BridgeBio Pharma Reports Third Quarter 2024 Financial Results and Business Update
BridgeBio Pharma (BBIO) reported Q3 2024 financial results with revenue of $2.7M and a net loss of $162.0M. Cash position ended at $405.7M. The company's lead drug acoramidis showed positive Phase 3 results in ATTR-CM with FDA PDUFA date set for November 29, 2024. Upon approval, BBIO anticipates receiving a $500M milestone payment and $105M in additional regulatory milestones for European and Japanese territories.
Three Phase 3 readouts are expected in 2025. Notable pipeline progress includes completed screening for CALIBRATE Phase 3 trial of encaleret, completed enrollment for FORTIFY Phase 3 trial, and Breakthrough Therapy Designation for infigratinib in achondroplasia.
BridgeBio Pharma (BBIO) ha riportato i risultati finanziari per il terzo trimestre del 2024, con un fatturato di 2,7 milioni di dollari e una perdita netta di 162,0 milioni di dollari. La posizione di cassa si è chiusa a 405,7 milioni di dollari. Il farmaco principale dell'azienda, acoramidis, ha mostrato risultati positivi nella Fase 3 per ATTR-CM, con la data PDUFA della FDA fissata per il 29 novembre 2024. In caso di approvazione, BBIO prevede di ricevere un pagamento per traguardo di 500 milioni di dollari e 105 milioni di dollari in ulteriori traguardi normativi per i territori europei e giapponesi.
Tre risultati della Fase 3 sono attesi nel 2025. I progressi significativi del pipeline includono lo screening completato per il trial di Fase 3 CALIBRATE di encaleret, l'arruolamento completato per il trial di Fase 3 FORTIFY e la designazione di Terapia Innovativa per infigratinib nell'acondroplasia.
BridgeBio Pharma (BBIO) informó los resultados financieros del tercer trimestre de 2024, con ingresos de 2,7 millones de dólares y una pérdida neta de 162,0 millones de dólares. La posición de efectivo finalizó en 405,7 millones de dólares. El fármaco principal de la compañía, acoramidis, mostró resultados positivos en la Fase 3 para ATTR-CM, con la fecha PDUFA de la FDA programada para el 29 de noviembre de 2024. Al recibir la aprobación, BBIO anticipa recibir un pago por hito de 500 millones de dólares y 105 millones de dólares en hitos regulatorios adicionales para los territorios europeos y japoneses.
Se esperan tres resultados de la Fase 3 en 2025. Entre los avances notables del pipeline se incluyen la finalización del cribado del ensayo de Fase 3 CALIBRATE de encaleret, la finalización de la inscripción para el ensayo de Fase 3 FORTIFY, y la Designación de Terapia Innovadora para infigratinib en la acondroplasia.
브릿지바이오 파마 (BBIO)는 2024년 3분기 재무 결과를 보고하며, 수익은 270만 달러, 순손실은 1억 6200만 달러로 나타났습니다. 현금 보유액은 4억 570만 달러로 마감했습니다. 회사의 주요 의약품인 아코라미디스는 ATTR-CM의 3상 시험에서 긍정적인 결과를 나타냈으며, FDA PDUFA 날짜는 2024년 11월 29일로 설정되었습니다. 승인될 경우, BBIO는 5억 달러의 이정표 지급과 유럽 및 일본 지역을 위한 1억 500만 달러의 추가 규제 이정표를 받을 것으로 예상하고 있습니다.
2025년에는 세 가지 3상 결과가 예상됩니다. 주목할 만한 파이프라인 진전으로는 encaleret의 CALIBRATE 3상 시험 스크리닝 완료, FORTIFY 3상 시험 enrollment 완료, 그리고 achondroplasia에 대한 infigratinib의 혁신 치료 지정이 포함됩니다.
