BridgeBio(US:BBIO)2025-10-29 20:57Financial Performance - BridgeBio generated net product revenue of $216.4 million during the nine months ended September 30, 2025[303]. - The company incurred net losses of $538.3 million and $276.0 million for the nine months ended September 30, 2025 and 2024, respectively[306]. - Total revenues, net for the three months ended September 30, 2025, increased by $118.0 million to $120.7 million compared to the same period in 2024, driven by a $108.1 million increase in net product revenue[318]. - Net product revenue for the three and nine months ended September 30, 2025, was $108.1 million and $216.4 million, respectively, generated from the commercial sale of Attruby in the U.S. following FDA approval in November 2024[319]. - The net loss attributable to common stockholders for the three months ended September 30, 2025, was $182.7 million, compared to a net loss of $162.0 million in the same period of 2024[316]. - For the nine months ended September 30, 2025, the company incurred a net loss of $538.3 million, compared to $276.0 million for the same period in 2024, representing a 95.0% increase in losses year-over-year[351]. Revenue Sources - The company anticipates future revenue to primarily be generated from recurring net product revenue following the commercialization of Attruby and significant future royalty revenue from Beyonttra sales[323]. - License and services revenue for the three months ended September 30, 2025, increased by $5.6 million, while for the nine months, it decreased by $90.6 million due to prior year recognition of $205.3 million in upfront license fees[321]. - Royalty revenue for the three and nine months ended September 30, 2025, was $4.3 million and $6.1 million, respectively, related to sales of Beyonttra in the EU and Japan following regulatory approvals[322]. Expenses and Losses - The company expects to continue incurring operating and net losses for at least the next several years[306]. - Selling, general and administrative expenses increased by $68.8 million (100.0%) for the three months ended September 30, 2025, and by $179.0 million (91.9%) for the nine months ended September 30, 2025, compared to the same periods in 2024[333][335]. - The increase in selling, general and administrative expenses for the three months was primarily driven by a $43.4 million increase in external costs and an $18.5 million increase in personnel-related expenses[334]. - Research and development expenses decreased by $7.6 million for the three months and $40.6 million for the nine months ended September 30, 2025, compared to the same periods in 2024, mainly due to reprioritization of R&D programs[328]. Cash Flow and Liquidity - Cash, cash equivalents, and marketable securities as of September 30, 2025, totaled $645.9 million, down from $681.1 million as of December 31, 2024[317]. - The company reported net cash used in operating activities of $389.5 million for the nine months ended September 30, 2025, primarily due to a net loss of $538.3 million[396]. - The company experienced a net cash outflow of $100.7 million related to changes in operating assets and liabilities, mainly due to an increase in accounts receivable[396]. - Net cash used in investing activities was $10.1 million for the nine months ended September 30, 2025, primarily due to purchases of marketable securities of $10.9 million[398]. Debt and Financing - The company had cash, cash equivalents, and marketable securities totaling $645.9 million as of September 30, 2025, while outstanding debt stood at $1.9 billion[350]. - 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[406]. - The company issued $550.0 million of 2027 Notes in March 2020, with net proceeds of approximately $537.0 million after expenses[373]. - The Bayer License Agreement entitles BridgeBio to an upfront payment of $135.0 million and potential milestone payments up to $600.0 million through 2026[312]. Regulatory and Product Development - BridgeBio has created 19 Investigational New Drug applications (INDs) and received FDA approval for three products since its inception in 2015[301]. - BridgeBio's commercial product, acoramidis, received FDA approval on November 22, 2024, and subsequent approvals in Europe and Japan[303]. - Product sales of Attruby, approved on November 22, 2024, are expected to provide a growing source of operating cash flow starting in 2025[394]. Other Financial Metrics - Interest income for the three months ended September 30, 2025, was $6.2 million, an increase of $2.9 million (88.2%) compared to $3.3 million in the same period in 2024[337]. - Interest expense decreased by $11.3 million (49.0%) for the three months ended September 30, 2025, totaling $(11.7) million compared to $(23.1) million in 2024[338]. - The company recognized a loss on extinguishment of debt of $21.2 million for the three months ended September 30, 2025, following the repayment of the term loan under the Amended Financing Agreement[344]. - Other income, net increased by $14.7 million (817.0%) for the three months ended September 30, 2025, totaling $16.5 million compared to $1.8 million in the same period in 2024[346].