BridgeBio(US:BBIO)2025-08-05 20:57PART I. FINANCIAL INFORMATION Item 1. Financial Statements (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 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 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 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 loans26 Notes to Condensed Consolidated Financial Statements 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 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 development305 - 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.306323 - 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 date357318 Results of Operations 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 2024329 - The increase in SG&A expenses was largely driven by investments supporting the commercial launch and ongoing activities of Attruby336 Liquidity and Capital Resources 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 million311366 - In June 2025, the company sold certain European royalty rights for acoramidis for $300.0 million in cash under a Royalty Purchase Agreement308309 - 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 debt312344 Item 3. Quantitative and Qualitative Disclosures About Market Risk 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 illiquidity407 - 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 rates408 Item 4. Controls and Procedures 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, 2025411 - New internal controls were implemented during the quarter to address financial reporting for the commercial launch of Attruby and Beyonttra412 PART II. OTHER INFORMATION Item 1. Legal Proceedings 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 proceedings414 Item 1A. Risk Factors 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 occurred415 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 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 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 stock422 - 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 2026424 Item 6. Exhibits This section lists exhibits filed with the Form 10-Q, including financing agreements, incentive plan amendments, and officer certifications