0000950170-24-124577 | 10-Q | XBRL Viewer

Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

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


	September 30, 2024				December 31, 2023
	Weighted-average Estimated Useful Lives	Amount			Weighted-average Estimated Useful Lives	Amount
		(in thousands)				(in thousands)
Gross amount	10.2 years	$	32,500		11.0 years	$	32,500
Less: accumulated amortization			(7,975	)			(6,181	)
Total		$	24,525			$	26,319

Amortization expense, recorded as part of “Cost of revenue” for the three months ended September 30, 2024 and 2023, was $0.6 million and $0.6 million, respectively. Amortization expense, recorded as part of “Cost of revenue” for the nine months ended September 30, 2024 and 2023, was $1.8 million and $1.8 million, respectively. Future amortization expense is $0.6 million for the remainder of 2024, $2.4 million for each of the years from 2025 to 2028 and $14.3 million thereafter.

Novartis License Agreement

In January 2018, QED entered into a License Agreement with Novartis International Pharmaceutical, Inc. or Novartis, pursuant to which QED acquired certain intellectual property rights, including patents and know-how, related to infigratinib for the treatment of patients with fibroblast growth factor receptor (“FGFR”) driven diseases. QED accounted for the transaction as an asset acquisition as substantially all of the estimated fair value of the gross assets acquired was concentrated in a single identified asset, in-process research and development (“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. All clinical investigations under the associated IND were discontinued as of March 2023 and a request to withdraw the NDA for Truseltiq was submitted in May 2023, due to difficulty enrolling study patients for the required confirmatory trial. Accordingly, the FDA announced the withdrawal of the approval of TRUSELTIQTM in May 2023. The intellectual property rights, patents and know-how related to infigratinib is being applied to other clinical investigations for FGFR-driven diseases.

Asset Purchase Agreement with Alexion

In June 2018, our subsidiary Origin Biosciences, Inc. (“Origin”), entered into an Asset Purchase Agreement with Alexion Pharma Holding Unlimited Company (“Alexion”), to acquire intellectual property rights, including patent rights, know-how, and contracts, related to the ALXN1101 molecule. Origin accounted for the transaction as an asset acquisition as substantially all of the estimated fair value of the gross assets acquired was concentrated in a single identified asset, or IPR&D, thus satisfying the requirements of the screen test in ASU 2017-01. The assets acquired and liabilities assumed in the transaction were measured based on

their fair values. The fair value of the IPR&D acquired was charged to research and development expense as it had no alternative future use at the time of the acquisition.

Pursuant to the Asset Purchase Agreement, Origin was required to pay $15.0 million upon the satisfaction of a certain condition, which was met in 2021. We capitalized the amount as a finite-lived intangible asset and amortize it over its estimated useful life on a straight-line basis. In addition, under the Asset Purchase Agreement, Origin could be required to pay up to $17.0 million in sales-based milestone payments and royalties of up to low double-digit percentages on net sales.

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

Diagnostics Agreement with Foundation Medicine

In November 2018, QED and Foundation Medicine, Inc. (“FMI”), entered into a companion diagnostics agreement relating to QED’s drug discovery and development initiatives. Pursuant to the agreement, QED could be required to pay $12.5 million in regulatory approval milestones over a period of four years subsequent to the FDA approval of a companion diagnostic for TRUSELTIQTM in patients with cholangiocarcinoma. The FDA approved the companion diagnostic for TRUSELTIQTM in May 2021, which resulted in the capitalization of $12.5 million as a finite-lived intangible asset to be amortized over its estimated useful life on a straight-line basis. While the FDA announced the withdrawal of the approval for TRUSELTIQTM in May 2023, the FMI companion diagnostics agreement drug discovery and development initiatives are being applied to other clinical investigations. In March 2024, QED and FMI entered into a settlement agreement for QED to pay the remaining $9.6 million payable over 12 equal monthly installments of $0.8 million beginning in March 2024. As of September 30, 2024, the amount due to FMI is presented in our condensed consolidated balance sheets as $4.8 million in “Accrued professional and other accrued liabilities.” As of December 31, 2023, the amount due to FMI is presented in our condensed consolidated balance sheets as $6.0 million in “Accrued professional and other accrued liabilities” and $5.0 million in “Other long-term liabilities,” respectively.

Restructuring, Impairment and Related Charges

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring, Impairment and Related Charges

16.

Restructuring, Impairment and Related Charges

In January 2022, we committed to a restructuring initiative designed to drive operational changes in our business processes, efficiencies and cost savings to advance our corporate strategy and development programs. The restructuring initiative included, among other components, consolidation and rationalization of our facilities, reprioritization of development programs and the reduction in our workforce.

Upon entering into the Bayer Agreement and termination of the Navire-BMS License Agreement in March 2024 (refer to Note 11 for details regarding these transactions) and our announced decision to cease pursuing development of BBP-631 for CAH in September 2024, we have committed to additional restructuring plans to reprioritize and advance our corporate strategy and development programs. We estimate that we will incur a remaining $6.0 million to $8.0 million in restructuring charges, consisting primarily of winding down costs, exit and other related costs, and severance and employee-related costs. Our estimate of the costs is subject to certain assumptions and actual results may differ from those estimates or assumptions. We may also incur additional costs that are not currently foreseeable as we continue to evaluate our restructuring alternatives to drive operational changes in business processes, efficiencies and cost savings.

“Restructuring, impairment and related charges” included in our condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 consisted of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Winding down, exit and other related costs	$	2,885	$	272	$	6,402	$	6,457
Severance and employee-related costs		1,736		—		4,239		715
Long-lived assets impairments and write-offs		—		—		271		—
Total	$	4,621	$	272	$	10,912	$	7,172

The following table summarizes the activity related to the restructuring liabilities associated with our restructuring initiatives for the nine months ended September 30, 2024 and 2023:


	Nine Months Ended September 30,
	2024			2023
	(in thousands)
Beginning balance	$	55		$	6,826
Restructuring, impairment and related charges		10,912			7,172
Cash payments		(8,240	)		(13,851	)
Noncash activities		(359	)		—
Ending balance	$	2,368		$	147

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


	September 30, 2024		December 31, 2023
	(in thousands)
Accounts payable	$	176	$	48
Accrued compensation and benefits		1,206		—
Accrued research and development liabilities		856		7
Accrued professional and other accrued liabilities		130		—
Total	$	2,368	$	55

Debt - Schedule of Outstanding Notes Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
2029 Notes
Debt Instrument [Line Items]
Principal	$ 747,500	$ 747,500
Unamortized debt discount and issuance costs	(9,124)	(10,595)
Net carrying amount	738,376	736,905
2027 Notes
Debt Instrument [Line Items]
Principal	550,000	550,000
Unamortized debt discount and issuance costs	(5,281)	(6,621)
Net carrying amount	$ 544,719	$ 543,379

- 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

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

Funding Agreement - Additional Information (Details) - USD ($) $ in Millions	Jan. 17, 2024	Sep. 30, 2024
Funding Agreements [Line Items]
Royalty interest payments may adjust to maximum rate	10.00%
Funding Agreement [Member]
Funding Agreements [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
Deferred issuance costs		$ 6.0

Restructuring, Impairment and Related Charges - Summary of Restructuring, Impairment and Related Charges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Winding down, exit and other related costs	$ 2,885	$ 272	$ 6,402	$ 6,457
Severance and employee-related costs	1,736	0	4,239	715
Long-lived assets impairments and write-offs	0	0	271	0
Total	$ 4,621	$ 272	$ 10,912	$ 7,172

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

Total

Equity Compensation Plans

Employee Stock Purchase Plan

Satisfy Tax Withholding

Redeemable Convertible Noncontrolling Interests

Common Stock

Equity Compensation Plans

Common Stock

Employee Stock Purchase Plan

Common Stock

Satisfy Tax Withholding

Treasury Stock

Additional Paid-in Capital

Equity Compensation Plans

Additional Paid-in Capital

Employee Stock Purchase Plan

Additional Paid-in Capital

Satisfy Tax Withholding

Accumulated Other Comprehensive Income (Loss)

Accumulated Deficit

Parent

Equity Compensation Plans

Parent

Employee Stock Purchase Plan

Parent

Satisfy Tax Withholding

Non-controlling Interests

Beginning balance at Dec. 31, 2022

^[1]

$ (1,243,335)

$ 157

$ (275,000)

$ 938,703

$ (328)

$ (1,918,149)

$ (1,254,617)

$ 11,282

Temporary equity, beginning balance at Dec. 31, 2022

^[1]

$ (1,589)

Beginning balance, shares at Dec. 31, 2022

^[1]

150,625,572

6,191,761

Issuance of shares

$ 193

$ 1,809

$ 1

$ 192

$ 1,809

$ 193

$ 1,809

Issuance of shares, shares

834,427

192,200

Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding

$ (512)

Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding, shares

(40,491)

Stock-based compensation

24,330

Issuance of common stock under public offerings, net

143,016

$ 9

143,007

143,016

Issuance of common stock under public offerings, net, shares

8,823,530

Issuance of noncontrolling interests

Transfers from (to) noncontrolling interests

(1,633)

(2,843)

1,210

Temporary Equity, transfers from (to) noncontrolling interest

1,633

Deconsolidation of a subsidiaries

3,950

1,949

850

2,799

1,151

Temporary Equity, deconsolidation of a subsidiary

899

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

316

Net income (loss)

(141,585)

(140,156)

(1,429)

Temporary Equity, net income (loss)

(1,147)

Ending balance at Mar. 31, 2023

(1,213,409)

$ 167

$ (275,000)

1,106,635

(12)

(2,057,455)

(1,225,665)

12,256

Temporary equity, ending balance at Mar. 31, 2023

(204)

Ending balance, shares at Mar. 31, 2023

160,435,238

6,191,761

Beginning balance at Dec. 31, 2022

^[1]

(1,243,335)

$ 157

$ (275,000)

938,703

(328)

(1,918,149)

(1,254,617)

11,282

Temporary equity, beginning balance at Dec. 31, 2022

^[1]

(1,589)

Beginning balance, shares at Dec. 31, 2022

^[1]

150,625,572

6,191,761

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

362

Ending balance at Sep. 30, 2023

(1,195,138)

$ 180

$ (275,000)

1,459,596

(2,392,353)

(1,207,543)

12,405

Temporary equity, ending balance at Sep. 30, 2023

1,403

Ending balance, shares at Sep. 30, 2023

174,131,954

6,191,761

Beginning balance at Dec. 31, 2022

^[1]

(1,243,335)

$ 157

$ (275,000)

938,703

(328)

(1,918,149)

(1,254,617)

11,282

Temporary equity, beginning balance at Dec. 31, 2022

^[1]

(1,589)

Beginning balance, shares at Dec. 31, 2022

^[1]

150,625,572

6,191,761

Ending balance at Dec. 31, 2023

^[1]

(1,343,013)

^[2]

$ 181

$ (275,000)

1,481,032

(2,560,501)

(1,354,257)

11,244

Temporary equity, ending balance at Dec. 31, 2023

478

^[1]

Ending balance, shares at Dec. 31, 2023

^[1]

175,082,951

6,191,761

Beginning balance at Mar. 31, 2023

(1,213,409)

$ 167

$ (275,000)

1,106,635

(12)

(2,057,455)

(1,225,665)

12,256

Temporary equity, beginning balance at Mar. 31, 2023

(204)

Beginning balance, shares at Mar. 31, 2023

160,435,238

6,191,761

Issuance of shares

119

$ 1

118

119

Issuance of shares, shares

1,006,597

Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding

(1,203)

Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding, shares

(85,374)

Stock-based compensation

24,614

Issuance of common stock under public offerings, net

1,033

Issuance of common stock under public offerings, net, shares

63,470

Issuance of noncontrolling interests

Transfers from (to) noncontrolling interests

(1,918)

(3,097)

1,179

Temporary Equity, transfers from (to) noncontrolling interest

1,918

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

Net income (loss)

(159,322)

(157,899)

(1,423)

Temporary Equity, net income (loss)

(1,381)

Ending balance at Jun. 30, 2023

(1,349,971)

$ 168

$ (275,000)

1,128,100

(2,215,354)

(1,362,023)

12,052

Temporary equity, ending balance at Jun. 30, 2023

333

Ending balance, shares at Jun. 30, 2023

161,419,931

6,191,761

Issuance of shares

4,910

1,588

$ 1

4,909

1,588

4,910

1,588

Issuance of shares, shares

1,312,888

147,779

Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding

(2,610)

Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding, shares

(87,584)

Stock-based compensation

24,232

Issuance of common stock under public offerings, net

305,761

$ 11

305,750

305,761

Issuance of common stock under public offerings, net, shares

11,338,940

Issuance of noncontrolling interests

Transfers from (to) noncontrolling interests

(1,148)

(2,373)

1,225

Issuance of noncontrolling interests

1,500

Temporary Equity, transfers from (to) noncontrolling interest

1,146

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

(29)

Net income (loss)

(177,912)

(176,999)

(913)

Temporary Equity, net income (loss)

(1,576)

Ending balance at Sep. 30, 2023

(1,195,138)

$ 180

$ (275,000)

1,459,596

(2,392,353)

(1,207,543)

12,405

Temporary equity, ending balance at Sep. 30, 2023

1,403

Ending balance, shares at Sep. 30, 2023

174,131,954

6,191,761

Beginning balance at Dec. 31, 2023

^[1]

(1,343,013)

^[2]

$ 181

$ (275,000)

1,481,032

(2,560,501)

(1,354,257)

11,244

Temporary equity, beginning balance at Dec. 31, 2023

478

^[1]

Beginning balance, shares at Dec. 31, 2023

^[1]

175,082,951

6,191,761

Issuance of shares

537

2,364

$ 1

536

2,364

537

2,364

Issuance of shares, shares

1,049,580

93,344

Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding

(2,936)

Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding, shares

(78,915)

Stock-based compensation

27,125

Issuance of common stock under public offerings, net

314,741

$ 11

314,730

314,741

Issuance of common stock under public offerings, net, shares

10,975,784

Issuance of noncontrolling interests

Transfers from (to) noncontrolling interests

(1,278)

(1,857)

579

Temporary Equity, transfers from (to) noncontrolling interest

1,278

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

(29)

Net income (loss)

(34,929)

(35,216)

287

Temporary Equity, net income (loss)

(1,231)

Ending balance at Mar. 31, 2024

(1,037,383)

$ 193

$ (275,000)

1,820,994

(2,595,717)

(1,049,528)

12,145

Temporary equity, ending balance at Mar. 31, 2024

525

Ending balance, shares at Mar. 31, 2024

187,122,744

6,191,761

Beginning balance at Dec. 31, 2023

^[1]

(1,343,013)

^[2]

$ 181

$ (275,000)

1,481,032

(2,560,501)

(1,354,257)

11,244

Temporary equity, beginning balance at Dec. 31, 2023

478

^[1]

Beginning balance, shares at Dec. 31, 2023

^[1]

175,082,951

6,191,761

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

(26)

Ending balance at Sep. 30, 2024

(1,219,037)

$ 195

$ (275,000)

1,876,091

(2,831,213)

(1,229,922)

10,885

Temporary equity, ending balance at Sep. 30, 2024

645

Ending balance, shares at Sep. 30, 2024

188,986,547

6,191,761

Beginning balance at Mar. 31, 2024

(1,037,383)

$ 193

$ (275,000)

1,820,994

(2,595,717)

(1,049,528)

12,145

Temporary equity, beginning balance at Mar. 31, 2024

525

Beginning balance, shares at Mar. 31, 2024

187,122,744

6,191,761

Issuance of shares

241

$ 1

240

241

Issuance of shares, shares

966,153

Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding

(1,743)

Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding, shares

(56,159)

Stock-based compensation

31,504

Issuance of noncontrolling interests

164

Transfers from (to) noncontrolling interests

(106)

(72)

(34)

Temporary Equity, transfers from (to) noncontrolling interest

106

Deconsolidation of a subsidiaries

126,443

135

126,294

126,429

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

(6)

Net income (loss)

(200,984)

(199,750)

(1,234)

Temporary Equity, net income (loss)

(854)

Ending balance at Jun. 30, 2024

(1,081,870)

$ 194

$ (275,000)

1,851,058

(4)

(2,669,173)

(1,092,925)

11,055

Temporary equity, ending balance at Jun. 30, 2024

(223)

Ending balance, shares at Jun. 30, 2024

188,032,738

6,191,761

Issuance of shares

$ 30

$ 2,138

$ 1

$ 29

$ 2,138

$ 30

$ 2,138

Issuance of shares, shares

912,176

100,794

Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding

$ (1,443)

Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding, shares

(59,161)

Stock-based compensation

26,647

Transfers from (to) noncontrolling interests

(1,924)

(2,790)

866

Temporary Equity, transfers from (to) noncontrolling interest

1,924

Deconsolidation of a subsidiaries

52,601

452

52,027

52,479

122

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

Net income (loss)

(215,225)

(214,067)

(1,158)

Temporary Equity, net income (loss)

(1,056)

Ending balance at Sep. 30, 2024

(1,219,037)

$ 195

$ (275,000)

$ 1,876,091

$ 5

$ (2,831,213)

$ (1,229,922)

$ 10,885

Temporary equity, ending balance at Sep. 30, 2024

$ 645

Ending balance, shares at Sep. 30, 2024

188,986,547

6,191,761

[1]	The consolidated balances as of December 31, 2023 and 2022 are derived from the audited consolidated financial statements as of those dates.
[2]	The condensed consolidated balance sheet as of December 31, 2023 is derived from the audited consolidated financial statements as of that date.

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

13.

Leases

We have operating leases for our corporate headquarters, office spaces and laboratory facilities. One of our office space leases has a finance lease component representing lessor provided furniture and office equipment. Our finance lease, which is presented as part of “Property and equipment, net” in our condensed consolidated balance sheets, is not material.

Certain leases include renewal options at our election and we include the renewal options when we are reasonably certain that the renewal option will be exercised. The lease liabilities were measured using a weighted-average discount rate based on the most recent borrowing rate as of the calculation of the respective lease liability, adjusted for the remaining lease term and aggregate amount of the lease.

The components of lease cost are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)				(in thousands)
Straight line operating lease costs	$	1,026	$	1,000	$	3,119	$	3,024
Finance lease costs		98		104		299		317
Variable lease costs		1,484		1,768		4,974		5,186
Total lease cost	$	2,608	$	2,872	$	8,392	$	8,527

Supplemental cash flow information related to leases are as follows:


	Nine Months Ended September 30,
	2024		2023
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	4,459	$	3,671
Operating cash flows for finance lease		334		325
Operating lease right-of-use assets obtained in exchange for operating lease obligations		1,292		1,179

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


	September 30,
	2024			2023
Weighted-average remaining lease term (in years)
Operating leases		4.0			4.4
Finance lease		1.3			2.3
Weighted-average discount rate
Operating leases		6.17	%		5.99	%
Finance lease		6.62	%		6.62	%

As of September 30, 2024, future minimum lease payments for our noncancelable operating leases are as follows. Future minimum lease payments under our finance lease are not material.


	Amount
	(in thousands)
Remainder of 2024	$	1,048
Year ending December 31:
2025		5,109
2026		2,281
2027		464
2028		464
Thereafter		2,206
Total future minimum lease payments		11,572
Imputed interest		(1,139	)
Total	$	10,433

Reported as of September 30, 2024
Operating lease liabilities, current portion	$	4,600
Operating lease liabilities, net of current portion		5,833
Total operating lease liabilities	$	10,433

The impairment loss recognized was not material for the three and nine months ended September 30, 2024. No impairment loss was recognized during the three and nine months ended September 30, 2023.

Debt - Schedule of Total Interest Expense Recognized Related to Notes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Contractual interest expense	$ 7,643	$ 7,643	$ 22,927	$ 22,927
Amortization of debt discount and issuance costs	943	920	2,811	2,738
Total interest and amortization expense	8,586	8,563	25,738	25,665
2029 Notes
Debt Instrument [Line Items]
Contractual interest expense	4,205	4,205	12,614	12,614
Amortization of debt discount and issuance costs	494	482	1,471	1,434
Total interest and amortization expense	$ 4,699	$ 4,687	$ 14,085	$ 14,048
Effective interest rate	2.60%	2.60%	2.60%	2.60%
2027 Notes
Debt Instrument [Line Items]
Contractual interest expense	$ 3,438	$ 3,438	$ 10,313	$ 10,313
Amortization of debt discount and issuance costs	449	438	1,340	1,304
Total interest and amortization expense	$ 3,887	$ 3,876	$ 11,653	$ 11,617
Effective interest rate	2.80%	2.80%	2.80%	2.80%

- Definition

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

+ References

+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Components of Lease Cost

The components of lease cost are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)				(in thousands)
Straight line operating lease costs	$	1,026	$	1,000	$	3,119	$	3,024
Finance lease costs		98		104		299		317
Variable lease costs		1,484		1,768		4,974		5,186
Total lease cost	$	2,608	$	2,872	$	8,392	$	8,527

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases are as follows:


	Nine Months Ended September 30,
	2024		2023
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	4,459	$	3,671
Operating cash flows for finance lease		334		325
Operating lease right-of-use assets obtained in exchange for operating lease obligations		1,292		1,179

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:


	September 30,
	2024			2023
Weighted-average remaining lease term (in years)
Operating leases		4.0			4.4
Finance lease		1.3			2.3
Weighted-average discount rate
Operating leases		6.17	%		5.99	%
Finance lease		6.62	%		6.62	%

Schedule of Future Minimum Lease Payments for Noncancelable Leases

As of September 30, 2024, future minimum lease payments for our noncancelable operating leases are as follows. Future minimum lease payments under our finance lease are not material.


	Amount
	(in thousands)
Remainder of 2024	$	1,048
Year ending December 31:
2025		5,109
2026		2,281
2027		464
2028		464
Thereafter		2,206
Total future minimum lease payments		11,572
Imputed interest		(1,139	)
Total	$	10,433

Reported as of September 30, 2024
Operating lease liabilities, current portion	$	4,600
Operating lease liabilities, net of current portion		5,833
Total operating lease liabilities	$	10,433

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

Sep. 30, 2024

Dec. 31, 2023

^[1]

Leases [Abstract]

Operating leases, Remainder of 2024

$ 1,048

Operating leases, 2025

5,109

Operating leases, 2026

2,281

Operating leases, 2027

464

Operating leases, 2028

464

Operating leases, Thereafter

2,206

Operating leases, Total future minimum lease payments

11,572

Operating leases, Imputed interest

(1,139)

Total operating lease liabilities

10,433

Operating lease liabilities, current portion

4,600

$ 4,128

Operating lease liabilities, net of current portion

$ 5,833

$ 8,981

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

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

Sep. 30, 2024

Dec. 31, 2023

Asset Acquisition [Line Items]

Intangible assets, net

$ 24,525

$ 26,319

^[1]

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

Funding Agreement

9 Months Ended

Sep. 30, 2024

Funding Agreement [Abstract]

Funding Agreement

10.

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.

As of September 30, 2024, the Company has not received proceeds under the Funding Agreement. As of September 30, 2024, we recognized deferred issuance costs of $6.0 million in “Prepaid expenses and other current assets” in our condensed consolidated balance sheets.