BridgeBio Pharma (BBIO) a annoncé les résultats financiers du troisième trimestre 2024, avec des revenus de 2,7 millions de dollars et une perte nette de 162,0 millions de dollars. La position de trésorerie s'est élevée à 405,7 millions de dollars. Le principal médicament de l'entreprise, acoramidis, a montré des résultats positifs en phase 3 pour ATTR-CM, avec une date PDUFA fixée par la FDA au 29 novembre 2024. En cas d'approbation, BBIO prévoit de recevoir un paiement de 500 millions de dollars pour un jalon et 105 millions de dollars supplémentaires pour des jalons réglementaires pour les territoires européens et japonais.
Trois résultats de phase 3 sont attendus en 2025. Les avancées notables du pipeline comprennent le dépistage complété pour l'essai de phase 3 CALIBRATE de l'encaleret, l'inscription complétée pour l'essai de phase 3 FORTIFY, et la désignation de thérapie innovante pour l'infigratinib dans l'achondroplasie.
BridgeBio Pharma (BBIO) hat die Finanzzahlen für das dritte Quartal 2024 veröffentlicht, mit einem Umsatz von 2,7 Millionen Dollar und einem Nettoverlust von 162,0 Millionen Dollar. Die Barposition endete bei 405,7 Millionen Dollar. Das Hauptmedikament des Unternehmens, acoramidis, zeigte positive Ergebnisse in der Phase 3 für ATTR-CM, mit einem festgelegten PDUFA-Datum der FDA für den 29. November 2024. Nach der Genehmigung erwartet BBIO eine Meilensteinzahlung von 500 Millionen Dollar sowie 105 Millionen Dollar an zusätzlichen regulatorischen Meilensteinen für die europäischen und japanischen Märkte.
Drei Phase-3-Ergebnisse werden für 2025 erwartet. Bedeutende Fortschritte im Pipeline umfassen den Abschluss des Screenings für die CALIBRATE-Phase-3-Studie von encaleret, den Abschluss der Rekrutierung für die FORTIFY-Phase-3-Studie und die Auszeichnung als Durchbruchtherapie für infigratinib bei Achondroplasie.
- Acoramidis showed 42% reduction in composite ACM and recurrent CVH events at 30 months
- Expected $500M milestone payment upon FDA approval of acoramidis
- Additional $105M in regulatory milestone payments expected for European/Japanese approvals
- Cash position of $405.7M as of Q3 2024
- Revenue increased to $216M for nine months ended September 30, 2024 vs $7.6M in prior year
- Q3 2024 net loss of $162.0M
- Operating costs increased by $32.7M in Q3 2024 compared to prior year
- Q3 2024 revenue decreased to $2.7M from $4.1M in prior year
- SG&A expenses increased by $33.0M due to commercialization efforts
Insights
BridgeBio's Q3 results reveal significant progress in their pipeline but increased operating expenses. Key financial metrics include:
- Cash position of
$405.7M , up from$392.6M at 2023 year-end - Revenue declined to
$2.7M in Q3 2024 from$4.1M in Q3 2023 - Operating expenses increased
20.2% YoY to$194.5M
The company's near-term catalyst is the acoramidis PDUFA date on November 29, which could trigger a
The clinical pipeline shows remarkable progress, particularly with acoramidis for ATTR-CM. Key highlights include:
- 42% reduction in composite ACM and recurrent CVH events at 30 months
- Breakthrough Therapy Designation for infigratinib in achondroplasia
- RMAT Designation for BBP-812 in Canavan disease with promising motor function improvements
The acoramidis data is particularly compelling as it's the only Phase 3 ATTR-CM treatment showing such significant improvement in hard clinical outcomes. The diversified late-stage pipeline with multiple regulatory designations suggests strong potential for multiple revenue streams.
- Patients on acoramidis, a near complete (≥
- BridgeBio’s late-stage pipeline continues to rapidly progress with three Phase 3 readouts expected in 2025. Program highlights from this quarter include:
- CALIBRATE, the Phase 3 clinical trial of encaleret in ADH1, completed screening
- FORTIFY, the Phase 3 clinical trial for LGMD2I/R9, completed enrollment
- The FDA granted Breakthrough Therapy Designation to oral infigratinib for achondroplasia
- Regenerative Medicine Advanced Therapy Designation awarded to BBP-812 for Canavan disease
- Published a MIT Business School case study on BridgeBio’s pioneering business model in the 50th edition of the Journal of Portfolio Management celebrating the work of Harry Markowitz, the Nobel prize-winning inventor of Modern Portfolio Theory, outlining our efforts to build a new type of biopharmaceutical company
- The Company ended the quarter with
PALO ALTO, Calif., Nov. 12, 2024 (GLOBE NEWSWIRE) -- BridgeBio Pharma, Inc. (Nasdaq: BBIO) (BridgeBio or the Company), a new type of biopharmaceutical company focused on genetic diseases, today reported its financial results for the third quarter ended September 30, 2024, and provided an update on the Company’s operations.
