View Filing Data

Short-term marketable securities

$ 757,049

$ 363,773

^[1]

148,126

182,220

^[1]

19,782

22,629

^[1]

924,957

568,622

^[1]

15,755

5,625

^[1]

Long-term marketable securities

8,855

23,210

31,144

^[1]

17,022

26,288

^[1]

989,799

631,679

^[1]

13,086

8,852

^[1]

5,647

13,317

^[1]

29,522

20,896

^[1]

LEO call option liability

3,145

2,222

^[1]

3,539

4,078

^[1]

^[1]

8,000

2,510

7,465

3,020

^[1]

Operating lease liabilities, net of current portion

64,914

60,385

^[1]

Term loans, noncurrent

92,416

91,791

^[1]

2027 Notes

368,923

8,678

2,797

3,527

^[1]

Commitments and contingencies (Note 8)

537,728

155,703

^[1]

^[1]

3,053

2,243

^[1]

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

^[1]

Common stock, $0.001 par value; 500,000,000 shares authorized; 123,774,536 shares issued and 121,359,855 shares outstanding as of March 31, 2020, 123,658,287 shares issued and outstanding as of December 31, 2019

124

^[1]

Treasury stock, at cost; 2,414,681 shares as of March 31, 2020

(75,000)

Additional paid-in capital

986,746

848,107

^[1]

Accumulated other comprehensive income

726

254

^[1]

(531,881)

(440,031)

^[1]

380,715

408,454

^[1]

Noncontrolling interests

68,303

65,279

^[1]

Total liabilities, redeemable convertible noncontrolling interests and stockholders’ equity

449,018

473,733

^[1],[2]

$ 989,799

$ 631,679

^[1]

[1]	The condensed consolidated balance sheet as of December 31, 2019 is derived from the audited consolidated financial statements as of that date.
[2]	The consolidated balances as of December 31, 2019 and 2018 are derived from the audited consolidated financial statements as of that date. The consolidated balances as of December 31, 2018 were retroactively adjusted, including shares and per share amounts, as a result of the 2019 Reorganization. See Note 13 to the condensed consolidated financial statements for additional details.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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	123,774,536	123,658,287
Common stock, shares outstanding	121,359,855	123,658,287
Treasury stock, shares	2,414,681

Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Income Statement [Abstract]

Revenue from Contract with Customer, Product and Service [Extensible List]

us-gaap:LicenseMember

Operating expenses:

Research and development

$ 68,225

$ 44,853

General and administrative

34,262

18,899

Total operating expenses

102,487

63,752

Loss from operations

(102,487)

(63,752)

Other income (expense), net:

Interest income

1,941

2,107

Interest expense

(4,010)

(1,671)

Share in net loss of an equity method investment

(4,599)

Other income (expense)

474

(1,521)

Total other income (expense), net

(1,595)

(5,684)

Net loss

(104,082)

(69,436)

Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests

12,232

8,251

Net loss attributable to common stockholders of BridgeBio

$ (91,850)

$ (61,185)

Net loss per share, basic and diluted

$ (0.78)

$ (0.66)

Weighted-average shares used in computing net loss per share, basic and diluted

^[1]

117,803,438

92,330,072

[1]	The weighted-average shares used in computing net loss per share, basic and diluted for the three months ended March 31, 2019 were retroactively adjusted as a result of the 2019 Reorganization. See Note 13 to the condensed consolidated financial statements for additional details.

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (104,082)	$ (69,436)
Other comprehensive income:
Unrealized gain on available-for-sale securities	472
Comprehensive loss	(103,610)	(69,436)
Comprehensive loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests	12,232	8,251
Comprehensive loss attributable to common stockholders of BridgeBio	$ (91,378)	$ (61,185)

Beginning balance at Dec. 31, 2018

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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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 32
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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+ Details

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

Total

Common Stock

Treasury Stock

Additional Paid-In Capital

Accumulated Other Comprehensive Income

Accumulated Deficit

Total Bridge Bio Stockholders' Equity

Noncontrolling Interests

Redeemable Convertible Noncontrolling Interests

^[1]

$ 377,240

$ 92

$ 494,231

$ (179,444)

$ 314,879

$ 62,361

Temporary equity, beginning balance at Dec. 31, 2018

^[1]

122

Beginning balance, shares at Dec. 31, 2018

^[1]

92,057,704

Issuance of shares under equity compensation plans, shares

518,511

Stock-based compensation

1,236

Repayment of nonrecourse notes

179

Transfers from (to) noncontrolling interest

1,320

(870)

(2,968)

2,098

Temporary Equity, transfers from (to) noncontrolling interest

870

Net loss

(68,646)

(61,185)

(7,461)

Temporary Equity, net loss

(790)

Ending balance at Mar. 31, 2019

310,459

$ 92

492,678

(240,629)

252,141

58,318

Temporary equity, ending balance at Mar. 31, 2019

202

$ 202

Ending balance, shares at Mar. 31, 2019

92,576,215

Beginning balance at Dec. 31, 2019

^[1]

473,733

^[2]

$ 848,107

254

(440,031)

408,454

65,279

Temporary equity, beginning balance at Dec. 31, 2019

2,243

^[2]

2,243

^[1]

Beginning balance, shares at Dec. 31, 2019

^[1]

123,658,287

Issuance of shares under equity compensation plans

529

Issuance of shares under equity compensation plans, shares

116,249

Stock-based compensation

8,063

Equity component of 2027 Notes, net of issuance costs and deferred tax liability

167,726

Purchase of capped calls

(49,280)

Repurchase of common stock

(75,000)

$ (75,000)

(75,000)

Repurchase of common stock, shares

(2,414,681)

2,414,681

Temporary Equity, issuance (repurchase) of noncontrolling interest

26,565

1,102

Transfers from (to) noncontrolling interest

(574)

11,601

(12,175)

Temporary Equity, transfers from (to) noncontrolling interest

574

Unrealized gain on available-for-sale securities

472

Net loss

(103,216)

(91,850)

(11,366)

Temporary Equity, net loss

(866)

Ending balance at Mar. 31, 2020

449,018

$ (75,000)

$ 986,746

$ 726

$ (531,881)

$ 380,715

$ 68,303

Temporary equity, ending balance at Mar. 31, 2020

$ 3,053

Ending balance, shares at Mar. 31, 2020

121,359,855

2,414,681

[1]	The consolidated balances as of December 31, 2019 and 2018 are derived from the audited consolidated financial statements as of that date. The consolidated balances as of December 31, 2018 were retroactively adjusted, including shares and per share amounts, as a result of the 2019 Reorganization. See Note 13 to the condensed consolidated financial statements for additional details.
[2]	The condensed consolidated balance sheet as of December 31, 2019 is derived from the audited consolidated financial statements as of that date.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities:
Net loss	$ (104,082)	$ (69,436)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	10,222	2,232
Share in net loss of equity method investments		4,599
Accretion of 2027 Notes and term loans	1,761	354
Acquired in-process research and development assets		2,000
LEO call option expense (income)	(539)	1,514
Other noncash adjustments	1,034	339
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	2,846	(309)
Other assets	(734)	(1,852)
Accounts payable	4,234	(1,952)
Accrued compensation and benefits	(7,670)	(432)
Accrued research and development liabilities	8,626	1,710
Accrued professional services	923	1,370
Operating lease liabilities	(556)
Other accrued and other liabilities	15	723
Net cash used in operating activities	(83,920)	(59,140)
Investing activities
Maturities of marketable securities	42,500
Cash paid for in-process research and development assets acquired		(2,000)
Purchases of property and equipment	(4,477)	(427)
Net cash provided by (used in) investing activities	38,023	(2,427)
Financing activities
Proceeds from issuance of 2027 Notes	550,000
Issuance costs and discounts associated with issuance of 2027 Notes	(12,375)
Purchase of capped calls	(49,280)
Repurchase of common stock	(75,000)
Proceeds from repayment of nonrecourse notes		179
Proceeds from at-the-market issuance of noncontrolling interest by Eidos, net	24,094
Proceeds from issuance of redeemable convertible noncontrolling interests to third-party investors	1,000
MyoKardia distributions		(997)
Payment of deferred offering costs		(936)
Proceeds from stock option exercises, net of repurchases	734	103
Net cash provided by (used in) financing activities	439,173	(1,651)
Net increase (decrease) in cash, cash equivalents and restricted cash	393,276	(63,218)
Cash, cash equivalents and restricted cash at beginning of period	364,197	436,245
Cash, cash equivalents and restricted cash at end of period	757,473	373,027
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	2,054	1,176
Supplemental Disclosures of Non-Cash Investing and Financing Information:
Issuance costs associated with issuance of 2027 Notes included in other accrued and other liabilities	664
Recognition of property and equipment previously classified in other assets	10,000
Operating lease right-of-use assets obtained in exchange for operating lease obligations	9,395
Transfers from (to) noncontrolling interest (Note 6)	$ 11,601	$ (2,968)

Organization and Description of Business

3 Months Ended

Mar. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Description of Business

1.	Organization and Description of Business

BridgeBio Pharma, Inc. (“BridgeBio”) was established to identify and advance transformative medicines to treat patients who suffer from Mendelian diseases, which are diseases that arise from defects in a single gene, and cancers with clear genetic drivers. BridgeBio’s pipeline of programs spans early discovery to late-stage development.

On July 1, 2019, BridgeBio completed the 2019 Reorganization and closed the Initial Public Offering (“IPO”) of its common stock (see Note 13). Since inception, BridgeBio has either created wholly-owned subsidiaries or has made investments in certain controlled entities, including partially-owned subsidiaries for which BridgeBio has a majority voting interest, and variable interest entities (“VIEs”) for which BridgeBio is the primary beneficiary (collectively, “we”, “our”, “us”). Our condensed consolidated financial statements include the accounts of our majority-owned affiliate, Eidos Therapeutics, Inc. (“Eidos”), which completed an IPO in June 2018. BridgeBio is headquartered in Palo Alto, California.

The results of operations and cash flows prior to the IPO closing on July 1, 2019 relate to BridgeBio Pharma LLC (“BBP LLC”), its subsidiaries and controlled entities. Subsequent to the IPO closing, the information relates to BridgeBio, its subsidiaries and controlled entities. All share and per share amounts in these condensed consolidated financial statements and related notes have been retroactively adjusted, where applicable, for the comparable periods presented to give effect to the exchange ratio applied in connection with the 2019 Reorganization.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2.Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The condensed consolidated financial statements include the accounts of BridgeBio Pharma, Inc., its wholly owned subsidiaries and controlled entities, all of which are denominated in U.S. dollars. All intercompany balances and transactions have been eliminated in consolidation.

The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of 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, 2019 filed with the Securities and Exchange Commission (“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, and our cash flows for the periods presented. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any other future annual or interim periods.

The condensed consolidated balance sheet as of March 31, 2020, the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive loss, the condensed consolidated statements of redeemable convertible noncontrolling interests and stockholders’ equity and the condensed consolidated statements of cash flows for the three months ended March 31, 2020 and 2019 are unaudited. The financial data and the other financial information contained in these notes to the condensed consolidated financial statements related to the three-month periods are also unaudited.

Variable Interest Entities and Voting Interest Entities

BridgeBio consolidates those entities in which it has a direct or indirect controlling financial interest based on either the VIE model or the Voting Interest Entity (“VOE”) model.

At the VIE’s inception, BridgeBio determines whether it is the primary beneficiary and if the VIE should be consolidated based on the facts and circumstances. BridgeBio then performs on-going reassessments of the VIE based on reconsideration events and reevaluates whether a change to the consolidation conclusion is required each reporting period. Refer to Note 6.

Entities that do not qualify as a VIE are assessed for consolidation under the VOE model. Under the VOE model, BridgeBio consolidates the entity if it determines that it, directly or indirectly, has greater than 50% of the voting shares and that other equity holders do not have substantive voting, participating or liquidation rights. Refer to Note 6.

We have either created or made investments in entities that are either wholly or partially-owned subsidiaries and VIEs. The following are the VIEs as of March 31, 2020 and December 31, 2019:

Variable Interest Entities	Relationship as of March 31, 2020	Date Control First Acquired	Ownership % as of March 31, 2020			Ownership % as of December 31, 2019
			(unaudited)
Fortify Therapeutics, Inc. (“Fortify”)	Controlled VIE	June 2018		99.7	%		99.7	%
Calcilytix Therapeutics, Inc. (“Calcilytix”)	Controlled VIE	December 2018		98.9	%		98.9	%
Audition Therapeutics, Inc. (“Audition”)	Controlled VIE	May 2019		64.5	%		64.5	%
Molecular Skin Therapeutics, Inc. (“MOST”)	Controlled VIE	July 2016		64.1	%		64.8	%
TheRas, Inc. (“Theras”)	Controlled VIE	August 2016		99.6	%		99.6	%
Quartz Therapeutics, Inc. (“Quartz”)	Controlled VIE	October 2016		89.0	%		89.0	%
PellePharm, Inc. (“PellePharm”)⁽¹⁾	VIE	December 2016		43.3	%		43.3	%
Navire Pharma, Inc. (“Navire”)	Controlled VIE	February 2017		78.1	%		78.6	%
CoA Therapeutics, Inc. (“CoA”)	Controlled VIE	February 2017		98.8	%		99.5	%
Dermecular Therapeutics, Inc. (“Dermecular”)	Controlled VIE	April 2017		87.6	%		87.6	%
Phoenix Tissue Repair, Inc. (“PTR”)	Controlled VIE	July 2017		65.3	%		65.5	%
QED Therapeutics, Inc. (“QED”)	Controlled VIE	January 2018		98.0	%		97.8	%
Adrenas Therapeutics, Inc. (“Adrenas”)	Controlled VIE	January 2018		90.7	%		90.1	%
Orfan Biotech, Inc. (“Orfan”)	Controlled VIE	January 2018		91.7	%		91.7	%
Ferro Therapeutics, Inc. (“Ferro”)	Controlled VIE	March 2018		90.6	%		90.9	%
Origin Biosciences, Inc. (“Origin”)	Controlled VIE	April 2018		99.7	%		99.6	%
Venthera, Inc. (“Venthera”)	Controlled VIE	April 2018		86.9	%		83.2	%
Aspa Therapeutics, Inc. (“Aspa”)	Controlled VIE	June 2018		93.0	%		91.0	%
ML Bio Solutions, Inc. (“ML Bio”)	Controlled VIE	July 2019		63.3	%		50.6	%
Shift Therapeutics, Inc. (“Shift”) (2)	Controlled VIE	January 2019		83.1	%		—

(1)	Subsequent to the execution of a series of agreements (the “LEO Agreement”) with LEO Pharma A/S and LEO Spiny Merger Sub, Inc. (“LEO”) in November 2018, BridgeBio determined that it is no longer the primary beneficiary of PellePharm and deconsolidated PellePharm. Refer to Note 8.

(2)	Shift had no shares issued and outstanding from the date of incorporation through December 31, 2019.

Not included in the above list is Eidos, which is a partially-owned subsidiary that we consolidate under the VOE model.

Risks and Uncertainties

In light of recent developments relating to the global outbreak of SARS-CoV-2, the novel strain of coronavirus that causes Coronavirus disease 19 (COVID-19), the focus of healthcare providers and hospitals on fighting the virus, and consistent with the U.S. Food and Drug Administration’s updated industry guidance for conducting clinical trials issued on March 18, 2020, we are experiencing delays in or temporary suspension of the enrollment of patients in our subsidiaries’ ongoing clinical trials. We additionally expect to experience delays in certain ongoing key program activities, including commencement of planned clinical trials, as well as non-clinical experiments and investigational new drug application-enabling good laboratory practice toxicology studies. The exact timing of delays and overall impact is currently unknown.

Cash, Cash Equivalents and Restricted Cash

We consider all highly liquid investments purchased with original maturities of 90 days or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market instruments, such as money market funds and repurchase agreements collateralized with securities issued by the U.S. government or its agencies.

Our restricted cash balance relates to cash and cash equivalents that we have pledged as collateral under certain lease agreements and letters of credit.

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

	March 31, 2020		March 31, 2019
	(in thousands)
Cash and cash equivalents	$	757,049	$	373,027
Restricted cash		424		—
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	757,473	$	373,027

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 assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, fair value of the liability component of our 2.50% convertible senior notes due 2027 (the “2027 Notes”, see Note 9), the fair value of the LEO Call Option liability (see Note 7), the present value of lease payments of our leases on lease commencement date, the valuation of our stock-based awards, accruals for certain employees’ performance-based milestones, accruals for research and development activities, accruals for contingent milestone payments in our license agreements and income tax uncertainties. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable. Actual results may differ from those estimates or assumptions.

Capped Call Transactions

In March 2020, in connection with the issuance of the 2027 Notes (see Note 9), BridgeBio entered into Capped Call Transactions. The Capped Call Transactions are expected generally to reduce the potential dilution to the holders of BridgeBio’s common stock upon any conversion of the 2027 Notes and/or offset any cash payments BridgeBio is required to make in excess of the principal amount of converted 2027 Notes, with such reduction and/or offset subject to a cap based on the cap price (see Note 9). The capped calls meet the conditions outlined in Accounting Standards Codification (“ASC”) 815-40, Derivatives and Hedging, to be classified in stockholders’ equity as a reduction to additional paid-in capital and are not subsequently remeasured as long as the conditions for equity classification continue to be met.

