unrealized Losses		(328)
Estimated Fair Value		413,588
Treasury Bills
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis Cash Equivalents	256,036
Unrealized Gains	31
Unrealized Losses	0
Cash Equivalents, Estimated Fair Value	256,067
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
Amortized Cost Basis		51,854
Unrealized Gains		0
Unrealized Losses		(274)
Estimated Fair Value		51,580
Money Market Funds
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis Cash Equivalents	13,530	202,250
Unrealized Gains	0	0
Unrealized Losses	0	0
Cash Equivalents, Estimated Fair Value	$ 13,530	202,250
Short-term Marketable Securities
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis		51,854
Unrealized Gains		0
Unrealized Losses		(274)
Estimated Fair Value		$ 51,580

Subsequent Events - Additional Information (Details) $ in Millions		1 Months Ended
	Jan. 17, 2024 USD ($)	Nov. 30, 2021 USD ($)	Feb. 07, 2024 USD ($)	Nov. 30, 2022 USD ($)
Loan Agreement
Subsequent Event [Line Items]
Debt Instrument face amount				$ 450.0
Maturity date		Nov. 17, 2026
Loan Agreement \| Maximum
Subsequent Event [Line Items]
Debt Instrument face amount		$ 750.0
Subsequent Event
Subsequent Event [Line Items]
Royalty interest payments may adjust to maximum rate	10.00%
Upfront payment to be received			$ 100.0
Subsequent Event \| Funding Agreement
Subsequent Event [Line Items]
Net of certain transaction expenses	$ 500.0
Percentage of royalty interest payments on net sales	5.00%
Royalty interest payments equal to cap amount	$ 950.0
Onetime payment amount paid to purchasers	$ 25.0
Subsequent Event \| Financing Agreement
Subsequent Event [Line Items]
Interest rate description	the sum of (i) the base rate plus (ii) 5.75% and (B) in the case of Term Loans bearing interest based on the three-month forward-looking term secured overnight financing rate administered by the Federal Reserve Bank of New York (“Term SOFR”), the sum of (i) three-month Term SOFR (subject to 1.00% per annum floor), plus (ii) 6.75%.
Minimum unrestricted cash balance	$ 70.0
Subsequent Event \| Financing Agreement \| SOFR
Subsequent Event [Line Items]
Interest rate	1.00%
Subsequent Event \| Financing Agreement \| Base Rate plus Interest
Subsequent Event [Line Items]
Interest rate	5.75%
Subsequent Event \| Financing Agreement \| SOFR plus Interest
Subsequent Event [Line Items]
Interest rate	6.75%
Subsequent Event \| Financing Agreement \| Minimum
Subsequent Event [Line Items]
Debt Instrument face amount	$ 50.0
Subsequent Event \| Financing Agreement \| Maximum
Subsequent Event [Line Items]
Debt Instrument face amount	$ 750.0
Interest rate	2.00%
Market capitalization amount	$ 1,500.0
Subsequent Event \| Financing Agreement \| Loan Agreement
Subsequent Event [Line Items]
Maturity date	Jan. 17, 2029
Prepayment percentage	3.00%
Subsequent Event \| Financing Agreement \| Initial Term Loan
Subsequent Event [Line Items]
Debt Instrument face amount	$ 450.0
Subsequent Event \| Financing Agreement \| Incremental Term Loan
Subsequent Event [Line Items]
Debt Instrument face amount	300.0
Subsequent Event \| Financing Agreement \| Scheduled Amortization Payments
Subsequent Event [Line Items]
Principal payments	$ 22.5
Amortization payment date	Jun. 30, 2027
Subsequent Event \| Financing Agreement \| Scheduled Amortization Payments \| Maximum
Subsequent Event [Line Items]
Net leverage ratio	500
Subsequent Event \| Financing Agreement \| Term Loan After January 17, 2024
Subsequent Event [Line Items]
Additional quarterly principal payments	$ 10.0

Eidos Therapeutics, Inc, or Eidos - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Jan. 26, 2021	Jan. 19, 2021	Oct. 05, 2020	Dec. 31, 2023	Dec. 31, 2021	Jun. 22, 2018
Variable Interest Entity [Line Items]
Difference recognized in equity					$ 91,997
Additional Paid-in Capital
Variable Interest Entity [Line Items]
Difference recognized in equity					53,856
Eidos
Variable Interest Entity [Line Items]
Merger transactions proposal date		Jan. 19, 2021
Merger transactions completion date	Jan. 26, 2021
Aggregate consideration	$ 1,651,600
Cash consideration paid	$ 21,300
Number of shares issued in exchange of subsidiary equity	26,156,446
Total fair value	$ 1,630,300
Eidos \| Merger Agreement
Variable Interest Entity [Line Items]
Merger agreement date			Oct. 05, 2020
Right to receive of common stock			1.85
Cash per share in transaction			$ 73.26
Eidos \| Maximum \| Merger Agreement
Variable Interest Entity [Line Items]
Cash consideration			$ 175,000
Eidos \| Minimum \| Merger Agreement
Variable Interest Entity [Line Items]
Cash consideration			$ 0
Eidos \| Additional Paid-in Capital
Variable Interest Entity [Line Items]
Difference recognized in equity					(1,613,400)
Transaction costs incurred					$ 70,700
Variable Interest Entity, Primary Beneficiary \| Eidos
Variable Interest Entity [Line Items]
Investment maturity date						Jun. 22, 2018
Voting shares				50.00%

Income Taxes - Additional Information (Details) - USD ($)		12 Months Ended
	Aug. 16, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
Income tax expense, domestic		$ 0	$ 0	$ 0
Income tax expense, foreign		0	0	0
Deferred tax expense, domestic		0	0	0
Deferred tax expense, foreign		$ 0	0	0
Net operating loss carryforwards, expiration year		2036
Federal net operating losses		$ 1,500,000,000			$ 28,800,000
Percentage of taxable income limitation in utilization of operating loss carry forward		80.00%
Federal net operating losses, expiration year					2036
R&E expenditures captial account amortized period		5 years
Increase in valuation allowance		$ 138,200,000	110,000,000	$ 199,500,000
Unrecognized tax benefits, income tax penalties and interest expense		$ 0	$ 0
Percentage of corporate alternative minimum tax rate	15.00%
Percentage of excise tax on corporate stock buy-back	1.00%
Non US
Operating Loss Carryforwards [Line Items]
R&E expenditures captial account amortized period		15 years
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards		$ 1,600,000,000
Federal \| Research and Development and Orphan Drug
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards		$ 102,200,000
Tax credit carryforward, expiration year		2036
State \| Research and Development
Operating Loss Carryforwards [Line Items]
Tax credit carryforwards		$ 22,400,000
State \| CA
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards		280,800,000
Foreign
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards		$ 86,100,000
Net operating loss carryforwards, expiration year		2030

Leases - Schedule of Supplemental Information Related to Remaining Lease Term and Discount Rate (Details)	Dec. 31, 2023	Dec. 31, 2022
Weighted-average remaining lease term (in years)
Operating leases	4 years 8 months 12 days	5 years 3 months 18 days
Finance lease	2 years 1 month 6 days	3 years 1 month 6 days
Weighted-average discount rate
Operating leases	6.00%	6.00%
Finance lease	6.60%	6.60%

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

16.

Stock-Based Compensation

Under each of the legal entity’s equity plans, we recorded stock-based compensation in the following expense categories in our consolidated statements of operations for employees and non-employees:


	Year Ended December 31, 2023
	BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total
	(in thousands)
Research and development	$	61,433	$	214	$	61,647
Selling, general and administrative		53,288		81		53,369
Total stock-based compensation	$	114,721	$	295	$	115,016


	Year Ended December 31, 2022
	BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total
	(in thousands)
Research and development	$	37,700	$	287	$	37,987
Selling, general and administrative		54,669		—		54,669
Restructuring, impairment and related charges		1,172		—		1,172
Total stock-based compensation	$	93,541	$	287	$	93,828


	Years Ended December 31, 2021
	BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total
	(in thousands)
Research and development	$	53,829	$	2,366	$	56,195
Selling, general and administrative		46,357		3,022		49,379
Total stock-based compensation	$	100,186	$	5,388	$	105,574

We have recorded $6.3 million, $2.2 million, and $6.0 million of stock-based compensation expense for the years ended December 31, 2023, 2022 and 2021, respectively, for performance-based milestone awards that were achieved during the period and were settled in cash.

Equity-Based Awards of BridgeBio

On June 22, 2019, we adopted the 2019 Stock Option and Incentive Plan (the “2019 Plan”), which became effective on June 25, 2019. The 2019 Plan provides for the grant of stock-based incentive awards, including common stock options and other stock-based awards. We were authorized to issue 11,500,000 shares of common stock for issuance of awards under the 2019 Plan, which may be allocated among stock options, awards of restricted common stock, restricted common units and other stock-based awards. On June 2, 2020, our stockholders approved an amendment and restatement of the 2019 Plan, or the A&R 2019 Plan, to, among other things, increase the number of shares of common stock reserved for issuance thereunder by 2,500,000 shares. The A&R 2019 Plan was further amended on December 15, 2021 (the “2021 A&R Plan”).

The 2021 A&R Plan, provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2020 and ending on the date of the Company’s annual stockholder’s meeting in calendar year 2023 (which occurred on June 21, 2023), by 5% of the issued and outstanding number of shares of common stock on the immediately preceding December 31, or such lesser number of shares as determined by the Compensation Committee of the Board of Directors.

On November 13, 2019, we adopted the 2019 Inducement Equity Plan (the “2019 Inducement Plan”). The 2019 Inducement Plan provides for the grant of stock-based awards to induce highly qualified prospective officers and employees who are not currently employed by BridgeBio or its Subsidiaries to accept employment and to provide them with a proprietary interest in BridgeBio, including common stock options and other stock-based awards. We were authorized to issue 1,000,000 shares of common stock for inducement awards under the 2019 Inducement Plan, which may be allocated among stock options, awards of restricted common stock, restricted common units and other stock-based awards. In February 2023, the 2019 Inducement 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 December 31, 2023, 6,781,711 and 1,902,409 shares were reserved for future issuances under the 2021 A&R Plan and 2019 Inducement Plan, respectively. Pursuant to the Merger Transactions, we also reserved 2,802,644 shares specifically under the Eidos Award Exchange, or 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 and the 2019 Inducement Plan and the Eidos Award Exchange Plan are collectively referred herein as the “Plans.”

In January 2024, the 2019 Inducement Plan was further amended and restated to increase the number of shares authorized for issuance from 2,000,000 shares to 3,750,000 shares.

2020 Stock and Equity Award Exchange Program (Exchange Program)

On April 22, 2020, we completed our 2020 Stock and Equity Award Exchange Program, or 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 restricted stock awards, or 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 2019 A&R Plan 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, or, collectively, the New Awards. 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 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 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 years ended December 31, 2023, 2022 and 2021, we recognized $3.4 million, $0.7 million, and $26.7 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 each of the reporting date. Refer to Note 9 for contingent compensation accrued associated with performance-based milestones that are determined to be probable as of December 31, 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 years ended December 31, 2023, 2022, and 2021, we recognized $16.8 million, $1.9 million, and $7.9 million, respectively, of stock-based compensation expense associated with performance-based milestone awards that were determined to be probable of achievement as of each reporting date. Refer to Note 9 for contingent compensation accrued associated with performance-based milestones awards that are determined to be probable as of December 31, 2023.

Stock Option Grants of BridgeBio

The following table summarizes BridgeBio’s stock option activity under the Plans for the year ended December 31, 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				(369,014	)
Regular equity program		(122,763	)			$	23.92
Eidos Awards Exchange		(185,230	)			$	15.64
Exchange Program		(61,021	)			$	2.86
Cancelled				(661,314	)
Regular equity program		(620,220	)			$	28.35
Eidos Awards Exchange		(38,713	)			$	22.97
Exchange Program		(2,381	)			$	11.18
Outstanding as of December 31, 2023				12,332,442
Regular equity program		10,793,862				$	25.69		7.1	$	178,594
Eidos Awards Exchange		1,221,942				$	14.60		4.7	$	31,580
Exchange Program		316,638				$	2.19		5.3	$	12,105
Exercisable as of December 31, 2023				8,788,040
Regular equity program		7,291,814				$	27.36		6.4	$	108,772
Eidos Awards Exchange		1,182,008				$	14.22		4.7	$	30,981
Exchange Program		314,218				$	2.18		5.3	$	12,015

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 three to four years.

The weighted-average grant date fair value of options granted during the year ended December 31, 2023 was $8.48.

The aggregate intrinsic value of options outstanding and exercisable as of December 31, 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 during the year ended December 31, 2023, was $5.3 million.

For the years ended December 31, 2023, 2022, and 2021, we recognized stock-based compensation expense of $28.5 million, $39.7 million, $31.1 million, respectively, related to stock options under the Plans. As of December 31, 2023, there was $36.0 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 2.0 years.

Restricted Stock Units (RSUs) of BridgeBio

The following table summarizes BridgeBio’s RSU activity under the Plans for the year ended December 31, 2023:


	Unvested Shares of RSUs Outstanding			Weighted- Average Grant Date Fair Value
Balance as of December 31, 2022		4,108,642		$	21.60
Granted		8,993,599		$	13.58
Vested		(3,608,021	)	$	15.51
Cancelled		(551,407	)	$	17.03
Balance as of December 31, 2023		8,942,813		$	16.27

The RSUs have a service condition and generally vest over a period of two to four years.

For the years ended December 31, 2023, 2022, and 2021, we recognized stock-based compensation expense of $59.1 million, $43.1 million, $25.0 million, respectively, related to shares of RSUs under the Plans. As of December 31, 2023, there was $135.9 million of total unrecognized compensation cost related to RSUs under the Plans that is expected to be recognized over a weighted-average period of 2.9 years.

Market-Based RSUs of BridgeBio

In December 2023, the Company approved and granted performance restricted stock units under the 2021 A&R Plan to certain employees with vesting based on achievement of market capitalization targets (“market-based RSUs”), which are subject to the continued service of the employees through the vest date and are subject to accelerated vesting upon a change in control event. The achievement of the market capitalization targets will be measured based on BridgeBio market capitalization data (available on the Nasdaq.com website) meeting the targets for 20-consecutive trading days during the performance period of up to six years from the date of grant.

The respective grant-date fair value of the market-based RSUs, which aggregated to $10.8 million, was determined using the Monte Carlo valuation model and are recognized as compensation expense over the derived service period of the awards. The assumptions used in the Monte Carlo valuation included expected volatility ranging from 96.8% - 113.7%, risk free rate ranging from 4.22% - 4.35%, no expected dividend yield, expected term of three to six years and possible future market capitalization over the derived service period based on historical stock prices and market capitalization.

As of December 31, 2023, 375,000 market-based RSUs were outstanding with a weighted average grant date fair value of $28.73. For the year ended December 31, 2023, we recognized $0.7 million stock-based compensation expense related to market-based RSU awards. As of December 31, 2023, there was $10.1 million of total unrecognized compensation cost related to market-based RSUs under the Plans that is expected to be recognized over a weighted-average period of 1.2 years.

Restricted Stock Awards (RSAs) of BridgeBio

In 2019, all unvested outstanding management incentive units and common units of BBP LLC which existed prior to the reorganization and IPO were cancelled and converted into shares of BridgeBio’s RSAs.

The following table summarizes our RSA activity under the Plans for the year ended December 31, 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		211,860		$	19.14
Vested — Exchange Program		(211,860	)	$	19.14
Vested — Regular equity program		(566,605	)	$	7.20
Balance as of December 31, 2023		85,453		$	7.27

For the years ended December 31, 2023, 2022, and 2021, we recognized stock-based compensation expense related to RSAs under the Plans as follows:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Exchange Program	$	4,056	$	3,238	$	24,065
Other RSAs		4,033		5,326		6,240
Total stock-based compensation expense	$	8,089	$	8,564	$	30,305

As of December 31, 2023, there was $0.6 million of total unrecognized compensation cost related to RSAs under the Plans that is expected to be recognized over a weighted-average period of 0.1 years. The respective balances of unvested RSAs as of December 31, 2023 and 2022 are included as outstanding shares disclosed in the consolidated balance sheets as the shares were actually 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 shares of BridgeBio common stock during any offering period.

For the years ended December 31, 2023 and 2022 we recognized $2.3 million and $2.6 million, respectively, of stock-based compensation expense related to our ESPP while the stock-based compensation expense for the year ended December 31, 2021 was not material. As of December 31, 2023, 3,555,912 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 ESPP. We used the following weighted-average assumptions in the Black-Scholes calculations:


	Year Ended December 31,
	2023				2022					2021
	Stock Options		ESPP		Stock Options			ESPP		Stock Options		ESPP
Expected term (in years)	6.0			0.5	6.0				0.5	5.5 - 6.1			0.5
Expected volatility	66.2% - 67.5%		86.1% - 122.1%			65.9	%	52.0% - 191.7%		49.0% - 52.0%		47.6% - 52.0%
Risk-free interest rate	3.9% - 4.1%		3.1% - 5.5%			3.2	%	0.1% - 3.1%		0.6% - 1.3%		0.1%
Dividend yield		—		—		—			—		—		—
Weighted-average fair value of stock-based awards granted	$	8.48	$	8.22	$	5.24		$	6.29	$	23.09	$	18.31

Equity Awards of Eidos

Prior to the Merger Transactions, Eidos issued its own equity-based awards under the Eidos 2016 Equity Incentive Plan and the Eidos 2018 Stock Option and Incentive Plan, or collectively, the Eidos Plans. Upon closing of the 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, or 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.

Stock-based compensation under the Eidos Plans from January 1, 2021 until the closing of the Merger Transactions was not material.

Debt - Schedule of Future Minimum Payments under Notes (Details) $ in Thousands	Dec. 31, 2023 USD ($)
2029 Notes and Interest on 2029 Notes
Debt Instrument [Line Items]
2024	$ 16,819
2025	16,819
2026	16,819
2027	16,819
2028	16,819
Thereafter	755,908
Total future payments	840,003
Interest on 2029 Notes
Debt Instrument [Line Items]
Less amounts representing interest	(92,503)
2029 Notes
Debt Instrument [Line Items]
Total future payments	747,500
2027 Notes and Interest on 2027 Notes
Debt Instrument [Line Items]
2024	13,750
2025	13,750
2026	13,750
2027	556,875
Total future payments	598,125
Interest on 2027 Notes
Debt Instrument [Line Items]
Less amounts representing interest	(48,125)
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]
2024	30,569
2025	30,569
2026	30,569
2027	573,694
2028	16,819
Thereafter	755,908
Total future payments	1,438,128
Interest on 2027 and 2029 Notes
Debt Instrument [Line Items]
Less amounts representing interest	(140,628)
2029 Notes and 2027 Notes
Debt Instrument [Line Items]
Total future payments	$ 1,297,500

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 4,829	$ 6,245	$ 6,122
Operating cash flows for finance lease	397	423	272
Operating lease right-of-use assets obtained in exchange for operating lease obligations	$ 1,179	$ 240	$ 6,380

Intangible Assets - Additional Information (Details) - USD ($)		12 Months Ended
	Nov. 30, 2018	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 04, 2022	May 31, 2021	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Amortization expenses		$ 2,400,000	$ 2,400,000	$ 2,600,000
Amortization expenses, 2024		2,400,000
Amortization expenses, 2025		2,400,000
Amortization expenses, 2026		2,400,000
Amortization expenses, 2027		2,400,000
Amortization expenses, thereafter		16,700,000
Capitalization of finite-lived intangible asset		32,500,000	32,500,000
Accrued professional and other accrued liabilities		35,830,000	26,980,000
Other long-term liabilities		9,361,000	26,643,000
Foundation Medicine Diagnostics Agreement \| Foundation Medicine, Inc
Finite-Lived Intangible Assets [Line Items]
Capitalization of finite-lived intangible asset						$ 12,500,000
Payment Following FDA Approval of Truseltiq
Finite-Lived Intangible Assets [Line Items]
Capitalization of finite-lived intangible asset						$ 20,000,000
QED Therapeutics, Inc
Finite-Lived Intangible Assets [Line Items]
Accrued professional and other accrued liabilities		6,000,000	2,500,000
Other long-term liabilities		$ 5,000,000	$ 8,500,000
QED Therapeutics, Inc \| Foundation Medicine Diagnostics Agreement \| Foundation Medicine, Inc
Finite-Lived Intangible Assets [Line Items]
Potential regulatory milestone payments	$ 12,500,000
Regulatory milestone payments term	4 years
QED Therapeutics, Inc \| Maximum
Finite-Lived Intangible Assets [Line Items]
Potential regulatory milestone payments							$ 60,000,000
Potential sales milestone payments							$ 35,000,000
Origin-Sentynl APA \| Maximum
Finite-Lived Intangible Assets [Line Items]
Potential sales milestone payments					$ 4,500,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 375,935	$ 376,689
Marketable securities	0	51,580
Investment in equity securities	58,949	43,653
Receivable from licensing and collaboration agreements	1,751	17,079
Restricted cash	16,653	37,930
Prepaid expenses and other current assets	24,305	21,922
Total current assets	477,593	548,853
Property and equipment, net	11,816	14,569
Operating lease right-of-use assets	8,027	10,678
Intangible assets, net	26,319	28,712
Other assets	22,625	20,224
Total assets	546,380	623,036
Current liabilities:
Accounts payable	10,655	11,558
Accrued compensation and benefits	57,370	31,256
Accrued research and development liabilities	29,765	39,803
Operating lease liabilities, current portion	4,128	3,675
Deferred revenue, current portion	6,096	8,156
Accrued professional and other accrued liabilities	35,830	26,980
Total current liabilities	143,844	121,428
Term loan, net	446,445	430,993
Operating lease liabilities, net of current portion	8,981	12,274
Other long-term liabilities	9,361	26,643
Total liabilities	1,888,915	1,867,960
Commitments and contingencies (Note 9)
Redeemable convertible noncontrolling interests	478	(1,589)
Stockholders' deficit:
Undesignated preferred stock, $0.001 par value; 25,000,000 shares authorized; no shares issued and outstanding
Common stock, $0.001 par value; 500,000,000 shares authorized; 181,274,712 shares issued and 175,082,951 shares outstanding as of December 31, 2023, 156,817,333 shares issued and 150,625,572 shares outstanding as of December 31, 2022	181	157
Treasury stock, at cost; 6,191,761 shares as of December 31, 2023 and December 31, 2022	(275,000)	(275,000)
Additional paid-in capital	1,481,032	938,703
Accumulated other comprehensive income (loss)	31	(328)
Accumulated deficit	(2,560,501)	(1,918,149)
Total BridgeBio stockholders' deficit	(1,354,257)	(1,254,617)
Noncontrolling interests	11,244	11,282
Total stockholders' deficit	(1,343,013)	(1,243,335)
Total liabilities, redeemable convertible noncontrolling interests and stockholders' deficit	546,380	623,036
2029 Notes
Current liabilities:
Notes, net	736,905	734,988
2027 Notes
Current liabilities:
Notes, net	$ 543,379	$ 541,634

