BridgeBio(BBIO) - 2025 Q1 - Quarterly Results

Financial Performance - Revenues for Q1 2025 were $116.6 million, a decrease of $94.5 million compared to $211.1 million in Q1 2024, primarily due to a $131.2 million drop in license and services revenue[11] - The net loss attributable to common stockholders for Q1 2025 was $167.4 million, compared to a net loss of $35.2 million in Q1 2024, resulting in a net loss per share of $0.88[20] - Total revenues for the three months ended March 31, 2025, were $116.633 million, a decrease from $211.120 million in the same period of 2024, representing a decline of approximately 44.7%[23] - The net loss for the first quarter of 2025 was $169.608 million, compared to a net loss of $36.160 million in the first quarter of 2024, indicating a significant increase in losses[23] - Operating costs for Q1 2025 were $221.0 million, an increase from $210.8 million in the same period last year, driven by a $40.5 million rise in selling, general and administrative expenses[15] - Total other expense for Q1 2025 was $65.2 million, an increase of $28.7 million compared to $36.5 million in Q1 2024, primarily due to higher interest expenses[18] - The total operating costs and expenses for the first quarter of 2025 were $221.005 million, compared to $210.777 million in the same period of 2024, an increase of approximately 4.9%[23] - The company incurred interest expense of $42.141 million in the first quarter of 2025, compared to $23.471 million in the same period of 2024, indicating an increase of approximately 79.3%[23] Cash and Assets - The company ended Q1 2025 with $540.6 million in cash and cash equivalents, down from $681.1 million at the end of 2024, reflecting a net cash used in operating activities of $199.2 million[10] - Cash and cash equivalents as of March 31, 2025, were $540.599 million, down from $681.101 million at the end of 2024, a decrease of approximately 20.7%[26] - The total assets as of March 31, 2025, were $881.638 million, a decrease from $919.338 million at the end of 2024, representing a decline of about 4.1%[26] - The company reported a net cash used in operating activities of $199.235 million for the first quarter of 2025, compared to $219.537 million in the same period of 2024, showing a decrease of approximately 9.2%[29] Clinical Trials and Product Development - The Phase 3 trial for BBP-418 in LGMD2I/R9 is fully enrolled with 112 participants, and the interim analysis topline readout is expected in the second half of 2025[8] - The Phase 3 trial of encaleret for ADH1 is also fully enrolled with 71 participants, with topline results anticipated in the second half of 2025[8] - BridgeBio expects encaleret to potentially become the first approved therapy for the treatment of ADH1[35] - The company anticipates BBP-812 could be the first therapeutic option for children born with Canavan disease[35] - BridgeBio plans to advance encaleret to a chronic hypoparathyroidism registrational study[35] - The expected completion of enrollment for BBP-812 in the CANaspire pivotal Phase 1/2 study is a key milestone[35] - BridgeBio is conducting multiple clinical trials, including the ACT-EARLY Phase 3 study[35] Regulatory and Market Considerations - Acoramidis was approved in the U.S., EU, UK, and Japan, with a significant 59% risk reduction for all-cause mortality or first cardiovascular-related hospitalization reported in a study subgroup[6] - The company expects to receive $105 million in regulatory milestone payments in Q2 for ex-U.S. approvals of BEYONTTRA®[10] - The company acknowledges potential risks related to regulatory approvals and market conditions[35] - BridgeBio's forward-looking statements are subject to risks and uncertainties that could lead to actual results differing materially[35] Strategic Focus and Funding - The company is focused on the commercial success of Attruby/BEYONTTRA[35] - BridgeBio is actively seeking additional funding through less dilutive sources than equity financings[35] - The company is monitoring macroeconomic factors, including inflation and geopolitical events, that may impact operations[35]