Full Press Release Details
BridgeBio Pharma Reports Fourth Quarter and Full Year 2019 Financial Results and Highlights Portfolio Progress
SAN FRANCISCO March 2, 2020 BridgeBio Pharma, Inc. (NASDAQ: BBIO), a clinical-stage biopharmaceutical company
focused on genetic diseases, today is reporting its fourth quarter and full year 2019 financial results and recent progress across its portfolio, which now includes more than 20 drug development and discovery programs.
2019 was a year of significant growth and milestone achievements for BridgeBio. The company initiated its first New Drug Application (NDA) with the United
States Food and Drug Administration (FDA) and added five new drug development and discovery programs to its pipeline, which target diseases in endocrinology, ophthalmology, otology, neurology and musculoskeletal therapeutic areas. Veteran biotech
and pharmaceutical industry leaders joined BridgeBio s board of directors and the company as senior leaders, including the recent board appointment of Ronald J. Daniels, president of Johns Hopkins University. The company went public on
June 27, 2019 and raised approximately $401 million in gross proceeds in its initial public offering.
BridgeBio was founded nearly five
years ago on the back of two big ideas: that there had to be a better way to finance critical biomedical research and that there was a tremendous amount of medical innovation that was trapped, without a way to move into the clinic where it could
help patients, said BridgeBio founder and CEO Neil Kumar, Ph.D. Today BridgeBio has more than 20 drug development and discovery programs in our pipeline. We initiated our first new drug application with the FDA and we are on track to
file our second later this year, along with the anticipated filing of multiple investigational new drug applications. We are demonstrating that our model is working and has the potential to produce an array of life-changing therapies for people in
disclosed five new genetic medicine product candidates in the pipeline:
Fourth quarter 2019 and recent pipeline progress:
Upcoming milestones:
Organizational Growth:
Fourth quarter and full-year 2019 financial results:
Cash, Cash Equivalents and Marketable Securities
cash equivalents and marketable securities, excluding restricted cash, totaled $577.1 million as of December 31, 2019 compared with $436.1 million at December 31, 2018.
License revenue for the fourth quarter
of 2019 was $13.8 million and for the full year 2019 was $40.6 million. The full year 2019 revenue was comprised mainly of the upfront payment recognized by our subsidiary company, Eidos Therapeutics, Inc. upon execution of its License
Agreement with Alexion Pharmaceuticals, Inc.
Operating expenses for the fourth quarter of 2019 were $92.5 million, as compared to $65.6 million for the same period in the prior year. The
increase in operating expenses of $26.9 million was primarily attributable to increase in headcount and external-related costs to support the growth of our operations.
Full year 2019 operating expenses were $306.8 million, as compared to $183.7 million for the full
year in 2018. The increase of $123.1 million was mainly due to the increase in external-related costs to support the progression in our research and development programs and growth of our operations as well as increase in headcount.
Other Income (Expense), Net
Other income (expense), net
for the fourth quarter of 2019 was ($5.5) million, as compared to $16.3 million for the same period in 2018. The change of $21.8 million was primarily attributable to a gain of $19.3 million that we recognized on deconsolidation of
our controlled variable interest entity, PellePharm, Inc. in 2018.
Other income (expense), net for the full year 2019 was ($22.3) million, as compared to
$14.2 million for the full year in 2018. The change of $36.5 million was primarily attributable to an increase in our net loss of equity method investments by $20.9 million in 2019 and the gain of $19.3 million on deconsolidation
of our controlled variable interest entities, PellePharm, Inc.
BRIDGEBIO PHARMA, INC.
