Full Press Release Details
BridgeBio Pharma, Inc. Reports First Quarter 2021 Financial Results And Business Update
Received U.S. Food and Drug Administration (FDA) approval for NULIBRY (fosdenopterin) for
injection as the first therapy to reduce the risk of mortality in patients with molybdenum cofactor deficiency (MoCD) Type A
Reported proof-of-concept data of encaleret in Autosomal Dominant Hypocalcemia Type 1 (ADH1)
Launched strategic collaboration with Helsinn Group to co-develop and commercialize infigratinib in oncology;
BridgeBio eligible to receive payments up to approximately $2.45 billion USD
Completed acquisition of Eidos Therapeutics, Inc.
Raised nearly $750 million in gross proceeds through issuance of 2.25% Convertible Senior Notes due in 2029
Ended quarter with $1,001.3 million in cash, cash equivalents and marketable securities
PALO ALTO, Calif., MAY 6, 2021 BridgeBio Pharma, Inc. (Nasdaq: BBIO) (BridgeBio or the Company), a commercial-stage biopharmaceutical company founded
to discover, create, test and deliver meaningful medicines for patients with genetic diseases and cancers with clear genetic drivers, today reported its financial results for the first quarter ended March 31, 2021 and provided an update on the
Company s operations.
We measure success by the number of meaningful medicines we are able to develop and deliver to patients. Our first FDA
approval in February was a significant milestone for us as a company, but more importantly marked a turning point for MoCD Type A patients and their families, who now have an approved therapy for the first time, said BridgeBio CEO and founder
Neil Kumar, Ph.D. We hit the first of four major clinical data readouts anticipated over the next 12 months, reporting proof-of-concept data for encaleret in ADH1
that offers promise to patients in need. And we entered into a partnership with Helsinn Group, designed to help us reach as many patients as possible living with FGFR-driven cancers through our anticipated upcoming launch of infigratinib.
Major milestones anticipated in 2021 or early 2022 for BridgeBio s four core value drivers:
Recent pipeline progress and corporate updates:
First Quarter 2021 Financial Results:
Cash, Cash Equivalents and Marketable Securities
cash equivalents and marketable securities, excluding restricted cash, totaled $1,001.3 million as of March 31, 2021, compared to $607.1 million as of December 31, 2020. The net increase in balance of $394.2 million is
attributed to $731.4 million in net proceeds received from the issuance of our 2.25% Convertible Senior Notes due 2029 (2029 Notes), offset by a $61.3 million payment related to capped call options and a $50.0 million payment to
repurchase shares of BridgeBio common stock, both in relation to the issuance of our 2029 Notes. In connection with our acquisition of Eidos, we also paid $59.1 million in direct transaction costs and $21.3 million to Eidos stockholders
who elected cash settlement. The remaining change of $145.5 million primarily related to payments of interest and operating expenses.
Operating expenses for the three months ended March 31, 2021 were $168.0 million as compared to $102.5 million for the same
period in the prior year. The increase in operating expenses of $65.5 million during the period is attributable to the increase in personnel costs resulting from an increase in the number of employees to support the progression in our research
and development programs, including our increasing research pipelines, as well as an increase in stock-based compensation related to the achievement of various performance-based milestone compensation arrangements tied to regulatory and development
milestones. Stock-based compensation for the three months ended March 31, 2021 was $34.9 million as compared to $10.2 million for the same period in the prior year.
Our research and development expenses have not been significantly impacted by the global outbreak of COVID-19 for the
periods presented. While we experienced some delays in certain of our clinical enrollment and trial commencement activities, we continue to adapt in this unprecedented time to enable alternative site, telehealth and home visits, at-home drug delivery, as well as mitigation strategies with our contract manufacturing organizations. The longer-term impact, if any, of COVID-19 on our operating expenses is
BRIDGEBIO PHARMA, INC.