Debt - Schedule of Future Minimum Payments Under Term Loan Agreement (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Term Loans, Interest on Term Loans and Exit Fee of Term Loan Agreement
Debt Instrument [Line Items]
2024	$ 38,015
2025	41,560
2026	510,955
Total future payments	590,530
Term Loan Agreement
Debt Instrument [Line Items]
Total future payments	455,447
Less amounts representing interest	(126,485)
Less exit fee	$ (8,598)

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share Attributable to Common Stockholders of BridgeBio (Tables)

12 Months Ended

Dec. 31, 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 attributable to common stockholders of BridgeBio, because including them would have been antidilutive:


	As of December 31,
	2023		2022		2021
Unvested RSAs		85,453		652,058		1,789,943
Unvested RSUs		8,942,813		4,108,642		3,537,719
Unvested performance-based RSUs		3,326		7,875		69,340
Unvested market-based RSUs		375,000		—		—
Common stock options issued and outstanding		12,332,442		11,637,861		12,141,756
Estimated shares issuable under performance-based milestone compensation arrangements		4,865,250		19,201,212		13,959,588
Estimated shares issuable under the ESPP		75,889		217,660		172,927
Assumed conversion of 2027 Notes		12,878,305		12,878,305		12,878,305
Assumed conversion of 2029 Notes		7,702,988		7,702,988		7,702,988
		47,261,466		56,406,601		52,252,566

Restructuring, Impairment and Related Charges - Schedule of Activity Related to Restructuring Liabilities Associated to Restructuring Initiatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 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 14)	0	2,185
Restructuring, impairment and related charges	7,926	43,765
Cash payments	(14,697)	(25,232)
Noncash activities	0	(13,892)
Restructuring liabilities, balance	55	6,826
Accounts Payable
Restructuring Cost and Reserve [Line Items]
Restructuring liabilities, balance	896
Restructuring liabilities, balance	48	896
Accrued Compensation and Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring liabilities, balance	41
Restructuring liabilities, balance	0	41
Accrued Research and Development Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring liabilities, balance	5,889
Restructuring liabilities, balance	$ 7	$ 5,889

- 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

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

Dec. 31, 2023

USD ($)

Commitments and Contingencies Disclosure [Abstract]

Potential Fixed Monetary Amount Settlement in Cash

$ 9,406

Potential Fixed Monetary Amount Settlement in Stock

51,550

^[1]

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

129,742

Total Potential Fixed Monetary Settlement Amount

190,698

Accrued Amount Settlement in Cash

565

^[2]

Accrued Amount Settlement in Stock

9,092

^[1],[2]

Accrued Amount Settlement in Cash or stock at our sole discretion

12,572

^[2]

Total Accrued Settlement Amount

$ 22,229

^[2]

[1]	Includes the performance-based milestone awards that were granted as part of the Exchange Program further discussed in Note 16.
[2]	Amount recorded for performance-based milestone awards that are probable of achievement.

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Components of Lease Cost

The components of lease cost are as follows:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Straight line operating lease costs	$	4,032	$	5,172	$	5,611
Finance lease costs		420		443		402
Variable lease costs		6,844		6,142		4,243
Total lease cost	$	11,296	$	11,757	$	10,256

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases are as follows:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	4,829	$	6,245	$	6,122
Operating cash flows for finance lease		397		423		272
Operating lease right-of-use assets obtained in exchange for operating lease obligations		1,179		240		6,380

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:


	December 31,
	2023			2022
Weighted-average remaining lease term (in years)
Operating leases		4.7			5.3
Finance lease		2.1			3.1
Weighted-average discount rate
Operating leases		6.0	%		6.0	%
Finance lease		6.6	%		6.6	%

Schedule of Future Minimum Lease Payments for Noncancelable Leases

As of December 31, 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)
Year ending December 31:
2024		4,768
2025		3,949
2026		1,880
2027		860
Thereafter		3,418
Total future minimum lease payments		14,875
Imputed interest		(1,766	)
Total	$	13,109

Balance as of December 31, 2023
Operating lease liabilities, current portion	$	4,128
Operating lease liabilities, net of current portion		8,981
Total operating lease liabilities	$	13,109

Cash Equivalents and Marketable Securities - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 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	$ 0
Short-term marketable securities contractual maturities		6 months

Consolidated Statements of Redeemable Convertible Noncontrolling Interests and Stockholders' Equity (Deficit) (Parenthetical) $ in Thousands	Dec. 31, 2021 USD ($)
Statement of Stockholders' Equity [Abstract]
Repurchase of Eidos noncontrolling interests for cash and shares, transaction costs	$ 70,734

Fair Value Measurements - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	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	$ 0
Fair value liabilities, transfers between Level 1, Level 2 or Level 3	0	0
LEO call option liability				$ 0
Gain on remeasurement of LEO call option liability	0	0	$ (5,550,000)
Equity security investment	58,949,000	43,653,000
Estimated fair value of outstanding term loan	389,100,000	377,200,000
LianBio
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity security investment	22,400,000	8,200,000
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity security investment	58,900,000	43,700,000
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			$ 747,500,000	$ 717,500,000
Estimated fair value of notes payable	638,700,000	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					$ 550,000,000
Estimated fair value of notes payable	$ 695,800,000	$ 218,600,000

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

18.

Income Taxes

The following table presents the components of net loss before income taxes:


	Year Ended December 31,
	2023		2022			2021
	(in thousands)
Domestic	$	565,840	$	485,079		$	586,478
Foreign		87,411		(427	)		(24	)
Total loss before income taxes	$	653,251	$	484,652		$	586,454

There was no current or deferred income tax expense or benefit (domestic and foreign) for the years ended December 31, 2023, 2022, and 2021.

The following table presents a reconciliation of the statutory federal rate and our effective tax rate:


	Year Ended December 31,
	2023				2022				2021
Tax at statutory federal rate		21.0		%		21.0		%		21.0		%
Change in valuation allowance		(20.3	)			(21.7	)			(25.6	)
Research and development credits		2.3				3.2				3.9
Stock-based compensation		0.6				(1.8	)			1.2
Disallowed executive compensation		(0.8	)			—				—
Pellepharm deconsolidation		(1.4	)			—				—
Foreign rate differential		(1.2	)			—				—
Other		(0.2	)			(0.7	)			(0.5	)
Effective income tax rate		—		%		—		%		—		%

Significant components of our deferred tax assets and liabilities are as follows:


	December 31,
	2023			2022
	(in thousands)
Deferred tax assets:
Net operating loss carry-forwards	$	358,867		$	325,830
Amortization		10,024			9,172
Accruals and reserves		6,453			5,261
Deferred revenue		2,130			—
Stock-based compensation		21,340			16,134
Tax credits		97,735			86,012
Operating lease liabilities		3,153			3,075
Deferred income from asset sale		2,333			2,391
Capitalized research and experimental expenditures		144,873			77,190
Deferred interest expense		26,596			13,154
Property and equipment		822			600
Other		4,230			268
Gross deferred tax assets		678,556			539,087
Less valuation allowance		(672,084	)		(533,929	)
Deferred tax assets, net of valuation allowance		6,472			5,158
Deferred tax liabilities:
Property and equipment		—			—
Operating lease right-of-use assets		(1,784	)		(2,001	)
Unrealized gains and losses		(4,688	)		(3,157	)
Deferred tax liabilities		(6,472	)		(5,158	)
Net deferred tax assets (liabilities)	$	—		$	—

As of December 31, 2023, we have net operating loss carryforwards available to reduce future taxable income, if any, for federal and state income tax purposes of approximately $1.6 billion and $280.8 million, respectively. The federal net operating losses generated prior to 2018 amounting to $28.8 million will begin to expire in 2036, losses generated after 2018 amounting to $1.5 billion will carry over indefinitely and would be subject to an 80% taxable income limitation in the year utilized. State net operating losses will generally begin to expire in 2036.We also have foreign net operating loss carryforwards of $86.1 million available to reduce future taxable income, if any, which will begin to expire in 2030.

As of December 31, 2023, we had federal research and development and orphan drug credit carryforwards of $102.2 million, which will expire beginning in 2036 if not utilized. As of December 31, 2023, we have California and other state research and development tax credit carryforwards of $22.4 million. The state research and development tax credits will expire at various dates while the California research and development tax credits will carry over indefinitely.

Beginning in 2022, the 2017 Tax Cuts and Jobs Act amended Section 174 to eliminate current-year deductibility of research and experimentation (R&E) expenditures and software development costs (collectively, R&E expenditures) and instead require taxpayers to charge their R&E expenditures to a capital account amortized over five years (15 years for expenditures attributable to R&E activity performed outside the United States). The Company generates a deferred tax asset for capitalized R&E expenditures for the year ended December 31, 2023 which is fully offset with a valuation allowance.

A valuation allowance is provided for deferred tax assets where the recoverability of the assets is uncertain. The determination to provide a valuation allowance is dependent upon the assessment of whether it is more likely than not that sufficient future taxable income will be generated to utilize the deferred tax assets. Based on the weight of the available evidence, which includes our historical operating losses and forecast of future losses, we provided a valuation allowance against the U.S. federal, state, and foreign deferred tax assets resulting from the tax loss and credits carried forward. The valuation allowance increased by $138.2 million, $110.0 million, and $199.5 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Utilization of the net operating loss and credit carryforwards may be subject to a substantial annual limitation due to an ownership change limitation as provided by section 382 of the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before utilization. In the event that we had a change of ownership, utilization of the net operating loss and tax credit carryforwards may be restricted.

As of December 31, 2023, we had an immaterial amount of undistributed earnings of our non-U.S. subsidiaries for which we have not provided for non-U.S. withholding taxes and state taxes because such earnings are intended to be reinvested indefinitely in international operations. The amount of applicable taxes due if such earnings were distributed would be immaterial. Accordingly, we have not provisioned U.S. state taxes and foreign withholding taxes on non-U.S. subsidiaries for which the earnings are permanently reinvested.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	December 31,
	2023			2022
	(in thousands)
Balance at the beginning of the year	$	27,013		$	21,254
Additions of prior year positions		10			724
Reductions of prior year positions		(2,504	)		—
Additions based on tax positions related to current year		6,337			5,035
Balance at the end of the year	$	30,856		$	27,013

As of December 31, 2023 and 2022, we have not recorded interest and penalties associated with our unrecognized tax benefits. Our policy is to recognize interest and penalties related to income tax matters in income tax expense.

Our unrecognized gross tax benefits would not reduce the annual effective tax rate if recognized because we have recorded a valuation allowance on our deferred tax assets.

We file federal and various income tax returns. We currently have no federal or state tax examinations in progress. All years are open for examination by federal and state authorities.

On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022, or 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Net loss	$ (653,251)	$ (484,652)	$ (586,454)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	108,710	91,559	99,505
Depreciation and amortization	6,494	6,771	5,843
Noncash lease expense	4,032	5,172	5,611
Accrual of payment-in-kind interest on term loan	10,207	13,562	0
Loss on deconsolidation of PellePharm	1,241	0	0
(Gain) loss from investment in equity securities, net	(18,314)	8,222	(29,914)
Fair value of shares issued under a license agreement	0	4,567	0
Accretion of debt	8,907	8,570	5,795
Fair value adjustment of warrants	(984)	1,571	1,197
Loss on sale of certain assets	0	6,261	0
Impairment of long-lived assets	0	12,720	0
Gain from sale of priority review voucher, excluding transaction costs	0	(110,000)	0
Gain from recognition of receivable from licensing and collaboration agreement	0	(12,500)	0
LEO call option income	0	0	(5,550)
Loss on early extinguishment of debt	0	0	3,337
Other noncash adjustments	181	604	7,092
Changes in operating assets and liabilities:
Receivable from licensing and collaboration agreements	15,328	15,169	(19,749)
Prepaid expenses and other current assets	(2,702)	7,671	(4,262)
Other assets	(1,546)	10,971	(9,816)
Accounts payable	2,780	(349)	2,833
Accrued compensation and benefits	7,802	(2,362)	7,378
Accrued research and development liabilities	(9,855)	(4,309)	11,178
Operating lease liabilities	(4,829)	(6,245)	(6,122)
Deferred revenue	(5,438)	15,262	0
Accrued professional and other liabilities	3,517	(7,729)	14,164
Net cash used in operating activities	(527,720)	(419,494)	(497,934)
Investing activities:
Purchases of marketable securities	(29,726)	(137,493)	(589,892)
Maturities of marketable securities	82,550	479,688	380,200
Sales of marketable securities	0	0	62,691
Purchases of investment in equity securities	(107,538)	(55,562)	(53,383)
Sales of investment in equity securities	110,556	52,835	34,150
Decrease in cash and cash equivalents resulting from deconsolidation of PellePharm	(503)	0	0
Increase in cash and cash equivalents from consolidation of PellePharm	0	0	13,654
Payment for intangible assets	0	(1,500)	(35,000)
Proceeds from sale of priority review voucher	0	110,000	0
Proceeds from sale of certain assets	0	10,000	0
Purchases of property and equipment	(1,306)	(4,821)	(13,246)
Net cash provided by (used in) investing activities	54,033	453,147	(200,826)
Financing activities:
Proceeds from issuance of common stock through Private Placement offering, net	240,796	0	0
Proceeds from issuance of common stock through Follow-on offering, net	144,049	0	0
Proceeds from issuance of common stock through ATM offering, net	64,965	4,852	0
Proceeds from issuance of 2029 Notes	0	0	747,500
Issuance costs and discounts associated with issuance of 2029 Notes	0	0	(16,064)
Purchase of capped calls	0	0	(61,295)
Repurchases of common stock	0	0	(200,000)
Transactions with noncontrolling interests	(801)	0	3,500
Repurchase of Eidos noncontrolling interest, including direct transaction costs	0	0	(85,090)
Proceeds from term loan, net of issuance costs	0	0	456,296
Repayment of term loan	0	(20,486)	(124,119)
Proceeds from BridgeBio common stock issuances under ESPP	3,398	2,558	3,821
Repurchase of RSU shares to satisfy tax withholding	(6,880)	(1,561)	(4,746)
Proceeds from stock option exercises, net of repurchases	6,008	666	16,643
Other financing activities	0	837	0
Net cash provided by (used in) financing activities	451,535	(13,134)	736,446
Net increase (decrease) in cash, cash equivalents and restricted cash	(22,152)	20,519	37,686
Cash, cash equivalents and restricted cash at beginning of period	416,884	396,365	358,679
Cash, cash equivalents and restricted cash at end of period	394,732	416,884	396,365
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	61,108	54,443	29,774
Supplemental Disclosures of Noncash Investing and Financing Information:
Unpaid property and equipment	100	47	563
Leasehold improvements paid by landlord	0	0	2,449
Recognized intangible asset recorded in "Other accrued and other long-term liabilities"	0	11,000	12,500
Transfers (to) from noncontrolling interests (Note 6)	(10,534)	(3,512)	(2,124)
Noncash contribution by a noncontrolling interest	0	0	21,600
Payment-in-kind interest added to principal of term loan	0	1,763	0
Unpaid debt issuance costs	0	0	1,120
Net noncash portion of repurchase of Eidos noncontrolling interests	0	0	38,168
Direct transaction costs in the repurchase of Eidos recorded in additional paid-in capital previously classified in prepaid expenses and other current assets	0	0	8,749
Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Cash and cash equivalents	375,935	376,689	393,772
Restricted cash	16,653	37,930	177
Restricted cash - Included in "Other assets"	2,144	2,265	2,416
Total cash, cash equivalents and restricted cash at end of periods	$ 394,732	$ 416,884	$ 396,365

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 9,303	$ 77,648	$ 69,716
Operating costs and expenses:
Cost of revenue	2,446	3,434	3,114
Research and development	455,711	399,462	451,024
Selling, general and administrative	150,590	143,189	192,210
Restructuring, impairment and related charges	7,926	43,765	0
Total operating costs and expenses	616,673	589,850	646,348
Loss from operations	(607,370)	(512,202)	(576,632)
Other income (expense), net:
Interest income	18,038	7,542	1,133
Interest expense	(81,289)	(80,438)	(46,778)
Gain from sale of priority review voucher, net	0	107,946	0
Other income (expense), net	17,370	(7,500)	35,823
Total other income (expense), net	(45,881)	27,550	(9,822)
Net loss	(653,251)	(484,652)	(586,454)
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests	10,049	3,469	23,915
Net loss attributable to common stockholders of BridgeBio	$ (643,202)	$ (481,183)	$ (562,539)
Net loss per share attributable to common stockholders of BridgeBio, basic	$ (3.95)	$ (3.26)	$ (3.9)
Net loss per share attributable to common stockholders of BridgeBio, diluted	$ (3.95)	$ (3.26)	$ (3.9)
Weighted-average shares used in computing net loss per share attributable to common stockholders of BridgeBio, basic	162,791,511	147,473,076	144,356,619
Weighted-average shares used in computing net loss per share attributable to common stockholders of BridgeBio, diluted	162,791,511	147,473,076	144,356,619

Restructuring, Impairment and Related Charges - Summary of Restructuring, Impairment and Related Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring and Related Activities [Abstract]
Long-lived assets impairments and write-offs	$ 0	$ 12,720	$ 0
Severance and employee-related costs	715	10,306
Winding down, exit and other related costs	7,211	20,739
Total	$ 7,926	$ 43,765

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

20.

Subsequent Events

Funding Agreement

On January 17, 2024, the Company and its subsidiaries, Eidos Therapeutics, Inc., BridgeBio Europe B.V. and BridgeBio International GmbH (collectively, the “Seller Parties”), entered into a Funding Agreement (the “Funding Agreement”) with LSI Financing 1 Designated Activity Company and CPPIB Credit Europe S.à r.l. (together, the “Purchasers”), and Alter Domus (US) LLC, as the collateral agent.

Pursuant to the Funding Agreement, the Purchasers agreed to pay to the Company $500.0 million (net of certain transaction expenses) (“Investment Amount”) upon the first FDA approval of acoramidis, subject to certain conditions relating to the FDA approval and other customary conditions (such date of payment, “Funding Date”).

In return, the Company granted the Purchasers the right to receive payments (the “Royalty Interest Payments”) equal to 5% of the global Net Sales of acoramidis (“Net Sales”). Each Royalty Interest Payment will become payable to the Purchasers on a quarterly basis after the Funding Date. In addition, the Seller Parties granted the collateral agent, for the benefit of the Purchasers, a security interest in specific assets related to acoramidis.

The Purchasers’ rights to the Royalty Interest Payments and ownership interest in Net Sales will terminate upon the earlier of the Purchasers’ receipt of (a) Royalty Interest Payments equal to $950.0 million (“Cap Amount”) and (b) a buy-out payment (“Buy-Out Payment”) in an amount determined in accordance with the Funding Agreement but that will not exceed the Cap Amount. In the event that a change in control (as customarily defined in the Funding Agreement) occurs on or after the effective date of the Funding Agreement and prior to FDA approval of acoramidis, either party may terminate the Funding Agreement and the Seller Parties shall make a one-time payment of $25.0 million (in the aggregate) to the Purchasers. Under certain conditions, including conditions relating to sales performance of acoramidis by or on behalf of the Company, the rate of the Royalty Interest Payments may adjust to a maximum rate of 10% in 2027.

The Funding Agreement will terminate upon customary events, and also in the event the Funding Date does not occur on or prior to May 15, 2025 (in which case either party may terminate the Funding Agreement at no charge and without premium or penalty).

Under the Funding Agreement, the Seller Parties are required to comply with various covenants, including using commercially reasonable efforts to obtain regulatory approval for and commercialize acoramidis, providing the Purchasers with certain clinical, commercial, regulatory and intellectual property updates and certain financial statements, and providing notices upon the occurrence of certain events, each as agreed under the Funding Agreement. The Funding Agreement also contains certain representations and warranties, indemnification obligations, put-option events and other provisions that are customary for transactions of this nature.

