PALO ALTO, Calif., Nov. 02, 2023 (GLOBE NEWSWIRE) -- BridgeBio Pharma, Inc. (Nasdaq: BBIO) (BridgeBio or the Company), a commercial-stage biopharmaceutical company focused on genetic diseases and cancers, today reported its financial results for the third quarter ended September 30, 2023, and provided an update on the Company’s operations.
“We continue to be extremely grateful to the patient and physician communities with whom we collaborate; their partnership has helped us to realize tremendous advancement recently across the programs that make up our portfolio,” said Neil Kumar, Ph.D., founder and CEO of BridgeBio. “We are excited about the progress from our late-stage pipeline, and have begun to highlight areas of differentiation for the upcoming, potentially blockbuster launch of our ATTR-CM asset. In particular, recent real-world evidence on ATTR-CM therapies presented at the HFSA scientific sessions suggests that the survival levels observed on acoramidis treatment in our Phase 3 study are indeed differentiated even in the context of the contemporary care setting as compared to other agents in the field. This continues to reinforce our hypothesis that better stabilization leads to better outcomes for patients with ATTR-CM.”
BridgeBio’s key programs:
Recent Corporate Updates:
Third Quarter 2023 Financial Results:
Cash, Cash Equivalents, Marketable Securities and Short-Term Restricted Cash
Cash, cash equivalents and short-term restricted cash, totaled $521.9 million as of September 30, 2023, compared to cash, cash equivalents, marketable securities and short-term restricted cash of $466.2 million as of December 31, 2022. The net increase of $55.7 million in cash, cash equivalents, marketable securities and short-term restricted cash was primarily attributable to net proceeds received of $450.3 million from various equity financing offerings, and $5.2 million from stock option exercises, primarily offset by net cash used in operating activities of $402.9 million during the nine months ended September 30, 2023.
Revenue
Revenue for the three and nine months ended September 30, 2023 was $4.1 million and $7.6 million, respectively, as compared to $0.3 million and $75.8 million for the same periods in the prior year, respectively. The net decrease of $68.2 million for the nine months ended September 30, 2023, compared to the same period in the prior year, was primarily attributable to the timing of revenue recognized from the Navire-BMS License Agreement which was entered into in May 2022.
Operating Costs and Expenses
Operating costs and expenses for the three and nine months ended September 30, 2023 were $161.8 million and $437.5 million, respectively, compared to $129.5 million and $458.7 million, for the same periods in the prior year, respectively.
The overall increase of $32.3 million in operating costs and expenses for the three months ended September 30, 2023, compared to the same period in the prior year, was primarily due to an increase of $32.6 million in research and development and other expenses (R&D) to advance the Company's pipeline of development programs, an increase of $4.6 million in selling, general and administrative (SG&A) expenses to support commercialization readiness efforts, offset by a decrease of $4.7 million in restructuring, impairment and related charges.
The overall decrease of $21.2 million in operating costs and expenses for the nine months ended September 30, 2023, compared to the same period in the prior year, was primarily due to a decrease of $28.9 million in restructuring, impairment and related charges given that the majority of the restructuring initiatives occurred in the prior year, a decrease of $8.3 million in SG&A expenses as a result of restructuring initiatives, offset by an increase of $16.0 million in R&D expenses to advance the Company's pipeline of development programs.
Restructuring, impairment and related charges for the three and nine months ended September 30, 2023, amounted to $0.3 million and $7.2 million, respectively. These charges primarily consisted of winding down, exit costs, and severance and employee-related costs. Restructuring, impairment and related charges for the same periods in the prior year were $5.0 million and $36.1 million, respectively. These charges primarily consisted of impairments and write-offs of long-lived assets, severance and employee-related costs, and exit and other related costs. The Company expects that the remaining restructuring, impairment and related charges will be immaterial through the end of 2023.
Stock-based compensation expenses included in operating costs and expenses for the three months ended September 30, 2023 were $27.2 million, of which $14.1 million is included in R&D expenses, and $13.1 million is included in SG&A expenses. Stock-based compensation expenses included in operating costs and expenses for the three months ended September 30, 2022 were $18.7 million, of which $6.2 million is included in R&D expenses, and $12.5 million is included in SG&A expenses.
Stock-based compensation expenses included in operating costs and expenses for the nine months ended September 30, 2023 were $77.9 million, of which $39.2 million is included in R&D expenses, and $38.7 million is included in SG&A expenses. Stock-based compensation expenses included in operating costs and expenses for the nine months ended September 30, 2022 were $71.2 million, of which $29.0 million is included in R&D expenses, $41.0 million is included in SG&A expenses, and $1.2 million is included in restructuring, impairment and related charges.
