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bbio-10q_20210331.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2021

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

For the transition period from to

Commission File Number: 001-38959

BridgeBio Pharma, Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware		84-1850815
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
421 Kipling Street Palo Alto, CA		94301
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (650) 391-9740

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

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock

BBIO

The Nasdaq Global Select Market

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

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

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

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

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

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

As of April 30, 2021, the registrant had 149,284,184 shares of common stock, $0.001 par value per share, outstanding.

Table of Contents

		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Comprehensive Loss	5
	Condensed Consolidated Statements of Redeemable Convertible Noncontrolling Interests and Stockholders’ Equity (Deficit)	6
	Condensed Consolidated Statements of Cash Flows	8
	Notes to Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	44
Item 4.	Controls and Procedures	44
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	45
Item 1A.	Risk Factors	45
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	45
Item 3.	Defaults Upon Senior Securities	46
Item 4.	Mine Safety Disclosures	46
Item 5.	Other Information	46
Item 6.	Exhibits	47
Signatures		49

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Balance Sheets

(in thousands, except shares and per share amounts)

	March 31,			December 31,
	2021			2020
	(Unaudited)			⁽¹⁾
Assets
Current assets:
Cash and cash equivalents	$	471,176		$	356,082
Short-term marketable securities		447,942			251,011
Receivable from a related party		462			—
Prepaid expenses and other current assets		25,534			35,731
Total current assets		945,114			642,824
Property and equipment, net		22,816			20,325
Operating lease right-of-use assets, net		12,997			16,508
Long-term marketable securities		82,202			—
Other assets		30,179			23,931
Total assets	$	1,093,308		$	703,588
Liabilities, Redeemable Convertible Noncontrolling Interests and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable	$	10,340		$	8,945
Accrued compensation and benefits		20,741			29,682
Accrued research and development liabilities		33,423			27,290
Accrued professional services		4,518			5,579
LEO call option liability		—			5,550
Operating lease liabilities, current portion		3,807			3,795
Term loans, current portion		3,646			1,458
Other accrued liabilities		18,254			13,349
Total current liabilities		94,729			95,648
Term loans, net of current portion		90,762			92,421
2029 Notes, net		731,747			—
2027 Notes, net		538,690			383,436
Operating lease liabilities, net of current portion		13,862			14,677
Other liabilities		11,612			9,520
Total liabilities		1,481,402			595,702
Commitments and contingencies (Note 8)
Redeemable convertible noncontrolling interests		1,271			1,630
Stockholders’ equity (deficit):
Undesignated preferred stock, $0.001 par value; 25,000,000 shares authorized; no shares issued and outstanding		—			—
Common stock, $0.001 par value; 500,000,000 shares authorized; 152,289,274 shares issued and 149,114,600 shares outstanding as of March 31, 2021, 125,264,070 shares issued and 122,849,389 shares outstanding as of December 31, 2020		152			125
Treasury stock, at cost; 3,174,674 shares as of March 31, 2021, 2,414,681 shares as of December 31, 2020		(125,000	)		(75,000	)
Additional paid-in capital		767,117			1,021,344
Accumulated other comprehensive income (loss)		(57	)		192
Accumulated deficit		(1,037,506	)		(888,755	)
Total BridgeBio stockholders’ equity (deficit)		(395,294	)		57,906
Noncontrolling interests		5,929			48,350
Total stockholders’ equity (deficit)		(389,365	)		106,256
Total liabilities, redeemable convertible noncontrolling interests and stockholders’ equity (deficit)	$	1,093,308		$	703,588

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

(1)	The condensed consolidated balance sheet as of December 31, 2020 is derived from the audited consolidated financial statements as of that date.

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

(in thousands, except shares and per share amounts)

	Three Months Ended March 31,
	2021			2020
License revenue	$	462		$	—
Operating expenses:
Research and development		122,559			68,225
General and administrative		45,407			34,262
Total operating expenses		167,966			102,487
Loss from operations		(167,504	)		(102,487	)
Other income (expense), net:
Interest income		394			1,941
Interest expense		(9,738	)		(4,010	)
Other income		5,766			474
Total other income (expense), net		(3,578	)		(1,595	)
Net loss		(171,082	)		(104,082	)
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests		8,003			12,232
Net loss attributable to common stockholders of BridgeBio	$	(163,079	)	$	(91,850	)
Net loss per share, basic and diluted	$	(1.18	)	$	(0.78	)
Weighted-average shares used in computing net loss per share, basic and diluted		138,627,729			117,803,438

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

BRIDGEBIO PHARMA, INC.

Condensed Consolidated Statements of Comprehensive Loss

(Unaudited)

(in thousands)

	Three Months Ended March 31,
	2021			2020
Net loss	$	(171,082	)	$	(104,082	)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities		(249	)		472
Comprehensive loss		(171,331	)		(103,610	)
Comprehensive loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests		8,003			12,232
Comprehensive loss attributable to common stockholders of BridgeBio	$	(163,328	)	$	(91,378	)

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

BRIDGEBIO PHARMA, INC.

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

(Unaudited)

(in thousands, except shares and per share amounts)

	Three Months Ended March 31, 2021
																							Total
	Redeemable																Accumulated						BridgeBio						Total
	Convertible													Additional			Other						Stockholders'			Noncontrol-			Stockholders’
	Noncontrolling			Common Stock					Treasury Stock					Paid-In			Comprehensive			Accumulated			Equity			ling			Equity
	Interests			Shares			Amount		Shares		Amount			Capital			Income			Deficit			(Deficit)			Interests			(Deficit)
Balances as of December 31, 2020 ⁽²⁾	$	1,630			122,849,389		$	125		2,414,681	$	(75,000	)	$	1,021,344		$	192		$	(888,755	)	$	57,906		$	48,350		$	106,256
Cumulative effect of ASU 2020-06 adoption		—			—			—		—		—			(168,078	)		—			14,328			(153,750	)		—			(153,750	)
Issuance of shares under equity compensation plans		—			819,113			1		—		—			6,841			—			—			6,842			—			6,842
Stock-based compensation		—			—			—		—		—			19,841			—			—			19,841			—			19,841
Purchase of capped calls		—			—			—		—		—			(61,295	)		—			—			(61,295	)		—			(61,295	)
Repurchase of common stock		—			(759,993	)		—		759,993		(50,000	)		—			—			—			(50,000	)		—			(50,000	)
Issuance of common stock under ESPP		—			65,298			—		—		—			1,651			—			—			1,651			—			1,651
Repurchase of common stock to satisfy tax withholding		—			(15,653	)		—		—		—			(1,021	)		—			—			(1,021	)		—			(1,021	)
Repurchase of Eidos noncontrolling interests for cash and shares, including transaction costs of $70,734		—			26,156,446			26		—		—			(53,856	)		—			—			(53,830	)		(38,167	)		(91,997	)
Issuance of noncontrolling interests		—			—			—		—		—			—			—			—			—			5,080			5,080
Transfers from (to) noncontrolling interests		517			—			—		—		—			1,690			—			—			1,690			(2,207	)		(517	)
Unrealized loss on available-for-sale securities		—			—			—		—		—			—			(249	)		—			(249	)		—			(249	)
Net loss		(876	)		—			—		—		—			—			—			(163,079	)		(163,079	)		(7,127	)		(170,206	)
Balances as of March 31, 2021	$	1,271			149,114,600		$	152		3,174,674	$	(125,000	)	$	767,117		$	(57	)	$	(1,037,506	)	$	(395,294	)	$	5,929		$	(389,365	)

Three Months Ended March 31, 2020

Redeemable

Accumulated

Total

Convertible

Additional

Other

BridgeBio

Noncontrol-

Total

Noncontrolling

Common Stock

Treasury Stock

Paid-In

Comprehensive

Accumulated

Stockholders'

ling

Stockholders’

Interests

Amount

Capital

Income

Deficit

Equity

Interests

Equity

Balances as of December 31, 2019 ⁽²⁾

2,243

123,658,287