Financing Agreement

On January 17, 2024, the Company entered into a Financing Agreement (the “Financing Agreement”) with certain of its subsidiaries party thereto as guarantors, the lenders party thereto (the “Lenders”) and Blue Owl Capital Corporation, as administrative agent for the Lenders (the “Administrative Agent”), which was amended on February 12, 2024.

Pursuant to the terms and conditions of the Financing Agreement, the Lenders have agreed to extend a senior secured credit facility to the Company in an aggregate principal amount of up to $750.0 million, comprised of (i) an initial term loan in an aggregate principal amount of $450.0 million (the “Initial Term Loan”) and (ii) one or more incremental term loans in an aggregate amount not to exceed $300.0 million (collectively, the “Incremental Term Loan,” and together with the Initial Term Loan, collectively, the “Term Loans”), subject to the satisfaction of certain terms and conditions set forth in the Financing Agreement. The Initial Term Loan was funded on January 17, 2024. Incremental Term Loans are available at the Company’s and the Lenders’ mutual consent from time to time after January 17, 2024.

The obligations of the Company under the Financing Agreement are and will be guaranteed by certain of the Company’s existing and future direct and indirect subsidiaries, subject to certain exceptions (such subsidiaries, collectively, the “Guarantors”). As security for the obligations of the Company and the Guarantors, each of the Company and the Guarantors are required to grant to the Administrative Agent, for the benefit of the Lenders and secured parties, a continuing first priority security interest in substantially all of the assets of the Company and the Guarantors (including all equity interests owned or hereafter acquired by the Company and the Guarantors), subject to certain customary exceptions.

Any outstanding principal on the Term Loans will initially bear interest at a rate per annum equal to (A) in the case of Term Loans bearing interest based on the base rate defined in the Financing Agreement (and which base rate will not be less than 2.00%), the sum of (i) the base rate plus (ii) 5.75% and (B) in the case of Term Loans bearing interest based on the three-month forward-looking term secured overnight financing rate administered by the Federal Reserve Bank of New York (“Term SOFR”), the sum of (i) three-month Term SOFR (subject to 1.00% per annum floor), plus (ii) 6.75%. Accrued interest is payable quarterly following the funding of the Initial Term Loan on the Closing Date, on any date of prepayment or repayment of the Term Loans and at maturity.

The Company will be required to make principal payments of $22.5 million on the outstanding balance of the Initial Term Loan commencing on June 30, 2027 in quarterly installments (the “Scheduled Amortization Payments”); provided that if the Company achieves a senior total net leverage ratio of less than or equal to 5.00:1.00, up to four (4) Scheduled Amortization Payments may be deferred for a period of one fiscal quarter each. Such Scheduled Amortization Payments would be reduced in connection with voluntary or mandatory prepayments, if any, of the Initial Term Loans. Incremental Term Loans, if any, will be payable in accordance with their respective amortization schedules. Additionally, if the Company’s market capitalization is less than $1.5 billion at any time after January 17, 2024, the Company shall also be required to make additional quarterly principal payments of $10.0 million on the outstanding balance of the Initial Term Loan (the “Special Amortization Payments”) commencing with the first quarterly installment payment date occurring thereafter. The outstanding balance of the Term Loans, if not repaid sooner, shall be due and payable in full on the maturity date thereof. The stated maturity date of the Term Loans is January 17, 2029, with two springing earlier maturity dates at 91 days prior to the stated maturity dates of the Company’s outstanding convertible senior notes, in each case to the extent there is an aggregate outstanding amount of such notes of more than $50.0 million on such dates. The Company may prepay the Term Loans at any time (in whole or in part) or be required to make mandatory prepayments upon the occurrence of certain customary prepayment events. In certain instances and during certain time periods, these prepayments will be subject to customary prepayment fees. The amount of any such prepayment fee may vary, but the maximum amount that may be due with any such prepayment would be an amount equal to 3.00% of the Term Loans being prepaid at such time, plus a customary make whole amount.

The Financing Agreement contains affirmative covenants and negative covenants applicable to the Company and its subsidiaries that are customary for financings of this type. Such covenants, among other items, limit the Company’s and its subsidiaries’ ability to (i) incur additional permitted indebtedness, (ii) pay dividends or make certain distributions, (iii) dispose of its and their assets, grant liens and license or permit other encumbrances on its and their assets, (iv) fundamentally alter the nature of their businesses and (v) enter into certain transactions with affiliates. The Company and the Guarantors are also required to maintain a minimum unrestricted cash balance of $70.0 million at all times. The Company and its subsidiaries are permitted to license their intellectual property, dispose of other assets and enter into monetization and royalty transactions, in each case, subject to satisfaction of certain terms and conditions. The Financing Agreement also includes representations, warranties, indemnities and events of default that are customary for financings of this type, including an event of default relating to a change of control of the Company. Upon the occurrence of an event of default, the Lenders may, among other things, accelerate the Company’s obligations under the Financing Agreement.

Loan and Security Agreement

On January 17, 2024, the Company repaid all outstanding principal and accrued interest and fees under the Loan and Security Agreement, dated as November 17, 2021 (as amended to date, the “Existing Loan Agreement”), by and among the Company, as borrower, certain of the Company’s subsidiaries party thereto as guarantors, the lenders party thereto and U.S. Bank National Association, as administrative agent and collateral agent (such repayment, the “Refinancing”), which Refinancing was funded with the proceeds of the Initial Term Loan and cash on hand. The Existing Loan Agreement was effectively terminated, and all guarantees and liens granted thereunder were released, on January 17, 2024 upon the consummation of the Refinancing.

Kyowa Kirin Exclusive License

On February 7, 2024, the Company’s subsidiary, QED, and Kyowa Kirin Co., Ltd (“Kyowa Kirin”) entered into a partnership wherein QED granted Kyowa Kirin an exclusive license to develop, manufacture, and commercialize infigratinib for achondroplasia, hypochondroplasia, and other skeletal dysplasias in Japan, in accordance with the terms therein. In exchange, QED will receive an upfront payment of $100.0 million and will be eligible to receive royalties up to the high-twenties percent on sales of infigratinib in Japan, with the potential to receive additional development and sales-based milestone payments.

Organization and Description of Business

12 Months Ended

Dec. 31, 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”, or “us”). BridgeBio is headquartered in Palo Alto, California.

License and Collaboration Agreements - Additional Information (Details) - USD ($)		1 Months Ended						3 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	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022	Feb. 28, 2022
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue									$ 9,303,000	$ 77,648,000	$ 69,716,000
Deferred revenue, current portion				$ 8,156,000					6,096,000	8,156,000
Receivable from licensing and collaboration agreements				17,079,000					1,751,000	17,079,000
Research and development									455,711,000	399,462,000	451,024,000
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	1,500,000	8,900,000
Helsinn Therapeutics
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Close-out plan costs subject to reimbursement									$ 6,000,000
Percentage of close-out plan costs, subject to reimbursement									50.00%
Receivable from licensing and collaboration agreements				16,300,000					$ 600,000	16,300,000
Reimbursable Payment Received				15,000,000
QED Therapeutics, Inc
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Close-out plan costs			$ 11,000,000						7,200,000
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 \| Helsinn Therapeutics
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage share of global development costs	60.00%
License and Collaboration Agreement \| Helsinn Therapeutics \| License and Services Revenue \| ASC 606
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue											56,000,000
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 commercial contracted activities									12,500,000
Reimbursable payment outstanding									31,300,000
License and Collaboration Agreement \| QED Therapeutics, Inc \| Helsinn Therapeutics
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Initial transaction price for the license and collaboration agreement	$ 46,000,000								56,000,000		56,000,000
Nonrefundable upfront license fee	20,000,000
Sale of certain existing inventory	1,000,000
Launch milestone payment	$ 25,000,000
Allocation of transaction price to licenses									54,400,000
Increase in initial transaction price for license and collaboration agreement								$ 10,000,000
Allocation of transaction price to transfer of certain existing inventory									1,600,000
License and Collaboration Agreement \| QED Therapeutics, Inc \| Helsinn Therapeutics \| ASC 808
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development									3,000,000	21,500,000	38,400,000
License and Collaboration Agreement \| Navire Pharma, Inc \| BMS
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payments									0
Initial transaction price for the license and collaboration agreement									90,000,000
Allocation of transaction price to licenses									70,200,000
Allocation Of transaction price for research and development									19,800,000
Revenue									7,400,000	74,700,000
Deferred revenue				15,300,000					9,900,000	15,300,000
Deferred revenue, current portion				8,200,000					6,100,000	8,200,000
Deferred revenue, noncurrent				$ 7,100,000					3,800,000	7,100,000
License and Collaboration Agreement \| Navire Pharma, Inc \| LianBio
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Initial transaction price for the license and collaboration agreement									8,000,000
License and Collaboration Agreement \| Navire Pharma, Inc \| Revenue \| BMS
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue									5,400,000	4,500,000
Foundation Medicine Diagnostics Agreement \| QED Therapeutics, Inc \| Foundation Medicine, Inc
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Reimbursable remaining due in eleven equal monthly commencing installments		$ 1,000,000
Reimbursable remaining commencing installments		$ 11,000,000
Receivable from licensing and collaboration agreements			$ 5,300,000
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 \| LianBio \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Future potential development and sales milestone payments yet to receive					$ 382,100,000
License Agreement \| Navire Pharma, Inc \| BMS \| License and Services Revenue
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue									2,000,000
License Agreement \| Navire Pharma, Inc \| LianBio \| License and Services Revenue
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue									1,100,000	$ 500,000
Alexion License Agreements \| Eidos
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront nonrefundable payment received							$ 25,000,000
Regulatory milestone payment receivable subject to achievement of regulator milestones									30,000,000
Alexion License Agreements \| Maximum \| Eidos
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Future potential regulatory milestones									$ 30,000,000
Alexion Agreements \| Eidos
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue							26,700,000
Upfront nonrefundable payment received							$ 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

Other Equity Investments

12 Months Ended

Dec. 31, 2023

Equity Method And Cost Method Investment [Abstract]

Other Equity Investments

LianBio

In October 2019, BBP LLC entered into an exclusivity agreement with LianBio, pursuant to which BBP LLC received equity in LianBio representing a 10% ownership interest. The equity interest was issued in consideration for certain rights of first negotiation and rights of first offer granted by BBP LLC to LianBio with respect to specified transactions covering intellectual property rights owned or controlled by BBP LLC or its affiliates in certain territories outside the United States. The equity interest gave BBP LLC the right to appoint or remove one director to the board of directors of LianBio, and, therefore, can exercise significant influence over LianBio. As a result, we had accounted for this investment under the equity method and LianBio was considered a related party.

On November 1, 2021, LianBio completed its IPO. Upon completion of the LianBio IPO, BBP LLC’s ownership in LianBio was reduced to approximately 4.7% of LianBio’s fully-diluted equity and, pursuant to the exclusivity agreement, BBP LLC’s right to appoint or remove one director to the board of directors of LianBio was terminated. BBP LLC no longer exercises significant influence over LianBio; and, therefore, we started accounting for BBP LLC’s equity interest in LianBio under ASC 321. LianBio is also no longer considered a related party. Consequently, we recognized a $68.5 million gain on conversion from equity method investment to investment in equity securities which is presented as part of “Other income (expense), net” in our consolidated statement of operations for the year ended December 31, 2021. For the years ended December 31, 2023, 2022 and 2021, we recorded unrealized gain of $14.2 million, and unrealized losses of $22.6 million and $37.7 million, respectively, for the ongoing mark-to-market adjustments of our investment, see Note 3.

Pursuant to a License Agreement entered into in October 2019 between QED and LianBio, or the QED-LianBio License Agreement (see Note 11), QED also received warrants which entitle 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 years ended December 31, 2023, 2022 and 2021.

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 consolidated statements of operations as part of “Other income (expense), net”. The LianBio Warrant, which is presented as part of “Other assets” in our consolidated balance sheets, had a fair value of $1.6 million and $0.6 million as of December 31, 2023 and 2022, respectively.

On February 13, 2024, LianBio announced plans to wind down its operations, including the sale of its remaining assets, delisting of its American Depository Shares from the Nasdaq Global Market, deregistration under Section 12(b) of the Securities Act of 1934, and workforce reductions. LianBio's Board of Directors has also declared a special cash dividend of $4.80 per ordinary share which is expected to be received by the Company on March 14, 2024, net of applicable depositary fees of $0.05 per shares held and applicable taxes. On February 20, 2024, QED exercised the 347,569 shares of LianBio warrants it held for an immaterial amount. As of February 22, 2024, the Company held 5,350,361 shares of LianBio common stock. We are currently evaluating the impact LianBio's wind down of operations may have on the QED-LianBio License Agreement and our operations.

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 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, BridgeBio deconsolidated PellePharm effective during the three months ended March 31, 2023 and recognized a loss of $1.2 million which is presented as part of “Other expense, net” on the consolidated statements of operations.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

The consolidated financial statements include the accounts of BridgeBio Pharma, Inc., 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 consolidated statements of operations equal to the percentage of the economic or ownership interests 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 consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or U.S. GAAP 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, and our cash flows for the periods presented. The results of operations for the years ended December 31, 2023, 2022 and 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any other future annual or interim period.

Variable Interest Entities and Voting Interest Entities

BridgeBio consolidates those entities in which it has a direct or indirect controlling financial interest based on either the VIE model or the VOE model.

VIEs are entities that, by design, either (i) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties; or (ii) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity.

The primary beneficiary of a VIE is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE through its interest in the VIE.

To assess whether BridgeBio has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, BridgeBio considers all the facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes identifying the activities that most significantly impact the VIE’s economic performance and identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE (management and representation on the Board of Directors) and have the right to unilaterally remove those decision-makers are deemed to have the power to direct the activities of a VIE.

To assess whether BridgeBio has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, BridgeBio considers all of its economic interests, which primarily include equity investments in preferred and common stock and issuance of notes that are convertible into preferred stock, that are deemed to be variable interests in the VIE. This assessment requires BridgeBio to apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing the significance include: the design of the VIE, including its capitalization structure, subordination of interests, payment priority, relative share of interests held across various classes within the VIE’s capital structure, and the reasons why the interests are held by BridgeBio.

At the VIE’s inception, BridgeBio determines whether it is the primary beneficiary and if the VIE should be consolidated based on the facts and circumstances. We have determined that the consolidated VIEs, in which BridgeBio is the primary beneficiary, individually meet the definition of a business. There are no significant restrictions on the assets and liabilities of BridgeBio’s consolidated VIEs. BridgeBio then performs ongoing reassessments of the VIE based on reconsideration events and reevaluates whether a change to the consolidation and disclosure conclusions are required each reporting period.

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, directly or indirectly, has greater than 50% of the voting shares and that other equity holders do not have substantive voting, participating, or liquidation rights. Refer to Note 5.

Equity Method and Other Equity Investments

As of December 31, 2020, we had an equity method and equity security investments in PellePharm. The equity security investments in PellePharm were without a readily determinable fair value and were carried at cost less impairment plus or minus observable price changes. PellePharm became a consolidated VIE in April 2021 under ASC 810, Consolidation. 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, BridgeBio deconsolidated PellePharm effective during the three months ended March 31, 2023.

As of December 31, 2020, we had an equity method investment in LianBio representing ordinary shares held by BridgeBio Pharma, LLC (“BBP LLC”). In November 2021, we no longer held significant influence over LianBio and therefore began accounting for the investment in LianBio under ASC 321, Investments — Equity Securities.

Refer to Note 7 for further discussion on the PellePharm and LianBio investments, both of which were no longer accounted for as equity method investments as of December 31, 2021. We no longer have any equity method investments as of December 31, 2023 and 2022.

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 and for the years ended December 31, 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 expects 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’ clinical trials in the past. While we have not had any recent concerns, 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 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 public health emergency or 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 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 consolidated financial statements, and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying 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 (“ASC 606”),

•

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 are believed to be reasonable. Actual results may differ from those estimates or assumptions.

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, treasury bills 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. We classify our marketable securities as available-for-sale securities and report them at fair value in cash equivalents or marketable securities on the 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 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 consolidated balance sheets that sum to the total of the amounts shown in the consolidated statements of cash flows:


	December 31,
	2023		2022		2021
	(in thousands)
Cash and cash equivalents	$	375,935	$	376,689	$	393,772
Restricted cash		16,653		37,930		177
Restricted cash, non-current — included in “Other assets”		2,144		2,265		2,416
Total cash, cash equivalents and restricted cash shown on the consolidated statements of cash flows	$	394,732	$	416,884	$	396,365

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 10. 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 11. As of December 31, 2023 and 2022, restricted cash related to this agreement was $16.5 million and $37.8 million, respectively, which is presented as part of “Restricted cash” on the consolidated balance sheets.

Additionally, under certain lease agreements and letters of credit, we have pledged cash and cash equivalents as collateral. As of December 31, 2023, restricted cash related to such agreements was $0.1 million and $2.1 million, which is presented as part of “Restricted cash” and “Other assets”, respectively, on the consolidated balance sheets. As of December 31, 2022, restricted cash related to such agreements was $0.1 million and $2.3 million, respectively, which is presented as part of “Restricted Cash” and “Other Assets”, respectively, on the consolidated balance sheets.

Investment in Equity Securities

We have investment in equity securities of public companies starting in 2021. We measure the fair value of our investment in equity securities at each reporting period in accordance with ASC 321, Investments — Equity Securities. Changes in fair value resulting from observable price changes are included in “Other income (expense), net” in our consolidated statements of operations. Upon sale of an equity security, any realized gain or loss is recognized in our consolidated statements of operations. We generally classify our investment in equity securities as a noncurrent asset, unless we intend to liquidate these investments to fund current operations, in which case we would classify these investments as a current asset.

Fair Value Measurements

Assets and liabilities recorded at fair value on a recurring basis in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:

Level 1 — Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2 — Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment we exercise in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The carrying amounts reflected in the accompanying consolidated balance sheets for cash and cash equivalents, restricted cash, receivable from licensing and collaboration agreements, prepaid expenses and other current assets, accounts payable, and accrued expenses approximate their fair values, due to their short-term nature.

Property and Equipment, net

Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization of property and equipment are calculated using the straight-line method over the estimated useful lives of the respective assets. Maintenance and repairs that do not improve or extend the life of the assets are expensed when incurred. Upon sale or retirement of assets, the cost and accumulated depreciation and amortization are removed from the consolidated balance sheets and any resulting gain or loss is reflected in the consolidated statement of operations in the period realized.

The estimated useful lives of our property and equipment are as follows:



Furniture and office equipment		3 - 5 years
Laboratory and machinery equipment		5 - 15 years
Leasehold improvements		Shorter of remaining lease term or estimated useful life of the related asset

Depreciation and amortization expense of property and equipment was $4.1 million, $4.1 million and $3.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Leases

Our lease portfolio includes leases for our corporate headquarters, office spaces, and laboratory facilities. We determine if an arrangement is a lease at the inception of the contract. The asset component of our operating leases is recorded as “Operating lease right-of-use assets”, and the liability component is recorded as “Operating lease liabilities, current portion” and “Operating lease liabilities, net of current portion” in our consolidated balance sheets. The asset component of our finance leases is included in “Property and equipment, net”, and current and noncurrent finance lease liabilities are presented as part of “Accrued professional and other accrued liabilities” and “Other long-term liabilities”, respectively, in our consolidated balance sheets. Assets under finance leases are depreciated in a manner similar to other property and equipment.

Right-of-use assets and lease liabilities are recognized based on the present value of lease payments over the lease term at the lease commencement date. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, we use an incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments. Right-of-use assets are adjusted for lease incentive amounts expected to be received. On the lease commencement date, we estimate and include in our lease payments any lease incentive amounts based on future events when (1) the events are within our control and (2) the event triggering the right to receive the incentive is deemed reasonably certain to occur. If the lease incentive received is greater or less than the amount recognized at lease commencement, we recognize the difference as an adjustment to right-of-use asset and/or lease liability, as applicable.

Right-of-use assets and lease liabilities are remeasured upon certain modifications to leases using the present value of remaining lease payments and estimated incremental borrowing rate upon lease modification. Operating lease cost is recognized on a straight-line basis over the lease term, and includes amounts related to short-term leases. For finance leases, we record interest expense on the lease liability in addition to amortizing the right-of-use asset, which is generally straight-line, over the shorter of the lease term or the useful life of the right-of-use asset. We recognize variable lease payments as operating expenses in the period in which the obligation for those payments is incurred. Variable lease payments primarily include common area maintenance, utilities, real estate taxes, insurance, and other operating costs that are passed on from the lessor in proportion to the space we lease.

Asset Acquisitions

We measure and recognize asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets, which includes transaction costs. Goodwill is not recognized in asset acquisitions. In an asset acquisition, the cost allocated to acquire in-process research and development, or IPR&D, with no alternative future use is charged to research and development expense at the acquisition date.

Impairment of Long-Lived Assets

Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amount of an asset group to the future net undiscounted cash flows that the assets are expected to generate. If the carrying amount of an asset group exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. Refer to Note 14 for impairment of certain long-lived assets recognized for the year ended December 31, 2021.

Accrued Professional and Other Accrued Liabilities

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


	December 31,
	2023		2022
	(in thousands)
Accrued interest	$	17,761	$	17,500
Milestone liability		6,000		2,500
Accrued professional services		7,412		1,790
Other accrued liabilities		4,657		5,190
Accrued professional and other accrued liabilities	$	35,830	$	26,980

Segments

We are a single operating and reportable segment, which is in the business of identifying and advancing transformative medicines to treat patients. We operate in one segment because our business offerings have similar economics and other characteristics, including the nature of products and manufacturing processes, types of customers, distribution methods, and regulatory environment. We are comprehensively managed as one business segment by the Chief Operating Decision Maker, which is our Chief Executive Officer.

Total revenues, which are mainly from license and collaborative arrangements are attributed to regions based on the headquarters of the partner.

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For the year ended December 31, 2023, approximately 80.6% and 14.5% of our total revenue is from Bristol-Myers Squibb Company (“BMS”), with headquarters located in New York, United States and from LianBio with headquarters located in Shanghai, China, respectively.

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For the year ended December 31, 2022, approximately 98.2% of our total revenue is from BMS, with headquarters located in New York, United States.

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For the year ended December 31, 2021, approximately 80.3% and 13.0% of our total revenue is from Helsinn Healthcare S.A. (“HHC”), with headquarters located in Switzerland and from LianBio with headquarters located in Shanghai, China, respectively.

As of December 31, 2023 and 2022, our capitalized property and equipment located in the United States and Canada is approximately 69.1% and 30.6%, and 72.7% and 27.0%, respectively.

Capped Call Transactions

In January 2021 and March 2020, in connection with the issuance of the 2029 Notes and the 2027 Notes, respectively, (see Note 10), BridgeBio entered into certain capped call transactions, or the Capped Call Transactions. The Capped Call Transactions are generally expected to reduce the potential dilution to the holders of BridgeBio’s common stock upon any conversion of the Notes and/or offset any cash payments BridgeBio is required to make in excess of the principal amount of converted Notes, with such reduction and/or offset subject to a cap based on the cap price (see Note 10). The capped calls meet the conditions outlined in ASC 815-40, Derivatives and Hedging, to be classified in stockholders’ equity as a reduction to additional paid-in capital and are not subsequently remeasured as long as the conditions for equity classification continue to be met.

Debt Issuance Costs

Debt issuance costs are amortized to interest expense over the estimated life of the related debt based on the effective interest method. In accordance with ASC 835, Interest, we present debt issuance costs on the consolidated balance sheets as a direct deduction from the associated debt.

Treasury Stock

Repurchased treasury stock is recorded at cost, including any commissions and fees.

Collaborative Agreements

We enter into collaboration arrangements with partners, under which we may grant licenses to further develop, manufacture and commercialize our drug compounds and/or product candidates. We may also perform research, development, manufacturing, commercialization, and supply activities under our collaboration agreements. Consideration under these arrangements may include, upfront payments, development and regulatory milestones, expense reimbursements, royalties based on net sales of commercial products, and commercial sales milestone payments.

When we enter into collaboration agreements, we assess whether the arrangements fall within the scope of ASC 808, Collaborative Arrangements, based on whether the arrangements involve joint operating activities and whether both parties have active participation in the arrangement and are exposed to significant risks and rewards. To the extent that the arrangement falls within the scope of ASC 808, we assess whether the payments between us and our partner fall within the scope of other accounting literature. If we conclude that payments from the partner to us represent consideration from a customer, such as license fees, contract manufacturing, and research and development activities, we account for those payments within the scope of ASC 606. However, if we conclude that our partner is not a customer for certain activities and associated payments, such as for certain collaborative research, development, manufacturing, and commercial activities, we record such payments as a reduction of research and development expense or selling, general and administrative expense, based on where we present the underlying expense. Additionally, if we reimburse our collaboration partners for these activities, we record such reimbursements as research and development expense or selling, general and administrative expense, depending upon the nature of the underlying expense.

If our collaborative arrangement provides for the sharing of profits and losses with our partner for commercialization activities, the treatment of our share in the profit-sharing structure depends on who the selling party is. If we are the selling party and the deemed principal, we record our collaboration partner’s share of profits as an addition to selling, general and administrative expenses and our collaboration partner’s share of loss as a reduction in selling, general and administrative expenses. If our partner is the selling party and the deemed principal, we record our share of profits as collaboration revenue and our share of losses as an addition to selling, general and administrative expenses.

Revenue Recognition

For elements or transactions that we determine should be accounted for under ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy our performance obligation. We apply the five-step model to contracts when it is probable that we will collect the consideration to which we are entitled in exchange for the goods or services we transfer to the customer.

At inception of the arrangement, we assess the promised goods or services to identify the performance obligations within the contract. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation, on a relative standalone selling price basis, when (or as) the performance obligation is satisfied, either at a point in time or over time. If the performance obligation is satisfied over time, we recognize revenue based on the use of an input method. As part of the accounting for these arrangements, we develop assumptions that require judgment to determine the standalone selling price for each performance obligation identified in the contract. These key assumptions may include forecasted revenue or costs, development timelines, discount rates and probabilities of clinical and regulatory success.

License Fees: For arrangements that include a grant of a license to our intellectual property, we consider whether the license grant is distinct from the other performance obligations included in the arrangement. Generally, we would conclude that the license is distinct if the customer is able to benefit from the license with the resources available to it. For licenses that are distinct, we recognize revenues from nonrefundable, upfront license fees and other consideration allocated to the license when the license term has begun and we have provided all necessary information regarding the underlying intellectual property to the customer, which generally occurs at or near the inception of the arrangement. For licenses that are bundled with other promises, we determine whether the combined performance obligation is satisfied over time or at a point in time. If the combined performance obligation is satisfied over time, we use judgment in determining the appropriate method of measuring progress for purposes of recognizing revenue from the up-front license fees. We evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and related revenue recognition.

Development and Regulatory Milestone Payments: At the inception of each arrangement that includes development and regulatory milestone payments, we evaluate whether the milestones are considered probable of being achieved and estimate the amount to be included in the transaction price using the most likely amount method. We generally include these milestone payments in the transaction price when they are achieved because there is considerable uncertainty in the research and development processes that trigger these payments under our agreements. Similarly, we include approval milestone payments in the transaction price once the product is approved by the applicable regulatory agency. At the end of each subsequent reporting period, we re-evaluate the probability of achieving such development and regulatory milestones and any related constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis.

Sales-based Milestone Payments and Royalties: For arrangements that include sales-based royalties, including milestone payments based on the volume of sales, we will determine whether the license is deemed to be the predominant item to which the royalties or sales-based milestones relate and if such is the case, we will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).

Product supply services: Arrangements that include a promise for the future supply of drug product for either clinical development or commercial supply at the licensee’s discretion are generally considered as options. We will assess if these options provide a material right to the licensee and if so, they are accounted for as separate performance obligations and recognized when the future goods or services related to the option are provided or the option expires.

Research and Development Services: For arrangements that include research and development services, we will recognize revenue over time using an input method, representing the transfer of goods or services as we perform activities over the term of the arrangement.

Receivables from Licensing and Collaboration Agreements

Receivables from licensing and collaboration agreements represent valid claims against our partners, including unbilled receivables and royalty payments due from third parties for licensing our technology. Unbilled receivables include balances due from our partners 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 December 31, 2023 and 2022, we had unbilled receivables of $0.9 million and $16.8 million, respectively. As of December 31, 2023 and 2022, respectively, 61.9% and 97.5% of total unbilled receivables related to one partner. Total receivables from licensing and collaboration agreements as of December 31, 2023 and 2022, respectively, are presented as “Receivable from licensing and collaboration agreements” in our consolidated balance sheets.

We evaluate the collectability of our 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 December 31, 2023 and 2022, we did not have an allowance for credit losses.

Research and Development Expenses

Research and development costs are expensed as incurred. Research and development expenses consist of salaries, benefits and other personnel related costs including stock-based compensation expense, laboratory supplies, preclinical studies, clinical trials and related clinical manufacturing costs, costs related to manufacturing preparations, fees paid to other entities to conduct certain research and development activities on our behalf, and allocated facility and other related costs. Non-refundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized as prepaid expenses until the related goods are delivered or services are performed.

Accrued Research and Development Liabilities

We record accruals for estimated costs of research and development activities conducted by third-party service providers, which include the conduct of preclinical studies, clinical trials, and contract manufacturing activities. We record the estimated costs of research and development activities based upon the estimated amount of services provided but not yet invoiced, and include these costs in accrued research and development liabilities in the consolidated balance sheets and within research and development expense in the consolidated statements of operations. These costs are a significant component of our research and development expenses.

Examples of estimated research and development expenses that we accrue include:

•

fees paid to CROs in connection with preclinical and toxicology studies and clinical trials;

•

fees paid to investigative sites in connection with clinical trials;

•

fees paid to CMOs in connection with the production of product and clinical trial materials; and

•

professional service fees for consulting and related services.

We base our expense accruals related to clinical trials on our estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and CROs that conduct and manage clinical trials on our behalf. The financial terms of these agreements vary from contract to contract and may result in uneven payment flows. Payments under some of these contracts depend on factors, such as the successful enrollment of patients and the completion of clinical trial milestones. Our service providers generally invoice us monthly in arrears for services performed. In accruing service fees, we estimate the time period over which services will be performed and the level of effort to be expended in each period. If we do not identify costs that we have begun to incur or if we underestimate or overestimate the level of services performed or the costs of these services, our actual expenses could differ from our estimates. We record advance payments to service providers as prepaid assets.

We record accruals for the estimated costs of our contract manufacturing activities performed by third parties. The financial terms of these agreements are subject to negotiation, vary from contract to contract, and may result in uneven payment flows to our vendors. Payments under the contracts include upfront payments and milestone payments, which depend on factors such as the achievement of the completion of certain stages of the manufacturing process. For purposes of recognizing expense, we assess whether we consider the production process sufficiently defined to be considered the delivery of a good or the delivery of a service, where processes and yields are developing and less certain. If we consider the process to be the delivery of a good, we recognize expense when the drug product is delivered, or we otherwise bear risk of loss. If we consider the process to be the delivery of a service, we recognize expense based on our best estimates of the contract manufacturer’s progress towards completion of the stages in the contract. We base our estimates on the best information available at the time. However, additional information may become available to us which may allow us to make a more accurate estimate in future periods. In this event, we may be required to record adjustments to research and development expenses in future periods when the actual level of activity becomes more certain. Any increases or decreases in cost are generally considered to be changes in estimates and will be reflected in research and development expenses in the period identified.

Milestone and Royalty Payments Under Asset Acquisitions, In-licensing and Other Research & Development Agreements

Under our asset acquisitions, in-licensing, and other research and development agreements, we could be required to pay development, regulatory, and sales-based milestone payments if certain substantive milestones are met. We generally expense development milestones as incurred. For regulatory or sales-based milestones that are associated with an approved asset, we capitalize the milestone payments related to the asset purchase as a finite-lived intangible asset provided that the milestone payment is recoverable based on our estimated projected cash flows and if the asset has alternative future use. Such intangible asset is amortized over its estimated useful life on a straight-line basis, beginning on the date the asset is acquired, which would generally be the regulatory approval date. We assess the carrying value of our finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value may not be fully recoverable. Recoverability of finite-lived intangible assets is measured by comparison of the carrying value of the asset to the future undiscounted cash flows the asset is expected to generate.

We could also be required to pay royalties based on actual net sales under in-licensing agreements and asset acquisitions. Such royalties are expensed in the period of sale of the product.

Selling, General and Administrative Expenses

Selling, general and administrative expenses

Selling, general and administrative expenses include all costs that are not directly related to revenue generating arrangements or research and development. Selling, general and administrative expenses include items for the Company’s selling and administrative functions, such as pre-commercialization, finance, legal, human resources, and information technology support. These functions include costs for items such as salaries and benefits, stock-based compensation and other personnel-related costs, professional fees for external legal, accounting, and other consulting services, and depreciation and amortization expenses.

Sales of Nonfinancial Assets

We generally account for sales of nonfinancial assets that are outside the scope of our ordinary activities under ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Pursuant to ASC 610-20, we apply the guidance in ASC 606 to determine if a contract exists, identify the distinct nonfinancial assets, and determine when control transfers and, therefore, when to derecognize the nonfinancial asset. Additionally, we apply the measurement principles of ASC 606 to determine the amount of consideration, if any, to include in the calculation of the gain or loss for the sale of the nonfinancial asset.

Restructuring, Impairment and Related Charges

Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances, including restructuring and exit activities, indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amount of an asset group to the future net undiscounted cash flows that the assets are expected to generate. If the carrying amount of an asset group exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset group exceeds the fair value of the asset group.

Costs related to contracts without future benefit or contract termination costs are recognized at the earlier of the contract termination or the cease-use dates. Employee severance costs are generally recognized when payments are probable and amounts are reasonably estimable. Other winding down and exit-related costs are recognized as incurred.

Stock-Based Compensation

Stock-based compensation arrangements include stock option grants, restricted stock awards, or RSA, and restricted stock units, or RSU awards under our equity incentive plans, as well as shares issued under our Employee Stock Purchase Plan, or ESPP, through which employees may purchase our common stock at a discount to the market price.

We use the Black‑Scholes option pricing model to estimate the fair value of options granted under our equity incentive plans and rights to acquire shares granted under our ESPP. The Black‑Scholes option valuation model requires the use of assumptions, including the expected term of the award and the expected share price volatility. We use the “simplified” method to estimate the expected option term.

Stock-based compensation is measured at the grant date for all stock-based awards made to employees and non-employees based on the fair value of the awards. Compensation expense for purchases under the ESPP is recognized based on the fair value of the award on the date of offering. Stock-based compensation is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period.

The estimated fair value of equity awards that contain performance conditions is expensed using an accelerated method over the term of the award once we have determined that it is probable that performance milestones will be achieved. Compensation expense for equity-classified awards that contain performance conditions is measured based on the grant date fair value of the award. Compensation expense for liability-classified awards that contain performance conditions is initially measured based on the grant date fair value of the award and is remeasured at fair value at each reporting date until the date of settlement. Compensation expense is recorded over the requisite service period based on management’s best estimate as to whether it is probable that the shares awarded are expected to vest. We assess the probability of the performance milestones being met on a continuous basis.

We have elected to recognize the actual forfeitures by reducing the stock-based compensation in the same period as the forfeitures occur.

Market-based performance equity awards vest based on achievement of market targets, which are subject to the continued service of the employee through the vest date, and are subject to accelerated vesting upon a change in control event. The grant-date fair value of the market-based performance equity awards is determined using the Monte-Carlo valuation model and are recognized as compensation expense over the derived service period of the awards. The Monte-Carlo valuation model requires the use of assumptions, including but not limited to the expected volatility, risk free rate, expected dividend yield, expected term and possible future market estimates over the derived service period based on historical stock prices and market data. Stock-based compensation expense will be recorded regardless of whether the market conditions are achieved or not. If the related market condition is achieved earlier than its estimated derived service period, the stock-based compensation expense will be accelerated, and a cumulative catch-up expense will be recorded during the period in which the market condition is met.

Stock-based compensation is generally recorded in research and development expense, and selling, general and administrative expense based on the function of the applicable employee and non-employee.

Accrued Milestone Compensation Arrangements

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 (1) cash, (2) equity of BridgeBio, or (3) cash or equity of BridgeBio at our sole election, upon achievement of each contingent milestone. For arrangements that involve settlement by cash or equity of BridgeBio at our sole election, we will classify the milestone compensation arrangements as liability-classified awards when it is probable of achievement because of the possible fixed monetary amounts settlement outcomes. The arrangements would also result in settlement with a variable number of shares based on the then-current stock price at achievement date of each contingent milestone should we elect to settle in equity.

We record accruals for the compensation expense arising from each development milestone when the specific contingent development milestone is probable of achievement and such accruals are measured at each reporting period. We estimate the probability of achieving such milestones based on the progression and expected outcome of the related clinical programs. We base our estimates on the best available information at that time. However, additional information may become available to us which may allow us to make a more accurate estimate in future periods. In this event, we may be required to record adjustments to milestone compensation expenses in future periods. Any increases or decreases in such expenses are generally considered to be changes in estimates and will be reflected in the period identified.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base and net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are determined based upon the difference between the consolidated financial statement carrying amounts and the tax basis of assets and liabilities and are measured using the enacted tax rate expected to apply to taxable income in the years in which the differences are expected to be reversed. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized.

For U.S. federal income tax purposes, we are required to file a consolidated U.S. federal income tax return for the consolidated entities which meet the requirements as prescribed by the consolidated regulations. Those entities that do not meet the threshold to be included in the consolidated filing continue to file separate U.S. federal income tax returns. We are required to assess stand-alone valuation allowances separately in each entity even though we consolidate their financial results in the consolidated financial statements. We continue to file combined state tax returns in most jurisdictions. As a result, we continue to assess the state portion of valuation allowance for those jurisdictions on a consolidated basis. The Company also operates in various foreign jurisdictions and assesses stand-alone valuation allowances separately in each entity operating overseas.

We evaluate our deferred tax assets regularly to determine whether adjustments to the valuation allowance are appropriate due to changes in facts or circumstances, such as changes in expected future pre-tax earnings, tax law, interactions with taxing authorities and developments in case law. In making this evaluation, we rely on our recent history of pre-tax earnings. Our material assumptions are our forecasts of future pre-tax earnings and the nature and timing of future deductions and income represented by the deferred tax assets and liabilities, all of which involve the exercise of significant judgment. Although we believe our estimates are reasonable, we are required to use significant judgment in determining the appropriate amount of valuation allowance recorded against deferred tax assets.

We recognize uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. Changes in recognition or measurement are reflected in the period in which judgment occurs. Our policy is to recognize interest and penalties related to the underpayment of income taxes as a component of the provision for income taxes. To date, there have been no interest or penalties recorded in relation to unrecognized tax benefits.

Net Loss per Share Attributable to Common Stockholders of BridgeBio

Basic net loss per share attributable to common stockholders of BridgeBio is calculated by dividing the net loss attributable to common stockholders of BridgeBio by the weighted-average number of shares of BridgeBio’s common stock outstanding for the period, without consideration for potential dilutive shares of common stock, such as stock options, unvested restricted stock units and awards and performance-based milestone compensation awards, shares issuable under the employee stock purchase plan and assumed conversion of our 2029 and 2027 Notes. The common stock equivalents of performance-based milestone compensation arrangements are included as potentially dilutive shares only if the performance condition has been met as of the end of the reporting period. Shares of common stock subject to repurchase are excluded from the weighted-average shares. Since we were in a loss position for all periods presented, basic net loss per share attributable to common stockholders of BridgeBio is the same as diluted net loss per share attributable to common stockholders of BridgeBio since the effects of potentially dilutive securities are antidilutive.

New Accounting Pronouncements Not Yet Adopted

In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Updated and Simplification Initiative, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. ASU 2023-06 was issued in response to the U.S. Securities and Exchange Commission’s (the “SEC”) August 2018 final rule that updated and simplified disclosure requirements and is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity. We are currently evaluating the impact of this guidance, but we do not expect the adoption of this guidance to have a material impact on our consolidated financial statements and disclosures.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which are intended to improve reportable segment disclosure requirements. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact that this guidance will have on our consolidated financial statements and disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2024. We are currently evaluating the impact that this guidance will have on our consolidated financial statements and disclosures.

Stock-Based Compensation

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - A&R 2019 Plan and 2019 Inducement Plan - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 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	8,993,599
Unvested Shares of Restricted Stock Outstanding, Vested \| shares	(3,608,021)
Unvested Shares of Restricted Stock Outstanding, Cancelled \| shares	(551,407)
Unvested Shares of Restricted Stock Outstanding, Ending balance \| shares	8,942,813
Weighted-Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 21.6
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	13.58
Weighted-Average Grant Date Fair Value, Vested \| $ / shares	15.51
Weighted-Average Grant Date Fair Value, Cancelled \| $ / shares	17.03
Weighted-Average Grant Date Fair Value, Ending balance \| $ / shares	$ 16.27

Debt (Tables)

12 Months Ended

Dec. 31, 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:


	December 31, 2023			December 31, 2022
	(in thousands)
Principal value of term loan	$	429,916		$	429,916
PIK added to principal		25,531			15,324
Debt discount, issuance costs and exit fee accretion		(9,002	)		(14,247	)
Term loan, net	$	446,445		$	430,993

Schedule of Future Minimum Payments

Future minimum payments under the Amended Loan Agreement as of December 31, 2023, are as follows:


	Amount
	(in thousands)
Year Ending December 31:
2024		38,015
2025		41,560
2026		510,955
Total future payments		590,530
Less amounts representing interest		(126,485	)
Less exit fee		(8,598	)
Total principal amount of term loan payments	$	455,447

2027 and 2029 Notes

Debt Instrument [Line Items]

Schedule of Loans Balances

The outstanding Notes’ balances consisted of the following:


	December 31, 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		(10,595	)		(6,621	)		(12,512	)		(8,366	)
Net carrying amount	$	736,905		$	543,379		$	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:


	Year Ended December 31, 2023
	2029 Notes			2027 Notes			Total
	(in thousands)
Contractual interest expense	$	16,819		$	13,750		$	30,569
Amortization of debt discount and issuance costs		1,917			1,745			3,662
Total interest and amortization expense	$	18,736		$	15,495		$	34,231

Effective interest rate		2.6	%		2.8	%


	Year Ended December 31, 2022
	2029 Notes			2027 Notes			Total
	(in thousands)
Contractual interest expense	$	16,819		$	13,750		$	30,569
Amortization of debt discount and issuance costs		1,869			1,699			3,568
Total interest and amortization expense	$	18,688		$	15,449		$	34,137

Effective interest rate		2.6	%		2.8	%


	Years Ended December 31, 2021
	2029 Notes			2027 Notes			Total
	(in thousands)
Contractual interest expense	$	15,557		$	13,750		$	29,307
Amortization of debt discount and issuance costs		1,682			1,654			3,336
Total interest and amortization expense	$	17,239		$	15,404		$	32,643

Effective interest rate		2.6	%		2.8	%

Schedule of Future Minimum Payments

Future minimum payments under the Notes as of December 31, 2023, are as follows:


	2029 Notes			2027 Notes			Total
	(in thousands)
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
2028		16,819			—			16,819
Thereafter		755,908			—			755,908
Total future payments		840,003			598,125			1,438,128
Less amounts representing interest		(92,503	)		(48,125	)		(140,628	)
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

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-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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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) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years	6 years
Expected volatility		65.90%
Expected volatility, Minimum	66.20%		49.00%
Expected volatility, Maximum	67.50%		52.00%
Risk-free interest rate		3.20%
Risk-free interest rate, Minimum	3.90%		0.60%
Risk-free interest rate, Maximum	4.10%		1.30%
Dividend yield	0.00%	0.00%	0.00%
Weighted-average fair value of stock-based awards granted	$ 8.48	$ 5.24	$ 23.09
Minimum \| Employee Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)			5 years 6 months
Maximum \| Employee Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)			6 years 1 month 6 days
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 months	6 months	6 months
Expected volatility, Minimum	86.10%	52.00%	47.60%
Expected volatility, Maximum	122.10%	191.70%	52.00%
Risk-free interest rate			0.10%
Risk-free interest rate, Minimum	3.10%	0.10%
Risk-free interest rate, Maximum	5.50%	3.10%
Dividend yield	0.00%	0.00%	0.00%
Weighted-average fair value of stock-based awards granted	$ 8.22	$ 6.29	$ 18.31

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

10.