Debt Issuance Costs

Debt issuance costs are amortized to interest expense over the estimated life of the related debt based on the effective interest method. In accordance with ASC 835, Interest, we present debt issuance costs on the condensed consolidated balance sheet as a direct deduction from the associated debt. A portion of debt issuance costs incurred in connection with the 2027 Notes issued in March 2020 was deemed to relate to the equity component and was recorded as a reduction to additional paid in capital and is not amortized to interest expense over the estimated life of the related debt. The 2027 Notes are more fully described in Note 9.

Treasury Stock

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

Leases

Our lease portfolio as of January 1, 2020 and March 31, 2020 includes leases for our headquarters, office spaces and laboratory facility. We determine if an arrangement is a lease at the inception of the contract. The asset component of our operating leases is recorded as operating lease right-of-use assets, and the liability component is recorded as current portion of operating lease liabilities and operating lease liabilities, net of current portion in our condensed consolidated balance sheet. As of March 31, 2020, we have not recorded any finance leases.

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

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

Net Loss per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of BridgeBio’s common stock outstanding for the period, without consideration for potential dilutive shares of common stock, such as stock options, unvested restricted stock units and awards, shares issuable under the employee stock purchase plan and assumed conversion of our 2027 Notes. Shares of common stock subject to repurchase are excluded from the weighted-average shares. Since we were in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share since the effects of potentially dilutive securities are antidilutive.

No adjustment for cumulative returns on BBP LLC’s redeemable convertible preferred units has been applied to the calculation of basic and diluted net loss per share, since such units were retroactively adjusted as if the 2019 Reorganization occurred at the beginning of the earliest period to be presented in our financial statements. See Note 13 to for additional details.

Emerging Growth Company Status

We are an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. We have elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

As described in “Recently Adopted Accounting Pronouncements” below, we early adopted certain accounting standards, as the JOBS Act does not preclude an emerging growth company from adopting a new or revised accounting standard earlier than the time that such standard applies to private companies. We expect to use the extended transition period for any other new or revised accounting standards during the period in which we remain an emerging growth company.

Recently Adopted Accounting Pronouncements

ASU 2016-02 Leases (Topic 842). In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) (“ASU 2016-02” or “ASC 842”), which, for operating leases, requires the lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its balance sheet. The guidance also requires a lessee to recognize single lease costs, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases. Additionally, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, which offers a practical expedient for transitioning at the adoption date. ASU 2019-10, Financial Instruments — Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates, issued in November 2019, delayed the effective date of Topic 842 for companies like us to January 1, 2021 but early adoption is still permitted.

Effective January 1, 2020, we adopted ASC 842 using the optional transition method and applied the standard only to leases that existed at that date. Under the optional transition method, we do not need to restate the comparative periods in transition and will continue to present financial information and disclosures for periods before January 1, 2020 in accordance with ASC 840. As part of the ASC 842 adoption, we elected certain practical expedients outlined in the guidance. We have also chosen to apply the package of practical expedients for existing leases, which provides relief from reassessing: (i) whether a contract is or contains a lease, (ii) lease classification, and (iii) whether initial direct costs can be capitalized. Upon transition, we also elected to use hindsight with respect to determining the lease term and in assessing any impairment of right-of-use assets for existing leases. We have also made some accounting policy elections for post-transition to: (i) account for leases at the portfolio level, where applicable, (ii) allow us not to separate nonlease components from lease components, and instead to account for those as a single lease component for the asset class of operating lease right-of-use real estate assets, and (iii) elect not to recognize a right-of-use asset and a lease liability for all of our leases with a term of 12 months or less (“short-term leases”).

The adjustments due to the adoption of ASC 842 primarily related to the recognition of right-of-use assets of $9.2 million and lease liabilities of $11.5 million at January 1, 2020 for our operating leases. The lease liabilities were determined based on the present value of the remaining minimum lease payments. The right-of-use assets were determined based on the value of the lease liabilities, adjusted for the deferred rent balances of approximately $2.3 million. Upon adoption of ASC 842, we also (i) derecognized the build-to-suit lease asset of $10.0 million previously presented in other assets as of December 31, 2019, and recognized a construction-in-progress asset for the same amount, and (ii) derecognized the build-to-suit lease liability of $8.0 million as of December 31, 2019 and recognized a liability presented in other accrued liabilities (see Note 11). The adoption did not have a material impact on our accumulated deficit and on our condensed consolidated statements of operations and cash flows.

ASU 2016-13 Financial Instruments - Credit Losses. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. This update requires immediate recognition of management’s estimates of current expected credit losses. Under the prior model, losses were recognized only as they were incurred. The new model is applicable to most financial assets and certain other instruments that are not measured at fair value through net income. The standard is effective for fiscal years beginning after December 15, 2019 for public entities. Early adoption is permitted. The delay in effective date for certain entities of ASU 2016-13 by the issuance of ASU 2019-10 in November 2019 does not apply to filers with the Securities and Exchange Commission that are not smaller reporting companies. The adoption of this guidance did not materially impact our condensed consolidated financial statements.

ASU 2018-13 Fair Value Measurement – Disclosure Framework (Topic 820). In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework (Topic 820) (“ASU 2018-13”). The updated guidance improves the disclosure requirements on fair value measurements and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The adoption of this guidance did not significantly impact our financial statement disclosures.

ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. We early adopted ASU 2019-12 effective January 1, 2020 and the adoption did not materially impact our financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

ASU 2020-01, Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. In January 2020, the FASB issued ASU 2020-01, Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The guidance is based on a consensus of the Emerging Issues Task Force and is expected to increase comparability in accounting for these transactions. ASU 2020-01 amends ASU 2016-01, which made targeted improvements to accounting for financial instruments, including providing an entity the ability to measure certain equity securities without a readily determinable fair value at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Among other topics, the amendments in ASU 2020-01 clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting. For public business entities, the amendments in the ASU are effective for fiscal years beginning after December 31, 2020, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is permitted. We do not expect the adoption of ASU 2020-01 to have a material impact on our condensed consolidated financial statements.

Fair Value Measurement

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurement

3.	Fair Value Measurement

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:

	March 31, 2020
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	670,915	$	670,915	$	—	$	—
Short-term marketable securities:
U.S. treasury notes		45,625		—		45,625		—
Commercial paper		23,336		—		23,336		—
Corporate debt securities		79,165		—		79,165		—
Total short-term marketable securities		148,126		—		148,126		—
Long-term marketable securities:
U.S. treasury notes		15,503		—		15,503		—
Corporate debt securities		7,707		—		7,707		—
Total long-term marketable securities		23,210		—		23,210		—
Total cash equivalents and marketable securities	$	842,251	$	670,915	$	171,336	$	—
Liabilities:
LEO call option liability	$	3,539	$	—	$	—	$	3,539
Embedded derivative		1,103		—		—		1,103
Total financial liabilities	$	4,642	$	—	$	—	$	4,642

	December 31, 2019
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	248,736	$	248,736	$	—	$	—
Repurchase agreements		59,000		59,000		—		—
Total cash equivalents		307,736		307,736		—		—
Short-term marketable securities:
U.S. treasury notes		45,280		—		45,280		—
Commercial paper		65,626		—		65,626		—
Corporate debt securities		71,314		—		71,314		—
Total short-term marketable securities		182,220		—		182,220		—
Long-term marketable securities:
U.S. treasury notes		15,307		—		15,307		—
Corporate debt securities		15,837		—		15,837		—
Total long-term marketable securities		31,144		—		31,144		—
Total cash equivalents and marketable securities	$	521,100	$	307,736	$	213,364	$	—
Liabilities:
LEO call option liability	$	4,078	$	—	$	—	$	4,078
Embedded derivative		1,165		—		—		1,165
Total financial liabilities	$	5,243	$	—	$	—	$	5,243

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

Marketable Securities

The fair value of our marketable securities classified within Level 2 is based upon observable inputs that may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications.

LEO Call Option Liability

The valuation of the LEO Call Option (see Note 7) contains unobservable inputs that reflect our own assumptions for which there is little, if any, market activity at the measurement date. Accordingly, the LEO Call Option liability is remeasured to fair value on a recurring basis using unobservable inputs that are classified as Level 3 inputs.

We estimated the fair value of the LEO Call Option by estimating the fair value of various clinical, regulatory, and sales milestones based on the estimated risk and probability of achievement of each milestone, and allocated the value using a Black-Scholes option pricing model with the following assumptions:

	March 31,		December 31,
	2020		2019
Probability of milestone achievement	12.0%-84.0%		12.0%-84.0%
Discount rate	0.2%-14.9%		1.6%-13.1%
Expected term (in years)	0.67-5.25		0.67-5.25
Expected volatility	70.0%-80.0%		60.0%-68.0%
Risk-free interest rate	2.01%-2.24%		2.34%-2.46%
Dividend yield		—		—

The following table sets forth a summary of the change in the estimated fair value of the LEO Call Option:

	Total
	(in thousands)
Balance as of December 31, 2019	$	4,078
Change in fair value upon remeasurement recognized as other income		(539	)
Balance as of March 31, 2020	$	3,539

Eidos Embedded Derivative Liability in Loan Agreement

For the SVB and Hercules Loan entered in November 2019 (see Note 9), Eidos determined that the requirement to pay a fee (“Success Fee”) upon certain events is an embedded derivative liability to be measured at fair value. The fair value of the derivative was determined based on an income approach that identified the cash flows using a “with-and-without” valuation methodology. The inputs used to determine the estimated fair value of the derivative instrument were based primarily on the probability of an underlying event triggering the embedded derivative occurring and the timing of such event.

2027 Notes

The fair value of the 2027 Notes (see Note 9), which differs from its carrying value is determined by prices for the 2027 Notes observed in market trading. The market for trading of the 2027 Notes is not considered to be an active market and therefore the estimate of fair value is based on Level 2 input. As of March 31, 2020, the estimated fair value of the 2027 Notes, which has an aggregate face value of $550.0 million, was $502.2 million based on the market price on the last trading day for the period.

Term Loans

The fair value of our outstanding term loans (see Note 9) is estimated using the net present value of the payments, discounted at an interest rate that is consistent with a market interest rate, which is a Level 2 input. The estimated fair value of our outstanding term loans approximates the carrying amount, as the term loan bears a floating rate that approximates the market interest rate.

Cash Equivalents And Marketable Securities [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Cash Equivalents and Marketable Securities

3 Months Ended

Mar. 31, 2020

Cash Equivalents and Marketable Securities

4.	Cash Equivalents and Marketable Securities

We invest in certain money market funds and reverse repurchase agreements, classified as cash equivalents, which are collateralized by deposits in the form of U.S. treasury securities for an amount no less than 102% of their value. We do not record an asset or liability for the collateral as we do not intend to sell or re-pledge the collateral. The collateral has the prevailing credit rating of at least the U.S. government treasuries and agencies. We utilize a third-party custodian to manage the exchange of funds and ensure that collateral received is maintained at 102% of the value of the reverse repurchase agreements on a daily basis.

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

	March 31, 2020
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	670,915	$	—	$	—		$	670,915
Short-term marketable securities:
U.S. treasury notes		45,155		470		—			45,625
Commercial paper		23,336		—		—			23,336
Corporate debt securities		79,226		5		(66	)		79,165
Total short-term marketable securities		147,717		475		(66	)		148,126
Long-term marketable securities:
U.S. treasury notes		15,204		299		—			15,503
Corporate debt securities		7,689		18		—			7,707
Total long-term marketable securities		22,893		317		—			23,210
Total cash equivalents and marketable securities	$	841,525	$	792	$	(66	)	$	842,251

	December 31, 2019
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	248,736	$	—	$	—	$	248,736
Repurchase agreements		59,000		—		—		59,000
Total cash equivalents		307,736		—		—		307,736
Short-term marketable securities:
U.S. treasury notes		45,224		56		—		45,280
Commercial paper		65,626		—		—		65,626
Corporate debt securities		71,231		83		—		71,314
Total short-term marketable securities		182,081		139		—		182,220
Long-term marketable securities:
U.S. treasury notes		15,248		59		—		15,307
Corporate debt securities		15,781		56		—		15,837
Total long-term marketable securities		31,029		115		—		31,144
Total cash equivalents and marketable securities	$	520,846	$	254	$	—	$	521,100

There have been no significant realized gains or losses on available-for-sale securities for the periods presented. As of March 31, 2020, our short-term and long-term marketable securities have average contractual maturities of approximately seven months and 14 months, respectively. As of March 31, 2020, we do not intend to sell our marketable securities and it is not more likely than not that we will be required to sell these securities before recovery of their amortized cost bases.

Variable Interest Entities and Voting Interest Model

3 Months Ended

Mar. 31, 2020

Variable Interest Entities And Voting Interest Model [Abstract]

Variable Interest Entities and Voting Interest Model

5.	Variable Interest Entities and Voting Interest Model

The entities consolidated by BridgeBio are comprised of wholly-owned subsidiaries and partially-owned entities consolidated under the VOE model and VIEs for which BridgeBio is the primary beneficiary under the VIE model. The results of operations of the consolidated entities are included within the BridgeBio condensed consolidated financial statements for the periods presented.

Upon the 2019 Reorganization, BBP LLC became a wholly-owned subsidiary of BridgeBio through the series of transactions described in Note 13. At that time, the consolidation assessment was updated on behalf of BridgeBio with no changes in the BridgeBio group composition, other than the merger of BBP LLC and Merger Sub LLC as a result of the 2019 Reorganization.

As of March 31, 2020 and December 31, 2019, there were no significant restrictions on the VIE assets or liabilities except for the cash held by our VIEs presented below, which are generally restricted for use by the respective VIEs. For VIEs, BridgeBio calculates the maximum exposure to loss to be equal to the amount invested in the equity of the VIE and the amount of outstanding convertible notes.

Included within Note 2 is a list of partially-owned entities that were determined to be under BridgeBio’s control under the VIE model as of March 31, 2020 and December 31, 2019, with the exception of PellePharm as discussed in Note 7. At each reporting period, we reassess whether we have a majority voting interest for entities consolidated under the VOE model and whether we remain the primary beneficiary of the VIEs consolidated under the VIE model.

Eidos

From the date of BridgeBio’s initial investment until June 22, 2018, the Eidos IPO closing date, Eidos was determined to be a VIE and BridgeBio consolidated Eidos as the primary beneficiary. Subsequent to the Eidos IPO, BridgeBio determined that Eidos was no longer a VIE due to it having sufficient equity at risk to finance its activities without additional subordinated financial support. From June 22, 2018 through March 31, 2020, BridgeBio determined that it held greater than 50% of the voting shares of Eidos and there were no other parties with substantive participating, liquidation or kick-out rights. BridgeBio consolidated Eidos under the VOE model during all periods presented.

In May 2019, BridgeBio purchased 1,103,848 shares of Eidos common stock from an existing Eidos stockholder for $28.6 million in a private purchase transaction. In July 2019, BridgeBio purchased 882,353 shares of Eidos common stock from an existing Eidos investor for $26.4 million in a private purchase transaction. In September 2019, Eidos issued 556,173 shares of Eidos common stock to a third-party.

On August 2, 2019, Eidos filed a shelf registration statement on Form S-3 (the “2019 Shelf”) with the SEC in relation to the registration of common stock, preferred stock, warrants and units of any combination thereof. Eidos also simultaneously entered into an Open Market Sale Agreement with Jefferies LLC and SVB Leerink LLC (the “Sales Agents”), to provide for the offering, issuance and sale by Eidos of up to an aggregate offering price of $100.0 million of its common stock from time to time in “at-the-market” offerings under the 2019 Shelf and subject to the limitations thereof (the “2019 Sales Agreement”). Eidos will pay to the applicable Sales Agent cash commissions of up to 3.0 percent of the gross proceeds of sales of common stock under the 2019 Sales Agreement. Eidos had issued 385,613 shares under this offering and received $23.9 million of net proceeds through December 31, 2019. Eidos has issued 448,755 shares under this offering and received $24.1 million of net proceeds for the three months ended March 31, 2020.

Consolidated VIEs

The entities identified as a “Controlled VIE” in Note 2 are VIEs for which BridgeBio was determined to be the primary beneficiary as of March 31, 2020. BridgeBio also had a majority ownership interest in these entities as of March 31, 2020 and December 31, 2019.

During the three months ended March 31, 2020, BridgeBio made investments in QED of $20.0 million, Calcilytix of $13.0 million, Adrenas of $10.0 million, ASPA of $10.0 million, ML Bio of $6.5 million, Origin of $6.0 million, Venthera of $4.0 million, Fortify of $2.5 million, Navire of $1.9 million and Shift of $0.5 million in exchange for shares of redeemable convertible preferred stock of the respective entities. Based on the above noted equity financing transactions, BridgeBio concluded that there was no change in the consolidation conclusions during the period ended March 31, 2020.