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

Sep. 30, 2024

Dec. 31, 2023

Property, Plant and Equipment [Line Items]

Accrued professional services

$ 3,789

$ 7,412

Accrued interest

3,414

17,761

Milestone liability

4,785

6,000

Other accrued liabilities

12,956

4,657

Accrued professional and other accrued liabilities

$ 24,944

$ 35,830

^[1]

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

Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Straight line operating lease costs	$ 1,026	$ 1,000	$ 3,119	$ 3,024
Finance lease costs	98	104	299	317
Variable lease costs	1,484	1,768	4,974	5,186
Total lease cost	$ 2,608	$ 2,872	$ 8,392	$ 8,527

Equity Method Investment and Other Equity Investments

9 Months Ended

Sep. 30, 2024

Equity Method And Cost Method Investment [Abstract]

Equity Method Investment and Other Equity Investments

Equity Method Investments and Other Equity Investments

GondolaBio

Since inception through August 16, 2024, Portal Therapeutics, Inc. and Sub21, Inc. were majority-owned consolidated subsidiaries of the Company. On August 16, 2024, the Company contributed its equity ownership in these entities to GondolaBio, LLC and as a result, Portal Therapeutics, Inc. and Sub21, Inc. were deconsolidated in conjunction with the GondolaBio transaction below.

GondolaBio was formed on June 5, 2024 and the Company was the sole member. On August 16, 2024, the Company entered into the Transaction Agreement providing for the formation and funding by certain third party investors of GondolaBio, a legal joint venture entity for the purpose of researching, developing, manufacturing and commercializing pharmaceutical products, including those contributed to GondolaBio by the Company. The third party investors providing financing to GondolaBio consist of an investor syndicate, including Viking Global Investors LP, Patient Square Capital, Aisling Capital and an entity owned by Neil Kumar, the Company’s Chief Executive Officer, who are related parties of the Company. The third party investors have committed $300.0 million of tranched financing to GondolaBio, of which $60.0 million had been contributed as of September 30, 2024. The related party investors contributed cash in an aggregate of $42.5 million to GondolaBio as of September 30, 2024. The Company contributed certain assets and its equity in Portal Therapeutics, Inc. and Sub21, Inc. to GondolaBio. Upon completion of the initial contributions, the Company’s equity ownership in GondolaBio was 45.5%, which had a fair value of $50.0 million, and will be subject to reduction as additional tranches of capital contributions are funded.

On August 16, 2024, in conjunction with the Transaction Agreement, the limited liability company agreement of GondolaBio was amended and restated (the “A&R LLC Agreement”). The A&R LLC Agreement sets forth, among other things, the economic and governance rights of the members of GondolaBio, including governance rights, economic preferences, privileges, restrictions and obligations of the members. The change in governance structure and composition of the board of managers was deemed a VIE reconsideration event, and GondolaBio was deemed a VIE. As a result of the change in governance structure and composition of the board of managers, BridgeBio is no longer the primary beneficiary, as it no longer has the power over key decisions that significantly impact GondolaBio’s economic performance. Accordingly, BridgeBio deconsolidated GondolaBio, inclusive of Portal Therapeutics, Inc. and Sub21, Inc., on August 16, 2024. During the three months ended September 30, 2024, we recognized a net gain from deconsolidation of approximately $52.0 million which is presented as part of “Other income (expense), net” on the condensed consolidated statements of operations for the three and nine months ended September 30, 2024.

Upon the deconsolidation of GondolaBio, BridgeBio accounted for its investment in GondolaBio, for which it has significant influence through its ownership interest, using the equity method of accounting under ASC 323 Investments — Equity Method and Joint Ventures. GondolaBio was also deemed a related party. BridgeBio’s equity investment in GondolaBio, valued at $50.0 million upon deconsolidation, includes an implied difference of $23.9 million between the fair value of the equity investment and the underlying equity in the net assets of GondolaBio (referred to as a basis difference) which was allocated to GondolaBio’s in-process research and development (“IPR&D asset”). The basis difference is amortized as a component of net loss from equity method investment over the useful life of the IPR&D asset. The amortization of the IPR&D asset for the period from August 16, 2024 through September 30, 2024 was $0.1 million.

For the period from August 16, 2024 through September 30, 2024, the Company recognized a net loss from equity method investment of $1.4 million. As of September 30, 2024, the aggregate carrying amount of the Company’s equity method investment in GondolaBio is $48.6 million and is presented as part of “Investment in nonconsolidated entities” on the condensed consolidated balance sheets.

In addition, on August 16, 2024, the Company and GondolaBio entered into a 24-month transition service agreement (the “GondolaBio Transition Service Agreement”) for the provision of certain transitionary consulting services to be provided by the Company and GondolaBio. Under the GondolaBio Transition Service Agreement, the Company recognized $0.4 million in other income and $0.4 million in pass-through costs recorded as an offset against operating expenses, during the three months and nine months ended September 30, 2024. As of September 30, 2024, the Company recognized $2.1 million in “Prepaid expenses and other current assets” related to the receivable under the Transaction Agreement and for transitionary consulting services provided by BridgeBio to GondolaBio. As of September 30, 2024, the Company also recognized $0.6 million in “Accrued professional and other liabilities” related to the payable under the Transaction Agreement and for transitionary consulting services provided by GondolaBio to BridgeBio.

TheRas

On April 30, 2024, TheRas, Inc., doing business as BridgeBio Oncology Therapeutics (“BBOT”), a majority-owned subsidiary of the Company, completed a $200.0 million private equity financing with external investors to accelerate the development of its oncology portfolio. Upon completion of the private equity financing, the Company’s ownership of BBOT’s equity was reduced to approximately 37.9%.

As part of the private equity financing transaction, BBOT’s Certificate of Incorporation and Investors’ Rights Agreement were amended and restated to reflect a change to BBOT’s governance structure and composition of the board of directors, which was determined to be a VIE reconsideration event. Based on the VIE reconsideration assessment, BBOT was deemed a VIE. As a result of the change in governance structure and composition of the board of directors, BridgeBio is no longer the primary beneficiary of BBOT, as it no longer has the power over key decisions that significantly impact BBOT’s economic performance. Accordingly,

BridgeBio deconsolidated BBOT on April 30, 2024. On April 30, 2024, we recognized a $126.3 million net gain from deconsolidation of a subsidiary, which is presented on the condensed consolidated statements of operations for the nine months ended September 30, 2024. The gain on deconsolidation represents the difference between BridgeBio’s equity investment in BBOT, valued at $124.9 million upon deconsolidation and the carrying value of the net assets held by BBOT on April 30, 2024.

Upon the deconsolidation of BBOT, BridgeBio accounted for its retained investment in BBOT, for which it has significant influence through its ownership interest, using the equity method of accounting under ASC 323 Investments — Equity Method and Joint Ventures. BBOT was also deemed a related party. BridgeBio’s equity investment in BBOT, valued at $124.9 million upon deconsolidation, was compared to BridgeBio’s percentage of underlying equity in net assets of BBOT, which includes an implied difference of $49.6 million between the fair value of the equity investment and the underlying equity in the net assets of BBOT (referred to as a “basis difference”). The basis difference was attributed to BBOT’s in-process research and development (“IPR&D asset”), and is amortized as a component of net loss from equity method investment over the estimated useful life of the IPR&D asset. The amortization of the IPR&D asset for the period from May 1, 2024 through September 30, 2024 was $1.0 million.

For the three months ended September 30, 2024 and the period from May 1, 2024 through September 30, 2024, we recognized a net loss from equity method investment of $5.2 million and $13.1 million, respectively. As of September 30, 2024, the aggregate carrying amount of our equity method investment in BBOT is $111.8 million and is presented as part of “Investment in nonconsolidated entities” on our condensed consolidated balance sheets.

In addition, on April 30, 2024, the Company and BBOT entered into an 18-month transition service agreement (the “BBOT Transition Service Agreement”) for the provision of certain transitionary consulting services to be provided by the Company and BBOT. Under the BBOT Transition Service Agreement, the Company recognized $0.8 million and $1.6 million in other income and $0.6 million and $0.7 million as an offset against operating expenses during the three and nine months ended September 30, 2024, respectively. As of September 30, 2024, the Company recognized $1.4 million in “Prepaid expenses and other current assets” for transitionary consulting services provided by BridgeBio to BBOT. The Company also recognized $0.4 million and $0.7 million in “Research and development” expenses during the three and nine months ended September 30, 2024. As of September 30, 2024, the Company recognized $0.3 million in “Accrued research and development liabilities” for transitionary consulting services provided by BBOT to BridgeBio.

LianBio

In October 2019, our subsidiary, BridgeBio Pharma LLC (“BBP LLC”), entered into an exclusivity agreement with LianBio, an exempt company organized under the laws of the Cayman Islands (together with its subsidiaries, “LianBio”), pursuant to which BBP LLC received equity in LianBio (the “LianBio Exclusivity Agreement”). We account for BBP LLC’s equity interest in LianBio under ASC 321 Investments - Equity Securities as an investment in equity securities. For the three months ended September 30, 2024 and 2023, we recorded an unrealized loss of nil and $4.0 million, respectively, for the ongoing mark-to-market adjustments of the investment. For the nine months ended September 30, 2024 and 2023, we recorded an unrealized loss of nil and $0.8 million, respectively, for the ongoing mark-to-market adjustments of the investment (refer to Note 3).

As of December 31, 2023, QED also held warrants which entitled QED to purchase 347,569 shares of LianBio. The LianBio Warrant was measured at fair value on a recurring basis, with changes in fair value recognized in our condensed consolidated statements of operations as part of “Other income (expense), net.” The LianBio Warrant, which is presented as part of “Other assets” on our condensed consolidated balance sheets, had a fair value of $1.6 million as of December 31, 2023.

In February 2024, QED exercised the 347,569 shares of LianBio warrants it held for an immaterial amount. In March 2024, we received net proceeds of $25.7 million as special cash dividends and recognized net realized gains of $1.8 million from our investment in LianBio equity securities. As of September 30, 2024, the Company held 5,350,361 shares of LianBio common stock.

PellePharm

As of April 15, 2021, BridgeBio had been the primary beneficiary of PellePharm as it had power over key decisions that significantly impact PellePharm’s economic performance. BridgeBio also had the obligation to absorb losses or the right to receive benefits from PellePharm that could potentially be significant to PellePharm through its common and preferred stock interest in PellePharm. Accordingly, BridgeBio had consolidated PellePharm during the period April 15, 2021 through December 31, 2022.

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

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

Debt - Additional Information (Details1) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	May 31, 2024	Jun. 30, 2024	Mar. 31, 2024
Exclusive license agreements with Bayer Consumer Care AG and Kyowa Kirin Co., Ltd.
Debt Instrument [Line Items]
Debt instrument deposit percentage of proceeds net of certain permitted costs upon receipt of upfront payments from license agreements			75.00%
Bayer Consumer Care AG and Kyowa Kirin Co., Ltd \| Financing Agreement
Debt Instrument [Line Items]
Proceeds received from asset sale transactions		$ 235.0
Net proceeds deposited to escrow accounts		$ 159.3
BridgeBio Oncology Therapeutics
Debt Instrument [Line Items]
Payment for private equity financing with external investors	$ 200.0
Payment for disposition fee	$ 1.1

Cash Equivalents (Tables)

9 Months Ended

Sep. 30, 2024

Cash and Cash Equivalents [Abstract]

Schedule of Cash Equivalents

Cash equivalents consisted of the following:


	September 30, 2024
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	126,476	$	—	$	—		$	126,476
Treasury bills		45,907		4		(1	)		45,910
Agency discount notes		47,528		4		(2	)		47,530
Total cash equivalents	$	219,911	$	8	$	(3	)	$	219,916


	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

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

The condensed consolidated financial statements include the accounts of BridgeBio Pharma, Inc. and its wholly-owned subsidiaries and controlled entities, substantially all of which are denominated in U.S. dollars. All intercompany balances and transactions have been eliminated in consolidation. For consolidated entities where we own or are exposed to less than 100% of the economics, we record “Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests” in our condensed consolidated statements of operations equal to the percentage of the economic or ownership interest retained in such entities by the respective noncontrolling parties.

In determining whether an entity is considered a controlled entity, we applied the VIE and Voting Interest Entity (“VOE”) models. We assess whether we are the primary beneficiary of a VIE based on our power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and our obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Entities that do not qualify as a VIE are assessed for consolidation under the VOE model. Under the VOE model, BridgeBio consolidates the entity if it determines that it has a controlling financial interest in the entity through its ownership of greater than 50% of the outstanding voting shares of the entity and that other equity holders do not have substantive voting, participating or liquidation rights. We assess whether we are the primary beneficiary of a VIE or whether we have a majority voting interest for entities consolidated under the VOE model at the inception of the arrangement and at each reporting date.

The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC.

The condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of our financial position, our results of operations and comprehensive loss, stockholders’ deficit and our cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2024 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 periods.

Cash, Cash Equivalents and Marketable Securities

We consider all highly liquid investments purchased with original maturities of 90 days or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market instruments, such as money market funds and U.S. treasury bills.

Marketable securities consist of high investment grade fixed income securities that are primarily invested in U.S. treasury bills. We classify marketable securities as available-for-sale securities and report them at fair value in “Cash and cash equivalents” or “Marketable securities” on the condensed consolidated balance sheets with related unrealized gains and losses included as a component of stockholders’ deficit. We classify marketable securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity which is included in “Interest income” on the condensed consolidated statements of operations. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are included in “Other income (expense), net.” The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income. As of September 30, 2024 and December 31, 2023 we had no marketable securities.

Our cash and cash equivalents are exposed to credit risk in the event of default by the third parties that hold or issue such assets. Our cash and cash equivalents 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 commercial paper, U.S. government obligations, treasury bills, and money market funds, and places restrictions on maturities and concentrations by type and issuer.

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


	September 30, 2024		December 31, 2023
	(in thousands)
Cash and cash equivalents	$	266,324	$	375,935
Restricted cash		139,409		16,653
Restricted cash, non-current — included in “Other assets”		2,143		2,144
Total cash, cash equivalents and restricted cash shown on the condensed consolidated statements of cash flows	$	407,876	$	394,732

Restricted Cash

Restricted cash primarily represents funds in a controlled account that was established in connection with the Company’s Term Loans described in Note 9.

Under the terms of the Financing Agreement (as defined in Note 9), the Company is required to deposit 75% of proceeds, net of certain permitted costs, received from certain asset sale transactions into escrow accounts to be controlled by the Administrative Agent. During the three months ended June 30, 2024, we received $235.0 million in aggregate from Bayer Consumer Care AG and Kyowa Kirin Co., Ltd, and deposited net proceeds of $159.3 million into the escrow accounts, which was classified as “Restricted cash” on the condensed consolidated balance sheet. Furthermore, under the terms of the Amended Financing Agreement (as defined in Note 9), between June 20, 2024 and through the earlier of the FDA approval date of a first NDA for acoramidis and November 30, 2024, the Company is able to request a release of funds in an aggregate amount not to exceed 50% of the original net cash proceeds received from asset sale transactions. As of September 30, 2024, $20.0 million was released from the escrow accounts and classified as cash, with a remaining balance of $139.3 million in the escrow accounts classified as “Restricted cash” on the condensed consolidated balance sheet. Refer to Note 9 and Note 11 for further details regarding the Financing Agreement and the exclusive license agreements with Bayer Consumer Care AG and Kyowa Kirin Co., Ltd.

As of December 31, 2023, the use of such non-interest-bearing cash was restricted per the terms of the underlying amended Loan and Security Agreement and was 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, restricted cash related to this agreement was $16.5 million, which is presented as part of “Restricted cash” on the condensed consolidated balance sheet. Upon the termination of the Loan and Security Agreement and full repayment of the term loan in January 2024 (refer to Note 9 for details) the non-interest-bearing cash was no longer restricted.

Additionally, under certain lease agreements and letters of credit, we have pledged cash and cash equivalents as collateral. As of September 30, 2024, 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 condensed consolidated balance sheets. 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 condensed consolidated balance sheets.

Equity Method Investments And Other Equity Investments

Equity Method Investments and Other Equity Investments

We use the equity method to account for any of our investments under the scope of Accounting Standards Codification (“ASC”) 323 Investments — Equity Method and Joint Ventures, where we may not be the primary beneficiary, but may still exercise significant influence over operating activities of the investee. Our consolidated net loss includes our Company’s proportionate share of the net income or loss from equity method investment and amortization of any in-process research and development (“IPR&D asset”). Our judgment regarding the level of influence over each equity method investee includes considering key factors such as our ownership interest, representation on the board of directors, participation in policy-making decisions, and other material transactions.

Since inception through August 16, 2024, Portal Therapeutics, Inc. and Sub21, Inc. were majority-owned consolidated subsidiaries of the Company. On August 16, 2024, the Company contributed its equity ownership in these entities to GondolaBio, LLC, a Delaware limited liability company (“GondolaBio”), and as a result, Portal Therapeutics, Inc. and Sub21, Inc. were deconsolidated in conjunction with the GondolaBio transaction described below.

GondolaBio was formed on June 5, 2024 and the Company was the sole member. On August 16, 2024, the Company, on the recommendation of a special committee of independent and disinterested directors of the Company, entered into a transaction agreement (the “Transaction Agreement”) providing for the formation and funding by certain third party investors of GondolaBio, a legal joint venture entity for the purpose of researching, developing, manufacturing and commercializing pharmaceutical products, including certain assets contributed to GondolaBio by the Company. The third party investors have committed $300.0 million of tranched financing to GondolaBio, of which $60.0 million had been contributed as of September 30, 2024. The Company contributed certain assets and its equity in Portal Therapeutics, Inc. and Sub21, Inc. to GondolaBio. Upon completion of the initial contributions, the Company’s equity ownership in GondolaBio was 45.5%, which had a fair value of $50.0 million, and will be subject to reduction as additional tranches of capital contributions are funded. On August 16, 2024, in conjunction with the Transaction Agreement, GondolaBio’s limited liability company agreement was amended and restated to reflect a change in its governance structure and composition of the board of managers, which was determined to be a VIE reconsideration event. Based on the VIE reconsideration assessment, GondolaBio was deemed a VIE. As a result of the change in governance structure and composition of the board of managers, BridgeBio is no longer the primary beneficiary, as it no longer has the power over key decisions that significantly impact GondolaBio’s economic performance. Accordingly, BridgeBio deconsolidated GondolaBio, inclusive of Portal Therapeutics, Inc. and

Sub21, Inc. Upon the deconsolidation of GondolaBio, BridgeBio accounted for its investment in GondolaBio, for which it has significant influence through its ownership interest, using the equity method of accounting as of August 16, 2024.

Since inception through April 29, 2024, TheRas, Inc. (“TheRas”) was a majority-owned consolidated subsidiary of the Company. On April 30, 2024, the Company completed a $200.0 million private equity financing with external investors of TheRas, Inc., to accelerate the development of its oncology portfolio. Upon completion of the private equity financing, Company ownership was reduced to 37.9% of TheRas’ equity. As part of the private equity financing transaction, TheRas’ Certificate of Incorporation and Investors’ Rights Agreement were amended and restated to reflect a change in TheRas’ governance structure and composition of the board of directors, which was determined to be a VIE reconsideration event. Based on the VIE reconsideration assessment, TheRas was deemed a VIE. As a result of the change in governance structure and composition of the board of directors, BridgeBio is no longer the primary beneficiary, as it no longer has the power over key decisions that significantly impact TheRas’ economic performance. Accordingly, BridgeBio deconsolidated TheRas, Inc. and accounted for BridgeBio’s retained investment in TheRas, Inc., for which it has significant influence through its ownership interest, using the equity method of accounting as of April 30, 2024.

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.

Refer to Note 6 for further discussion on the GondolaBio, TheRas and PellePharm investments.

Accrued Professional and Other Accrued Liabilities

Accrued professional and other accrued liabilities consisted of the following balances:


	September 30, 2024		December 31, 2023
	(in thousands)
Accrued professional services	$	3,789	$	7,412
Accrued interest		3,414		17,761
Milestone liability		4,785		6,000
Other accrued liabilities		12,956		4,657
Accrued professional and other accrued liabilities	$	24,944	$	35,830

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, receivables from license and collaboration agreements, 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 or recorded any credit losses associated with its balances as of September 30, 2024 and December 31, 2023, and for the three and nine months ended September 30, 2024 and 2023.

We are subject to credit risk from receivables from license and collaboration agreements. We have not experienced any material losses related to receivables from individual customers or groups of customers. We also do not require any collateral. Receivables from license and collaboration agreements are recorded net of allowance for credit losses, if any.

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 and for the anticipated commercialization of acoramidis. In particular, we rely and expect to continue to rely on a small number of manufacturers to supply us with our requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to:

•

allowance for credit losses,

•

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

•

accruals for performance-based milestone compensation arrangements,

•

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

•

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

•

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

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

Stock-Based Compensation

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.

- Definition

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

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+ Details

Organization and Description of Business

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of Business

BridgeBio Pharma, Inc. (“BridgeBio” or the “Company”) is a new type of biopharmaceutical company founded to discover, create, test and deliver transformative medicines to treat patients who suffer from genetic diseases. 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. During the nine months ended September 30, 2024, we divested and deconsolidated (i) Portal Therapeutics, Inc. and Sub21, Inc. as part of the GondolaBio, LLC transaction, and (ii) TheRas, Inc. Each of Portal Therapeutics, Inc., Sub21, Inc. and TheRas, Inc. was formerly a majority-owned subsidiary. Portal Therapeutics, Inc. and Sub21, Inc. were contributed to GondolaBio, LLC in the GondolaBio, LLC transaction. GondolaBio, LLC and TheRas, Inc. were funded through private equity financing transactions with certain third party investors during the nine months ended September 30, 2024. Refer to Note 2 and Note 6 for further details regarding the GondolaBio, LLC and TheRas, Inc. transactions.

We continue to evaluate our research and development pipelines and restructure our business to streamline costs and expenses. We also continue to explore business opportunities to partner, divest or delay certain research and development programs to drive operational changes in our business processes, efficiencies and cost savings to advance our corporate strategy and development programs. We expect that these initiatives, including restructuring, will reduce our operating expenses.

As of November 12, 2024, the issuance date of the condensed consolidated financial statements for the nine months ended September 30, 2024, we concluded that there is substantial doubt about our ability to continue as a going concern for a period of one year from the date that these condensed consolidated financial statements are issued due to our history of recurring losses from operations incurred since inception and our expectation of continuing operating losses for the foreseeable future. The accompanying condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. Accordingly, the condensed consolidated financial statements have been prepared on a basis that assumes we will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

We are entitled to receive a $500.0 million milestone payment under our Funding Agreement (described in Note 10) upon obtaining the United States Food and Drug Administration (“FDA”) approval of acoramidis. We plan to alleviate substantial doubt by obtaining the $500.0 million milestone payment under our Funding Agreement together with product revenues from the commercial sale of acoramidis, if approved. Although we anticipate receiving FDA approval for acoramidis in late November 2024, we cannot guarantee that we will receive such approval or the resulting milestone payment on a timely basis, or at all, or that we will generate the expected product revenues from the sale of acoramidis, and we may need to raise additional capital to fund our operations. There can be no assurance that any additional financing will be available to us. Failure to obtain FDA approval for acoramidis will result in our inability to receive the $500.0 million milestone payment pursuant to the Funding Agreement, which may significantly harm our business, prospects, financial condition and results of operations. Furthermore, there can be no assurance that in the event we require additional financing, such financing will be available.