Debt

Notes

2029 Notes

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, or the 2029 Notes Indenture, between us and U.S. Bank National Association, as trustee, or the 2029 Notes Trustee, in a private offering to qualified institutional buyers, or the 2021 Note Offering, pursuant to Rule 144A under the Securities Act of 1933, as amended, or 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, or 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 are senior, unsecured obligations of BridgeBio and 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, or 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 on the 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

On March 9, 2020, we issued an aggregate principal amount of $550.0 million of our 2.50% Convertible Senior Notes due 2027, or the 2027 Notes, pursuant to an Indenture dated March 9, 2020, or 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, or 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, or 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 (the “Conversion Price Condition”);

•

During the five-business day period after any five consecutive trading day period, or the measurement period, in which the “trading price” (as defined in the 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.

Only during each of the calendar quarters ended March 31, 2021 and June 30, 2021, the 2027 Notes were eligible for conversion at the option of the holders as the Conversion Price Condition was met during the period. The Conversion Price Condition was not met for any other period during fiscal years 2022 and 2021.

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).

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 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, 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 consolidated balance sheets 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:


	December 31, 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		(10,595	)		(6,621	)		(12,512	)		(8,366	)
Net carrying amount	$	736,905		$	543,379		$	734,988		$	541,634

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


	Year Ended December 31, 2023
	2029 Notes			2027 Notes			Total
	(in thousands)
Contractual interest expense	$	16,819		$	13,750		$	30,569
Amortization of debt discount and issuance costs		1,917			1,745			3,662
Total interest and amortization expense	$	18,736		$	15,495		$	34,231

Effective interest rate		2.6	%		2.8	%


	Year Ended December 31, 2022
	2029 Notes			2027 Notes			Total
	(in thousands)
Contractual interest expense	$	16,819		$	13,750		$	30,569
Amortization of debt discount and issuance costs		1,869			1,699			3,568
Total interest and amortization expense	$	18,688		$	15,449		$	34,137

Effective interest rate		2.6	%		2.8	%


	Years Ended December 31, 2021
	2029 Notes			2027 Notes			Total
	(in thousands)
Contractual interest expense	$	15,557		$	13,750		$	29,307
Amortization of debt discount and issuance costs		1,682			1,654			3,336
Total interest and amortization expense	$	17,239		$	15,404		$	32,643

Effective interest rate		2.6	%		2.8	%

As of December 31, 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. Such amounts are included in “Accrued professional and other accrued liabilities” in our consolidated balance sheets.

Future minimum payments under the Notes as of December 31, 2023, are as follows:


	2029 Notes			2027 Notes			Total
	(in thousands)
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
2028		16,819			—			16,819
Thereafter		755,908			—			755,908
Total future payments		840,003			598,125			1,438,128
Less amounts representing interest		(92,503	)		(48,125	)		(140,628	)
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 are referred to as “prepayment events”), which could be 50.0% or 75.0% 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 the 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 costs 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 11, 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 and the Amended Loan Agreement, we exercised our option to convert accrued interest into principal via PIK amounting to $10.2 million and $15.3 million for the years ended December 31, 2023 and 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 11, 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.

For the year ended December 31, 2023, we recognized interest expense related to the Loan Agreement of $46.3 million, of which $5.2 million, relates to amortization of debt discount and issuance costs. For the year ended December 31, 2022, we recognized interest expense related to the Loan Agreement of $46.1 million, of which $5.0 million, relates to amortization of debt discount and issuance costs. For the year ended December 31, 2021, we recognized interest expense related to the Loan Agreement of $5.5 million, of which $0.6 million, relates to amortization of debt discount and issuance costs. As of December 31, 2023 and 2022, interest payable included in “Accrued professional and other accrued liabilities” in our consolidated balance sheets amounted to $6.7 million and $6.4 million, respectively.

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


	December 31, 2023			December 31, 2022
	(in thousands)
Principal value of term loan	$	429,916		$	429,916
PIK added to principal		25,531			15,324
Debt discount, issuance costs and exit fee accretion		(9,002	)		(14,247	)
Term loan, net	$	446,445		$	430,993

Future minimum payments under the Amended Loan Agreement as of December 31, 2023, are as follows:


	Amount
	(in thousands)
Year Ending December 31:
2024		38,015
2025		41,560
2026		510,955
Total future payments		590,530
Less amounts representing interest		(126,485	)
Less exit fee		(8,598	)
Total principal amount of term loan payments	$	455,447

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.

The Amended Loan Agreement was fully repaid on January 17, 2024 using the proceeds of the Financing Agreement and cash on hand. Refer to Note 20 for additional details regarding the Financing Agreement and the termination and repayment of the Term Loan, net.

Hercules Loan and Security Agreement

We had a Loan and Security Agreement, as amended from time to time, with Hercules Capital, Inc., or Hercules, or the Hercules Term Loan, under which we borrowed principal amounts of $35.0 million, or Tranche I, $20.0 million, or Tranche II, $20.0 million, or Tranche III, and $25.0 million, or Tranche IV.

In January 2021, we executed the Fifth Amendment to the Loan and Security Agreement primarily to allow us to issue our 2029 Notes and to enter into the related 2021 Capped Call and share repurchase transactions.

In April 2021, we executed the Sixth Amendment to the Loan and Security Agreement, or the Amended Hercules Term Loan.

The Amended Hercules Term Loan was prepaid in full in November 2021 using a portion of the net proceeds from the Tranche 1 Advance under the Loan Agreement mentioned above, which resulted in a loss on early extinguishment of debt of $2.6 million that is included in “Other income (expense)” in our consolidated statements of operations. For the year ended December 31, 2021, we recognized interest expense related to the Amended Hercules Term Loan of $8.1 million, of which $1.7 million relates to amortization of debt discount and issuance costs.

Silicon Valley Bank and Hercules Loan and Security Agreement

Eidos entered into a Loan and Security Agreement with Silicon Valley Bank, or SVB, and Hercules Capital, Inc. or the SVB and Hercules Loan Agreement, under which Eidos borrowed a principal amount of $17.5 million, or the Tranche A Loan, in November 2019. The Tranche A Loan was subject to an interest rate equal to the greater of either (i) 8.50% or (ii) 3.25% plus the prime rate as reported in The Wall Street Journal (8.50% during the relevant period in 2021) and had an original maturity date of October 2, 2023.

The Tranche A Loan was prepaid in full in April 2021 for $18.1 million, which includes a final payment charge and a prepayment fee, using a portion of the proceeds from Tranche IV under the Amended Hercules Term Loan discussed above. Loss on early extinguishment of the Tranche A Loan recognized by Eidos was not material. Interest expense on the Tranche A Loan was not material in 2021 through the prepayment date.

- 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
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Net Loss Per Share Attributable to Common Stockholders of BridgeBio

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders of BridgeBio

19.

Net Loss Per Share Attributable to Common Stockholders of BridgeBio

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 years ended December 31, 2023, 2022 and 2021, 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.


	As of December 31,
	2023		2022		2021
Unvested RSAs		85,453		652,058		1,789,943
Unvested RSUs		8,942,813		4,108,642		3,537,719
Unvested performance-based RSUs		3,326		7,875		69,340
Unvested market-based RSUs		375,000		—		—
Common stock options issued and outstanding		12,332,442		11,637,861		12,141,756
Estimated shares issuable under performance-based milestone compensation arrangements		4,865,250		19,201,212		13,959,588
Estimated shares issuable under the ESPP		75,889		217,660		172,927
Assumed conversion of 2027 Notes		12,878,305		12,878,305		12,878,305
Assumed conversion of 2029 Notes		7,702,988		7,702,988		7,702,988
		47,261,466		56,406,601		52,252,566

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 9 and 16, 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.

Income Taxes - Reconciliation of Statutory Federal Rate and Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Tax at statutory federal rate	21.00%	21.00%	21.00%
Change in valuation allowance	(20.30%)	(21.70%)	(25.60%)
Research and development credits	2.30%	3.20%	3.90%
Stock-based compensation	0.60%	(1.80%)	1.20%
Disallowed executive compensation	(0.80%)	0.00%	0.00%
Pellepharm deconsolidation	(1.40%)	0.00%	0.00%
Foreign rate differential	(1.20%)	0.00%	0.00%
Other	(0.20%)	(0.70%)	(0.50%)
Effective income tax rate	0.00%	0.00%	0.00%

Leases - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessee Lease Description [Line Items]
Impairment loss		$ 0	$ 12,720	$ 0
Impairment loss related to operating lease right-of-use assets				2,600
One time fees asset non-current	$ 10,000
Construction-in-Progress
Lessee Lease Description [Line Items]
Impairment loss			(10,200)
Construction-in-progress asset			10,000
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
Payable related to termination fees for other existing services			$ 1,800
Property and Equipment
Lessee Lease Description [Line Items]
Impairment loss				700
Selling General And Administrative Expenses [Member]
Lessee Lease Description [Line Items]
Impairment loss for certain asset groups				$ 3,300

Public Offerings, Share Repurchase Program and Securities Purchase Agreement

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Public Offerings, Share Repurchase Program and Securities Purchase Agreements

15.

Public Offerings, Share Repurchase Program and Securities Purchase Agreements

2020 Shelf Registration

In July 2020, we filed a shelf registration statement on Form S-3, or 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, or 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, or 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. During the year 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. We did not issue any shares or receive any proceeds from this offering during the years ended December 31, 2023. 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 December 31, 2023 and 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 “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 ATM Agreement. During the year ended December 31, 2023, 2,171,217 shares were issued under the ATM Agreement, for net

proceeds of $65.0 million, after deducting sales agent fees and commissions of $1.0 million. As of December 31, 2023, we are still eligible to sell up to $384.0 million of our common stock pursuant to the ATM Agreement under the 2023 Shelf.

In February 2024, 678,110 shares were issued under the ATM Agreement, for net proceeds of $24.8 million, after deducting sales agent fees and commissions of $0.4 million. As of February 22, 2024 we are still eligible to sell up to $358.8 million of our common stock pursuant to the ATM Agreement under the 2023 Shelf.

Securities Purchase Agreement and Private Placement

In September 2023, we and certain accredited investors (each an “Investor” and collectively, the “Investors”) entered into a securities purchase agreement pursuant to which we sold and issued to the Investors in a private placement (the “Private Placement”) an aggregate of 9,167,723 shares of our common stock, par value $0.001 per share, at a purchase price of $27.27 per share. We paid certain placement agents a commission based on the aggregate gross proceeds received from all sales of the common stock under the Private Placement. One of the placement agents in the Private Placement was 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 $1.8 million of the aggregate gross proceeds received from all sales of the common stock in the Private Placement. During the year ended December 31, 2023, we received net proceeds of $240.8 million under the Private Placement offering, after deducting placement agent commissions of $8.7 million and offering costs of $0.5 million.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
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+ Details

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	12 Months Ended
	Dec. 31, 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	(369,014)
Options Outstanding, Cancelled	(661,314)
Options Outstanding, Outstanding, Ending balance	12,332,442	11,637,861
Options Outstanding, Exercisable	8,788,040
Eidos
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Outstanding, Beginning balance	1,445,885
Options Outstanding, Exercised	(185,230)
Options Outstanding, Cancelled	(38,713)
Options Outstanding, Outstanding, Ending balance	1,221,942	1,445,885
Options Outstanding, Exercisable	1,182,008
Weighted-Average Exercise Price per Option, Outstanding, Beginning balance	$ 14.96
Weighted-Average Exercise Price per Option, Exercised	15.64
Weighted-Average Exercise Price per Option, Cancelled	22.97
Weighted-Average Exercise Price per Option, Outstanding, Ending balance	14.6	$ 14.96
Weighted-Average Exercise Price per Option, Exercisable	$ 14.22
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance	4 years 8 months 12 days	5 years 10 months 24 days
Weighted-Average Remaining Contractual Life (years), Exercisable	4 years 8 months 12 days
Aggregate Intrinsic Value, Outstanding, Ending balance	$ 31,580	$ 1,427
Aggregate Intrinsic Value, Exercisable	$ 30,981
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, Exercised	(122,763)
Options Outstanding, Cancelled	(620,220)
Options Outstanding, Outstanding, Ending balance	10,793,862	9,811,936
Options Outstanding, Exercisable	7,291,814
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, Exercised	23.92
Weighted-Average Exercise Price per Option, Cancelled	28.35
Weighted-Average Exercise Price per Option, Outstanding, Ending balance	25.69	$ 28
Weighted-Average Exercise Price per Option, Exercisable	$ 27.36
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance	7 years 1 month 6 days	7 years 8 months 12 days
Weighted-Average Remaining Contractual Life (years), Exercisable	6 years 4 months 24 days
Aggregate Intrinsic Value, Outstanding, Ending balance	$ 178,594
Aggregate Intrinsic Value, Exercisable	$ 108,772
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	(61,021)
Options Outstanding, Cancelled	(2,381)
Options Outstanding, Outstanding, Ending balance	316,638	380,040
Options Outstanding, Exercisable	314,218
Weighted-Average Exercise Price per Option, Outstanding, Beginning balance	$ 2.35
Weighted-Average Exercise Price per Option, Exercised	2.86
Weighted-Average Exercise Price per Option, Cancelled	11.18
Weighted-Average Exercise Price per Option, Outstanding, Ending balance	2.19	$ 2.35
Weighted-Average Exercise Price per Option, Exercisable	$ 2.18
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance	5 years 3 months 18 days	6 years 2 months 12 days
Weighted-Average Remaining Contractual Life (years), Exercisable	5 years 3 months 18 days
Aggregate Intrinsic Value, Outstanding, Ending balance	$ 12,105	$ 2,246
Aggregate Intrinsic Value, Exercisable	$ 12,015

Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

The following table summarizes our recognized intangible assets for the years ended December 31, 2023 and 2022 as a result of the arrangements described in the following sections:


	December 31, 2023				December 31, 2022
	Weighted-average Estimated Useful Lives	Amount			Weighted-average Estimated Useful Lives	Amount
		(in thousands)				(in thousands)
Gross amount	11.0 years	$	32,500		12.0 years	$	32,500
Less: accumulated amortization		$	(6,181	)		$	(3,788	)
Total		$	26,319			$	28,712

Amortization expense recorded as part of cost of license revenue and products sold for the years ended December 31, 2023, 2022 and 2021 was $2.4 million, $2.4 million and $2.6 million, respectively. Future amortization expense is $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 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 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. While a request to withdraw the New Drug Application (“NDA”) for TRUSELTIQTM was submitted in May 2023, all clinical investigations under the associated Investigational New Drug application (“IND”) were 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.

Diagnostics Agreement with Foundation Medicine

In November 2018, QED and Foundation Medicine, Inc., or 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 a request to withdraw the NDA for TRUSELTIQTM was submitted in May 2023, and all clinical investigations under the associated IND were discontinued, the FMI companion diagnostics agreement drug discovery and development initiatives are being applied to other clinical investigations. As of December 31, 2023, the amount due to FMI is presented in our consolidated balance sheets in “Accrued professional and other accrued liabilities” for $6.0 million and “Other long-term liabilities” for $5.0 million. As of December 31, 2022, the amount due to FMI is presented in our consolidated balance sheets in “Accrued professional and other accrued liabilities” for $2.5 million and “Other long-term liabilities” for $8.5 million.

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Restricted cash	$ 16,653,000	$ 37,930,000	$ 177,000
Restricted cash, non-current - included in "Other assets"	$ 2,144,000	$ 2,265,000	$ 2,416,000
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent	Other Assets, Noncurrent
Cash, cash equivalents and restricted cash maturity period	90 days
Depreciation and amortization expense of property and equipment	$ 4,100,000	$ 4,100,000	$ 3,300,000
Number of operating segments \| Segment	1
Number of business segments \| Segment	1
Allowance for credit losses	$ 0	0
Loan and Security Agreement
Summary Of Significant Accounting Policies [Line Items]
Restricted cash	16,500,000	37,800,000
Lease Agreements and Letters of Credit
Summary Of Significant Accounting Policies [Line Items]
Restricted cash	100,000	100,000
Restricted cash, non-current - included in "Other assets"	$ 2,100,000	$ 2,300,000
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
License and Collaboration Agreement
Summary Of Significant Accounting Policies [Line Items]
Unbilled receivables	$ 900,000	$ 16,800,000
Percentage of total unbilled receivables	61.90%	97.50%
United States
Summary Of Significant Accounting Policies [Line Items]
Percentage of capitalized property and equipment	69.10%	72.70%
Canada
Summary Of Significant Accounting Policies [Line Items]
Percentage of capitalized property and equipment	30.60%	27.00%
Revenue Benchmark \| Geographical Risk \| Switzerland
Summary Of Significant Accounting Policies [Line Items]
Percentage of concentration risk			80.30%
Revenue Benchmark \| Geographical Risk \| Shanghai, China
Summary Of Significant Accounting Policies [Line Items]
Percentage of concentration risk	14.50%		13.00%
Revenue Benchmark \| Geographical Risk \| United States
Summary Of Significant Accounting Policies [Line Items]
Percentage of concentration risk	80.60%	98.20%
Minimum
Summary Of Significant Accounting Policies [Line Items]
Percentage of voting shares	50.00%