Condensed Consolidated Statements of Operations
(in thousands, except shares and per share amounts)
| Three Months Ended March 31, | ||||||||
| 2021 | 2020 | |||||||
| (Unaudited) | ||||||||
| License revenue | $ | 462 | $ | |||||
| Operating expenses: | ||||||||
| Research and development | 122,559 | 68,225 | ||||||
| General and administrative | 45,407 | 34,262 | ||||||
| Total operating expenses | 167,966 | 102,487 | ||||||
| Loss from operations | (167,504 | ) | (102,487 | ) | ||||
| Other income (expense), net: | ||||||||
| Interest income | 394 | 1,941 | ||||||
| Interest expense | (9,738 | ) | (4,010 | ) | ||||
| Other income | 5,766 | 474 | ||||||
| Total other income (expense), net | (3,578 | ) | (1,595 | ) | ||||
| Net loss | (171,082 | ) | (104,082 | ) | ||||
| Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests | 8,003 | 12,232 | ||||||
| Net loss attributable to common stockholders of BridgeBio | $ | (163,079 | ) | $ | (91,850 | ) | ||
| Net loss per share, basic and diluted | $ | (1.18 | ) | $ | (0.78 | ) | ||
| Weighted-average shares used in computing net loss per share, basic and diluted | 138,627,729 | 117,803,438 |
BRIDGEBIO PHARMA, INC.
Condensed Consolidated Balance Sheets
| March 31, 2021 | December 31, 2020 | |||||||
| Assets | (Unaudited) | (1) | ||||||
| Cash and cash equivalents and marketable securities (2) | $ | 1,001,320 | $ | 607,093 | ||||
| Receivable from a related party | 462 | |||||||
| Prepaid expenses and other current assets | 25,534 | 35,731 | ||||||
| Property and equipment, net | 22,816 | 20,325 | ||||||
| Operating lease right-of-use assets | 12,997 | 16,508 | ||||||
| Other assets | 30,179 | 23,931 | ||||||
| Total assets | $ | 1,093,308 | $ | 703,588 | ||||
| Liabilities, Redeemable Convertible Noncontrolling Interests and Stockholders Equity (Deficit) | ||||||||
| Accounts payable | $ | 10,340 | $ | 8,945 | ||||
| Accrued liabilities | 76,936 | 75,900 | ||||||
| LEO call option liability | 5,550 | |||||||
| Operating lease liabilities | 17,669 | 18,472 | ||||||
| Term loans, current portion | 3,646 | 1,458 | ||||||
| Term loans, net of current portion | 90,762 | 92,421 | ||||||
| 2029 Notes | 731,747 | |||||||
| 2027 Notes | 538,690 | 383,436 | ||||||
| Other liabilities | 11,612 | 9,520 | ||||||
| Redeemable convertible noncontrolling interests | 1,271 | 1,630 | ||||||
| Total BridgeBio stockholders equity (deficit) | (395,294 | ) | 57,906 | |||||
| Noncontrolling interests | 5,929 | 48,350 | ||||||
| Total liabilities, redeemable convertible noncontrolling interests and stockholders equity (deficit) | $ | 1,093,308 | $ | 703,588 |
About BridgeBio Pharma BridgeBio is a biopharmaceutical company founded to discover, create, test and deliver transformative
medicines to treat patients who suffer from genetic diseases and cancers with clear genetic drivers. BridgeBio s pipeline of over 30 development programs ranges from early science to advanced clinical trials and its commercial organization is
focused on delivering the company s first approved therapy. 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.
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 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, estimates, expects, intends, may, plans, projects, seeks, should, will, and variations of such
words or similar expressions. We intend 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 statements relating to the clinical and therapeutic potential of our programs and product candidates, the availability of topline results from Part A and Part B of our
ATTRibute-CM trial of acoramidis, our plans to submit an application for regulatory approval of acoramidis, the availability of initial data from our ongoing Phase 2 study of infigratinib for achondroplasia
and our ongoing Phase 1/2 study of BBP-631 for CAH, our eligibility to receive future milestone payments under our strategic collaboration with the Helsinn Group and the timing of these events, as well as our
anticipated cash runway, reflect our current views about our plans, intentions, expectations and strategies, which are based on the information currently available to us and on assumptions we have made.
Although we believe that our plans, intentions, expectations and strategies as reflected in or suggested by those forward-looking statements are reasonable,
we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a number
of risks, uncertainties and assumptions, including, but not limited to, those risks set forth in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2020,
and our other filings with the U.S. Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment in which new risks emerge from time to time. These forward-looking statements are based upon the
current expectations and beliefs of our management as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.
Except as required by applicable law, we assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
BridgeBio Pharma, Inc.
BridgeBio Pharma, Inc.