The following table provides the assets and liabilities for all consolidated VIEs as of March 31, 2020:

	Adrenas		Aspa		ML Bio		QED		Calcilytix		All Other		Total
	(in thousands)
Assets:
Current assets:
Cash and cash equivalents	$	8,238	$	8,704	$	13,369	$	29,506	$	13,714	$	31,761	$	105,292
Prepaid expenses and other current assets		1,072		562		32		5,843		138		4,757		12,404
Total current assets		9,310		9,266		13,401		35,349		13,852		36,518		117,696
Property and equipment, net		3,397		10,256		93		252		6		237		14,241
Operating lease right-of-use assets		1,821		—		—		1,435		—		431		3,687
Other assets		—		—		—		11,629		278		424		12,331
Total assets	$	14,528	$	19,522	$	13,494	$	48,665	$	14,136	$	37,610	$	147,955
Liabilities:
Current liabilities:
Accounts payable	$	445	$	239	$	588	$	2,901	$	104	$	2,767	$	7,044
Accrued compensation and benefits		270		82		75		1,120		364		1,649		3,560
Accrued research and development liabilities		844		638		89		14,653		847		6,725		23,796
Accrued professional services		278		130		24		602		4		861		1,899
Operating lease liabilities, current portion		269		—		—		1,061		—		126		1,456
Other accrued liabilities		128		4,038		2		193		7		517		4,885
Total current liabilities		2,234		5,127		778		20,530		1,326		12,645		42,640
Operating lease liabilities, net of current portion		2,629		—		—		476		—		323		3,428
Other liabilities		—		—		—		—		—		24		24
Total liabilities	$	4,863	$	5,127	$	778	$	21,006	$	1,326	$	12,992	$	46,092

The following table provides the assets and liabilities for all consolidated VIEs as of December 31, 2019:

	Adrenas		Aspa		ML Bio		QED		Theras		All Other		Total
	(in thousands)
Assets:
Current assets:
Cash and cash equivalents	$	6,453	$	1,695	$	7,432	$	27,781	$	6,351	$	31,600	$	81,312
Prepaid expenses and other current assets		906		758		17		7,282		2,555		2,416		13,934
Total current assets		7,359		2,453		7,449		35,063		8,906		34,016		95,246
Property and equipment, net		3,189		274		98		281		3		325		4,170
Other assets		—		10,000		—		11,313		—		637		21,950
Total assets	$	10,548	$	12,727	$	7,547	$	46,657	$	8,909	$	34,978	$	121,366
Liabilities:
Current liabilities:
Accounts payable	$	526	$	219	$	19	$	1,443	$	23	$	1,341	$	3,571
Accrued compensation and benefits		923		156		67		3,396		243		3,352		8,137
Accrued research and development liabilities		757		567		—		8,931		212		5,293		15,760
Accrued professional services		83		280		7		435		4		363		1,172
Build-to-suit lease obligation		—		8,000		—		—		—		—		8,000
Other accrued liabilities		290		38		—		180		33		592		1,133
Total current liabilities		2,579		9,260		93		14,385		515		10,941		37,773
Other liabilities		951		—		—		161		—		24		1,136
Total liabilities	$	3,530	$	9,260	$	93	$	14,546	$	515	$	10,965	$	38,909

VIEs included in the “All Other” category of the above tables are not significant individually for separate presentation as of the respective dates presented. Going forward, BridgeBio may not provide any further investment in certain of these VIEs.

Noncontrolling Interests

3 Months Ended

Mar. 31, 2020

Noncontrolling Interest [Abstract]

Noncontrolling Interests

6.	Noncontrolling Interests

As of March 31, 2020 and December 31, 2019, we had both redeemable convertible noncontrolling interests and noncontrolling interests in consolidated partially-owned entities, for which BridgeBio has a majority voting interest under the VOE model and for which BridgeBio is the primary beneficiary under the VIE model. These balances are reported as separate components outside stockholders’ equity in “Redeemable convertible noncontrolling interests” and as part of stockholders’ equity in “Noncontrolling interests” in the condensed consolidated balance sheets.

We adjust the carrying value of noncontrolling interest to reflect the book value attributable to noncontrolling shareholders of consolidated partially-owned entities when there is a change in the ownership during the respective reporting period. During the three months ended March 31, 2020 and 2019, such adjustments in the aggregate amounts of $11.6 million and $(3.0) million , respectively, are recorded to additional paid-in capital. All such adjustments are disclosed within the “Transfers from (to) noncontrolling interest” line item in the condensed consolidated statements of redeemable convertible noncontrolling interests and stockholders’ equity.

The following table provides a rollforward of the redeemable convertible noncontrolling interests balance for the three months ended March 31, 2020:

	Orfan			QED			ML Bio			Shift			Total
	(in thousands)
Balance as of December 31, 2019	$	74		$	612		$	1,557		$	—		$	2,243
Issuance of redeemable convertible noncontrolling interest		—			—			1,000			102			1,102
Net loss attributable to redeemable convertible noncontrolling interest		(16	)		(468	)		(338	)		(44	)		(866	)
Transfers to redeemable convertible noncontrolling interest		—			316			258			—			574
Balance as of March 31, 2020	$	58		$	460		$	2,477		$	58		$	3,053

The following table provides a rollforward of the noncontrolling interests balance for the three months ended March 31, 2020:

	Adrenas			Aspa			Eidos			PTR			Venthera			All Other			Total
	(in thousands)
Balance as of December 31, 2019	$	696		$	250		$	59,722		$	1,298		$	140		$	3,173		$	65,279
Issuance of noncontrolling interest		6			9			26,248			1			16			285			26,565
Transfers to (from) noncontrolling interest		883			649			(15,329	)		4			513			1,105			(12,175	)
Net loss attributable to noncontrolling interest		(316	)		(195	)		(8,078	)		(1,238	)		(324	)		(1,215	)		(11,366	)
Balance as of March 31, 2020	$	1,269		$	713		$	62,563		$	65		$	345		$	3,348		$	68,303

PellePharm Investment

3 Months Ended

Mar. 31, 2020

Equity Method And Cost Method Investment [Abstract]

PellePharm Investment

7.	PellePharm Investment

PellePharm is a clinical-stage biopharmaceutical company developing BBP-009, a topical gel formulation of patidegib, a hedgehog inhibitor, for the treatment of Gorlin Syndrome and High-Frequency Basal Cell Carcinoma. In July 2015, BridgeBio made an initial investment of $4.5 million in PellePharm and in a series of transactions through December 2016, BridgeBio increased its ownership interest to greater than 50%. BridgeBio determined that its initial investment in PellePharm represented a variable interest, but that BridgeBio was not the primary beneficiary until December 2016.

On November 19, 2018, PellePharm entered into the LEO Agreement, pursuant to which LEO was granted an exclusive, irrevocable option to acquire PellePharm. The LEO Call Option is exercisable by LEO on or before the occurrence of certain events relating to PellePharm’s clinical development programs and no later than July 30, 2021. We account for the LEO Call Option as a current liability in our condensed consolidated financial statements because BridgeBio is obligated to sell its shares in PellePharm to LEO at a pre-determined price, if the option is exercised. We remeasure the LEO Call Option to fair value at each subsequent balance sheet date until the LEO Call Option is either exercised or expires.

The date the LEO Agreement was entered into was determined to be a VIE reconsideration event. Based on our assessment, BridgeBio concluded that PellePharm remains a VIE after the reconsideration event as it does not have sufficient equity at risk to finance its activities without additional subordinated financial support. However, based on changes to PellePharm’s governance structure and Board of Directors composition as a result of the LEO Agreement, BridgeBio is no longer the primary beneficiary as it no longer has the power over the key decisions that most significantly impact PellePharm’s economic performance. Accordingly, BridgeBio deconsolidated PellePharm on November 19, 2018. After the deconsolidation in November 2018, PellePharm is considered a related party of BridgeBio.

Subsequent to the deconsolidation of PellePharm, we accounted for our retained common stock investment as an equity method investment and our retained preferred stock investment as a cost method investment. Subsequent to the adoption of ASU No. 2016-01, we accounted for the investment in PellePharm preferred stock as an equity security without a readily determinable fair value. As of each of March 31, 2020 and December 31, 2019, the aggregate carrying amount of our investments in PellePharm was zero . After the equity method investment was reduced to zero during the three months ended March 31, 2019, BridgeBio has subsequently recorded its percentage of net losses consistent with its preferred stock ownership percentage of 61.9% until the equity security investment was also reduced to zero during the remaining period of 2019. The carrying amount of BridgeBio’s investment in PellePharm in the condensed consolidated balance sheets represents its maximum loss exposure related to its VIE investment in PellePharm. There have been no impairments related to our PellePharm investment.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

8.	Commitments and Contingencies

Milestone Compensation Arrangements with Employees

We have performance-based milestone compensation arrangements with certain employees, 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, equity, or either cash or equity at our sole election, upon achievement of each contingent milestone. As of March 31, 2020, the potential milestone compensation amount under these arrangements is up to $23.6 million. Under these arrangements, there was no compensation expense recognized or liability recorded as of and for the period ended March 31, 2020 because the performance milestones are not considered probable of achievement.

Other Research and Development Agreements

We may also enter into contracts in the normal course of business with clinical 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 operating purposes. These contracts generally provide for termination on notice with potential termination charges. As of March 31, 2020 and December 31, 2019, there were no amounts accrued related to termination charges.

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 demands have been made upon the 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 balance sheets, statements of operations and comprehensive loss, or statements of cash flows.

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 liabilities in the condensed consolidated financial statements as a result of these provisions.

Debt

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt

2027 Notes

On March 9, 2020, BridgeBio issued an aggregate principal amount of $550.0 million of its 2.50% Convertible Senior Notes due 2027 (the “2027 Notes”), pursuant to an Indenture dated March 9, 2020 (the “Indenture”), between BridgeBio and U.S. Bank National Association, as trustee (the “Trustee”), in a private offering to qualified institutional buyers (the “Note Offering”) pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The 2027 Notes issued in the Note Offering include $75.0 million in aggregate principal amount of 2027 Notes sold to the initial purchasers (the “Initial Purchasers”) resulting from the exercise in full of their option to purchase additional 2027 Notes.

The 2027 Notes are senior, unsecured obligations of BridgeBio and will accrue interest payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2020, at a rate of 2.50% per year. The 2027 Notes will mature on March 15, 2027, unless earlier converted or repurchased. Upon maturity, 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 BridgeBio’s election.

BridgeBio received net proceeds from the Note Offering of approximately $537.0 million, after deducting the Initial Purchasers’ discount and offering expenses. BridgeBio used approximately $49.3 million of the net proceeds from the Note Offering to pay for the cost of the Capped Call Transactions described below, and approximately $75.0 million to pay for the repurchase of shares of its common stock described below. BridgeBio intends to use the remainder of the net proceeds from the Note Offering for working capital and other general corporate purposes, including for its commercial organization and launch preparations. BridgeBio may also use any remaining net proceeds to fund possible acquisitions of, or investments in, complementary businesses, products, services and technologies.

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 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.

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). 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, BridgeBio 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.

BridgeBio may not redeem the 2027 Notes prior to the maturity date, and no sinking fund is provided for the 2027 Notes. If BridgeBio undergoes a fundamental change (as defined in the Indenture), holders may require BridgeBio 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 Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 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 Notes plus accrued special interest, if any, to be immediately due and payable. The 2027 Notes are BridgeBio’s general unsecured obligations and rank senior in right of payment to all of BridgeBio’s 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; 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 BridgeBio’s subsidiaries.

In accounting for the issuance of the 2027 Notes, 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 BridgeBio’s ability to settle the 2027 Notes in cash, its common stock, or a combination of cash and common stock at BridgeBio’s option. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. The allocation was performed in a manner that reflected BridgeBio’s non-convertible debt borrowing rate for similar debt. The equity component of the 2027 Notes was recognized as a debt discount and represents the difference between the gross proceeds from the issuance of the 2027 Notes and the fair value of the liability of the 2027 Notes on the date of issuance. The equity component is not remeasured as long as it continues to meet the conditions for equity classification.

The outstanding 2027 Notes balances consisted of the following:

	March 31, 2020
	(in thousands)
Liability component
Principal	$	550,000
Unamortized debt discount		(172,202	)
Unamortized debt issuance costs		(8,875	)
Net carrying amount	$	368,923
Equity component, net of issuance costs	$	169,173

In connection with the issuance of the 2027 Notes, BridgeBio 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. 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 is amortized to interest expense using the effective interest method over the expected life of the 2027 Notes or approximately its seven-year term. The effective interest rate on the liability component of the 2027 Notes for the period from the date of issuance through March 31, 2020 was 8.8%.

The following table sets forth the total interest expense recognized related to the 2027 Notes from the date of issuance through March 31, 2020:

	Amount
	(in thousands)
Contractual interest expense	$	879
Amortization of debt discount		1,079
Amortization of debt issuance costs		56
Total interest and amortization expense	$	2,014

Future minimum payments under the 2027 Notes as of March 31, 2020, are as follows:

	Amount
	(in thousands)
Remainder of 2020	$	7,295
Year ending December 31:
2021		13,941
2022		13,941
2023		13,941
2024		13,979
Thereafter		584,795
Total future payments		647,892
Less amounts representing interest		(97,892	)
Total principal amount	$	550,000

Capped Call and Share Repurchase Transactions with Respect to the 2027 Notes

On March 4, 2020, concurrently with the pricing of the 2027 Notes, BridgeBio entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain financial institutions (the “Capped Call Counterparties”). BridgeBio used approximately $49.3 million of the net proceeds from the Note Offering to pay for the cost of the Capped Call Transactions. The Capped Call Transactions are expected generally to reduce the potential dilution to BridgeBio’s common stock upon any conversion of 2027 Notes and/or offset any cash payments BridgeBio is 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 $62.12 (which represents a premium of 100% over the last reported sale price of BridgeBio’s common stock on March 4, 2020) and is subject to certain adjustments under the terms of the Capped Call Transactions. The Capped Calls cover 12,878,305 shares of our common stock (subject to anti-dilution and certain other adjustments), which is the same number of shares of common stock that initially underlie the 2027 Notes. The 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 BridgeBio with the Capped Call Counterparties, and are not part of the terms of the 2027 Notes.

These Capped Call instruments meet the conditions outlined in ASC 815-40 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 $49.3 million during the three months ended March 31, 2020 related to the premium payments for the Capped Call Transactions.

Additionally, BridgeBio used approximately $75.0 million of the net proceeds from the Note Offering to repurchase 2,414,681 shares of its common stock concurrently with the closing of the Note Offering from certain of the Initial Purchasers in privately negotiated transactions. The agreed to purchase price per share of common stock in the Repurchases is equal to $31.06, which was the last reported sale price per share of BridgeBio’s common stock on the Nasdaq Global Select Market on March 4, 2020. The shares repurchased are recorded as treasury stock.

Hercules Loan and Security Agreement

In June 2018, we executed a Loan and Security Agreement with Hercules Capital, Inc. (“Hercules”), under which we borrowed $35.0 million (“Tranche I”). The term of the loan was approximately 42 months, with a maturity date of January 1, 2022 (the “Maturity Date”). No principal payments were due during an interest-only period, commencing on the initial borrowing date and continuing through July 1, 2020 (the “Amortization Date”). In December 2018, we executed the First Amendment to the Loan and Security Agreement, whereby we borrowed an additional $20.0 million (“Tranche II”) to increase the total principal balance outstanding to $55.0 million. Upon draw of the additional $20.0 million, the interest-only period on the entire facility was extended until January 1, 2021 and the maturity date for the entire facility was July 1, 2022. In May 2019, we executed the Second Amendment to the Loan and Security Agreement whereby we borrowed an additional $20.0 million (“Tranche III”) to increase the total principal balance outstanding to $75.0 million.

In July 2019, the completion of BridgeBio’s IPO triggered certain provisions of the Hercules Term Loan. BridgeBio received an option to pay up to 1.5% of scheduled cash pay interest on the entire facility as payment in kind, or PIK Interest, with such cash pay interest paid as PIK Interest at a 1:1.2 ratio. The interest-only period will continue through July 1, 2021 (the “Modified Amortization Date”) and the entire facility received a maturity date of January 1, 2023 (the “Modified Maturity Date”). The outstanding balance of the Hercules Term Loan is to be repaid by BridgeBio monthly beginning on the Modified Amortization Date and extending through the Modified Maturity Date.

The interest rate for the Hercules Term Loan was established as follows: (1) Tranche I bears interest at a floating rate equal to the greater of: (i) the prime rate as reported in the Wall Street Journal plus 3.85% and (ii) 8.85% (8.85% as of March 31, 2020 based on the prime rate as of that date), payable monthly; (2) Tranche II bears interest at a floating rate equal to the greater of: (i) the prime rate as reported in the Wall Street Journal plus 2.85% and (ii) 8.60% (8.60% as of March 31, 2020), payable monthly; and (3) Tranche III bears interest at a floating rate equal to the greater of: (i) the prime rate as reported in the Wall Street Journal plus 3.10% and (ii) 9.10% (9.10% as of March 31, 2020), payable monthly.

In March 2020, we executed the Third Amendment to the Loan and Security Agreement primarily to allow us to issue our 2027 Notes and to enter into the Capped Call and Share Repurchase Transactions.

During the three months ended March 31, 2020 and 2019, we recognized interest expense related to the Hercules Term Loan of $1.5 million and $1.7 million, respectively, of which $0.4 million and $0.4 million, respectively, relate to amortization of debt discount and issuance costs.

On April 27, 2020, we entered into the Fourth Amendment to the Loan and Security Agreement (the “Amended Hercules Term Loan”) to amend the existing Loan and Security Agreement, as amended from time to time.

