BridgeBio(BBIO) - 2024 Q3 - Quarterly Report

PART I. FINANCIAL INFORMATION This section presents BridgeBio Pharma's unaudited condensed consolidated financial statements, including balance sheets, operations, comprehensive loss, equity, and cash flows. Item 1. Financial Statements (Unaudited) Presents BridgeBio Pharma's unaudited condensed consolidated financial statements, including balance sheets, operations, comprehensive loss, equity, and cash flows. Condensed Consolidated Balance Sheets Balance sheets show decreased cash, increased total assets (restricted cash, investments), stable liabilities, and improved stockholders' deficit. | Metric | September 30, 2024 (in thousands) | December 31, 2023 (in thousands) | |:---|:---|:---| | Cash and cash equivalents | $266,324 | $375,935 | | Restricted cash | $139,409 | $16,653 | | Total current assets | $444,578 | $477,593 | | Investment in nonconsolidated entities | $160,443 | — | | Total assets | $664,977 | $546,380 | | Total current liabilities | $139,216 | $143,844 | | Total liabilities | $1,883,369 | $1,888,915 | | Total stockholders' deficit | $(1,219,037) | $(1,343,013) | Condensed Consolidated Statements of Operations Reduced net loss for Q3 and YTD 2024, primarily from deconsolidation gains and increased revenue, despite higher SG&A expenses. | Metric | Three Months Ended Sep 30, 2024 (in thousands) | Three Months Ended Sep 30, 2023 (in thousands) | Nine Months Ended Sep 30, 2024 (in thousands) | Nine Months Ended Sep 30, 2023 (in thousands) | |:---|:---|:---|:---|:---| | Revenue | $2,732 | $4,091 | $216,020 | $7,558 | | Research and development | $120,444 | $125,136 | $376,111 | $325,485 | | Selling, general and administrative | $68,819 | $35,777 | $194,149 | $103,007 | | Loss from operations | $(191,750) | $(157,692) | $(366,946) | $(429,954) | | Gain on deconsolidation of subsidiaries | $52,027 | — | $178,321 | — | | Net loss | $(164,254) | $(179,488) | $(275,958) | $(482,923) | | Net loss attributable to common stockholders of BridgeBio | $(162,040) | $(176,999) | $(270,712) | $(475,054) | | Net loss per share (basic and diluted) | $(0.86) | $(1.08) | $(1.46) | $(2.99) | Condensed Consolidated Statements of Comprehensive Loss Comprehensive loss improved for Q3 and YTD 2024, totaling $(164.2) million and $(276.0) million respectively, driven by reduced net loss. | Metric | Three Months Ended Sep 30, 2024 (in thousands) | Three Months Ended Sep 30, 2023 (in thousands) | Nine Months Ended Sep 30, 2024 (in thousands) | Nine Months Ended Sep 30, 2023 (in thousands) | |:---|:---|:---|:---|:---| | Net loss | $(164,254) | $(179,488) | $(275,958) | $(482,923) | | Other comprehensive loss (gains) | $9 | $(29) | $(26) | $362 | | Comprehensive loss | $(164,245) | $(179,517) | $(275,984) | $(482,561) | | Comprehensive loss attributable to common stockholders of BridgeBio | $(162,031) | $(177,028) | $(270,738) | $(474,692) | Condensed Consolidated Statements of Redeemable Convertible Noncontrolling Interests and Stockholders' Deficit Stockholders' deficit improved, reflecting increased common stock and additional paid-in capital from equity offerings and compensation, and a reduced accumulated deficit. | Metric | September 30, 2024 (in thousands) | December 31, 2023 (in thousands) | |:---|:---|:---|\n| Common stock | $195 | $181 | | Treasury stock | $(275,000) | $(275,000) | | Additional paid-in capital | $1,876,091 | $1,481,032 | | Accumulated deficit | $(2,831,213) | $(2,560,501) | | Total BridgeBio stockholders' deficit | $(1,229,922) | $(1,354,257) | | Total stockholders' deficit | $(1,219,037) | $(1,343,013) | - Issuance of common stock under public offerings, net, contributed $314,741 thousand to additional paid-in capital for the nine months ended September 30, 2024[10] - Stock-based compensation added $27,125 thousand to additional paid-in capital for the nine months ended September 30, 2024[10] Condensed Consolidated Statements of Cash Flows Net increase in cash, cash equivalents, and restricted cash was $13.1 million for YTD 2024, a significant decrease from prior year, due to lower financing activities. | Metric | Nine Months Ended Sep 30, 2024 (in thousands) | Nine Months Ended Sep 30, 2023 (in thousands) | |:---|:---|:---|\n| Net cash used in operating activities | $(325,400) | $(402,901) | | Net cash provided by investing activities | $64,018 | $54,099 | | Net cash provided by financing activities | $274,526 | $456,058 | | Net increase in cash, cash equivalents and restricted cash | $13,144 | $107,256 | | Cash, cash equivalents and restricted cash at end of period | $407,876 | $524,140 | - Cash paid for interest increased to $78,236 thousand for the nine months ended September 30, 2024, from $50,826 thousand in the prior year[14] Notes to Condensed Consolidated Financial Statements Notes detail BridgeBio's financial position, operations, and cash flows, covering accounting policies, fair value, debt, licensing, stock compensation, and restructuring. 1. Organization and Description of Business BridgeBio, a genetic disease biopharmaceutical company, divested subsidiaries for cost streamlining and faces going concern doubt, contingent on acoramidis FDA approval and a $500 million milestone. - BridgeBio Pharma, Inc. is a biopharmaceutical company focused on genetic diseases, with a pipeline ranging from early science to advanced clinical trials[15] - During the nine months ended September 30, 2024, BridgeBio divested and deconsolidated Portal Therapeutics, Inc., Sub21, Inc., and TheRas, Inc. to streamline costs and explore business opportunities[15] - The company concluded there is substantial doubt about its ability to continue as a going concern for one year from the issuance date, contingent on receiving a $500.0 million milestone payment upon FDA approval of acoramidis, anticipated in late November 2024[15] 2. Summary of Significant Accounting Policies Outlines key accounting policies: basis of presentation, consolidation, cash classification, restricted cash, equity method investments, accrued liabilities, and estimates. - The condensed consolidated financial statements are prepared in accordance with GAAP and SEC regulations for interim reporting, reflecting all normal recurring adjustments[17] - Cash equivalents are highly liquid investments with original maturities of 90 days or less, primarily money market instruments and U.S. treasury bills[18] - Restricted cash increased significantly to $139.4 million as of September 30, 2024, primarily due to funds deposited into escrow accounts from asset sale transactions under the Financing Agreement[21] 3. Fair Value Measurements Financial assets and liabilities are measured at fair value (Level 1, 2, 3