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Loss Carryforwards [Line Items]
Provision for income tax	$ 0	$ 0	$ 0	$ 0

- Definition

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

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+ Details

Fair Value Measurements - Summary of Total Realized and Unrealized Gains and Losses Associated with Investments in Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Net realized gains recognized on investments in equity securities sold	$ 0	$ 253	$ 8,136	$ 9,049
Net unrealized losses recognized on investments in equity securities held as of the end of the period	0	(5,603)	0	(12,000)
Total net gains (losses) included in "Other income (expense), net"	$ 0	$ (5,350)	$ 8,136	$ (2,951)

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

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Mar. 01, 2024

Mar. 29, 2021

May 31, 2024

Jan. 31, 2023

Aug. 31, 2020

Oct. 31, 2019

Sep. 30, 2019

Sep. 30, 2024

Mar. 31, 2024

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2021

Feb. 07, 2024

Dec. 31, 2023

Jun. 30, 2022

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Licensing and collaboration agreements

$ (1,273,000)

$ (11,909,000)

Revenue

$ 2,732,000

$ 4,091,000

216,020,000

7,558,000

Deferred revenue, current portion

11,771,000

$ 6,096,000

^[1]

Deferred revenue, noncurrent

18,627,000

3,727,000

^[1]

Reimbursable commercial contracted activities

12,500,000

Receivables from licensing and collaboration agreements

478,000

1,751,000

^[1]

Research and development

120,444,000

$ 125,136,000

376,111,000

325,485,000

Allowance for credit losses

Common Stock

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Shares issued

10,975,784

11,338,940

63,470

8,823,530

Helsinn Therapeutics

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Receivables from licensing and collaboration agreements

$ 0

600,000

Close-out plan costs subject to reimbursement

$ 200,000

$ 4,700,000

Percentage of close-out plan costs, subject to reimbursement

50.00%

QED Therapeutics, Inc

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Close-out plan costs

$ 11,000,000

$ 200,000

$ 5,900,000

QED Therapeutics, Inc | Helsinn Therapeutics

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Percentage of close-out plan costs, subject to reimbursement

50.00%

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

QED Therapeutics, Inc | Minimum | Foundation Medicine, Inc

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Reimbursable remaining commencing installments

$ 9,600,000

License and Collaboration Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Unbilled receivables

$ 200,000

$ 900,000

Percentage of total unbilled receivables

75.60%

61.90%

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

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%

Reimbursable research and development

18,800,000

Reimbursable payment outstanding

31,300,000

Reduction of obligation

9,600,000

License and Collaboration Agreement | QED Therapeutics, Inc | Maximum | Foundation Medicine, Inc

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Reimbursable remaining commencing installments

11,000,000

License and Collaboration Agreement | Navire Pharma, Inc | BMS

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Milestone payments

Initial transaction price for the license and collaboration agreement

90,000,000

Allocation of transaction price for research and development

19,800,000

Allocation of transaction price to licenses

70,200,000

Revenue

3,000,000

9,900,000

6,200,000

Deferred revenue

$ 9,900,000

Deferred revenue, current portion

6,100,000

Deferred revenue, noncurrent

$ 3,800,000

License and Collaboration Agreement | Navire Pharma, Inc | Revenue | BMS

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Revenue

1,300,000

$ 9,900,000

4,500,000

License Agreement | LianBio

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Nonrefundable upfront payment receivable

$ 8,000,000

License Agreement | LianBio | License and Services Revenue

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Revenue

$ 8,500,000

License Agreement | Maximum | LianBio

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Future potential development and sales milestone payments yet to receive

$ 382,100,000

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

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Revenue

1,700,000

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

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Revenue

$ 1,100,000

Alexion License Agreements | Eidos

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Upfront nonrefundable payment received

$ 25,000,000

Alexion License Agreements | Maximum

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Regulatory milestone payment receivable subject to achievement of regulator milestones

30,000,000

Alexion Agreements | Eidos

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Revenue

26,700,000

Nonrefundable upfront payment receivable

$ 25,000,000

Alexion Agreements | Eidos | Common Stock

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Shares issued

556,173

Shares issued, price per share

$ 44.95

Aggregate purchase price

$ 25,000,000

Excess of purchase price over the value of common stock shares

$ 1,700,000

Bayer Exclusive License Agreement | Eidos

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Agreement convenience least days

270 days

Milestone payments

$ 0

Initial transaction price for the license and collaboration agreement

135,000,000

Licensing and collaboration agreements

Allocation of transaction price for research and development

4,500,000

Allocation of transaction price to licenses

130,500,000

Revenue

300,000

700,000

Deferred revenue

3,800,000

Deferred revenue, current portion

1,400,000

Deferred revenue, noncurrent

$ 2,400,000

Net proceeds received permitted costs percentage

75.00%

Receipt of escrow account

$ 135,000,000

Deposited of escrow account receipt

$ 84,700,000

Bayer Exclusive License Agreement | License and Services Revenue | Eidos

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Revenue

300,000

131,200,000

Bayer Exclusive License Agreement | Commercial Product Supply | Eidos

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Revenues

Bayer Exclusive License Agreement | Seller Parties | Eidos

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Upfront payment received

$ 135,000,000

Regulatory and sales milestones

$ 175,000,000

Sales milestone payments yet to be received

450,000,000

Bayer Exclusive License Agreement | Seller Parties | EU Commission Regulatory | Eidos

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Regulatory and sales milestones

$ 75,000,000

Kyowa Kirin Exclusive License

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Upfront payment yet to be received

100,000,000

Kyowa Kirin Exclusive License | Eidos

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Initial transaction price for the license and collaboration agreement

$ 100,000,000

Kyowa Kirin Exclusive License | QED Therapeutics, Inc

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Development milestone payments yet to be received

$ 81,400,000

Agreement convenience least days

180 days

Initial transaction price for the license and collaboration agreement

$ 100,000,000

Licensing and collaboration agreements

Allocation of transaction price for research and development

30,900,000

Allocation of transaction price to licenses

69,100,000

Revenue

1,400,000

4,300,000

Deferred revenue

26,600,000

Deferred revenue, current portion

10,400,000

Deferred revenue, noncurrent

$ 16,200,000

Net proceeds received permitted costs percentage

75.00%

Receipt of escrow account

$ 100,000,000

Deposited of escrow account receipt

74,600,000

Kyowa Kirin Exclusive License | QED Therapeutics, Inc | License and Services Revenue

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Revenue

2,100,000

74,100,000

Letter of Agreement | QED Therapeutics, Inc

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Revenue

$ 700,000

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

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

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 condensed consolidated statements of operations for employees and non-employees:


	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total		BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total
					(in thousands)
Research and development	$	12,124	$	—	$	12,124	$	29,803	$	37	$	29,840
Selling, general and administrative		14,969		—		14,969		47,511		—		47,511
Restructuring, impairment and related charges		38		—		38		81		—		81
Total stock-based compensation	$	27,131	$	—	$	27,131	$	77,395	$	37	$	77,432


	Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
	BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total		BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total
					(in thousands)
Research and development	$	14,103	$	41	$	14,144	$	39,028	$	124	$	39,152
Selling, general and administrative		13,086		—		13,086		38,731		—		38,731
Total stock-based compensation	$	27,189	$	41	$	27,230	$	77,759	$	124	$	77,883

Summary of Stock Option Activity

The following table summarizes BridgeBio’s stock option activity under the Plans for the nine months ended September 30, 2024:


	Options Outstanding					Weighted- Average Exercise Price per Option		Weighted- Average Remaining Contractual Life (years)		Aggregate Intrinsic Value (in thousands)
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
Granted				401,924
Regular equity program		401,924				$	27.54
Exercised				(51,389	)
Regular equity program		(14,066	)			$	19.04
Eidos Awards Exchange		(37,323	)			$	14.48
Cancelled				(4,487	)
Regular equity program		(620	)			$	31.14
Eidos Awards Exchange		(3,867	)			$	63.38
Outstanding as of September 30, 2024				12,678,490
Regular equity program		11,181,100				$	25.76		6.5	$	66,885
Eidos Awards Exchange		1,180,752				$	14.44		4.0	$	13,630
Exchange Program		316,638				$	2.19		4.5	$	7,476
Exercisable as of September 30, 2024				10,250,946
Regular equity program		8,755,976				$	27.09		6.0	$	46,675
Eidos Awards Exchange		1,180,752				$	14.44		4.0	$	13,630
Exchange Program		314,218				$	2.18		4.5	$	7,422

Summary of Restricted Stock Units Activity

The following table summarizes BridgeBio’s RSU activity under the Plans for the nine months ended September 30, 2024:


	Unvested Shares of RSUs Outstanding			Weighted- Average Grant Date Fair Value
Balance as of December 31, 2023		8,942,813		$	16.27
Granted		4,556,308		$	28.25
Vested		(2,868,463	)	$	18.70
Cancelled		(677,533	)	$	20.71
Balance as of September 30, 2024		9,953,125		$	20.75

Summary of Restricted Stock Award Activity

The following table summarizes our RSA activity under the Plans for the nine months ended September 30, 2024:


	Unvested Shares of RSAs Outstanding			Weighted- Average Grant Date Fair Value
Balance as of December 31, 2023		85,453		$	7.27
Granted — Exchange Program		8,057		$	38.74
Vested — Exchange Program		(8,057	)	$	38.74
Vested — Regular equity program		(85,453	)	$	7.27
Balance as of September 30, 2024		—		$	—

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 the ESPP. For the nine months ended September 30, 2024, we used the following weighted-average assumptions in the Black-Scholes calculations:


	Stock Options		ESPP
Expected term (in years)	5.95 - 6.03			0.50
Expected volatility	92.0% - 93.1%		52.0% - 122.1%
Risk-free interest rate	3.8% - 4.3%		5.0% - 5.5%
Dividend yield		—		—
Weighted-average fair value of stock-based awards granted	$	21.28	$	11.34

Restricted Stock Awards

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

Summary of Stock Based Compensation for Employees and Non Employees

For the three and nine months ended September 30, 2024 and 2023, we recognized stock-based compensation expense related to RSAs under the Plans as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Exchange Program	$	—	$	451	$	312	$	4,056
Other RSAs		—		1,022		621		3,071
Total stock-based compensation expense	$	—	$	1,473	$	933	$	7,127

- 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
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Publisher FASB
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-Publisher FASB
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-Publisher FASB
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-Topic 718
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

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

Sep. 30, 2024

Dec. 31, 2023

Cash equivalents:

Total cash equivalents

$ 219,916

$ 269,597

Marketable securities:

Investments in equity securities

58,949

^[1]

Level 1

Marketable securities:

Investments in equity securities

58,900

Treasury Bills

Cash equivalents:

Total cash equivalents

45,910

256,067

Agency Discount Notes

Cash equivalents:

Total cash equivalents

47,530

Recurring

Cash equivalents:

Total cash equivalents

219,916

269,597

Marketable securities:

Investments in equity securities

58,949

LianBio warrant

1,554

Total financial assets

219,916

330,100

Liability

Embedded derivative

1,751

1,665

Recurring | Level 1

Cash equivalents:

Total cash equivalents

126,476

13,530

Marketable securities:

Investments in equity securities

58,949

LianBio warrant

1,554

Total financial assets

126,476

74,033

Liability

Embedded derivative

Recurring | Level 2

Cash equivalents:

Total cash equivalents

93,440

256,067

Marketable securities:

Investments in equity securities

LianBio warrant

Total financial assets

93,440

256,067

Liability

Embedded derivative

Recurring | Level 3

Cash equivalents:

Total cash equivalents

Marketable securities:

Investments in equity securities

LianBio warrant

Total financial assets

Liability

Embedded derivative

1,751

1,665

Recurring | Money Market Funds

Cash equivalents:

Total cash equivalents

126,476

13,530

Recurring | Money Market Funds | Level 1

Cash equivalents:

Total cash equivalents

126,476

13,530

Recurring | Money Market Funds | Level 2

Cash equivalents:

Total cash equivalents

Recurring | Money Market Funds | Level 3

Cash equivalents:

Total cash equivalents

Recurring | Treasury Bills

Cash equivalents:

Total cash equivalents

45,910

256,067

Recurring | Treasury Bills | Level 1

Cash equivalents:

Total cash equivalents

Recurring | Treasury Bills | Level 2

Cash equivalents:

Total cash equivalents

45,910

256,067

Recurring | Treasury Bills | Level 3

Cash equivalents:

Total cash equivalents

$ 0

Recurring | Agency Discount Notes

Cash equivalents:

Total cash equivalents

47,530

Recurring | Agency Discount Notes | Level 1

Cash equivalents:

Total cash equivalents

Recurring | Agency Discount Notes | Level 2

Cash equivalents:

Total cash equivalents

47,530

Recurring | Agency Discount Notes | Level 3

Cash equivalents:

Total cash equivalents

$ 0

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

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash


	September 30, 2024		December 31, 2023
	(in thousands)
Cash and cash equivalents	$	266,324	$	375,935
Restricted cash		139,409		16,653
Restricted cash, non-current — included in “Other assets”		2,143		2,144
Total cash, cash equivalents and restricted cash shown on the condensed consolidated statements of cash flows	$	407,876	$	394,732

Summary of Accrued Professional and Other Accrued Liabilities

Accrued professional and other accrued liabilities consisted of the following balances:


	September 30, 2024		December 31, 2023
	(in thousands)
Accrued professional services	$	3,789	$	7,412
Accrued interest		3,414		17,761
Milestone liability		4,785		6,000
Other accrued liabilities		12,956		4,657
Accrued professional and other accrued liabilities	$	24,944	$	35,830

Cash Equivalents

9 Months Ended

Sep. 30, 2024

Cash and Cash Equivalents [Abstract]

Cash Equivalents

Cash equivalents consist primarily of amounts invested in money market instruments, such as money market funds and U.S. treasury bills.

Cash equivalents consisted of the following:


	September 30, 2024
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	126,476	$	—	$	—		$	126,476
Treasury bills		45,907		4		(1	)		45,910
Agency discount notes		47,528		4		(2	)		47,530
Total cash equivalents	$	219,911	$	8	$	(3	)	$	219,916


	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

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Recognized Intangible Assets

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


	September 30, 2024				December 31, 2023
	Weighted-average Estimated Useful Lives	Amount			Weighted-average Estimated Useful Lives	Amount
		(in thousands)				(in thousands)
Gross amount	10.2 years	$	32,500		11.0 years	$	32,500
Less: accumulated amortization			(7,975	)			(6,181	)
Total		$	24,525			$	26,319

Intangible Assets - Summary of Recognized Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average Estimated Useful Lives	10 years 2 months 12 days	11 years
Gross amount	$ 32,500	$ 32,500
Less: accumulated amortization	(7,975)	(6,181)
Total	$ 24,525	$ 26,319

Debt - Schedule of Future Minimum Payments Under Term Loan Agreement (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Term Loans, Interest on Term Loans of Financing Agreement
Debt Instrument [Line Items]
Remainder of 2024	$ 13,610
2025	53,995
2026	53,995
2027	119,454
2028	131,732
2029	294,327
Total future payments	667,113
Financing Agreement
Debt Instrument [Line Items]
Total future payments	450,000
Less amounts representing interest	$ (217,113)

Public Offerings

9 Months Ended

Sep. 30, 2024

Public Offerings And Share Repurchase Program And Securities Purchase Agreement [Abstract]

Public Offerings

14.

Public Offerings

2023 Follow-on Offering

In March 2023, we entered into an Underwriting Agreement (the “2023 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 “2023 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 2023 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 2023 Follow-on Agreement. In March 2023, 8,823,530 shares were issued under the 2023 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. In April 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. During the nine months ended September 30, 2024, 1,061,991 shares were issued under the ATM Agreement, for net proceeds of $38.1 million, after deducting sales agent fees and commissions of $0.6 million. As of September 30, 2024, we are still eligible to sell up to $345.3 million of our common stock pursuant to the ATM Agreement under the 2023 Shelf.

2024 Follow-on Offering

In March 2024, we entered into an Underwriting Agreement (the “2024 Follow-on Agreement”) with J.P. Morgan Securities LLC, Cantor Fitzgerald & Co. and Mizuho Securities USA LLC, as representatives of several underwriters (collectively, the “2024 Underwriters”), relating to an underwritten public offering (the “2024 Follow-on offering”) of 8,620,690 shares of the Company’s common stock, $0.001 par value per share, at a public offering price of $29.00 per share. The Company also granted the 2024 Underwriters a 30-day option to purchase, at the public offering price less underwriting discounts and commissions, up to an additional 1,293,103 shares of Common Stock, which the 2024 Underwriters exercised in full on the closing of the 2024 Follow-on offering. The Company paid the Underwriters a commission of 3.6% of the aggregate gross proceeds received from all sales of the common stock under the Follow-on Agreement. In March 2024, 9,913,793 shares (including the 1,293,103 shares issued upon exercise of the 2024 Underwriters’ option to purchase additional shares) were issued under the 2024 Follow-on Agreement, for net proceeds of $276.6 million, after deducting underwriting fees and commissions of $10.3 million and offering costs of $0.6 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)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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	195,178,308	181,274,712
Common stock, shares outstanding	188,986,547	175,082,951
Treasury stock, shares	6,191,761	6,191,761

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

Sep. 30, 2024

USD ($)

Commitments and Contingencies Disclosure [Abstract]

Potential Fixed Monetary Amount Settlement in Cash

$ 1,476

Potential Fixed Monetary Amount Settlement in Stock

18,167

^[1]

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

60,313

Total Potential Fixed Monetary Settlement Amount

79,956

Accrued Amount Settlement in Cash

222

^[2]

Accrued Amount Settlement in Stock

^[1],[2]

Accrued Amount Settlement in Cash or stock at our sole discretion

2,256

^[2]

Total Accrued Settlement Amount

$ 2,478

^[2]

[1]	Includes the performance-based milestone awards that were granted as part of the Exchange Program further discussed in Note 15.
[2]	Amount recorded for performance-based milestone awards that are probable of achievement.

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 2,732	$ 4,091	$ 216,020	$ 7,558
Operating costs and expenses:
Cost of revenue	598	598	1,794	1,848
Research and development	120,444	125,136	376,111	325,485
Selling, general and administrative	68,819	35,777	194,149	103,007
Restructuring, impairment and related charges	4,621	272	10,912	7,172
Total operating costs and expenses	194,482	161,783	582,966	437,512
Loss from operations	(191,750)	(157,692)	(366,946)	(429,954)
Other income (expense), net:
Interest income	3,296	3,793	12,566	12,460
Interest expense	(23,061)	(20,306)	(69,469)	(61,021)
Gain on deconsolidation of subsidiaries	52,027	0	178,321	0
Loss on extinguishment of debt	0	0	(26,590)	0
Net loss from equity method investments	(6,563)	0	(14,488)	0
Other income (expense), net	1,797	(5,283)	10,648	(4,408)
Total other income (expense), net	27,496	(21,796)	90,988	(52,969)
Net loss	(164,254)	(179,488)	(275,958)	(482,923)
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests	2,214	2,489	5,246	7,869
Net loss attributable to common stockholders of BridgeBio	$ (162,040)	$ (176,999)	$ (270,712)	$ (475,054)
Net loss per share attributable to common stockholders of BridgeBio, basic	$ (0.86)	$ (1.08)	$ (1.46)	$ (2.99)
Net loss per share attributable to common stockholders of BridgeBio, diluted	$ (0.86)	$ (1.08)	$ (1.46)	$ (2.99)
Weighted-average shares used in computing net loss per share attributable to common stockholders of BridgeBio, basic	188,510,372	163,308,632	184,947,173	158,891,152
Weighted-average shares used in computing net loss per share attributable to common stockholders of BridgeBio, diluted	188,510,372	163,308,632	184,947,173	158,891,152

Equity Method Investment and Other Equity Investments - Additional Information (Details) - USD ($)
$ in Thousands

1 Months Ended

2 Months Ended

3 Months Ended

5 Months Ended

9 Months Ended

12 Months Ended

Apr. 30, 2024

May 31, 2024

Mar. 31, 2024

Feb. 29, 2024

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Schedule Of Equity Method Investments [Line Items]

Unrealized loss on ongoing mark-to-market adjustments of investment in equity security

$ 0

$ (5,603)

$ 0

$ (12,000)

Gain from diconsolidation

52,027

178,321

Loss from equity method investment

(6,563)

(14,488)

Other income (expense), net

1,797

(5,283)

10,648

(4,408)

Prepaid expenses and other current assets

$ 38,367

38,367

$ 38,367

38,367

$ 24,305

^[1]

Research and development liabilities

120,444

125,136

376,111

325,485

Accrued professional and other accrued liabilities

24,944

35,830

^[1]

Fair value of warrants

$ 1,600

Realized losses recognized on investment in equity securities

253

8,136

9,049

Amortization of asset

600

1,800

LianBio

Schedule Of Equity Method Investments [Line Items]

Unrealized loss on ongoing mark-to-market adjustments of investment in equity security

Gondola Bio, LLC

Schedule Of Equity Method Investments [Line Items]

Payment for private equity financing with external investors

60,000

Gain from diconsolidation

52,000

Equity investment

50,000

Difference of between fair value of equity investment and underlying equity in net assets

23,900

Loss from equity method investment

1,400

Aggregate carrying amount of equity method investment

$ 48,600

Equity ownership percentage approximately

45.50%

Investors committed amount

$ 300,000

Aggregate cash contributed

42,500

Investors contribution fair value

50,000

TheRas, Inc

Schedule Of Equity Method Investments [Line Items]

Payment for private equity financing with external investors

$ 200,000

Percentage of ownership reduced for private equity financing

37.90%

Gain from diconsolidation

126,300

Equity investment

$ 124,900

124,900

Difference of between fair value of equity investment and underlying equity in net assets

49,600

Loss from equity method investment

(5,200)

(13,100)

Aggregate carrying amount of equity method investment

111,800

Equity Method Investee's IPO | LianBio

Schedule Of Equity Method Investments [Line Items]

Unrealized loss on ongoing mark-to-market adjustments of investment in equity security

$ 4,000

$ 800

Transition Service Aggrement | Gondola Bio, LLC

Schedule Of Equity Method Investments [Line Items]

Prepaid expenses and other current assets

2,100

Other income

400

Operating expenses

400

Accrued professional and other accrued liabilities

600

Transition Service Aggrement | TheRas, Inc

Schedule Of Equity Method Investments [Line Items]

Prepaid expenses and other current assets

1,400

Other income

800

1,600

Operating expenses

600

700

Research and development liabilities

$ 400

700

Accrued research and development expenses

300

Transition Service Aggrement | Gondola Bio, LLC

Schedule Of Equity Method Investments [Line Items]

Other income

400

Operating expenses

$ 400

IPR&D | Gondola Bio, LLC

Schedule Of Equity Method Investments [Line Items]

Amortization of asset

$ 100

IPR&D | TheRas, Inc

Schedule Of Equity Method Investments [Line Items]

Amortization of asset

$ 1,000

BridgeBio Pharma, LLC | LianBio

Schedule Of Equity Method Investments [Line Items]

Common stock held

5,350,361

Net proceeds received as special cash dividends

$ 25,700

Realized net gains from investment

$ 1,800

BridgeBio Pharma, LLC | Entities Affiliated With Perceptive Life Sciences Master Fund Ltd | LianBio

Schedule Of Equity Method Investments [Line Items]

Warrants to purchase common stock

347,569

Warrants exercised

347,569

BridgeBio Oncology Therapeutics

Schedule Of Equity Method Investments [Line Items]

Payment for private equity financing with external investors

$ 200,000

PellePharm, Inc

Schedule Of Equity Method Investments [Line Items]

Realized losses recognized on investment in equity securities

$ 1,200

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

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024.


