BridgeBio | SEC Filing

View:

Download DOC

Download PDF

Download XLS

Download XBRL

10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2024

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

For the transition period from to

Commission File Number: 001-38959

BridgeBio Pharma, Inc.

(Exact name of registrant as specified in its charter)


Delaware		84-1850815
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
3160 Porter Drive, Suite 250, Palo Alto, CA		94304
(Address of principal executive offices)		(Zip Code)

(650) 391-9740

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

    Title of each class

    Trading
Symbol(s)

    Name of each exchange on which registered

    Common Stock, par value $0.001 per share

    BBIO

    The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 25, 2024, the registrant had 187,129,260 shares of common stock, $0.001 par value per share, outstanding.

Table of Contents


		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Comprehensive Loss	5
	Condensed Consolidated Statements of Redeemable Convertible Noncontrolling Interests and Stockholders’ Deficit	6
	Condensed Consolidated Statements of Cash Flows	7
	Notes to Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	44
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	55
Item 4.	Controls and Procedures	55
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	56
Item 1A.	Risk Factors	56
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	56
Item 3.	Defaults Upon Senior Securities	56
Item 4.	Mine Safety Disclosures	56
Item 5.	Other Information	56
Item 6.	Exhibits	58
Signatures		60

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Balance Sheets

(in thousands, except shares and per share amounts)


	March 31,			December 31,
	2024			2023
	(Unaudited)			(1)
Assets
Current assets:
Cash and cash equivalents	$	475,222		$	375,935
Marketable securities		44,469			—
Investments in equity securities		—			58,949
Receivables from licensing and collaboration agreements		235,494			1,751
Restricted cash		131			16,653
Prepaid expenses and other current assets		28,108			24,305
Total current assets		783,424			477,593
Property and equipment, net		11,414			11,816
Operating lease right-of-use assets		8,052			8,027
Intangible assets, net		25,721			26,319
Other assets		20,722			22,625
Total assets	$	849,333		$	546,380
Liabilities, Redeemable Convertible Noncontrolling Interests and Stockholders’ Deficit
Current liabilities:
Accounts payable	$	4,728		$	10,655
Accrued compensation and benefits		32,395			57,370
Accrued research and development liabilities		40,933			29,765
Operating lease liabilities, current portion		4,544			4,128
Deferred revenue, current portion		13,957			6,096
Accrued professional and other accrued liabilities		44,920			35,830
Total current liabilities		141,477			143,844
2029 Notes, net		737,392			736,905
2027 Notes, net		543,823			543,379
Term loan, net		434,717			446,445
Operating lease liabilities, net of current portion		8,297			8,981
Deferred revenue, net of current portion		19,890			3,727
Other long-term liabilities		595			5,634
Total liabilities		1,886,191			1,888,915
Commitments and contingencies (Note 8)
Redeemable convertible noncontrolling interests		525			478
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; 193,314,505 shares issued and 187,122,744 shares outstanding as of March 31, 2024, 181,274,712 shares issued and 175,082,951 shares outstanding as of December 31, 2023		193			181
Treasury stock, at cost; 6,191,761 shares as of March 31, 2024 and December 31, 2023		(275,000	)		(275,000	)
Additional paid-in capital		1,820,994			1,481,032
Accumulated other comprehensive income		2			31
Accumulated deficit		(2,595,717	)		(2,560,501	)
Total BridgeBio stockholders’ deficit		(1,049,528	)		(1,354,257	)
Noncontrolling interests		12,145			11,244
Total stockholders’ deficit		(1,037,383	)		(1,343,013	)
Total liabilities, redeemable convertible noncontrolling interests and stockholders’ deficit	$	849,333		$	546,380

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

(1)

The condensed consolidated balance sheet as of December 31, 2023 is derived from the audited consolidated financial statements as of that date.