Consolidated Statements of Redeemable Convertible Noncontrolling Interests and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjusted Balance	Follow on Offering	At The Market Offering	Private Placement Offering	Equity Compensation Plans	Employee Stock Purchase Plan	Satisfy Tax Withholding	Redeemable Convertible Noncontrolling Interests	Common Stock	Common Stock Follow on Offering	Common Stock At The Market Offering	Common Stock Private Placement Offering	Common Stock Equity Compensation Plans	Common Stock Employee Stock Purchase Plan	Common Stock Satisfy Tax Withholding	Treasury Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjusted Balance	Additional Paid-In Capital Follow on Offering	Additional Paid-In Capital At The Market Offering	Additional Paid-In Capital Private Placement Offering	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	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjusted Balance	Parent	Parent Cumulative Effect, Period of Adoption, Adjusted Balance	Parent Follow on Offering	Parent At The Market Offering	Parent Private Placement Offering	Parent Equity Compensation Plans	Parent Employee Stock Purchase Plan	Parent Satisfy Tax Withholding	Noncontrolling Interests
Beginning balance at Dec. 31, 2020	$ 106,256									$ 125							$ (75,000)	$ 1,021,344								$ 192	$ (888,755)		$ 57,906								$ 48,350
Beginning balance (ASU 2020-06) at Dec. 31, 2020		$ (153,750)																	$ (168,078)									$ 14,328		$ (153,750)
Temporary equity, beginning balance at Dec. 31, 2020									$ 1,630
Beginning balance, shares at Dec. 31, 2020										122,849,389							2,414,681
Repurchase of Eidos noncontrolling interests for cash and shares, including transaction costs of $70,734	(91,997)									$ 26								(53,856)											(53,830)								(38,167)
Repurchase of noncontrolling interests for cash and shares, including transaction costs, shares										26,156,446
Purchase of capped calls	(61,295)																	(61,295)											(61,295)
Fair value of PellePharm noncontrolling interest on consolidation									5,074
Repurchase of common stock	(200,000)																$ (200,000)												(200,000)
Repurchase of common stock, shares										(3,777,080)							3,777,080
Issuance of shares						$ 16,645	$ 3,821							$ 3									$ 16,642	$ 3,821										$ 16,645	$ 3,821
Issuance of shares, shares														2,085,286	116,222
Repurchase of RSU shares to satisfy tax withholding								$ (4,747)																	$ (4,747)											$ (4,747)
Repurchase of RSU shares to satisfy tax withholding, shares																(86,940)
Stock-based compensation	89,823																	89,823											89,823
Issuance of noncontrolling interests	6,240																																				6,240
Issuance of noncontrolling interests									3,500
Transfers from (to) noncontrolling interests	3,455																	(2,124)											(2,124)								5,579
Temporary Equity, transfers from (to) noncontrolling interest									(3,456)
Unrealized gain (loss) on available-for-sale securities	(324)																									(324)			(324)
Net loss	(581,129)																										(562,539)		(562,539)								(18,590)
Temporary Equity, net loss									(5,325)
Ending balance at Dec. 31, 2021	(867,002)									$ 154							$ (275,000)	841,530								(132)	(1,436,966)		(870,414)								3,412
Temporary equity, ending balance at Dec. 31, 2021									1,423
Ending balance, shares at Dec. 31, 2021										147,343,323							6,191,761
Issuance of shares				$ 4,852		666	2,558							$ 3							$ 4,852		663	2,558								$ 4,852		666	2,558
Issuance of shares, shares												455,800		2,658,109	339,549
Repurchase of RSU shares to satisfy tax withholding								(1,561)																	(1,561)											(1,561)
Repurchase of RSU shares to satisfy tax withholding, shares																(171,209)
Stock-based compensation	94,173																	94,173											94,173
Issuance of noncontrolling interests	4,815																																				4,815
Transfers from (to) noncontrolling interests	(2,399)																	(3,512)											(3,512)								1,113
Temporary Equity, transfers from (to) noncontrolling interest									2,399
Unrealized gain (loss) on available-for-sale securities	(196)																									(196)			(196)
Net loss	(479,241)																										(481,183)		(481,183)								1,942
Temporary Equity, net loss									(5,411)
Ending balance at Dec. 31, 2022	(1,243,335)									$ 157							$ (275,000)	938,703								(328)	(1,918,149)		(1,254,617)								11,282
Temporary equity, ending balance at Dec. 31, 2022	(1,589)								(1,589)
Ending balance, shares at Dec. 31, 2022										150,625,572							6,191,761
Issuance of shares				$ 64,965	$ 240,796	$ 6,008	$ 3,398					$ 2	$ 9	$ 4							$ 64,963	$ 240,787	$ 6,004	$ 3,398								$ 64,965	$ 240,796	$ 6,008	$ 3,398
Issuance of shares, shares												2,171,217	9,167,723	4,193,444	339,979
Repurchase of RSU shares to satisfy tax withholding								$ (6,880)																	$ (6,880)											$ (6,880)
Repurchase of RSU shares to satisfy tax withholding, shares																(301,984)
Stock-based compensation	98,601																	98,601											98,601
Issuance of common stock under Follow-on offering			$ 144,049								$ 9									$ 144,040											$ 144,049
Issuance of common stock under Follow-on offering, shares											8,887,000
Issuance of noncontrolling interests	(2,006)																																				(2,006)
Issuance of noncontrolling interests									1,500
Transfers from (to) noncontrolling interests	(4,851)																	(10,534)									(238)		(10,772)								5,921
Temporary Equity, transfers from (to) noncontrolling interest									4,851
Deconsolidation of PellePharm	3,951																	1,950									850		2,800								1,151
Temporary Equity, deconsolidation of PellePharm									899
Unrealized gain (loss) on available-for-sale securities	359																									359			359
Net loss	(648,068)																										(642,964)		(642,964)								(5,104)
Temporary Equity, net loss									(5,183)
Ending balance at Dec. 31, 2023	(1,343,013)									$ 181							$ (275,000)	$ 1,481,032								$ 31	$ (2,560,501)		$ (1,354,257)								$ 11,244
Temporary equity, ending balance at Dec. 31, 2023	$ 478								$ 478
Ending balance, shares at Dec. 31, 2023										175,082,951							6,191,761

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (653,251)	$ (484,652)	$ (586,454)
Other comprehensive loss:
Unrealized gain (loss) on available-for-sale securities	359	(196)	(324)
Comprehensive loss	(652,892)	(484,848)	(586,778)
Comprehensive loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests	10,049	3,469	23,915
Comprehensive loss attributable to common stockholders of BridgeBio	$ (642,843)	$ (481,379)	$ (562,863)

- 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
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
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-Paragraph 11
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

Intangible Assets - Summary of Recognized Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average Estimated Useful Lives	11 years	12 years
Gross amount	$ 32,500	$ 32,500
Less: accumulated amortization	(6,181)	(3,788)
Total	$ 26,319	$ 28,712

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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	181,274,712	156,817,333
Common stock, shares outstanding	175,082,951	150,625,572
Treasury stock, shares	6,191,761	6,191,761

Eidos Therapeutics, Inc, or Eidos

12 Months Ended

Dec. 31, 2023

Wholly Owned Subsidiary Disclosure [Abstract]

Eidos Therapeutics, Inc, or Eidos

From the date of BridgeBio’s initial investment until June 22, 2018, the Eidos IPO closing date, Eidos was determined to be a VIE and BridgeBio consolidated Eidos as the primary beneficiary. Subsequent to the Eidos IPO, BridgeBio determined that Eidos was no longer a VIE due to Eidos having sufficient equity at risk to finance its activities without additional subordinated financial support. From June 22, 2018, through January 26, 2021, BridgeBio determined that it held greater than 50% of the voting shares of Eidos and there were no other parties with substantive participating, liquidation or kick-out rights. BridgeBio consolidated Eidos under the VOE model until January 26, 2021, the date on which the Merger Transactions (as defined below) were consummated.

On October 5, 2020, we entered into an Agreement and Plan of Merger, or the Merger Agreement, with Eidos, Globe Merger Sub I, Inc., or Merger Sub, and Globe Merger Sub II, Inc. (the two latter companies being our indirect wholly-owned subsidiaries), providing for, in a series of merger transactions, or the Merger Transactions, the acquisition by us of all of the outstanding shares of common stock of Eidos, or the Eidos Common Stock, other than shares of Eidos Common Stock that (i) were owned by Eidos as treasury stock, (ii) were owned by us and our subsidiaries and, in each case, not owned on behalf of third parties and (iii) were subject to an Eidos Restricted

Share Award (as defined below). Under the Merger Agreement, the stockholders of Eidos had the right to receive, at their election, either 1.85 shares of our common stock or $73.26 in cash per Eidos share in the transaction, subject to proration as necessary to ensure that the aggregate amount of cash consideration was no greater than $175.0 million. In addition, immediately prior to the effective time of the merger of Merger Sub with and into Eidos, or the Effective Time, (i) each option to purchase Eidos Common Stock, or an Eidos Option were to be converted into an option, on the same terms and conditions applicable to such Eidos Option immediately prior to the Effective Time, to purchase a specified number of shares of BridgeBio common stock, calculated pursuant to the terms of the Merger Agreement, and (ii) each outstanding award of shares of Eidos Common Stock that was subject to forfeiture conditions (subject to certain exceptions), or, each, an Eidos Restricted Share Award was to be converted into an award, on the same terms and conditions applicable to such Eidos Restricted Share Award immediately prior to the Effective Time, covering a number of whole restricted shares of BridgeBio common stock, calculated pursuant to the terms of the Merger Agreement, with any fractional shares being paid out to the holder of such Eidos Restricted Share Award in cash (conversion of the Eidos Option and the Eidos Restricted Share Awards collectively referred to as the “Eidos Awards Exchange”).

On January 19, 2021, the stockholders of each of BridgeBio and Eidos voted to approve all proposals related to the Merger Transactions and on January 26, 2021, we closed and completed the Merger Transactions. The acquisition of the Eidos Common Stock was settled through an aggregate consideration of $1,651.6 million, which was comprised of cash payments of $21.3 million and the issuance of approximately 26,156,446 shares of our common stock, with a total fair value of $1,630.3 million. We accounted for the purchase of the outstanding Eidos Common Stock as acquisition of noncontrolling interest in accordance with ASC 810, Consolidation. Under ASC 810, the carrying amount of the Eidos noncontrolling interest was adjusted to reflect the change in our ownership interest, and the difference between the fair value of the consideration paid, and the amount by which the noncontrolling interest was adjusted was recognized in equity. Such difference recognized in equity amounted to $1,613.4 million and recorded as reduction in “Additional paid-in capital” for the year ended December 31, 2021. We continued to recognize the assets and liabilities of Eidos at their respective historical values as of the closing date of the Merger Transactions.

Through the closing of the Merger Transactions, we incurred transaction costs aggregating $70.7 million that were recorded in “Additional paid-in capital” for the year ended December 31, 2021.

Upon closing and completion of the Merger Transactions with Eidos, Eidos became our wholly-owned subsidiary. Eidos’ common stock ceased to trade on The Nasdaq Global Select Market prior to the opening of business on January 26, 2021 and Eidos’ Certification and Notice of Termination of Registration under Section 12(g) of the Exchange Act was filed with the SEC on February 5, 2021.

In-licensing and Other Research and Development Agreements

12 Months Ended

Dec. 31, 2023

In-Licensing And Other Research And Development Agreements [Abstract]

In-licensing and Other Research and Development Agreements

13.

In-licensing and Other Research and Development 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 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 years ended December 31, 2023, 2022 and 2021, 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 three subsequent license agreements (“Additional Leidos Licenses”), two in August 2022 related to (i) KRAS G12C inhibitor and (ii) P13Ka breaker compounds, and one in December 2023 related to the PanKRAS inhibitor. The Leidos CRADA, Initial Leidos License, and Additional Leidos Licenses are also referred to herein as the Leidos Agreements. For the years ended December 31, 2023, 2022 and 2021, TheRas recognized research and development expenses of $3.6 million, $3.2 million, and $2.8 million, respectively, in connection with the Leidos Agreements.

Diagnostics Agreement with Foundation Medicine

As discussed in Note 8, QED and FMI entered into a diagnostics agreement relating to QED’s drug discovery and development initiatives. For the years ended December 31, 2023, 2022 and 2021, QED recognized research and development expenses of nil, $2.6 million, and $4.2 million, respectively, in connection with this agreement.

Resilience Development and Manufacturing Service Agreements

In September 2023, Aspa Therapeutics, Inc. (“Aspa”) and Adrenas Therapeutics Inc. (“Adrenas”), each entered into a Development and Manufacturing Services Agreement (collectively the “Resilience DMSAs”) and a Project Agreement (collectively the “Resilience PAs”), (collectively the “Resilience Agreements”) with Resilience US, Inc. (“Resilience”), for Resilience to provide contract development, manufacturing, testing and related services with respect to therapeutic and pharmaceutical products for the clinical development applications of BBP-812 and BBP-631, respectively. BBP-812 is an intravenous AAV9 investigational drug product intended for the treatment of children with Canavan Disease, under the age of five years. BBP-631 is an intravenous AAV5 investigational drug product intended for the treatment of adults and children with congenital adrenal hyperplasia. The Resilience DMSAs have ten-year terms and may each be extended for additional two-year periods. Under the Resilience PAs, Resilience will provide Aspa with a cost sharing credit of the lesser of a fixed percentage of certain agreed upon service costs or $15.5 million. Under the Resilience PAs, Resilience will provide Adrenas with a cost sharing credit of the lesser of a fixed percentage of certain agreed upon service costs or $29.3 million. In addition to the payments for their share of services performed by Resilience, Aspa and Adrenas may each be required to make future payments of up to $10.0 million upon achievement of certain development and approval milestone events, and

royalty payments (mid-single digits for BBP-812 and low-single digits for BBP-631) based on achievement of certain net sales metrics.

For the year ended December 31, 2023, research and development expenses recognized and cost sharing credits received in connection with the Resilience Agreements were immaterial.

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.

In-licensing and Other Research and Development Agreements - Additional Information (Details)	1 Months Ended			12 Months Ended
	Sep. 30, 2023 USD ($)	Aug. 31, 2022 License	Mar. 31, 2017 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 31, 2016 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expense				$ 455,711,000	$ 399,462,000	$ 451,024,000
Children intended for treatement with Canavan Disease, under the age.	5 years
Aspa and Adrenas
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Maximum required future payment upon achievement of certain development and milestone events net sales metrics	$ 10,000,000
Resilience DMSAs
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Agreement term	10 years
Agreement additional extension period	2 years
Resilience PAs \| Aspa
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Cost sharing credit of the lesser of a fixed percentage of certain agreed upon service costs	$ 15,500,000
Resilience PAs \| Adrenas
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Cost sharing credit of the lesser of a fixed percentage of certain agreed upon service costs	$ 29,300,000
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				$ 3,600,000	3,200,000	2,800,000
Number of license agreements \| License		3
QED Therapeutics, Inc \| Foundation Medicine Diagnostics Agreement \| Foundation Medicine, Inc
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expense				$ 0	$ 2,600,000	$ 4,200,000

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Feb. 15, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	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		175,831,536
Document Annual 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
Entity Well-known Seasoned Issuer	Yes
Entity Public Float			$ 2,075.1
Entity Voluntary Filers	No
Documents Incorporated by Reference	Specified portions of the registrant’s definitive Proxy Statement to be issued in conjunction with the registrant’s 2024 Annual Meeting of Stockholders, which is expected to be filed not later than 120 days after the registrant’s fiscal year ended December 31, 2023, are incorporated by reference into Part III of this Annual Report. Except as expressly incorporated by reference, the registrant’s Proxy Statement shall not be deemed to be a part of this Annual Report on Form 10‑K.
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	San Francisco, California

Debt - Schedule of Balances of Borrowing under Loan Agreement (Details) - Loan Agreement - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal value of term loans	$ 429,916	$ 429,916
Debt discount, issuance costs and exit fees accretion	(9,002)	(14,247)
Term loan, net	446,445	430,993
Payment in Kind
Debt Instrument [Line Items]
Principal value of term loans	$ 25,531	$ 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

Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Straight line operating lease costs	$ 4,032	$ 5,172	$ 5,611
Finance lease costs	420	443	402
Variable lease costs	6,844	6,142	4,243
Total lease cost	$ 11,296	$ 11,757	$ 10,256

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of our Property and Equipment (Details)	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Furniture and office equipment \| Minimum
Property Plant And Equipment [Line Items]
Estimated Useful Life	3 years
Furniture and office equipment \| Maximum
Property Plant And Equipment [Line Items]
Estimated Useful Life	5 years
Laboratory And Machinery Equipment \| Minimum
Property Plant And Equipment [Line Items]
Estimated Useful Life	5 years
Laboratory And Machinery Equipment \| Maximum
Property Plant And Equipment [Line Items]
Estimated Useful Life	15 years

Stock-Based Compensation - Summary of Recognized Stock-based Compensation Expense Related to Restricted Stock Award Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 115,016	$ 93,828	$ 105,574
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	4,056	3,238	24,065
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	4,033	5,326	6,240
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	$ 8,089	$ 8,564	$ 30,305

- 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

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Balance at the beginning of the year	$ 27,013	$ 21,254
Additions of prior year positions	10	724
Reductions of prior year positions	(2,504)	0
Additions based on tax positions related to current year	6,337	5,035
Balance at the end of the year	$ 30,856	$ 27,013

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash


	December 31,
	2023		2022		2021
	(in thousands)
Cash and cash equivalents	$	375,935	$	376,689	$	393,772
Restricted cash		16,653		37,930		177
Restricted cash, non-current — included in “Other assets”		2,144		2,265		2,416
Total cash, cash equivalents and restricted cash shown on the consolidated statements of cash flows	$	394,732	$	416,884	$	396,365

Summary of Estimated Useful Lives of our Property and Equipment

The estimated useful lives of our property and equipment are as follows:



Furniture and office equipment		3 - 5 years
Laboratory and machinery equipment		5 - 15 years
Leasehold improvements		Shorter of remaining lease term or estimated useful life of the related asset

Summary of Accrued Professional and Other Accrued Liabilities

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


	December 31,
	2023		2022
	(in thousands)
Accrued interest	$	17,761	$	17,500
Milestone liability		6,000		2,500
Accrued professional services		7,412		1,790
Other accrued liabilities		4,657		5,190
Accrued professional and other accrued liabilities	$	35,830	$	26,980

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Net Loss Before Income Taxes

The following table presents the components of net loss before income taxes:


	Year Ended December 31,
	2023		2022			2021
	(in thousands)
Domestic	$	565,840	$	485,079		$	586,478
Foreign		87,411		(427	)		(24	)
Total loss before income taxes	$	653,251	$	484,652		$	586,454

Reconciliation of Statutory Federal Rate and Effective Tax Rate

The following table presents a reconciliation of the statutory federal rate and our effective tax rate:


	Year Ended December 31,
	2023				2022				2021
Tax at statutory federal rate		21.0		%		21.0		%		21.0		%
Change in valuation allowance		(20.3	)			(21.7	)			(25.6	)
Research and development credits		2.3				3.2				3.9
Stock-based compensation		0.6				(1.8	)			1.2
Disallowed executive compensation		(0.8	)			—				—
Pellepharm deconsolidation		(1.4	)			—				—
Foreign rate differential		(1.2	)			—				—
Other		(0.2	)			(0.7	)			(0.5	)
Effective income tax rate		—		%		—		%		—		%

Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows:


	December 31,
	2023			2022
	(in thousands)
Deferred tax assets:
Net operating loss carry-forwards	$	358,867		$	325,830
Amortization		10,024			9,172
Accruals and reserves		6,453			5,261
Deferred revenue		2,130			—
Stock-based compensation		21,340			16,134
Tax credits		97,735			86,012
Operating lease liabilities		3,153			3,075
Deferred income from asset sale		2,333			2,391
Capitalized research and experimental expenditures		144,873			77,190
Deferred interest expense		26,596			13,154
Property and equipment		822			600
Other		4,230			268
Gross deferred tax assets		678,556			539,087
Less valuation allowance		(672,084	)		(533,929	)
Deferred tax assets, net of valuation allowance		6,472			5,158
Deferred tax liabilities:
Property and equipment		—			—
Operating lease right-of-use assets		(1,784	)		(2,001	)
Unrealized gains and losses		(4,688	)		(3,157	)
Deferred tax liabilities		(6,472	)		(5,158	)
Net deferred tax assets (liabilities)	$	—		$	—

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	December 31,
	2023			2022
	(in thousands)
Balance at the beginning of the year	$	27,013		$	21,254
Additions of prior year positions		10			724
Reductions of prior year positions		(2,504	)		—
Additions based on tax positions related to current year		6,337			5,035
Balance at the end of the year	$	30,856		$	27,013

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cash equivalents:
Total cash equivalents	$ 269,597	$ 362,008
Marketable securities:
Investment in equity securities	58,949	43,653
Level 1
Marketable securities:
Investment in equity securities	58,900	43,700
Treasury Bills
Cash equivalents:
Total cash equivalents	256,067
Commercial Paper
Cash equivalents:
Total cash equivalents		159,758
Recurring
Cash equivalents:
Total cash equivalents	269,597	362,008
Marketable securities:
Total marketable securities		51,580
Investment in equity securities	58,949	43,653
LianBio Warrant	1,554	570
Total financial assets	330,100	457,811
Liability
Embedded derivative	1,665	1,201
Recurring \| Level 1
Cash equivalents:
Total cash equivalents	13,530	202,250
Marketable securities:
Total marketable securities		0
Investment in equity securities	58,949	43,653
LianBio Warrant	1,554	570
Total financial assets	74,033	246,473
Liability
Embedded derivative	0	0
Recurring \| Level 2
Cash equivalents:
Total cash equivalents	256,067	159,758
Marketable securities:
Total marketable securities		51,580
Investment in equity securities	0	0
LianBio Warrant	0	0
Total financial assets	256,067	211,338
Liability
Embedded derivative	0	0
Recurring \| Level 3
Cash equivalents:
Total cash equivalents	0	0
Marketable securities:
Total marketable securities		0
Investment in equity securities	0	0
LianBio Warrant	0	0
Total financial assets	0	0
Liability
Embedded derivative	1,665	1,201
Recurring \| Money Market Funds
Cash equivalents:
Total cash equivalents	13,530	202,250
Recurring \| Money Market Funds \| Level 1
Cash equivalents:
Total cash equivalents	13,530	202,250
Recurring \| Money Market Funds \| Level 2
Cash equivalents:
Total cash equivalents	0	0
Recurring \| Money Market Funds \| Level 3
Cash equivalents:
Total cash equivalents	0	0
Recurring \| Treasury Bills
Cash equivalents:
Total cash equivalents	256,067
Recurring \| Treasury Bills \| Level 1
Cash equivalents:
Total cash equivalents	0
Recurring \| Treasury Bills \| Level 2
Cash equivalents:
Total cash equivalents	256,067
Recurring \| Treasury Bills \| Level 3
Cash equivalents:
Total cash equivalents	$ 0
Recurring \| Commercial Paper
Cash equivalents:
Total cash equivalents		159,758
Marketable securities:
Total marketable securities		51,580
Recurring \| Commercial Paper \| Level 1
Cash equivalents:
Total cash equivalents		0
Marketable securities:
Total marketable securities		0
Recurring \| Commercial Paper \| Level 2
Cash equivalents:
Total cash equivalents		159,758
Marketable securities:
Total marketable securities		51,580
Recurring \| Commercial Paper \| Level 3
Cash equivalents:
Total cash equivalents		0
Marketable securities:
Total marketable securities		$ 0

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023.


	Potential Fixed Monetary Amount		Accrued Amount (1)
Settlement Type	(in thousands)
Cash	$	9,406	$	565
Stock (2)		51,550		9,092
Cash or stock at our sole discretion		129,742		12,572
Total	$	190,698	$	22,229

(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 16.