	Potential Fixed Monetary Amount		Accrued Amount (1)
Settlement Type	(in thousands)
Cash	$	1,476	$	222
Stock (2)		18,167		—
Cash or stock at our sole discretion		60,313		2,256
Total	$	79,956	$	2,478

(1)

Amount recorded for performance-based milestone awards that are probable of achievement.

(2)

Includes the performance-based milestone awards that were granted as part of the Exchange Program further discussed in Note 15.

In-licensing and Other Research and Development Agreements - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2023	Mar. 31, 2017	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Aug. 31, 2016
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expense			$ 120,444,000	$ 125,136,000	$ 376,111,000	$ 325,485,000
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
Resilience Agreements
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expense			1,400,000		2,300,000
Cost sharing credits received			1,200,000		2,300,000
Eidos Therapeutics, Inc \| Stanford License Agreement \| Leland Stanford Junior University
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
License fees		$ 10,000		0	8,100,000	0
Milestone payments							$ 1,000,000
QED Therapeutics, Inc \| Foundation Medicine Diagnostics Agreement \| Foundation Medicine, Inc
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expense			$ 0	$ 0	$ 0	$ 0

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Common Stock Equivalents were Anti-dilutive

The following table summarizes the common stock equivalents that were anti-dilutive:


	As of September 30,
	2024		2023
Unvested RSAs		—		218,934
Unvested RSUs		9,953,125		9,415,372
Unvested performance-based RSUs		3,326		7,875
Unvested market-based RSUs		375,000		—
Common stock options issued and outstanding		12,678,490		12,410,230
Estimated shares issuable under performance-based milestone compensation arrangements		2,845,476		6,339,874
Estimated shares issuable under the ESPP		50,969		28,912
Assumed conversion of 2027 Notes		12,878,305		12,878,305
Assumed conversion of 2029 Notes		7,702,988		7,702,988
		46,487,679		49,002,490

Public Offerings - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended			3 Months Ended				9 Months Ended		12 Months Ended
	Apr. 03, 2023	Mar. 10, 2023	Mar. 31, 2024	May 31, 2023	Mar. 31, 2023	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]
Net proceeds issued from offerings										$ 314,741	$ 450,264
Common stock, par value										$ 0.001		$ 0.001
Common Stock
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]
Maximum amount of stock remaining eligible to be sold										$ 345,300
Shares issued						10,975,784	11,338,940	63,470	8,823,530
2023 Follow-on Offering \| Common Stock
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]
Net proceeds issued from offerings	$ 1,000	$ 143,000
Common stock, par value					$ 0.001				$ 0.001
Public offering price per share					$ 17				$ 17
Shares issued	63,470	8,823,530
Underwriting discounts and commissions					1,323,529
Underwriting fees and commissions		$ 6,500
Deferred offering costs		500
Commissions paid		$ 500
2023 Follow-on Offering \| Common Stock \| Maximum
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]
Percentage of cash commission					0.315%				0.315%
Percentage of Underwriters Commissions					4.30%				4.30%
Underwriting fees and commissions	$ 100
2023 Follow-on Offering \| Common Stock \| Minimum
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]
Percentage of outstanding securities					5.00%				5.00%
2023 ATM Agreement \| Common Stock \| At-the-Market Offerings
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]
Net proceeds issued from offerings										$ 38,100		$ 65,000
Common stock, par value				$ 0.001
Shares issued										1,061,991		2,171,217
Sales agent fees and commissions										$ 600		$ 1,000
2023 ATM Agreement \| Common Stock \| Maximum \| At-the-Market Offerings
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]
Aggregate offering price of common stock that may issued and sold				$ 450,000
Percentage of sales agents commission				3.00%
2024 Follow-on Offering \| Common Stock
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]
Net proceeds issued from offerings			$ 276,600
Common stock, par value			$ 0.001			$ 0.001
Public offering price per share			$ 29			$ 29
Shares issued			8,620,690			9,913,793
Underwriting discounts and commissions			1,293,103			1,293,103
Underwriting fees and commissions			$ 10,300			$ 10,300
Deferred offering costs			$ 600			$ 600
2024 Follow-on Offering \| Common Stock \| Maximum
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]
Percentage of Underwriters Commissions			3.60%			3.60%

Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - A&R 2019 Plan and 2019 Inducement Plan - Restricted Stock Units (RSUs)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Shares of Restricted Stock Outstanding, Beginning balance \| shares	8,942,813
Unvested Shares of Restricted Stock Outstanding, Granted \| shares	4,556,308
Unvested Shares of Restricted Stock Outstanding, Vested \| shares	(2,868,463)
Unvested Shares of Restricted Stock Outstanding, Cancelled \| shares	(677,533)
Unvested Shares of Restricted Stock Outstanding, Ending balance \| shares	9,953,125
Weighted-Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 16.27
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	28.25
Weighted-Average Grant Date Fair Value, Vested \| $ / shares	18.7
Weighted-Average Grant Date Fair Value, Cancelled \| $ / shares	20.71
Weighted-Average Grant Date Fair Value, Ending balance \| $ / shares	$ 20.75

Commitments and Contingencies - Additional Information (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Commitments And Contingencies [Line Items]
Accrued termination charges	$ 0	$ 0
Performance-Based Milestone Awards
Commitments And Contingencies [Line Items]
Accrual for milestones not probable	$ 0

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 05, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Trading Symbol	BBIO
Entity Registrant Name	BridgeBio Pharma, Inc.
Entity Central Index Key	0001743881
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	001-38959
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-1850815
Entity Address, Address Line One	3160 Porter Drive
Entity Address, Address Line Two	Suite 250
Entity Address, City or Town	Palo Alto
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94304
City Area Code	650
Local Phone Number	391-9740
Entity Common Stock, Shares Outstanding		188,989,802
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ

In-licensing and Other Research and Development Agreements

9 Months Ended

Sep. 30, 2024

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

In-licensing and Other Research and Development Agreements

12.

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

Additionally, under the license agreement with Stanford University, we will pay Stanford University a portion of all nonroyalty sublicensing consideration attributable to the sublicense of the licensed compounds. For the nine months ended September 30, 2024, we incurred and paid $8.1 million of licensing fees due to Stanford University related to the Company entering into an exclusive

license agreement with Bayer in March 2024. For the three and nine months ended September 30, 2023, the licensing fees incurred were not material.

Diagnostics Agreement with Foundation Medicine

As discussed in Note 7, QED and FMI entered into a diagnostics agreement relating to QED’s drug discovery and development initiatives. For the three and nine months ended September 30, 2024 and 2023, the research and development expenses QED recognized were nil 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 three and nine months ended September 30, 2024, $1.4 million and $2.3 million, respectively, in research and development expenses was incurred, which was net of $1.2 million and $2.3 million, respectively, in cost sharing credits received in connection with the Resilience Agreements.

In September 2024, we announced our decision to cease pursuing development of BBP-631, the Company’s investigational adeno-associated virus 5 gene therapy, for congenital adrenal hyperplasia (“CAH”), under our plans to reprioritize and advance our corporate strategy and development programs (Refer to Note 16 for additional details). In October 2024, Adrenas provided written notice to Resilience for the termination of the Development and Manufacturing Services Agreement and Project Agreement for the clinical application of BBP-631 effective October 2024, and all rights and obligations thereunder.

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.

Stock-Based Compensation - Summary of Stock Based Compensation for Employees and Non Employees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	$ 27,131	$ 27,230	$ 77,432	$ 77,883
BridgeBio Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	27,131	27,189	77,395	77,759
Other Subsidiaries Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	0	41	37	124
Research and Development Expense
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	12,124	14,144	29,840	39,152
Research and Development Expense \| BridgeBio Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	12,124	14,103	29,803	39,028
Research and Development Expense \| Other Subsidiaries Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	0	41	37	124
Selling, General and Administrative Expenses
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	14,969	13,086	47,511	38,731
Selling, General and Administrative Expenses \| BridgeBio Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	14,969	13,086	47,511	38,731
Selling, General and Administrative Expenses \| Other Subsidiaries Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	0	$ 0	0	$ 0
Restructuring, Impairment and Related Charges
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	38		81
Restructuring, Impairment and Related Charges \| BridgeBio Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	38		81
Restructuring, Impairment and Related Charges \| Other Subsidiaries Equity Plan
Employee And Non Employee Service Share Based Compensation [Line Items]
Total stock-based compensation	$ 0		$ 0

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Milestone Compensation Arrangements

We have performance-based milestone compensation arrangements with certain employees and consultants, whose vesting is contingent upon meeting various milestones, with fixed monetary amounts known at inception that can be settled in the form of cash or equity at our sole discretion. We also have performance-based milestone compensation arrangements with certain employees and consultants as part of the 2020 Stock and Equity Award Exchange Program (the “Exchange Program”, refer to Note 15). The compensation arrangements under the Exchange Program are to be settled in the form of equity only. Performance-based milestone awards that are settled in the form of equity are satisfied in the form of fully-vested restricted stock awards (“RSAs”). We accrue for such contingent compensation when the related milestone is probable of achievement and is recorded in “Accrued compensation and benefits” for the current portion and in “Other long-term liabilities” for the noncurrent portion on the condensed consolidated balance sheets. There is no accrued compensation expense for performance-based milestone awards that are assessed to be not probable of achievement. The table below shows our commitment for the potential milestone amounts and the accruals for milestones deemed probable of achievement as of September 30, 2024.


	Potential Fixed Monetary Amount		Accrued Amount (1)
Settlement Type	(in thousands)
Cash	$	1,476	$	222
Stock (2)		18,167		—
Cash or stock at our sole discretion		60,313		2,256
Total	$	79,956	$	2,478

(1)

Amount recorded for performance-based milestone awards that are probable of achievement.

(2)

Includes the performance-based milestone awards that were granted as part of the Exchange Program further discussed in Note 15.

Other Research and Development and Commercial Agreements

We may also enter into contracts in the normal course of business with contract research organizations for clinical trials, with contract manufacturing organizations for clinical supplies, and with other vendors for preclinical studies, supplies, and other services and products for commercial and operating purposes. These contracts generally provide for termination on notice with potential termination charges. As of September 30, 2024 and December 31, 2023, there were no material amounts accrued related to termination charges (refer to Note 16).

Indemnification

In the ordinary course of business, we may provide indemnifications of varying scope and terms to vendors, lessors, business partners, board members, officers, and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by us, our negligence or willful misconduct, violations of law, or intellectual property infringement claims made by third parties. In addition, we have entered into indemnification agreements with directors and certain officers and employees that will require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers, or employees. No material demands have been made upon us to provide indemnification under such agreements, and thus, there are no claims that we are aware of that could have a material effect on our condensed consolidated financial statements.

We also maintain director and officer insurance, which may cover certain liabilities arising from our obligation to indemnify our directors. To date, we have not incurred any material costs and have not accrued any material liabilities on the condensed consolidated financial statements as a result of these provisions.

Contingencies

From time to time, we may become involved in legal proceedings arising in the ordinary course of business. We are not currently a party to any material legal proceedings.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

15.

Stock-Based Compensation


	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total		BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total
					(in thousands)
Research and development	$	12,124	$	—	$	12,124	$	29,803	$	37	$	29,840
Selling, general and administrative		14,969		—		14,969		47,511		—		47,511
Restructuring, impairment and related charges		38		—		38		81		—		81
Total stock-based compensation	$	27,131	$	—	$	27,131	$	77,395	$	37	$	77,432


	Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
	BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total		BridgeBio Equity Plan		Other Subsidiaries Equity Plan		Total
					(in thousands)
Research and development	$	14,103	$	41	$	14,144	$	39,028	$	124	$	39,152
Selling, general and administrative		13,086		—		13,086		38,731		—		38,731
Total stock-based compensation	$	27,189	$	41	$	27,230	$	77,759	$	124	$	77,883

We recorded nil and $11.8 million of stock-based compensation expense for the three and nine months ended September 30, 2024, respectively, for performance-based milestone awards that were achieved during the periods and were settled in cash. We recorded $4.6 million and $6.2 million of stock-based compensation expense for the three and nine months ended September 30, 2023, respectively, for performance-based milestone awards that were achieved during the periods and were settled in cash.

Equity-Based Awards of BridgeBio

In December 2023, the 2019 Inducement Equity Plan was amended and restated to increase the number of shares authorized for issuance from 2,000,000 shares to 3,750,000 shares. In June 2024, our stockholders approved an amendment and restatement of our 2021 Amended and Restated Stock Option and Incentive Plan (the “2021 A&R Plan”) to, among other things, increase the number of shares authorized for issuance by 6,500,000 shares. As of September 30, 2024, 10,045,087 shares and 1,044,511 shares were reserved for future issuances under the 2021 A&R Plan and the Amended and Restated 2019 Inducement Equity Plan (the “A&R 2019 Inducement Plan”), respectively. Pursuant to the Merger Transactions, we also reserved 2,802,644 shares in 2021 specifically under the Eidos Award Exchange (the “Eidos Award Exchange Plan”), all of which were issued upon execution of the Eidos Award Exchange as discussed below. The 2021 A&R Plan, the A&R 2019 Inducement Plan and the Eidos Award Exchange Plan are collectively referred herein as the “Plans.”

2020 Stock and Equity Award Exchange Program (Exchange Program)

On April 22, 2020, we completed our 2020 Stock and Equity Award Exchange Program (the “Exchange Program”) for certain subsidiaries, which was an opportunity for eligible controlled entities’ employees and consultants to exchange their subsidiary equity (including common stock, vested and unvested stock options and RSAs) for BridgeBio equity (including common stock, vested and unvested stock options and RSAs) and/or performance-based milestone awards tied to the achievement of certain development and regulatory milestones. The Exchange Program aligns our incentive compensation structure for employees and consultants across the BridgeBio group of companies to be consistent with the achievement of our overall corporate goals. In connection with the Exchange Program, we issued awards of BridgeBio equity under the then 2019 Amended and Restated Stock Option and Incentive Plan (the “2019 A&R Plan”), which was amended and restated in December 2021 into the 2021 A&R Plan and further amended and restated in June 2024, as mentioned above, to 149 grantees covering 554,064 shares of common stock, 1,268,110 stock options to purchase common stock, 50,145 shares of RSAs and 22,611 shares of performance-based RSAs. The exchange also included performance-based milestone awards of up to $183.4 million to be settled in fully-vested RSAs in the future upon achievement of the milestones. In consideration for all the subsidiaries’ shares tendered, BridgeBio increased its ownership in controlled entities included in the Exchange Program and the corresponding noncontrolling interest decreased.

On November 18, 2020, we completed a stock and equity award under our Exchange Program for a subsidiary. We issued awards of BridgeBio equity under the then 2019 A&R Plan to 16 grantees covering 24,924 shares of common stock, 70,436 stock options to purchase common stock, and 10,772 shares of performance-based stock options to purchase common stock. The exchange also included performance-based milestone awards of up to $11.7 million to be settled in fully-vested RSAs in the future upon achievement of the milestones.

We 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” on the condensed consolidated balance sheets due to the fixed milestone amount that will be converted into a variable number of shares of BridgeBio’s common stock to be granted upon the achievement date.

For the three months ended September 30, 2024 we recognized nil stock-based compensation cost associated with performance-based milestone awards. For the nine months ended September 30, 2024 we recognized a net reversal of $8.7 million in stock-based compensation cost associated with performance-based milestone awards, which includes reversals totaling $8.9 million for obligations that were no longer determined to be probable. For the three and nine months ended September 30, 2023 we recognized $0.6 million and $2.8 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 September 30, 2023. Refer to Note 8 for contingent compensation accrued associated with performance-based milestones that are determined to be probable as of September 30, 2024.

Performance-based Milestone Awards

Apart from the Exchange Program discussed above, we have performance-based milestone compensation arrangements with certain employees and consultants whose vesting is contingent upon meeting various regulatory and development milestones, with fixed monetary amounts known at inception that can be settled in the form of cash or equity at our sole discretion, upon achievement of each contingent milestone. Upon achievement of a contingent milestone and if such performance-based milestone awards are settled in the form of equity, these are satisfied in the form of fully-vested RSAs. We recognize such contingent stock-based compensation expense when the milestone is probable of achievement. For the three and nine months ended September 30, 2024, we recognized $0.5 million and $1.4 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 September 30, 2024. The $1.4 million in stock-based compensation associated with performance-based milestone awards during the nine months ended September 30, 2024 includes reversals totaling $1.6 million as the obligation was no longer determined to be probable. For the three and nine months ended September 30, 2023, we recognized $2.8 million and $5.8 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 September 30, 2023. Refer to Note 8 for contingent compensation accrued associated with performance-based milestone awards that are determined to be probable as of September 30, 2024.

Stock Option Grants of BridgeBio

The following table summarizes BridgeBio’s stock option activity under the Plans for the nine months ended September 30, 2024:


	Options Outstanding					Weighted- Average Exercise Price per Option		Weighted- Average Remaining Contractual Life (years)		Aggregate Intrinsic Value (in thousands)
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
Granted				401,924
Regular equity program		401,924				$	27.54
Exercised				(51,389	)
Regular equity program		(14,066	)			$	19.04
Eidos Awards Exchange		(37,323	)			$	14.48
Cancelled				(4,487	)
Regular equity program		(620	)			$	31.14
Eidos Awards Exchange		(3,867	)			$	63.38
Outstanding as of September 30, 2024				12,678,490
Regular equity program		11,181,100				$	25.76		6.5	$	66,885
Eidos Awards Exchange		1,180,752				$	14.44		4.0	$	13,630
Exchange Program		316,638				$	2.19		4.5	$	7,476
Exercisable as of September 30, 2024				10,250,946
Regular equity program		8,755,976				$	27.09		6.0	$	46,675
Eidos Awards Exchange		1,180,752				$	14.44		4.0	$	13,630
Exchange Program		314,218				$	2.18		4.5	$	7,422

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 nine months ended September 30, 2024 was $21.28.

The aggregate intrinsic value of options outstanding and exercisable as of September 30, 2024 in the table above are calculated based on the difference between the exercise price and the current fair value of BridgeBio’s common stock. The total intrinsic value of options exercised for the nine months ended September 30, 2024 was $0.9 million.

For the three and nine months ended September 30, 2024, we recognized stock-based compensation expense of $5.2 million and $17.4 million, respectively, related to stock options under the Plans. For the three and nine months ended September 30, 2023, we recognized stock-based compensation expense of $6.7 million and $21.7 million, respectively, related to stock options under the Plans. As of September 30, 2024, there was $27.1 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 1.7 years.

Restricted Stock Units (RSUs) of BridgeBio

The following table summarizes BridgeBio’s RSU activity under the Plans for the nine months ended September 30, 2024:


	Unvested Shares of RSUs Outstanding			Weighted- Average Grant Date Fair Value
Balance as of December 31, 2023		8,942,813		$	16.27
Granted		4,556,308		$	28.25
Vested		(2,868,463	)	$	18.70
Cancelled		(677,533	)	$	20.71
Balance as of September 30, 2024		9,953,125		$	20.75

For the three and nine months ended September 30, 2024, we recognized stock-based compensation expense of $19.0 million and $58.3 million, respectively, related to RSUs under the Plans. For the three and nine months ended September 30, 2023 we recognized stock-based compensation expense of $15.5 million and $42.9 million, respectively, related to RSUs under the Plans. As of September 30, 2024, there was $189.9 million of total unrecognized compensation cost related to RSUs under the Plans that is expected to be recognized over a weighted-average period of 2.8 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 September 30, 2024, 375,000 market-based RSUs were outstanding with a weighted average grant date fair value of $28.73. For three and nine months ended September 30, 2024, we recognized stock-based compensation expense of $1.7 million and $6.5 million, respectively, related to market-based RSU awards. As of September 30, 2024, there was $3.5 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 0.9 year.

Restricted Stock Awards (RSAs) of BridgeBio

The following table summarizes our RSA activity under the Plans for the nine months ended September 30, 2024:


	Unvested Shares of RSAs Outstanding			Weighted- Average Grant Date Fair Value
Balance as of December 31, 2023		85,453		$	7.27
Granted — Exchange Program		8,057		$	38.74
Vested — Exchange Program		(8,057	)	$	38.74
Vested — Regular equity program		(85,453	)	$	7.27
Balance as of September 30, 2024		—		$	—

For the three and nine months ended September 30, 2024 and 2023, we recognized stock-based compensation expense related to RSAs under the Plans as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Exchange Program	$	—	$	451	$	312	$	4,056
Other RSAs		—		1,022		621		3,071
Total stock-based compensation expense	$	—	$	1,473	$	933	$	7,127

As of September 30, 2024, there was no unrecognized compensation cost related to RSAs under the Plans. The balance of unvested RSAs as of December 31, 2023 is included as outstanding shares disclosed on the condensed consolidated balance sheets as the shares were issued but were 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’s common stock through payroll deductions at a price equal to 85% of the lower of the fair market values of the stock as of the beginning or the end of six-month offering periods. An employee’s payroll deductions under the ESPP are limited to 15% of the employee’s compensation and employees may not purchase more than 3,500 of shares of BridgeBio’s common stock during any offering period.

For the three and nine months ended September 30, 2024, stock-based compensation expense related to our ESPP was $0.6 million and $1.7 million, respectively. For the three and nine months ended September 30, 2023, stock-based compensation expense related to our ESPP was $0.6 million and $1.5 million, respectively. As of September 30, 2024, 3,361,774 shares were reserved for future issuance under the ESPP.

Valuation Assumptions


	Stock Options		ESPP
Expected term (in years)	5.95 - 6.03			0.50
Expected volatility	92.0% - 93.1%		52.0% - 122.1%
Risk-free interest rate	3.8% - 4.3%		5.0% - 5.5%
Dividend yield		—		—
Weighted-average fair value of stock-based awards granted	$	21.28	$	11.34

Equity Awards of Eidos

Prior to the Eidos Merger Transactions in 2021, Eidos issued its own equity-based awards under the Eidos 2016 Equity Incentive Plan and the Eidos 2018 Stock Option and Incentive Plan (collectively, the “Eidos Plans”). Upon closing of the Eidos Merger Transactions, we issued 2,776,672 stock options to purchase common stock of BridgeBio and 25,972 shares of BridgeBio RSUs to 88 employees of Eidos under the Eidos Award Exchange in exchange for their then outstanding common stock options and RSUs under the Eidos Plans (the “Replaced Awards”). The awards issued in the Eidos Award Exchange have the same vesting terms and conditions as the Replaced Awards. We evaluated the exchange of the awards as a modification under ASC 718 and recognized no incremental compensation cost from such modification.