“I’m grateful for the continued progress that we have seen across our late-stage pipeline, and I’m excited for the upcoming opportunity to serve patients with ATTR-CM in the commercial marketplace,” said Dr. Neil Kumar, Ph.D., CEO and Founder of BridgeBio. “Underpinning this headway is a corporate experiment we have been conducting for over 9 years now that posits a new type of biotech business model, and so I’m also proud to have released our first case study in The Journal of Portfolio Management, highlighting salient elements of that model.”
Pipeline overview:
| Program | Status | Next expected milestone |
| Acoramidis for ATTR-CM | NDA filed with U.S. FDA | November 29, 2024 PDUFA date |
| Encaleret for ADH1 | Enrolling CALIBRATE, Phase 3 study | Enrollment completion in 2024 |
| BBP-418 (ribitol) for LGMD2I/R9 | FORTIFY, Phase 3 study enrollment completed | Interim analysis in 2025 |
| Infigratinib for achondroplasia | Enrolling PROPEL 3, Phase 3 study | Enrollment completion in 2024 |
| Infigratinib for hypochondroplasia | Enrolling observational run-in for ACCEL 2, Phase 2 study | Enrollment completion date to be announced |
| BBP-812 for Canavan disease | Enrolling at high dose in Phase 1/2 study | Enrollment completion date to be announced |
Late-stage investigational programs updates:
- Acoramidis – Near-complete transthyretin (TTR) stabilizer for transthyretin amyloid cardiomyopathy (ATTR-CM):
- Based on the positive results from ATTRibute-CM, BridgeBio filed a new drug application (NDA) to the FDA, which has been accepted with a PDUFA action date of November 29, 2024, and the late cycle meeting with the FDA has been completed.
- Outcomes data through 42 months from the ongoing long-term open-label extension (OLE) of ATTRibute-CM, the Company’s Phase 3 study of acoramidis in ATTR-CM, will be shared at the American Heart Association (AHA) Scientific Sessions on November 18th.
- During the European Society of Cardiology (ESC) 2024, a new analysis was shared in an oral presentation, showing:
- Increased serum TTR at Day 28 of ATTRibute-CM was correlated with reduced risk of ACM, cardiovascular mortality (CVM) and CVH in ATTR-CM.
- A mean of 3.0mg/dL increase in serum transthyretin (TTR) at Month 1 of the OLE (n=21) and mean of 3.4mg/dL increase in serum TTR at Month 6 of the OLE (n=18) in participants who switched from tafamidis and placebo to acoramidis in the ATTRibute-CM study.
- A post-hoc analysis of ATTRibute-CM evaluating the effect of acoramidis on the composite endpoint of ACM and recurrent CVH events was shared at the Heart Failure Society of America (HFSA) Annual Scientific Meeting 2024, which included the following data:
- A
42% reduction in composite ACM and recurrent CVH events at 30 months observed with acoramidis treatment compared to placebo by applying a negative binomial regression model (post-hoc) (p=0.0005). - A
42% reduction in the total number of ACM and recurrent CVH events per patient observed over 30 months with acoramidis treatment compared to placebo. - A
30.5% hazard reduction in ACM and recurrent CVH events at 30 months observed with acoramidis treatment compared to placebo by applying the Andersen-Gill model (post-hoc) (p=0.0008).
- A
- BridgeBio announced the initiation of a scientific collaboration with the CarDS Lab, led by cardiologist-data scientist, Rohan Khera, M.D., M.S. at the Yale School of Medicine, for the launch of the TRACE-AI Network, a novel paradigm of large-scale federated AI screening for ATTR-CM.
