BridgeBio Pharma Reports Fourth Quarter and Full Year 2024 Financial Results and Commercial Update

Core Insights - BridgeBio Pharma, Inc. reported strong commercial progress for Attruby™, with 1,028 unique patient prescriptions written by 516 healthcare providers since FDA approval on November 22, 2024 [1][2] - Attruby (acoramidis) is the first near-complete TTR stabilizer approved to reduce cardiovascular death and related hospitalizations in patients with ATTR-CM [1][6] - The company ended Q4 2024 with $681 million in cash and expects to receive $105 million in regulatory milestones in the first half of 2025 from acoramidis approvals in Europe and Japan [1][7] Commercial Progress - As of February 17, 2025, Attruby has achieved significant prescription volume, indicating strong market acceptance [2] - The Chief Commercial Officer highlighted the product's category-leading results, including a 42% reduction in all-cause mortality and a 50% reduction in cardiovascular hospitalizations at 30 months [3] Pipeline Overview - The company has fully enrolled three global registrational studies: FORTIFY for BBP-418, CALIBRATE for encaleret, and PROPEL 3 for infigratinib, with results expected before the end of 2025 [1][5] - Acoramidis was also approved as BEYONTTRA™ in the EU, achieving a $75 million milestone payment and ongoing royalties [1][6] Financial Updates - Revenue for Q4 2024 was $5.9 million, up from $1.7 million in Q4 2023, primarily due to the first commercial sales of Attruby [8][9] - For the full year 2024, revenue increased to $221.9 million from $9.3 million in 2023, driven by upfront payments and service revenue from collaboration agreements [10] Operating Costs and Expenses - Operating costs for Q4 2024 were $231.9 million, compared to $179.2 million in Q4 2023, largely due to increased selling, general, and administrative expenses to support Attruby's commercialization [11][12] - The company reported a net loss attributable to common stockholders of $265.1 million for Q4 2024, compared to $168.1 million in Q4 2023 [21][22] Cash Flow and Liquidity - The company experienced a net increase of $288.5 million in cash, cash equivalents, and short-term restricted cash during 2024, ending the year with $681 million [7][28] - Cash used in operating activities for the year was $520.7 million, reflecting ongoing investments in R&D and commercialization efforts [28]