Restructuring, Impairment and Related Charges - Additional Information (Details) $ in Millions	Mar. 31, 2024 USD ($)
Minimum
Restructuring Cost and Reserve [Line Items]
Estimated charges to be incurred	$ 6.0
Maximum
Restructuring Cost and Reserve [Line Items]
Estimated charges to be incurred	$ 8.0

- Definition

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

+ References + Details

Debt - Schedule of Future Minimum Payments under Notes (Details) $ in Thousands	Sep. 30, 2024 USD ($)
2029 Notes and Interest on 2029 Notes
Debt Instrument [Line Items]
Remainder of 2024	$ 0
2025	16,819
2026	16,819
2027	16,819
2028	16,819
Thereafter	755,909
Total future payments	823,185
Interest on 2029 Notes
Debt Instrument [Line Items]
Less amounts representing interest	(75,685)
2029 Notes
Debt Instrument [Line Items]
Total future payments	747,500
2027 Notes and Interest on 2027 Notes
Debt Instrument [Line Items]
Remainder of 2024	0
2025	13,750
2026	13,750
2027	556,875
Total future payments	584,375
Interest on 2027 Notes
Debt Instrument [Line Items]
Less amounts representing interest	(34,375)
2027 Notes
Debt Instrument [Line Items]
Total future payments	550,000
2027 Notes and Interest on 2027 Notes and 2029 Notes and Interest on 2029 Notes
Debt Instrument [Line Items]
Remainder of 2024	0
2025	30,569
2026	30,569
2027	573,694
2028	16,819
Thereafter	755,909
Total future payments	1,407,560
Interest on 2027 and 2029 Notes
Debt Instrument [Line Items]
Less amounts representing interest	(110,060)
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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 4,459	$ 3,671
Operating cash flows for finance lease	334	325
Operating lease right-of-use assets obtained in exchange for operating lease obligations	$ 1,292	$ 1,179

Condensed Consolidated Statements of Cash Flows (Unaudited)
$ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2024

USD ($)

Sep. 30, 2023

USD ($)

Sep. 30, 2024

USD ($)

Sep. 30, 2023

USD ($)

Dec. 31, 2023

USD ($)

Operating activities:

Net loss

$ (164,254)

$ (179,488)

$ (275,958)

$ (482,923)

Adjustments to reconcile net loss to net cash used in operating activities:

Stock-based compensation

65,673

71,685

Loss on extinguishment of debt

26,590

Accretion of debt

5,399

6,724

Depreciation and amortization

4,708

4,909

Noncash lease expense

3,119

3,024

Accrual of payment-in-kind interest on term loan

6,742

Net loss from equity method investments

6,563

14,488

Loss (gain) on deconsolidation of PellePharm

(178,321)

1,241

Loss (gain) from investment in equity securities, net

(8,136)

2,951

Other noncash adjustments, net

(2,059)

(332)

Changes in operating assets and liabilities:

Receivables from licensing and collaboration agreements

1,273

11,909

Prepaid expenses and other current assets

(17,543)

(980)

Other assets

(428)

1,443

Accounts payable

5,257

(3,404)

Accrued compensation and benefits

5,580

(4,156)

Accrued research and development liabilities

15,454

(10,544)

Operating lease liabilities

(4,459)

(3,671)

Deferred revenue

20,575

(4,464)

Accrued professional and other liabilities

(6,612)

(3,055)

Net cash used in operating activities

(325,400)

(402,901)

Investing activities:

Purchases of marketable securities

(93,811)

(29,726)

Maturities of marketable securities

95,000

82,550

Purchases of investments in equity securities

(20,271)

(78,314)

Proceeds from sales of investments in equity securities

63,229

80,963

Proceeds from special cash dividends received from investments in equity securities

25,682

Payment for an intangible asset

(4,785)

Purchases of property and equipment

(886)

(871)

Decrease in cash and cash equivalents resulting from deconsolidation of subsidiaries

(140)

(503)

Net cash provided by investing activities

64,018

54,099

Financing activities:

Proceeds from term loan under Financing Agreement

450,000

Issuance costs and discounts associated with term loan under Financing Agreement

(15,986)

Repayment of term loan under Loan and Security Agreement

(473,417)

Proceeds from issuance of common stock through public offerings, net

314,741

450,264

Proceeds from BridgeBio common stock issuances under ESPP

4,502

3,397

Proceeds from stock option exercises, net of repurchases

808

5,222

Transactions with noncontrolling interests

1,500

Repurchase of RSU shares to satisfy tax withholding

(6,122)

(4,325)

Net cash provided by financing activities

274,526

456,058

Net increase in cash, cash equivalents and restricted cash

13,144

107,256

Cash, cash equivalents and restricted cash at beginning of period

394,732

416,884

$ 416,884

Cash, cash equivalents and restricted cash at end of period

407,876

524,140

407,876

524,140

394,732

Supplemental Disclosure of Cash Flow Information:

Cash paid for interest

78,236

50,826

Supplemental Disclosures of Noncash Investing and Financing Information:

Unpaid public offering issuance costs

455

Unpaid property and equipment

274

192

Transfers (to) from noncontrolling interests (Note 5)

(4,719)

(8,313)

Reconciliation of Cash, Cash Equivalents and Restricted Cash:

Cash and cash equivalents

266,324

505,213

266,324

505,213

$ 375,935

^[1]

Restricted cash

139,409

16,652

139,409

16,652

Restricted cash - Included in "Other assets"

2,143

2,275

2,143

2,275

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

$ 407,876

$ 524,140

$ 407,876

$ 524,140

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

Stock-Based Compensation - Summary of Recognized Stock-based Compensation Expense Related to Restricted Stock Award Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 27,131	$ 27,230	$ 77,432	$ 77,883
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	0	1,022	621	3,071
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	0	1,473	933	7,127
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	$ 0	$ 451	$ 312	$ 4,056

- 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

Intangible Assets - Additional Information (Details)

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Nov. 30, 2018

USD ($)

Mar. 31, 2024

USD ($)

Installment

Mar. 31, 2022

USD ($)

Sep. 30, 2024

USD ($)

Sep. 30, 2023

USD ($)

Sep. 30, 2024

USD ($)

Sep. 30, 2023

USD ($)

Dec. 31, 2018

USD ($)

Dec. 31, 2023

USD ($)

May 31, 2021

USD ($)

Finite-Lived Intangible Assets [Line Items]

Amortization expenses

$ 600,000

$ 1,800,000

Amortization expenses, remainder period

600,000

Amortization expenses, 2025

2,400,000

Amortization expenses, 2026

2,400,000

Amortization expenses, 2027

2,400,000

Amortization expenses, 2028

2,400,000

Amortization expenses, thereafter

14,300,000

Capitalization of finite-lived intangible asset

32,500,000

$ 32,500,000

Other accrued liabilities

12,956,000

4,657,000

Accrued professional and other accrued liabilities

24,944,000

35,830,000

^[1]

Other long-term liabilities

377,000

5,634,000

^[1]

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

$ 4,800,000

6,000,000

Other long-term liabilities

$ 5,000,000

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

Finite-Lived Intangible Assets [Line Items]

Potential regulatory milestone payments

$ 12,500,000

Agreement to pay remaining payable amount

$ 9,600,000

Number of equal monthly installments | Installment

Equal monthly installments amount

$ 800,000

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 Biosciences, Inc. | Maximum

Finite-Lived Intangible Assets [Line Items]

Potential sales milestone payments

17,000,000

Assets acquisition required milestone payments

$ 15,000,000

Origin-Sentynl APA

Finite-Lived Intangible Assets [Line Items]

Assets acquisition required milestone payments

$ 1,000,000

Derecognition of capitalized intangible asset net.

$ 13,500,000

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

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

- 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

Cash Equivalents - Schedule of Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis Cash Equivalents	$ 219,911	$ 269,566
Unrealized Gains	8	31
Unrealized Losses	(3)	0
Cash Equivalents, Estimated Fair Value	219,916	269,597
Treasury Bills
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis Cash Equivalents	45,907	256,036
Unrealized Gains	4	31
Unrealized Losses	(1)	0
Cash Equivalents, Estimated Fair Value	45,910	256,067
Agency Discount Notes
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis Cash Equivalents	47,528
Unrealized Gains	4
Unrealized Losses	(2)
Cash Equivalents, Estimated Fair Value	47,530
Money Market Funds
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis Cash Equivalents	126,476	13,530
Unrealized Gains	0	0
Unrealized Losses	0	0
Cash Equivalents, Estimated Fair Value	$ 126,476	$ 13,530

Restructuring, Impairment and Related Charges (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Summary of Restructuring, Impairment and Related Charges


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Winding down, exit and other related costs	$	2,885	$	272	$	6,402	$	6,457
Severance and employee-related costs		1,736		—		4,239		715
Long-lived assets impairments and write-offs		—		—		271		—
Total	$	4,621	$	272	$	10,912	$	7,172

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 nine months ended September 30, 2024 and 2023:


	Nine Months Ended September 30,
	2024			2023
	(in thousands)
Beginning balance	$	55		$	6,826
Restructuring, impairment and related charges		10,912			7,172
Cash payments		(8,240	)		(13,851	)
Noncash activities		(359	)		—
Ending balance	$	2,368		$	147

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


	September 30, 2024		December 31, 2023
	(in thousands)
Accounts payable	$	176	$	48
Accrued compensation and benefits		1,206		—
Accrued research and development liabilities		856		7
Accrued professional and other accrued liabilities		130		—
Total	$	2,368	$	55

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Financing Agreement

Debt Instrument [Line Items]

Schedule of Loans Balances

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


	September 30, 2024
	(in thousands)
Principal value of term loan	$	450,000
Debt discount, issuance costs and exit fee accretion		(13,779	)
Term loan, net	$	436,221

Schedule of Future Minimum Payments

Future minimum payments under the Amended Financing Agreement as of September 30, 2024 are as follows:


	Amount
	(in thousands)
Remainder of 2024	$	13,610
Year Ending December 31:
2025		53,995
2026		53,995
2027		119,454
2028		131,732
2029		294,327
Total future payments		667,113
Less amounts representing interest		(217,113	)
Total principal amount of term loan payments	$	450,000

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
	(in thousands)
Principal value of term loan	$	429,916
PIK added to principal		25,531
Debt discount, issuance costs and exit fee accretion		(9,002	)
Term loan, net	$	446,445

2027 and 2029 Notes

Debt Instrument [Line Items]

Schedule of Loans Balances

The outstanding Notes’ balances consisted of the following:


	September 30, 2024						December 31, 2023
	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		(9,124	)		(5,281	)		(10,595	)		(6,621	)
Net carrying amount	$	738,376		$	544,719		$	736,905		$	543,379

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

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


	Three Months Ended September 30, 2024								Nine Months Ended September 30, 2024
	2029 Notes			2027 Notes			Total		2029 Notes			2027 Notes			Total
	(in thousands)								(in thousands)
Contractual interest expense	$	4,205		$	3,438		$	7,643	$	12,614		$	10,313		$	22,927
Amortization of debt discount and issuance costs		494			449			943		1,471			1,340			2,811
Total interest and amortization expense	$	4,699		$	3,887		$	8,586	$	14,085		$	11,653		$	25,738

Effective interest rate		2.6	%		2.8	%				2.6	%		2.8	%


	Three Months Ended September 30, 2023								Nine Months Ended September 30, 2023
	2029 Notes			2027 Notes			Total		2029 Notes			2027 Notes			Total
	(in thousands)								(in thousands)
Contractual interest expense	$	4,205		$	3,438		$	7,643	$	12,614		$	10,313		$	22,927
Amortization of debt discount and issuance costs		482			438			920		1,434			1,304			2,738
Total interest and amortization expense	$	4,687		$	3,876		$	8,563	$	14,048		$	11,617		$	25,665

Effective interest rate		2.6	%		2.8	%				2.6	%		2.8	%

Schedule of Future Minimum Payments

Future minimum payments under the Notes as of September 30, 2024 are as follows:


	2029 Notes			2027 Notes			Total
	(in thousands)
Remainder of 2024	$	—		$	—		$	—
Year ending December 31:
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		755,909			—			755,909
Total future payments		823,185			584,375			1,407,560
Less amounts representing interest		(75,685	)		(34,375	)		(110,060	)
Total principal amount	$	747,500		$	550,000		$	1,297,500

- Definition

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

+ References

+ Details

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

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

Sep. 30, 2024

Dec. 31, 2023

Current assets:

Cash and cash equivalents

$ 266,324

$ 375,935

^[1]

Investments in equity securities

58,949

^[1]

Receivables from licensing and collaboration agreements

478

1,751

^[1]

Restricted cash

139,409

16,653

^[1]

Prepaid expenses and other current assets

38,367

24,305

^[1]

Total current assets

444,578

477,593

^[1]

Investment in nonconsolidated entities

160,443

Property and equipment, net

8,701

11,816

^[1]

Operating lease right-of-use assets

6,439

8,027

^[1]

Intangible assets, net

24,525

26,319

^[1]

Other assets

20,291

22,625

^[1]

Total assets

664,977

546,380

^[1]

Current liabilities:

Accounts payable

13,363

10,655

^[1]

Accrued compensation and benefits

43,541

57,370

^[1]

Accrued research and development liabilities

40,997

29,765

^[1]

Operating lease liabilities, current portion

4,600

4,128

^[1]

Deferred revenue, current portion

11,771

6,096

^[1]

Accrued professional and other accrued liabilities

24,944

35,830

^[1]

Total current liabilities

139,216

143,844

^[1]

Term loan, net

436,221

446,445

^[1]

Operating lease liabilities, net of current portion

5,833

8,981

^[1]

Deferred revenue, net of current portion

18,627

3,727

^[1]

Other long-term liabilities

377

5,634

^[1]

Total liabilities

1,883,369

1,888,915

^[1]

Commitments and contingencies (Note 8)

Redeemable convertible noncontrolling interests

645

478

Stockholders’ equity (deficit):

Undesignated preferred stock, $0.001 par value; 25,000,000 shares authorized; no shares issued and outstanding

Common stock, $0.001 par value; 500,000,000 shares authorized; 195,178,308 shares issued and 188,986,547 shares outstanding as of September 30, 2024, 181,274,712 shares issued and 175,082,951 shares outstanding as of December 31, 2023

195

181

^[1]

Treasury stock, at cost; 6,191,761 shares as of September 30, 2024 and December 31, 2023

(275,000)

^[1]

Additional paid-in capital

1,876,091

1,481,032

^[1]

Accumulated other comprehensive income

^[1]

Accumulated deficit

(2,831,213)

(2,560,501)

^[1]

Total BridgeBio stockholders' deficit

(1,229,922)

(1,354,257)

^[1]

Noncontrolling interests

10,885

11,244

^[1]

Total stockholders' deficit

(1,219,037)

(1,343,013)

^[1],[2]

Total liabilities, redeemable convertible noncontrolling interests and stockholders' deficit

664,977

546,380

^[1]

2029 Notes

Current liabilities:

Notes, net

738,376

736,905

^[1]

2027 Notes

Current liabilities:

Notes, net

$ 544,719

$ 543,379

^[1]

[1]	The condensed consolidated balance sheet as of December 31, 2023 is derived from the audited consolidated financial statements as of that date.
[2]	The consolidated balances as of December 31, 2023 and 2022 are derived from the audited consolidated financial statements as of those dates.

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

1 Months Ended

Feb. 29, 2024

Sep. 30, 2024

Dec. 31, 2023

Feb. 02, 2021

Jan. 28, 2021

Mar. 09, 2020

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

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

$ 0

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

Equity security investment

58,949,000

^[1]

Financing Agreement

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

Estimated fair value of outstanding term loan

453,100,000

Loan Security Agreement

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

Estimated fair value of outstanding term loan

389,100,000

LianBio

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

Equity security investment

$ 0

22,400,000

BridgeBio Pharma, LLC | Entities Affiliated With Perceptive Life Sciences Master Fund Ltd | LianBio

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

Warrants to purchase common stock

347,569

Level 1

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

Equity security investment

58,900,000

2029 Notes

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

Stated interest rate

2.25%

Debt Instrument face amount

$ 747,500,000

$ 717,500,000

Estimated fair value of notes payable

$ 624,200,000

638,700,000

2027 Notes

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

Stated interest rate

2.50%

Debt Instrument face amount

$ 550,000,000

$ 550,000,000.0

Estimated fair value of notes payable

$ 565,100,000

$ 695,800,000

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

Organization and Description of Business - Additional Information (Details) $ in Millions	Sep. 30, 2024 USD ($)
Funding Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payment receivable	$ 500.0

Restructuring, Impairment and Related Charges - Schedule of Activity Related to Restructuring Liabilities Associated to Restructuring Initiatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring liabilities, balance			$ 55	$ 6,826
Restructuring, impairment and related charges	$ 4,621	$ 272	10,912	7,172
Cash payments			(8,240)	(13,851)
Noncash activities			(359)	0
Restructuring liabilities, balance	2,368	$ 147	2,368	$ 147
Accounts Payable
Restructuring Cost and Reserve [Line Items]
Restructuring liabilities, balance			48
Restructuring liabilities, balance	176		176
Accrued Compensation and Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring liabilities, balance			0
Restructuring liabilities, balance	1,206		1,206
Accrued Research and Development Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring liabilities, balance			7
Restructuring liabilities, balance	856		856
Accrued Professional and Other Accrued Liabilities
Restructuring Cost and Reserve [Line Items]
Restructuring liabilities, balance			0
Restructuring liabilities, balance	$ 130		$ 130

- 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

Leases - Schedule of Supplemental Information Related to Remaining Lease Term and Discount Rate (Details)	Sep. 30, 2024	Sep. 30, 2023
Weighted-average remaining lease term (in years)
Operating leases	4 years	4 years 4 months 24 days
Finance lease	1 year 3 months 18 days	2 years 3 months 18 days
Weighted-average discount rate
Operating leases	6.17%	5.99%
Finance lease	6.62%	6.62%

Noncontrolling Interests - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Adjustments of carrying value of noncontrolling interest additional paid-in capital	$ (2.8)	$ (2.4)	$ (4.7)	$ (8.3)

Noncontrolling Interests

9 Months Ended

Sep. 30, 2024

Noncontrolling Interest [Abstract]

Noncontrolling Interests

As of September 30, 2024 and December 31, 2023, 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” on the condensed consolidated balance sheets.

We adjust the carrying value of noncontrolling interests to reflect the book value attributable to noncontrolling stockholders of consolidated partially-owned entities when there is a change in the ownership during the respective reporting period and such adjustments are recorded to “Additional paid-in capital.” For the three and nine months ended September 30, 2024, the adjustments in the aggregate amounted to $(2.8) million and $(4.7) million, respectively. For the three and nine months ended September 30, 2023, the adjustments in the aggregate amounted to $(2.4) million and $(8.3) million, respectively. All such adjustments are disclosed within the “Transfers from (to) noncontrolling interests” line item on the condensed consolidated statements of redeemable convertible noncontrolling interests and stockholders’ deficit.