- Upon FDA approval of acoramidis, it is our intent to honor the courage of our U.S. clinical trial patients by providing them acoramidis free for life.
- Encaleret – Calcium-sensing receptor (CaSR) antagonist for autosomal dominant hypocalcemia type 1 (ADH1):
- CALIBRATE, the Phase 3 clinical trial of encaleret in ADH1, completed screening; the Company anticipates completing enrollment of the CALIBRATE study in 2024.
- Proof-of-principle data of encaleret, an oral option for post-surgical hypoparathyroidism, were presented at the American Society for Bone Mineral Research meeting demonstrating a concomitant normalization of blood and urine calcium in
86% of participants within 5 days.
- BBP-418 (ribitol) – Glycosylation substrate for limb-girdle muscular dystrophy type 2I/R9 (LGMD2I/R9):
- BridgeBio completed enrollment of FORTIFY, the Company’s Phase 3 registrational study of BBP-418 in individuals with LGMD2I/R9, with topline data readout from the interim analysis expected in 2025.
- BridgeBio believes there is an opportunity to pursue Accelerated Approval in the U.S. for BBP-418 in LGMD2I/R9 based on a potential biomarker surrogate endpoint of glycosylated alpha-dystroglycan (αDG) at time of the interim analysis.
- The FDA has granted Rare Pediatric Disease Designation for BBP-418 in the treatment of LGMD2I/R9. If BBP-418 is approved, BridgeBio may qualify for a Priority Review Voucher, which can be applied to another therapy in the Company’s pipeline for a shorter timeline during the review process of a New Drug Application or can be sold and transferred to another company looking to receive priority review for one of its applications.
- Infigratinib – FGFR1-3 inhibitor for achondroplasia and hypochondroplasia:
- The FDA granted Breakthrough Therapy Designation to infigratinib for demonstrating substantial improvement in efficacy over available therapies on clinically significant endpoint(s).
- The PROPEL 3 global Phase 3 registrational study of infigratinib in achondroplasia continues to enroll; study completion anticipated by the end of the year. PROPEL, BridgeBio’s observational lead-in study in achondroplasia for PROPEL 3, has completed enrollment.
- The initial phase of MyAchonJourney, a new online resource to support individuals and families living with achondroplasia, was launched.
- ACCEL 2/3 will be a global Phase 2/3 multicenter, single-dose study, to evaluate the efficacy and safety of 0.25mg/kg/day of infigratinib in children living with hypochondroplasia. ACCEL, BridgeBio’s observational lead-in study for hypochondroplasia, continues to enroll.
- BBP-812 – Adeno-associated virus (AAV) 9 gene therapy for Canavan disease:
- The Canavan disease program received RMAT Designation based on preliminary clinical evidence from the CANaspire Phase 1/2 clinical trial.
- BridgeBio will leverage the benefits of RMAT designation, including early and more frequent interactions with the FDA, to establish an Accelerated Approval pathway for BBP-812.
- New positive data from the high-dose cohort includes:
- Progressive and continued post-dose improvement in gross motor function (measured by Gross Motor Function Measure (GMFM)-88) and achievement of motor milestones (measured by Hammersmith Infant Neurological Examination (HINE)-2).
- In the low-dose cohort, these strikingly divergent trajectories resulted in statistically significant improvements in achieved motor function and milestones at 12-months after treatment with BBP-812, compared to what is observed in and predicted by the natural history of the disease seen in BridgeBio’s study, CANinform; data from the high dose cohort are not yet available.
Third Quarter 2024 Financial Results:
“We are prepared to launch acoramidis in the U.S., upon approval by the FDA, at the end of 2024 as well as to read out our three ongoing Phase 3 studies in 2025,” said Brian Stephenson, Ph.D., CFA, Chief Financial Officer of BridgeBio. “As we continue to move our late-stage pipeline forward, we are excited to also take an initial step in explaining the thesis and underlying logic of our decision making with the recent release of our case study in The Journal of Portfolio Management.”