Condensed Consolidated Statements of Operations
(in thousands, except shares and per share amounts)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||||||
| (Unaudited) | (Unaudited) | (1) | ||||||||||||||
| License revenue | $ | 13,819 | $ | $ | 40,560 | $ | ||||||||||
| Operating expenses: | ||||||||||||||||
| Cost of license revenue | 2,500 | |||||||||||||||
| Research and development | 57,485 | 51,202 | 209,947 | 140,073 | ||||||||||||
| General and administrative | 34,972 | 14,381 | 94,353 | 43,587 | ||||||||||||
| Total operating expenses | 92,457 | 65,583 | 306,800 | 183,660 | ||||||||||||
| Loss from operations | (78,638 | ) | (65,583 | ) | (266,240 | ) | (183,660 | ) | ||||||||
| Other income (expense), net: | ||||||||||||||||
| Interest income | 2,410 | 1,473 | 8,915 | 2,004 | ||||||||||||
| Interest expense | (3,040 | ) | (1,179 | ) | (8,765 | ) | (2,547 | ) | ||||||||
| Gain on deconsolidation of PellePharm | 19,327 | 19,327 | ||||||||||||||
| Loss from ML Bio asset acquisition | (416 | ) | ||||||||||||||
| Share in net loss of equity method investments | (4,725 | ) | (275 | ) | (20,869 | ) | (275 | ) | ||||||||
| Other expense | (158 | ) | (3,004 | ) | (1,210 | ) | (4,300 | ) | ||||||||
| Total other income (expense), net | (5,513 | ) | 16,342 | (22,345 | ) | 14,209 | ||||||||||
| Net loss | (84,151 | ) | (49,241 | ) | (288,585 | ) | (169,451 | ) | ||||||||
| Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests | 10,693 | 10,600 | 27,998 | 38,702 | ||||||||||||
| Net loss attributable to common stockholders of BridgeBio | $ | (73,458 | ) | $ | (38,641 | ) | $ | (260,587 | ) | $ | (130,749 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.62 | ) | $ | (0.52 | ) | $ | (2.48 | ) | $ | (2.12 | ) | ||||
| Weighted-average shares used in computing net loss per share, basic and diluted | 117,691,534 | 74,616,236 | 105,099,089 | 61,767,414 |
BRIDGEBIO PHARMA, INC.
Condensed Consolidated Balance Sheets
| December 31, | ||||||||
| 2019 | 2018 | |||||||
| Assets | (Unaudited) | (1) | ||||||
| Cash, cash equivalents and marketable securities (2) | $ | 577,137 | $ | 436,086 | ||||
| Prepaid expenses and other current assets | 22,629 | 9,137 | ||||||
| Property and equipment, net | 5,625 | 1,575 | ||||||
| Investments in nonconsolidated entities | 17,050 | |||||||
| Other assets | 26,288 | 1,093 | ||||||
| Total assets | $ | 631,679 | $ | 464,941 | ||||
| Liabilities, Redeemable Convertible Noncontrolling Interests and Stockholders Equity | ||||||||
| Accounts payable | $ | 8,852 | $ | 13,509 | ||||
| Accrued liabilities | 39,455 | 16,059 | ||||||
| LEO call option liability | 4,078 | 3,009 | ||||||
| Build-to-suit lease obligation | 8,000 | |||||||
| Term loans | 91,791 | 54,507 | ||||||
| Other liabilities | 3,527 | 495 | ||||||
| Redeemable convertible noncontrolling interests | 2,243 | 122 | ||||||
| Total BridgeBio stockholders equity | 408,454 | 314,879 | ||||||
| Noncontrolling interests | 65,279 | 62,361 | ||||||
| Total liabilities, redeemable convertible noncontrolling interests and stockholders equity | $ | 631,679 | $ | 464,941 |
About BridgeBio Pharma
is a team of experienced drug discoverers, developers and innovators working to create life-altering medicines that target well-characterized genetic diseases at their source. BridgeBio was founded in 2015 to identify and advance transformative
medicines to treat patients who suffer from Mendelian diseases, which are diseases that arise from defects in a single gene, and cancers with clear genetic drivers. BridgeBio s pipeline of over 20 development programs includes product
candidates ranging from early discovery to late-stage development. For more information, visit bridgebio.com.
BridgeBio Pharma Forward-Looking Statements
This press release contains forward-looking statements. Statements we make 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 and are making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements, including statements relating to expectations, plans and
prospects regarding the preclinical and clinical development plans, clinical trial designs, clinical and therapeutic potential, and strategy of BridgeBio s product candidates, including, but not limited to, the number of potential medicines in
our portfolio, our plans to file an NDA for infigratinib in cholangiocarcinoma and multiple INDs for new product candidates in 2020, the initiation of our planned Phase 2/3 trial of Zuretinol, the availability of topline data from our Phase 1/2
study of BBP-589, the anticipated dosing of the first child in our Phase 2 dose-ranging study of infigratinib in achondroplasia, the completion of enrollment in our ongoing Phase 3 study of BBP-265 in ATTR-CM and the commencement of our planned
Phase 3 study of BBP-265 in ATTR-PN, the availability of updated results for infigratinib and our plans for further clinical development of infigratinib in FGFR+ cancer , and the timing of these events, reflect our current views about our plans,
intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects 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 BridgeBio Pharma, Inc. s most recent
quarterly or annual periodic report filed with the SEC and our other SEC filings. Moreover, BridgeBio operates 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 BridgeBio s management as of the date of this 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.
Grace Rauh, BridgeBio Pharma
John Grimaldi, Burns McClellan
Source: BridgeBio Pharma