Debt - Additional Information (Details)						1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
Debt - Additional Information (Details)	Jan. 17, 2024 USD ($)	Jan. 28, 2021 USD ($) shares TradingDay $ / shares	Jan. 25, 2021 USD ($) $ / shares shares	Mar. 09, 2020 USD ($) shares TradingDay $ / shares	Mar. 04, 2020 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Nov. 30, 2021 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2023 USD ($)	Nov. 30, 2022 USD ($)	May 31, 2022 USD ($)	Feb. 02, 2021 USD ($)
Debt Instrument [Line Items]
Interest expense								$ 8,586,000	$ 8,563,000	$ 25,738,000	$ 25,665,000
Amortization of debt discount and issuance costs								943,000	920,000	2,811,000	2,738,000
Interest payable								3,414,000		3,414,000				$ 17,761,000
Debt instrument prepaid includes final payment charge and prepayment fee										473,417,000	0
Loss on extinguishment of debt								0	0	(26,590,000)	0
Minimum unrestricted cash balance										$ 78,000,000
Percentage of additional minimum qualified balance on cash released from escrow accounts										40.00%
License Agreement \| Navire BMS
Debt Instrument [Line Items]
Amount paid to lenders						$ 20,500,000
Principle amount paid to lenders						20,100,000
Exit fee						$ 400,000
Financing Agreement
Debt Instrument [Line Items]
Debt instrument mandatory prepayments percentage of net cash proceeds from prepayment event transaction	75.00%
Interest expense								14,400,000		$ 40,600,000
Amortization of debt discount and issuance costs								800,000		2,200,000
Interest payable								0		$ 0
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	$ 70,000,000
Percentage of aggregate amount not to exceed the original net cash proceeds received from asset sale transactions										50.00%
Payment from escrow accounts										$ 20,000,000
Remaining balance in escrow accounts								139,300,000		139,300,000
Base Rate plus Interest \| Financing Agreement
Debt Instrument [Line Items]
Interest rate	5.75%
SOFR \| Financing Agreement
Debt Instrument [Line Items]
Interest rate	1.00%
SOFR plus Interest \| Financing Agreement
Debt Instrument [Line Items]
Interest rate	6.75%
Loan Agreement
Debt Instrument [Line Items]
Debt Instrument face amount															$ 450,000,000
Debt instrument, frequency of interest payment							quarterly
Debt instrument payment amortization date							Jan. 02, 2025
Debt instrument potential payment extended amortization date							Jan. 02, 2026
Stated interest rate							9.00%
Maturity date							Nov. 17, 2026
Debt issuance costs including initial purchasers discounts, legal and other professional fees								1,100,000		1,100,000
Interest expense								0	11,600,000	3,000,000	34,600,000
Amortization of debt discount and issuance costs								0	1,200,000	400,000	4,000,000
Interest payable	$ 2,400,000													6,700,000
Debt instrument prepaid includes final payment charge and prepayment fee	475,800,000
Prepayment fee	9,100,000
Exit cost	8,600,000
Transaction-related fees	300,000
Loss on extinguishment of debt	(26,600,000)
Principal payments	$ 455,400,000
Loan Agreement \| Financing Agreement
Debt Instrument [Line Items]
Maturity date	Jan. 17, 2029
Prepayment percentage	3.00%
Loan Agreement \| Payment in Kind
Debt Instrument [Line Items]
Stated interest rate							3.00%
Accrued interest convertible into principal									3,400,000		10,100,000
Maximum \| Financing Agreement
Debt Instrument [Line Items]
Debt Instrument face amount	$ 750,000,000
Interest rate	2.00%
Market capitalization amount	$ 1,500,000,000
Minimum unrestricted cash balance										70,000,000
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 \| Financing Agreement
Debt Instrument [Line Items]
Debt Instrument face amount	50,000,000
Minimum unrestricted cash balance										70,000,000
Minimum \| Loan Agreement
Debt Instrument [Line Items]
Debt instrument prepayment premium percentage							1.00%
Debt instrument mandatory prepayments percentage of net cash proceeds from prepayment event transaction							50.00%
2029 Notes
Debt Instrument [Line Items]
Debt Instrument face amount		$ 717,500,000						$ 747,500,000		$ 747,500,000							$ 747,500,000
Proceeds from exercise of option to purchase additional notes		67,500,000
Debt instrument option to purchase additional notes		97,500,000
Proceeds from exercise of remaining portion of option to purchase additional notes		$ 30,000,000.0
Debt instrument issuance date		Jan. 28, 2021
Maturity year		2029
Debt instrument, frequency of interest payment		semiannually
Interest payable beginning date		Aug. 01, 2021
Stated interest rate		2.25%						2.25%		2.25%
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		50,000,000.0
Denomination of the principal amount of debt in consideration conversion of the notes		$ 1,000
Debt instrument, convertible, threshold trading days \| TradingDay		20
Debt instrument, convertible, threshold consecutive trading days \| TradingDay		30
Debt instrument, convertible, threshold percentage of stock price trigger		130.00%
Number of consecutive trading day period (Measurement period) for conversion of notes		5 days
Number of business days in consideration of conversion of notes		5 days
Threshold percentage of stock price trigger in measurement period		98.00%
Conversion rate		10.3050
Initial conversion price per share \| $ / shares		$ 97.04
Debt instrument, conversion, equivalent shares of common stock \| shares		7,702,988
Percentage of principal amount to be repurchased in fundamental change		100.00%
Minimum threshold percentage of aggregate principal by trustee or holders		25.00%
Debt issuance costs including initial purchasers discounts, legal and other professional fees		$ 16,100,000
Expected life of notes		8 years
Interest payable								$ 2,800,000		$ 2,800,000				7,000,000
Interest expense								4,699,000	4,687,000	14,085,000	14,048,000
Amortization of debt discount and issuance costs								494,000	482,000	1,471,000	1,434,000
2029 Notes \| Maximum
Debt Instrument [Line Items]
Debt instrument, increase in conversion rate, number of shares issuable \| shares		11,361,851
2027 Notes
Debt Instrument [Line Items]
Debt Instrument face amount				$ 550,000,000.0				$ 550,000,000		$ 550,000,000
Proceeds from exercise of option to purchase additional notes				$ 75,000,000.0
Debt instrument issuance date				Mar. 09, 2020
Maturity year				2027
Debt instrument, frequency of interest payment				semi-annually
Interest payable beginning date				Sep. 15, 2020
Stated interest rate				2.50%				2.50%		2.50%
Maturity date				Mar. 15, 2027
Description of payment terms of notes										The 2027 Notes will accrue interest payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2020, at a rate of 2.50% per year. The 2027 Notes will mature on March 15, 2027, unless earlier converted or repurchased
Proceeds from issuance of notes after deducting discount and offering expenses				$ 537,000,000.0
Purchase of capped calls				49,300,000
Repurchase of common stock				75,000,000.0
Denomination of the principal amount of debt in consideration conversion of the notes				$ 1,000
Debt instrument, convertible, threshold trading days \| TradingDay				20
Debt instrument, convertible, threshold consecutive trading days \| TradingDay				30
Debt instrument, convertible, threshold percentage of stock price trigger				130.00%
Number of consecutive trading day period (Measurement period) for conversion of notes				5 days
Number of business days in consideration of conversion of notes				5 days
Threshold percentage of stock price trigger in measurement period				98.00%
Conversion rate				23.4151
Initial conversion price per share \| $ / shares				$ 42.71
Debt instrument, conversion, equivalent shares of common stock \| shares				12,878,305
Percentage of principal amount to be repurchased in fundamental change				100.00%
Minimum threshold percentage of aggregate principal by trustee or holders				25.00%
Debt issuance costs including initial purchasers discounts, legal and other professional fees				$ 13,000,000.0
Expected life of notes				7 years
Debt issuance costs allocated to equity component				$ 4,100,000
Debt issuance costs allocated to liability component				$ 8,900,000
Interest payable								$ 600,000		$ 600,000				$ 4,000,000
Interest expense								3,887,000	3,876,000	11,653,000	11,617,000
Amortization of debt discount and issuance costs								$ 449,000	$ 438,000	1,340,000	$ 1,304,000
2027 Notes \| Maximum
Debt Instrument [Line Items]
Debt instrument, increase in conversion rate, number of shares issuable \| shares				17,707,635
2021 Capped Call Transactions
Debt Instrument [Line Items]
Purchase of capped calls			$ 61,300,000
Initial conversion price per share \| $ / shares			$ 97.04
Capped call transaction, cap price per share \| $ / shares			$ 131.58
Number of shares covered by capped calls \| shares			7,702,988
Adjustments to additional paid in capital related to premium payments												$ 61,300,000
2021 Capped Call Transactions \| Share Repurchase Transactions
Debt Instrument [Line Items]
Repurchase of common stock			$ 50,000,000
Stock repurchased during period, shares \| shares			759,993
Repurchase of common stock price per share \| $ / shares			$ 65.79
2020 Capped Call Transactions
Debt Instrument [Line Items]
Purchase of capped calls					$ 49,300,000
Initial conversion price per share \| $ / shares					$ 42.71
Capped call transaction, cap price per share \| $ / shares					$ 62.12
Premium over last reported sale price percentage					100.00%
Number of shares covered by capped calls \| shares					12,878,305
Adjustments to additional paid in capital related to premium payments													$ 49,300,000
2020 Capped Call Transactions \| Share Repurchase Transactions
Debt Instrument [Line Items]
Repurchase of common stock					$ 75,000,000
Stock repurchased during period, shares \| shares					2,414,681
Repurchase of common stock price per share \| $ / shares					$ 31.06
Tranche 1 Advance \| Loan Agreement
Debt Instrument [Line Items]
Proceeds from issuance of Term Loans after deducting debt discount and issuance costs										431,300,000
Proceeds from term loan, net of issuance costs										18,700,000
Tranche 1 Advance \| Maximum \| Loan Agreement
Debt Instrument [Line Items]
Debt Instrument face amount							$ 450,000,000
Tranche 2 Advance \| Maximum \| Loan Agreement
Debt Instrument [Line Items]
Debt Instrument face amount							$ 300,000,000
Debt instrument, amount available to be drawn																$ 100,000,000
Initial Term Loan \| Financing Agreement
Debt Instrument [Line Items]
Debt Instrument face amount	450,000,000
Proceeds from issuance of Term Loans after deducting debt discount and issuance costs										434,000,000
Proceeds from term loan, net of issuance costs										$ 16,000,000
Incremental Term Loan \| Financing Agreement
Debt Instrument [Line Items]
Debt Instrument face amount	300,000,000
Scheduled Amortization Payments \| Financing Agreement
Debt Instrument [Line Items]
Principal payments	$ 22,500,000
Amortization payment date	Jun. 30, 2027
Scheduled Amortization Payments \| Maximum \| Financing Agreement
Debt Instrument [Line Items]
Net leverage ratio	500
Term Loan After January 17, 2024 \| Financing Agreement
Debt Instrument [Line Items]
Additional quarterly principal payments	$ 10,000,000

Debt - Schedule of Balances of Borrowing under Financing Agreement (Details) - Financing Agreement $ in Thousands	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Principal value of term loans	$ 450,000
Debt discount, issuance costs and exit fee accretion	(13,779)
Term Loan, net	$ 436,221

- 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

Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

18.

Net Loss Per Share

Basic net loss per share attributable to common stockholders of BridgeBio is computed by dividing net loss attributable to common stockholders of BridgeBio by the weighted-average number of shares of common stock outstanding. Diluted net loss per share attributable to common stockholders of BridgeBio is computed by dividing net loss by the weighted-average number of shares of common stock outstanding, plus all additional common shares that would have been outstanding, assuming dilutive potential common shares had been issued for other dilutive securities. For the three and nine months ended September 30, 2024 and 2023, diluted and basic net loss per share attributable to common stockholders of BridgeBio were identical since potential common shares were excluded from the calculation, as their effect was anti-dilutive.

The following table summarizes the common stock equivalents that were anti-dilutive:


	As of September 30,
	2024		2023
Unvested RSAs		—		218,934
Unvested RSUs		9,953,125		9,415,372
Unvested performance-based RSUs		3,326		7,875
Unvested market-based RSUs		375,000		—
Common stock options issued and outstanding		12,678,490		12,410,230
Estimated shares issuable under performance-based milestone compensation arrangements		2,845,476		6,339,874
Estimated shares issuable under the ESPP		50,969		28,912
Assumed conversion of 2027 Notes		12,878,305		12,878,305
Assumed conversion of 2029 Notes		7,702,988		7,702,988
		46,487,679		49,002,490

Our 2029 Notes and 2027 Notes are convertible, based on the applicable conversion rate, into cash, shares of our common stock or a combination thereof, at our election.

As discussed in Notes 8 and 15, we have performance-based milestone compensation arrangements, whose vesting is contingent upon meeting various regulatory and development milestones, with fixed monetary amounts known at inception that can be settled in the form of cash or equity at our sole election, upon achievement of each contingent milestone. The common stock equivalents of such arrangements were estimated as if the contingent milestones were achieved as of the reporting date and the arrangements were all settled in equity.

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

1 Months Ended

3 Months Ended

9 Months Ended

Apr. 30, 2024

Jan. 17, 2024

May 31, 2024

Jun. 30, 2024

Sep. 30, 2024

Dec. 31, 2023

Summary Of Significant Accounting Policies [Line Items]

Cash, cash equivalents and restricted cash maturity period

90 days

Marketable securities

$ 0

Restricted cash

139,409,000

16,653,000

^[1]

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

$ 2,143,000

$ 2,144,000

Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List]

Other assets

Gondola Bio, LLC

Summary Of Significant Accounting Policies [Line Items]

Investors committed amount

$ 300,000,000

Investors contribution fair value

$ 50,000,000

Equity ownership percentage approximately

45.50%

Payment for private equity financing with external investors

$ 60,000,000

TheRas, Inc

Summary Of Significant Accounting Policies [Line Items]

Payment for private equity financing with external investors

$ 200,000,000

Percentage of ownership reduced for private equity financing

37.90%

BridgeBio Oncology Therapeutics

Summary Of Significant Accounting Policies [Line Items]

Payment for private equity financing with external investors

$ 200,000,000

Financing Agreement

Summary Of Significant Accounting Policies [Line Items]

Deposit percentage of proceeds net of certain permitted costs received from asset sale transactions into escrow accounts

75.00%

Percentage of aggregate amount not to exceed the original net cash proceeds received from asset sale transactions

50.00%

Payment from escrow accounts

$ 20,000,000

Remaining balance in escrow accounts

139,300,000

Financing Agreement | Cash

Summary Of Significant Accounting Policies [Line Items]

Payment from escrow accounts

20,000,000

Financing Agreement | Restricted Cash

Summary Of Significant Accounting Policies [Line Items]

Remaining balance in escrow accounts

139,300,000

Financing Agreement | Bayer Consumer Care AG and Kyowa Kirin Co., Ltd

Summary Of Significant Accounting Policies [Line Items]

Proceeds received from asset sale transactions

$ 235,000,000

Net proceeds deposited to escrow accounts

$ 159,300,000

Loan and Security Agreement

Summary Of Significant Accounting Policies [Line Items]

Restricted cash

$ 16,500,000

Lease Agreements and Letters of Credit

Summary Of Significant Accounting Policies [Line Items]

Restricted cash

100,000

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

$ 2,100,000

Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List]

Other assets

Minimum

Summary Of Significant Accounting Policies [Line Items]

Percentage of voting shares

50.00%

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

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

Sep. 30, 2024

Dec. 31, 2023

Sep. 30, 2023

Dec. 31, 2022

Cash and Cash Equivalents [Line Items]

Cash and cash equivalents

$ 266,324

$ 375,935

^[1]

$ 505,213

Restricted cash

139,409

16,653

^[1]

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

$ 2,143

$ 2,144

Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List]

Other assets

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

$ 407,876

$ 394,732

$ 524,140

$ 416,884

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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On August 30, 2024, Frank McCormick, a member of our Board of Directors, adopted a trading plan on behalf of the Francis P. McCormick Revocable Trust U/A DTD 1/27/2017, of which Dr. McCormick is a trustee, for the sale of a maximum of 300,000 shares of our common stock (the “Trading Plan”). The Trading Plan is intended to satisfy the affirmative defense conditions of the Securities and Exchange Act Rule 10b5-1(c) and is expected to remain in effect until the earlier of (1) November 26, 2025 and (2) the date on which an aggregate of 300,000 shares of our common stock have been sold under such plan.
Rule 10b5-1 Trading Plan [Member] \| Frank McCormick [Member]
Trading Arrangements, by Individual
Name	Frank McCormick
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 30, 2024
Arrangement Duration	453 days
Aggregate Available	300,000
Trading arrangement securities sold	300,000

Stock-Based Compensation - Additional Information (Details)				1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 18, 2020 USD ($) Grantee shares	Apr. 22, 2020 USD ($) Grantee shares	Jun. 22, 2019 shares	Jun. 30, 2024 shares	Sep. 30, 2024 USD ($) Employee $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Employee $ / shares shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) TradingDay $ / shares shares	Feb. 28, 2023 shares	Dec. 31, 2021 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation					$ 27,131,000	$ 27,230,000	$ 77,432,000	$ 77,883,000
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							$ 11.34
Expected volatility, Minimum							52.00%
Expected volatility, Maximum							122.10%
Risk-free interest rate, Minimum							5.00%
Risk-free interest rate, Maximum							5.50%
Dividend yield							0.00%
Expected term (in years)							6 months
2020 Stock and Equity Award Exchange Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation cost associated with performance-based milestone awards							$ 8,900,000
Maximum potential milestone performance-based awards to be settled in fully-vested RSA	$ 11,700,000	$ 183,400,000
Performance-based milestone awards	$ 0	$ 17,400,000
Performance based milestone awards compensation expense settled with equity					0	600,000	$ 8,700,000	2,800,000
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
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
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grand date fair value of options granted \| $ / shares							$ 21.28
Expected volatility, Minimum							92.00%
Expected volatility, Maximum							93.10%
Risk-free interest rate, Minimum							3.80%
Risk-free interest rate, Maximum							4.30%
Dividend yield							0.00%
Employee Stock Option \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)							6 years 10 days
Employee Stock Option \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)							5 years 11 months 12 days
Employee Stock Option \| 2020 Stock and Equity Award Exchange Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options issued in exchange of subsidiary equity \| shares	70,436	1,268,110
Restricted Stock Awards \| 2020 Stock and Equity Award Exchange Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation cost associated with performance-based milestone awards							$ 1,600,000
Number of RSAs issued in exchange of subsidiary equity \| shares		50,145
Performance based milestone awards compensation expense settled with equity					$ 500,000	2,800,000	$ 1,400,000	5,800,000
Performance-Based RSAs \| 2020 Stock and Equity Award Exchange Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Performance-Based RSAs issued in exchange of subsidiary equity \| shares		22,611
Performance-Based Stock Options \| 2020 Stock and Equity Award Exchange Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Performance-Based stock options issued in exchange of subsidiary equity \| shares	10,772
A&R 2019 Plan \| 2020 Stock and Equity Award Exchange Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of grantees \| Grantee	16	149
Number of shares issued in exchange of subsidiary equity \| shares	24,924	554,064
A&R 2019 Plan \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common shares reserved for future issuance \| shares									3,750,000	2,000,000
2021 A&R Plan \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common shares reserved for future issuance \| shares					10,045,087		10,045,087
Increase (decrease) in common shares reserved for future issuance \| shares				6,500,000
A&R 2019 Inducement Plan \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common shares reserved for future issuance \| shares					1,044,511		1,044,511
Eidos Award Exchange Plan \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common shares reserved for future issuance \| shares											2,802,644
A&R 2019 Plan and 2019 Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grand date fair value of options granted \| $ / shares							$ 21.28
Total intrinsic value of options exercised							$ 900,000
A&R 2019 Plan and 2019 Inducement Plan \| 2020 Stock and Equity Award Exchange Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation					$ 0	451,000	312,000	4,056,000
A&R 2019 Plan and 2019 Inducement Plan \| Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation					5,200,000	6,700,000	17,400,000	21,700,000
Unrecognized compensation cost					27,100,000		$ 27,100,000
Unrecognized compensation cost, period for recognition							1 year 8 months 12 days
A&R 2019 Plan and 2019 Inducement Plan \| Employee Stock Option \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period							4 years
A&R 2019 Plan and 2019 Inducement Plan \| Employee Stock Option \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period							3 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					0	1,473,000	$ 933,000	7,127,000
Unrecognized compensation cost					$ 0		$ 0
Unvested shares of restricted stock outstanding \| shares					0		0		85,453
Weighted average grant date fair value \| $ / shares					$ 0		$ 0		$ 7.27
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					$ 19,000,000	15,500,000	$ 58,300,000	42,900,000
Unrecognized compensation cost					$ 189,900,000		$ 189,900,000
Unrecognized compensation cost, period for recognition							2 years 9 months 18 days
Unvested shares of restricted stock outstanding \| shares					9,953,125		9,953,125		8,942,813
Weighted average grant date fair value \| $ / shares					$ 20.75		$ 20.75		$ 16.27
BridgeBio Equity Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance-based milestone awards compensation expense					$ 0	4,600,000	$ 11,800,000	6,200,000
Stock-based compensation					27,131,000	27,189,000	77,395,000	77,759,000
BridgeBio Equity Plan \| 2021 A&R Plan \| Market-Based Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation					1,700,000		6,500,000
Unrecognized compensation cost					$ 3,500,000		$ 3,500,000
Unrecognized compensation cost, period for recognition							10 months 24 days
Grant-date fair value of RSUs									$ 10,800,000
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		375,000
Weighted average grant date fair value \| $ / shares					$ 28.73		$ 28.73
Share-based payment arrangement, consecutive trading days \| TradingDay									20
BridgeBio Equity Plan \| 2021 A&R Plan \| Market-Based Restricted Stock Units (RSUs) [Member] \| Maximum
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
BridgeBio Equity Plan \| 2021 A&R Plan \| Market-Based Restricted Stock Units (RSUs) [Member] \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)									3 years
BridgeBio Equity Plan \| 2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common shares reserved for future issuance \| shares					3,361,774		3,361,774
Stock-based compensation					$ 600,000	$ 600,000	$ 1,700,000	$ 1,500,000
Number of common shares authorized to issue for issuance of awards \| shares			2,000,000
Percentage of automatic annual increase in number of shares reserved for future issuance			1.00%
Purchase price as percentage of lower of fair market value as of beginning or end of offering period			85.00%
Maximum percentage of employee payroll deduction for stock purchase			15.00%
Maximum number of shares eligible to purchase during offering period \| shares			3,500
BridgeBio Equity Plan \| 2019 Employee Stock Purchase Plan \| Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common shares authorized to issue for issuance of awards \| shares			2,000,000
Eidos \| Eidos 2016 and 2018 Plans
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options issued in exchange of subsidiary equity \| shares							2,776,672
Number of RSUs issued in exchange of subsidiary equity \| shares							25,972
Number of employees for replacement awards \| Employee					88		88
Incremental compensation cost for awards modification					$ 0		$ 0

License and Collaboration Agreements - Additional Information (Details1) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Sep. 30, 2019

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Research and development

$ 120,444

$ 125,136

$ 376,111

$ 325,485

Receivables from licensing and collaboration agreements

478

$ 1,751

^[1]

Helsinn Therapeutics

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Receivables from licensing and collaboration agreements

600

Alexion Agreements | Eidos | Common Stock

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Shares issued, price per share

$ 44.95

Excess of purchase price over the value of common stock shares

$ 1,700

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

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Shares issued, price per share

$ 41.91

Excess of purchase price over the value of common stock shares

$ 1,700

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

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Research and development

$ 100

$ 2,300

Receivable from Licensing and Collaboration Agreements | License and Collaboration Agreement

Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]

Receivables from licensing and collaboration agreements

$ 500

$ 1,800

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

Stock-Based Compensation - Summary of Restricted Stock Award Activity under Plans (Details) - Restricted Stock Awards - A&R 2019 Plan and 2019 Inducement Plan	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Shares of Restricted Stock Outstanding, Beginning balance \| shares	85,453
Unvested Shares of Restricted Stock Outstanding, Ending balance \| shares	0
Weighted-Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 7.27
Weighted-Average Grant Date Fair Value, Ending balance \| $ / shares	$ 0
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	8,057
Unvested Shares of Restricted Stock Outstanding, Vested \| shares	(8,057)
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	$ 38.74
Weighted-Average Grant Date Fair Value, Vested \| $ / shares	$ 38.74
Regular Equity Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Shares of Restricted Stock Outstanding, Vested \| shares	(85,453)
Weighted-Average Grant Date Fair Value, Vested \| $ / shares	$ 7.27

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lessee Lease Description [Line Items]
Impairment loss	$ 0	$ 0	$ 0	$ 0

Net Loss Per Share - Schedule of Common Stock Equivalents were Anti-dilutive (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	46,487,679	49,002,490
Unvested RSAs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	0	218,934
Unvested RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	9,953,125	9,415,372
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
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
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	12,678,490	12,410,230
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	2,845,476	6,339,874
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	50,969	28,912
Assumed Conversion of 2027 Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	12,878,305	12,878,305
Assumed Conversion of 2029 Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share	7,702,988	7,702,988

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

17.

Income Taxes

BridgeBio is subject to U.S. federal, state and foreign income taxes as a corporation. BridgeBio’s tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual effective tax rate adjusted for the effect of discrete items arising in that quarter. There was no provision for income tax for the three and nine months ended September 30, 2024 and 2023.

Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax basis of assets and liabilities using statutory rates. A valuation allowance is recorded against deferred tax assets if it is more likely than not that some or all of the deferred tax assets will not be realized. Due to the uncertainty surrounding the realization of the favorable tax attributes in future tax returns, we have recorded a full valuation allowance against our otherwise recognizable net deferred tax assets.

