Financial Performance - BridgeBio Pharma reported a quarterly loss of $0.95 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.83, representing an earnings surprise of -14.46% [1] - The company posted revenues of $110.57 million for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 14.95%, compared to revenues of $2.17 million a year ago [2] - Over the last four quarters, BridgeBio Pharma has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Stock Performance - BridgeBio Pharma shares have increased approximately 74% since the beginning of the year, significantly outperforming the S&P 500's gain of 7.6% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.61 on revenues of $136.32 million, and for the current fiscal year, it is -$3.16 on revenues of $466.56 million [7] - The estimate revisions trend for BridgeBio Pharma was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Medical - Generic Drugs industry, to which BridgeBio Pharma belongs, is currently ranked in the bottom 36% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

Financial Data and Key Metrics Changes - Total revenues for Q2 2025 were $110.6 million, a significant increase from $2.2 million in the same period last year, primarily driven by a $71.5 million increase in net product revenue from Atruvi [34][35] - Net product revenue for Atruvi reached $71.5 million, representing a 100% growth compared to Q1 2025 [9][26] - Operating costs and expenses increased to $244.8 million from $177.7 million year-over-year, largely due to a rise in SG&A expenses [36] Business Line Data and Key Metrics Changes - Atruvi's unique patient prescriptions reached 3,751 with 1,074 unique prescribers, showing growth in both new prescribers and depth of prescribing [8][9] - Weekly prescriptions for Atruvi grew over 30%, exceeding internal projections [9] - The launch of Atruvi has seen new patient additions at approximately 120 patients per week, up from 100 previously [26] Market Data and Key Metrics Changes - The ATTR cardiomyopathy market is expanding rapidly, with expectations for peak market size between $15 billion to $20 billion [27] - The company is capturing market share from treatment-naive patients, with an estimated market share of 18% to 20% in the treatment-naive segment [46] Company Strategy and Development Direction - BridgeBio aims to become a diversified biopharma company with multiple first-in-class assets targeting high unmet needs [18][19] - The company is focused on expanding its commercial infrastructure to support future launches, with each potential launch having peak sales potential exceeding $1 billion in the U.S. market [33][34] - The strategy includes enhancing access programs and increasing awareness to drive patient identification and treatment [10][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing growth trajectory of Atruvi and the potential for upcoming Phase III trial results to further validate their pipeline [37] - The company anticipates continued revenue growth driven by Atruvi and expects cash flow to extend through multiple value-creating milestones [36][37] Other Important Information - The company has a strong cash position of $756.9 million, bolstered by strategic monetization efforts [36] - Management highlighted the importance of scientific data in driving commercial momentum and patient access [47][48] Q&A Session Summary Question: What is driving the increase in patient adds? - The increase is attributed to strength in treatment-naive starts and continued switch activity, with the market expanding due to increased screening and awareness [44][45] Question: How have the trends evolved regarding the 28-day free trial and patient assistance programs? - Normalization was observed in the utilization of the 28-day free trial and patient assistance programs, which is crucial for serving under-penetrated populations [50][53] Question: What are the competitive dynamics in the market? - The company is facing more pressure in the switch category but is seeing strong growth in treatment-naive patients, with no significant price competition observed [80][82] Question: What are the key metrics for the upcoming Phase III CALIBRATE trial? - A successful study would be defined by a majority of patients achieving normalization of both blood and urine calcium levels, which are critical biomarkers for the condition [70][71] Question: How does the company view the potential market share for its pipeline products? - The company believes that a successful study in ADH1 could significantly de-risk further evaluations in chronic hypoparathyroidism, given the strong genetic link [99][100]

