Full Press Release Details
BridgeBio Pharma, Inc. Reports Second Quarter 2021 Financial Results and Business Update
PALO ALTO, Calif., AUGUST 5, 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 second quarter ended June 30,
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. By that metric, our most significant accomplishment of the quarter was the approval of TRUSELTIQ (infigratinib) for patients with cholangiocarcinoma - our second
FDA approval as a company and our first for a cancer treatment. All drug approvals are a team effort that extends far beyond BridgeBio. We thank the patient community, physicians, scientists and advocates for their commitment and drive. They made
this approval possible, said BridgeBio founder and CEO Neil Kumar, Ph.D.
Major milestones anticipated in the next 12 months for BridgeBio s
four core value drivers:
Recent pipeline progress and corporate updates:
Cash, Cash Equivalents and Marketable Securities
Cash, cash equivalents and marketable securities, excluding restricted cash, totaled $898.4 million as of June 30, 2021, compared to
$607.1 million as of December 31, 2020. The net increase in balance of $291.3 million is attributed to $731.4 million in net proceeds received from the issuance of our 2.25% Convertible Senior Notes due 2029 (the 2029 Notes) in
January 2021 and $30.2 million in upfront payment and reimbursements received in connection with our License and Collaboration Agreement with Helsinn Healthcare S.A. and Helsinn Therapeutics (U.S.), Inc. (collectively, Helsinn) , which became
effective in April 2021, and $25.0 million in net proceeds from our Amended Loan and Security Agreement with Hercules Capital, Inc. in April 2021 (the Amended Hercules Term Loan). The cash receipts were partially 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 Therapeutics, Inc. (Eidos) in
January 2021, we paid $63.6 million in direct transaction costs and $21.3 million to Eidos stockholders who elected cash settlement. The remaining change of $299.1 million primarily related to payments of interest and operating costs
Cash, cash equivalents and marketable securities, excluding restricted cash, decreased by $102.9 million compared to our balance as of
March 31, 2021, which was $1,001.3 million. The decrease in cash is mainly due to cash used primarily related to our operating costs and expenses and partially offset by the payments received from Helsinn and proceeds from the Amended
Hercules Term Loan as also discussed above.
Total revenues for the three and six months ended June 30, 2021 were $54.0 million and $54.5 million, respectively. Our revenues mainly include
upfront and milestone payments arising from the License and Collaboration Agreement with Helsinn and the License Agreement between our affiliate Navire Pharma, Inc. and LianBio.
Operating Costs and Expenses
expenses for the three and six months ended June 30, 2021 were $148.0 million and $316.0 million, respectively, as compared to $124.6 million and $227.1 million for the same periods in the prior year. The increases in
operating costs and expenses of $23.4 million and $88.9 million, respectively, during the periods were 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 and six months ended June 30, 2021 was $32.0 million and $66.9 million, respectively, as compared to $18.4 million and $28.6 million for the same periods in the
prior year. Amounts for the three and six months ended June 30, 2021 reflect the reduction in operating costs and expenses arising from cost sharing recognized under our License and Collaboration Agreement with Helsinn.
Our research and development expenses have not been significantly impacted by the global COVID-19 pandemic 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 costs and
expenses is currently unknown.
BRIDGEBIO PHARMA, INC.
Condensed Consolidated Statements of Operations
(in thousands, except shares and per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Revenue | $ | 54,024 | $ | $ | 54,486 | $ | ||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Research and development | 102,069 | 86,598 | 224,628 | 154,823 | ||||||||||||
| Selling, general and administrative | 45,970 | 37,969 | 91,377 | 72,231 | ||||||||||||
| Total operating costs and expenses | 148,039 | 124,567 | 316,005 | 227,054 | ||||||||||||
| Loss from operations | (94,015 | ) | (124,567 | ) | (261,519 | ) | (227,054 | ) | ||||||||
| Other income (expense), net: | ||||||||||||||||
| Interest income | 323 | 934 | 717 | 2,875 | ||||||||||||
| Interest expense | (10,839 | ) | (10,754 | ) | (20,577 | ) | (14,764 | ) | ||||||||
| Other income | 2,457 | (1,827 | ) | 8,223 | (1,353 | ) | ||||||||||
| Total other income (expense), net | (8,059 | ) | (11,647 | ) | (11,637 | ) | (13,242 | ) | ||||||||
| Net loss | (102,074 | ) | (136,214 | ) | (273,156 | ) | (240,296 | ) | ||||||||
| Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests | 5,726 | 15,180 | 13,729 | 27,412 | ||||||||||||
| Net loss attributable to common stockholders of BridgeBio | $ | (96,348 | ) | $ | (121,034 | ) | $ | (259,427 | ) | $ | (212,884 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.66 | ) | $ | (1.03 | ) | $ | (1.82 | ) | $ | (1.81 | ) | ||||
| Weighted-average shares used in computing net loss per share, basic and diluted | 146,754,299 | 117,012,062 | 142,713,463 | 117,407,750 |
BRIDGEBIO PHARMA, INC.
Condensed Consolidated Balance Sheets
| June 30, | December 31, | |||||||
| 2021 | 2020 | |||||||
| Assets | (Unaudited | ) | (1 | ) | ||||
| Cash and cash equivalents and marketable securities (2) | $ | 898,351 | $ | 607,093 | ||||
| Receivable from licensing and collaboration agreements | 35,363 | |||||||
| Receivable from a related party | 8,962 | |||||||
| Prepaid expenses and other current assets | 27,883 | 35,731 | ||||||
| Property and equipment, net | 26,272 | 20,325 | ||||||
| Operating lease right-of-use assets | 15,964 | 16,508 | ||||||
| Investment in equity securities | 18,894 | |||||||
| Other assets | 49,797 | 23,931 | ||||||
| Total assets | $ | 1,081,486 | $ | 703,588 | ||||
| Liabilities, Redeemable Convertible Noncontrolling Interests and Stockholders Equity (Deficit) | ||||||||
| Accounts payable | $ | 22,329 | $ | 8,945 | ||||
| Accrued liabilities | 105,040 | 75,900 | ||||||
| LEO call option liability | 5,550 | |||||||
| Operating lease liabilities | 22,562 | 18,472 | ||||||
| Term loans, current portion | 1,458 | |||||||
| Term loans, net of current portion | 102,611 | 92,421 | ||||||
| 2029 Notes | 732,202 | [ | ] | |||||
| 2027 Notes | 539,102 | 383,436 | ||||||
| Other liabilities | 13,265 | 9,520 | ||||||
| Redeemable convertible noncontrolling interests | 1,865 | 1,630 | ||||||
| Total BridgeBio stockholders equity (deficit) | (464,294 | ) | 57,906 | |||||
| Noncontrolling interests | 6,804 | 48,350 | ||||||
| Total liabilities, redeemable convertible noncontrolling interests and stockholders equity (deficit) | $ | 1,081,486 | $ | 703,588 |
About BridgeBio Pharma, Inc.
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
two approved therapies. 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.
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, 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 and success 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 additional data from our ongoing study of encaleret for ADH1, 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
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.
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