Fair Value Measurements - Summary of Total Realized and Unrealized Gains and Losses Associated with Investment in Equity Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Gain on conversion from equity method investment to investment in equity securities	$ 0	$ 0	$ 68,538
Net realized gain recognized on investment in equity securities sold	8,668	3,731	2,206
Net unrealized gain (loss) recognized on investment in equity securities held as of the end of the period	9,646	(11,953)	(40,830)
Total net gain (loss) included in "Other income (expense), net"	$ 18,314	$ (8,222)	$ 29,914

Debt - Schedule of Outstanding Notes Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
2029 Notes
Debt Instrument [Line Items]
Principal	$ 747,500	$ 747,500
Unamortized debt discount and issuance costs	(10,595)	(12,512)
Net carrying amount	736,905	734,988
2027 Notes
Debt Instrument [Line Items]
Principal	550,000	550,000
Unamortized debt discount and issuance costs	(6,621)	(8,366)
Net carrying amount	$ 543,379	$ 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

Commitments and Contingencies

12 Months Ended

Dec. 31, 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, or the Exchange Program (see Note 16). 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, or 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 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 December 31, 2023.


	Potential Fixed Monetary Amount		Accrued Amount (1)
Settlement Type	(in thousands)
Cash	$	9,406	$	565
Stock (2)		51,550		9,092
Cash or stock at our sole discretion		129,742		12,572
Total	$	190,698	$	22,229

(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 16.

Other Research and Development and Commercial Agreements

We may also enter into contracts in the normal course of business with contract research organizations for services related to 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 December 31, 2023, there were no material amounts accrued related to termination charges. As of December 31, 2022, we had liabilities for certain fees that we incurred related to reprioritization of our research and development projects of approximately $3.3 million (see Note 17).

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 in our consolidated financial statements.

We also maintain director and officer insurance, which may cover certain liabilities arising from our obligation to indemnify our directors and certain officers. To date, we have not paid any claims related to our indemnification obligations. As of December 31, 2023 and 2022, we did not have any material indemnification claims that were probable or reasonably possible, and consequently have not accrued any liabilities in the 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.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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:


	December 31, 2023
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	13,530	$	13,530	$	—	$	—
Treasury bills		256,067		—		256,067		—
Total cash equivalents		269,597		13,530		256,067		—
Investment in equity securities		58,949		58,949		—		—
LianBio Warrant		1,554		1,554		—		—
Total financial assets	$	330,100	$	74,033	$	256,067	$	—
Liability
Embedded derivative	$	1,665	$	—	$	—	$	1,665


	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 for the periods presented consisted of the following:


	Year Ended December 31,
	2023		2022			2021
	(in thousands)
Gain on conversion from equity method investment to equity securities	$	—	$	—		$	68,538
Net realized gain recognized on investment in equity securities sold		8,668		3,731			2,206
Net unrealized gain (loss) recognized on investment in equity securities held as of the end of the period		9,646		(11,953	)		(40,830	)
Total net gain (loss) included in “Other income (expense), net”	$	18,314	$	(8,222	)	$	29,914

Commitments and Contingencies - Additional Information (Details) - USD ($)	Dec. 31, 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

Restructuring, Impairment and Related Charges - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring, impairment and related charges	$ 7,926	$ 43,765

Noncontrolling Interests

12 Months Ended

Dec. 31, 2023

Noncontrolling Interest [Abstract]

Noncontrolling Interests

As of December 31, 2023 and 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 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. For the years ended December 31, 2023, 2022 and 2021, such adjustments in the aggregate amounts of $(10.5) million, $(3.5) million and $(2.1) million, respectively, are recorded to additional paid-in capital. All such adjustments are disclosed within the “Transfers from (to) noncontrolling interests” line item in the consolidated statements of redeemable convertible noncontrolling interests and stockholders’ equity (deficit).

Public Offerings, Share Repurchase Program and Securities Purchase Agreements - Additional Information (Details) - USD ($)			1 Months Ended					12 Months Ended
	Apr. 03, 2023	Mar. 10, 2023	Feb. 22, 2024	Sep. 30, 2023	May 31, 2023	Mar. 31, 2023	Jul. 31, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 31, 2021
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]
Net proceeds issued from offerings								$ 144,049,000	$ 0	$ 0
Common stock, par value								$ 0.001	$ 0.001
2021 Share Repurchase Program
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]
Stock repurchased during period, shares										3,017,087
Stock repurchased, average price per share										$ 49.72
Stock repurchased, value										$ 150,000,000
Common Stock
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]
Net proceeds issued from offerings								$ 0	$ 4,900,000
Maximum amount of stock remaining eligible to be sold								$ 384,000,000
Sale of stock, number of shares issued and sold								0	455,800
Sale of stock, public offering price per share									$ 10.9
Common Stock \| 2021 Share Repurchase Program \| Maximum
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]
Share repurchase program, authorized amount											$ 150,000,000
Common Stock \| 2023 Follow-on Offering
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]
Net proceeds issued from offerings	$ 1,000,000	$ 143,000,000
Issuance of common stock under Follow-on offering	63,470,000	8,823,530,000
Common stock, par value						$ 0.001
Public offering price per share						$ 17
Underwriting discounts and commissions						1,323,529
Underwriting Fees and Commissions		6,500,000
Commissions paid		500,000
Deferred offering costs		$ 500,000
Common Stock \| 2023 Follow-on Offering \| Maximum
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]
Percentage of cash commission						0.315%
Percentage of Underwriters Commissions						4.30%
Underwriting Fees and Commissions	$ 100,000
Common Stock \| 2023 Follow-on Offering \| Minimum
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]
Percentage of outstanding securities						5.00%
At-the-Market Offerings \| Common Stock \| Maximum
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]
Aggregate offering, issuance and sale price of common stock to be issued							$ 350,000,000
Percentage of cash commission							3.00%
At-the-Market Offerings \| Common Stock \| 2023 ATM Agreement
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]
Net proceeds issued from offerings								$ 65,000,000
Issuance of common stock under Follow-on offering								2,171,217,000
Common stock, par value					$ 0.001
Sales agent fees and commissions								1,000,000
At-the-Market Offerings \| Common Stock \| 2023 ATM Agreement \| Maximum
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]
Aggregate offering price of common stock that may issued and sold					$ 450,000,000
Percentage of sales agents commission					3.00%
Private Placement \| Common Stock \| Purchase Agreement
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]
Aggregate offering, issuance and sale price of common stock to be issued				$ 9,167,723,000
Net proceeds issued from offerings								240,800,000
Common stock, par value				$ 0.001
Percentage of outstanding securities				5.00%
Deferred offering costs								500,000
Purchase price per share				$ 27.27
Commissions on gross proceeds of sales of common stock				$ 1,800,000
Placement agent commission								$ 8,700,000
Subsequent Event \| At-the-Market Offerings \| Common Stock
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]
Net proceeds issued from offerings			$ 24,800,000
Maximum amount of stock remaining eligible to be sold			$ 358,800,000
Shares issued			678,110
Sales agent fees and commissions			$ 400,000

Restructuring, Impairment and Related Charges

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring, Impairment and Related Charges

17.

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. During the years ended December 31, 2023 and 2022, our restructuring, impairment and related charges amounted to $7.9 million and $43.8 million, respectively, which consisted primarily of winding down costs, exit and other related costs, impairments and write-offs of long-lived assets, and severance and employee-related costs. 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 consolidated statement of operations for the years ended December 31, 2023 and 2022 consisted of the following:


	Year Ended December 31,
	2023		2022
	(in thousands)
Long-lived assets impairments and write-offs	$	—	$	12,720
Severance and employee-related costs		715		10,306
Winding down, exit and other related costs		7,211		20,739
Total	$	7,926	$	43,765

There were no restructuring initiatives during the year ended December 31, 2021, or prior.

The following table summarizes the activity related to the restructuring liabilities associated with our restructuring initiatives for the years ended December 31, 2023 and 2022:


	Year Ended December 31,
	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 14)		—			2,185
Restructuring, impairment and related charges		7,926			43,765
Cash payments		(14,697	)		(25,232	)
Noncash activities		—			(13,892	)
Ending balance	$	55		$	6,826

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


	December 31, 2023		December 31, 2022
	(in thousands)
Accounts payable	$	48	$	896
Accrued compensation and benefits		—		41
Accrued research and development liabilities		7		5,889
Total	$	55	$	6,826

Debt - Additional Information (Details)						1 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	Nov. 30, 2019 USD ($)	Jun. 30, 2022 USD ($)	Nov. 30, 2021 USD ($)	Apr. 30, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Nov. 30, 2022 USD ($)	May 31, 2022 USD ($)	Feb. 02, 2021 USD ($)	May 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jun. 30, 2018 USD ($)
Debt Instrument [Line Items]
Purchase of capped calls									$ 0	$ 0	$ 61,295,000
Repurchase of common stock									0	0	200,000,000
Loss on early extinguishment of debt									0	0	(3,337,000)
Interest expense									34,231,000	34,137,000	32,643,000
Amortization of debt discount and issuance costs									3,662,000	3,568,000	3,336,000
Interest payable									17,761,000	17,500,000
Debt instrument prepaid includes final payment charge and prepayment fee									0	20,486,000	124,119,000
Navire Bms Member \| License Agreement
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
Stated interest rate							9.00%
Debt instrument payment amortization date							Jan. 02, 2025
Debt instrument potential payment extended amortization date							Jan. 02, 2026
Debt instrument, frequency of interest payment							quarterly
Maturity date							Nov. 17, 2026
Debt issuance costs including initial purchasers discounts, legal and other professional fees									1,100,000
Interest expense									46,300,000	46,100,000	5,500,000
Amortization of debt discount and issuance costs									5,200,000	5,000,000	600,000
Interest payable									6,700,000	6,400,000
Loan Agreement \| Payment in Kind
Debt Instrument [Line Items]
Stated interest rate							3.00%
Accrued interest convertible into principal									10,200,000	15,300,000
Hercules Capital, Inc
Debt Instrument [Line Items]
Interest expense											8,100,000
Amortization of debt discount and issuance costs											1,700,000
Hercules Capital, Inc \| Other Income (Expense)
Debt Instrument [Line Items]
Loss on early extinguishment of debt							$ 2,600,000
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
Debt instrument issuance date	Jan. 28, 2021
Stated interest rate	2.25%
Maturity year	2029
Debt instrument, frequency of interest payment	semiannually
Interest payable beginning date	Aug. 01, 2021
Maturity date	Feb. 01, 2029
Description of payment terms of notes									The 2029 Notes are senior, unsecured obligations of BridgeBio and 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
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	10.305
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
Interest expense									18,736,000	18,688,000	17,239,000
Amortization of debt discount and issuance costs									1,917,000	1,869,000	1,682,000
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						$ 550,000,000	550,000,000
Proceeds from exercise of option to purchase additional notes			$ 75,000,000
Debt instrument issuance date			Mar. 09, 2020
Stated interest rate			2.50%
Maturity year			2027
Debt instrument, frequency of interest payment			semiannually
Interest payable beginning date			Sep. 15, 2020
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
Purchase of capped calls			49,300,000
Repurchase of common stock			75,000,000
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
Debt issuance costs allocated to equity component			4,100,000
Debt issuance costs allocated to liability component			$ 8,900,000
Expected life of notes			7 years
Interest payable									$ 4,000,000	4,000,000
Interest expense									15,495,000	15,449,000	15,404,000
Amortization of debt discount and issuance costs									1,745,000	$ 1,699,000	1,654,000
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	$ 49,300,000
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
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							$ 100,000,000
Debt instrument, amount available to be drawn														$ 100,000,000
Tranche I \| Hercules Capital, Inc
Debt Instrument [Line Items]
Debt Instrument face amount																		$ 35,000,000
Tranche II \| Hercules Capital, Inc
Debt Instrument [Line Items]
Debt Instrument face amount																	$ 20,000,000
Tranche III \| Hercules Capital, Inc
Debt Instrument [Line Items]
Debt Instrument face amount																$ 20,000,000
Tranche IV \| Hercules Capital, Inc
Debt Instrument [Line Items]
Debt Instrument face amount								$ 25,000,000
Tranche A Loan \| Silicon Valley Bank and Hercules Loan Agreement
Debt Instrument [Line Items]
Debt Instrument face amount					$ 17,500,000
Interest rate											8.50%
Debt instrument prepaid includes final payment charge and prepayment fee								$ 18,100,000
Tranche A Loan \| Silicon Valley Bank and Hercules Loan Agreement \| Eidos
Debt Instrument [Line Items]
Stated interest rate					8.50%
Maturity date					Oct. 02, 2023
Tranche A Loan \| Silicon Valley Bank and Hercules Loan Agreement \| Prime Rate \| Eidos
Debt Instrument [Line Items]
Interest rate					3.25%

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

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

Summary of Stock Based Compensation for Employees and Non Employees

Under each of the legal entity’s equity plans, we recorded stock-based compensation in the following expense categories in our consolidated statements of operations for employees and non-employees:


	Year Ended December 31, 2023
	BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total
	(in thousands)
Research and development	$	61,433	$	214	$	61,647
Selling, general and administrative		53,288		81		53,369
Total stock-based compensation	$	114,721	$	295	$	115,016


	Year Ended December 31, 2022
	BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total
	(in thousands)
Research and development	$	37,700	$	287	$	37,987
Selling, general and administrative		54,669		—		54,669
Restructuring, impairment and related charges		1,172		—		1,172
Total stock-based compensation	$	93,541	$	287	$	93,828


	Years Ended December 31, 2021
	BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total
	(in thousands)
Research and development	$	53,829	$	2,366	$	56,195
Selling, general and administrative		46,357		3,022		49,379
Total stock-based compensation	$	100,186	$	5,388	$	105,574

Summary of Stock Option Activity

The following table summarizes BridgeBio’s stock option activity under the Plans for the year ended December 31, 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				(369,014	)
Regular equity program		(122,763	)			$	23.92
Eidos Awards Exchange		(185,230	)			$	15.64
Exchange Program		(61,021	)			$	2.86
Cancelled				(661,314	)
Regular equity program		(620,220	)			$	28.35
Eidos Awards Exchange		(38,713	)			$	22.97
Exchange Program		(2,381	)			$	11.18
Outstanding as of December 31, 2023				12,332,442
Regular equity program		10,793,862				$	25.69		7.1	$	178,594
Eidos Awards Exchange		1,221,942				$	14.60		4.7	$	31,580
Exchange Program		316,638				$	2.19		5.3	$	12,105
Exercisable as of December 31, 2023				8,788,040
Regular equity program		7,291,814				$	27.36		6.4	$	108,772
Eidos Awards Exchange		1,182,008				$	14.22		4.7	$	30,981
Exchange Program		314,218				$	2.18		5.3	$	12,015

Summary of Restricted Stock Units Activity

The following table summarizes BridgeBio’s RSU activity under the Plans for the year ended December 31, 2023:


	Unvested Shares of RSUs Outstanding			Weighted- Average Grant Date Fair Value
Balance as of December 31, 2022		4,108,642		$	21.60
Granted		8,993,599		$	13.58
Vested		(3,608,021	)	$	15.51
Cancelled		(551,407	)	$	17.03
Balance as of December 31, 2023		8,942,813		$	16.27

Summary of Restricted Stock Award Activity

The following table summarizes our RSA activity under the Plans for the year ended December 31, 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		211,860		$	19.14
Vested — Exchange Program		(211,860	)	$	19.14
Vested — Regular equity program		(566,605	)	$	7.20
Balance as of December 31, 2023		85,453		$	7.27

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

We used the Black-Scholes model to estimate the fair value of stock options and stock purchase rights under ESPP. We used the following weighted-average assumptions in the Black-Scholes calculations:


	Year Ended December 31,
	2023				2022					2021
	Stock Options		ESPP		Stock Options			ESPP		Stock Options		ESPP
Expected term (in years)	6.0			0.5	6.0				0.5	5.5 - 6.1			0.5
Expected volatility	66.2% - 67.5%		86.1% - 122.1%			65.9	%	52.0% - 191.7%		49.0% - 52.0%		47.6% - 52.0%
Risk-free interest rate	3.9% - 4.1%		3.1% - 5.5%			3.2	%	0.1% - 3.1%		0.6% - 1.3%		0.1%
Dividend yield		—		—		—			—		—		—
Weighted-average fair value of stock-based awards granted	$	8.48	$	8.22	$	5.24		$	6.29	$	23.09	$	18.31

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 years ended December 31, 2023, 2022, and 2021, we recognized stock-based compensation expense related to RSAs under the Plans as follows:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Exchange Program	$	4,056	$	3,238	$	24,065
Other RSAs		4,033		5,326		6,240
Total stock-based compensation expense	$	8,089	$	8,564	$	30,305

- 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

Summary of Significant Accounting Policies - Summary of Accrued Professional and Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Accrued interest	$ 17,761	$ 17,500
Milestone liability	6,000	2,500
Accrued professional services	7,412	1,790
Other accrued liabilities	4,657	5,190
Accrued professional and other accrued liabilities	$ 35,830	$ 26,980

Restructuring, Impairment and Related Charges (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Summary of Restructuring, Impairment and Related Charges

Restructuring, impairment and related charges included in our consolidated statement of operations for the years ended December 31, 2023 and 2022 consisted of the following:


	Year Ended December 31,
	2023		2022
	(in thousands)
Long-lived assets impairments and write-offs	$	—	$	12,720
Severance and employee-related costs		715		10,306
Winding down, exit and other related costs		7,211		20,739
Total	$	7,926	$	43,765

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 years ended December 31, 2023 and 2022:


	Year Ended December 31,
	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 14)		—			2,185
Restructuring, impairment and related charges		7,926			43,765
Cash payments		(14,697	)		(25,232	)
Noncash activities		—			(13,892	)
Ending balance	$	55		$	6,826

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


	December 31, 2023		December 31, 2022
	(in thousands)
Accounts payable	$	48	$	896
Accrued compensation and benefits		—		41
Accrued research and development liabilities		7		5,889
Total	$	55	$	6,826

Stock-Based Compensation - Additional Information (Details)						12 Months Ended
	Nov. 18, 2020 USD ($) Grantee shares	Jun. 02, 2020 shares	Apr. 22, 2020 USD ($) Grantee shares	Jun. 25, 2019 shares	Jun. 22, 2019 shares	Dec. 31, 2023 USD ($) TradingDay Employee $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares	Jan. 31, 2024 shares	Feb. 28, 2023 shares	Nov. 13, 2019 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation \| $						$ 115,016,000	$ 93,828,000	$ 105,574,000
BridgeBio Equity Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance-based milestone awards compensation expense \| $						6,300,000	2,200,000	6,000,000
Stock-based compensation \| $						$ 114,721,000	$ 93,541,000	$ 100,186,000
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						$ 8.22	$ 6.29	$ 18.31
Expected volatility, Minimum						86.10%	52.00%	47.60%
Expected volatility, Maximum						122.10%	191.70%	52.00%
Risk-free interest rate, Minimum						3.10%	0.10%
Risk-free interest rate, Maximum						5.50%	3.10%
Dividend yield						0.00%	0.00%	0.00%
Expected term (in years)						6 months	6 months	6 months
2020 Stock and Equity Award Exchange Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
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
Stock-based compensation cost associated with milestone awards \| $						$ 3,400,000	$ 700,000	$ 26,700,000
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 Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grand date fair value of options granted \| $ / shares						$ 8.48	$ 5.24	$ 23.09
Expected volatility, Minimum						66.20%		49.00%
Expected volatility, Maximum						67.50%		52.00%
Risk-free interest rate, Minimum						3.90%		0.60%
Risk-free interest rate, Maximum						4.10%		1.30%
Dividend yield						0.00%	0.00%	0.00%
Expected term (in years)						6 years	6 years
Employee Stock Options \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)								5 years 6 months
Employee Stock Options \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)								6 years 1 month 6 days
Employee Stock Options \| 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 \| $						$ 16,800,000	$ 1,900,000	$ 7,900,000
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
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase in common stock reserved for issuance \| shares		2,500,000
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 and 2019 Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total intrinsic value of options exercised \| $						$ 5,300,000
Weighted-average grand date fair value of options granted \| $ / shares						$ 8.48
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 \| $						$ 4,056,000	3,238,000	24,065,000
A&R 2019 Plan and 2019 Inducement Plan \| Employee Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation \| $						28,500,000	39,700,000	31,100,000
Unrecognized compensation cost \| $						$ 36,000,000
Unrecognized compensation cost, period for recognition						2 years
A&R 2019 Plan and 2019 Inducement Plan \| Employee Stock Options \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period						3 years
A&R 2019 Plan and 2019 Inducement Plan \| Employee Stock Options \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period						4 years
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 \| $						$ 8,089,000	$ 8,564,000	30,305,000
Unrecognized compensation cost, period for recognition						1 month 6 days
Unrecognized compensation cost \| $						$ 600,000
Unvested shares of restricted stock outstanding \| shares						85,453	652,058
Weighted average grant date fair value \| $ / shares						$ 7.27	$ 7.29
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 \| $						$ 59,100,000	$ 43,100,000	$ 25,000,000
Unrecognized compensation cost, period for recognition						2 years 10 months 24 days
Unrecognized compensation cost \| $						$ 135,900,000
Unvested shares of restricted stock outstanding \| shares						8,942,813	4,108,642
Weighted average grant date fair value \| $ / shares						$ 16.27	$ 21.6
2019 Employee Stock Purchase Plan \| BridgeBio Equity 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
Common shares reserved for future issuance \| shares						3,555,912
Stock-based compensation \| $						$ 2,300,000	$ 2,600,000
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
2019 Employee Stock Purchase Plan \| Employee Stock Purchase Plan \| BridgeBio Equity 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 2016 and 2018 Plans \| Eidos
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
Incremental compensation cost for awards modification \| $						$ 0
2021 A&R Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of automatic annual increase in number of shares reserved for future issuance				5.00%
2021 A&R Plan \| Market-Based Restricted Stock Units (RSUs) \| BridgeBio Equity Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment arrangement, consecutive trading days \| TradingDay						20
Grant-date fair value of RSUs \| $						$ 10,800,000
Stock-based compensation \| $						$ 700,000
Unrecognized compensation cost, period for recognition						1 year 2 months 12 days
Unrecognized compensation cost \| $						$ 10,100,000
Expected volatility, Minimum						96.80%
Expected volatility, Maximum						113.70%
Risk-free interest rate, Minimum						4.22%
Risk-free interest rate, Maximum						4.35%
Dividend yield						0.00%
Unvested shares of restricted stock outstanding \| shares						375,000
Weighted average grant date fair value \| $ / shares						$ 28.73
2021 A&R Plan \| Market-Based Restricted Stock Units (RSUs) \| Minimum \| BridgeBio Equity Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)						3 years
2021 A&R Plan \| Market-Based Restricted Stock Units (RSUs) \| Maximum \| BridgeBio Equity Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment arrangement, performance period from date of grant						6 years
Expected term (in years)						6 years
Common Stock \| A&R 2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares authorized to issue for issuance of awards \| shares				11,500,000							1,000,000
Common shares reserved for future issuance \| shares						2,000,000			3,750,000	2,000,000	1,000,000
Common Stock \| 2019 Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common shares reserved for future issuance \| shares						1,902,409
Common Stock \| Eidos Award Exchange Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common shares reserved for future issuance \| shares						2,802,644
Common Stock \| 2021 A&R Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common shares reserved for future issuance \| shares						6,781,711

Income Taxes - Components of Net Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ 565,840	$ 485,079	$ 586,478
Foreign	87,411	(427)	(24)
Total loss before income taxes	$ 653,251	$ 484,652	$ 586,454

- Definition

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

+ References

+ Details

Sale of Nonfinancial Assets - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 31, 2022	May 31, 2022	Mar. 04, 2022
Asset Acquisition [Line Items]
Gross proceeds from sale of priority review voucher		$ 0	$ 110,000	$ 0
Loss on sale of certain assets		0	6,261	$ 0
Intangible assets, net		26,319	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
Accrued 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

Cash Equivalents and Marketable Securities

12 Months Ended

Dec. 31, 2023

Cash Equivalents And Marketable Securities [Abstract]

Cash Equivalents and Marketable Securities

We invest in certain U.S. government money market funds, treasury bills and commercial paper classified as cash equivalents. The marketable securities consist of high investment grade fixed income securities that are primarily invested in commercial paper.