Financial Data and Key Metrics Changes - Total revenues for Q2 2025 were $110.6 million, a significant increase of $108.4 million compared to $2.2 million in the same period last year, primarily driven by net product revenue from Etruevi [32][33] - Net product revenue from Etruevi reached $71.5 million, representing a 100% growth over Q1 2025 [23][32] - Operating costs and expenses increased to $244.8 million from $177.7 million year-over-year, with a notable rise in SG&A expenses [33][34] - The company ended Q2 with a strong cash position of $756.9 million, bolstered by proceeds from Etruevi sales and strategic monetization of royalties [35] Business Line Data and Key Metrics Changes - Etruevi's launch has seen 3,751 unique patient prescriptions and 1,074 unique prescribers, with over 30% growth in weekly prescriptions [6][7] - The company reported a doubling of net product revenue for Etruevi, with strong demand across major prescribers and patient segments [32][33] - The ATTR cardiomyopathy market is expanding rapidly, with peak market potential estimated between $15 billion to $20 billion [24] Market Data and Key Metrics Changes - The company is experiencing growth in both treatment-naive patients and those switching from other therapies, driven by increased screening and awareness [42][46] - The market for ATTR cardiomyopathy is expanding, with the company capturing an estimated 18% to 20% share of the treatment-naive population [45][46] Company Strategy and Development Direction - BridgeBio aims to become a diversified biopharma company with multiple first-in-class assets targeting high unmet needs [16][22] - The company is focused on expanding access to Etruevi and enhancing its clinical differentiation through ongoing research and publications [88][89] - Future launches are anticipated to have peak sales potential exceeding $1 billion in the U.S. market [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing growth trajectory of Etruevi, supported by strong clinical data and a commitment to patient access [29][88] - The company is optimistic about upcoming Phase III trial results for ADH1 and LGMD2I, which are expected to provide significant insights into their therapeutic potential [20][35] Other Important Information - The company has published significant clinical data reinforcing Etruevi's efficacy, particularly in specific subpopulations such as those with cardiac arrhythmia [13][14] - Management highlighted the importance of early intervention in treatment, emphasizing the need for rapid patient identification and action [15][86] Q&A Session Summary Question: What is driving the increase in patient adds? - Management noted strength in treatment-naive starts and increased screening and awareness as key drivers of patient adds [42][43] Question: How have the utilization trends for the free trial and patient assistance programs evolved? - Management confirmed normalization in the utilization of the free trial and patient assistance programs, which are crucial for serving under-penetrated populations [49][51] Question: What is the competitive landscape for Atruvi? - Management indicated that competition is more pronounced in the switch category, with a focus on clinical differentiation rather than aggressive pricing strategies [78][81] Question: What are the expectations for the upcoming Phase III CALIBRATE trial for INCALIORET? - A successful study is anticipated to show a majority of patients achieving normalization of blood and urine calcium, which would be a significant advancement for the community [68][69] Question: How does the company view the potential for hypoparathyroidism based on ADH1 results? - Management expressed confidence that positive results in ADH1 would de-risk further evaluation in chronic hypoparathyroidism, highlighting the importance of rapid and durable benefits [101][102]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited condensed consolidated financial statements for Q2 2025 reflect the company's financial position, operations, and cash flows, reporting a **$353.4 million net loss** driven by commercialization and new financing [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to **$1.08 billion** and liabilities to **$2.86 billion** due to new financing, widening the stockholders' deficit to **$1.78 billion** Balance Sheet Highlights | Balance Sheet Highlights | June 30, 2025 ($ thousands) | December 31, 2024 ($ thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | 748,953 | 681,101 | | Accounts receivable, net | 76,868 | 4,722 | | Total current assets | 912,277 | 720,692 | | **Total assets** | **1,080,190** | **919,338** | | **Liabilities & Stockholders' Deficit** | | | | Total current liabilities | 175,854 | 154,400 | | 2031 Notes, net | 563,597 | — | | Term loan, net | — | 437,337 | | Deferred royalty