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

(in thousands, except shares and per share amounts)


	Three Months Ended March 31,
	2024			2023
Revenue	$	211,120		$	1,826
Operating costs and expenses:
Cost of revenue		598			651
Research and development		140,972			92,861
Selling, general and administrative		65,807			31,108
Restructuring, impairment and related charges		3,400			3,369
Total operating costs and expenses		210,777			127,989
Income (loss) from operations		343			(126,163	)
Other expense, net:
Interest income		4,075			4,153
Interest expense		(23,471	)		(20,121	)
Loss on extinguishment of debt		(26,590	)		—
Other income (expense), net		9,483			(601	)
Total other expense, net		(36,503	)		(16,569	)
Net loss		(36,160	)		(142,732	)
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests		944			2,576
Net loss attributable to common stockholders of BridgeBio	$	(35,216	)	$	(140,156	)
Net loss per share attributable to common stockholders of BridgeBio, basic and diluted	$	(0.20	)	$	(0.92	)
Weighted-average shares used in computing net loss per share attributable to common stockholders of BridgeBio, basic and diluted		178,705,310			152,645,635

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

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Statements of Comprehensive Loss

(Unaudited)

(in thousands)


	Three Months Ended March 31,
	2024			2023
Net loss	$	(36,160	)	$	(142,732	)
Other comprehensive loss:
Unrealized gains (losses) on available-for-sale securities		(29	)		316
Comprehensive loss		(36,189	)		(142,416	)
Comprehensive loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests		944			2,576
Comprehensive loss attributable to common stockholders of BridgeBio	$	(35,245	)	$	(139,840	)

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

BRIDGEBIO PHARMA, INC.

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

(Unaudited)

(in thousands, except shares and per share amounts)


	Three Months Ended March 31, 2024

	Redeemable																Accumulated						Total
	Convertible													Additional			Other						BridgeBio			Non-		Total
	Noncontrolling			Common Stock					Treasury Stock					Paid-In			Comprehensive			Accumulated			Stockholders’			controlling		Stockholders’
	Interests			Shares			Amount		Shares		Amount			Capital			Income			Deficit			Deficit			Interests		Deficit
Balances as of December 31, 2023 (2)	$	478			175,082,951		$	181		6,191,761	$	(275,000	)	$	1,481,032		$	31		$	(2,560,501	)	$	(1,354,257	)	$	11,244	$	(1,343,013	)
Issuance of shares under equity compensation plans		—			1,049,580			1		—		—			536			—			—			537			—		537
Issuance of common stock under ESPP		—			93,344			—		—		—			2,364			—			—			2,364			—		2,364
Repurchase of RSU shares to satisfy tax withholding		—			(78,915	)		—		—		—			(2,936	)		—			—			(2,936	)		—		(2,936	)
Stock-based compensation		—			—			—		—		—			27,125			—			—			27,125			—		27,125
Issuance of common stock under public offerings, net		—			10,975,784			11		—		—			314,730			—			—			314,741			—		314,741
Issuance of noncontrolling interests		—			—			—		—		—			—			—			—			—			35		35
Transfers from (to) noncontrolling interests		1,278			—			—		—		—			(1,857	)		—			—			(1,857	)		579		(1,278	)
Unrealized loss on available-for-sale securities		—			—			—		—		—			—			(29	)		—			(29	)		—		(29	)
Net income (loss)		(1,231	)		—			—		—		—			—			—			(35,216	)		(35,216	)		287		(34,929	)
Balances as of March 31, 2024	$	525			187,122,744		$	193		6,191,761	$	(275,000	)	$	1,820,994		$	2		$	(2,595,717	)	$	(1,049,528	)	$	12,145	$	(1,037,383	)