The Amended Hercules Term Loan, among other things,

(1)

extends the interest-only period under the Loan and Security Agreement to July 1, 2022 (the “Amended Amortization Date” which may be further extended to January 1, 2023 and July 1, 2023, in each case, subject to certain conditions set forth in the Amended Hercules Term Loan),

(2)

extends the maturity date for the term loans under the Loan and Security Agreement to November 1, 2023 (the “Amended Maturity Date”, which may be further extended to May 1, 2024, subject to certain conditions set forth in the Amended Hercules Term Loan),

(3)

provides for an interest rate on the Tranche I equal to the greater of (x) a floating interest rate linked to the prime rate as reported in the Wall Street Journal plus 3.85% and (y) 8.75%,

(4)

provides for an interest rate on the Tranche II equal to the greater of (x) a floating interest rate linked to the prime rate as reported in the Wall Street Journal plus 2.85% and (y) 8.60%,

(5)

provides for an interest rate on the Tranche III equal to the greater of (x) a floating interest rate linked to the prime rate as reported in the Wall Street Journal plus 3.10% and (y) 8.85%, and

(6)

provides for, subject to Hercules’ approval in its sole and absolute discretion, an additional increase in available loan facilities aggregating to $125.0 million as follows: (a) an additional incremental loan in the amount of $25.0 million, available no later than December 15, 2020, (b) an additional incremental loan in the amount of $25.0 million, available no later than December 15, 2021, (c) an additional incremental loan following the achievement of certain performance milestones in the amount of $25.0 million, available no later than December 15, 2021 and (d) an additional $50.0 million discretionary incremental tranche, available no later than December 15, 2022.

The Amended Hercules Term Loan also provides us with more flexibility to consummate acquisitions and investments, incur additional debt, dispose of assets and repurchase and/or redeem stock, each subject to certain conditions set forth in the Amended Hercules Term Loan.

Silicon Valley Bank and Hercules Loan Agreement

On November 13, 2019, Eidos entered into a Loan and Security Agreement with Silicon Valley Bank and Hercules Capital, Inc. (the “SVB and Hercules Loan Agreement”). The SVB and Hercules Loan Agreement provides for up to $55.0 million in term loans to be drawn in three tranches as follows: (i) Tranche A loan of $17.5 million, (ii) Tranche B loan of up to $22.5 million which is available to be drawn until October 31, 2020, and (iii) Tranche C loan of up to $15.0 million available to be drawn upon the achievement of a clinical data milestone. The Tranche C loan is available to be drawn until September 30, 2021. The Tranche A loan of $17.5 million was drawn on November 13, 2019. There have not been any additional draws on the other tranches as of March 31, 2020.

The Tranche A loan bears interest at a fixed rate equal to the greater of either (i) 8.50% or (ii) 3.25% plus the prime rate as reported in The Wall Street Journal (8.50% as of March 31, 2020). The Tranche A loan repayment schedule provides for interest only payments until November 1, 2021, followed by consecutive equal monthly payments of principal and interest commencing on this date continuing through the maturity date of October 2, 2023.

The Tranche A loan also provides for a $0.3 million commitment fee that was paid at closing and a final payment charge equal to 5.95% multiplied by the amount funded to be paid when the loan becomes due or upon prepayment of the facility. If Eidos elects to prepay the Tranche A loan, there is also a prepayment fee of between 0.75% and 2.50% of the principal amount being prepaid depending on the timing and circumstances of prepayment. The Tranche A loan is secured by substantially all of Eidos’ assets, except Eidos’ intellectual property, which is the subject of a negative pledge.

As of March 31, 2020, the net carrying value of the Tranche A loan is $16.3 million. As of March 31, 2020, there are unamortized debt discounts of $2.2 million. Eidos recorded interest expense and amortization of the debt discount in the amount of $0.5 million on the Tranche A loan for the three months ended March 31, 2020.

License Agreements

3 Months Ended

Mar. 31, 2020

License Agreements [Abstract]

License Agreements

10.License Agreements

Stanford License Agreement

In April 2016, Eidos entered into a license agreement with the Board of Trustees of the Leland Stanford Junior University relating to Eidos’ drug discovery and development initiatives. Under this agreement, Eidos has been granted certain worldwide exclusive licenses to make, use and sell products that are covered by licensed patent rights. During the three months ended March 31, 2020 and 2019, Eidos recognized research and development expenses of $0 and $0.2 million, respectively, in connection with this agreement.

The Regents of the University of California License Agreement

In September 2016, TheRas entered into a license agreement with The Regents of the University of California (“UCSF”) relating to TheRas’ drug discovery and development initiatives. Under this agreement, TheRas has been granted certain worldwide exclusive licenses to use the licensed compounds (the “UCSF License”). During the three months ended March 31, 2020 and 2019, TheRas did not recognize research and development expenses in connection with this agreement.

Leidos Biomedical Research License and Cooperative Research and Development Agreements

In March 2017, TheRas entered into a cooperative research and development agreement (“Leidos CRADA”) with Leidos Biomedical Research, Inc. (“Leidos”). In December 2018, TheRas and Leidos entered into a license agreement (“Leidos License,” and together with the Leidos CRADA, the “Leidos Agreements”) under which TheRas has been granted certain worldwide exclusive licenses to use the licensed compounds. The Leidos Agreements are related to TheRas’ drug discovery and development initiatives. During the three months ended March 31, 2020 and 2019, TheRas recognized research and development expenses of $0.9 million and $0.2 million, respectively, in connection with the Leidos Agreements.

Foundation Medicine Diagnostics Agreement

In November 2018, QED and Foundation Medicine, Inc. entered into a diagnostics agreement relating to QED’s drug discovery and development initiatives. During the three months ended March 31, 2020 and 2019, QED recognized research and development expenses of $1.8 million and $0, respectively, in connection with this agreement.

Other License and Collaboration Agreements

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

Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

11.

Leases

Operating Leases

We have operating lease for our corporate headquarters, office spaces and a laboratory facility with a weighted average remaining lease term of approximately 6.1 years. Certain leases include renewal option at our discretion and we include the extension options when we determine the lease term for our operating leases, if we are reasonably certain that the extension option would be exercised. The lease liabilities were measured using a weighted average discount rate of 6.2% 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.

Cash paid for amounts included in the measurement of operating lease liabilities was $0.7 million for the three months ended March 31, 2020. The components of lease cost for the three months ended March 31, 2020 are as follows:

	Amount
	(in thousands)
Straight line lease cost	$	694
Variable lease payments		159
Total lease cost	$	853

As of March 31, 2020, future minimum lease payments for our noncancelable operating leases under ASC 842 are as follows:

	Amount
	(in thousands)
Remainder of 2020	$	2,340
Year ending December 31:
2021		2,724
2022		1,902
2023		1,485
2024		1,224
Thereafter		3,798
Total future minimum lease payments		13,473
Imputed interest		(2,285	)
Total	$	11,188

Reported as of March 31, 2020
Operating lease liabilities, current portion	$	2,510
Operating lease liabilities, net of current portion		8,678
Total operating lease liabilities	$	11,188

As of December 31, 2019, future minimum lease payments for our noncancelable operating leases under ASC 840 were as follows:

	Amount
	(in thousands)
Year Ending December 31:
2020	$	2,811
2021		2,515
2022		1,812
2023		1,485
2024		1,272
Thereafter		1,816
Total future minimum lease payments	$	11,711

Manufacturing Agreement

In December 2019, we entered into a manufacturing agreement to secure clinical and commercial scale manufacturing capacity for the manufacture of batches of active pharmaceutical ingredients for product candidates of certain subsidiaries of BridgeBio. Unless terminated as allowed within the manufacturing agreement, the agreement will expire five years from when qualified operations begin. Under the terms of the agreement, we are assigned a dedicated manufacturing suite for certain months in each calendar year for a one-time fee of $10.0 million, which will be applied to the buildout, commissioning, qualification, validation, equipping and exclusive use of the dedicated manufacturing suite.

Prior to the adoption of ASC 842, we were deemed to be the owner, for accounting purposes, during the construction phase of the dedicated manufacturing suite because of our exposure to substantially all of the construction period risks and our other commitments under the arrangement. As of December 31, 2019, we recorded the $10.0 million one-time fee as a non-current asset and the remaining build-to-suit lease liability of $8.0 million within our consolidated balance sheets.

As of January 1, 2020, upon adoption of ASC 842, we derecognized the build-to-suit lease asset of $10.0 million as we do not control the dedicated manufacturing suite during the construction phase. Under the new lease guidance, we recorded a construction-in-progress asset of $10.0 million for the payments directly associated with the dedicated manufacturing suite as these payments are deemed to represent a non-lease component. The construction phase of the dedicated manufacturing suite is expected to be completed later in 2020. The remaining $4.0 million payable related to the dedicated manufacturing suite is recorded as other current liabilities as of March 31, 2020.

Related Party Transactions

3 Months Ended

Mar. 31, 2020

BridgeBio Pharma LLC

Related Party Transactions

12.	Related Party Transactions

Reimbursements from an equity method investee

During the three months ended March 31, 2020, we received reimbursements for research and development expenses amounting to $2.8 million from one of our equity method investees in connection with a license and exclusivity agreement entered into with the same investee.

Services to PellePharm

During the three months ended March 31, 2020 and 2019, we provided nominal services to PellePharm.

2019 Reorganization and Initial Public Offering

3 Months Ended

Mar. 31, 2020

Reorganizations [Abstract]

2019 Reorganization and Initial Public Offering

13.	2019 Reorganization and Initial Public Offering

On June 13, 2019, BridgeBio formed BridgeBio Pharma Merger Sub LLC (“Merger Sub LLC”), a Delaware limited liability company and direct wholly-owned subsidiary. The 2019 Reorganization was executed on July 1, 2019, immediately prior to completion of the IPO of the BridgeBio’s common stock. As part of the 2019 Reorganization, the existing ownership interest in BBP LLC held by all BBP LLC unitholders was transferred to Merger Sub LLC, and all outstanding units of BBP LLC were cancelled and exchanged for shares of common stock of BridgeBio. Merger Sub LLC was then merged with and into BBP LLC, the surviving entity, which became a wholly-owned subsidiary of BridgeBio. Subsequent to the 2019 Reorganization, as the sole managing member, BridgeBio operates and controls all of BBP LLC’s businesses and affairs.

Included in the exchange were the unvested outstanding management incentive units and common units of BBP LLC that were converted to 6,819,455 shares of BridgeBio’s unvested restricted stock, subject to the same time-based vesting conditions as the original management incentive units and common units terms and conditions. At the conclusion of the 2019 Reorganization, BridgeBio became the reporting entity.

The 2019 Reorganization was accounted for as a reverse acquisition and recapitalization for financial reporting purposes. The assets and liabilities of BridgeBio, the legal acquirer, were nominal and there were no material pre-combination activities. Therefore, BBP LLC, the legal acquiree, was determined to be the accounting acquirer. Accordingly, the historical financial statements of BBP LLC became BridgeBio’s historical financial statements, including the comparative prior periods. All share and per share amounts in these condensed consolidated financial statements and related notes had been retroactively adjusted, where applicable, for all periods presented. The shares of BridgeBio’s common stock for periods prior to July 1, 2019 represent the outstanding BBP LLC units recalculated to give effect to the exchange ratio applied in connection with the 2019 Reorganization.

All BBP LLC units that were previously reported as temporary equity and were converted to common stock of BridgeBio upon the completion of the 2019 Reorganization have been reclassified to equity for all periods presented, as if the Reorganization occurred at the beginning of the earliest period presented in our financial statements. The following provides the reconciliation of previously reported amounts as of March 31, 2019:

	March 31, 2019
	As Reported			Adjustment			As Adjusted
	(in thousands)
Redeemable convertible preferred units	$	479,044		$	(479,044	)	$	—
Redeemable founder units		1,754			(1,754	)		—
Redeemable common units		1,645			(1,645	)		—
Management incentive units		4,431			(4,431	)		—
Redeemable convertible noncontrolling interests		202			—			202
Stockholders' equity (Members’ deficit):
Undesignated preferred stock		—			—			—
Common stock		—			92			92
Additional paid-in capital		—			492,678			492,678
Accumulated deficit		(234,733	)		(5,896	)		(240,629	)
Total BridgeBio stockholders' equity (Members' deficit)		(234,733	)		486,874			252,141
Noncontrolling interests		58,318			—			58,318
Total stockholders' equity (Members' deficit)	$	(176,415	)	$	486,874		$	310,459

On July 1, 2019, BridgeBio closed the IPO of its common stock. As part of the IPO, BridgeBio issued and sold 23,575,000 shares of its common stock, which included 3,075,000 shares sold pursuant to the exercise of the underwriters’ over-allotment option, at a public offering price of $17.00 per share. BridgeBio received net proceeds of approximately $366.2 million from the IPO, after deducting underwriters’ discounts and commissions of $28.1 million and offering costs of $6.5 million.

Equity-Based Compensation

3 Months Ended

Mar. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity-Based Compensation

14.	Equity-Based Compensation

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

	Three Months Ended March 31, 2020
	BridgeBio Equity Plan		Eidos Equity Plan		Other Subsidiaries Equity Plan		Total
	(in thousands)
Research and development	$	603	$	915	$	122	$	1,640
General and administrative		7,460		1,012		110		8,582
Total stock-based compensation	$	8,063	$	1,927	$	232	$	10,222

	Three Months Ended March 31, 2019
	BridgeBio Equity Plan		Eidos Equity Plan		Other Subsidiaries Equity Plan		Total
	(in thousands)
Research and development	$	—	$	452	$	17	$	469
General and administrative		1,236		512		15		1,763
Total stock-based compensation	$	1,236	$	964	$	32	$	2,232

Equity-Based Awards of BridgeBio

On June 22, 2019, we adopted the 2019 Stock Option and Incentive Plan (the “2019 Plan”), which became effective on June 25, 2019. The 2019 Plan provides for the grant of stock-based incentive awards, including common stock options and other stock-based awards. We were authorized to issue 11,500,000 shares of common stock for issuance of awards under the 2019 Plan, which may be allocated among stock options, awards of restricted common stock, restricted common units and other stock-based awards.

The 2019 Plan provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2020, by 5% of the issued and outstanding number of shares of common stock on the immediately preceding December 31, or such lesser number of shares as determined by the Compensation Committee of the Board of Directors.

On November 13, 2019, we adopted the 2019 Inducement Equity Plan (the “2019 Inducement Plan”). The 2019 Inducement Plan provides for the grant of stock-based awards to induce highly-qualified prospective officers and employees who are not currently employed by BridgeBio or its Subsidiaries to accept employment and to provide them with a proprietary interest in BridgeBio, including common stock options and other stock-based awards. We were authorized to issue 1,000,000 shares of common stock for inducement awards under the 2019 Inducement Plan, which may be allocated among stock options, awards of restricted common stock, restricted common units and other stock-based awards.

The following table summarizes our share activity under the 2019 Plan and the 2019 Inducement Plans (the “Plans”):

	2019 Plan			2019 Inducement Plan
Balance as of December 31, 2019		53,067			489,064
Authorized		6,182,914			—
Granted — Stock options		(116,481	)		(102,173	)
Granted — Restricted stock units		—			(19,908	)
Granted — Common stock		(8,491	)		—
Granted — Market-based restricted stock units		—			(2,380	)
Granted — Performance-based restricted stock units		—			(3,843	)
Cancelled — Stock options		1,249			—
Cancelled — Restricted stock units		15,566			—
Balance as of March 31, 2020		6,127,824			360,760

Stock Option Grants of BridgeBio

The following table summarizes BridgeBio’s stock option activity under the Plans for the three months ended March 31, 2020:

	Options Outstanding			Weighted- Average Exercise Price per Option		Weighted- Average Remaining Contractual Life (years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2019		4,626,777		$	20.10		9.6	$	70,348
Granted		218,654		$	34.66
Exercised		(31,121	)	$	17.00
Cancelled		(1,249	)	$	17.00
Outstanding as of March 31, 2020		4,813,061		$	20.79		9.3	$	45,171
Exercisable as of March 31, 2020		740,973		$	18.24		9.3	$	8,118

The options granted to employees and non-employees are exercisable at the price of BridgeBio’s common stock at the respective grant dates. The options granted have a service condition and generally vest over a period of four years.

The aggregate intrinsic value of options outstanding and exercisable as of March 31, 2020 and December 31, 2019 is calculated based on the difference between the exercise price and the current fair value BridgeBio’s common stock.

During the three months ended March 31, 2020, we recognized stock-based compensation expense of $2.9 million related to stock options under the Plans. As of March 31, 2020, there was $32.2 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 3.2 years.

Restricted Stock Units (RSUs) of BridgeBio

The following table summarizes BridgeBio’s RSU activity under the Plans for the three months ended March 31, 2020:

	Unvested Shares of RSUs Outstanding			Weighted- Average Grant Date Fair Value
Balance at December 31, 2019		362,163		$	31.98
Granted		19,908		$	34.49
Cancelled		(15,566	)	$	37.45
Balance at March 31, 2020		366,505		$	31.89

During the three months ended March 31, 2020, we recognized stock-based compensation expense of $0.7 million related to shares of RSUs under the Plans. As of March 31, 2020, there was $10.8 million of total unrecognized compensation cost related to RSUs under the Plans that is expected to be recognized over a weighted-average period of 3.7 years.