obligations, net | 813,959 | 479,091 | | **Total liabilities** | **2,858,609** | **2,376,950** | | **Total stockholders' deficit** | **(1,777,974)** | **(1,457,754)** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the six months ended June 30, 2025, total revenues increased to **$227.2 million**, but rising SG&A expenses led to a widened net loss of **$349.3 million** Statement of Operations Summary | Statement of Operations Summary | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :--- | :--- | :--- | | **Total revenues, net** | **227,198** | **213,288** | |    Net product revenue | 108,240 | — | |    License and services revenue | 117,130 | 213,288 | | Research and development | 222,662 | 255,667 | | Selling, general and administrative | 235,519 | 125,330 | | **Loss from operations** | **(238,650)** | **(175,196)** | | **Net loss attributable to common stockholders** | **(349,325)** | **(108,672)** | | **Net loss per share, basic and diluted** | **($1.84)** | **($0.59)** | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operations increased to **$279.9 million**, offset by **$362.4 million** from financing, resulting in a **$67.9 million** cash increase Cash Flow Summary | Cash Flow Summary | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | (279,916) | (144,834) | | Net cash provided by (used in) investing activities | (14,597) | 25,792 | | Net cash provided by financing activities | 362,369 | 273,819 | | **Net increase in cash, cash equivalents and restricted cash** | **67,856** | **154,777** | - Key financing activities in the first half of 2025 included receiving **$575.0 million** from the issuance of 2031 Notes and **$300.0 million** from a Royalty Purchase Agreement, while repaying **$459.0 million** in term loans[26](index=26&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies and financial activities, covering Attruby/Beyonttra launch, new collaborations, major financing, and subsidiary deconsolidation [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=74&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, highlighting revenue growth from Attruby/Beyonttra commercialization, increased net loss due to higher expenses, and significant capital secured for future operations - The company has one commercial product, **Attruby™** (approved in the U.S.) / **Beyonttra™** (approved in the EU, Japan, and UK), and multiple product candidates in late-stage development[305](index=305&type=chunk) - For the six months ended June 30, 2025, the company generated net product revenue of **$108.2 million** from Attruby sales in the U.S.[306](index=306&type=chunk)[323](index=323&type=chunk) - Management expects that current cash, cash equivalents, and marketable securities of **$756.9 million** will be sufficient to fund operations for **at least the next 12 months** from the filing date[357](index=357&type=chunk)[318](index=318&type=chunk) [Results of Operations](index=78&type=section&id=Results%20of%20Operations) For the six months ended June 30, 2025, total revenues reached **$227.2 million**, driven by new product sales, while R&D decreased and SG&A significantly increased due to commercialization Expense Category | Expense Category | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | Change ($ thousands) | | :--- | :--- | :--- | :--- | | Research and development | 222,662 | 255,667 | (33,005) | | Selling, general and administrative | 235,519 | 125,330 | 110,189 | - The **decrease in R&D expenses** was primarily due to the divestment of two early-stage R&D affiliates in 2024[329](index=329&type=chunk) - The **increase in SG&A expenses** was largely driven by investments supporting the commercial launch and ongoing activities of Attruby[336](index=336&type=chunk) [Liquidity and Capital Resources](index=87&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company held **$756.9 million** in liquidity, bolstered by **$575.0 million** in new notes and a **$300.0 million** royalty sale, enabling term loan repayment and funding for at least 12 months - In February 2025, the company issued **$575.0 million** in 1.75% Convertible Senior Notes due 2031, with net proceeds of approximately **$563.0 million**[311](index=311&type=chunk)[366](index=366&type=chunk) - In June 2025, the company sold certain European royalty rights for acoramidis for **$300.0 million** in cash under a Royalty Purchase Agreement[308](index=308&type=chunk)[309](index=309&type=chunk) - The company used proceeds from new financing to fully repay its outstanding term loan of **$459.0 million** in February 2025, resulting in a **$21.2 million loss** on extinguishment of debt[312](index=312&type=chunk)[344](index=344&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=100&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk is primarily interest rate risk on its **$756.9 million** cash and equivalents, deemed immaterial due to fixed-rate notes and no speculative derivatives - The company's cash, cash equivalents, and marketable securities totaled **$756.9 million** as of June 30, 2025, and are not considered to have significant risk of default or illiquidity[407](index=407&type=chunk) - The company's convertible notes (2031, 2029, and 2027 series) have **fixed interest rates** and are not subject to variability from changes in market interest rates[408](index=408&type=chunk) [Item 4. Controls and Procedures](index=100&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2025, with new internal controls implemented for Attruby and Beyonttra commercial launch - Management concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2025[411](index=411&type=chunk) - **New internal controls** were implemented during the quarter to address financial reporting for the commercial launch of Attruby and Beyonttra[412](index=412&type=chunk) [PART II. OTHER INFORMATION](index=101&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=101&type=section&id=Item%201.%20Legal%20Proceedings) The company is not a party to any material legal proceedings and does not expect future litigation to materially impact its financial position - The company is **not currently a party to any material legal proceedings**[414](index=414&type=chunk) [Item 1A. Risk Factors](index=101&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the 2024 Annual Report on Form 10-K or the Q1 2025 Form 10-Q - **No material changes** to the Risk Factors described in the Annual Report on Form 10-K for the year ended December 31, 2024 have occurred[415](index=415&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=101&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered equity sales, no new public offering proceeds information, and no issuer equity purchases during the period [Item 5. Other Information](index=101&type=section&id=Item%205.%20Other%20Information) Two Board members, Dr. Charles J. Homcy and Dr. Randal W. Scott, adopted Rule 10b5-1 trading plans for potential sales of company securities - On May 8, 2025, Director Dr. Charles J. Homcy adopted a Rule 10b5-1 trading plan for the potential sale of up to **300,000 shares** of common stock[422](index=422&type=chunk) - On June 27, 2025, Director Dr. Randal W. Scott adopted a Rule 10b5-1 trading plan for the potential sale of up to **51,501 employee stock options** and **100% of net vested RSU shares** to be issued in June 2026[424](index=424&type=chunk) [Item 6. Exhibits](index=104&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including financing agreements, incentive plan amendments, and officer certifications

[Second Quarter 2025 Highlights](index=1&type=section&id=BridgeBio%20Reports%20Second%20Quarter%202025%20Financial%20Results%20and%20Business%20Updates) The company reported strong Q2 revenue driven by the Attruby® launch and highlighted key upcoming clinical milestones Q2 2025 Key Financial Metrics | Metric | Value (USD) | | :--- | :--- | | Total Revenue | $110.6 million | | U.S. Attruby® Net Product Revenue | $71.5 million | | Royalty Revenue | $1.6 million | | License and Services Revenue | $37.5 million | | Cash, Cash Equivalents and Marketable Securities | $756.9 million | - The commercial launch of Attruby® is accelerating, with **3,751 unique patient prescriptions** written by **1,074 unique prescribers** as of August 1, 2025, showing strong month-over-month growth[2](index=2&type=chunk) - New clinical data for Attruby® from the ATTRibute-CM study reinforced its differentiated profile, showing **significant benefits for variant ATTR-CM patients** and linking TTR stabilization with improved survival[2](index=2&type=chunk) - The company anticipates several key late-stage clinical trial readouts, including topline results for **BBP-418 (LGMD2I/R9)** and **encaleret (ADH1)** in fall 2025, and **infigratinib (achondroplasia)** in early 2026[2](index=2&type=chunk)[3](index=3&type=chunk) [Business and Operational Updates](index=1&type=section&id=Business%20and%20Operational%20Updates) The company details strong commercial momentum for Attruby®, progress in its late-stage pipeline, and recent corporate financing activities [Commercial Progress](index=1&type=section&id=Commercial%20Progress) The commercial launch of Attruby® shows strong momentum with significant growth in prescriptions and revenue - Since its FDA approval in November 2024, Attruby® has achieved **3,751 unique patient prescriptions** from **1,074 unique prescribers**[4](index=4&type=chunk) - The Chief Commercial Officer stated that **product revenue nearly