	Three Months Ended March 31, 2023

	Redeemable																Accumulated						Total
	Convertible													Additional			Other						BridgeBio			Non-			Total
	Noncontrolling			Common Stock					Treasury Stock					Paid-In			Comprehensive			Accumulated			Stockholders’			controlling			Stockholders’
	Interests			Shares			Amount		Shares		Amount			Capital			Loss			Deficit			Deficit			Interests			Deficit
Balances as of December 31, 2022 (2)	$	(1,589	)		150,625,572		$	157		6,191,761	$	(275,000	)	$	938,703		$	(328	)	$	(1,918,149	)	$	(1,254,617	)	$	11,282		$	(1,243,335	)
Issuance of shares under equity compensation plans		—			834,427			1		—		—			192			—			—			193			—			193
Issuance of common stock under ESPP		—			192,200			—		—		—			1,809			—			—			1,809			—			1,809
Repurchase of RSU shares to satisfy tax withholding		—			(40,491	)		—		—		—			(512	)		—			—			(512	)		—			(512	)
Stock-based compensation		—			—			—		—		—			24,330			—			—			24,330			—			24,330
Issuance of common stock under public offerings, net		—			8,823,530			9		—		—			143,007			—			—			143,016			—			143,016
Issuance of noncontrolling interests		—			—			—		—		—			—			—			—			—			42			42
Transfers from (to) noncontrolling interests		1,633			—			—		—		—			(2,843	)		—			—			(2,843	)		1,210			(1,633	)
Deconsolidation of PellePharm		899			—			—		—		—			1,949			—			850			2,799			1,151			3,950
Unrealized gain on available-for-sale securities		—			—			—		—		—			—			316			—			316			—			316
Net loss		(1,147	)		—			—		—		—			—			—			(140,156	)		(140,156	)		(1,429	)		(141,585	)
Balances as of March 31, 2023	$	(204	)		160,435,238		$	167		6,191,761	$	(275,000	)	$	1,106,635		$	(12	)	$	(2,057,455	)	$	(1,225,665	)	$	12,256		$	(1,213,409	)

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

(2)

The consolidated balances as of December 31, 2023 and 2022 are derived from the audited consolidated financial statements as of those dates.

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)


	Three Months Ended March 31,
	2024			2023
Operating activities:
Net loss	$	(36,160	)	$	(142,732	)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on extinguishment of debt		26,590			—
Stock-based compensation		17,057			21,907
Accretion of debt		2,015			2,338
Depreciation and amortization		1,596			1,633
Noncash lease expense		1,069			1,032
Accrual of payment-in-kind interest on term loan		—			3,339
Loss on deconsolidation of PellePharm		—			1,241
Gain from investment in equity securities, net		(8,136	)		(964	)
Other noncash adjustments		1,631			(314	)
Changes in operating assets and liabilities:
Receivables from licensing and collaboration agreements		(233,743	)		6,318
Prepaid expenses and other current assets		(3,345	)		(3,542	)
Other assets		444			(483	)
Accounts payable		(5,927	)		(3,800	)
Accrued compensation and benefits		(14,969	)		(18,369	)
Accrued research and development liabilities		11,168			(2,556	)
Operating lease liabilities		(1,595	)		(1,250	)
Deferred revenue		24,024			(1,748	)
Accrued professional and other liabilities		(1,256	)		(6,372	)
Net cash used in operating activities		(219,537	)		(144,322	)
Investing activities:
Purchases of marketable securities		(44,395	)		—
Maturities of marketable securities		—			18,000
Purchases of investments in equity securities		(20,271	)		(47,474	)
Proceeds from sales of investments in equity securities		63,229			42,287
Proceeds from special cash dividends received from investments in equity securities		25,682			—
Payment for an intangible asset		(797	)		—
Purchases of property and equipment		(695	)		(12	)
Decrease in cash and cash equivalents resulting from deconsolidation of PellePharm		—			(503	)
Net cash provided by investing activities		22,753			12,298
Financing activities:
Proceeds from term loan under Financing Agreement		450,000			—
Issuance costs and discounts associated with term loan under Financing Agreement		(12,254	)		—
Repayment of term loan under Loan and Security Agreement		(473,417	)		—
Proceeds from issuance of common stock through public offerings, net		315,254			143,016
Proceeds from BridgeBio common stock issuances under ESPP		2,364			1,809
Proceeds from stock option exercises, net of repurchases		537			193
Repurchase of RSU shares to satisfy tax withholding		(2,936	)		(512	)
Other financing activities		—			5,743
Net cash provided by financing activities		279,548			150,249
Net increase in cash, cash equivalents and restricted cash		82,764			18,225
Cash, cash equivalents and restricted cash at beginning of period		394,732