“We were pleased to partner with leading institutional investors on our PIPE financing last quarter,” said Brian Stephenson, Ph.D., CFA, Chief Financial Officer of BridgeBio. “We continue to take advantage of our optionality in exploring less-dilutive forms of financing and anticipate that these, in conjunction with the PIPE financing, could capitalize us to profitability.”
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, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Revenue | $ | 4,091 | $ | 338 | $ | 7,558 | $ | 75,778 | ||||||||
Operating costs and expenses: | ||||||||||||||||
Research, development and other expenses | 125,734 | 93,250 | 327,333 | 311,347 | ||||||||||||
Selling, general and administrative | 35,777 | 31,188 | 103,007 | 111,327 | ||||||||||||
Restructuring, impairment and related charges | 272 | 5,016 | 7,172 | 36,074 | ||||||||||||
Total operating costs and expenses | 161,783 | 129,454 | 437,512 | 458,748 | ||||||||||||
Loss from operations | (157,692 | ) | (129,116 | ) | (429,954 | ) | (382,970 | ) | ||||||||
Other income (expense), net: | ||||||||||||||||
Interest income | 3,793 | 2,417 | 12,460 | 3,450 | ||||||||||||
Interest expense | (20,306 | ) | (19,825 | ) | (61,021 | ) | (60,448 | ) | ||||||||
Gain from sale of priority review voucher, net | — | — | — | 107,946 | ||||||||||||
Other income (expense), net | (5,283 | ) | 6,331 | (4,408 | ) | (12,060 | ) | |||||||||
Total other income (expense), net | (21,796 | ) | (11,077 | ) | (52,969 | ) | 38,888 | |||||||||
Net loss | (179,488 | ) | (140,193 | ) | (482,923 | ) | (344,082 | ) | ||||||||
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests | 2,489 | 2,854 | 7,869 | 490 | ||||||||||||
Net loss attributable to common stockholders of BridgeBio | $ | (176,999 | ) | $ | (137,339 | ) | $ | (475,054 | ) | $ | (343,592 | ) | ||||
Net loss per share, basic and diluted | $ | (1.08 | ) | $ | (0.93 | ) | $ | (2.99 | ) | $ | (2.34 | ) | ||||
Weighted-average shares used in computing net loss per share, basic and diluted | 163,308,632 | 147,937,817 | 158,891,152 | 146,842,453 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Stock-based Compensation | 2023 | 2022 | 2023 | 2022 | ||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Research, development and others | $ | 14,144 | $ | 6,137 | $ | 39,152 | $ | 29,046 | ||||||||
Selling, general and administrative | 13,086 | 12,521 | 38,731 | 41,026 | ||||||||||||
Restructuring, impairment and related charges | — | — | — | 1,172 | ||||||||||||
Total stock-based compensation | $ | 27,230 | $ | 18,658 | $ | 77,883 | $ | 71,244 |
BRIDGEBIO PHARMA, INC.
Condensed Consolidated Balance Sheets
(In thousands)
September 30, | December 31, | ||||||||
2023 | 2022 | ||||||||
Assets | (Unaudited) | (1) | |||||||
Cash and cash equivalents and marketable securities | $ | 505,213 | $ | 428,269 | |||||
Investment in equity securities | 38,052 | 43,653 | |||||||
Receivable from licensing and collaboration agreements | 5,170 | 17,079 | |||||||
Short-term restricted cash | 16,652 | 37,930 | |||||||
Prepaid expenses and other current assets | 22,583 | 21,922 | |||||||
Property and equipment, net | 12,413 | 14,569 | |||||||
Operating lease right-of-use assets | 9,332 | 10,678 | |||||||
Intangible assets, net | 26,917 | 28,712 | |||||||
Other assets | 18,676 | 20,224 | |||||||
Total assets | $ | 655,008 | $ | 623,036 | |||||
Liabilities, Redeemable Convertible Noncontrolling Interests and Stockholders’ Deficit | |||||||||
Accounts payable | $ | 4,472 | $ | 11,558 | |||||
Accrued and other liabilities | 97,456 | 106,195 | |||||||
Operating lease liabilities | 13,949 | 15,949 | |||||||
2029 Notes | 736,422 | 734,988 | |||||||
2027 Notes | 542,938 | 541,634 | |||||||
Term loan | 441,721 | 430,993 | |||||||
Other long-term liabilities | 11,785 | 26,643 | |||||||
Redeemable convertible noncontrolling interests | 1,403 | (1,589 | ) | ||||||
Total BridgeBio stockholders' deficit | (1,207,543 | ) | (1,254,617 | ) | |||||
Noncontrolling interests | 12,405 | 11,282 | |||||||
Total liabilities, redeemable convertible noncontrolling interests and stockholders’ deficit | $ | 655,008 | $ | 623,036 |
(1 | ) | The condensed consolidated financial statements as of and for the year ended December 31, 2022 are derived from the audited consolidated financial statements as of that date. |
BRIDGEBIO PHARMA, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
Nine Months Ended September 30, | ||||||||
2023 | 2022 | |||||||
Operating activities: | ||||||||