doubled in Q2**, driven by growing adoption, and expressed confidence that Attruby® will become the standard of care for ATTR-CM[6](index=6&type=chunk) [Pipeline Overview and Key Program Updates](index=3&type=section&id=Pipeline%20Overview%20and%20Key%20Program%20Updates) The company is advancing its late-stage pipeline with several key clinical trial readouts expected soon Pipeline Status and Next Expected Milestones | Program | Status | Next Expected Milestone | | :--- | :--- | :--- | | Acoramidis for ATTR-CM | Approved in U.S., EU, Japan, and UK | New rapidity of response data at ESC Congress in August 2025 | | BBP-418 for LGMD2I/R9 | FORTIFY, Phase 3 study enrollment completed | Topline results in fall 2025 | | Encaleret for ADH1 | CALIBRATE, Phase 3 study enrollment completed | Topline results in fall 2025 | | Infigratinib for achondroplasia | PROPEL 3, Phase 3 study enrollment completed | Topline results in early 2026 | [Attruby (acoramidis)](index=3&type=section&id=Attruby%20(acoramidis)) New clinical data reinforces Attruby's differentiated profile and a primary prevention study has been initiated - A post-hoc analysis showed acoramidis **reduced the annual frequency of cardiovascular hospitalization** due to atrial fibrillation (AF)/atrial flutter (AFL) by **43%** compared to placebo[8](index=8&type=chunk) - A publication in JACC showed that for each 5-mg/dL increase in serum TTR level within 28 days of starting treatment, the **relative risk reduction of mortality was up to 31.6%** through Month 30[8](index=8&type=chunk) - The ACT-EARLY study, a primary prevention trial for ATTR, has dosed its first asymptomatic participant to test if acoramidis can delay or prevent the development of variant ATTR[10](index=10&type=chunk) [BBP-418 (for LGMD2I/R9)](index=4&type=section&id=BBP-418) The registrational Phase 3 FORTIFY study has completed enrollment, with topline interim results expected in fall 2025 - The last participant visit for the FORTIFY Phase 3 trial has been achieved, with **topline results from the interim analysis cohort expected in fall 2025**[10](index=10&type=chunk) - The interim analysis will assess a surrogate endpoint biomarker (glycosylated alpha-dystroglycan) to potentially support an **Accelerated Approval filing in the U.S.**[10](index=10&type=chunk) [Encaleret (for ADH1)](index=4&type=section&id=Encaleret) The fully enrolled Phase 3 CALIBRATE study for ADH1 is on track for topline results in fall 2025 - The CALIBRATE Phase 3 trial is fully enrolled with 71 participants, and **topline results are expected in fall 2025**[10](index=10&type=chunk) - A Phase 2 proof-of-principle study in hypoparathyroidism showed **80% of participants achieved normal blood and urine calcium within 5 days**, supporting advancement into late-stage development[10](index=10&type=chunk) [Infigratinib (for achondroplasia)](index=4&type=section&id=Infigratinib) The fully enrolled Phase 3 PROPEL 3 study expects topline results in early 2026 for this highly designated drug - The PROPEL 3 Phase 3 trial is fully enrolled with 114 participants, and **topline results are expected in early 2026**[10](index=10&type=chunk) - Infigratinib has received **Breakthrough Designation, Orphan Drug Designation, Fast Track Designation, and Rare Pediatric Disease Designation** from the FDA for achondroplasia[14](index=14&type=chunk) - BridgeBio has reached regulatory alignment with the FDA to initiate clinical development for infigratinib in **children with achondroplasia from birth to less than 3 years old** by the end of the year[10](index=10&type=chunk)[11](index=11&type=chunk) [Corporate Updates](index=6&type=section&id=Corporate%20Updates) The company strengthened its financial position through a partial royalty sale and a milestone payment - Received **$300 million** from the partial and capped sale of a portion of royalties on BEYONTTRA sales in Europe to HealthCare Royalty (HCRx) and Blue Owl Capital[14](index=14&type=chunk) - Received a **$30 million** regulatory-related milestone cash payment from Alexion for the Japan approval of BEYONTTRA[14](index=14&type=chunk) [Financial Performance](index=6&type=section&id=Financial%20Performance) This section details the company's quarterly financial results, balance sheet, and cash flow statements [Financial Summary](index=6&type=section&id=Financial%20Summary) The company reported a strong cash position and significant revenue growth driven by Attruby®, alongside increased operating expenses - The company's cash, cash equivalents, and marketable securities totaled **$756.9 million** as of June 30, 2025, an increase from $681.1 million at the end of 2024[12](index=12&type=chunk) - The increase in Q2 revenue was primarily driven by **$71.5 