Our policy is to recognize interest and penalties associated with uncertain tax benefits as part of the income tax provision and include accrued interest and penalties with the related income tax liability on the condensed consolidated balance sheets. To date, we have not recognized any interest and penalties in our condensed consolidated statements of operations, nor have we accrued for or made payments for interest and penalties. Our unrecognized gross tax benefits would not reduce the estimated annual effective tax rate if recognized because we have recorded a full valuation allowance on its deferred tax assets.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: 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/1943274/2147477891/740-270-50-1

Reference 6: 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 7: 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 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: 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 11: 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 12: 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 13: 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 14: 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

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	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Outstanding, Beginning balance	12,332,442
Options Outstanding, Granted	401,924
Options Outstanding, Exercised	(51,389)
Options Outstanding, Cancelled	(4,487)
Options Outstanding, Outstanding, Ending balance	12,678,490	12,332,442
Options Outstanding, Exercisable	10,250,946
Eidos
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Outstanding, Beginning balance	1,221,942
Options Outstanding, Exercised	(37,323)
Options Outstanding, Cancelled	(3,867)
Options Outstanding, Outstanding, Ending balance	1,180,752	1,221,942
Options Outstanding, Exercisable	1,180,752
Weighted-Average Exercise Price per Option, Outstanding, Beginning balance	$ 14.6
Weighted-Average Exercise Price per Option, Exercised	14.48
Weighted-Average Exercise Price per Option, Cancelled	63.38
Weighted-Average Exercise Price per Option, Outstanding, Ending balance	14.44	$ 14.6
Weighted-Average Exercise Price per Option, Exercisable	$ 14.44
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance	4 years	4 years 8 months 12 days
Weighted-Average Remaining Contractual Life (years), Exercisable	4 years
Aggregate Intrinsic Value, Outstanding, Ending balance	$ 13,630	$ 31,580
Aggregate Intrinsic Value, Exercisable	$ 13,630
Regular Equity Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Outstanding, Beginning balance	10,793,862
Options Outstanding, Granted	401,924
Options Outstanding, Exercised	(14,066)
Options Outstanding, Cancelled	(620)
Options Outstanding, Outstanding, Ending balance	11,181,100	10,793,862
Options Outstanding, Exercisable	8,755,976
Weighted-Average Exercise Price per Option, Outstanding, Beginning balance	$ 25.69
Weighted-Average Exercise Price per Option, Granted	27.54
Weighted-Average Exercise Price per Option, Exercised	19.04
Weighted-Average Exercise Price per Option, Cancelled	31.14
Weighted-Average Exercise Price per Option, Outstanding, Ending balance	25.76	$ 25.69
Weighted-Average Exercise Price per Option, Exercisable	$ 27.09
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance	6 years 6 months	7 years 1 month 6 days
Weighted-Average Remaining Contractual Life (years), Exercisable	6 years
Aggregate Intrinsic Value, Outstanding, Ending balance	$ 66,885	$ 178,594
Aggregate Intrinsic Value, Exercisable	$ 46,675
2020 Stock and Equity Award Exchange Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Outstanding, Outstanding, Beginning balance	316,638
Options Outstanding, Outstanding, Ending balance	316,638	316,638
Options Outstanding, Exercisable	314,218
Weighted-Average Exercise Price per Option, Outstanding, Beginning balance	$ 2.19
Weighted-Average Exercise Price per Option, Outstanding, Ending balance	2.19	$ 2.19
Weighted-Average Exercise Price per Option, Exercisable	$ 2.18
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance	4 years 6 months	5 years 3 months 18 days
Weighted-Average Remaining Contractual Life (years), Exercisable	4 years 6 months
Aggregate Intrinsic Value, Outstanding, Ending balance	$ 7,476	$ 12,105
Aggregate Intrinsic Value, Exercisable	$ 7,422

Stock-Based Compensation - Schedule of Assumptions Used to Determine Fair Value of Stock Options and Stock Purchase Rights under ESPP (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 months
Expected volatility, Minimum	52.00%
Expected volatility, Maximum	122.10%
Risk-free interest rate, Minimum	5.00%
Risk-free interest rate, Maximum	5.50%
Dividend yield	0.00%
Weighted-average fair value of stock-based awards granted	$ 11.34
Employee Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, Minimum	92.00%
Expected volatility, Maximum	93.10%
Risk-free interest rate, Minimum	3.80%
Risk-free interest rate, Maximum	4.30%
Dividend yield	0.00%
Weighted-average fair value of stock-based awards granted	$ 21.28
Employee Stock Options \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 years 11 months 12 days
Employee Stock Options \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 10 days

License and Collaboration Agreements

9 Months Ended

Sep. 30, 2024

License And Collaboration Agreement [Abstract]

License and Collaboration Agreements

11.

License and Collaboration Agreements

Bayer Exclusive License

On March 1, 2024, certain subsidiaries of the Company, including Eidos Therapeutics, Inc., BridgeBio International GmbH and BridgeBio Europe B.V., (collectively the “Seller Parties”), entered into an exclusive license agreement (the “Bayer Agreement”) with Bayer Consumer Care AG, a wholly-owned subsidiary of Bayer AG (“Bayer”), to develop and commercialize acoramidis as a treatment for transthyretin amyloidosis in the European Union and all member and extension states of the European Patent Organization (the “Licensed Territory”).

Under the terms of the Bayer Agreement, the Seller Parties granted Bayer an exclusive license, effective upon the date that certain antitrust clearances have been obtained, or March 26, 2024, to certain of the Seller Parties’ intellectual property rights to develop, manufacture and commercialize acoramidis (previously known as AG10) in the Licensed Territory. In consideration for the license grant, the Seller Parties are entitled to receive an upfront payment of $135.0 million, which was received in full in May 2024, and will be eligible to receive up to $175.0 million in regulatory and sales milestone payments through 2026 (of which $75.0 million is for a regulatory milestone dependent upon EU Commission Regulatory approval of acoramidis on or before December 31, 2025), and additional payments up to $450.0 million subject to the achievement of certain sales milestones. In addition, the Seller Parties are entitled to receive royalties according to a tiered structure starting in the low-thirties percent on net sales by Bayer of acoramidis in the Licensed Territory, subject to reduction under certain circumstances as provided in the Bayer Agreement.

Unless earlier terminated, the Bayer Agreement will expire at the end of the royalty term for a licensed product, provided that the licenses granted to Bayer for such licensed product survive such expiration on a non-exclusive basis. Either party may terminate the Agreement in the event of a material breach or insolvency of the other party or in the event merger control proceedings are started and clearances are not obtained. Additionally, Bayer may terminate the Bayer Agreement for convenience upon at least 270 days’ prior written notice, and the Seller Parties may terminate the Bayer Agreement in the event Bayer ceases exploitation of acoramidis under certain circumstances or challenges the validity or enforceability of the Seller Parties’ patent rights.

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

•

an exclusive license to develop and commercialize acoramidis in the Licensed Territory and the related know-how; and

•

research and development services to conduct ongoing clinical trials.

We determined the initial transaction price at inception of the Bayer Agreement to be $135.0 million, which is comprised of the fixed and non-refundable upfront payment. No additional development or sales milestone payments are included in the transaction price, as all such payments are variable consideration that are fully constrained as of September 30, 2024. 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 clinical trials, Bayer’s 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 $135.0 million based on the stand-alone selling prices (“SSP”) of each of the performance obligations as follows:

•

$130.5 million for the upfront transfer of the license; and

•

$4.5 million for the research and development services to conduct the ongoing clinical trials.

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 recognize revenue for each of the two performance obligations as follows:

•

We recognize revenue related to the license at a point in time upon transfer of the rights and control of the license to Bayer. The transfer of the rights and control of the license occurred in March 2024, thus we recognized the full amount allocated to the license and related know-how during the three months ended March 31, 2024.

•

We are recognizing revenue related to the research and development services for the ongoing clinical trials over time using an input method to measure progress by utilizing costs incurred to-date relative to total expected costs. We expect the research and development services for ongoing clinical trials to extend through 2028. We have recognized $0.3 million and $0.7 million of revenue relating to this performance obligation during the three and nine months ended September 30, 2024.

As of September 30, 2024, there are no outstanding receivables from licensing and collaboration agreements relating to the Bayer Agreement within our condensed consolidated balance sheet. During the three and nine months ended September 30, 2024 we recognized license revenue of $0.3 million and $131.2 million, respectively, under the Bayer Agreement. Our condensed consolidated balance sheet as of September 30, 2024 includes a deferred revenue balance of $3.8 million ($1.4 million presented as “Deferred revenue, current portion” and $2.4 million included in “Deferred revenue, net of current portion”) related to our research and development services obligations.

In addition, under the terms of the Financing Agreement, the Bayer Agreement represents an asset sale transaction that requires the Company to deposit 75% of proceeds, net of certain permitted costs, received from the transaction into an escrow account to be controlled by the Administrative Agent. In May 2024, we deposited $84.7 million into the escrow account from the receipt of the $135.0 million from Bayer. Refer to Note 9 for further details regarding the Financing Agreement.

In June 2024, BridgeBio Europe B.V. (“BridgeBio B.V.”) entered into a commercial supply agreement with Bayer (“Bayer Supply Agreement”) with an initial 30-month term ending in December 2026, for which BridgeBio B.V. will manufacture and supply to Bayer the commercial product ordered by Bayer solely for the use in the commercialization in the Licensed Territory under the Bayer Agreement. Under the Bayer Supply Agreement, Bayer shall pay to BridgeBio B.V. a commercial product per unit price equal to the applicable fully burdened manufacturing cost per unit of product, which shall include the cost of the active pharmaceutical ingredient (“API”) used to manufacture the product and the packaging price. As of September 30, 2024, there have been no commercial product supply sales to Bayer.

Kyowa Kirin Exclusive License

On February 7, 2024, the Company’s subsidiary, QED, and Kyowa Kirin Co., Ltd (“Kyowa Kirin” or “KKC”) 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 (the “KKC Agreement”). In exchange, QED received an upfront payment of $100.0 million in June 2024, and will be eligible to receive royalties up to the mid-twenties percent on sales of infigratinib in Japan, with the potential to receive up to $81.4 million in development and sales-based milestone payments.

Unless earlier terminated, the KKC Agreement will expire at the end of the royalty term for a licensed product, provided that the licenses granted to Kyowa Kirin for such licensed product survive such expiration on a non-exclusive basis. Either party may terminate the KKC Agreement in the event of a material breach or insolvency of the other party. Additionally, Kyowa Kirin may terminate the KKC Agreement for convenience upon at least 180 days’ prior written notice, and QED may terminate the KKC Agreement in the event Kyowa Kirin ceases exploitation of infigratinib under certain circumstances or challenges the validity or enforceability of Kyowa Kirin’s patent rights.

We determined that the KKC Agreement falls within the scope of ASC 606 as Kyowa Kirin is a customer in this arrangement, and we identified the following performance obligations in the agreement:

•

an exclusive license to develop and commercialize infigratinib for achondroplasia, hypochondroplasia and other skeletal dysplasias in Japan and the related know-how; and

•

research and development services to conduct ongoing clinical trials.

We determined the initial transaction price at inception of the KKC Agreement to be $100.0 million, which is comprised of the fixed and non-refundable upfront payment. No additional development or sales milestone payments are included in the transaction price, as all such payments are variable consideration that are fully constrained as of September 30, 2024. 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, Kyowa Kirin’s 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 $100.0 million based on the SSP of each of the performance obligations as follows:

•

$69.1 million for the upfront transfer of the license; and

•

$30.9 million for research and development services to conduct the ongoing clinical trials.

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

•

We recognize revenue related to the license at a point in time upon transfer of the rights and control of the license to KKC. The transfer of the rights and control of the license occurred in February 2024, thus we recognized the full amount allocated to the license and related know-how during the three months ended March 31, 2024.

•

We are recognizing revenue relating to the research and development services for the ongoing clinical trials over time using an input method to measure progress by utilizing costs incurred to-date relative to total expected costs. We expect the development services to extend through 2029. We have recognized $1.4 million and $4.3 million of revenue relating to this performance obligation during the three and nine months ended September 30, 2024, respectively.

In May 2024, QED and KKC negotiated a letter of agreement to commence manufacturing while a clinical supply agreement was in negotiation. KKC agreed to reimburse QED the full cost incurred for manufacturing. For the three and nine months ended September 30, 2024, QED has been reimbursed $0.7 million, respectively, in accordance with this letter of agreement, and such costs are included in revenue in our condensed consolidated statement of operations.

As of September 30, 2024, there are no outstanding receivables from licensing and collaboration agreements relating to the KKC Agreement within our condensed consolidated balance sheet. During the three and nine months ended September 30, 2024, we recognized license revenue of $2.1 million and $74.1 million under the KKC Agreement. Our condensed consolidated balance sheet as of September 30, 2024 includes a deferred revenue balance of $26.6 million ($10.4 million presented as “Deferred revenue, current portion” and $16.2 million included in “Deferred revenue, net of current portion”) related to our research and development services obligation.

In addition, under the terms of the Financing Agreement, the KKC Agreement represents an asset sale transaction that requires the Company to deposit 75% of proceeds, net of certain permitted costs, received from the transaction into an escrow account to be controlled by the Administrative Agent. In June 2024, we deposited $74.6 million into the escrow account from the receipt of the $100.0 million from KKC. Refer to Note 9 for further details regarding the Financing Agreement.

License, Development and Commercialization Agreement with BMS

On May 12, 2022, BridgeBio and our subsidiary, Navire, entered into an exclusive license, development and commercialization agreement with BMS (the “Navire-BMS License Agreement”), pursuant to which Navire granted BMS exclusive rights to develop and commercialize Navire’s product candidate, BBP-398, in all indications worldwide, except for the People’s Republic of China, Macau, Hong Kong, Taiwan, Thailand, Singapore, and South Korea (the “Asia Region”). The development and commercialization of BBP-398 within the Asia Region is governed under the Navire-LianBio License Agreement (as discussed below). The Navire-BMS License Agreement expands an earlier agreement between Navire and BMS that was executed in July 2021 to study BBP-398 in a combination

therapy trial to treat advanced solid tumors with KRAS mutations (the “2021 Navire-BMS Agreement”). The Navire-BMS License Agreement does not alter the terms of the 2021 Navire-BMS Agreement.

Under the terms of the Navire-BMS License Agreement, Navire was entitled to receive a non-refundable, upfront payment of $90.0 million, which Navire received in full in June 2022. Additionally, Navire was 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. Based on the terms of the Navire-BMS License Agreement, Navire will continue to lead its ongoing Phase 1 monotherapy and combination therapy trials (collectively, the “Phase 1 Trials”), and BMS will lead and fund all other development and commercialization activities. Navire is fully funding the Phase 1 trials with the exception of the combination therapy governed under the 2021 Navire-BMS Agreement. In accordance with the 2021 Navire-BMS Agreement, both parties are sharing all research and development costs equally for this trial. We have recorded all research and development costs for the Phase 1 Trials, as well as the reimbursement for the costs associated with the trial governed by the 2021 Navire-BMS Agreement within “Research and development” in our condensed consolidated statement of operations.

In March 2024, we received written notice from BMS for the termination of the Navire-BMS License Agreement effective June 2024, and all rights and obligations thereunder. In April 2024, Navire and BMS entered into a Clinical Collaboration Termination Agreement which terminated the 2021 Navire-BMS Agreement. Navire and BMS agreed to pursue reasonable efforts to wind down activities under both the Navire-BMS License Agreement and the 2021 Navire-BMS Agreement. As a result of the termination, Navire is no longer entitled to any future unearned development, regulatory or sales-based milestone and royalty payments. However, we may in the future be eligible to receive earned payments for any milestones already achieved prior to termination and for achieving any milestones while closing out the remaining services.

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.

We determined that the performance obligations outlined above are capable of being distinct and distinct with the context of the contract given such rights and activities are independent of each other. The license can be used by BMS without the research and development services. Similarly, those services provide a distinct benefit to BMS within the context of the contract, separate from the license, as the services could be provided by BMS or another third party without our assistance. We entered into a clinical supply agreement for supply of clinical quantities of the licensed product for the licensed territory with BMS in March 2023. We determined that the optional right to future products under this supply agreement did not represent a material right. Navire supplied insignificant amounts to BMS as part of the clinical supply agreement for the three and nine months ended September 30, 2024. Navire supplied $1.7 million to BMS as part of the clinical supply agreement for the three and nine months ended September 30, 2023.

We determined the initial transaction price at inception of the Navire-BMS License Agreement to be $90.0 million, which is comprised of the fixed and non-refundable upfront payment. No additional development, regulatory, or sales milestone payments are included in the transaction price, as all such payments are variable consideration that are fully constrained as of September 30, 2024. 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 SSP of each of the performance obligations as follows:

•

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

•

$19.8 million for research and development services to complete the Phase 1 Trials of BBP-398.

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

•

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

•

We are recognizing revenue related to the research and development services to complete the Phase 1 Trials for BBP-398 over time using an input method to measure progress by utilizing costs incurred to-date relative to total expected costs. As a result of the Navire-BMS License Agreement termination, the research and development services performance obligation is complete and there are no remaining performance obligations. As such, the remaining revenue allocated to this performance obligation was recognized during the three months ended March 31, 2024. Revenue recognized related to this performance obligation for the three and nine months ended September 30, 2024 was nil and $9.9 million, respectively. Revenue recognized related to this performance obligation for the three and nine months ended September 30, 2023, was $1.3 million and $4.5 million, respectively.

For the three and nine months ended September 30, 2024, we have recognized nil and $9.9 million, respectively, in revenue relating to the Navire-BMS Agreement. For the three and nine months ended September 30, 2023, we have recognized $3.0 million and $6.2 million in revenue, respectively, relating to the Navire-BMS Agreement. As of September 30, 2024, there are no remaining balances in deferred revenue within our condensed consolidated balance sheet. Our condensed 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 “Deferred revenue, net of current portion”) related to our research and development services obligation.

License and Collaboration Agreement with Helsinn

On March 29, 2021, QED entered into a license and collaboration agreement with Helsinn Healthcare S.A. (“HHC”) and Helsinn Therapeutics (U.S.), Inc. (“HTU”, and collectively with HHC, “Helsinn”) (the “QED-Helsinn License and Collaboration Agreement”), pursuant to which QED granted to HHC exclusive licenses to develop, manufacture and commercialize QED’s product candidate, infigratinib, in oncology and all other indications except achondroplasia or any other skeletal dysplasias, worldwide, except for the People’s Republic of China, Hong Kong and Macau (“Greater China”), and under which QED received a co-exclusive license to co-commercialize infigratinib in the United States in the licensed indications. The QED-Helsinn License and Collaboration Agreement became effective on April 16, 2021. Upon approval by the FDA in May 2021, QED and HTU co-commercialized infigratinib in the licensed indications in the United States and shared profits and losses on a 50:50 basis. Additionally, QED and Helsinn shared global, excluding Greater China, research and development costs for infigratinib in the licensed indications at a rate of 40% for QED and 60% for Helsinn.

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

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

Effective December 21, 2022, QED and Helsinn (the “Helsinn Parties”), entered into a Mutual Termination Agreement (“MTA”), which terminates the Amended QED-Helsinn License and Collaboration Agreement and all rights and obligations thereunder. The Helsinn Parties agreed to perform certain close-out services to enable QED to pursue the development, manufacture and commercialization of infigratinib as a potential treatment of non-oncology indications, such as in achondroplasia worldwide, excluding China, Hong Kong, and Macau. As a result of the termination, QED is no longer entitled to any future regulatory or sales-based milestone payments. QED was subject to royalties on net sales of TRUSELTIQTM through March 31, 2023, at which date Helsinn no longer sold the licensed product. Helsinn permanently discontinued the distribution of TRUSELTIQTM and the FDA announced the withdrawal of the NDA approval 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 lower of the first $11.0 million of costs, or QED’s obligation to FMI, which are the responsibility of QED. QED reached the threshold of $11.0 million in January 2023. The activities within the Close-Out Plan were substantially completed in 2023.

Upon the effective date of the MTA, outstanding obligations of $31.3 million ($18.8 million relating to contracted research and development and commercial activities and $12.5 million relating to the reimbursement of QED’s obligation to FMI) under the Amended QED-Helsinn License and Collaboration Agreement related to the contracted services during the transitional period became due, of which all payments have been paid in full. In March 2024, QED reduced its obligation to FMI to $9.6 million and therefore, pursuant to the MTA, QED’s responsibility for close-out activities was lowered to this amount and Helsinn’s reimbursement of QED’s obligation to FMI was reduced from $11.0 million to $9.6 million. For the three and nine months ended September 30, 2024, QED has incurred immaterial close out costs and the net costs are subject to 50% reimbursement from Helsinn. For the three and nine months ended September 30, 2023, QED has incurred $0.2 million and $5.9 million of close-out costs, respectively, of which $0.2 million and $4.7 million are subject to 50% reimbursement from Helsinn, respectively. As of September 30, 2024, there is no outstanding receivable balance due from Helsinn. As of December 31, 2023, the outstanding receivable due from Helsinn was $0.6 million. The outstanding receivables are presented in “Receivables from licensing and collaboration agreements” within our condensed consolidated balance sheets. Close-out costs incurred, including Helsinn’s reimbursements, are recorded in “Restructuring, impairment and related charges” for the three and nine months ended September 30, 2024 and 2023, respectively, within our condensed consolidated statement of operations (refer to Note 16).

The QED-Helsinn License and Collaboration Agreement, the Amended QED-Helsinn License Collaboration Agreement, and the MTA are considered to be within the scope of ASC 808 as the parties are active participants and are exposed to the significant risks and rewards of the collaborative activity. The QED-Helsinn License and Collaboration Agreement and the Amended QED-Helsinn License and Collaboration Agreement are also partially within the scope of ASC 606 for the units of account where Helsinn is identified as a customer. For the units of account in the collaboration arrangement that do not represent a vendor-customer relationship, including the performance of collaborative research and development and commercialization services, we determined that ASC 606 is not appropriate to apply by analogy and applied a reasonable and rational accounting policy election that faithfully depicts the transfer of services to the collaboration partner over the estimated performance period. Reimbursement payments from Helsinn associated with the collaborative research and development and commercialization services are recognized as the related expense is incurred and classified as an offset to the underlying expense and excluded from the transaction price.

We evaluated the terms of the QED-Helsinn License and Collaboration Agreement and identified Helsinn as a customer with the following two distinct performance obligations: (1) exclusive licenses to develop, manufacture, and commercialize the underlying product, and (2) transfer of inventory within the transitional supply period. The Amended QED-Helsinn License and Collaboration Agreement did not give rise to any additional performance obligations. All of the license revenue, $56.0 million, relating to these units of account accounted for under ASC 606 were recognized in the year ended December 31, 2021.

For the unit of account that is within the scope of ASC 808 relating to collaborative research and development services, pursuant to the QED-Helsinn License and Collaboration Agreement, the Amended QED-Helsinn License Collaboration Agreement, and the MTA, we have recognized an immaterial amount of Helsinn’s share of research and development expenses for the three and nine months ended September 30, 2024 as a reduction to restructuring, impairment and related charges. We have recognized Helsinn’s share of research and development expenses of $0.1 million and $2.3 million for the three and nine months ended September 30, 2023, respectively, as a reduction to restructuring, impairment and related charges.

License Agreement with LianBio

Navire

In August 2020, Navire entered into an exclusive license agreement with LianBio (“the Navire-LianBio License Agreement”). Pursuant to the Navire-LianBio License Agreement, Navire granted to LianBio an exclusive, sublicensable license under the licensed patent rights and know-how to develop, manufacture and commercialize SHP2 inhibitor BBP-398, or BBP-398, for tumors driven by RAS and receptor tyrosine kinase mutations. Under the terms of the Navire-LianBio License Agreement, LianBio will receive commercial rights in China and selected Asian markets and participate in clinical development activities for BBP-398. In consideration for the rights granted to LianBio, we received a nonrefundable $8.0 million upfront payment, which we recognized as license revenue in 2020. We will also have the right to receive future development and sales milestone payments of up to $382.1 million, and tiered royalty payments from single-digit to low-teens on net sales of the product in licensed territories. We recognized $8.5 million in license revenue, representing a regulatory milestone payment in 2021.

We accounted for the Navire-LianBio License Agreement under ASC 606 and identified the exclusive license as a distinct performance obligation since LianBio can benefit from the license on its own by developing and commercializing the underlying product using its own resources. In addition, we entered into a clinical and commercial supply agreement with LianBio for the licensed territory in July 2022. We determined that the optional right to future products under this supply agreement did not represent a material right. During the three and nine months ended September 30, 2024, we have not provided any clinical supply to LianBio. During the three and nine months ended September 30, 2023, we provided $1.1 million of clinical supply to LianBio and recorded such amounts within “Revenue” in our condensed consolidated statement of operations.