Restricted Stock Awards (RSAs) of BridgeBio

As disclosed in Note 13, upon the 2019 Reorganization, all unvested outstanding management incentive units and common units of BBP LLC were cancelled and converted into shares of BridgeBio’s RSAs.

The following table summarizes our RSA activity under the Plans for the three months ended March 31, 2020:

	Unvested Shares of RSAs Outstanding			Weighted- Average Grant Date Fair Value
Balance at December 31, 2019		5,603,452		$	3.63
Vested		(604,708	)	$	2.22
Balance at March 31, 2020		4,998,744		$	3.79

During the three months ended March 31, 2020, we recognized stock-based compensation expense of $3.0 million related to RSAs under the Plans. As of March 31, 2020, there was $21.8 million of total unrecognized compensation cost related to RSAs under the Plans that is expected to be recognized over a weighted-average period of 3.4 years. The 4,998,744 and 5,603,452 unvested RSAs as of March 31, 2020 and December 31, 2019, respectively, are included as outstanding shares disclosed in the condensed consolidated balance sheet as the shares were actually issued but are subject to forfeiture per the terms of the awards.

Market-Based RSUs of BridgeBio

During the year ended December 31, 2019, the Board of Directors of BridgeBio (the “Board of Directors”) approved and granted market-based RSUs. One such market-based RSU award includes a market condition based on the Total Shareholders’ Return (“TSR”) of BridgeBio’s common stock as compared to the TSR of the Nasdaq Biotechnology Index and the vesting percentage of the award is calculated based on the three-year performance period from vesting commencement date. The other market-based RSU award includes a market condition based on BridgeBio’s market capitalization reaching $5.0 billion and vests immediately at 100% upon achievement of said market capitalization. The market-based RSUs require continuous employment.

The respective grant date fair values of these awards, which aggregate to $3.8 million for the year ended December 31, 2019, were determined using a Monte Carlo valuation model and are recognized as compensation expense over the implied service period of the awards.

The following table summarizes our market-based RSU activity under the Plans for the three months ended March 31, 2020:

	Unvested Shares of Market-based RSUs Outstanding			Weighted- Average Grant Date Fair Value
Balance at December 31, 2019		129,871		$	28.98
Granted		2,380		$	34.81
Vested		(76,637	)	$	41.54
Balance at March 31, 2020		55,614		$	11.92

For the three months ended March 31, 2020, we recognized $1.0 million stock-based compensation expense related to market-based RSU awards. As of March 31, 2020, there was $0.6 million of total unrecognized compensation cost related to market-based RSUs under the Plans.

Performance-Based RSUs of BridgeBio

During the three months ended March 31, 2020, the Board of Directors approved and granted 3,843 performance-based RSUs with weighted average grant date fair value of $34.81. There were no releases and cancellations of performance-based RSUs during the three months ended March 31, 2020. Recognized and unrecognized stock-based compensation expenses related to these awards were not material as of March 31, 2020.

2019 Employee Stock Purchase Plan (ESPP) of BridgeBio

During the three months ended March 31, 2020, we recognized stock-based compensation expense of $0.1 million related to our ESPP. As of March 31, 2020, 3,172,865 shares were reserved for future issuance under the ESPP.

Valuations Assumptions

We used the Black-Scholes model to estimate the fair value of stock options and stock purchase rights under ESPP. For the three months ended March 31, 2020, we used the following weighted-average assumptions in the Black-Scholes calculations:

	Three Months Ended March 31, 2020
	Stock Options		ESPP
Expected term (in years)	5.00-6.08			0.40
Expected volatility	36.3%-40.5%			32.5	%
Risk-free interest rate	0.95%-1.50%			1.57	%
Dividend yield		—		—
Weighted-average fair value of stock-based awards granted	$	13.01	$	10.34

Equity-Based Awards of BBP LLC

Up until the 2019 Reorganization, BBP LLC has historically issued management incentive units and common units (collectively, “BBP LLC equity-based awards”). As described in Note 13, BBP LLC equity-based awards were cancelled and exchanged for shares of BridgeBio restricted common stock. For the three months ended March 31, 2019, equity-based compensation from BBP LLC equity-based awards was $1.2 million.

Equity Awards of Eidos

Eidos Common Stock

Eidos has reserved shares of common stock for issuance as follows:

	As of March 31,
	2020		2019
Options issued and outstanding		1,382,868		1,307,729
Options available for future grants		1,848,548		718,557
Eidos ESPP shares available for future grants		97,805		130,166
		3,329,221		2,156,452

Eidos stock options

The following table summarizes Eidos’s stock option activity for the three months ended March 31, 2020:

							Weighted-		Weighted-
							Average		Average		Aggregate
	Options						Exercise		Remaining		Intrinsic
	Available for			Options			Price per		Contractual		Value
	Grant			Outstanding			Option		Life (years)		(in thousands)
Outstanding—December 31, 2019		1,935,054			1,335,755		$	16.91		8.77	$	54,071
Options granted		(93,798	)		93,798		$	51.57
Options exercised		—			(39,393	)	$	4.89
Options cancelled		7,292			(7,292	)	$	16.88
Outstanding—March 31, 2020		1,848,548			1,382,868		$	19.60		8.63	$	40,642
Options exercisable—March 31, 2020					285,005		$	11.95		8.31	$	10,557
Options vested and expected to vest— March 31, 2020					1,382,868		$	19.60		8.63	$	40,642

Eidos Stock Options Valuation

The fair value of employee, non-employee and non-employee director stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:

	Three Months Ended						Three Months Ended
	March 31, 2020						March 31, 2019
	Employee			Non- employee			Employee			Non- employee
Expected term (in years)		6.05			6.05			6.08			6.08
Expected volatility		71.4	%		71.4	%		72.9	%		73.5	%
Risk-free interest rate		1.15	%		1.44	%		2.60	%		2.74	%
Dividend yield	—			—			—			—

Stock-based Compensation

As of March 31, 2020, there was $14.6 million of total unrecognized compensation cost related to unvested equity-based compensation arrangements under the Eidos 2016 and 2018 Plans. The unrecognized equity-based compensation cost is expected to be recognized over a weighted-average period of 2.8 years.

Income Taxes

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

15.	Income Taxes

BridgeBio is subject to U.S. federal and state 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. Prior to the tax-free reorganization, BBP LLC was treated as a pass‑through entity for U.S. federal income tax purposes, and as such, was generally not subject to U.S. federal income tax at the entity level. Rather, the tax liability with respect to its taxable income was passed through to its unitholders.

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. As a result of the issuance of our 2027 Notes on March 9, 2020 (see Note 9), there was a basis difference in the face value of the 2027 Notes resulting in a net deferred tax liability of $1.4 million. This amount is included as part of Other liabilities in our condensed consolidated balance sheet as of March 31, 2020. 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 sheet. To date, we have not recognized any interest and penalties in our condensed consolidated statements of operations, nor have we accrued for or made payments for interest and penalties. Our unrecognized gross tax benefits would not reduce the estimated annual effective tax rate if recognized because we have recorded a full valuation allowance on its deferred tax assets.

On March 27, 2020, the “Coronavirus Aid, Relief and Economic Security Act” (the “CARES Act”) was signed into law. The CARES Act includes income tax provisions relating to net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The provisions of the CARES Act did not have a material impact on our financial statements.

Net Loss Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Net Loss Per Share

16.	Net Loss Per Share

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

	As of March 31,
	2020		2019
Unvested RSAs		4,998,744		7,423,752
Unvested RSUs		366,505	—
Unvested market-based RSUs		55,614	—
Unvested performance-based RSUs		3,843	—
Common stock options issued and outstanding		4,813,061	—
Estimated shares issuable under the ESPP		14,866	—
Assumed conversion of 2027 Notes		12,878,305	—
		23,130,938		7,423,752

Our 2027 Notes issued in March 2020 are convertible, based on the applicable conversion rate, into cash, shares of our common stock or a combination thereof, at our election. The impact of the assumed conversion to diluted net income per share is computed using the treasury stock method.

Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

17.	Subsequent Events

2020 Stock and Equity Award Exchange Program

On April 22, 2020, we completed our 2020 Stock and Equity Award Exchange Program (the “Program”) which was an opportunity for eligible subsidiary employees and consultants to exchange their subsidiary equity (including common stock, vested, and unvested awards) for BridgeBio’s equity (including common stock, vested, and unvested awards) and/or milestone performance awards tied to the achievement of development and regulatory milestones. The 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. At the close of the tender offer, we expect to issue awards of BridgeBio equity under the 2019 Plan covering approximately 1.9 million shares of BridgeBio common stock as well as vested and unvested equity awards. The exchange also included potential milestone payments of up to $184.4 million to be settled in shares of BridgeBio common stock in the future when achieved. In consideration for all the shares tendered, BridgeBio will increase its ownership of its subsidiaries.

Amendments to the Hercules Loan and Security Agreement

As discussed in Note 9, we entered into the Amended Hercules Term Loan Agreement on April 27, 2020.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Variable Interest Entities and Voting Interest Entities

BridgeBio consolidates those entities in which it has a direct or indirect controlling financial interest based on either the VIE model or the Voting Interest Entity (“VOE”) model.

We have either created or made investments in entities that are either wholly or partially-owned subsidiaries and VIEs. The following are the VIEs as of March 31, 2020 and December 31, 2019:

Variable Interest Entities	Relationship as of March 31, 2020	Date Control First Acquired	Ownership % as of March 31, 2020			Ownership % as of December 31, 2019
			(unaudited)
Fortify Therapeutics, Inc. (“Fortify”)	Controlled VIE	June 2018		99.7	%		99.7	%
Calcilytix Therapeutics, Inc. (“Calcilytix”)	Controlled VIE	December 2018		98.9	%		98.9	%
Audition Therapeutics, Inc. (“Audition”)	Controlled VIE	May 2019		64.5	%		64.5	%
Molecular Skin Therapeutics, Inc. (“MOST”)	Controlled VIE	July 2016		64.1	%		64.8	%
TheRas, Inc. (“Theras”)	Controlled VIE	August 2016		99.6	%		99.6	%
Quartz Therapeutics, Inc. (“Quartz”)	Controlled VIE	October 2016		89.0	%		89.0	%
PellePharm, Inc. (“PellePharm”)⁽¹⁾	VIE	December 2016		43.3	%		43.3	%
Navire Pharma, Inc. (“Navire”)	Controlled VIE	February 2017		78.1	%		78.6	%
CoA Therapeutics, Inc. (“CoA”)	Controlled VIE	February 2017		98.8	%		99.5	%
Dermecular Therapeutics, Inc. (“Dermecular”)	Controlled VIE	April 2017		87.6	%		87.6	%
Phoenix Tissue Repair, Inc. (“PTR”)	Controlled VIE	July 2017		65.3	%		65.5	%
QED Therapeutics, Inc. (“QED”)	Controlled VIE	January 2018		98.0	%		97.8	%
Adrenas Therapeutics, Inc. (“Adrenas”)	Controlled VIE	January 2018		90.7	%		90.1	%
Orfan Biotech, Inc. (“Orfan”)	Controlled VIE	January 2018		91.7	%		91.7	%
Ferro Therapeutics, Inc. (“Ferro”)	Controlled VIE	March 2018		90.6	%		90.9	%
Origin Biosciences, Inc. (“Origin”)	Controlled VIE	April 2018		99.7	%		99.6	%
Venthera, Inc. (“Venthera”)	Controlled VIE	April 2018		86.9	%		83.2	%
Aspa Therapeutics, Inc. (“Aspa”)	Controlled VIE	June 2018		93.0	%		91.0	%
ML Bio Solutions, Inc. (“ML Bio”)	Controlled VIE	July 2019		63.3	%		50.6	%
Shift Therapeutics, Inc. (“Shift”) (2)	Controlled VIE	January 2019		83.1	%		—

(1)	Subsequent to the execution of a series of agreements (the “LEO Agreement”) with LEO Pharma A/S and LEO Spiny Merger Sub, Inc. (“LEO”) in November 2018, BridgeBio determined that it is no longer the primary beneficiary of PellePharm and deconsolidated PellePharm. Refer to Note 8.

(2)	Shift had no shares issued and outstanding from the date of incorporation through December 31, 2019.

Not included in the above list is Eidos, which is a partially-owned subsidiary that we consolidate under the VOE model.

Risks and Uncertainties

Cash, Cash Equivalents and Restricted Cash

Our restricted cash balance relates to cash and cash equivalents that we have pledged as collateral under certain lease agreements and letters of credit.

	March 31, 2020		March 31, 2019
	(in thousands)
Cash and cash equivalents	$	757,049	$	373,027
Restricted cash		424		—
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	757,473	$	373,027

Use of Estimates

Capped Call Transactions

Debt Issuance Costs

Treasury Stock

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

Leases

Net Loss per Share

Emerging Growth Company Status

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Summary of Investments

We have either created or made investments in entities that are either wholly or partially-owned subsidiaries and VIEs. The following are the VIEs as of March 31, 2020 and December 31, 2019:

Variable Interest Entities	Relationship as of March 31, 2020	Date Control First Acquired	Ownership % as of March 31, 2020			Ownership % as of December 31, 2019
			(unaudited)
Fortify Therapeutics, Inc. (“Fortify”)	Controlled VIE	June 2018		99.7	%		99.7	%
Calcilytix Therapeutics, Inc. (“Calcilytix”)	Controlled VIE	December 2018		98.9	%		98.9	%
Audition Therapeutics, Inc. (“Audition”)	Controlled VIE	May 2019		64.5	%		64.5	%
Molecular Skin Therapeutics, Inc. (“MOST”)	Controlled VIE	July 2016		64.1	%		64.8	%
TheRas, Inc. (“Theras”)	Controlled VIE	August 2016		99.6	%		99.6	%
Quartz Therapeutics, Inc. (“Quartz”)	Controlled VIE	October 2016		89.0	%		89.0	%
PellePharm, Inc. (“PellePharm”)⁽¹⁾	VIE	December 2016		43.3	%		43.3	%
Navire Pharma, Inc. (“Navire”)	Controlled VIE	February 2017		78.1	%		78.6	%
CoA Therapeutics, Inc. (“CoA”)	Controlled VIE	February 2017		98.8	%		99.5	%
Dermecular Therapeutics, Inc. (“Dermecular”)	Controlled VIE	April 2017		87.6	%		87.6	%
Phoenix Tissue Repair, Inc. (“PTR”)	Controlled VIE	July 2017		65.3	%		65.5	%
QED Therapeutics, Inc. (“QED”)	Controlled VIE	January 2018		98.0	%		97.8	%
Adrenas Therapeutics, Inc. (“Adrenas”)	Controlled VIE	January 2018		90.7	%		90.1	%
Orfan Biotech, Inc. (“Orfan”)	Controlled VIE	January 2018		91.7	%		91.7	%
Ferro Therapeutics, Inc. (“Ferro”)	Controlled VIE	March 2018		90.6	%		90.9	%
Origin Biosciences, Inc. (“Origin”)	Controlled VIE	April 2018		99.7	%		99.6	%
Venthera, Inc. (“Venthera”)	Controlled VIE	April 2018		86.9	%		83.2	%
Aspa Therapeutics, Inc. (“Aspa”)	Controlled VIE	June 2018		93.0	%		91.0	%
ML Bio Solutions, Inc. (“ML Bio”)	Controlled VIE	July 2019		63.3	%		50.6	%
Shift Therapeutics, Inc. (“Shift”) (2)	Controlled VIE	January 2019		83.1	%		—

(1)	Subsequent to the execution of a series of agreements (the “LEO Agreement”) with LEO Pharma A/S and LEO Spiny Merger Sub, Inc. (“LEO”) in November 2018, BridgeBio determined that it is no longer the primary beneficiary of PellePharm and deconsolidated PellePharm. Refer to Note 8.

(2)	Shift had no shares issued and outstanding from the date of incorporation through December 31, 2019.

Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash

	March 31, 2020		March 31, 2019
	(in thousands)
Cash and cash equivalents	$	757,049	$	373,027
Restricted cash		424		—
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	757,473	$	373,027

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2020

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

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:

	March 31, 2020
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	670,915	$	670,915	$	—	$	—
Short-term marketable securities:
U.S. treasury notes		45,625		—		45,625		—
Commercial paper		23,336		—		23,336		—
Corporate debt securities		79,165		—		79,165		—
Total short-term marketable securities		148,126		—		148,126		—
Long-term marketable securities:
U.S. treasury notes		15,503		—		15,503		—
Corporate debt securities		7,707		—		7,707		—
Total long-term marketable securities		23,210		—		23,210		—
Total cash equivalents and marketable securities	$	842,251	$	670,915	$	171,336	$	—
Liabilities:
LEO call option liability	$	3,539	$	—	$	—	$	3,539
Embedded derivative		1,103		—		—		1,103
Total financial liabilities	$	4,642	$	—	$	—	$	4,642

	December 31, 2019
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	248,736	$	248,736	$	—	$	—
Repurchase agreements		59,000		59,000		—		—
Total cash equivalents		307,736		307,736		—		—
Short-term marketable securities:
U.S. treasury notes		45,280		—		45,280		—
Commercial paper		65,626		—		65,626		—
Corporate debt securities		71,314		—		71,314		—
Total short-term marketable securities		182,220		—		182,220		—
Long-term marketable securities:
U.S. treasury notes		15,307		—		15,307		—
Corporate debt securities		15,837		—		15,837		—
Total long-term marketable securities		31,144		—		31,144		—
Total cash equivalents and marketable securities	$	521,100	$	307,736	$	213,364	$	—
Liabilities:
LEO call option liability	$	4,078	$	—	$	—	$	4,078
Embedded derivative		1,165		—		—		1,165
Total financial liabilities	$	5,243	$	—	$	—	$	5,243

LEO Call Option

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

Schedule of Estimated Fair Value of Liability

	March 31,		December 31,
	2020		2019
Probability of milestone achievement	12.0%-84.0%		12.0%-84.0%
Discount rate	0.2%-14.9%		1.6%-13.1%
Expected term (in years)	0.67-5.25		0.67-5.25
Expected volatility	70.0%-80.0%		60.0%-68.0%
Risk-free interest rate	2.01%-2.24%		2.34%-2.46%
Dividend yield		—		—

Summary of Change in Estimated Fair Value of Liability

The following table sets forth a summary of the change in the estimated fair value of the LEO Call Option:

	Total
	(in thousands)
Balance as of December 31, 2019	$	4,078
Change in fair value upon remeasurement recognized as other income		(539	)
Balance as of March 31, 2020	$	3,539

Cash Equivalents and Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2020

Cash Equivalents And Marketable Securities [Abstract]

Schedule of Cash Equivalent and Marketable Securities Classified as Available-for-Sale

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

	March 31, 2020
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	670,915	$	—	$	—		$	670,915
Short-term marketable securities:
U.S. treasury notes		45,155		470		—			45,625
Commercial paper		23,336		—		—			23,336
Corporate debt securities		79,226		5		(66	)		79,165
Total short-term marketable securities		147,717		475		(66	)		148,126
Long-term marketable securities:
U.S. treasury notes		15,204		299		—			15,503
Corporate debt securities		7,689		18		—			7,707
Total long-term marketable securities		22,893		317		—			23,210
Total cash equivalents and marketable securities	$	841,525	$	792	$	(66	)	$	842,251

	December 31, 2019
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	248,736	$	—	$	—	$	248,736
Repurchase agreements		59,000		—		—		59,000
Total cash equivalents		307,736		—		—		307,736
Short-term marketable securities:
U.S. treasury notes		45,224		56		—		45,280
Commercial paper		65,626		—		—		65,626
Corporate debt securities		71,231		83		—		71,314
Total short-term marketable securities		182,081		139		—		182,220
Long-term marketable securities:
U.S. treasury notes		15,248		59		—		15,307
Corporate debt securities		15,781		56		—		15,837
Total long-term marketable securities		31,029		115		—		31,144
Total cash equivalents and marketable securities	$	520,846	$	254	$	—	$	521,100

Variable Interest Entities and Voting Interest Model (Tables)

3 Months Ended

Mar. 31, 2020

Variable Interest Entities And Voting Interest Model [Abstract]

Summary of Assets and Liabilities for Consolidated VIEs

The following table provides the assets and liabilities for all consolidated VIEs as of March 31, 2020:

	Adrenas		Aspa		ML Bio		QED		Calcilytix		All Other		Total
	(in thousands)
Assets:
Current assets:
Cash and cash equivalents	$	8,238	$	8,704	$	13,369	$	29,506	$	13,714	$	31,761	$	105,292
Prepaid expenses and other current assets		1,072		562		32		5,843		138		4,757		12,404
Total current assets		9,310		9,266		13,401		35,349		13,852		36,518		117,696
Property and equipment, net		3,397		10,256		93		252		6		237		14,241
Operating lease right-of-use assets		1,821		—		—		1,435		—		431		3,687
Other assets		—		—		—		11,629		278		424		12,331
Total assets	$	14,528	$	19,522	$	13,494	$	48,665	$	14,136	$	37,610	$	147,955
Liabilities:
Current liabilities:
Accounts payable	$	445	$	239	$	588	$	2,901	$	104	$	2,767	$	7,044
Accrued compensation and benefits		270		82		75		1,120		364		1,649		3,560
Accrued research and development liabilities		844		638		89		14,653		847		6,725		23,796
Accrued professional services		278		130		24		602		4		861		1,899
Operating lease liabilities, current portion		269		—		—		1,061		—		126		1,456
Other accrued liabilities		128		4,038		2		193		7		517		4,885
Total current liabilities		2,234		5,127		778		20,530		1,326		12,645		42,640
Operating lease liabilities, net of current portion		2,629		—		—		476		—		323		3,428
Other liabilities		—		—		—		—		—		24		24
Total liabilities	$	4,863	$	5,127	$	778	$	21,006	$	1,326	$	12,992	$	46,092

The following table provides the assets and liabilities for all consolidated VIEs as of December 31, 2019:

	Adrenas		Aspa		ML Bio		QED		Theras		All Other		Total
	(in thousands)
Assets:
Current assets:
Cash and cash equivalents	$	6,453	$	1,695	$	7,432	$	27,781	$	6,351	$	31,600	$	81,312
Prepaid expenses and other current assets		906		758		17		7,282		2,555		2,416		13,934
Total current assets		7,359		2,453		7,449		35,063		8,906		34,016		95,246
Property and equipment, net		3,189		274		98		281		3		325		4,170
Other assets		—		10,000		—		11,313		—		637		21,950
Total assets	$	10,548	$	12,727	$	7,547	$	46,657	$	8,909	$	34,978	$	121,366
Liabilities:
Current liabilities:
Accounts payable	$	526	$	219	$	19	$	1,443	$	23	$	1,341	$	3,571
Accrued compensation and benefits		923		156		67		3,396		243		3,352		8,137
Accrued research and development liabilities		757		567		—		8,931		212		5,293		15,760
Accrued professional services		83		280		7		435		4		363		1,172
Build-to-suit lease obligation		—		8,000		—		—		—		—		8,000
Other accrued liabilities		290		38		—		180		33		592		1,133
Total current liabilities		2,579		9,260		93		14,385		515		10,941		37,773
Other liabilities		951		—		—		161		—		24		1,136
Total liabilities	$	3,530	$	9,260	$	93	$	14,546	$	515	$	10,965	$	38,909

Schedule of Noncontrolling Interests Balance

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2020

The following table provides a rollforward of the noncontrolling interests balance for the three months ended March 31, 2020:

	Adrenas			Aspa			Eidos			PTR			Venthera			All Other			Total
	(in thousands)
Balance as of December 31, 2019	$	696		$	250		$	59,722		$	1,298		$	140		$	3,173		$	65,279
Issuance of noncontrolling interest		6			9			26,248			1			16			285			26,565
Transfers to (from) noncontrolling interest		883			649			(15,329	)		4			513			1,105			(12,175	)
Net loss attributable to noncontrolling interest		(316	)		(195	)		(8,078	)		(1,238	)		(324	)		(1,215	)		(11,366	)
Balance as of March 31, 2020	$	1,269		$	713		$	62,563		$	65		$	345		$	3,348		$	68,303

Redeemable Convertible Noncontrolling Interests

Schedule of Redeemable Convertible Noncontrolling Interests Balance

The following table provides a rollforward of the redeemable convertible noncontrolling interests balance for the three months ended March 31, 2020:

	Orfan			QED			ML Bio			Shift			Total
	(in thousands)
Balance as of December 31, 2019	$	74		$	612		$	1,557		$	—		$	2,243
Issuance of redeemable convertible noncontrolling interest		—			—			1,000			102			1,102
Net loss attributable to redeemable convertible noncontrolling interest		(16	)		(468	)		(338	)		(44	)		(866	)
Transfers to redeemable convertible noncontrolling interest		—			316			258			—			574
Balance as of March 31, 2020	$	58		$	460		$	2,477		$	58		$	3,053

Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of Outstanding 2027 Notes Balances

The outstanding 2027 Notes balances consisted of the following:

	March 31, 2020
	(in thousands)
Liability component
Principal	$	550,000
Unamortized debt discount		(172,202	)
Unamortized debt issuance costs		(8,875	)
Net carrying amount	$	368,923
Equity component, net of issuance costs	$	169,173

Schedule of Total Interest Expense Recognized Related to 2027 Notes

The following table sets forth the total interest expense recognized related to the 2027 Notes from the date of issuance through March 31, 2020:

	Amount
	(in thousands)
Contractual interest expense	$	879
Amortization of debt discount		1,079
Amortization of debt issuance costs		56
Total interest and amortization expense	$	2,014

Schedule of Future Minimum Payments under 2027 Notes

Future minimum payments under the 2027 Notes as of March 31, 2020, are as follows:

	Amount
	(in thousands)
Remainder of 2020	$	7,295
Year ending December 31:
2021		13,941
2022		13,941
2023		13,941
2024		13,979
Thereafter		584,795
Total future payments		647,892
Less amounts representing interest		(97,892	)
Total principal amount	$	550,000

Schedule of Future Minimum Lease Payments for Noncancelable Operating Leases under ASC 842

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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 942
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 55
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-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Leases (Tables)

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Components of Lease Cost

The components of lease cost for the three months ended March 31, 2020 are as follows:

	Amount
	(in thousands)
Straight line lease cost	$	694
Variable lease payments		159
Total lease cost	$	853

As of March 31, 2020, future minimum lease payments for our noncancelable operating leases under ASC 842 are as follows:

	Amount
	(in thousands)
Remainder of 2020	$	2,340
Year ending December 31:
2021		2,724
2022		1,902
2023		1,485
2024		1,224
Thereafter		3,798
Total future minimum lease payments		13,473
Imputed interest		(2,285	)
Total	$	11,188

Reported as of March 31, 2020
Operating lease liabilities, current portion	$	2,510
Operating lease liabilities, net of current portion		8,678
Total operating lease liabilities	$	11,188

Schedule of Future Minimum Lease Payments for Noncancelable Operating Leases under ASC 840

As of December 31, 2019, future minimum lease payments for our noncancelable operating leases under ASC 840 were as follows:

	Amount
	(in thousands)
Year Ending December 31:
2020	$	2,811
2021		2,515
2022		1,812
2023		1,485
2024		1,272
Thereafter		1,816
Total future minimum lease payments	$	11,711

2019 Reorganization and Initial Public Offering (Tables)

3 Months Ended

Mar. 31, 2020

Reorganizations [Abstract]

Schedule of Reconciliation of Previously Reported Amounts of 2019 Reorganization

	March 31, 2019
	As Reported			Adjustment			As Adjusted
	(in thousands)
Redeemable convertible preferred units	$	479,044		$	(479,044	)	$	—
Redeemable founder units		1,754			(1,754	)		—
Redeemable common units		1,645			(1,645	)		—
Management incentive units		4,431			(4,431	)		—
Redeemable convertible noncontrolling interests		202			—			202
Stockholders' equity (Members’ deficit):
Undesignated preferred stock		—			—			—
Common stock		—			92			92
Additional paid-in capital		—			492,678			492,678
Accumulated deficit		(234,733	)		(5,896	)		(240,629	)
Total BridgeBio stockholders' equity (Members' deficit)		(234,733	)		486,874			252,141
Noncontrolling interests		58,318			—			58,318
Total stockholders' equity (Members' deficit)	$	(176,415	)	$	486,874		$	310,459

Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

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

Summary of Equity Based Compensation for Employees and Non Employees

	Three Months Ended March 31, 2020
	BridgeBio Equity Plan		Eidos Equity Plan		Other Subsidiaries Equity Plan		Total
	(in thousands)
Research and development	$	603	$	915	$	122	$	1,640
General and administrative		7,460		1,012		110		8,582
Total stock-based compensation	$	8,063	$	1,927	$	232	$	10,222

	Three Months Ended March 31, 2019
	BridgeBio Equity Plan		Eidos Equity Plan		Other Subsidiaries Equity Plan		Total
	(in thousands)
Research and development	$	—	$	452	$	17	$	469
General and administrative		1,236		512		15		1,763
Total stock-based compensation	$	1,236	$	964	$	32	$	2,232

Summary of Stock Option Activity

The following table summarizes BridgeBio’s stock option activity under the Plans for the three months ended March 31, 2020:

	Options Outstanding			Weighted- Average Exercise Price per Option		Weighted- Average Remaining Contractual Life (years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2019		4,626,777		$	20.10		9.6	$	70,348
Granted		218,654		$	34.66
Exercised		(31,121	)	$	17.00
Cancelled		(1,249	)	$	17.00
Outstanding as of March 31, 2020		4,813,061		$	20.79		9.3	$	45,171
Exercisable as of March 31, 2020		740,973		$	18.24		9.3	$	8,118

Summary of Restricted Stock Units Activity

The following table summarizes BridgeBio’s RSU activity under the Plans for the three months ended March 31, 2020:

	Unvested Shares of RSUs Outstanding			Weighted- Average Grant Date Fair Value
Balance at December 31, 2019		362,163		$	31.98
Granted		19,908		$	34.49
Cancelled		(15,566	)	$	37.45
Balance at March 31, 2020		366,505		$	31.89

Summary of Restricted Stock Award Activity

The following table summarizes our RSA activity under the Plans for the three months ended March 31, 2020:

	Unvested Shares of RSAs Outstanding			Weighted- Average Grant Date Fair Value
Balance at December 31, 2019		5,603,452		$	3.63
Vested		(604,708	)	$	2.22
Balance at March 31, 2020		4,998,744		$	3.79

Summary of Reserved Shares of Common Stock for Issuance

Eidos has reserved shares of common stock for issuance as follows:

	As of March 31,
	2020		2019
Options issued and outstanding		1,382,868		1,307,729
Options available for future grants		1,848,548		718,557
Eidos ESPP shares available for future grants		97,805		130,166
		3,329,221		2,156,452

Eidos

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

Summary of Stock Option Activity

The following table summarizes Eidos’s stock option activity for the three months ended March 31, 2020:

							Weighted-		Weighted-
							Average		Average		Aggregate
	Options						Exercise		Remaining		Intrinsic
	Available for			Options			Price per		Contractual		Value
	Grant			Outstanding			Option		Life (years)		(in thousands)
Outstanding—December 31, 2019		1,935,054			1,335,755		$	16.91		8.77	$	54,071
Options granted		(93,798	)		93,798		$	51.57
Options exercised		—			(39,393	)	$	4.89
Options cancelled		7,292			(7,292	)	$	16.88
Outstanding—March 31, 2020		1,848,548			1,382,868		$	19.60		8.63	$	40,642
Options exercisable—March 31, 2020					285,005		$	11.95		8.31	$	10,557
Options vested and expected to vest— March 31, 2020					1,382,868		$	19.60		8.63	$	40,642

Eidos | Employee

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

Schedule of Assumptions Used to Determine Fair Value of Stock Option Granted

The fair value of employee, non-employee and non-employee director stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:

	Three Months Ended						Three Months Ended
	March 31, 2020						March 31, 2019
	Employee			Non- employee			Employee			Non- employee
Expected term (in years)		6.05			6.05			6.08			6.08
Expected volatility		71.4	%		71.4	%		72.9	%		73.5	%
Risk-free interest rate		1.15	%		1.44	%		2.60	%		2.74	%
Dividend yield	—			—			—			—

Market-Based RSUs

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

Summary of Restricted Stock Units Activity

The following table summarizes our market-based RSU activity under the Plans for the three months ended March 31, 2020:

	Unvested Shares of Market-based RSUs Outstanding			Weighted- Average Grant Date Fair Value
Balance at December 31, 2019		129,871		$	28.98
Granted		2,380		$	34.81
Vested		(76,637	)	$	41.54
Balance at March 31, 2020		55,614		$	11.92

2019 Plan and 2019 Inducement Plan

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

Summary of Shares Activity under Plans

The following table summarizes our share activity under the 2019 Plan and the 2019 Inducement Plans (the “Plans”):

	2019 Plan			2019 Inducement Plan
Balance as of December 31, 2019		53,067			489,064
Authorized		6,182,914			—
Granted — Stock options		(116,481	)		(102,173	)
Granted — Restricted stock units		—			(19,908	)
Granted — Common stock		(8,491	)		—
Granted — Market-based restricted stock units		—			(2,380	)
Granted — Performance-based restricted stock units		—			(3,843	)
Cancelled — Stock options		1,249			—
Cancelled — Restricted stock units		15,566			—
Balance as of March 31, 2020		6,127,824			360,760

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 Option Granted

	Three Months Ended March 31, 2020
	Stock Options		ESPP
Expected term (in years)	5.00-6.08			0.40
Expected volatility	36.3%-40.5%			32.5	%
Risk-free interest rate	0.95%-1.50%			1.57	%
Dividend yield		—		—
Weighted-average fair value of stock-based awards granted	$	13.01	$	10.34

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Schedule of Common Stock Equivalents were Excluded from Computation of Diluted Net Loss per Share

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

	As of March 31,
	2020		2019
Unvested RSAs		4,998,744		7,423,752
Unvested RSUs		366,505	—
Unvested market-based RSUs		55,614	—
Unvested performance-based RSUs		3,843	—
Common stock options issued and outstanding		4,813,061	—
Estimated shares issuable under the ESPP		14,866	—
Assumed conversion of 2027 Notes		12,878,305	—
		23,130,938		7,423,752