Cash, Cash Equivalents, and Short-term Restricted Cash
Cash, cash equivalents and short-term restricted cash, totaled
Revenue
Revenue for the three and nine months ended September 30, 2024 were
The decrease of
The increase of
Operating Costs and Expenses
Operating costs and expenses for the three and nine months ended September 30, 2024 were
The overall increase of
The overall increase of
Restructuring, impairment and related charges for the three and nine months ended September 30, 2024 amounted to
Stock-based compensation expenses included in operating costs and expenses for the three months ended September 30, 2024 were
Stock-based compensation expenses included in operating costs and expenses for the nine months ended September 30, 2024 were
Total Other Income (Expense), net
Total other income (expense), net for the three and nine months ended September 30, 2024 were
The increase in total other income (expense), net of
The increase in total other income (expense), net of
Net Loss Attributable to Common Stockholders of BridgeBio and Net Loss per Share
For the three and nine months ended September 30, 2024, the Company recorded a net loss attributable to common stockholders of BridgeBio of
For the three and nine months ended September 30, 2024, the Company reported a net loss per share of
BRIDGEBIO PHARMA, INC.
Condensed Consolidated Statements of Operations
(in thousands, except shares and per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Revenue | $ | 2,732 | $ | 4,091 | $ | 216,020 | $ | 7,558 | ||||||||
| Operating costs and expenses: | ||||||||||||||||
| Research, development and other expenses | 121,042 | 125,734 | 377,905 | 327,333 | ||||||||||||
| Selling, general and administrative | 68,819 | 35,777 | 194,149 | 103,007 | ||||||||||||
| Restructuring, impairment and related charges | 4,621 | 272 | 10,912 | 7,172 | ||||||||||||
| Total operating costs and expenses | 194,482 | 161,783 | 582,966 | 437,512 | ||||||||||||
| Loss from operations | (191,750 | ) | (157,692 | ) | (366,946 | ) | (429,954 | ) | ||||||||
| Other income (expense), net: | ||||||||||||||||
| Interest income | 3,296 | 3,793 | 12,566 | 12,460 | ||||||||||||
| Interest expense | (23,061 | ) | (20,306 | ) | (69,469 | ) | (61,021 | ) | ||||||||
| Gain on deconsolidation of subsidiaries | 52,027 | — | 178,321 | — | ||||||||||||
| Loss on extinguishment of debt | — | — | (26,590 | ) | — | |||||||||||
| Net loss from equity method investments | (6,563 | ) | — | (14,488 | ) | — | ||||||||||
| Other income (expense), net | 1,797 | (5,283 | ) | 10,648 | (4,408 | ) | ||||||||||
| Total other income (expense), net | 27,496 | (21,796 | ) | 90,988 | (52,969 | ) | ||||||||||
| Net loss | (164,254 | ) | (179,488 | ) | (275,958 | ) | (482,923 | ) | ||||||||
| Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests | 2,214 | 2,489 | 5,246 | 7,869 | ||||||||||||
| Net loss attributable to common stockholders of BridgeBio | $ | (162,040 | ) | $ | (176,999 | ) | $ | (270,712 | ) | $ | (475,054 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.86 | ) | $ | (1.08 | ) | $ | (1.46 | ) | $ | (2.99 | ) | ||||
| Weighted-average shares used in computing net loss per share, basic and diluted | 188,510,372 | 163,308,632 | 184,947,173 | 158,891,152 | ||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| Stock-based Compensation | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Research, development and other expenses | $ | 12,124 | $ | 14,144 | $ | 29,840 | $ | 39,152 | ||||||||
| Selling, general and administrative | 14,969 | 13,086 | 47,511 | 38,731 | ||||||||||||
| Restructuring, impairment and related charges | 38 | — | 81 | — | ||||||||||||
| Total stock-based compensation | $ | 27,131 | $ | 27,230 | $ | 77,432 | $ | 77,883 | ||||||||
BRIDGEBIO PHARMA, INC.
