BridgeBio(US:BBIO)2025-04-29 21:05Revenue and Financial Performance - For the three months ended March 31, 2025, total revenues decreased by $94.5 million to $116.6 million compared to the same period in 2024, driven by a $131.2 million decrease in license and services revenue and a $36.7 million increase in net product revenue [301]. - The company generated net product revenue of $36.7 million during the three months ended March 31, 2025, following the FDA approval and commercial launch of Attruby [291]. - The company incurred a net loss of $169.6 million for the three months ended March 31, 2025, compared to a net loss of $36.2 million for the same period in 2024 [292]. - Cash and cash equivalents decreased to $540.6 million as of March 31, 2025, down from $681.1 million as of December 31, 2024 [300]. - Net product revenue for the three months ended March 31, 2025, was $36.7 million from the commercial sale of Attruby in the U.S. [303]. - The company incurred a net loss of $169.6 million for the three months ended March 31, 2025, compared to a net loss of $36.2 million for the same period in 2024 [323]. - The company expects to continue incurring operating and net losses over the next several years as it funds drug development and commercial launch readiness [323]. Expenses - Research and development expenses for the three months ended March 31, 2025, were $111.4 million, compared to $141.0 million for the same period in 2024 [299]. - Selling, general and administrative expenses increased to $106.4 million for the three months ended March 31, 2025, compared to $65.8 million for the same period in 2024 [299]. - Research and development expenses decreased by $29.5 million to $111.431 million for the three months ended March 31, 2025, mainly due to divestment of two early-stage R&D affiliates and a decrease in external costs [308]. - Selling, general and administrative expenses increased by $40.6 million to $106.365 million for the three months ended March 31, 2025, primarily due to increased personnel-related expenses and marketing initiatives [311]. Cash Flow and Financing Activities - For the three months ended March 31, 2025, net cash used in operating activities was $199.2 million, consisting of a net loss of $169.6 million and a net cash outflow of $116.1 million related to changes in operating assets and liabilities [363]. - Net cash provided by financing activities was $60.3 million for the three months ended March 31, 2025, primarily from $575.0 million in proceeds from the issuance of 2031 Notes [368]. - The company completed a public offering of 9,913,793 shares at a price of $29.00 per share, resulting in net proceeds of $276.6 million after fees [333]. - The company received net proceeds of approximately $537.0 million from the 2020 Note Offering after deducting expenses, with $49.3 million used for Capped Call Transactions and $75.0 million for share repurchases [351]. Debt and Obligations - The company fully repaid $467.0 million under the Amended Financing Agreement on February 28, 2025, using proceeds from the issuance of $575.0 million in 2031 Notes [294]. - As of March 31, 2025, the company had cash and cash equivalents of $540.6 million and outstanding debt of $1.8 billion [322]. - The principal balances of the company's 2031 Notes, 2029 Notes, and 2027 Notes were $575.0 million, $747.5 million, and $550.0 million, respectively, with fixed interest rates [374]. - The company issued $575.0 million principal amount of 2031 Notes with a 1.75% interest rate, maturing on March 1, 2031 [336][337]. - The company issued $747.5 million principal amount of 2029 Notes with a 2.25% interest rate, maturing on February 1, 2029 [342][343]. - The company issued $550.0 million principal amount of 2027 Notes with a 2.50% interest rate, maturing on March 15, 2027 [349][350]. Partnerships and Agreements - The company received an upfront payment of $135.0 million under the Bayer License Agreement and is eligible for up to $150.0 million in regulatory and sales milestone payments through 2026 [296]. - The company recognized $75.0 million in license and services revenue related to regulatory milestones achieved under the Bayer License Agreement for the three months ended March 31, 2025 [302]. - The company entered into a partnership with Kyowa Kirin, receiving an upfront payment of $100.0 million and potential royalties up to the mid-twenties percent on sales of infigratinib in Japan [331]. - The company entered into a Funding Agreement with Purchasers for $500.0 million upon FDA approval of acoramidis, with a royalty interest payment of 5% on global net sales, adjustable to a maximum of 10% in 2027 [356][357]. Economic and Operational Outlook - The company is exploring business opportunities to partner, divest, or delay certain R&D programs to drive operational changes and cost savings [327]. - The company is closely monitoring economic conditions and supply chain issues that may negatively impact financial and operating results [329]. - The company expects its cash, cash equivalents, and restricted cash to fund operations for at least the next 12 months based on current operating plans and financial forecasts [328]. - The company has not experienced significant risks due to changes in interest rates, as its fixed-rate debt is not subject to variability [375].