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 eligible 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 (refer to Note 6).

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 entered into a clinical supply agreement with LianBio for the licensed territory in November 2021. We determined that LianBio’s optional right to future products under this supply agreement did not represent a material right. We have not provided any clinical supplies to LianBio during the three and nine months ended September 30, 2024. We provided insignificant amounts of clinical supplies to LianBio during the three and nine months ended September 30, 2023 and recorded such amounts within “Revenue” in our condensed consolidated statement of operations.

License Agreement with Alexion

In September 2019, Eidos Therapeutics, Inc. (“Eidos”), entered into an exclusive license agreement with Alexion Pharma International Operations Unlimited Company, a subsidiary of Alexion Pharmaceuticals, Inc., or together Alexion (the “Eidos-Alexion License Agreement”), 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. Under the Eidos-Alexion License Agreement, Eidos received an upfront nonrefundable payment of $25.0 million and is eligible to receive $30.0 million in regulatory milestone payments and royalties 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 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 accounted for the Eidos-Alexion License Agreement under ASC 606 and identified the exclusive license as a distinct performance obligation since Alexion can benefit from the license on its own by developing and commercializing the underlying product using its own resources. Eidos recognized the $25.0 million upfront fee and $1.7 million premium paid for Eidos’ stock for a total upfront payment of $26.7 million in license revenue upon the effective date of the license agreement in September 2019. Eidos determined that the license was a right to use its intellectual property and as of the effective date, it had provided all necessary information to Alexion to benefit from the license and the license term had begun. In addition, Eidos entered into a clinical supply agreement in July 2020 and may enter into a commercial supply agreement for the licensed territory. Eidos determined that the optional right to future products under these supply agreements does not represent a material right. Eidos has supplied insignificant amounts to Alexion as part of the clinical supply agreement during the three and nine months ended September 30, 2024 and 2023, respectively, and has recorded such amounts within “Revenue” in our condensed consolidated statement of operations.

Receivables from Licensing and Collaboration Agreements

Receivables from licensing and collaboration agreements represent valid claims against our partners, customers, biopharmaceutical companies including unbilled receivables and royalty payments due from third parties for licensing the Company’s technologies. Unbilled receivables include balances due from our biopharmaceutical customers related to development services and transition-related receivables that are recognized upon incurrence of the costs for the partnered programs but prior to the achievement of contractual billing rights. As of September 30, 2024 and December 31, 2023, the Company had unbilled receivables of $0.2 million and $0.9 million, respectively, of which 75.6% and 61.9%, respectively, of total unbilled receivables related to one partner. Total receivables from licensing and collaboration agreements as of September 30, 2024 and December 31, 2023 are $0.5 million and $1.8 million, respectively, and are presented as “Receivables from licensing and collaboration agreements” within our condensed consolidated balance sheets.

The Company evaluates the collectability of its receivables 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 September 30, 2024 and December 31, 2023, the Company did not have an allowance for credit losses.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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:


	September 30, 2024
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	126,476	$	126,476	$	—	$	—
Treasury bills		45,910		—		45,910		—
Agency discount notes		47,530		—		47,530		—
Total cash equivalents		219,916		126,476		93,440		—
Total financial assets	$	219,916	$	126,476	$	93,440	$	—
Liability
Embedded derivative	$	1,751	$	—	$	—	$	1,751


	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		—
Investments 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

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

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


	Three Months Ended September 30,					Nine Months Ended September 30,
	2024		2023			2024		2023
	(in thousands)
Net realized gains recognized on investments in equity securities sold	$	—	$	253		$	8,136	$	9,049
Net unrealized losses recognized on investments in equity securities held as of the end of the period		—		(5,603	)		—		(12,000	)
Total net gains (losses) included in “Other income (expense), net”	$	—	$	(5,350	)	$	8,136	$	(2,951	)

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (164,254)	$ (179,488)	$ (275,958)	$ (482,923)
Other comprehensive loss:
Unrealized gains (losses) on available-for-sale securities	9	(29)	(26)	362
Comprehensive loss	(164,245)	(179,517)	(275,984)	(482,561)
Comprehensive loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests	2,214	2,489	5,246	7,869
Comprehensive loss attributable to common stockholders of BridgeBio	$ (162,031)	$ (177,028)	$ (270,738)	$ (474,692)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. 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 (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-SubTopic 10
-Topic 810
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-20

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(23))
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+ 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

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+ Details

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

Cash, Cash Equivalents and Marketable Securities


	September 30, 2024		December 31, 2023
	(in thousands)
Cash and cash equivalents	$	266,324	$	375,935
Restricted cash		139,409		16,653
Restricted cash, non-current — included in “Other assets”		2,143		2,144
Total cash, cash equivalents and restricted cash shown on the condensed consolidated statements of cash flows	$	407,876	$	394,732

Restricted Cash

Restricted cash primarily represents funds in a controlled account that was established in connection with the Company’s Term Loans described in Note 9.

Equity Method Investments and Other Equity Investments

Since inception through August 16, 2024, Portal Therapeutics, Inc. and Sub21, Inc. were majority-owned consolidated subsidiaries of the Company. On August 16, 2024, the Company contributed its equity ownership in these entities to GondolaBio, LLC, a Delaware limited liability company (“GondolaBio”), and as a result, Portal Therapeutics, Inc. and Sub21, Inc. were deconsolidated in conjunction with the GondolaBio transaction described below.

Refer to Note 6 for further discussion on the GondolaBio, TheRas and PellePharm investments.

Accrued Professional and Other Accrued Liabilities

Accrued professional and other accrued liabilities consisted of the following balances:


	September 30, 2024		December 31, 2023
	(in thousands)
Accrued professional services	$	3,789	$	7,412
Accrued interest		3,414		17,761
Milestone liability		4,785		6,000
Other accrued liabilities		12,956		4,657
Accrued professional and other accrued liabilities	$	24,944	$	35,830

Concentration of Credit Risk and Other Risks and Uncertainties

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.

Use of Estimates

•

allowance for credit losses,

•

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

•

accruals for performance-based milestone compensation arrangements,

•

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

•

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

•

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

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

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

Notes

2029 Notes, net

On January 28, 2021, we issued an aggregate of $717.5 million principal amount of our 2029 Notes pursuant to an Indenture dated January 28, 2021 (the “2029 Notes Indenture”), between us and U.S. Bank National Association, as trustee (the “2029 Notes Trustee”), in a private offering to qualified institutional buyers (the “2021 Note Offering”) pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The 2029 Notes issued in the 2021 Note Offering include $67.5 million aggregate principal amount of 2029 Notes sold to the initial purchasers (the “2029 Notes Initial Purchasers”) pursuant to the exercise in part of the 2029 Notes Initial Purchasers’ option to purchase $97.5 million principal amount of additional 2029 Notes. On January 28, 2021, the 2029 Notes Initial Purchasers exercised the remaining portion of their option to purchase $30.0 million principal amount of additional 2029 Notes. The sale of those additional 2029 Notes closed on February 2, 2021, which resulted in the total aggregate principal amount of $747.5 million.

The 2029 Notes 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’s common stock described below.

A holder of 2029 Notes may convert all or any portion of its 2029 Notes at its option at any time prior to the close of business on the business day immediately preceding November 1, 2028 in multiples of $1,000 only under the following circumstances:

•

During any calendar quarter commencing after the calendar quarter ending on June 30, 2021 (and only during such calendar quarter), if the last reported sale price of BridgeBio’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

•

During the five-business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined in the 2029 Notes Indenture) per $1,000 principal amount of 2029 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of BridgeBio’s common stock and the conversion rate on each such trading day;

•

If we call such notes for redemption, at any time prior to the close of business on the second business day immediately preceding the redemption date; or

•

Upon the occurrence of specified corporate events, as defined in the 2029 Notes Indenture.

On or after November 1, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date, a holder may convert all or any portion of its 2029 Notes at any time, regardless of the foregoing.

The conversion rate will initially be 10.3050 shares of BridgeBio’s common stock per $1,000 principal amount of 2029 Notes (equivalent to an initial conversion price of approximately $97.04 per share of BridgeBio’s common stock, for a total of approximately 7,702,988 shares).

The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2029 Notes in connection with such a corporate event. The maximum number of shares issuable should there be an increase in the conversion rate is 11,361,851 shares of BridgeBio’s common stock.

We may not redeem the 2029 Notes prior to February 6, 2026. We may redeem for cash all or any portion of the 2029 Notes, at our option, on a redemption date occurring on or after February 6, 2026 and on or before the 41st scheduled trading day immediately before the maturity date, under certain circumstances. No sinking fund is provided for the Notes. If we undergo a fundamental change (as defined in the 2029 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2029 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2029 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 2029 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2029 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the 2029 Notes then outstanding may declare the entire principal amount of all the Notes plus accrued special interest, if any, to be immediately due and payable. The 2029 Notes are our general unsecured obligations and rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2029 Notes; equal in right of payment with all of our liabilities that are not so subordinated, including our 2027 Notes; effectively junior to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries.

In connection with the issuance of the 2029 Notes, we incurred approximately $16.1 million of debt issuance costs, which consisted of initial purchasers’ discounts. This was recorded as a reduction in the carrying value of the debt on the condensed consolidated balance sheets and is amortized to interest expense using the effective interest method over the expected life of the 2029 Notes or approximately their eight-year term.

2027 Notes, net

On March 9, 2020, we issued an aggregate principal amount of $550.0 million of our 2027 Notes, pursuant to an Indenture dated March 9, 2020 (the “2027 Notes Indenture”), between us and U.S. Bank National Association, as trustee (the “2027 Notes Trustee”), in a private offering to qualified institutional buyers (the “2020 Note Offering”) pursuant to Rule 144A under the Securities Act. The 2027 Notes issued in the 2020 Note Offering include $75.0 million in aggregate principal amount of 2027 Notes sold to the initial purchasers (the “2027 Notes Initial Purchasers”) resulting from the exercise in full of their option to purchase additional 2027 Notes.

The 2027 Notes will accrue interest payable semi-annually 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’s common stock described below.

A holder of 2027 Notes may convert all or any portion of its 2027 Notes at its option at any time prior to the close of business on the business day immediately preceding December 15, 2026 in multiples of $1,000 only under the following circumstances:

•

During any calendar quarter commencing after the calendar quarter ending on June 30, 2020 (and only during such calendar quarter), if the last reported sale price of BridgeBio’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

•

During the five-business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined in the 2027 Notes Indenture) per $1,000 principal amount of 2027 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of BridgeBio’s common stock and the conversion rate on each such trading day; or

•

Upon the occurrence of specified corporate events, as defined in the 2027 Notes Indenture.

On or after December 15, 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date, a holder may convert all or any portion of its 2027 Notes at any time, regardless of the foregoing.

The conversion rate will initially be 23.4151 shares of BridgeBio’s common stock per $1,000 principal amount of 2027 Notes (equivalent to an initial conversion price of approximately $42.71 per share of BridgeBio’s common stock, for a total of approximately 12,878,305 shares). Based on the closing price of our common stock on September 30, 2024, the if-converted value of the 2027 Notes did not exceed its principal amount.

The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2027 Notes in connection with such a corporate event. The maximum number of shares issuable should there be an increase in the conversion rate is 17,707,635 shares of BridgeBio’s common stock.

We may not redeem the 2027 Notes prior to the maturity date, and no sinking fund is provided for the 2027 Notes. If we undergo a fundamental change (as defined in the 2027 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2027 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2027 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 2027 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2027 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the 2027 Notes then outstanding may declare the entire principal amount of all the 2027 Notes plus accrued special interest, if any, to be immediately due and payable. The 2027 Notes are our general unsecured obligations and rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2027 Notes; equal in right of payment with all of BridgeBio’s liabilities that are not so subordinated, including our 2029 Notes; effectively junior to any of BridgeBio’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries.

In accounting for the issuance of the 2027 Notes in 2020 under ASC 470-20, Debt: Debt with Conversion and Other Options, we separately accounted for the liability and equity components of the 2027 Notes by allocating the proceeds between the liability component and the embedded conversion options, or equity component, due to our ability to settle the 2027 Notes in cash, BridgeBio’s common stock, or a combination of cash and BridgeBio’s common stock at our option. Effective January 1, 2021, we early adopted Accounting Standards Update (“ASU”) 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), and, as a result, we no longer separately account for the liability and equity components of the 2027 Notes, and, instead, account for our 2027 Notes wholly as debt.

In connection with the issuance of the 2027 Notes, we incurred approximately $13.0 million of debt issuance costs, which primarily consisted of initial purchasers’ discounts and legal and other professional fees. We allocated these costs to the liability and equity components based on the allocation of the proceeds. The portion of these costs allocated to the equity component totaling approximately $4.1 million was recorded as a reduction to additional paid-in capital in 2020. The portion of these costs allocated to the liability component totaling approximately $8.9 million was recorded as a reduction in the carrying value of the debt on the condensed consolidated balance sheet and was amortized to interest expense using the effective interest method over the expected life of the 2027 Notes or approximately their seven-year term.

Additional Information Related to the Notes

The outstanding Notes’ balances consisted of the following:


	September 30, 2024						December 31, 2023
	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		(9,124	)		(5,281	)		(10,595	)		(6,621	)
Net carrying amount	$	738,376		$	544,719		$	736,905		$	543,379

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


	Three Months Ended September 30, 2024								Nine Months Ended September 30, 2024
	2029 Notes			2027 Notes			Total		2029 Notes			2027 Notes			Total
	(in thousands)								(in thousands)
Contractual interest expense	$	4,205		$	3,438		$	7,643	$	12,614		$	10,313		$	22,927
Amortization of debt discount and issuance costs		494			449			943		1,471			1,340			2,811
Total interest and amortization expense	$	4,699		$	3,887		$	8,586	$	14,085		$	11,653		$	25,738

Effective interest rate		2.6	%		2.8	%				2.6	%		2.8	%


	Three Months Ended September 30, 2023								Nine Months Ended September 30, 2023
	2029 Notes			2027 Notes			Total		2029 Notes			2027 Notes			Total
	(in thousands)								(in thousands)
Contractual interest expense	$	4,205		$	3,438		$	7,643	$	12,614		$	10,313		$	22,927
Amortization of debt discount and issuance costs		482			438			920		1,434			1,304			2,738
Total interest and amortization expense	$	4,687		$	3,876		$	8,563	$	14,048		$	11,617		$	25,665

Effective interest rate		2.6	%		2.8	%				2.6	%		2.8	%

As of September 30, 2024, interest payable on the 2029 and 2027 Notes amounted to $2.8 million and $0.6 million, respectively. As of December 31, 2023, interest payable on the 2029 and 2027 Notes amounted to $7.0 million and $4.0 million, respectively.

Future minimum payments under the Notes as of September 30, 2024 are as follows:


	2029 Notes			2027 Notes			Total
	(in thousands)
Remainder of 2024	$	—		$	—		$	—
Year ending December 31:
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		755,909			—			755,909
Total future payments		823,185			584,375			1,407,560
Less amounts representing interest		(75,685	)		(34,375	)		(110,060	)
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. In January 2024, we fully repaid the term loan under the Loan Agreement 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 were 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 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”, refer to 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, we exercised our option to convert $3.4 million and $10.1 million of accrued interest into principal via PIK for the three and nine months ended September 30, 2023, 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.

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


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

For the three and nine months ended September 30, 2024, we recognized interest expense related to the Amended Loan Agreement of nil and $3.0 million, respectively, of which nil and $0.4 million, respectively, relates to amortization of debt discount and issuance costs. For the three and nine months ended September 30, 2023, we recognized interest expense related to the Amended Loan Agreement of $11.6 million and $34.6 million, respectively, of which $1.2 million and $4.0 million, respectively, relates to amortization of debt discount and issuance costs. As of December 31, 2023, interest payable under the Amended Loan Agreement included in “Accrued professional and other accrued liabilities” in our condensed consolidated balance sheet amounted to $6.7 million.

On January 17, 2024, the Company fully repaid the Amended Loan Agreement for $475.8 million, which consisted of $455.4 million for the outstanding principal, $9.1 million for the prepayment fee, $8.6 million for the exit cost, $2.4 million in accrued interest and $0.3 million for transaction-related fees using the proceeds from the Financing Agreement and cash on hand, and recognized a loss on extinguishment of debt of $26.6 million.

Financing Agreement

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

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. The mandatory prepayment events include certain permitted asset sales transactions (which include certain sales, leases, assignments, conveyances, transfers, licenses or exchanges of property) that occur prior to the date the FDA approves a first NDA for acoramidis, which would require the Company to deposit 75% of net cash received from such transactions into an escrow account controlled by the Administrative Agent, and the Company may also be subject to a

specified disposition fee per transaction for certain asset sale transactions. In certain instances and during certain time periods, prepayments will be subject to customary prepayment fees. The amount of any 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.

We have entered into asset sales transactions that occurred during the three months ended March 31, 2024 for the exclusive license agreements with Bayer Consumer Care AG and Kyowa Kirin Co., Ltd, for which the Company is required to deposit 75% of the proceeds, net of certain permitted costs, upon receipt of the upfront payments from Bayer Consumer Care AG and Kyowa Kirin Co., Ltd, into the escrow accounts. During the three months ended June 30, 2024, we received $235.0 million in aggregate from Bayer Consumer Care AG and Kyowa Kirin Co., Ltd, and deposited net proceeds of $159.3 million into the escrow accounts. Refer to Note 11 for further details regarding the exclusive license agreements with Bayer Consumer Care AG and Kyowa Kirin Co., Ltd.

The completion of the $200.0 million private equity financing with external investors of BBOT was considered an asset sale transaction that was subject to a disposition fee under the Financing Agreement. Accordingly, we paid a disposition fee of $1.1 million to the Administrative Agent in May 2024. Refer to Note 6 for further details regarding the BBOT private equity financing transaction.

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 qualified 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.

On June 20, 2024, the Company and each of the guarantors entered into the Second Amendment to the Financing Agreement (the Financing Agreement, as amended by the Second Amendment, the “Amended Financing Agreement”). Under the Amended Financing Agreement, between June 20, 2024 and through the earlier of the date the FDA approves a first NDA for acoramidis and November 30, 2024, the Company is able to request a release of funds in an aggregate amount not to exceed 50% of the original net cash proceeds received from asset sale transactions. As of September 30, 2024, $20.0 million was released from the escrow accounts and classified as cash, with a remaining balance of $139.3 million in the escrow accounts classified as “restricted cash” on the condensed consolidated balance sheet. Furthermore, under the Amended Financing Agreement, the minimum qualified cash balance was amended from $70.0 million to $70.0 million plus 40% of any cash released by the Company from the escrow accounts, at all times. As of September 30, 2024, the minimum unrestricted qualified cash balance was $78.0 million.

We received net proceeds from the Initial Term Loan of $434.0 million, after deducting debt discount and issuance costs of $16.0 million.

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


	September 30, 2024
	(in thousands)
Principal value of term loan	$	450,000
Debt discount, issuance costs and exit fee accretion		(13,779	)
Term loan, net	$	436,221

For the three and nine months ended September 30, 2024, we recognized interest expense related to the Amended Financing Agreement of $14.4 million and $40.6 million, respectively, of which $0.8 million and $2.2 million, respectively, relates to amortization of debt discount and issuance costs. There was no interest payable under the Amended Financing Agreement as of September 30, 2024.

Future minimum payments under the Amended Financing Agreement as of September 30, 2024 are as follows:


	Amount
	(in thousands)
Remainder of 2024	$	13,610
Year Ending December 31:
2025		53,995
2026		53,995
2027		119,454
2028		131,732
2029		294,327
Total future payments		667,113
Less amounts representing interest		(217,113	)
Total principal amount of term loan payments	$	450,000

The amounts in the table above do not take into account any changes due to mandatory payments under the terms of the Amended Financing Agreement.

- 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 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: 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 9: 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 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
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+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

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:


	September 30, 2024
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	126,476	$	126,476	$	—	$	—
Treasury bills		45,910		—		45,910		—
Agency discount notes		47,530		—		47,530		—
Total cash equivalents		219,916		126,476		93,440		—
Total financial assets	$	219,916	$	126,476	$	93,440	$	—
Liability
Embedded derivative	$	1,751	$	—	$	—	$	1,751


	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		—
Investments 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

There were no transfers between Level 1, Level 2 or Level 3 during the periods presented.

There are uncertainties on the fair value measurement of the instrument classified under Level 3 due to the use of unobservable inputs and interrelationships between these unobservable inputs, which could result in higher or lower fair value measurements.

Investments in Equity Securities

We have investments in equity securities of publicly held companies and we do not have restrictions on our ability to sell these securities. We have classified our investments in equity securities within Level 1, as the fair value of these equity securities are derived from observable inputs such as quoted prices in active markets. Our investments in equity securities, which only consisted of an investment in LianBio, had an aggregate fair value of nil as of September 30, 2024 (refer to Note 6). Our investments in equity securities had an aggregate fair value of $58.9 million as of December 31, 2023, which included an investment in LianBio with a fair value of $22.4 million.

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


	Three Months Ended September 30,					Nine Months Ended September 30,
	2024		2023			2024		2023
	(in thousands)
Net realized gains recognized on investments in equity securities sold	$	—	$	253		$	8,136	$	9,049
Net unrealized losses recognized on investments in equity securities held as of the end of the period		—		(5,603	)		—		(12,000	)
Total net gains (losses) included in “Other income (expense), net”	$	—	$	(5,350	)	$	8,136	$	(2,951	)

LianBio Warrant

As of December 31, 2023 our subsidiary, QED Therapeutics, Inc. (“QED”), held a warrant which entitles QED to purchase shares of LianBio (the “LianBio Warrant”, refer to Note 6). We had classified the LianBio Warrant, which pertained to an equity security of a publicly held company, within Level 1 as the fair value of this equity security was derived from observable inputs such as quoted prices in an active market. In February 2024, we fully exercised the LianBio Warrant and purchased 347,569 shares of LianBio common stock for an immaterial amount.

Notes

The fair values of our 2.25% convertible senior notes due 2029 (the “2029 Notes”) and our 2.50% convertible senior notes due 2027 (the “2027 Notes”) (collectively, the “Notes”, refer to Note 9), which differ from their respective carrying values, are determined by prices for the Notes observed in market trading. The market for trading of the Notes is not considered to be an active market and therefore the estimate of fair value is based on Level 2 inputs. As of September 30, 2024, 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 $624.2 million and $565.1 million, respectively, based on their market prices on the last trading day for the period. As of December 31, 2023, the estimated fair value of our 2029 Notes and 2027 Notes was $638.7 million and $695.8 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 (refer to Note 9) is estimated using the net present value of the payments, discounted at an interest rate that is consistent with a market interest rate, which is a Level 2 input. The estimated fair value of our outstanding term loan under the Financing Agreement (as defined in Note 9 below) as of September 30, 2024 was $453.1 million and under the Loan Agreement (as defined in Note 9 below) as of December 31, 2023 was $389.1 million.

- 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.

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+ Details