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


	December 31, 2023
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	13,530	$	—	$	—	$	13,530
Treasury bills		256,036		31		—		256,067
Total cash equivalents	$	269,566	$	31	$	—	$	269,597


	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. As of December 31, 2023 and 2022, there were no available-for-sale securities that have been in a continuous unrealized loss position for more than 12 months. As of December 31, 2022, our marketable securities had average contractual maturities of approximately six months. We believe that we have the ability to realize the full value of all of these investments upon their respective maturities.

Net Loss Per Share Attributable to Common Stockholders of BridgeBio - Schedule of Common Stock Equivalents were Excluded from Computation of Diluted Net Loss per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	47,261,466	56,406,601	52,252,566
Unvested RSAs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	85,453	652,058	1,789,943
Unvested RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	8,942,813	4,108,642	3,537,719
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	3,326	7,875	69,340
Unvested Market-Based RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	375,000	0	0
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	12,332,442	11,637,861	12,141,756
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	4,865,250	19,201,212	13,959,588
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	75,889	217,660	172,927
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	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	7,702,988

Sale of Nonfinancial Assets

12 Months Ended

Dec. 31, 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 during the year ended December 31, 2022 and recognized a gain of $107.9 million, net of transaction costs, for the year ended December 31, 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 NULIBRY, as well as certain specified assets of Origin, and will be responsible for the ongoing development and commercialization of NULIBRY 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, including the first pricing approval in an EMA country or EMA major market country, under the Origin-Alexion APA (see Note 8) and under a separate agreement with a third party. In October 2022, we paid $3.5 million of the regulatory-based milestone payment as the milestone criteria was met. As of December 31, 2023, Origin will continue to be responsible for a regulatory-based milestone payment upon first pricing approval in an 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 consolidated statement of operations for the year ended December 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 Loan Agreement (see Note 10).

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

14.

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 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:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Straight line operating lease costs	$	4,032	$	5,172	$	5,611
Finance lease costs		420		443		402
Variable lease costs		6,844		6,142		4,243
Total lease cost	$	11,296	$	11,757	$	10,256

Supplemental cash flow information related to leases are as follows:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	4,829	$	6,245	$	6,122
Operating cash flows for finance lease		397		423		272
Operating lease right-of-use assets obtained in exchange for operating lease obligations		1,179		240		6,380

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


	December 31,
	2023			2022
Weighted-average remaining lease term (in years)
Operating leases		4.7			5.3
Finance lease		2.1			3.1
Weighted-average discount rate
Operating leases		6.0	%		6.0	%
Finance lease		6.6	%		6.6	%

As of December 31, 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)
Year ending December 31:
2024		4,768
2025		3,949
2026		1,880
2027		860
Thereafter		3,418
Total future minimum lease payments		14,875
Imputed interest		(1,766	)
Total	$	13,109

Balance as of December 31, 2023
Operating lease liabilities, current portion	$	4,128
Operating lease liabilities, net of current portion		8,981
Total operating lease liabilities	$	13,109

The impairment losses related to operating lease right-of-use assets for the years ended December 31, 2023 and 2022 are not material. We recognized an impairment loss for certain asset groups estimated using discounted cash flow model (income approach) of $3.3 million included in “Selling, general and administrative” expenses in our consolidated statement of operations for the year ended December 31, 2021. The impairment loss for the year ended December 31, 2021 includes $2.6 million related to operating lease right-of-use assets and $0.7 million related to property and equipment, namely leasehold improvements, office furniture, and equipment that we no longer use.

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 executed 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. For the year ended December 31, 2022, we recorded an 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 ceased pursuant to the termination agreement. The aforementioned impairment loss and the termination fee are included as part of “Restructuring, impairment and related charges” in our consolidated statement of operations for the year ended December 31, 2022 (see Note 17).

Leases - Schedule of Future Minimum Lease Payments for Noncancelable Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating leases, 2024	$ 4,768
Operating leases, 2025	3,949
Operating leases, 2026	1,880
Operating leases, 2027	860
Operating leases, Thereafter	3,418
Operating leases, Total future minimum lease payments	14,875
Operating leases, Imputed interest	(1,766)
Total operating lease liabilities	13,109
Operating lease liabilities, current portion	4,128	$ 3,675
Operating lease liabilities, net of current portion	$ 8,981	$ 12,274

Stock-Based Compensation - Summary of Restricted Stock Award Activity under Plans (Details) - Restricted Stock Awards - A&R 2019 Plan and 2019 Inducement Plan	12 Months Ended
	Dec. 31, 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	85,453
Weighted-Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 7.29
Weighted-Average Grant Date Fair Value, Ending balance \| $ / shares	$ 7.27
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	211,860
Unvested Shares of Restricted Stock Outstanding, Vested \| shares	(211,860)
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	$ 19.14
Weighted-Average Grant Date Fair Value, Vested \| $ / shares	$ 19.14
Regular Equity Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Shares of Restricted Stock Outstanding, Vested \| shares	(566,605)
Weighted-Average Grant Date Fair Value, Vested \| $ / shares	$ 7.2

Summary of Significant Accounting Policies - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	$ 375,935	$ 376,689	$ 393,772
Restricted cash	16,653	37,930	177
Restricted cash, non-current - included in "Other assets"	$ 2,144	$ 2,265	$ 2,416
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent	Other Assets, Noncurrent
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$ 394,732	$ 416,884	$ 396,365	$ 358,679

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

Variable Interest Entities and Voting Interest Entities

BridgeBio consolidates those entities in which it has a direct or indirect controlling financial interest based on either the VIE model or the VOE model.

Equity Method and Other Equity Investments

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 (“ASC 606”),

•

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 are believed to be reasonable. Actual results may differ from those estimates or assumptions.

Cash, Cash Equivalents and Marketable Securities


	December 31,
	2023		2022		2021
	(in thousands)
Cash and cash equivalents	$	375,935	$	376,689	$	393,772
Restricted cash		16,653		37,930		177
Restricted cash, non-current — included in “Other assets”		2,144		2,265		2,416
Total cash, cash equivalents and restricted cash shown on the consolidated statements of cash flows	$	394,732	$	416,884	$	396,365

Restricted Cash

Investment in Equity Securities

Fair Value Measurements

Level 1 — Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Property and Equipment, net

The estimated useful lives of our property and equipment are as follows:



Furniture and office equipment		3 - 5 years
Laboratory and machinery equipment		5 - 15 years
Leasehold improvements		Shorter of remaining lease term or estimated useful life of the related asset

Depreciation and amortization expense of property and equipment was $4.1 million, $4.1 million and $3.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Leases

Asset Acquisitions

Impairment of Long-Lived Assets

Accrued Professional and Other Accrued Liabilities

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


	December 31,
	2023		2022
	(in thousands)
Accrued interest	$	17,761	$	17,500
Milestone liability		6,000		2,500
Accrued professional services		7,412		1,790
Other accrued liabilities		4,657		5,190
Accrued professional and other accrued liabilities	$	35,830	$	26,980

Segments

Total revenues, which are mainly from license and collaborative arrangements are attributed to regions based on the headquarters of the partner.

•

For the year ended December 31, 2022, approximately 98.2% of our total revenue is from BMS, with headquarters located in New York, United States.

•

As of December 31, 2023 and 2022, our capitalized property and equipment located in the United States and Canada is approximately 69.1% and 30.6%, and 72.7% and 27.0%, respectively.

Capped Call Transactions

Debt Issuance Costs

Treasury Stock

Repurchased treasury stock is recorded at cost, including any commissions and fees.

Collaborative Agreements

Revenue Recognition

Receivables from Licensing and Collaboration Agreements

Research and Development Expenses

Accrued Research and Development Liabilities

Examples of estimated research and development expenses that we accrue include:

•

fees paid to CROs in connection with preclinical and toxicology studies and clinical trials;

•

fees paid to investigative sites in connection with clinical trials;

•

fees paid to CMOs in connection with the production of product and clinical trial materials; and

•

professional service fees for consulting and related services.

Milestone and Royalty Payments Under Asset Acquisitions, In-licensing and Other Research & Development Agreements

We could also be required to pay royalties based on actual net sales under in-licensing agreements and asset acquisitions. Such royalties are expensed in the period of sale of the product.

Selling, general and administrative expenses

Sales of Nonfinancial Assets

Restructuring, Impairment and Related Charges

Stock-Based Compensation

We have elected to recognize the actual forfeitures by reducing the stock-based compensation in the same period as the forfeitures occur.

Stock-based compensation is generally recorded in research and development expense, and selling, general and administrative expense based on the function of the applicable employee and non-employee.

Accrued Milestone Compensation Arrangements

Income Taxes

Net Loss per Share Attributable to Common Stockholders of BridgeBio

New Accounting Pronouncements Not Yet Adopted

Noncontrolling Interests - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Adjustments of carrying value of noncontrolling interest additional paid-in capital	$ (10.5)	$ (3.5)	$ (2.1)

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Recognized Intangible Assets

The following table summarizes our recognized intangible assets for the years ended December 31, 2023 and 2022 as a result of the arrangements described in the following sections:


	December 31, 2023				December 31, 2022
	Weighted-average Estimated Useful Lives	Amount			Weighted-average Estimated Useful Lives	Amount
		(in thousands)				(in thousands)
Gross amount	11.0 years	$	32,500		12.0 years	$	32,500
Less: accumulated amortization		$	(6,181	)		$	(3,788	)
Total		$	26,319			$	28,712

Debt - Schedule of Total Interest Expense Recognized Related to Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Contractual interest expense	$ 30,569	$ 30,569	$ 29,307
Amortization of debt discount and issuance costs	3,662	3,568	3,336
Total interest and amortization expense	34,231	34,137	32,643
2029 Notes
Debt Instrument [Line Items]
Contractual interest expense	16,819	16,819	15,557
Amortization of debt discount and issuance costs	1,917	1,869	1,682
Total interest and amortization expense	$ 18,736	$ 18,688	$ 17,239
Effective interest rate	2.60%	2.60%	2.60%
2027 Notes
Debt Instrument [Line Items]
Contractual interest expense	$ 13,750	$ 13,750	$ 13,750
Amortization of debt discount and issuance costs	1,745	1,699	1,654
Total interest and amortization expense	$ 15,495	$ 15,449	$ 15,404
Effective interest rate	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.

+ References

+ Details

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carry-forwards	$ 358,867	$ 325,830
Amortization	10,024	9,172
Accruals and reserves	6,453	5,261
Deferred revenue	2,130	0
Stock-based compensation	21,340	16,134
Tax credits	97,735	86,012
Operating lease liabilities	3,153	3,075
Deferred income from asset sale	2,333	2,391
Capitalized research and experimental expenditures	144,873	77,190
Deferred interest expense	26,596	13,154
Property and equipment	822	600
Other	4,230	268
Gross deferred tax assets	678,556	539,087
Less valuation allowance	(672,084)	(533,929)
Deferred tax assets, net of valuation allowance	6,472	5,158
Deferred tax liabilities:
Property and equipment	0	0
Operating lease right-of-use assets	(1,784)	(2,001)
Unrealized gains and losses	(4,688)	(3,157)
Deferred tax liabilities	(6,472)	(5,158)
Net deferred tax assets	$ 0	$ 0

License and Collaboration Agreements

12 Months Ended

Dec. 31, 2023

License And Collaboration Agreement [Abstract]

License and Collaboration Agreements

11.

License and Collaboration Agreements

License Development and Commercialization Agreement with BMS

On May 12, 2022, BridgeBio and our subsidiary, Navire Pharma, Inc., or Navire, entered into an exclusive license development and commercialization agreement with BMS, or 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 (“PRC”), Macau, Hong Kong, Taiwan, Thailand, Singapore, and South Korea, or 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, or 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 License 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 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 within 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 provided $2.0 million of clinical supplies to BMS during the year ended December 31, 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 December 31, 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, or 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 year ended December 31, 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 years ended December 31, 2023 and 2022 were $5.4 million, $4.5 million, respectively.

For the years ended December 31, 2023 and 2022, we recognized $7.4 million and $74.7 million, respectively of revenue from the Navire-BMS License Agreement. Our consolidated balance sheet as of December 31, 2023 includes a deferred revenue balance of $9.9 million ($6.1 million presented as “Deferred revenue, current portion” and $3.8 million included in “Other long-term liabilities”) related to our performance obligation. Our 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 performance 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 as of March 1, 2022. Under the terms of the Amended QED-Helsinn License and Collaboration Agreement, Helsinn has an exclusive license to commercialize infigratinib in the U.S. and is responsible for 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 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 as described in Note 8 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” in our consolidated statement of operations for the year ended December 31, 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 sold the licensed product. Helsinn permanently discontinued the distribution of TRUSELTIQTM and requested a withdrawal of the NDA in May 2023, additionally, 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 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 complete as of December 31, 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 as described in Note 8. 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 is due in eleven equal monthly installments of $1.0 million commencing in February 2023, of which we have received in full as of December 31, 2023. All costs incurred

subsequent to the transitional period are considered close-out costs and the responsibilities between the Helsinn Parties are outlined within the Close-Out Plan. For the year ended December 31, 2023, QED has incurred $7.2 million of close-out costs, of which $6.0 million is subject to 50% reimbursement from Helsinn. As of December 31, 2023, the outstanding receivable due from Helsinn was $0.6 million, which relates to the unpaid reimbursement of close-out costs. 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 consolidated balance sheets. All close-out costs incurred, including Helsinn’s reimbursements, are recorded in “Restructuring, impairment and related charges” within our consolidated statement of operations (See Note 17).

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.

We determined the initial transaction price at inception of the QED-Helsinn License and Collaboration Agreement to be $46.0 million, comprised of a $20.0 million nonrefundable upfront license fee, $1.0 million for the sale of certain existing inventory, and a $25.0 million launch milestone for the first launch of the first indication of infigratinib in the United States. At the inception of the QED-Helsinn License and Collaboration Agreement, we considered all future potential regulatory milestones to be variable consideration that are fully constrained . We determined that the achievements of such regulatory milestones are contingent upon success in future clinical trials and regulatory approvals, which are not within our control and are uncertain at the inception date. We constrain variable consideration 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. We recognize consideration related to sales-based milestone and royalties when the subsequent sales occur pursuant to the royalty exception under ASC 606 because the license is the predominant item to which the royalties or sales-based milestone relate. In the fourth quarter of 2021, we received validation from the EMA for our marketing authorization for infigratinib. Since the uncertainty of the variable consideration related to the regulatory milestone was resolved, we updated the transaction price to include this consideration, and accordingly, we increased our transaction price by $10.0 million to $56.0 million. The Amended QED-Helsinn License and Collaboration Agreement did not affect the transaction price as the modifications to the transaction price related solely to variable consideration, consisting of regulatory and sales-based milestone payments and royalties. The remaining future potential regulatory milestone payments did not result in a modification to the transactions price as the transaction price as they were determined to be fully constrained under ASC 606. QED began to receive royalties for net sales of the licensed products sold in the United States upon the effective date of the Amended QED-Helsinn License and Collaboration Agreement.

We allocated the $56.0 million transaction price based on relative SSPs of each of our performance obligations as $54.4 million for the licenses and $1.6 million for the transfer of inventory. For the delivery of the licenses, we based the SSP on a discounted cash flow approach and considered several factors including, but not limited to, forecasted revenue and costs, development timelines, discount rate and probabilities of clinical and regulatory success. For the transfer of inventory, we based the SSP on the actual costs incurred by us to purchase or manufacture the inventory as well as the average compensation of employees estimated to be incurred over the performance period.

As of December 31, 2021, we had provided all necessary information to Helsinn for it to benefit from the license under the license term and completed the transfer of inventory. During the year ended December 31, 2021, we recognized $56.0 million of license revenue, under these units of account accounted for under ASC 606.

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 $3.0 million for the year ended December 31, 2023, as a reduction to restructuring, impairment and related charges. We have recognized Helsinn’s share of research and development expenses of $21.5 million and $38.4 million for the years ended December 31, 2022 and 2021, 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 year ended December 31, 2023. We recognized Helsinn’s share of the co-commercialization activities of $1.5 million and $8.9 million for the years ended December 31, 2022 and 2021, respectively.

License Agreements 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. 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 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 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 did not represent a material right at the inception of the agreement. In July 2022, Navire and LianBio entered into a clinical supply agreement for the manufacture and supply of clinical quantities of the licensed product. During the years ended December 31, 2023 and 2022, we have provided $1.1 million and $0.5 million, respectively, of clinical supply to LianBio. Amounts have been recognized within revenue in our consolidated statements of operations.

We determined the initial transaction price at inception of the Navire-LianBio License Agreement to be $8.0 million, comprised of the nonrefundable upfront license fee. At the inception of the Navire-LianBio License Agreement, we considered all future potential development milestones to be variable consideration that are fully constrained. We determined that the achievements of such development milestones are contingent upon success in future clinical trials and regulatory approvals, which are not within our control and are uncertain at the inception date. We constrain variable consideration 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. We recognize consideration related to sales-based milestone and royalties when the subsequent sales occur pursuant to the royalty exception under ASC 606 because the license is the predominant item to which the royalties or sales-based milestone relate. In the second quarter of 2021,we received acknowledgement that the First IND acceptance in the PRC was achieved, and therefore the development milestone became probable. Since the uncertainty of the variable consideration related to the development milestone was resolved, we updated the transaction price to include this consideration, and accordingly, we increased our transaction price by $8.5 million and recognized the

entire amount as revenue during the year ended December 31, 2021. We will re-evaluate the transaction price at each reporting period and as uncertain events are resolved or other changes in circumstances occur.

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 may 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 at the inception of the agreement. A clinical supply agreement was entered into in the fourth quarter of 2021. QED has supplied insignificant amounts to LianBio as part of the clinical supply agreement and recognized such amounts as revenue during the years ended December 31, 2023, 2022, and 2021.

We consider the future potential development milestone as well as the sales-based royalties to be variable consideration. The future potential milestone payments were not included in the transaction price as they were all determined to be fully constrained under ASC 606. We determined that the achievements of such development milestones are contingent upon success in future clinical trials and regulatory approvals, which are not within our control and are uncertain at this stage. We expect that the royalty arrangements and sales-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 sales-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.

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. In addition, Eidos entered into a clinical supply agreement and will 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 at the inception of the

agreement. 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. Eidos has supplied insignificant amounts to Alexion as part of the clinical supply agreement and recognized such amounts as revenue during the years ended December 31, 2023, 2022, and 2021.

Eidos considers the future potential regulatory milestones of up to approximately $30.0 million and the sales-based royalties to be variable consideration. Eidos excluded the regulatory milestones from the transaction price because it determined such payments to be fully constrained under ASC 606 due to the inherent uncertainty in the achievement of such milestone payments and are highly susceptible to factors outside of Eidos’ control. As the sales-based royalties are all related to the license of the intellectual property rights, Eidos will recognize revenue in the period when subsequent sales are made pursuant to the sales-based royalty exception under ASC 606. Eidos will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur.

Cash Equivalents and Marketable Securities (Tables)

12 Months Ended

Dec. 31, 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:


	December 31, 2023
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	13,530	$	—	$	—	$	13,530
Treasury bills		256,036		31		—		256,067
Total cash equivalents	$	269,566	$	31	$	—	$	269,597


	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