Condensed Consolidated Balance Sheets
(In thousands)
| September 30, | December 31, | ||||||||
| 2024 | 2023 | ||||||||
| Assets | (Unaudited) | (1) | |||||||
| Cash and cash equivalents | $ | 266,324 | $ | 375,935 | |||||
| Investments in equity securities | — | 58,949 | |||||||
| Receivables from licensing and collaboration agreements | 478 | 1,751 | |||||||
| Short-term restricted cash | 139,409 | 16,653 | |||||||
| Prepaid expenses and other current assets | 38,367 | 24,305 | |||||||
| Investment in nonconsolidated entities | 160,443 | — | |||||||
| Property and equipment, net | 8,701 | 11,816 | |||||||
| Operating lease right-of-use assets | 6,439 | 8,027 | |||||||
| Intangible assets, net | 24,525 | 26,319 | |||||||
| Other assets | 20,291 | 22,625 | |||||||
| Total assets | $ | 664,977 | $ | 546,380 | |||||
| Liabilities, Redeemable Convertible Noncontrolling Interests and Stockholders’ Deficit | |||||||||
| Accounts payable | $ | 13,363 | $ | 10,655 | |||||
| Accrued and other liabilities | 109,482 | 122,965 | |||||||
| Operating lease liabilities | 10,433 | 13,109 | |||||||
| Deferred revenue | 30,398 | 9,823 | |||||||
| 2029 Notes, net | 738,376 | 736,905 | |||||||
| 2027 Notes, net | 544,719 | 543,379 | |||||||
| Term loan, net | 436,221 | 446,445 | |||||||
| Other long-term liabilities | 377 | 5,634 | |||||||
| Redeemable convertible noncontrolling interests | 645 | 478 | |||||||
| Total BridgeBio stockholders' deficit | (1,229,922 | ) | (1,354,257 | ) | |||||
| Noncontrolling interests | 10,885 | 11,244 | |||||||
| Total liabilities, redeemable convertible noncontrolling interests and stockholders’ deficit | $ | 664,977 | $ | 546,380 | |||||
| (1) | The condensed consolidated financial statements as of and for the year ended December 31, 2023 are derived from the audited consolidated financial statements as of that date. | |
BRIDGEBIO PHARMA, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
| Nine Months Ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| Operating activities: | ||||||||
| Net loss | $ | (275,958 | ) | $ | (482,923 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Stock-based compensation | 65,673 | 71,685 | ||||||
| Loss on extinguishment of debt | 26,590 | — | ||||||
| Accretion of debt | 5,399 | 6,724 | ||||||
| Depreciation and amortization | 4,708 | 4,909 | ||||||
| Noncash lease expense | 3,119 | 3,024 | ||||||
| Accrual of payment-in-kind interest on term loan | — | 6,742 | ||||||
| Net loss from equity method investments | 14,488 | — | ||||||
| Loss (gain) on deconsolidation of subsidiaries | (178,321 | ) | 1,241 | |||||
| Loss (gain) from investment in equity securities, net | (8,136 | ) | 2,951 | |||||
| Other noncash adjustments, net | (2,059 | ) | (332 | ) | ||||
| Changes in operating assets and liabilities: | ||||||||
| Receivables from licensing and collaboration agreements | 1,273 | 11,909 | ||||||
| Prepaid expenses and other current assets | (17,543 | ) | (980 | ) | ||||
| Other assets | (428 | ) | 1,443 | |||||
| Accounts payable | 5,257 | (3,404 | ) | |||||
| Accrued compensation and benefits | 5,580 | (4,156 | ) | |||||
| Accrued research and development liabilities | 15,454 | (10,544 | ) | |||||
| Operating lease liabilities | (4,459 | ) | (3,671 | ) | ||||
| Deferred revenue | 20,575 | (4,464 | ) | |||||
| Accrued professional and other liabilities | (6,612 | ) | (3,055 | ) | ||||
| Net cash used in operating activities | (325,400 | ) | (402,901 | ) | ||||
| Investing activities: | ||||||||
| Purchases of marketable securities | (93,811 | ) | (29,726 | ) | ||||
| Maturities of marketable securities | 95,000 | 82,550 | ||||||
| Purchases of investments in equity securities | (20,271 | ) | (78,314 | ) | ||||
| Proceeds from sales of investments in equity securities | 63,229 | 80,963 | ||||||
| Proceeds from special cash dividends received from investments in equity securities | 25,682 | — | ||||||
| Payment for an intangible asset | (4,785 | ) | — | |||||