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 01, 2020	Mar. 31, 2020	Mar. 09, 2020
Summary Of Significant Accounting Policies [Line Items]
Cash, cash equivalents and restricted cash maturity period		90 days
Operating lease right-of-use assets		$ 8,855
Operating lease liabilities		$ 11,188
Accounting Standards Update 2016-02
Summary Of Significant Accounting Policies [Line Items]
Operating lease right-of-use assets	$ 9,200
Operating lease liabilities	11,500
Deferred rent balance	2,300
Accounting Standards Update 2016-02 \| Other Accrued Liabilities
Summary Of Significant Accounting Policies [Line Items]
New accounting pronouncement effect of adoption	8,000
Accounting Standards Update 2016-02 \| Build-to-Suit Lease Asset
Summary Of Significant Accounting Policies [Line Items]
New accounting pronouncement effect of adoption	(10,000)
Accounting Standards Update 2016-02 \| Construction-in-Progress
Summary Of Significant Accounting Policies [Line Items]
New accounting pronouncement effect of adoption	10,000
Accounting Standards Update 2016-02 \| Build-to-Suit Lease Liability
Summary Of Significant Accounting Policies [Line Items]
New accounting pronouncement effect of adoption	$ (8,000)
2027 Notes
Summary Of Significant Accounting Policies [Line Items]
Stated interest rate		2.50%	2.50%
Minimum
Summary Of Significant Accounting Policies [Line Items]
Percentage of voting shares		50.00%

Summary of Significant Accounting Policies - Summary of Investments (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Fortify Therapeutics Inc \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Date Control First Acquired	2018-06
Ownership %	99.70%	99.70%
Calcilytix Therapeutics, Inc. \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Date Control First Acquired	2018-12
Ownership %	98.90%	98.90%
Audition Therapeutics, Inc. \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Date Control First Acquired	2019-05
Ownership %	64.50%	64.50%
Molecular Skin Therapeutics, Inc \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Date Control First Acquired	2016-07
Ownership %	64.10%	64.80%
TheRas, Inc \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Date Control First Acquired	2016-08
Ownership %	99.60%	99.60%
Quartz Therapeutics, Inc \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Date Control First Acquired	2016-10
Ownership %	89.00%	89.00%
PellePharm, Inc \| VIE
Variable Interest Entity [Line Items]
Date Control First Acquired	2016-12
Ownership %	43.30%	43.30%
Navire Pharma, Inc \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Date Control First Acquired	2017-02
Ownership %	78.10%	78.60%
CoA Therapeutics, Inc \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Date Control First Acquired	2017-02
Ownership %	98.80%	99.50%
Dermecular Therapeutics, Inc \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Date Control First Acquired	2017-04
Ownership %	87.60%	87.60%
Phoenix Tissue Repair, Inc (“PTR”) \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Date Control First Acquired	2017-07
Ownership %	65.30%	65.50%
QED Therapeutics, Inc \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Date Control First Acquired	2018-01
Ownership %	98.00%	97.80%
Adrenas Therapeutics, Inc \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Date Control First Acquired	2018-01
Ownership %	90.70%	90.10%
Orfan Biotech, Inc \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Date Control First Acquired	2018-01
Ownership %	91.70%	91.70%
Ferro Therapeutics, Inc. \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Date Control First Acquired	2018-03
Ownership %	90.60%	90.90%
Origin Biosciences, Inc. \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Date Control First Acquired	2018-04
Ownership %	99.70%	99.60%
Venthera, Inc. \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Date Control First Acquired	2018-04
Ownership %	86.90%	83.20%
Aspa Therapeutics, Inc \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Date Control First Acquired	2018-06
Ownership %	93.00%	91.00%
ML Bio Solutions, Inc. \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Date Control First Acquired	2019-07
Ownership %	63.30%	50.60%
Shift Therapeutics, Inc. \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Date Control First Acquired	2019-01
Ownership %	83.10%

Summary of Significant Accounting Policies - Summary of Investments (Parenthetical) (Details) - Shift Therapeutics, Inc.	Dec. 31, 2019 shares
Variable Interest Entity [Line Items]
Shares, Issued	0
Shares, Outstanding	0

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

Mar. 31, 2020

Dec. 31, 2019

Mar. 31, 2019

Dec. 31, 2018

Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract]

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

$ 757,049

$ 363,773

^[1]

$ 373,027

Restricted cash

424

$ 757,473

$ 364,197

$ 373,027

$ 436,245

[1]	The condensed consolidated balance sheet as of December 31, 2019 is derived from the audited consolidated financial statements as of that date.

Fair Value Measurement - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Cash equivalents:
Total cash equivalents		$ 307,736
Repurchase Agreements
Cash equivalents:
Total cash equivalents		59,000
Recurring
Cash equivalents:
Total cash equivalents	$ 670,915	307,736
Short-term marketable securities:
Total short-term marketable securities	148,126	182,220
Long-term marketable securities:
Total long-term marketable securities	23,210	31,144
Total cash equivalents and marketable securities	842,251	521,100
Liabilities:
LEO call option liability	3,539	4,078
Embedded derivative	1,103	1,165
Total financial liabilities	4,642	5,243
Recurring \| Repurchase Agreements
Cash equivalents:
Total cash equivalents		59,000
Recurring \| U.S. Treasury Notes
Long-term marketable securities:
Total long-term marketable securities	15,503	15,307
Recurring \| Money Market Funds
Cash equivalents:
Total cash equivalents	670,915	248,736
Recurring \| U.S. Treasury Notes
Short-term marketable securities:
Total short-term marketable securities	45,625	45,280
Recurring \| Commercial Paper
Short-term marketable securities:
Total short-term marketable securities	23,336	65,626
Recurring \| Corporate Debt Securities
Short-term marketable securities:
Total short-term marketable securities	79,165	71,314
Long-term marketable securities:
Total long-term marketable securities	7,707	15,837
Recurring \| Level 1
Cash equivalents:
Total cash equivalents	670,915	307,736
Long-term marketable securities:
Total cash equivalents and marketable securities	670,915	307,736
Recurring \| Level 1 \| Repurchase Agreements
Cash equivalents:
Total cash equivalents		59,000
Recurring \| Level 1 \| Money Market Funds
Cash equivalents:
Total cash equivalents	670,915	248,736
Recurring \| Level 2
Short-term marketable securities:
Total short-term marketable securities	148,126	182,220
Long-term marketable securities:
Total long-term marketable securities	23,210	31,144
Total cash equivalents and marketable securities	171,336	213,364
Recurring \| Level 2 \| U.S. Treasury Notes
Long-term marketable securities:
Total long-term marketable securities	15,503	15,307
Recurring \| Level 2 \| U.S. Treasury Notes
Short-term marketable securities:
Total short-term marketable securities	45,625	45,280
Recurring \| Level 2 \| Commercial Paper
Short-term marketable securities:
Total short-term marketable securities	23,336	65,626
Recurring \| Level 2 \| Corporate Debt Securities
Short-term marketable securities:
Total short-term marketable securities	79,165	71,314
Long-term marketable securities:
Total long-term marketable securities	7,707	15,837
Recurring \| Level 3
Liabilities:
LEO call option liability	3,539	4,078
Embedded derivative	1,103	1,165
Total financial liabilities	$ 4,642	$ 5,243

Fair Value Measurement - Additional Information (Details) - USD ($)	Mar. 31, 2020	Mar. 09, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets, transfers between Level 1, Level 2 or Level 3	$ 0		$ 0
Fair value liabilities, transfers between Level 1, Level 2 or Level 3	0		$ 0
2027 Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt Instrument face amount	550,000,000	$ 550,000,000
Estimated fair value of notes payable	$ 502,200,000

Fair Value Measurement - Schedule of Estimated Fair Value of Liability (Details) - LEO Call Option	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Expected term (in years)	8 months 1 day	8 months 1 day
Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Expected term (in years)	5 years 3 months	5 years 3 months
Probability of Milestone Achievement \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input	12.0	12.0
Probability of Milestone Achievement \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input	84.0	84.0
Discount Rate \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input	0.2	1.6
Discount Rate \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input	14.9	13.1
Expected Volatility \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input	70.0	60.0
Expected Volatility \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input	80.0	68.0
Risk-Free Interest Rate \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input	2.01	2.34
Risk-Free Interest Rate \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input	2.24	2.46

Fair Value Measurement - Summary of Change in Estimated Fair Value of Liability (Details) - LEO Call Option $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 4,078
Change in fair value upon remeasurement recognized as other income	(539)
Ending balance	$ 3,539

Cash Equivalents and Marketable Securities - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Cash And Cash Equivalents [Line Items]
Securities collateral by deposits percentage required by the accounting policy	102.00%
Securities collateral by deposits percentage maintained by a third-party custodian	102.00%
Realized gains or losses on available-for-sale securities	$ 0
Short-term marketable securities contractual maturities	7 months
Long-term marketable securities contractual maturities	14 months
U.S. Treasury Securities \| Maximum
Cash And Cash Equivalents [Line Items]
Received repurchase agreement	$ 0

Cash Equivalents and Marketable Securities - Schedule of Cash Equivalent and Marketable Securities Classified as Available-for-Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis Cash Equivalents		$ 307,736
Total cash equivalents		307,736
Amortized Cost Basis	$ 841,525	520,846
Unrealized Gains	792	254
Unrealized Losses	(66)
Estimated Fair Value	842,251	521,100
Money Market Funds
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis Cash Equivalents	670,915	248,736
Total cash equivalents	670,915	248,736
Repurchase Agreements
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis Cash Equivalents		59,000
Total cash equivalents		59,000
Short-term Marketable Securities
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis	147,717	182,081
Unrealized Gains	475	139
Unrealized Losses	(66)
Estimated Fair Value	148,126	182,220
Short-term Marketable Securities \| U.S. Treasury Securities
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis	45,155	45,224
Unrealized Gains	470	56
Estimated Fair Value	45,625	45,280
Short-term Marketable Securities \| Commercial Paper
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis	23,336	65,626
Estimated Fair Value	23,336	65,626
Short-term Marketable Securities \| Corporate Debt Securities
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis	79,226	71,231
Unrealized Gains	5	83
Unrealized Losses	(66)
Estimated Fair Value	79,165	71,314
Long-term Marketable Securities
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis	22,893	31,029
Unrealized Gains	317	115
Estimated Fair Value	23,210	31,144
Long-term Marketable Securities \| U.S. Treasury Securities
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis	15,204	15,248
Unrealized Gains	299	59
Estimated Fair Value	15,503	15,307
Long-term Marketable Securities \| Corporate Debt Securities
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis	7,689	15,781
Unrealized Gains	18	56
Estimated Fair Value	$ 7,707	$ 15,837

Variable Interest Entities and Voting Interest Model - Additional Information (Details) - USD ($)
$ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Sep. 30, 2019

Jul. 31, 2019

May 31, 2019

Mar. 31, 2020

Dec. 31, 2019

Mar. 31, 2019

Maximum aggregate offering price of stocks

$ 124

^[1]

$ 92

Variable Interest Entity, Primary Beneficiary | Eidos

Purchase of common stock, shares

Voting shares

50.00%

882,353

1,103,848

Common stock, value

$ 26,400

$ 28,600

Variable Interest Entity, Primary Beneficiary | Eidos | Market Sales Agreement

Percentage of cash commission

Shares issued

448,755

385,613

3.00%

Net proceeds issued from offerings

$ 24,100

$ 23,900

Variable Interest Entity, Primary Beneficiary | Eidos | Market Sales Agreement | Maximum

Maximum aggregate offering price of stocks

$ 100,000

Variable Interest Entity, Primary Beneficiary | Eidos | Common Stock

Variable Interest Entity, Primary Beneficiary | QED Therapeutics, Inc

Shares issued

556,173

Variable Interest Entity, Primary Beneficiary | Calcilytix

20,000

Variable Interest Entity, Primary Beneficiary | Adrenas Therapeutics, Inc

13,000

Variable Interest Entity, Primary Beneficiary | Aspa

10,000

Variable Interest Entity, Primary Beneficiary | ML Bio

10,000

Variable Interest Entity, Primary Beneficiary | Origin Biosciences, Inc.

6,500

Variable Interest Entity, Primary Beneficiary | Fortify Therapeutics Inc

6,000

Variable Interest Entity, Primary Beneficiary | Venthera, Inc.

2,500

Variable Interest Entity, Primary Beneficiary | Shift Therapeutics, Inc.

4,000

Variable Interest Entity, Primary Beneficiary | Navire Pharma, Inc

500

$ 1,900

[1]	The condensed consolidated balance sheet as of December 31, 2019 is derived from the audited consolidated financial statements as of that date.

Variable Interest Entities and Voting Interest Model - Summary of Assets and Liabilities for Consolidated VIEs (Details) - USD ($)
$ in Thousands

Mar. 31, 2020

Dec. 31, 2019

Mar. 31, 2019

$ 757,049

$ 363,773

^[1]

$ 373,027

19,782

22,629

^[1]

924,957

568,622

^[1]

15,755

5,625

^[1]

8,855

17,022

26,288

^[1]

989,799

631,679

^[1]

13,086

8,852

^[1]

5,647

13,317

^[1]

29,522

20,896

^[1]

3,145

2,222

^[1]

2,510

^[1]

8,000

Operating lease liabilities, net of current portion

64,914

60,385

^[1]

8,678

2,797

3,527

^[1]

Variable Interest Entity, Primary Beneficiary

537,728

155,703

^[1]

105,292

81,312

12,404

13,934

117,696

95,246

14,241

4,170

3,687

12,331

21,950

147,955

121,366

7,044

3,571

3,560

8,137

23,796

15,760

1,899

1,172

1,456

8,000

4,885

1,133

Operating lease liabilities, net of current portion

42,640

37,773

3,428

1,136

Adrenas | Variable Interest Entity, Primary Beneficiary

46,092

38,909

8,238

6,453

1,072

906

9,310

7,359

3,397

3,189

1,821

14,528

10,548

445

526

270

923

844

757

278

269

128

290

Operating lease liabilities, net of current portion

2,234

2,579

2,629

951

Aspa | Variable Interest Entity, Primary Beneficiary

4,863

3,530

8,704

1,695

562

758

9,266

2,453

10,256

274

10,000

19,522

12,727

239

219

156

638

567

130

280

8,000

4,038

5,127

9,260

ML Bio | Variable Interest Entity, Primary Beneficiary

5,127

9,260

13,369

7,432

13,401

7,449

13,494

7,547

588

778

QED | Variable Interest Entity, Primary Beneficiary

778

29,506

27,781

5,843

7,282

35,349

35,063

252

281

1,435

11,629

11,313

48,665

46,657

2,901

1,443

1,120

3,396

14,653

8,931

602

435

1,061

193

180

Operating lease liabilities, net of current portion

20,530

14,385

476

161

TheRas, Inc | Variable Interest Entity, Primary Beneficiary

21,006

14,546

6,351

2,555

8,906

8,909

243

212

515

Calcilytix | Variable Interest Entity, Primary Beneficiary

515

13,714

138

13,852

278

14,136

104

364

847

1,326

All Other | Variable Interest Entity, Primary Beneficiary

1,326

31,761

31,600

4,757

2,416

36,518

34,016

237

325

431

424

637

37,610

34,978

2,767

1,341

1,649

3,352

6,725

5,293

861

363

126

517

592

Operating lease liabilities, net of current portion

12,645

10,941

323

Redeemable Noncontrolling Interest [Line Items]

$ 12,992

$ 10,965

[1]	The condensed consolidated balance sheet as of December 31, 2019 is derived from the audited consolidated financial statements as of that date.

Noncontrolling Interests - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Noncontrolling Interest [Abstract]
Adjustments of carrying value of noncontrolling interest additional paid-in capital	$ 11.6	$ (3.0)

Noncontrolling Interests - Schedule of Redeemable Convertible Noncontrolling Interests Balance (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Net loss attributable to redeemable convertible noncontrolling interest

$ 2,243

^[1]

$ 122

^[2]

(790)

Transfers to redeemable convertible noncontrolling interest

870

Redeemable Convertible Noncontrolling Interests

3,053

202

Redeemable Noncontrolling Interest [Line Items]

Issuance of redeemable convertible noncontrolling interest

^[2]

2,243

1,102

Net loss attributable to redeemable convertible noncontrolling interest

(866)

Transfers to redeemable convertible noncontrolling interest

574

Redeemable Convertible Noncontrolling Interests | Orfan Biotech, Inc

3,053

$ 202

Redeemable Noncontrolling Interest [Line Items]

Net loss attributable to redeemable convertible noncontrolling interest

(16)

Redeemable Convertible Noncontrolling Interests | QED Therapeutics, Inc

Redeemable Noncontrolling Interest [Line Items]

Net loss attributable to redeemable convertible noncontrolling interest

612

(468)

Transfers to redeemable convertible noncontrolling interest

316

Redeemable Convertible Noncontrolling Interests | ML Bio

460

Redeemable Noncontrolling Interest [Line Items]

Issuance of redeemable convertible noncontrolling interest

1,557

1,000

Net loss attributable to redeemable convertible noncontrolling interest

(338)

Transfers to redeemable convertible noncontrolling interest

258

Redeemable Convertible Noncontrolling Interests | Shift Therapeutics, Inc.