Net loss | $ | (482,923 | ) | $ | (344,082 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Stock-based compensation | 71,685 | 69,770 | ||||||
Depreciation and amortization | 4,909 | 5,111 | ||||||
Noncash lease expense | 3,024 | 4,017 | ||||||
Accrual of payment-in-kind interest on term loan | 6,742 | — | ||||||
Loss on deconsolidation of PellePharm | 1,241 | — | ||||||
Loss from investment in equity securities, net | 2,951 | 12,969 | ||||||
Fair value of shares issued under a license agreement | — | 4,567 | ||||||
Accretion of debt | 6,724 | 6,469 | ||||||
Fair value adjustment of warrants | 52 | 1,446 | ||||||
Loss on sale of certain assets | — | 6,261 | ||||||
Impairment of long-lived assets | — | 12,720 | ||||||
Gain from sale of priority review voucher, excluding transaction costs | — | (110,000 | ) | |||||
Gain from recognition of receivable from licensing and collaboration agreement | — | (12,500 | ) | |||||
Other noncash adjustments | (384 | ) | 670 | |||||
Changes in operating assets and liabilities: | ||||||||
Receivable from licensing and collaboration agreements | 11,909 | (832 | ) | |||||
Prepaid expenses and other current assets | (980 | ) | 4,072 | |||||
Other assets | 1,443 | 10,095 | ||||||
Accounts payable | (3,404 | ) | (1,725 | ) | ||||
Accrued compensation and benefits | (4,156 | ) | (9,122 | ) | ||||
Accrued research and development liabilities | (10,544 | ) | 452 | |||||
Operating lease liabilities | (3,671 | ) | (4,819 | ) | ||||
Deferred revenue | (4,464 | ) | 16,969 | |||||
Accrued professional and other liabilities | (3,055 | ) | 1,241 | |||||
Net cash used in operating activities | (402,901 | ) | (326,251 | ) | ||||
Investing activities: | ||||||||
Purchases of marketable securities | (29,726 | ) | (134,635 | ) | ||||
Maturities of marketable securities | 82,550 | 452,819 | ||||||
Purchases of investment in equity securities | (78,314 | ) | (26,312 | ) | ||||
Sales of investment in equity securities | 80,963 | 28,830 | ||||||
Decrease in cash and cash equivalents resulting from deconsolidation of PellePharm | (503 | ) | — | |||||
Payment for an intangible asset | — | (1,500 | ) | |||||
Proceeds from sale of priority review voucher | — | 110,000 | ||||||
Proceeds from sale of certain assets | — | 10,000 | ||||||
Purchases of property and equipment | (871 | ) | (4,020 | ) | ||||
Net cash provided by investing activities | 54,099 | 435,182 | ||||||
Financing activities: | ||||||||
Proceeds from issuance of common stock through Private Placement offering, net | 241,250 | — | ||||||
Proceeds from issuance of common stock through Follow-on offering, net | 144,049 | — | ||||||
Proceeds from issuance of common stock through ATM offering, net | 64,965 | — | ||||||
Transactions with noncontrolling interests | 1,500 | — | ||||||
Repayment of term loan | — | (20,486 | ) | |||||
Proceeds from BridgeBio common stock issuances under ESPP | 3,397 | 2,558 | ||||||
Repurchase of shares to satisfy tax withholding | (4,325 | ) | (1,072 | ) | ||||
Issuance costs associated with term loan | — | (1,120 | ) | |||||
Proceeds from stock option exercises, net of repurchases | 5,222 | 609 | ||||||
Net cash provided by (used in) financing activities | 456,058 | (19,511 | ) | |||||
Net increase in cash, cash equivalents and restricted cash | 107,256 | 89,420 | ||||||
Cash, cash equivalents and restricted cash at beginning of period | 416,884 | 396,365 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 524,140 | $ | 485,785 |
Nine Months Ended September 30, | ||||||||
2023 | 2022 | |||||||
Supplemental Disclosure of Cash Flow Information: | ||||||||
Cash paid for interest | $ | 50,826 | $ | 47,575 | ||||
Supplemental Disclosures of Noncash Investing and Financing Information: | ||||||||
Unpaid issuance cost on Private Placement offering | $ | 455 | $ | — | ||||
Payment-in-kind interest added to principal of term loan | $ | — | $ | 8,503 | ||||
Unpaid property and equipment | $ | 192 | $ | 60 | ||||
Transfers (to) from noncontrolling interests | $ | (8,313 | ) | $ | 1,153 | |||
Reconciliation of Cash, Cash Equivalents and Restricted Cash: | ||||||||
Cash and cash equivalents | $ | 505,213 | $ | 483,235 | ||||
Short-term restricted cash | 16,652 | — | ||||||
Restricted cash — Included in “Prepaid expenses and other current assets” | — | 140 | ||||||
Restricted cash — Included in “Other assets” | 2,275 | 2,410 | ||||||
Total cash, cash equivalents and restricted cash at end of period shown in the condensed consolidated statements of cash flows | $ | 524,140 | $ | 485,785 |
About BridgeBio Pharma, Inc.