| Purchases of property and equipment | (886 | ) | (871 | ) | ||||
| Decrease in cash and cash equivalents resulting from deconsolidation of subsidiaries | (140 | ) | (503 | ) | ||||
| Net cash provided by investing activities | 64,018 | 54,099 | ||||||
| Financing activities: | ||||||||
| Proceeds from term loan under Financing Agreement | 450,000 | — | ||||||
| Issuance costs and discounts associated with term loan under Financing Agreement | (15,986 | ) | — | |||||
| Repayment of term loan under Loan and Security Agreement | (473,417 | ) | — | |||||
| Proceeds from issuance of common stock through public offerings, net | 314,741 | 450,264 | ||||||
| Proceeds from BridgeBio common stock issuances under ESPP | 4,502 | 3,397 | ||||||
| Proceeds from stock option exercises, net of repurchases | 808 | 5,222 | ||||||
| Transactions with noncontrolling interests | — | 1,500 | ||||||
| Repurchase of RSU shares to satisfy tax withholding | (6,122 | ) | (4,325 | ) | ||||
| Net cash provided by financing activities | 274,526 | 456,058 | ||||||
| Net increase in cash, cash equivalents and restricted cash | 13,144 | 107,256 | ||||||
| Cash, cash equivalents and restricted cash at beginning of period | 394,732 | 416,884 | ||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 407,876 | $ | 524,140 | ||||
| Nine Months Ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| Supplemental Disclosure of Cash Flow Information: | ||||||||
| Cash paid for interest | $ | 78,236 | $ | 50,826 | ||||
| Supplemental Disclosures of Noncash Investing and Financing Information: | ||||||||
| Unpaid public offering issuance costs | $ | — | $ | 455 | ||||
| Unpaid property and equipment | $ | 274 | $ | 192 | ||||
| Transfers to noncontrolling interests | $ | (4,719 | ) | $ | (8,313 | ) | ||
| Reconciliation of Cash, Cash Equivalents and Restricted Cash: | ||||||||
| Cash and cash equivalents | $ | 266,324 | $ | 505,213 | ||||
| Restricted cash | 139,409 | 16,652 | ||||||
| Restricted cash — Included in “Other assets” | 2,143 | 2,275 | ||||||
| Total cash, cash equivalents and restricted cash at end of period shown in the condensed consolidated statements of cash flows | $ | 407,876 | $ | 524,140 | ||||
About BridgeBio Pharma, Inc.
BridgeBio Pharma (BridgeBio) is a new type of biopharmaceutical company founded to discover, create, test and deliver transformative medicines to treat patients who suffer from genetic diseases. BridgeBio’s pipeline of development programs ranges from early science to advanced clinical trials. BridgeBio was founded in 2015, and its team of experienced drug discoverers, developers and innovators are committed to applying advances in genetic medicine to help patients as quickly as possible. For more information visit bridgebio.com and follow us on LinkedIn, Twitter and Facebook.
BridgeBio Pharma, Inc. Forward-Looking Statements
This press release contains forward-looking statements. Statements in this press release may include statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), which are usually identified by the use of words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “hopes,” “intends,” “may,” “plans,” “projects,” “remains,” “seeks,” “should,” “will,” and variations of such words or similar expressions. BridgeBio intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act. These forward-looking statements, including express and implied statements relating to the Company’s clinical trials, including the PDUFA approval date for acoramidis for the treatment of ATTR-CM; timing to share data from the long-term open-label extension of ATTRibute-CM; the potential to receive payments of
BridgeBio Contact:
Vikram Bali
contact@bridgebio.com
(650)-789-8220
FAQ
What was BridgeBio's (BBIO) revenue in Q3 2024?
When is the PDUFA date for BridgeBio's (BBIO) acoramidis?
How much cash does BridgeBio (BBIO) have as of Q3 2024?
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