million in net product revenue from Attruby®** and a **$35.3 million increase in license and services revenue**, including a $30.0 million milestone from Alexion[13](index=13&type=chunk) - The rise in Q2 operating expenses was mainly due to a **$69.6 million increase in SG&A expenses** to support the commercial launch of Attruby®[16](index=16&type=chunk) Q2 2025 vs Q2 2024 Financial Results (in thousands) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Revenues, Net | $110,565 | $2,168 | | Total Operating Costs and Expenses | $244,843 | $177,707 | | Net Loss Attributable to Common Stockholders | ($181,903) | ($73,456) | | Net Loss Per Share | ($0.95) | ($0.39) | [Condensed Consolidated Financial Statements](index=9&type=section&id=Condensed%20Consolidated%20Financial%20Statements) The financial statements detail revenue growth, a strengthened cash position, and significant financing activities [Condensed Consolidated Statements of Operations](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Quarterly revenue surged due to Attruby® sales, improving the loss from operations despite a higher net loss Q2 2025 Statement of Operations Highlights (in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total revenues, net | $110,565 | $2,168 | | Total operating costs and expenses | $244,843 | $177,707 | | Loss from operations | ($134,278) | ($175,539) | | Total other income (expense), net | ($47,380) | $99,995 | | Net loss attributable to common stockholders | ($181,903) | ($73,456) | [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet reflects a stronger cash position and increased total assets, alongside higher liabilities from new financing Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents and marketable securities | $756,892 | $681,101 | | Total assets | $1,080,190 | $919,338 | | 2031 Notes, net | $563,597 | — | | Term loan, net | — | $437,337 | | Total BridgeBio stockholders' deficit | ($1,787,860) | ($1,467,904) | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Significant cash inflows from financing activities offset cash used in operations, resulting in a net cash increase Six-Month Cash Flow Summary (in thousands) | Cash Flow Activity | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($279,916) | ($144,834) | | Net cash provided by (used in) investing activities | ($14,597) | $25,792 | | Net cash provided by financing activities | $362,369 | $273,819 | | Net increase in cash, cash equivalents and restricted cash | $67,856 | $154,777 |

- As of August 1, 2025, 3,751 unique patient prescriptions have been written by 1,074 unique prescribers, representing an accelerating launch driven by strong month over month growth in the crucial treatment naïve patient segment - $110.6 million in total second quarter revenue, comprised of $71.5 million of U.S. Attruby® net product revenue, $1.6 million from royalty revenue, and $37.5 million in license and services revenue - Attruby's differentiated clinical profile was further strengthened by new analys ...

Core Insights - The study confirms the genetic prevalence of Autosomal Dominant Hypocalcemia Type 1 (ADH1) and highlights a significant gap in diagnosis and care for affected individuals [1][2][3] Group 1: Genetic Findings - The average frequency of gain-of-function CASR variants is approximately 3.7 per 100,000, equating to around 25,000 carriers in the US and EU [1][6] - Only about 20% of individuals with genetic variants linked to ADH1 have an established diagnosis, indicating a major gap in disease recognition [1][2] - Nine novel gain-of-function CASR variants were identified, associated with symptoms consistent with ADH1 [1] Group 2: Clinical Implications - ADH1 is a common genetic form of hypoparathyroidism, presenting serious symptoms like seizures and irregular heart rhythms due to hypocalcemia [2][5] - The findings emphasize the importance of genetic testing in uncovering the underlying causes of hypoparathyroidism [2][3] Group 3: Clinical Trials and Future Developments - BridgeBio's Phase 3 clinical trial of encaleret for ADH1 is fully enrolled with 71 participants, expected to report topline results in the second half of 2025 [4] - If successful, encaleret would be the first approved therapy for ADH1, with plans to initiate a study in chronic hypoparathyroidism in 2026 [4][8] Group 4: Company Overview - BridgeBio Pharma focuses on discovering and delivering transformative medicines for genetic diseases, with a commitment to applying advances in genetic medicine [9]

