BridgeBio(US:BBIO)2023-08-02 16:00Financial Performance - For the six months ended June 30, 2023, the company incurred a net loss of $303.4 million, compared to a net loss of $203.9 million for the same period in 2022, reflecting an increase of approximately 49%[211] - Revenue for the three months ended June 30, 2023, was $1.6 million, a decrease of $72.1 million from $73.7 million in the same period of 2022[219] - The company incurred a net loss of $303.4 million for the six months ended June 30, 2023, with an accumulated deficit of $2.2 billion[239] - Other income (expense), net for the three months ended June 30, 2023, was $1.5 million, a significant improvement from a loss of $10.8 million in 2022[234] Cash and Securities - As of June 30, 2023, the company had cash, cash equivalents, and marketable securities totaling $333.3 million, down from $428.3 million as of December 31, 2022[218] - As of June 30, 2023, the company held cash, cash equivalents, marketable securities, and restricted cash totaling $353.2 million[261] - The company expects its cash and cash equivalents, marketable securities, and restricted cash to fund operations for at least the next 12 months based on current financial forecasts[242] Research and Development - Research and development expenses for the six months ended June 30, 2023, were $200.3 million, down from $216.0 million in the same period of 2022, a reduction of approximately 7.3%[221] - For the three months ended June 30, 2023, research and development expenses totaled $107.5 million, a slight decrease from $108.4 million in the same period of 2022[226] - The company has created 15 Investigational New Drug applications (INDs) since its inception and has two products approved by the U.S. Food and Drug Administration[211] - The company has over 15 ongoing clinical trials at various stages of development, targeting market opportunities of at least $1.0 billion in annual sales for several programs[211] Restructuring and Charges - Restructuring, impairment, and related charges for the six months ended June 30, 2023, amounted to $6.9 million, compared to $31.1 million for the same period in 2022[214] - The company expects to incur total restructuring charges in the range of approximately $7.0 million to $9.0 million for the fiscal year ending December 31, 2023[214] - Restructuring, impairment, and related charges for the three months ended June 30, 2023, were $3.5 million, down from $8.4 million in the same period of 2022[229] Financing Activities - The company completed a Follow-on public offering on March 10, 2023, issuing 8,823,530 shares at $17.00 per share, resulting in net proceeds of $143.0 million after deducting underwriters' discounts and commissions[244] - The company has filed a shelf registration statement for the registration of common stock and other securities, allowing for future capital raising of up to $450.0 million[244] - The total aggregate principal amount of the term loan is $450.0 million after amendments, with a fixed interest rate of 9.0% per annum[248] - The company issued 2027 Notes in March 2020, totaling $550.0 million, with an interest rate of 2.50% per year, maturing on March 15, 2027[246] - As of June 30, 2023, the company has borrowings under the 2029 Notes totaling $747.5 million, with an interest rate of 2.25% per year, maturing on February 1, 2029[245] Operational Insights - The company does not anticipate generating any revenues from product sales for the remainder of the fiscal year ending December 31, 2023, as selling activities for approved products have been transitioned to partners[211] - The company is closely monitoring macroeconomic events, including inflationary pressures and the COVID-19 pandemic, which may negatively impact financial results[243] - Inflation has increased during the reporting period and may adversely affect the company's operating results in the near future[263] - The company may require additional funding sooner than anticipated due to changes in operating plans or financial forecasts[242] Investment and Securities - The company’s investment in equity securities increased to $50.5 million as of June 30, 2023, compared to $43.7 million as of December 31, 2022[218] - The company is exposed to changes in the fair value of its investment in equity securities, which had a balance of $50.5 million as of June 30, 2023[262] Expenses - Selling, general and administrative expenses for the six months ended June 30, 2023, decreased by $12.9 million to $67.2 million compared to $80.1 million in 2022, primarily due to cost streamlining[226] - Net cash used in operating activities was $257.7 million for the six months ended June 30, 2023, compared to $191.1 million for the same period in 2022, reflecting a change of $66.6 million[253] - Net cash provided by investing activities was $16.4 million for the six months ended June 30, 2023, a significant decrease from $288.3 million in the same period of 2022[254] - Net cash provided by financing activities was $149.0 million for the six months ended June 30, 2023, primarily from the issuance of common stock[255]