2,477

Redeemable Noncontrolling Interest [Line Items]

Issuance of redeemable convertible noncontrolling interest

102

Net loss attributable to redeemable convertible noncontrolling interest

(44)

$ 58

[1]	The condensed consolidated balance sheet as of December 31, 2019 is derived from the audited consolidated financial statements as of that date.
[2]	The consolidated balances as of December 31, 2019 and 2018 are derived from the audited consolidated financial statements as of that date. The consolidated balances as of December 31, 2018 were retroactively adjusted, including shares and per share amounts, as a result of the 2019 Reorganization. See Note 13 to the condensed consolidated financial statements for additional details.

Noncontrolling Interests - Schedule of Noncontrolling Interests Balance (Details)
$ in Thousands

3 Months Ended

Mar. 31, 2020

USD ($)

$ 65,279

^[1]

26,565

Net income (loss) attributable to noncontrolling interest

(12,175)

(11,366)

Adrenas Therapeutics, Inc

68,303

696

Net income (loss) attributable to noncontrolling interest

883

(316)

1,269

Aspa

250

Net income (loss) attributable to noncontrolling interest

649

(195)

713

Eidos

59,722

26,248

Net income (loss) attributable to noncontrolling interest

(15,329)

(8,078)

62,563

PTR

1,298

Net income (loss) attributable to noncontrolling interest

(1,238)

Venthera, Inc.

140

Net income (loss) attributable to noncontrolling interest

513

(324)

345

All Other

3,173

285

Net income (loss) attributable to noncontrolling interest

1,105

(1,215)

Unamortized debt discount

$ 3,348

[1]	The condensed consolidated balance sheet as of December 31, 2019 is derived from the audited consolidated financial statements as of that date.

PellePharm Investment - Additional Information (Detail) - PellePharm, Inc - USD ($)	3 Months Ended	18 Months Ended
	Mar. 31, 2020	Dec. 31, 2016	Dec. 31, 2019	Mar. 31, 2019	Jul. 31, 2015
Schedule Of Investments [Line Items]
Initial investment					$ 4,500,000
Equity method investment	$ 0		$ 0	$ 0
Preferred stock ownership percentage	61.90%
Equity security investment	$ 0
Impairments related to investment	$ 0
Minimum
Schedule Of Investments [Line Items]
Ownership interest percentage		50.00%

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Potential milestone compensation	$ 23,600
Compensation expense recognized	0
Accrued termination charges	$ 0	$ 0

Debt - Additional Information (Details)					1 Months Ended			3 Months Ended
Debt - Additional Information (Details)	Apr. 27, 2020 USD ($)	Mar. 09, 2020 USD ($) TradingDay $ / shares shares	Mar. 04, 2020 USD ($) $ / shares shares	Nov. 13, 2019 USD ($)	Jul. 31, 2019	Dec. 31, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)	May 31, 2019 USD ($)
Debt Instrument [Line Items]
Purchase of capped calls								$ 49,280,000
Repurchase of common stock								75,000,000
Hercules Capital, Inc
Debt Instrument [Line Items]
Payment in kind, interest rate					83.33%
Debt instrument interest only extension date					Jul. 01, 2021
Debt instrument maturity date extension					Jan. 01, 2023
Interest expense								1,500,000	$ 1,700,000
Amortization of debt discount and issuance costs								400,000	$ 400,000
Hercules Capital, Inc \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument interest only extension date	Jul. 01, 2022
Debt instrument maturity date extension	Nov. 01, 2023
Debt instrument interest only extension date, one	Jan. 01, 2023
Debt instrument interest only extension date, two	Jul. 01, 2023
Debt instrument amended maturity extended date	May 01, 2024
Debt instrument, additional increase available in loan facilities	$ 125,000,000
Debt instrument, additional increase available in loan facilities no later than December 15, 2020	25,000,000
Debt instrument, additional increase available in loan facilities no later than December 15, 2021	25,000,000
Debt instrument, additional increase available in loan facilities upon achievement of certain performance milestones	25,000,000
Debt instrument, additional increase available in loan facilities no later than December 15, 2022	$ 50,000,000
Hercules Capital, Inc \| Maximum \| Payment in Kind
Debt Instrument [Line Items]
Cash payment interest					1.50%
Silicon Valley Bank and Hercules Loan Agreement \| Maximum \| Eidos
Debt Instrument [Line Items]
Debt Instrument face amount				$ 55,000,000
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
2027 Notes
Debt Instrument [Line Items]
Debt Instrument face amount		$ 550,000,000						$ 550,000,000
Stated interest rate		2.50%						2.50%
Maturity date		Mar. 15, 2027
Proceeds from initial purchasers in note offering		$ 75,000,000
Debt instrument, frequency of interest payment		semiannually
Interest payable beginning date		Sep. 15, 2020
Description of payment terms of notes								The 2027 Notes are senior, unsecured obligations of BridgeBio and will accrue interest payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2020, at a rate of 2.50% per year.
Proceeds from issuance of notes after deducting discount and offering expenses		$ 537,000,000
Purchase of capped calls		49,300,000
Repurchase of common stock		75,000,000
Denomination of the principal amount of debt in consideration conversion of the notes		$ 1,000
Debt instrument, convertible, threshold trading days \| TradingDay		20
Debt instrument, convertible, threshold consecutive trading days \| TradingDay		30
Debt instrument, convertible, threshold percentage of stock price trigger		130.00%
Number of consecutive trading day period (Measurement period) for conversion of notes		5 days
Number of business days in consideration of conversion of notes		5 days
Threshold percentage of stock price trigger in measurement period		98.00%
Conversion rate		23.4151
Initial conversion price per share \| $ / shares		$ 42.71
Number of shares converted \| shares		12,878,305
Percentage of principal amount to be repurchased in fundamental change		100.00%
Minimum threshold percentage of aggregate principal by trustee or holders		25.00%
Debt issuance costs including initial purchasers discounts, legal and other professional fees		$ 13,000,000
Debt issuance costs allocated to equity component		4,100,000
Debt issuance costs allocated to liability component		$ 8,900,000						$ 8,875,000
Expected life of notes		7 years
Effective interest rate on liability component								8.80%
Debt instrument, principal outstanding								$ 550,000,000
Interest expense								2,014,000
Debt instrument drawn amount								$ 647,892,000
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 convertible \| shares			12,878,305
Adjustments to additional paid in capital related to premium payments			$ (49,300,000)
Tranche I \| Hercules Capital, Inc
Debt Instrument [Line Items]
Debt Instrument face amount							$ 35,000,000
Stated interest rate								8.85%
Maturity date							Jan. 01, 2022
Debt instrument, frequency of interest payment								payable monthly
Maturity period							42 months
Debt instrument, principal payments							$ 0
Tranche I \| Hercules Capital, Inc \| Subsequent Event
Debt Instrument [Line Items]
Stated interest rate	8.75%
Tranche I \| Hercules Capital, Inc \| Prime Rate
Debt Instrument [Line Items]
Stated interest rate								8.85%
Interest rate								3.85%
Tranche I \| Hercules Capital, Inc \| Prime Rate \| Subsequent Event
Debt Instrument [Line Items]
Interest rate	3.85%
Tranche II \| Hercules Capital, Inc
Debt Instrument [Line Items]
Debt Instrument face amount						$ 20,000,000
Stated interest rate								8.60%
Maturity date						Jul. 01, 2022
Debt instrument, frequency of interest payment								payable monthly
Debt instrument, principal outstanding						$ 55,000,000
Tranche II \| Hercules Capital, Inc \| Subsequent Event
Debt Instrument [Line Items]
Stated interest rate	8.60%
Tranche II \| Hercules Capital, Inc \| Prime Rate
Debt Instrument [Line Items]
Stated interest rate								8.60%
Interest rate								2.85%
Tranche II \| Hercules Capital, Inc \| Prime Rate \| Subsequent Event
Debt Instrument [Line Items]
Interest rate	2.85%
Tranche III \| Hercules Capital, Inc
Debt Instrument [Line Items]
Debt Instrument face amount										$ 20,000,000
Stated interest rate								9.10%
Debt instrument, frequency of interest payment								payable monthly
Debt instrument, principal outstanding										$ 75,000,000
Tranche III \| Hercules Capital, Inc \| Subsequent Event
Debt Instrument [Line Items]
Stated interest rate	8.85%
Tranche III \| Hercules Capital, Inc \| Prime Rate
Debt Instrument [Line Items]
Stated interest rate								9.10%
Interest rate								3.10%
Tranche III \| Hercules Capital, Inc \| Prime Rate \| Subsequent Event
Debt Instrument [Line Items]
Interest rate	3.10%
Tranche A Loan \| Silicon Valley Bank and Hercules Loan Agreement \| Eidos
Debt Instrument [Line Items]
Stated interest rate				8.50%
Maturity date				Oct. 02, 2023
Debt instrument, principal outstanding								$ 16,300,000
Debt instrument end date of available for drawn				Oct. 31, 2020
Debt instrument drawn amount				$ 17,500,000
Debt instrument end date of interest only payments				Nov. 01, 2021
Commitment fee				$ 300,000
Final payment charge percentage				5.95%
Unamortized debt discounts								2,200,000
Interest expense and amortization of debt discount								$ 500,000
Tranche A Loan \| Silicon Valley Bank and Hercules Loan Agreement \| Prime Rate \| Eidos
Debt Instrument [Line Items]
Interest rate				3.25%				8.50%
Tranche A Loan \| Silicon Valley Bank and Hercules Loan Agreement \| Maximum \| Eidos
Debt Instrument [Line Items]
Debt Instrument face amount				$ 17,500,000
Percentage of prepayment fee				2.50%
Tranche A Loan \| Silicon Valley Bank and Hercules Loan Agreement \| Minimum \| Eidos
Debt Instrument [Line Items]
Percentage of prepayment fee				0.75%
Tranche B Loan \| Silicon Valley Bank and Hercules Loan Agreement \| Eidos
Debt Instrument [Line Items]
Debt instrument end date of available for drawn				Oct. 31, 2020
Tranche B Loan \| Silicon Valley Bank and Hercules Loan Agreement \| Maximum \| Eidos
Debt Instrument [Line Items]
Debt Instrument face amount				$ 22,500,000
Tranche C Loan \| Silicon Valley Bank and Hercules Loan Agreement \| Eidos
Debt Instrument [Line Items]
Debt instrument end date of available for drawn				Sep. 30, 2021
Tranche C Loan \| Silicon Valley Bank and Hercules Loan Agreement \| Maximum \| Eidos
Debt Instrument [Line Items]
Debt Instrument face amount				$ 15,000,000

Debt - Schedule of Outstanding 2027 Notes Balances (Details) - USD ($)
$ in Thousands

Mar. 31, 2020

Mar. 09, 2020

Dec. 31, 2019

^[1]

Liability component

Net carrying amount

$ 92,416

$ 91,791

2027 Notes

Liability component

Principal

550,000

(172,202)

Unamortized debt issuance costs

(8,875)

$ (8,900)

Net carrying amount

368,923

Equity component, net of issuance costs

$ 169,173

[1]	The condensed consolidated balance sheet as of December 31, 2019 is derived from the audited consolidated financial statements as of that date.

Debt - Schedule of Total Interest Expense Recognized Related to 2027 Notes (Details) - 2027 Notes $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Debt Instrument [Line Items]
Contractual interest expense	$ 879
Amortization of debt discount	1,079
Amortization of debt issuance costs	56
Total interest and amortization expense	$ 2,014

Debt - Schedule of Future Minimum Payments under 2027 Notes (Details) - 2027 Notes $ in Thousands	Mar. 31, 2020 USD ($)
Debt Instrument [Line Items]
Remainder of 2020	$ 7,295
2021	13,941
2022	13,941
2023	13,941
2024	13,979
Thereafter	584,795
Total future payments	647,892
Less amounts representing interest	(97,892)
Total principal amount	$ 550,000

License Agreements - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expenses	$ 68,225,000	$ 44,853,000
Eidos \| Stanford License Agreement \| Leland Stanford Junior University
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expenses	0	200,000
TheRas, Inc \| The Regents Of The University Of California License Agreement \| Regents of University of California
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expenses	0	0
TheRas, Inc \| Leidos Biomedical Research License and Cooperative Research and Development Agreements \| Leidos Biomedical Research, Inc
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expenses	900,000	200,000
QED Therapeutics, Inc \| Foundation Medicine Diagnostics Agreement \| Foundation Medicine, Inc
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expenses	$ 1,800,000	$ 0

Leases - Additional Information (Details) - USD ($)
$ in Thousands

1 Months Ended

3 Months Ended

Jan. 01, 2020

Dec. 31, 2019

Mar. 31, 2020

Weighted average remaining lease term

6 years 1 month 6 days

Operating lease, existence of option to extend

true

Weighted average discount rate

6.20%

Cash paid for amounts included in measurement of operating lease liabilities

$ 700

One time fees asset non-current

$ 10,000

Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]

us-gaap:AssetsNoncurrent

Build-to-suit lease liability

^[1]

$ 8,000

Remaining payable recorded as other current liabilities

$ 4,000

Accounting Standards Update 2016-02 | Build-to-Suit Lease Asset

New accounting pronouncement effect of adoption

$ (10,000)

Accounting Standards Update 2016-02 | Construction-in-Progress

New accounting pronouncement effect of adoption

$ 10,000

Manufacturing Agreement

Lease agreement expiration

5 years

[1]	The condensed consolidated balance sheet as of December 31, 2019 is derived from the audited consolidated financial statements as of that date.

Leases - Components of Lease Cost (Details) $ in Thousands	3 Months Ended
Leases - Components of Lease Cost (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Leases [Abstract]
Straight line lease cost	$ 694
Variable lease payments	159
Total lease cost	$ 853

Leases - Schedule of Future Minimum Lease Payments for Noncancelable Operating Leases under ASC 842 (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Leases [Abstract]
Remainder of 2020	$ 2,340
2021	2,724
2022	1,902
2023	1,485
2024	1,224
Thereafter	3,798
Total future minimum lease payments	13,473
Imputed interest	(2,285)
Operating lease liabilities	11,188
Operating lease liabilities, current portion	2,510
Operating lease liabilities, net of current portion	8,678
Total operating lease liabilities	$ 11,188

Leases - Schedule of Future Minimum Lease Payments for Noncancelable Operating Leases under ASC 840 (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
2020	$ 2,811
2021	2,515
2022	1,812
2023	1,485
2024	1,272
Thereafter	1,816
Total future minimum lease payments	$ 11,711

Related Party Transactions - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($)
License and Exclusivity Agreement \| Equity Method Investee
Related Party Transaction [Line Items]
Proceeds from reimbursement for research and development expenses	$ 2.8

2019 Reorganization and Initial Public Offering - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 01, 2019	Jun. 13, 2019
Common Stock
Reorganization And Initial Public Offering [Line Items]
Net proceeds from IPO, after deducting underwriters’ discounts and commissions	$ 366.2
Underwriters' discounts and commissions	28.1
Deferred offering costs	$ 6.5
Initial Public Offering \| Common Stock
Reorganization And Initial Public Offering [Line Items]
Sale of stock, number of shares issued and sold	23,575,000
Sale of stock, public offering price per share	$ 17.00
Over-Allotment Option \| Common Stock
Reorganization And Initial Public Offering [Line Items]
Sale of stock, number of shares issued and sold	3,075,000
BBP LLC
Reorganization And Initial Public Offering [Line Items]
Plan of reorganization, exchanged for number of shares		6,819,455

2019 Reorganization and Initial Public Offering - Summary of Reorganization Occurred at Beginning of Earliest Period Presented in Financial Statements (Detail) - USD ($)
$ in Thousands

Mar. 31, 2020

Dec. 31, 2019

Mar. 31, 2019

Dec. 31, 2018

^[2]

Reorganization And Initial Public Offering [Line Items]

$ 3,053

$ 2,243

^[1]

$ 202

$ 122

Undesignated preferred stock

^[1]

Common stock

124

^[1]

Additional paid-in capital

986,746

848,107

^[1]

492,678

(531,881)

(440,031)

^[1]

(240,629)

380,715

408,454

^[1]

252,141

Noncontrolling interests

68,303

65,279

^[1]

58,318

Redeemable Convertible Noncontrolling Interests

449,018

473,733

^[1],[2]

310,459

$ 377,240

Reorganization And Initial Public Offering [Line Items]

$ 3,053

$ 2,243

^[2]

202

As Reported

Undesignated preferred stock

(234,733)

(234,733)

Noncontrolling interests

58,318

As Reported | Redeemable Convertible Preferred Units

(176,415)

Reorganization And Initial Public Offering [Line Items]

As Reported | Redeemable Founder Units

479,044

Reorganization And Initial Public Offering [Line Items]

As Reported | Redeemable Common Units

1,754

Reorganization And Initial Public Offering [Line Items]

As Reported | Management Incentive Units

1,645

Reorganization And Initial Public Offering [Line Items]

As Reported | Redeemable Convertible Noncontrolling Interests

4,431

Reorganization And Initial Public Offering [Line Items]

202

Adjustment

Undesignated preferred stock

Common stock

Additional paid-in capital

492,678

(5,896)

486,874

Adjustment | Redeemable Convertible Preferred Units

486,874

Reorganization And Initial Public Offering [Line Items]

Adjustment | Redeemable Founder Units

(479,044)

Reorganization And Initial Public Offering [Line Items]

Adjustment | Redeemable Common Units

(1,754)

Reorganization And Initial Public Offering [Line Items]

Adjustment | Management Incentive Units

(1,645)

Reorganization And Initial Public Offering [Line Items]