Core Insights - BridgeBio Pharma, Inc. is set to release its second quarter financial results and business updates on August 5, 2025, after market close [1] - A conference call will be held at 4:30 pm ET on the same day to discuss the financial results and program updates [1] Company Overview - BridgeBio Pharma, Inc. is a biopharmaceutical company focused on discovering, creating, testing, and delivering transformative medicines for genetic diseases [3] - The company was founded in 2015 and has a pipeline that includes programs from early science to advanced clinical trials [3] - BridgeBio's team consists of experienced professionals dedicated to applying advances in genetic medicine to benefit patients [3]

Summary of BridgeBio Pharma (BBIO) Update / Briefing July 11, 2025 Company Overview - **Company**: BridgeBio Pharma (BBIO) - **Focus**: Development of therapies for genetic diseases, specifically Limb Girdle Muscular Dystrophy (LGMD) Industry Context - **Disease**: Limb Girdle Muscular Dystrophy (LGMD), particularly LGMD2IR9FKRP related - **Patient Population**: Approximately 7,000 patients in the U.S. and EU with a focus on those with significant cardiac and respiratory involvement Key Points and Arguments 1. **Therapeutic Development**: The Phase III trial for BVP-four eighteen is fully enrolled, with interim data expected later this year to support an accelerated approval strategy [9][10][24] 2. **Clinical Trials**: The Phase II study has shown promising results, with a focus on increasing glycosylated alpha dystroglycan levels and reducing serum creatine kinase levels, indicating muscle injury reduction [30][40] 3. **FDA Engagement**: Positive discussions with the FDA regarding the use of glycosylated alpha dystroglycan as a surrogate endpoint for accelerated approval [45][48] 4. **Market Opportunity**: The company aims to be the first to market with a disease-modifying oral therapy, addressing a significant unmet need in the LGMD patient population [51][55] 5. **Patient Engagement**: Efforts to increase patient identification through partnerships with advocacy organizations and genetic testing programs [53][54] Additional Important Content 1. **Genetic Understanding**: The understanding of LGMD has evolved from clinical symptoms to identifying specific genetic mutations, particularly the FKRP gene associated with LGMD2IR9 [24][19] 2. **Clinical Impact**: The therapy aims to stabilize muscle function and potentially improve quality of life for patients, with a focus on slowing disease progression rather than just symptomatic relief [62][75] 3. **Safety Profile**: BVP-four eighteen has been well tolerated in trials, with only minor gastrointestinal side effects reported [38][82] 4. **Regulatory Strategy**: The company maintains a conservative approach to regulatory approval, emphasizing the need for flexibility given the lack of existing therapies for this patient population [80][81] Conclusion - BridgeBio Pharma is positioned to potentially deliver a first-of-its-kind therapy for LGMD, with ongoing clinical trials and strong regulatory engagement paving the way for future developments in the treatment of this genetic disorder. The focus on patient outcomes and safety, combined with a clear understanding of the disease's genetic basis, underscores the company's commitment to addressing significant unmet medical needs in the LGMD community.

Core Viewpoint - BridgeBio Pharma has entered into a royalty financing agreement, selling a portion of its royalties from BEYONTTRA sales in Europe for $300 million, which will provide immediate capital to support its operations and product launches [1][2][4]. Financial Details - The agreement allows BridgeBio to receive $300 million in exchange for 60% of royalties on the first $500 million of annual BEYONTTRA net sales in Europe, with total payments capped at 1.45 times the initial investment [3][4]. - BridgeBio has previously received $210 million in upfront and regulatory milestone payments from Bayer for BEYONTTRA and anticipates an additional $75 million in near-term milestone payments [4]. Product Information - BEYONTTRA is an orally administered stabilizer of transthyretin (TTR) for treating wild-type or variant transthyretin amyloidosis in adult patients with cardiomyopathy (ATTR-CM) [6][8]. - Acoramidis, the active ingredient in BEYONTTRA, has shown significant clinical benefits, including a 42% reduction in composite adverse cardiovascular events and a 50% reduction in cumulative frequency of cardiovascular events at 30 months compared to placebo [6]. Strategic Partnerships - The partnership with HealthCare Royalty and Blue Owl Capital is aimed at strengthening BridgeBio's balance sheet to support the launch of Attruby and its pipeline of genetic medicines [2][3]. - HCRx has expressed confidence in the commercial potential of BEYONTTRA and is committed to supporting innovation in the biopharmaceutical industry through this investment [3].