BridgeBio Pharma, Inc. (BridgeBio) is a commercial-stage 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 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 and Twitter.
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,” “on track”, “remains” 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, market potential of our programs and product candidates, including the statement in Dr. Kumar’s quote regarding our data, pipeline and potential product launches; the timing and success of our clinical development programs, including the progress of our ongoing and planned clinical trials of acoramidis for patients with ATTR-CM, our plans to file an NDA for acoramidis with the FDA by the end of 2023, and to file marketing authorization applications with additional regulatory authorities in 2024; the expected initiation of a Phase 3 clinical trial of infigratinib in children with achondroplasia by the end of 2023; the potential for glycosylated αDG to serve as a surrogate endpoint for Accelerated Approval in FORTIFY, the ongoing global phase 3 trial registrational clinical trial of BBP-418 for LGMD2i, the plans of engaging with regulatory authorities, and the potentially-addressable population of BBP-418 in the United States and Europe; the potential of infigratinib for achondroplasia to have a potential of best-in-class efficacy with well-tolerated safety profile and to capture a significant share of the market based on blinded market research, if approved; the Company’s finding that ADH1 may be the most common presentation of nonsurgical hypoparathyroidism, the timing and status of Phase 3 CALIBRATE registrational trial of encaleret for ADH1, the timing of announcement of topline data from CALIBRATE in 2024, the estimated population of carriers of gain-of-function variants of the CaSR, the underlying cause of ADH1, in the U.S. and European Union, and the success of encaleret (if approved), including its potential to be the first therapy specifically indicated for the treatment of ADH1; the continuation and progress of our ongoing Phase 1/2 trial of BBP-631 for CAH, with plans to share data from the program in early 2024; the continued development, the timing, progression and success of the RAS franchise, including an IND application planned for KRASG12C (ON) inhibitor BBO-8520 in 2023, the intention to file an IND for PI3Kα:RAS breaker candidate BBO-10203 in 2024 and the planned development candidate selection for the pan-KRAS program in 2024; the success and anticipated cost reductions of our gene therapy manufacturing partnership with Resilience; potential financing activities and potential capitalization to profitability, 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, initial and ongoing data from our preclinical studies and clinical trials not being indicative of final data, the potential size of the target patient populations our product candidates are designed to treat not being as large as anticipated, the design and success of ongoing and planned clinical trials, future regulatory filings, approvals and/or sales, despite having ongoing and future interactions with the FDA or other regulatory agencies to discuss potential paths to registration for our product candidates, the FDA or such other regulatory agencies not agreeing with our regulatory approval strategies, components of our filings, such as clinical trial designs, conduct and methodologies, or the sufficiency of data submitted, the continuing success of our collaborations, the Company’s ability to obtain additional funding, including through less dilutive sources of capital than equity financings, potential volatility in our share price, uncertainty regarding any impacts due to global health emergencies such as COVID-19,including delays in regulatory review, manufacturing and supply chain interruptions, adverse effects on healthcare systems and disruption of the global economy, the impacts of current macroeconomic and geopolitical events, including changing conditions from hostilities in Ukraine and in Israel and the Gaza Strip, increasing rates of inflation and rising interest rates, on business operations and expectations, as well as those risks set forth in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2022 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 Contact:
Vikram Bali
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