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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended March 31, 2024

or

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

For the transition period from to

Commission File Number: 001-38959

 

BridgeBio Pharma, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

84-1850815

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

3160 Porter Drive, Suite 250, Palo Alto, CA

 

94304

(Address of principal executive offices)

 

(Zip Code)

(650) 391-9740

(Registrant’s telephone number, including area code)

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

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.001 per share

 

BBIO

 

The Nasdaq Global Select Market

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

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

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

 

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

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

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

As of 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

 

 

2


 

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.

 

3


 

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.

 

 

4


 

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.

 

5


 

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.

 

 

6


 

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: