0001564590-20-051460 | 10-Q | XBRL Viewer

Short-term marketable securities

$ 366,967

$ 363,773

^[1]

343,714

182,220

^[1]

8,000

2,845

^[1]

26,703

19,784

^[1]

745,384

568,622

^[1]

16,182

5,625

^[1]

Long-term marketable securities

9,644

^[1]

31,144

16,483

26,288

^[1]

787,693

631,679

^[1]

9,839

8,852

^[1]

18,755

13,317

^[1]

24,901

20,896

^[1]

LEO call option liability

4,706

2,222

^[1]

5,198

4,078

^[1]

^[1]

8,000

3,617

8,691

3,020

^[1]

Term loans, noncurrent, net

75,707

60,385

^[1]

93,392

91,791

^[1]

2027 Notes, net

378,502

Operating lease liabilities, net of current portion

8,236

13,469

3,527

^[1]

Commitments and contingencies (Note 8)

569,306

155,703

^[1]

^[1]

Redeemable convertible noncontrolling interests

2,574

2,243

^[1]

Stockholders’ equity:

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; 124,957,091 shares issued and 122,542,410 shares outstanding as of September 30, 2020, 123,658,287 shares issued and outstanding as of December 31, 2019

125

124

^[1]

Treasury stock, at cost; 2,414,681 shares as of September 30, 2020, nil as of December 31, 2019

(75,000)

Additional paid-in capital

1,006,944

848,107

^[1]

Accumulated other comprehensive income

461

254

^[1]

Accumulated deficit

(768,774)

(440,031)

^[1]

Total BridgeBio stockholders' equity

163,756

408,454

^[1]

Noncontrolling interests

52,057

65,279

^[1]

Total stockholders' equity

215,813

473,733

^[1],[2]

Total liabilities, redeemable convertible noncontrolling interests and stockholders’ equity

$ 787,693

$ 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 those dates. 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	Sep. 30, 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	124,957,091	123,658,287
Common stock, shares outstanding	122,542,410	123,658,287
Treasury stock, shares	2,414,681	0

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

3 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Income Statement [Abstract]

License revenue

$ 8,127

$ 26,741

$ 8,127

$ 26,741

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

us-gaap:LicenseMember

Operating expenses:

Cost of license revenue

$ 2,500

Research and development

$ 92,050

55,278

$ 246,873

152,462

General and administrative

36,016

23,495

108,247

59,381

Total operating expenses

128,066

81,273

355,120

214,343

Loss from operations

(119,939)

(54,532)

(346,993)

(187,602)

Other income (expense), net:

Interest income

692

2,736

3,567

6,505

Interest expense

(10,929)

(2,113)

(25,693)

(5,725)

Share in net loss of an equity method investment

(6,589)

(16,144)

Other income (expense)

(166)

(1,344)

(1,468)

Total other income (expense), net

(10,228)

(6,132)

(23,470)

(16,832)

Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests

(130,167)

(60,664)

(370,463)

(204,434)

14,308

684

41,720

17,305

Net loss attributable to common stockholders of BridgeBio

$ (115,859)

$ (59,980)

$ (328,743)

$ (187,129)

Net loss per share, basic and diluted

$ (0.98)

$ (0.51)

$ (2.79)

$ (1.86)

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

^[1]

118,168,063

117,071,188

117,663,038

100,855,481

[1]	The weighted-average shares used in computing net loss per share, basic and diluted for the three and nine months ended September 30, 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (130,167)	$ (60,664)	$ (370,463)	$ (204,434)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities	(397)	152	207	152
Comprehensive loss	(130,564)	(60,512)	(370,256)	(204,282)
Comprehensive loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests	14,308	684	41,720	17,305
Comprehensive loss attributable to common stockholders of BridgeBio	$ (116,256)	$ (59,828)	$ (328,536)	$ (186,977)

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

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

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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+ Details

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

Total

Initial Public Offering

Equity Compensation Plans

Employee Stock Purchase Plan

Satisfy Tax Withholding

Common Stock

Initial Public Offering

Common Stock

Equity Compensation Plans

Common Stock

2020 Stock and Equity Exchange Program

Common Stock

Employee Stock Purchase Plan

Common Stock

Satisfy Tax Withholding

Treasury Stock

Additional Paid-in Capital

Initial Public Offering

Additional Paid-in Capital

Equity Compensation Plans

Additional Paid-in Capital

2020 Stock and Equity Exchange Program

Additional Paid-in Capital

Employee Stock Purchase Plan

Additional Paid-in Capital

Satisfy Tax Withholding

AOCI Attributable to Parent

Retained Earnings

Parent

Initial Public Offering

Parent

Equity Compensation Plans

Parent

2020 Stock and Equity Exchange Program

Parent

Employee Stock Purchase Plan

Parent

Satisfy Tax Withholding

Noncontrolling Interest

2020 Stock and Equity Exchange Program

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

518,511

Repayment of nonrecourse notes

1,236

179

1,320

Temporary Equity, transfers from (to) noncontrolling interest

(870)

(2,968)

2,098

870

(68,646)

(61,185)

(7,461)

Ending balance at Mar. 31, 2019

(790)

310,459

$ 92

492,678

(240,629)

252,141

58,318

Temporary equity, ending balance at Mar. 31, 2019

202

Ending balance, shares at Mar. 31, 2019

92,576,215

Beginning balance at Dec. 31, 2018

^[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

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

152

Ending balance at Sep. 30, 2019

521,697

$ 116

826,063

$ 152

(366,573)

459,758

61,939

Temporary equity, ending balance at Sep. 30, 2019

2,570

Ending balance, shares at Sep. 30, 2019

117,359,502

Beginning balance at Dec. 31, 2018

^[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

Ending balance at Dec. 31, 2019

^[1]

473,733

^[2]

$ 124

848,107

254

(440,031)

408,454

65,279

Temporary equity, ending balance at Dec. 31, 2019

2,243

^[2]

2,243

^[1]

Ending balance, shares at Dec. 31, 2019

^[1]

123,658,287

Beginning balance at Mar. 31, 2019

310,459

$ 92

492,678

(240,629)

252,141

58,318

Temporary equity, beginning balance at Mar. 31, 2019

202

Beginning balance, shares at Mar. 31, 2019

92,576,215

604,144

2,188

(27,024)

Temporary Equity, transfers from (to) noncontrolling interest

(658)

(25,440)

24,782

658

(73,649)

(65,964)

(7,685)

Ending balance at Jun. 30, 2019

(685)

211,316

$ 92

469,426

(306,593)

162,925

48,391

Temporary equity, ending balance at Jun. 30, 2019

175

Ending balance, shares at Jun. 30, 2019

93,180,359

604,143

Issuance of common stock, net of issuance costs

3,953

$ 366,237

$ 24

$ 366,213

$ 366,237

Issuance of common stock, net of issuance costs, shares

23,575,000

Temporary Equity, issuance (repurchase) of noncontrolling interest

(98)

3,196

Temporary Equity, transfers from (to) noncontrolling interest

166

(13,529)

13,695

(166)

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

152

(60,029)

(59,980)

(49)

Ending balance at Sep. 30, 2019

(635)

521,697

$ 116

826,063

152

(366,573)

459,758

61,939

Temporary equity, ending balance at Sep. 30, 2019

2,570

Ending balance, shares at Sep. 30, 2019

117,359,502

Beginning balance at Dec. 31, 2019

^[1]

473,733

^[2]

$ 124

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

$ 529

116,249

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

8,063

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

Temporary Equity, transfers from (to) noncontrolling interest

(574)

11,601

(12,175)

574

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

472

(103,216)

(91,850)

(11,366)

Ending balance at Mar. 31, 2020

(866)

449,018

$ 124

$ (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

Beginning balance at Dec. 31, 2019

^[1]

473,733

^[2]

$ 124

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

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

207

Ending balance at Sep. 30, 2020

215,813

$ 125

$ (75,000)

1,006,944

461

(768,774)

163,756

52,057

Temporary equity, ending balance at Sep. 30, 2020

2,574

Ending balance, shares at Sep. 30, 2020

122,542,410

2,414,681

Beginning balance at Mar. 31, 2020

449,018

$ 124

$ (75,000)

986,746

726

(531,881)

380,715

68,303

Temporary equity, beginning balance at Mar. 31, 2020

3,053

Beginning balance, shares at Mar. 31, 2020

121,359,855

2,414,681

Issuance of shares

691

$ 1

691

$ 1,069

691

$ 1,070

$ (1,070)

264,583

626,820

7,295

3,537

Temporary Equity, transfers from (to) noncontrolling interest

(431)

(3,110)

2,679

431

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

132

(134,636)

(121,034)

(13,602)

Ending balance at Jun. 30, 2020

(1,578)

325,606

$ 125

$ (75,000)

992,691

858

(652,915)

265,759

59,847

Temporary equity, ending balance at Jun. 30, 2020

1,906

Ending balance, shares at Jun. 30, 2020

122,251,258

2,414,681

Issuance of shares

$ 462

$ 1,205

$ 462

$ 1,205

$ 462

$ 1,205

Repurchase of shares to satisfy tax withholding, value

249,971

49,696

$ (243)

Repurchase of shares to satisfy tax withholding, shares

(8,515)

11,748

Temporary Equity, issuance (repurchase) of noncontrolling interest

7,267

1,000

Temporary Equity, transfers from (to) noncontrolling interest

(799)

1,081

(1,880)

799

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

(397)

(129,036)

(115,859)

(13,177)

Ending balance at Sep. 30, 2020

(1,131)

215,813

$ 125

$ (75,000)

$ 1,006,944

$ 461

$ (768,774)

$ 163,756

$ 52,057

Temporary equity, ending balance at Sep. 30, 2020

$ 2,574

Ending balance, shares at Sep. 30, 2020

122,542,410

2,414,681

[1]	The consolidated balances as of December 31, 2019 and 2018 are derived from the audited consolidated financial statements as of those dates. 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 Redeemable Convertible Noncontrolling Interests and Stockholders' Equity (Parenthetical) - Common Stock - Initial Public Offering $ in Thousands	3 Months Ended
	Sep. 30, 2019 USD ($) $ / shares
Shares issued, price per share \| $ / shares	$ 17.00
Stock issuance costs \| $	$ 34,538

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities:
Net loss	$ (370,463)	$ (204,434)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	46,313	11,367
Share in net loss of equity method investments		16,144
Accretion of 2027 Notes and term loans	12,315	722
Acquired in-process research and development assets		3,560
LEO call option expense	1,120	1,012
Other noncash adjustments	7,324	1,248
Changes in operating assets and liabilities:
Receivable from a related party	(5,155)
Prepaid expenses and other current assets	(5,391)	(12,541)
Other assets	(194)	(1,664)
Accounts payable	547	(3,239)
Accrued compensation and benefits	2,395	3,533
Accrued research and development liabilities	4,004	4,284
Accrued professional services	1,151	798
Operating lease liabilities	(2,309)
Other accrued and other liabilities	4,890	1,826
Net cash used in operating activities	(303,453)	(177,384)
Investing activities
Purchases of marketable securities	(269,802)	(197,745)
Maturities of marketable securities	139,016
Cash paid for in-process research and development assets acquired		(2,500)
Cash and cash equivalents acquired in ML Bio asset acquisition		784
Proceeds from disposal of property and equipment	147
Purchases of property and equipment	(5,372)	(891)
Net cash used in investing activities	(136,011)	(200,352)
Financing activities
Proceeds from issuance of common stock in connection with the initial public offering, net		366,237
Proceeds from issuance of 2027 Notes	550,000
Issuance costs and discounts associated with issuance of 2027 Notes	(13,039)
Purchase of capped calls	(49,280)
Repurchase of common stock	(75,000)
Proceeds from issuance of noncontrolling interest to Alexion		23,309
Proceeds from repayment of nonrecourse notes		179
Proceeds from at-the-market issuance of noncontrolling interest by Eidos, net	24,094
Proceeds from term loans, net of issuance costs		19,787
Proceeds from issuance of redeemable convertible noncontrolling interests to third-party investors	2,000	1,500
MyoKardia distributions		(997)
Repurchase of noncontrolling interest		(55,011)
Proceeds from common stock issuances under ESPP	1,205
Repurchase of shares to satisfy tax withholding	(243)
Proceeds from stock option exercises, net of repurchases	2,921	884
Net cash provided by financing activities	442,658	355,888
Net increase (decrease) in cash, cash equivalents and restricted cash	3,194	(21,848)
Cash, cash equivalents and restricted cash at beginning of period	364,197	436,245
Cash, cash equivalents and restricted cash at end of period	367,391	414,397
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	13,281	4,336
Supplemental Disclosures of Non-Cash Investing and Financing Information:
Deferred merger transaction costs included in accounts payable and accrued professional services	1,527
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	11,814
Transfers from (to) noncontrolling interests (Note 6)	$ 9,572	$ (41,937)

Organization and Description of Business

9 Months Ended

Sep. 30, 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

9 Months Ended

Sep. 30, 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. For consolidated entities where we own or are exposed to less than 100% of the economics, we record net loss attributable to noncontrolling interests in our condensed consolidated statements of operations equal to the percentage of the economic or ownership interest retained in such entities by the respective noncontrolling parties.

In determining whether an entity is considered a controlled entity, we applied the VIE and Voting Interest Entity (“VOE”) models. We assess whether we are the primary beneficiary of a VIE based on our power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and our obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Entities that do not qualify as a VIE are assessed for consolidation under the VOE model. Under the VOE model, BridgeBio consolidates the entity if it determines that it has a controlling financial interest in the entity through its ownership of greater than 50% of the outstanding voting shares of the entity and that other equity holders do not have substantive voting, participating or liquidation rights. We assess whether we are the primary beneficiary of a VIE or whether we have a majority voting interest for entities consolidated under the VOE model at the inception of the arrangement and at each reporting date. Refer to Note 5.

The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC.

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

Reclassifications

Certain reclassifications have been made to the 2019 condensed consolidated financial statements to conform to the 2020 condensed financial statements presentation. These reclassifications had no effect on net loss or cash flows as previously reported.

Risks and Uncertainties

In light of recent developments relating to the coronavirus (COVID-19) global pandemic, 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 have experienced delays in or temporary suspension of the enrollment of patients in our subsidiaries’ ongoing clinical trials. We additionally may 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 their overall impact on our business are currently unknown, and we are monitoring the COVID-19 outbreak as it continues to rapidly evolve. We are continuing to actively monitor the situation and may take further precautionary and preemptive actions as may be required by federal, state or local authorities or that we determine are in the best interests of public health and safety and that of our patient community, employees, partners, suppliers and stockholders. We cannot predict the effects that such actions, or the impact of COVID-19 on global business operations and economic conditions, may have on our business or strategy, including the effects on our ongoing and planned clinical development activities and prospects, or on our financial and operating results.

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:

	September 30, 2020		September 30, 2019
	(in thousands)
Cash and cash equivalents	$	366,967	$	413,973
Restricted cash (1)		424		424
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	367,391	$	414,397

(1)	Included in “Other assets” in the condensed consolidated balance sheets as of the dates presented.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting 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 fair value of Eidos’ derivative liability, the present value of lease payments of our leases on the respective lease commencement dates, the valuation of our stock-based awards, accounting for stock-based award modifications, accruals for certain employees’ performance-based milestone awards, accruals for research and development activities and accruals for contingent milestone payments in our license agreements. 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 certain capped call transactions (the “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 sheets 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 each of January 1, 2020 and September 30, 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 September 30, 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 for additional details.

Emerging Growth Company Status

We are an emerging growth company (“EGC”), as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGCs 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 (i) we are no longer an EGC or (ii) we affirmatively and irrevocably opt 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 EGC 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 EGC.

We will cease to be an EGC on December 31, 2020 because our aggregate worldwide market value of the voting and non-voting common equity held by non-affiliates as of June 30, 2020, our most recently completed second fiscal quarter, was greater than $700 million. Effective January 1, 2021, we will no longer be able to use the exemptions from certain reporting requirements available to EGCs.

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 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 under operating leases, 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 non-public business entities 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 12). 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 SEC 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 2018-15 – Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement. In August 2018, the FASB issued ASU 2018-15 – Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement. The guidance amends ASC 350-40, Intangibles - Goodwill and Other - Internal-Use Software. The ASU requires implementation costs incurred by customers in cloud computing arrangements to be deferred and recognized over the term of the arrangement, if these costs were capitalized by the customer in a software licensing arrangement. We early adopted this guidance effective January 1, 2020. The adoption of this guidance did not materially impact our condensed consolidated financial statements.

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.

ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The guidance simplifies the complexity associated with applying U.S. GAAP for certain financial instruments with characteristics of liabilities and equity. More specifically, the amendments focus on the guidance for convertible instruments and derivative scope exception for contracts in an entity’s own equity. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. We are currently in the process of determining the effect that the adoption will have on our condensed consolidated financial statements.

ASU 2020-10, Codification Improvements. In October 2020, the FASB issued ASU 2020-10, Codification Improvements. The guidance contains improvements to the Codification by ensuring that all guidance that requires or provides an option for an entity to provide information in the notes to financial statements is codified in the Disclosure Section of the Codification. The guidance also contains Codifications that are varied in nature and may affect the application of the guidance in cases in which the original guidance may have been unclear. For public business entities, the amendments in the ASU are effective for fiscal years beginning after December 15, 2020. For all other entities, the amendments are effective for annual periods beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022. Early adoption is permitted. We do not expect the adoption of ASU 2020-10 to have a material impact on our condensed consolidated financial statements.

Fair Value Measurement

9 Months Ended

Sep. 30, 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:

	September 30, 2020
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	265,674	$	265,674	$	—	$	—
Short-term marketable securities:
U.S. treasury bills		59,988		—		59,988		—
U.S. treasury notes		75,736		—		75,736		—
Commercial paper		136,271		—		136,271		—
Corporate debt securities		71,719		—		71,719		—
Total short-term marketable securities		343,714		—		343,714		—
Total cash equivalents and marketable securities	$	609,388	$	265,674	$	343,714	$	—
Liabilities:
LEO call option liability	$	5,198	$	—	$	—	$	5,198
Embedded derivative		1,301		—		—		1,301
Total financial liabilities	$	6,499	$	—	$	—	$	6,499

	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. The uncertainty of the fair value measurement due to the use of unobservable inputs and interrelationships between these unobservable inputs could result in higher or lower fair value measurement.

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:

	September 30,		December 31,
	2020		2019
Probability of milestone achievement	12.0%-84.0%		12.0%-84.0%
Discount rate	0.1%-14.8%		1.6%-13.1%
Expected term (in years)	1.25-6.25		0.67-5.25
Expected volatility	77.5%-87.0%		60.0%-68.0%
Risk-free interest rate	1.39%-1.67%		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 expense		1,120
Balance as of September 30, 2020	$	5,198

Eidos Embedded Derivative Liability in Loan Agreement

For the SVB and Hercules Loan entered into 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 inputs. As of September 30, 2020, the estimated fair value of the 2027 Notes, which have an aggregate face value of $550.0 million, was $611.1 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 loans bear a floating rate that approximates the market interest rate.

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.

Cash Equivalents And Marketable Securities [Abstract]

Cash Equivalents and Marketable Securities

9 Months Ended

Sep. 30, 2020

Cash Equivalents and Marketable Securities

4.	Cash Equivalents and Marketable Securities

We invest in certain money market funds, commercial paper and 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:

	September 30, 2020
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	265,674	$	—	$	—		$	265,674
Short-term marketable securities:
U.S. treasury bills		59,977		11		—			59,988
U.S. treasury notes		75,479		258		(1	)		75,736
Commercial paper		136,271		—		—			136,271
Corporate debt securities		71,526		193		—			71,719
Total short-term marketable securities		343,253		462		(1	)		343,714
Total cash equivalents and marketable securities	$	608,927	$	462	$	(1	)	$	609,388

	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 September 30, 2020, our short-term marketable securities have an average contractual maturity of approximately 6.8 months. As of September 30, 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 and Voting Interest Entities

9 Months Ended

Sep. 30, 2020

Variable Interest Entities And Voting Interest Model [Abstract]

Variable Interest and Voting Interest Entities

5.	Variable Interest and Voting Interest Entities

Consolidated VIEs

We have either created or made investments in entities that are either wholly or partially-owned subsidiaries and VIEs. Our consolidated VIEs currently in the clinical phase of development include Phoenix Tissue Repair, Inc. (“PTR”), QED Therapeutics, Inc. (“QED”), Origin Biosciences, Inc. (“Origin”), ML Bio Solutions, Inc. (“ML Bio”) and Navire Pharma, Inc. (“Navire”).

During the nine months ended September 30, 2020, BridgeBio made investments in QED of $90.0 million, Origin of $32.0 million, PTR of $11.0 million, ML Bio of $13.0 million, Navire of $7.9 million and all other consolidated VIEs of $142.1 million in exchange for shares of redeemable convertible preferred stock of the respective entities. The investments made in these VIEs are for the progression of research and development programs as well as for commercial launch readiness activities.

As of September 30, 2020 and December 31, 2019, there were no significant restrictions on the VIE assets or liabilities except for cash and certain property and equipment 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.

The following table provides the assets and liabilities for all consolidated VIEs as of September 30, 2020:

	Origin		ML Bio		QED		PTR		Navire		All Other		Total
	(in thousands)
Assets:
Current assets:
Cash and cash equivalents	$	16,591	$	12,860	$	49,299	$	4,280	$	5,148	$	45,036	$	133,214
Receivable from a related party		—		—		—		—		8,000		—		8,000
Prepaid expenses and other current assets		645		206		4,942		363		219		3,900		10,275
Total current assets		17,236		13,066		54,241		4,643		13,367		48,936		151,489
Property and equipment, net		12		83		196		48		1		14,158		14,498
Operating lease right-of-use assets		—		—		933		366		—		1,771		3,070
Other assets		49		—		10,501		302		133		1,506		12,491
Total assets	$	17,297	$	13,149	$	65,871	$	5,359	$	13,501	$	66,371	$	181,548
Liabilities:
Current liabilities:
Accounts payable	$	512	$	151	$	2,207	$	97	$	561	$	3,173	$	6,701
Accrued compensation and benefits		626		268		4,492		928		43		1,687		8,044
Accrued research and development liabilities		1,903		1,235		8,684		669		322		4,120		16,933
Accrued professional services		29		23		160		25		25		521		783
Operating lease liabilities, current portion		—		—		1,021		131		—		283		1,435
Other accrued liabilities		1,061		3		788		44		18		4,441		6,355
Total current liabilities		4,131		1,680		17,352		1,894		969		14,225		40,251
Operating lease liabilities, net of current portion		—		—		—		250		—		2,484		2,734
Other liabilities		12		22		3,821		65		58		274		4,252
Total liabilities	$	4,143	$	1,702	$	21,173	$	2,209	$	1,027	$	16,983	$	47,237

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
Receivable from a related party		—		—		—		2,845		—		—		2,845
Prepaid expenses and other current assets		906		758		17		4,437		2,555		2,416		11,089
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.

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 September 30, 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 stockholder 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 (collectively, the “Eidos 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 Eidos 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 issued 385,613 shares under this offering and received $23.9 million of net proceeds through December 31, 2019. Eidos issued 448,755 shares under this offering and received $24.1 million of net proceeds in February 2020.

Noncontrolling Interests

9 Months Ended

Sep. 30, 2020

Noncontrolling Interest [Abstract]

Noncontrolling Interests

6.	Noncontrolling Interests

As of September 30, 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 interests to reflect the book value attributable to noncontrolling stockholders of consolidated partially-owned entities when there is a change in the ownership during the respective reporting periods. During the three and nine months ended September 30, 2020, such adjustments in the aggregate amounts of $(1.1) million and $(9.6) million, respectively, are recorded to additional paid-in capital. During the three and nine months ended September 30, 2019, such adjustments in the aggregate amounts of $13.5 million and $41.9 million are recorded to additional paid-in capital. All such adjustments are disclosed within the “Transfers from (to) noncontrolling interests” line item in the condensed consolidated statements of redeemable convertible noncontrolling interests and stockholders’ equity. As a result of the Exchange Program in April 2020, which is further discussed in Note 14, we have increased our ownership in certain of our VIEs and, as a result, ownership of noncontrolling interests have decreased.

The following table provides a rollforward of the redeemable convertible noncontrolling interests balance:

	QED			ML Bio			All Other			Total
	(in thousands)
Balance as of December 31, 2019	$	612		$	1,557		$	74		$	2,243
Issuance of redeemable convertible noncontrolling interest		—			1,000			102			1,102
Net loss attributable to redeemable convertible noncontrolling interest		(468	)		(338	)		(60	)		(866	)
Transfers to redeemable convertible noncontrolling interest		316			258			—			574
Balance as of March 31, 2020		460			2,477			116			3,053
Net loss attributable to redeemable convertible noncontrolling interest		(480	)		(1,077	)		(21	)		(1,578	)
Transfers to redeemable convertible noncontrolling interest		421			10			—			431
Balance as of June 30, 2020		401			1,410			95			1,906
Issuance of redeemable convertible noncontrolling interest		—			1,000			—			1,000
Net loss attributable to redeemable convertible noncontrolling interest		(345	)		(735	)		(51	)		(1,131	)
Transfers to redeemable convertible noncontrolling interest		468			331			—			799
Balance as of September 30, 2020	$	524		$	2,006		$	44		$	2,574

The following table provides a rollforward of the noncontrolling interests balance:

	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
Issuance of noncontrolling interest		3			4			3,308			1			1			220			3,537
Issuance of BridgeBio shares under the Exchange Program		(23	)		(29	)		—			—			(22	)		(996	)		(1,070	)
Transfers to (from) noncontrolling interest		(194	)		(188	)		(1,850	)		2,868			453			1,590			2,679
Net loss attributable to noncontrolling interest		(541	)		(185	)		(10,332	)		(591	)		(207	)		(1,746	)		(13,602	)
Balance as of June 30, 2020		514			315			53,689			2,343			570			2,416			59,847
Issuance of noncontrolling interest		2			1			3,721			(37	)		92			3,488			7,267
Transfers to (from) noncontrolling interest		812			(1	)		(2,181	)		40			(87	)		(463	)		(1,880	)
Net loss attributable to noncontrolling interest		(358	)		(130	)		(10,643	)		(1,536	)		(257	)		(253	)		(13,177	)
Balance as of September 30, 2020	$	970		$	185		$	44,586		$	810		$	318		$	5,188		$	52,057

Equity Method Investments

9 Months Ended

Sep. 30, 2020

Equity Method Investments And Joint Ventures [Abstract]

Equity Method Investments

7.	Equity Method Investments

LianBio

LianBio, a related party, is a clinical-stage biopharmaceutical company founded by Perceptive Advisors. LianBio is focused on sourcing the best opportunities and creating new therapeutic paradigms for first-in-class programs to bring the world’s leading science to China and major Asian markets. In October 2019, BBP LLC entered into an exclusivity agreement with LianBio, pursuant to which BBP LLC received equity in LianBio representing a 10% ownership interest, valued at approximately $3.8 million at the time of the transaction. The equity interest was issued in consideration for certain rights of first negotiation and rights of first offer granted by BBP LLC to LianBio with respect to specified transactions covering intellectual property rights owned or controlled by BBP LLC or its affiliates in certain territories outside the United States. Pursuant to the exclusivity agreement, BBP LLC also received warrants to purchase 10% of the then-fully diluted shares of one of the subsidiaries of LianBio upon achievement of certain contingent milestones. The amount of our 10% ownership interest was reduced to zero as of December 31, 2019 after recognizing our equity share in the net losses of LianBio for the year ended December 31, 2019. The carrying amount of the investment in LianBio in the condensed consolidated balance sheets represents our maximum loss exposure related to its investment in LianBio. There have been no impairments related to the LianBio investment.

PellePharm

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 Pharma (“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 either is 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 in 2019, we account for the investment in PellePharm preferred stock as an equity security without a readily determinable fair value. As of each of September 30, 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

9 Months Ended

Sep. 30, 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 or equity at our sole election, upon achievement of each contingent milestone. We recognize such contingent compensation as stock-based compensation when the related milestone achievement is probable. As of September 30, 2020, the potential milestone compensation amount under these arrangements is up to $230.2 million. This amount includes the performance-based milestone awards that were granted as part of the 2020 Stock and Equity Award Exchange Program (the “Exchange Program”) further discussed in Note 14.

We have recognized compensation expense of $0.4 million and $0.9 million for the three and nine months ended September 30, 2020, respectively, to be settled in cash. We have recognized compensation expense of $1.7 million for the three and nine months ended September 30, 2020 of performance-based milestone awards that were settled in cash due to achievement of regulatory milestones related to Investigational New Drug Application (“IND”) acceptance and New Drug Application filing that were completed during the three months ended September 30, 2020. We have recognized stock-based compensation expense of $1.9 million and $9.9 million for the three and nine months ended September 30, 2020, respectively, to be settled in equity, which primarily relate to the Exchange Program. We have recognized stock-based compensation expense of $0.3 million and $0.5 million for the three and nine months ended September 30, 2020, respectively, to be settled in either cash or equity at our sole election. There were no such expenses in the comparative periods in 2019.

There was no compensation expense recognized for performance milestones assessed to be not 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 September 30, 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 material demands have been made upon us to provide indemnification under such agreements, and thus, there are no claims that we are aware of that could have a material effect on our condensed consolidated 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

9 Months Ended

Sep. 30, 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. The maximum number of shares issuable should there be an increase in the conversion rate is 17,707,635 shares of BridgeBio’s common stock.

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:

	September 30, 2020
	(in thousands)
Liability component
Principal	$	550,000
Unamortized debt discount		(163,095	)
Unamortized debt issuance costs		(8,403	)
Net carrying amount	$	378,502
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 their seven-year term. The effective interest rate on the liability component of the 2027 Notes for the period from the date of issuance through September 30, 2020 was 8.8%.

The following table sets forth the total interest expense recognized related to the 2027 Notes:

	Three Months Ended		March 9, 2020 Through
	September 30, 2020		September 30, 2020
	(in thousands)
Contractual interest expense	$	3,361	$	7,715
Amortization of debt discount		4,612		10,186
Amortization of debt issuance costs		239		528
Total interest and amortization expense	$	8,212	$	18,429

Future minimum payments under the 2027 Notes as of September 30, 2020, are as follows:

	Amount
	(in thousands)
Remainder of 2020	$	—
Year ending December 31:
2021		13,750
2022		13,750
2023		13,750
2024		13,750
Thereafter		584,375
Total future payments		639,375
Less amounts representing interest		(89,375	)
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, we entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain financial institutions (the “Capped Call Counterparties”). We 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 we are required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap initially equal to $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 us 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, we used approximately $75.0 million of the net proceeds from the Note Offering to repurchase 2,414,681 shares of our 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 our common stock on The Nasdaq Global Select Market (“Nasdaq”) 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.

Prior to the Fourth Amendment to the Loan and Security Agreement (the “Amended Hercules Term Loan”) described below, 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%, 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%, 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%, 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.

In April 2020, we entered into the Amended Hercules Term Loan, which among other things,

(1)

extended 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)

extended 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)

provided 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% (8.75% as of September 30, 2020), payable monthly,

(4)

provided 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% (8.60% as of September 30, 2020), payable monthly,

(5)

provided 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% (8.85% as of September 30, 2020), payable monthly, and

(6)

provided 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. There were no gains or losses arising from the amendment, which is considered a debt modification.

There have not been any additional draws on the $125.0 million additional available facilities as of September 30, 2020. During the three and nine months ended September 30, 2020, we recognized interest expense related to the Hercules Term Loan of $2.0 million and $5.4 million, respectively, of which $0.3 million and $1.0 million, respectively, relate to amortization of debt discount and issuance costs. During the three and nine months ended September 30, 2019, we recognized interest expense related to the Amended Hercules Term Loan of $2.1 million and $5.7 million, of which $0.1 million and $0.7 million, respectively, relate to amortization of debt discount.

Silicon Valley Bank and Hercules Loan Agreement

On November 13, 2019, Eidos entered into a Loan and Security Agreement with Silicon Valley Bank (“SVB”) 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 September 30, 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 September 30, 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 September 30, 2020, the net carrying value of the Tranche A loan is $16.7 million. As of September 30, 2020, there are unamortized debt discounts of $1.8 million. Eidos recorded interest expense and amortization of the debt discount in the amount of $0.6 million and $1.8 million on the Tranche A loan for the three and nine months ended September 30, 2020, respectively.

Out-licensing Agreements

9 Months Ended

Sep. 30, 2020

Out Licensing Agreements [Abstract]

Out-licensing Agreements

10.	Out-licensing Agreements

License and Exclusivity Agreements Among QED, BBP LLC and LianBio

In October 2019, our subsidiary, QED entered into an Exclusive License Agreement with LianBio (the “QED-LianBio License Agreement”). Pursuant to the QED-LianBio License Agreement, QED granted to LianBio an exclusive, sublicensable license under the licensed patent rights and know-how to develop, manufacture and commercialize infigratinib for any and all human prophylactic and therapeutic uses in all cancer indications (including in combination with other therapies) in certain territories outside the United States. Under the QED-LianBio License Agreement, QED received a nonrefundable upfront payment of $10.0 million and was granted certain equity rights in an affiliate of the licensee. Additionally, QED is entitled to receive payments from the licensee totaling an aggregate of up to $132.5 million upon the achievement of specified development and sales milestones and tiered royalties on net sales ranging from the low to mid-teens.

We accounted for the QED-LianBio License Agreement and the exclusivity agreement with LianBio, which was concurrently entered into by BBP LLC and LianBio and is further described in Note 7, as a single transaction under ASC 606 and identified the exclusive license as a distinct performance obligation since LianBio can benefit from the license on its own by developing and commercializing the underlying product using its own resources. In addition, we will enter into clinical and commercial supply agreements for the licensed territory. We determined that the optional right to future products under these supply agreements is not considered to represent a material right.

During the year ended December 31, 2019, we recognized $13.8 million in license revenue comprising of $10.0 million in upfront payment received and the fair value of the ordinary shares received valued at approximately $3.8 million. We determined that the license was a right to use the intellectual property of QED and as of December 31, 2019, we had provided all necessary information to the third party to benefit from the license and the license term. As of December 31, 2019, we also determined the contingent milestones related to our ability to exercise the warrants are not probable. As a result, we did not recognize any fair value of the warrants, which we considered to be immaterial, as revenue or record as an asset. As of September 30, 2020, we consider any changes in the fair value of the warrants to remain immaterial.

We consider the future potential development milestone as well as the sales-based royalties to be variable consideration. The future potential milestone payments were not included in the transaction price as they were all determined to be fully constrained under ASC 606. We determined that the achievements of such development milestones are contingent upon success in future clinical trials and regulatory approvals, which are not within our control and are uncertain at this stage. We expect that the royalty arrangements and sales-based milestones will be recognized when the sales occur or the milestones are achieved because the license is the predominant item to which the royalties or sales-based milestones relate. We will re-evaluate the transaction price at each reporting period and as uncertain events are resolved or other changes in circumstances occur.

During the three and nine months ended September 30, 2020, we received reimbursements for research and development expenses incurred in 2019 amounting to $0 and $2.8 million, respectively, from LianBio, in connection with the QED-LianBio License Agreement. This amount was recorded as reduction in research and development expenses in the fourth quarter of 2019.

License Agreement Between Navire and LianBio

In August 2020, our subsidiary, Navire Pharma, Inc. (“Navire”) entered into an Exclusive License Agreement with LianBio (the “Navire-LianBio License Agreement”). The Navire-LianBio License Agreement focuses on the Phase 1-ready SHP2 inhibitor BBP-398 (“BBP-398”), for tumors driven by RAS and receptor tyrosine kinase mutations. Under the terms of the Navire-LianBio License Agreement, LianBio will receive commercial rights in China and selected Asian markets and participate in clinical development activities for BBP-398. In consideration for the rights granted to LianBio, we will receive a nonrefundable $8.0 million upfront payment. We will also receive future development and sales milestone payments of up to $382.1 million, and tiered royalty payments from single-digit to low-teens on net sales of the product in licensed territories.

We accounted for the Navire-LianBio License Agreement under ASC 606 and identified the exclusive license as a distinct performance obligation since LianBio can benefit from the license on its own by developing and commercializing the underlying product using its own resources. In addition, we will enter into clinical and commercial supply agreements for the licensed territory. We determined that the optional right to future products under these supply agreements is not considered to represent a material right.

During the three months ended September 30, 2020, we recognized $8.0 million in license revenue which comprised of the upfront payment. The amount is presented as “Receivable from a related party” in our condensed consolidated balance sheet as of September 30, 2020. We determined that the license was a right to use the intellectual property of Navire and as of September 30, 2020, we had provided all necessary information to LianBio to benefit from the license and the license term.

License Agreements Between Eidos and Alexion

In September 2019, Eidos entered into an exclusive license agreement with Alexion Pharma International Operations Unlimited Company, a subsidiary of Alexion Pharmaceuticals, Inc. (together, “Alexion”) to develop, manufacture and commercialize in Japan the compound known as acoramidis (previously known as BBP-265 or AG10) and any of its various chemical forms and any pharmaceutical products containing acoramidis. Under the agreement, Eidos received an upfront nonrefundable payment of $25.0 million.

Eidos also entered into a stock purchase agreement with Alexion, under which Eidos sold to Alexion 556,173 shares of Eidos common stock at a price per share of $44.95, for an aggregate purchase price of approximately $25.0 million. The excess of the purchase price over the value of the Eidos shares, determined based on the closing price of a share of Eidos’ common stock of $41.91 as reported on Nasdaq as of the date of execution, was $1.7 million and recognized in revenue as part of the upfront payment as discussed below.

Eidos is also eligible to receive $30.0 million in regulatory milestone payments subject to the achievement of regulatory milestones. Eidos will also receive royalty payments in the low-teens based on net sales of acoramidis in Japan. The royalty rate is subject to reduction if Alexion is required to obtain intellectual property rights from third parties to develop, manufacture or commercialize acoramidis in Japan, or upon the introduction of generic competition into market.

Eidos accounted for the license agreement under ASC 606 and identified the exclusive license as a distinct performance obligation since Alexion can benefit from the license on its own by developing and commercializing the underlying product using its own resources. In addition, Eidos entered into a clinical supply agreement and will enter into a commercial supply agreement for the licensed territory. Eidos determined that the optional right to future products under these supply agreements is not considered to represent a material right. Eidos recognized the $25.0 million upfront fee and $1.7 million premium paid for Eidos’ stock for a total upfront payment of $26.7 million in license revenue upon the effective date of the license agreement in September 2019. Eidos determined that the license was a right to use its intellectual property and as of the effective date, it had provided all necessary information to Alexion to benefit from the license and the license term had begun.

Eidos considers the future potential regulatory milestones of up to approximately $30.0 million and the sales-based royalties to be variable consideration. Eidos excluded the regulatory milestones from the transaction price because it determined such payments to be fully constrained under ASC 606 due to the inherent uncertainty in the achievement of such milestone payments and are highly susceptible to factors outside of Eidos’ control. As the sales-based royalties are all related to the license of the intellectual property rights, Eidos will recognize revenue in the period when subsequent sales are made pursuant to the sales-based royalty exception under ASC 606-10-55-65. Eidos will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur.

Eidos finalized the clinical supply agreement with Alexion on July 10, 2020, which was determined to be a separate performance obligation from the license. Eidos has billed $0.1 million in August 2020 to Alexion and recognized $0.1 million of license revenue from the clinical supply agreement. Direct costs for the three and nine months ended September 30, 2020 were immaterial.

In-licensing Agreements

9 Months Ended

Sep. 30, 2020

In Licensing Agreements [Abstract]

In-licensing Agreements

11.	In-licensing 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 and nine months ended September 30, 2020, Eidos did not recognize research and development expenses in connection with this agreement. During the three and nine months ended September 30, 2019, Eidos recognized research and development expenses of zero 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 and nine months ended September 30, 2020, TheRas did not recognize research and development expenses in connection with this agreement. Nominal expense was recognized in connection with this agreement during the three and nine months ended September 30, 2019.

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 and nine months ended September 30, 2020, TheRas recognized research and development expenses of $0.8 million and $1.8 million, respectively, in connection with the Leidos Agreements. During the three and nine months ended September 30, 2019, TheRas recognized research and development expenses of $0.4 million and $1.0 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 and nine months ended September 30, 2020, QED recognized research and development expenses of $1.0 million and $2.8 million, respectively, in connection with this agreement. During the three and nine months ended September 30, 2019, QED recognized research and development expenses of zero and $0.3 million, 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

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

12.

Leases

Operating Leases

We have operating leases for our corporate headquarters, office spaces and a laboratory facility with a weighted average remaining lease term of approximately 5.2 years. Certain leases include renewal options 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 5.9% 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 $1.1 million and $2.7 million for the three and nine months ended September 30, 2020, respectively. The components of lease cost for the three and nine months ended September 30, 2020 are as follows:

	Three Months Ended September 30, 2020		Nine Months Ended September 30, 2020
	(in thousands)
Straight line operating lease cost	$	995	$	2,684
Variable lease payments		257		558
Total lease cost	$	1,252	$	3,242

As of September 30, 2020, future minimum lease payments for our noncancelable operating leases under ASC 842 are as follows:

	Amount
	(in thousands)
Remainder of 2020	$	1,075
Year ending December 31:
2021		3,895
2022		2,399
2023		1,485
2024		1,224
Thereafter		3,798
Total future minimum lease payments		13,876
Imputed interest		(2,023	)
Total	$	11,853

Reported as of September 30, 2020
Operating lease liabilities, current portion	$	3,617
Operating lease liabilities, net of current portion		8,236
Total operating lease liabilities	$	11,853

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 part of other current liabilities as of September 30, 2020.

2019 Reorganization and IPO and 2020 Shelf Registration

9 Months Ended

Sep. 30, 2020

Reorganizations [Abstract]

2019 Reorganization and IPO and 2020 Shelf Registration

13.	2019 Reorganization and IPO and 2020 Shelf Registration

2019 Reorganization and IPO

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.

At that the time of the 2019 Reorganization, the consolidation assessment on all consolidated entities was updated on behalf of BridgeBio resulting in no change in the treatment of the consolidated entities.

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.

2020 Shelf Registration

On July 7, 2020, we filed a shelf registration statement on Form S-3 (the “2020 Shelf”) with the SEC in relation to the registration of common stock, preferred stock, debt securities, warrants and units or any combination thereof. We also simultaneously entered into an Open Market Sale Agreement with Jefferies LLC and SVB Leerink LLC (collectively, the “Sales Agents”), to provide for the offering, issuance and sale by us of up to an aggregate of $350.0 million of our common stock from time to time in “at-the-market” offerings under the 2020 Shelf and subject to the limitations thereof (the “2020 Sales Agreement”). We will pay to the applicable Sales Agents cash commissions of up to 3.0 percent of the gross proceeds of sales of common stock under the 2020 Sales Agreement. We have not issued any shares or received any proceeds from this offering as of September 30, 2020.

Equity-Based Compensation

9 Months Ended

Sep. 30, 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 September 30, 2020								Nine Months Ended September 30, 2020
	BridgeBio Equity Plan		Eidos Equity Plan		Other Subsidiaries Equity Plan		Total		BridgeBio Equity Plan		Eidos Equity Plan		Other Subsidiaries Equity Plan		Total
	(in thousands)
Research and development	$	4,974	$	1,648	$	310	$	6,932	$	13,194	$	4,011	$	538	$	17,743
General and administrative		8,895		1,792		80		10,767		24,260		4,074		236		28,570
Total stock-based compensation	$	13,869	$	3,440	$	390	$	17,699	$	37,454	$	8,085	$	774	$	46,313

	Three Months Ended September 30, 2019								Nine Months Ended September 30, 2019
	BridgeBio Equity Plan		Eidos Equity Plan		Other Subsidiaries Equity Plan		Total		BridgeBio Equity Plan		Eidos Equity Plan		Other Subsidiaries Equity Plan		Total
	(in thousands)
Research and development	$	609	$	626	$	102	$	1,337	$	609	$	1,630	$	121	$	2,360
General and administrative		3,343		969		128		4,440		6,767		2,095		145		9,007
Total stock-based compensation	$	3,952	$	1,595	$	230	$	5,777	$	7,376	$	3,725	$	266	$	11,367

Equity-Based Awards of BridgeBio

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

The A&R 2019 Plan 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 A&R 2019 Plan and the 2019 Inducement Plans (the “Plans”):

	A&R 2019 Plan			2019 Inducement Plan
Balance as of December 31, 2019		53,067			489,064
Authorized		8,682,914			—
Granted — Stock options		(2,229,707	)		(306,000	)
Granted — Stock options — Exchange Program		(1,268,110	)		—
Granted — Restricted stock units		(780,865	)		(165,255	)
Granted — Restricted stock awards — Exchange Program		(50,145	)		—
Granted — Common stock		(8,491	)		—
Granted — Common stock — Exchange Program		(554,064	)		—
Granted — Market-based restricted stock units		—			(2,380	)
Granted — Performance-based restricted stock units		(56,738	)		(16,060	)
Granted — Performance-based milestone restricted stock awards		(73,248	)		—
Granted — Performance-based restricted stock awards — Exchange Program		(22,611	)		—
Cancelled — Stock options		3,629			2,832
Cancelled — Stock options — Exchange Program		8,907			—
Cancelled — Restricted stock units		22,497			7,772
Repurchase of shares to satisfy tax withholding		8,515			—
Balance as of September 30, 2020		3,735,550			9,973

2020 Stock and Equity Award Exchange Program (Exchange Program)

On April 22, 2020, we completed our 2020 Stock and Equity Award Exchange Program (the “Exchange Program”), which was an opportunity for eligible controlled entities’ employees and consultants to exchange their subsidiary equity (including common stock, vested and unvested stock options and restricted stock awards (RSAs)) for BridgeBio equity (including common stock, vested and unvested stock options and RSAs) and/or performance-based milestone awards tied to the achievement of certain development and regulatory milestones. The Exchange Program aligns our incentive compensation structure for employees and consultants across the BridgeBio group of companies to be consistent with the achievement of our overall corporate goals. In connection with the Exchange Program, we issued awards of BridgeBio equity under the 2019 A&R Plan to 149 grantees covering 554,064 shares of common stock, 1,268,110 stock options to purchase common stock, 50,145 shares of RSAs and 22,611 shares of performance-based RSAs. The exchange also included performance-based milestone awards of up to $183.4 million to be settled in shares of BridgeBio’s common stock in the future upon achievement of the milestones (collectively the “New Awards”). In consideration for all the subsidiaries’ shares tendered, BridgeBio will increase its ownership in controlled entities included in the Exchange Program and the corresponding noncontrolling interest will decrease (see Note 6).

We evaluated the exchange of the controlled entities’ outstanding common stock and equity awards for BridgeBio awards as a modification under ASC 718, Share Based Payments. Under ASC 718, a modification is a change in the terms or conditions of a stock-based compensation award. In assessing the accounting treatment, we consider the fair value, vesting conditions and classification as an equity or liability award of the controlled entity equity before the exchange, compared to the BridgeBio equity received as part of the exchange to determine whether modification accounting must be applied. When applying modification accounting, we considered the type of modification to determine the appropriate stock-based compensation cost to be recognized on April 22, 2020, (the “Modification Date”), and subsequent to the Modification Date.

We considered the total shares of common stock and equity awards, whether vested or unvested, held by each participant in each controlled entity as the unit of account. The controlled entity’s common stock and equity awards in each unit of account was exchanged for a combination of BridgeBio’s common stock, time-based vesting equity awards and/or performance-based milestone awards. Other than the exchange of the controlled entity equity awards for performance-based milestone awards, all other exchanged BridgeBio equity awards retained the original vesting conditions. As a result, there was no incremental stock-based compensation expense resulting from the exchange of time-based equity awards.

At the completion of the Exchange Program, we determined $17.4 million of the performance-based milestone awards is probable of achievement and represents the incremental stock-based compensation cost resulting from the modification of time-based equity awards to performance-based milestone awards. These performance-based milestone awards will be recognized over a period ranging from 0.7 year to 1.7 years. Under ASC 718, we account for such performance-based milestone awards as a liability in “Accrued compensation and benefits” and in “Other liabilities” in the condensed consolidated balance sheet as of September 30, 2020 due to the fixed milestone amount that will be converted into a variable number of shares of BridgeBio common stock to be granted upon the achievement date. For the three and nine months ended September 30, 2020, we recognized $1.9 million and $9.9 million, respectively, of such performance-based milestone awards. We have recognized stock-based compensation expense of $2.0 million for the three and nine months ended September 30, 2020 for performance-based milestone awards that were settled with 73,248 restricted stock awards due to achievement of regulatory milestones related to IND acceptance that were completed during the three months ended September 30, 2020. There were no such compensation awards in the comparative periods in 2019.

Stock Option Grants of BridgeBio

The following table summarizes BridgeBio’s stock option activity under the Plans for the nine months ended September 30, 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		2,535,707		$	30.35
Granted — Exchange Program		1,268,110		$	1.65
Exercised		(62,526	)	$	17.00
Exercised — Exchange Program		(366,156	)	$	1.69
Cancelled		(6,461	)	$	24.81
Cancelled — Exchange Program		(8,907	)	$	2.83
Outstanding as of September 30, 2020		7,093,497		$	23.79		9.1	$	97,929
Outstanding as of September 30, 2020 — Exchange Program		893,047		$	1.62		8.5	$	32,057
Exercisable as of September 30, 2020		1,267,507		$	18.52		8.8	$	24,084
Exercisable as of September 30, 2020 — Exchange Program		675,818		$	1.44		8.4	$	24,385

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 September 30, 2020 and December 31, 2019 are calculated based on the difference between the exercise price and the current fair value BridgeBio’s common stock.

During the three and nine months ended September 30, 2020, we recognized stock-based compensation expense of $4.6 million and $10.6 million, respectively, related to stock options under the Plans. As of September 30, 2020, there was $50.3 million of total unrecognized compensation cost related to stock options under the Plans that is expected to be recognized over a weighted-average period of 2.9 years.

Restricted Stock Units (RSUs) of BridgeBio

The following table summarizes BridgeBio’s RSU activity under the Plans for the nine months ended September 30, 2020:

	Unvested Shares of RSUs Outstanding			Weighted- Average Grant Date Fair Value
Balance at December 31, 2019		362,163		$	31.98
Granted		946,120		$	32.99
Vested		(43,745	)	$	32.69
Cancelled		(30,269	)	$	33.95
Balance at September 30, 2020		1,234,269		$	32.68

During the three and nine months ended September 30, 2020, we recognized stock-based compensation expense of $2.5 million and $5.2 million, respectively, related to RSUs under the Plans. As of September 30, 2020, there was $36.4 million of total unrecognized compensation cost related to RSUs under the Plans that is expected to be recognized over a weighted-average period of 3.4 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 nine months ended September 30, 2020:

	Unvested Shares of RSAs Outstanding			Weighted- Average Grant Date Fair Value
Balance at December 31, 2019		5,603,452		$	3.63
Granted — Exchange Program		50,145		$	0.18
Granted — Performance-based milestone awards		73,248		$	27.27
Vested		(1,814,540	)	$	3.42
Balance at September 30, 2020		3,912,305		$	3.61

During the three and nine months ended September 30, 2020, we recognized stock-based compensation expense of $3.8 million and $8.9 million, respectively, related to RSAs under the Plans. As of September 30, 2020, there was $18.3 million of total unrecognized compensation cost related to RSAs under the Plans that is expected to be recognized over a weighted-average period of 3.0 years. The 3,912,305 and 5,603,452 unvested RSAs as of September 30, 2020 and December 31, 2019, respectively, are included as outstanding shares disclosed in the condensed consolidated balance sheets 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 at the time of achievement.

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 nine months ended September 30, 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 September 30, 2020		55,614		$	11.92

For the three and nine months ended September 30, 2020, we recognized stock-based compensation of $0.1 million and $1.2 million, respectively, related to market-based RSU awards. As of September 30, 2020, there was $0.4 million of total unrecognized compensation cost related to market-based RSUs under the Plans.

Performance-based RSUs of BridgeBio

During the nine months ended September 30, 2020, the Board of Directors approved and granted 72,798 performance-based RSUs with a weighted average grant-date fair value of $27.04. There were no releases and cancellations of performance-based RSUs during the nine months ended September 30, 2020. During the three and nine months ended September 30, 2020, we recognized stock-based compensation expense of $0.5 million and $0.6 million, respectively, related to performance-based RSUs under the Plans. As of September 30, 2020, there was $1.6 million of total unrecognized compensation cost related to performance-based RSUs under the Plans that is expected to be recognized over a weighted-average period of 1.7 years.

2019 Employee Stock Purchase Plan (ESPP) of BridgeBio

During the three and nine months ended September 30, 2020, we recognized stock-based compensation expense of $0.3 million and $0.7 million, respectively, related to our ESPP. As of September 30, 2020, 3,123,169 shares were reserved for future issuance under the ESPP.

Valuation Assumptions

We used the Black-Scholes model to estimate the fair value of stock options and stock purchase rights under the ESPP. For the nine months ended September 30, 2020, we used the following weighted-average assumptions in the Black-Scholes calculations:

	Nine Months Ended September 30, 2020
	Stock Options		ESPP
Expected term (in years)	5.00 - 6.08		0.40 - 0.65
Expected volatility	36.3% - 46.4%		32.5% - 47.6%
Risk-free interest rate	0.31% - 1.50%		0.13% - 1.57%
Dividend yield		—		—
Weighted-average fair value of stock-based awards granted	$	11.21	$	10.48

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 and nine months ended September 30, 2019, equity-based compensation from BBP LLC equity-based awards was zero and $3.4 million, respectively.

Equity Awards of Eidos

Eidos Common Stock

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

	As of September 30,
	2020		2019
Options issued and outstanding		1,901,632		1,435,668
Options available for future grants		1,274,829		486,915
Eidos ESPP shares available for future grants		89,398		104,540
		3,265,859		2,027,123

Eidos stock options

The following table summarizes Eidos’s stock option activity for the nine months ended September 30, 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		(675,017	)		675,017		$	46.30
Options exercised		—			(94,348	)	$	6.82
Options cancelled		14,792			(14,792	)	$	26.85
Outstanding—September 30, 2020		1,274,829			1,901,632		$	27.77		8.60	$	43,281
Options exercisable—September 30, 2020					627,184		$	19.73		8.13	$	19,318
Options vested and expected to vest— September 30, 2020					1,901,632		$	27.77		8.60	$	43,281

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:

	Nine Months Ended
	September 30, 2020
	Employee			Non-employee
Expected term (in years)		6.06			6.06
Expected volatility		72.1	%		72.5	%
Risk-free interest rate		0.50	%		0.40	%
Dividend yield	—			—

Stock-based Compensation

As of September 30, 2020, there was $24.8 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 3.0 years.

Income Taxes

9 Months Ended

Sep. 30, 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 September 30, 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.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Basis of Presentation and Principles of Consolidation

Net Loss Per Share

9 Months Ended

Sep. 30, 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 September 30,
	2020		2019
Unvested RSAs		3,912,305		6,215,465
Unvested RSUs		1,234,269	—
Unvested market-based RSUs		55,614	—
Unvested performance-based RSUs		72,798	—
Unvested performance-based RSAs		22,611	—
Common stock options issued and outstanding		7,986,544		3,729,590
Estimated shares issuable under the ESPP		18,240		72,949
Assumed conversion of 2027 Notes		12,878,305	—
		26,180,686		10,018,004

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

9 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

17.	Subsequent Events

Merger Agreement with Eidos

On October 5, 2020, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Eidos, Globe Merger Sub I, Inc. (“Merger Sub”) and Globe Merger Sub II, Inc. (“Merger Sub II”) (the two latter companies being our indirect wholly-owned subsidiaries), providing for, in a series of merger transactions (the “Merger Transactions”), the acquisition by us of all of the outstanding shares of common stock of Eidos (the “Eidos Common Stock”) other than shares of Eidos Common Stock that (i) are owned by Eidos as treasury stock, (ii) are owned by us and our subsidiaries and, in each case, not owned on behalf of third parties and (iii) are subject to an Eidos Restricted Share Award (as defined below). Under the Merger Agreement, the stockholders of Eidos will have the right to receive, at their election, either 1.85 shares of our common stock or $73.26 in cash per Eidos share in the transaction, subject to proration as necessary to ensure that the aggregate amount of cash consideration is no greater than $175.0 million. In addition, immediately prior to the effective time of the merger of Merger Sub with and into Eidos (the “Effective Time”), (i) each option to purchase Eidos Common Stock (an “Eidos Option”) will be converted into an option, on the same terms and conditions applicable to such Eidos Option immediately prior to the Effective Time, to purchase a specified number of shares of BridgeBio common stock, calculated pursuant to the terms of the Merger Agreement, and (ii) each outstanding award of shares of Eidos Common Stock that is subject to forfeiture conditions (subject to certain exceptions) (each, an “Eidos Restricted Share Award”) will be converted into an award, on the same terms and conditions applicable to such Eidos Restricted Share Award immediately prior to the Effective Time, covering a number of whole restricted shares of BridgeBio common stock, calculated pursuant to the terms of the Merger Agreement, with any fractional shares being paid out to the holder of such Eidos Restricted Share Award in cash.

The Merger Transactions are subject to various closing conditions, including, but not limited to: (i) approval of the majority of the outstanding shares of Eidos Common Stock, (ii) approval of a majority of the shares of Eidos Common Stock held by stockholders other than (A) us and any person or entity controlling, controlled by or under common control with us (any such person, an “Affiliate”) (including Merger Sub and Merger Sub II), (B) any of our directors or officers or our Affiliates’ directors or officers (including Merger Sub and Merger Sub II) and (C) any director or officer of Eidos (other than members of the special committee of independent directors of Eidos (the “Eidos Special Committee”)); (iii) approval of at least 66 and 2/3% of the aggregate voting stock (as defined in Section 203 of the Delaware General Corporation Law (the “DGCL”)) of Eidos that is not owned (as defined in Section 203 of the DGCL) by BridgeBio, Merger Sub, Merger Sub II or any of their respective affiliates or associates (as such terms are defined in Section 203 of the DGCL); (iv) approval of the issuance of our common stock in connection with the Merger Transactions by at least a majority of the votes cast by the holders of shares of our common stock voting on the matter; (v) the absence of any statute, rule, order, decree or regulation prohibiting the Mergers; (vi) the approval for listing of the common stock issuable to the holders of Eidos Common Stock on Nasdaq; (vii) the SEC having declared effective our Form S-4 registration statement, which will contain our joint proxy statement/prospectus with Eidos in connection with the Merger Transactions; and (viii) subject to certain materiality exceptions, the accuracy of certain representations and warranties by us and Eidos contained in the Merger Agreement and the compliance by each party with the covenants contained in the Merger Agreement. In connection with the execution of the Merger Agreement, Eidos has entered into voting agreements with members of our board of directors and KKR Genetic Disorder L.P., collectively owning approximately 36% of our outstanding common stock, pursuant to which they agreed, among other things, to vote their shares in favor of the issuance of our common stock in connection with the Merger Transactions.

The Merger Agreement includes customary representations, warranties and covenants, including, but not limited to, covenants by us and Eidos to conduct our businesses in the ordinary course during the period between the execution of the Merger Agreement and consummation of the Merger Transactions and to refrain from taking certain actions specified in the Merger Agreement.

The Merger Agreement may be terminated, among other circumstances, (i) by either party if the Merger Transactions are not consummated by June 4, 2021, (ii) by Eidos if our board of directors changes its recommendation with respect to the issuance of shares of our common stock in connection with the Merger Transactions or (iii) by us if the Eidos board of directors or the Eidos Special Committee changes its recommendation with respect to the Merger Transactions. The Merger Agreement further provides that upon termination of the Merger Agreement under certain circumstances, Eidos must pay us a termination fee of $35.0 million, and upon termination of the Merger Agreement under certain circumstances, we must pay Eidos a termination fee of $100.0 million.

Upon closing of the Merger Transactions and subject to the terms of the Merger Agreement, Eidos will become our wholly-owned subsidiary, and Eidos’ common stock will cease to trade on Nasdaq. The foregoing description of the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the Merger Agreement, a copy of which was filed as Exhibit 2.1 on our Form 8-K filed with the Securities and Exchange Commission, or SEC, on October 6, 2020.

Leases

On October 12, 2020, we entered into a twelve-year real property lease agreement for an approximately 20,000 square feet facility in Montreal, Québec. The lease is expected to commence in late 2020. Future minimum rent payments under this lease are approximately $5.7 million. Under the lease agreement, we are also required to secure a letter of credit of $1.6 million, subject to reduction of such amount by $0.1 million per year.

Effective as of October 19, 2020, we entered into a five-year real property sublease agreement for an approximately 53,000 square feet facility in San Francisco, California. The sublease is expected to commence in early 2021. Future minimum rent payments under this sublease are approximately $11.9 million.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Reclassifications

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.

	September 30, 2020		September 30, 2019
	(in thousands)
Cash and cash equivalents	$	366,967	$	413,973
Restricted cash (1)		424		424
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	367,391	$	414,397

(1)	Included in “Other assets” in the condensed consolidated balance sheets as of the dates presented.

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

Share-based Compensation

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash

	September 30, 2020		September 30, 2019
	(in thousands)
Cash and cash equivalents	$	366,967	$	413,973
Restricted cash (1)		424		424
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	367,391	$	414,397

(1)	Included in “Other assets” in the condensed consolidated balance sheets as of the dates presented.

Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 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:

	September 30, 2020
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	265,674	$	265,674	$	—	$	—
Short-term marketable securities:
U.S. treasury bills		59,988		—		59,988		—
U.S. treasury notes		75,736		—		75,736		—
Commercial paper		136,271		—		136,271		—
Corporate debt securities		71,719		—		71,719		—
Total short-term marketable securities		343,714		—		343,714		—
Total cash equivalents and marketable securities	$	609,388	$	265,674	$	343,714	$	—
Liabilities:
LEO call option liability	$	5,198	$	—	$	—	$	5,198
Embedded derivative		1,301		—		—		1,301
Total financial liabilities	$	6,499	$	—	$	—	$	6,499

	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

	September 30,		December 31,
	2020		2019
Probability of milestone achievement	12.0%-84.0%		12.0%-84.0%
Discount rate	0.1%-14.8%		1.6%-13.1%
Expected term (in years)	1.25-6.25		0.67-5.25
Expected volatility	77.5%-87.0%		60.0%-68.0%
Risk-free interest rate	1.39%-1.67%		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 expense		1,120
Balance as of September 30, 2020	$	5,198

Cash Equivalents and Marketable Securities (Tables)

9 Months Ended

Sep. 30, 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:

	September 30, 2020
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	265,674	$	—	$	—		$	265,674
Short-term marketable securities:
U.S. treasury bills		59,977		11		—			59,988
U.S. treasury notes		75,479		258		(1	)		75,736
Commercial paper		136,271		—		—			136,271
Corporate debt securities		71,526		193		—			71,719
Total short-term marketable securities		343,253		462		(1	)		343,714
Total cash equivalents and marketable securities	$	608,927	$	462	$	(1	)	$	609,388

	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 and Voting Interest Entities (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2020:

	Origin		ML Bio		QED		PTR		Navire		All Other		Total
	(in thousands)
Assets:
Current assets:
Cash and cash equivalents	$	16,591	$	12,860	$	49,299	$	4,280	$	5,148	$	45,036	$	133,214
Receivable from a related party		—		—		—		—		8,000		—		8,000
Prepaid expenses and other current assets		645		206		4,942		363		219		3,900		10,275
Total current assets		17,236		13,066		54,241		4,643		13,367		48,936		151,489
Property and equipment, net		12		83		196		48		1		14,158		14,498
Operating lease right-of-use assets		—		—		933		366		—		1,771		3,070
Other assets		49		—		10,501		302		133		1,506		12,491
Total assets	$	17,297	$	13,149	$	65,871	$	5,359	$	13,501	$	66,371	$	181,548
Liabilities:
Current liabilities:
Accounts payable	$	512	$	151	$	2,207	$	97	$	561	$	3,173	$	6,701
Accrued compensation and benefits		626		268		4,492		928		43		1,687		8,044
Accrued research and development liabilities		1,903		1,235		8,684		669		322		4,120		16,933
Accrued professional services		29		23		160		25		25		521		783
Operating lease liabilities, current portion		—		—		1,021		131		—		283		1,435
Other accrued liabilities		1,061		3		788		44		18		4,441		6,355
Total current liabilities		4,131		1,680		17,352		1,894		969		14,225		40,251
Operating lease liabilities, net of current portion		—		—		—		250		—		2,484		2,734
Other liabilities		12		22		3,821		65		58		274		4,252
Total liabilities	$	4,143	$	1,702	$	21,173	$	2,209	$	1,027	$	16,983	$	47,237

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
Receivable from a related party		—		—		—		2,845		—		—		2,845
Prepaid expenses and other current assets		906		758		17		4,437		2,555		2,416		11,089
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

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.

Schedule of Noncontrolling Interests Balance

Noncontrolling Interests (Tables)

9 Months Ended

Sep. 30, 2020

The following table provides a rollforward of the noncontrolling interests balance:

	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
Issuance of noncontrolling interest		3			4			3,308			1			1			220			3,537
Issuance of BridgeBio shares under the Exchange Program		(23	)		(29	)		—			—			(22	)		(996	)		(1,070	)
Transfers to (from) noncontrolling interest		(194	)		(188	)		(1,850	)		2,868			453			1,590			2,679
Net loss attributable to noncontrolling interest		(541	)		(185	)		(10,332	)		(591	)		(207	)		(1,746	)		(13,602	)
Balance as of June 30, 2020		514			315			53,689			2,343			570			2,416			59,847
Issuance of noncontrolling interest		2			1			3,721			(37	)		92			3,488			7,267
Transfers to (from) noncontrolling interest		812			(1	)		(2,181	)		40			(87	)		(463	)		(1,880	)
Net loss attributable to noncontrolling interest		(358	)		(130	)		(10,643	)		(1,536	)		(257	)		(253	)		(13,177	)
Balance as of September 30, 2020	$	970		$	185		$	44,586		$	810		$	318		$	5,188		$	52,057

Redeemable Convertible Noncontrolling Interests

Schedule of Redeemable Convertible Noncontrolling Interests Balance

The following table provides a rollforward of the redeemable convertible noncontrolling interests balance:

	QED			ML Bio			All Other			Total
	(in thousands)
Balance as of December 31, 2019	$	612		$	1,557		$	74		$	2,243
Issuance of redeemable convertible noncontrolling interest		—			1,000			102			1,102
Net loss attributable to redeemable convertible noncontrolling interest		(468	)		(338	)		(60	)		(866	)
Transfers to redeemable convertible noncontrolling interest		316			258			—			574
Balance as of March 31, 2020		460			2,477			116			3,053
Net loss attributable to redeemable convertible noncontrolling interest		(480	)		(1,077	)		(21	)		(1,578	)
Transfers to redeemable convertible noncontrolling interest		421			10			—			431
Balance as of June 30, 2020		401			1,410			95			1,906
Issuance of redeemable convertible noncontrolling interest		—			1,000			—			1,000
Net loss attributable to redeemable convertible noncontrolling interest		(345	)		(735	)		(51	)		(1,131	)
Transfers to redeemable convertible noncontrolling interest		468			331			—			799
Balance as of September 30, 2020	$	524		$	2,006		$	44		$	2,574

Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Outstanding 2027 Notes Balances

The outstanding 2027 Notes balances consisted of the following:

	September 30, 2020
	(in thousands)
Liability component
Principal	$	550,000
Unamortized debt discount		(163,095	)
Unamortized debt issuance costs		(8,403	)
Net carrying amount	$	378,502
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:

	Three Months Ended		March 9, 2020 Through
	September 30, 2020		September 30, 2020
	(in thousands)
Contractual interest expense	$	3,361	$	7,715
Amortization of debt discount		4,612		10,186
Amortization of debt issuance costs		239		528
Total interest and amortization expense	$	8,212	$	18,429

Schedule of Future Minimum Payments under 2027 Notes

Future minimum payments under the 2027 Notes as of September 30, 2020, are as follows:

	Amount
	(in thousands)
Remainder of 2020	$	—
Year ending December 31:
2021		13,750
2022		13,750
2023		13,750
2024		13,750
Thereafter		584,375
Total future payments		639,375
Less amounts representing interest		(89,375	)
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
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-Name Accounting Standards Codification
-Topic 210
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-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 235
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-Subparagraph (SX 210.4-08.(e),(f))
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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
-Publisher FASB
-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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-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
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Components of Lease Cost

The components of lease cost for the three and nine months ended September 30, 2020 are as follows:

	Three Months Ended September 30, 2020		Nine Months Ended September 30, 2020
	(in thousands)
Straight line operating lease cost	$	995	$	2,684
Variable lease payments		257		558
Total lease cost	$	1,252	$	3,242

As of September 30, 2020, future minimum lease payments for our noncancelable operating leases under ASC 842 are as follows:

	Amount
	(in thousands)
Remainder of 2020	$	1,075
Year ending December 31:
2021		3,895
2022		2,399
2023		1,485
2024		1,224
Thereafter		3,798
Total future minimum lease payments		13,876
Imputed interest		(2,023	)
Total	$	11,853

Reported as of September 30, 2020
Operating lease liabilities, current portion	$	3,617
Operating lease liabilities, net of current portion		8,236
Total operating lease liabilities	$	11,853

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

Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2020								Nine Months Ended September 30, 2020
	BridgeBio Equity Plan		Eidos Equity Plan		Other Subsidiaries Equity Plan		Total		BridgeBio Equity Plan		Eidos Equity Plan		Other Subsidiaries Equity Plan		Total
	(in thousands)
Research and development	$	4,974	$	1,648	$	310	$	6,932	$	13,194	$	4,011	$	538	$	17,743
General and administrative		8,895		1,792		80		10,767		24,260		4,074		236		28,570
Total stock-based compensation	$	13,869	$	3,440	$	390	$	17,699	$	37,454	$	8,085	$	774	$	46,313

	Three Months Ended September 30, 2019								Nine Months Ended September 30, 2019
	BridgeBio Equity Plan		Eidos Equity Plan		Other Subsidiaries Equity Plan		Total		BridgeBio Equity Plan		Eidos Equity Plan		Other Subsidiaries Equity Plan		Total
	(in thousands)
Research and development	$	609	$	626	$	102	$	1,337	$	609	$	1,630	$	121	$	2,360
General and administrative		3,343		969		128		4,440		6,767		2,095		145		9,007
Total stock-based compensation	$	3,952	$	1,595	$	230	$	5,777	$	7,376	$	3,725	$	266	$	11,367

Summary of Stock Option Activity

The following table summarizes BridgeBio’s stock option activity under the Plans for the nine months ended September 30, 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		2,535,707		$	30.35
Granted — Exchange Program		1,268,110		$	1.65
Exercised		(62,526	)	$	17.00
Exercised — Exchange Program		(366,156	)	$	1.69
Cancelled		(6,461	)	$	24.81
Cancelled — Exchange Program		(8,907	)	$	2.83
Outstanding as of September 30, 2020		7,093,497		$	23.79		9.1	$	97,929
Outstanding as of September 30, 2020 — Exchange Program		893,047		$	1.62		8.5	$	32,057
Exercisable as of September 30, 2020		1,267,507		$	18.52		8.8	$	24,084
Exercisable as of September 30, 2020 — Exchange Program		675,818		$	1.44		8.4	$	24,385

Summary of Restricted Stock Units Activity

The following table summarizes BridgeBio’s RSU activity under the Plans for the nine months ended September 30, 2020:

	Unvested Shares of RSUs Outstanding			Weighted- Average Grant Date Fair Value
Balance at December 31, 2019		362,163		$	31.98
Granted		946,120		$	32.99
Vested		(43,745	)	$	32.69
Cancelled		(30,269	)	$	33.95
Balance at September 30, 2020		1,234,269		$	32.68

Summary of Restricted Stock Award Activity

The following table summarizes our RSA activity under the Plans for the nine months ended September 30, 2020:

	Unvested Shares of RSAs Outstanding			Weighted- Average Grant Date Fair Value
Balance at December 31, 2019		5,603,452		$	3.63
Granted — Exchange Program		50,145		$	0.18
Granted — Performance-based milestone awards		73,248		$	27.27
Vested		(1,814,540	)	$	3.42
Balance at September 30, 2020		3,912,305		$	3.61

Summary of Reserved Shares of Common Stock for Issuance

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

	As of September 30,
	2020		2019
Options issued and outstanding		1,901,632		1,435,668
Options available for future grants		1,274,829		486,915
Eidos ESPP shares available for future grants		89,398		104,540
		3,265,859		2,027,123

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

For the nine months ended September 30, 2020, we used the following weighted-average assumptions in the Black-Scholes calculations:

	Nine Months Ended September 30, 2020
	Stock Options		ESPP
Expected term (in years)	5.00 - 6.08		0.40 - 0.65
Expected volatility	36.3% - 46.4%		32.5% - 47.6%
Risk-free interest rate	0.31% - 1.50%		0.13% - 1.57%
Dividend yield		—		—
Weighted-average fair value of stock-based awards granted	$	11.21	$	10.48

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 nine months ended September 30, 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 September 30, 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 A&R 2019 Plan and the 2019 Inducement Plans (the “Plans”):

	A&R 2019 Plan			2019 Inducement Plan
Balance as of December 31, 2019		53,067			489,064
Authorized		8,682,914			—
Granted — Stock options		(2,229,707	)		(306,000	)
Granted — Stock options — Exchange Program		(1,268,110	)		—
Granted — Restricted stock units		(780,865	)		(165,255	)
Granted — Restricted stock awards — Exchange Program		(50,145	)		—
Granted — Common stock		(8,491	)		—
Granted — Common stock — Exchange Program		(554,064	)		—
Granted — Market-based restricted stock units		—			(2,380	)
Granted — Performance-based restricted stock units		(56,738	)		(16,060	)
Granted — Performance-based milestone restricted stock awards		(73,248	)		—
Granted — Performance-based restricted stock awards — Exchange Program		(22,611	)		—
Cancelled — Stock options		3,629			2,832
Cancelled — Stock options — Exchange Program		8,907			—
Cancelled — Restricted stock units		22,497			7,772
Repurchase of shares to satisfy tax withholding		8,515			—
Balance as of September 30, 2020		3,735,550			9,973

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 nine months ended September 30, 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		(675,017	)		675,017		$	46.30
Options exercised		—			(94,348	)	$	6.82
Options cancelled		14,792			(14,792	)	$	26.85
Outstanding—September 30, 2020		1,274,829			1,901,632		$	27.77		8.60	$	43,281
Options exercisable—September 30, 2020					627,184		$	19.73		8.13	$	19,318
Options vested and expected to vest— September 30, 2020					1,901,632		$	27.77		8.60	$	43,281

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:

	Nine Months Ended
	September 30, 2020
	Employee			Non-employee
Expected term (in years)		6.06			6.06
Expected volatility		72.1	%		72.5	%
Risk-free interest rate		0.50	%		0.40	%
Dividend yield	—			—

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 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 September 30,
	2020		2019
Unvested RSAs		3,912,305		6,215,465
Unvested RSUs		1,234,269	—
Unvested market-based RSUs		55,614	—
Unvested performance-based RSUs		72,798	—
Unvested performance-based RSAs		22,611	—
Common stock options issued and outstanding		7,986,544		3,729,590
Estimated shares issuable under the ESPP		18,240		72,949
Assumed conversion of 2027 Notes		12,878,305	—
		26,180,686		10,018,004

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands		9 Months Ended
	Jan. 01, 2020	Sep. 30, 2020	Mar. 09, 2020
Summary Of Significant Accounting Policies [Line Items]
Cash, cash equivalents and restricted cash maturity period		90 days
Aggregate market value of voting and non voting common equity held by non affiliates		$ 700,000
Operating lease right-of-use assets		9,644
Operating lease liabilities		$ 11,853
Accounting Standards Update 2016-02
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted		true
Change in accounting principle, accounting standards update, adoption date		Jan. 01, 2020
Change in accounting principle, accounting standards update, immaterial effect		true
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)
ASU 2016-13
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted		true
Change in accounting principle, accounting standards update, immaterial effect		true
ASU 2018-13
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted		true
Change in accounting principle, accounting standards update, immaterial effect		true
ASU 2018-15
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted		true
Change in accounting principle, accounting standards update, adoption date		Jan. 01, 2020
Change in accounting principle, accounting standards update, immaterial effect		true
Change in accounting principle, accounting standards update, early adoption		true
ASU 2019-12
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted		true
Change in accounting principle, accounting standards update, adoption date		Jan. 01, 2020
Change in accounting principle, accounting standards update, immaterial effect		true
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%
BridgeBio Pharma, Inc. \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Noncontrolling interest ownership percentage		100.00%

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

Sep. 30, 2020

Dec. 31, 2019

Sep. 30, 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

$ 366,967

$ 363,773

^[1]

$ 413,973

Restricted cash

^[2]

424

$ 367,391

$ 364,197

$ 414,397

$ 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.
[2]	Included in “Other assets” in the condensed consolidated balance sheets as of the dates presented.

Fair Value Measurement - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 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		307,736
Short-term marketable securities:
Total short-term marketable securities	$ 343,714	182,220
Total cash equivalents and marketable securities	609,388	521,100
Long-term marketable securities:
Total long-term marketable securities		31,144
Liabilities:
LEO call option liability	5,198	4,078
Embedded derivative	1,301	1,165
Total financial liabilities	6,499	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		15,307
Recurring \| Money Market Funds
Cash equivalents:
Total cash equivalents	265,674	248,736
Recurring \| U.S. Treasury Bills
Short-term marketable securities:
Total short-term marketable securities	59,988
Recurring \| U.S. Treasury Notes
Short-term marketable securities:
Total short-term marketable securities	75,736	45,280
Recurring \| Commercial Paper
Short-term marketable securities:
Total short-term marketable securities	136,271	65,626
Recurring \| Corporate Debt Securities
Short-term marketable securities:
Total short-term marketable securities	71,719	71,314
Long-term marketable securities:
Total long-term marketable securities		15,837
Recurring \| Level 1
Cash equivalents:
Total cash equivalents		307,736
Short-term marketable securities:
Total cash equivalents and marketable securities	265,674	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	265,674	248,736
Recurring \| Level 2
Short-term marketable securities:
Total short-term marketable securities	343,714	182,220
Total cash equivalents and marketable securities	343,714	213,364
Long-term marketable securities:
Total long-term marketable securities		31,144
Recurring \| Level 2 \| U.S. Treasury Notes
Long-term marketable securities:
Total long-term marketable securities		15,307
Recurring \| Level 2 \| U.S. Treasury Bills
Short-term marketable securities:
Total short-term marketable securities	59,988
Recurring \| Level 2 \| U.S. Treasury Notes
Short-term marketable securities:
Total short-term marketable securities	75,736	45,280
Recurring \| Level 2 \| Commercial Paper
Short-term marketable securities:
Total short-term marketable securities	136,271	65,626
Recurring \| Level 2 \| Corporate Debt Securities
Short-term marketable securities:
Total short-term marketable securities	71,719	71,314
Long-term marketable securities:
Total long-term marketable securities		15,837
Recurring \| Level 3
Liabilities:
LEO call option liability	5,198	4,078
Embedded derivative	1,301	1,165
Total financial liabilities	$ 6,499	$ 5,243

Fair Value Measurement - Additional Information (Details) - USD ($)	Sep. 30, 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	$ 611,100,000

Fair Value Measurement - Schedule of Estimated Fair Value of Liability (Details) - LEO Call Option	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Expected term (in years)	1 year 3 months	8 months 1 day
Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Expected term (in years)	6 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	0.1	1.6
Discount Rate \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input	14.8	13.1
Expected Volatility \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input	77.5	60.0
Expected Volatility \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input	87.0	68.0
Risk-Free Interest Rate \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input	1.39	2.34
Risk-Free Interest Rate \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input	1.67	2.46

Fair Value Measurement - Summary of Change in Estimated Fair Value of Liability (Details) - LEO Call Option $ in Thousands	9 Months Ended
	Sep. 30, 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 expense	1,120
Ending balance	$ 5,198

Cash Equivalents and Marketable Securities - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 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	6 months 24 days
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	Sep. 30, 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	$ 608,927	520,846
Unrealized Gains	462	254
Unrealized Losses	(1)
Estimated Fair Value	609,388	521,100
Money Market Funds
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis Cash Equivalents	265,674	248,736
Total cash equivalents	265,674	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	343,253	182,081
Unrealized Gains	462	139
Unrealized Losses	(1)
Estimated Fair Value	343,714	182,220
Short-term Marketable Securities \| U.S. Treasury Bills
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis	59,977
Unrealized Gains	11
Estimated Fair Value	59,988
Short-term Marketable Securities \| U.S. Treasury Securities
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis	75,479	45,224
Unrealized Gains	258	56
Unrealized Losses	(1)
Estimated Fair Value	75,736	45,280
Short-term Marketable Securities \| Commercial Paper
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis	136,271	65,626
Estimated Fair Value	136,271	65,626
Short-term Marketable Securities \| Corporate Debt Securities
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis	71,526	71,231
Unrealized Gains	193	83
Estimated Fair Value	$ 71,719	71,314
Long Term Marketable Securities
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis		31,029
Unrealized Gains		115
Estimated Fair Value		31,144
Long Term Marketable Securities \| U.S. Treasury Securities
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis		15,248
Unrealized Gains		59
Estimated Fair Value		15,307
Long Term Marketable Securities \| Corporate Debt Securities
Cash And Cash Equivalents [Line Items]
Amortized Cost Basis		15,781
Unrealized Gains		56
Estimated Fair Value		$ 15,837

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

1 Months Ended

9 Months Ended

12 Months Ended

Feb. 29, 2020

Sep. 30, 2019

Jul. 31, 2019

May 31, 2019

Sep. 30, 2020

Dec. 31, 2019

Maximum aggregate offering price of stocks

$ 125

$ 124

^[1]

Variable Interest Entity, Primary Beneficiary | QED

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

90,000

Variable Interest Entity, Primary Beneficiary | PTR

32,000

Variable Interest Entity, Primary Beneficiary | ML Bio

11,000

Variable Interest Entity, Primary Beneficiary | Navire

13,000

Variable Interest Entity, Primary Beneficiary | All Other

7,900

Variable Interest Entity, Primary Beneficiary | Eidos

$ 142,100

Purchase of common stock, shares

Voting shares

50.00%

882,353

1,103,848

Common stock, value

$ 26,400

$ 28,600

Shares issued

448,755

385,613

Percentage of cash commission

3.00%

Net proceeds issued from offerings

$ 24,100

$ 23,900

Variable Interest Entity, Primary Beneficiary | Eidos | Maximum

Maximum aggregate offering price of stocks

$ 100,000

Variable Interest Entity, Primary Beneficiary | Eidos | Common Stock

Shares issued

556,173

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

Sep. 30, 2020

Dec. 31, 2019

Sep. 30, 2019

$ 366,967

$ 363,773

^[1]

$ 413,973

8,000

2,845

^[1]

26,703

19,784

^[1]

745,384

568,622

^[1]

16,182

5,625

^[1]

9,644

16,483

26,288

^[1]

787,693

631,679

^[1]

9,839

8,852

^[1]

18,755

13,317

^[1]

24,901

20,896

^[1]

4,706

2,222

^[1]

3,617

75,707

60,385

^[1]

Operating lease liabilities, net of current portion

^[1]

8,000

8,236

13,469

3,527

^[1]

Variable Interest Entity, Primary Beneficiary

569,306

155,703

^[1]

133,214

81,312

8,000

2,845

10,275

11,089

151,489

95,246

14,498

4,170

3,070

12,491

21,950

181,548

121,366

6,701

3,571

8,044

8,137

16,933

15,760

783

1,172

1,435

6,355

1,133

40,251

37,773

Operating lease liabilities, net of current portion

8,000

2,734

4,252

1,136

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

47,237

38,909

16,591

645

17,236

17,297

512

626

1,903

1,061

4,131

ML Bio | Variable Interest Entity, Primary Beneficiary

4,143

12,860

7,432

206

13,066

7,449

13,149

7,547

151

268

1,235

1,680

QED | Variable Interest Entity, Primary Beneficiary

1,702

49,299

27,781

2,845

4,942

4,437

54,241

35,063

196

281

933

10,501

11,313

65,871

46,657

2,207

1,443

4,492

3,396

8,684

8,931

160

435

1,021

788

180

17,352

14,385

3,821

161

PTR | Variable Interest Entity, Primary Beneficiary

21,173

14,546

4,280

363

4,643

366

302

5,359

928

669

131

Operating lease liabilities, net of current portion

1,894

250

Navire | Variable Interest Entity, Primary Beneficiary

2,209

5,148

8,000

219

13,367

133

13,501

561

322

969

All Other | Variable Interest Entity, Primary Beneficiary

1,027

45,036

31,600

3,900

2,416

48,936

34,016

14,158

325

1,771

1,506

637

66,371

34,978

3,173

1,341

1,687

3,352

4,120

5,293

521

363

283

4,441

592

Operating lease liabilities, net of current portion

14,225

10,941

2,484

274

Adrenas | Variable Interest Entity, Primary Beneficiary

$ 16,983

10,965

6,453

906

7,359

3,189

10,548

526

923

757

290

2,579

951

Aspa | Variable Interest Entity, Primary Beneficiary

3,530

1,695

758

2,453

274

10,000

12,727

219

156

567

280

9,260

8,000

TheRas, Inc | Variable Interest Entity, Primary Beneficiary

9,260

6,351

2,555

8,906

8,909

243

212

515

Redeemable Noncontrolling Interest [Line Items]

$ 515

[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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Noncontrolling Interest [Abstract]
Adjustments of carrying value of noncontrolling interests additional paid-in capital	$ (1.1)	$ 13.5	$ (9.6)	$ 41.9

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

3 Months Ended

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

^[1]

$ 2,243

Redeemable Convertible Noncontrolling Interests

$ 2,574

Redeemable Noncontrolling Interest [Line Items]

Issuance of redeemable convertible noncontrolling interest

1,906

$ 3,053

2,243

^[2]

$ 175

$ 202

$ 122

^[2]

1,000

1,102

Net loss attributable to redeemable convertible noncontrolling interest

(1,131)

(1,578)

(866)

(635)

(685)

(790)

Transfers to redeemable convertible noncontrolling interest

799

431

574

(166)

658

870

Redeemable Convertible Noncontrolling Interests | All Other

2,574

1,906

3,053

$ 2,570

$ 175

$ 202

Redeemable Noncontrolling Interest [Line Items]

Issuance of redeemable convertible noncontrolling interest

116

102

Net loss attributable to redeemable convertible noncontrolling interest

(51)

(21)

(60)

Redeemable Convertible Noncontrolling Interests | QED Therapeutics, Inc

116

Redeemable Noncontrolling Interest [Line Items]

Net loss attributable to redeemable convertible noncontrolling interest

401

460

612

(345)

(480)

(468)

Transfers to redeemable convertible noncontrolling interest

468

421

316

Redeemable Convertible Noncontrolling Interests | ML Bio

524

401

460

Redeemable Noncontrolling Interest [Line Items]

Issuance of redeemable convertible noncontrolling interest

1,410

2,477

1,557

1,000

Net loss attributable to redeemable convertible noncontrolling interest

(735)

(1,077)

(338)

Transfers to redeemable convertible noncontrolling interest

331

258

$ 2,006

$ 1,410

$ 2,477

[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 those dates. 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.

Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

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

3 Months Ended

6 Months Ended

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Jun. 30, 2020

$ 59,847

$ 68,303

$ 65,279

^[1]

$ 65,279

^[1]

7,267

3,537

26,565

Net income (loss) attributable to noncontrolling interest

(1,880)

2,679

(12,175)

(13,177)

(13,602)

(11,366)

52,057

59,847

68,303

59,847

BridgeBio Equity Plan

Adrenas Therapeutics, Inc

(1,070)

514

1,269

696

Net income (loss) attributable to noncontrolling interest

812

(194)

883

(358)

(541)

(316)

Adrenas Therapeutics, Inc | BridgeBio Equity Plan

970

514

1,269

514

(23)

Aspa

315

713

250

Net income (loss) attributable to noncontrolling interest

(1)

(188)

649

(130)

(185)

(195)

Aspa | BridgeBio Equity Plan

185

315

713

315

(29)

Eidos

53,689

62,563

59,722

3,721

3,308

26,248

Net income (loss) attributable to noncontrolling interest

(2,181)

(1,850)

(15,329)

(10,643)

(10,332)

(8,078)

44,586

53,689

62,563

53,689

PTR

2,343

1,298

Acquisition of noncontrolling interest

(37)

Net income (loss) attributable to noncontrolling interest

2,868

(1,536)

(591)

(1,238)

810

2,343

Venthera, Inc.

570

345

140

Net income (loss) attributable to noncontrolling interest

(87)

453

513

(257)

(207)

(324)

Venthera, Inc. | BridgeBio Equity Plan

318

570

345

570

(22)

All Other

2,416

3,348

3,173

3,488

220

285

Net income (loss) attributable to noncontrolling interest

(463)

1,590

1,105

(253)

(1,746)

(1,215)

All Other | BridgeBio Equity Plan

$ 5,188

$ 2,416

$ 3,348

2,416

Unamortized debt discount

$ (996)

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

Equity Method Investments - Additional Information (Detail) - USD ($)	1 Months Ended	9 Months Ended	18 Months Ended
	Oct. 31, 2019	Sep. 30, 2020	Dec. 31, 2016	Dec. 31, 2019	Mar. 31, 2019	Jul. 31, 2015
PellePharm, Inc
Schedule Of Equity Method Investments [Line Items]
Ownership interest, value		$ 0		$ 0	$ 0
Impairments related investment		$ 0
Initial investment						$ 4,500,000
Preferred stock ownership percentage		61.90%
Equity security investment		$ 0
Minimum \| PellePharm, Inc
Schedule Of Equity Method Investments [Line Items]
Ownership interest percentage			50.00%
Bridge Bio Pharma Limited Liability Company \| Entities Affiliated With Perceptive Life Sciences Master Fund Ltd
Schedule Of Equity Method Investments [Line Items]
Ownership interest	10.00%			10.00%
Ownership interest, value	$ 3,800,000			$ 0
Warrant to purchase percentage	10.00%
Impairments related investment	$ 0

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Commitments And Contingencies [Line Items]
Compensation expense recognized to be settled in cash	$ 400,000	$ 0	$ 900,000	$ 0
Compensation expense recognized of performance-based milestone awards settled in cash upon achievement of regulatory milestones	1,700,000	0	1,700,000	0
Stock-based compensation expense recognized to be settled in cash or equity	300,000	0	500,000	0
Compensation expense recognized			0
Accrued termination charges	0		0		$ 0
2020 Stock and Equity Award Exchange Program
Commitments And Contingencies [Line Items]
Potential milestone compensation			230,200,000
Stock-based compensation expense recognized to be settled in equity	$ 1,900,000	$ 0	$ 9,900,000	$ 0

Debt - Additional Information (Details)				1 Months Ended					3 Months Ended		7 Months Ended	9 Months Ended
Debt - Additional Information (Details)	Mar. 09, 2020 USD ($) TradingDay $ / shares shares	Mar. 04, 2020 USD ($) $ / shares shares	Nov. 13, 2019 USD ($)	Apr. 30, 2020 USD ($)	Jul. 31, 2019	May 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jun. 30, 2018 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)
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, 2022	Jul. 01, 2021
Debt instrument maturity date extension				Nov. 01, 2023	Jan. 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
Gains or losses on debt modification				$ 0
Interest expense									$ 2,000,000	$ 2,100,000		5,400,000	$ 5,700,000
Amortization of debt discount and issuance costs									300,000	$ 100,000		1,000,000	$ 700,000
Silicon Valley Bank and Hercules Loan Agreement \| Eidos
Debt Instrument [Line Items]
Debt instrument, principal outstanding									16,700,000		$ 16,700,000	16,700,000
Unamortized debt discounts									1,800,000		1,800,000	1,800,000
Interest expense and amortization of debt discount									600,000			1,800,000
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
Maximum \| Hercules Capital, Inc \| Payment in Kind
Debt Instrument [Line Items]
Cash payment interest					1.50%
Maximum \| Silicon Valley Bank and Hercules Loan Agreement \| Eidos
Debt Instrument [Line Items]
Debt Instrument face amount			$ 55,000,000
2027 Notes
Debt Instrument [Line Items]
Debt Instrument face amount	$ 550,000,000								$ 550,000,000		$ 550,000,000	$ 550,000,000
Stated interest rate	2.50%								2.50%		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								$ 8,403,000		$ 8,403,000	$ 8,403,000
Expected life of notes	7 years
Effective interest rate on liability component									8.80%		8.80%	8.80%
Debt instrument, principal outstanding									$ 550,000,000		$ 550,000,000	$ 550,000,000
Interest expense									8,212,000		18,429,000
Debt instrument drawn amount									$ 639,375,000		$ 639,375,000	$ 639,375,000
2027 Notes \| Maximum
Debt Instrument [Line Items]
Conversion rate	17,707,635
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				8.75%				8.85%	8.75%		8.75%	8.75%
Maturity date								Jan. 01, 2022
Debt instrument, frequency of interest payment				payable monthly				payable monthly
Maturity period								42 months
Debt instrument, principal payments								$ 0
Tranche I \| Hercules Capital, Inc \| Prime Rate
Debt Instrument [Line Items]
Interest rate				3.85%				3.85%
Tranche II \| Hercules Capital, Inc
Debt Instrument [Line Items]
Debt Instrument face amount							$ 20,000,000
Stated interest rate				8.60%			8.60%		8.60%		8.60%	8.60%
Maturity date							Jul. 01, 2022
Debt instrument, frequency of interest payment				payable monthly			payable monthly
Debt instrument, principal outstanding							$ 55,000,000
Tranche II \| Hercules Capital, Inc \| Prime Rate
Debt Instrument [Line Items]
Interest rate				2.85%			2.85%
Tranche III \| Hercules Capital, Inc
Debt Instrument [Line Items]
Debt Instrument face amount						$ 20,000,000
Stated interest rate				8.85%		9.10%			8.85%		8.85%	8.85%
Debt instrument, frequency of interest payment				payable monthly		payable monthly
Debt instrument, principal outstanding						$ 75,000,000
Tranche III \| Hercules Capital, Inc \| Prime Rate
Debt Instrument [Line Items]
Interest rate				3.10%		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 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%
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 \| Maximum \| Silicon Valley Bank and Hercules Loan Agreement \| Eidos
Debt Instrument [Line Items]
Debt Instrument face amount			$ 17,500,000
Percentage of prepayment fee			2.50%
Tranche A Loan \| Minimum \| Silicon Valley Bank and Hercules Loan Agreement \| 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 \| Maximum \| Silicon Valley Bank and Hercules Loan Agreement \| 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 \| Maximum \| Silicon Valley Bank and Hercules Loan Agreement \| Eidos
Debt Instrument [Line Items]
Debt Instrument face amount			$ 15,000,000

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

Sep. 30, 2020

Mar. 09, 2020

Dec. 31, 2019

^[1]

Liability component

Net carrying amount

$ 93,392

$ 91,791

2027 Notes

Liability component

Principal

550,000

(163,095)

Unamortized debt issuance costs

(8,403)

$ (8,900)

Net carrying amount

378,502

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 - USD ($) $ in Thousands	3 Months Ended	7 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Debt Instrument [Line Items]
Contractual interest expense	$ 3,361	$ 7,715
Amortization of debt discount	4,612	10,186
Amortization of debt issuance costs	239	528
Total interest and amortization expense	$ 8,212	$ 18,429

Debt - Schedule of Future Minimum Payments under 2027 Notes (Details) - 2027 Notes $ in Thousands	Sep. 30, 2020 USD ($)
Debt Instrument [Line Items]
2021	$ 13,750
2022	13,750
2023	13,750
2024	13,750
Thereafter	584,375
Total future payments	639,375
Less amounts representing interest	(89,375)
Total principal amount	$ 550,000

Out-licensing Agreements - Additional Information (Details) - USD ($)		1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 10, 2020	Aug. 31, 2020	Oct. 31, 2019	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized related to agreement					$ 8,127,000	$ 26,741,000	$ 8,127,000	$ 26,741,000
Upfront payment received									$ 10,000,000
Fair value of ordinary shares received									3,800,000
Alexion License Agreements \| Eidos
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront nonrefundable payment received				$ 25,000,000
Regulatory milestone payment receivable subject to achievement of regulator milestones					30,000,000		30,000,000
Alexion Agreements \| Eidos
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront nonrefundable payment received				25,000,000
Revenue recognized related to agreement				$ 26,700,000
Alexion Agreements \| Eidos \| Common Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Issuance of common stock, net of issuance costs, shares				556,173
Shares issued, price per share				$ 44.95		$ 44.95		$ 44.95
Aggregate purchase price				$ 25,000,000
Excess of purchase price over the value of common stock shares				$ 1,700,000		$ 1,700,000		$ 1,700,000
Alexion Agreements \| Eidos \| Common Stock \| The Nasdaq Global Select Market
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Shares issued, price per share				$ 41.91		$ 41.91		$ 41.91
Excess of purchase price over the value of common stock shares				$ 1,700,000		$ 1,700,000		$ 1,700,000
LianBio
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Reimbursements for research and development expenses					0		2,800,000
LianBio \| License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Nonrefundable upfront payment receivable		$ 8,000,000
License Revenue
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized related to agreement					8,000,000				$ 13,800,000
License Revenue \| Alexion Agreements \| Eidos
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized related to agreement	$ 100,000
License Revenue \| Clinical Supply Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized related to agreement		100,000
Maximum \| Alexion License Agreements \| Eidos
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Future potential regulatory milestones					$ 30,000,000		$ 30,000,000
Maximum \| LianBio \| License Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Future potential development and sales milestone payments yet to receive		$ 382,100,000
QED Therapeutics, Inc \| Entities Affiliated With Perceptive Life Sciences Master Fund Ltd
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront nonrefundable payment received			$ 10,000,000
QED Therapeutics, Inc \| Entities Affiliated With Perceptive Life Sciences Master Fund Ltd \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Future potential development and sales milestone payments yet to receive			$ 132,500,000

In-licensing Agreements - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expenses	$ 92,050,000	$ 55,278,000	$ 246,873,000	$ 152,462,000
Eidos Therapeutics, Inc \| Stanford License Agreement \| Leland Stanford Junior University
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expenses	0	0	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	800,000	400,000	1,800,000	1,000,000
QED Therapeutics, Inc \| Foundation Medicine Diagnostics Agreement \| Foundation Medicine, Inc
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expenses	$ 1,000,000	$ 0	$ 2,800,000	$ 300,000

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

1 Months Ended

3 Months Ended

9 Months Ended

Jan. 01, 2020

Dec. 31, 2019

Sep. 30, 2020

Weighted average remaining lease term

5 years 2 months 12 days

Operating lease, existence of option to extend

true

Weighted average discount rate

5.90%

Cash paid for amounts included in measurement of operating lease liabilities

$ 1,100

$ 2,700

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