BRIDGEBIO PHARMA, INC., 10-Q filed on 5/7/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2026
Apr. 30, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-38959  
Entity Registrant Name BridgeBio Pharma, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 84-1850815  
Entity Address, Address Line One 3160 Porter Drive  
Entity Address, Address Line Two Suite 250  
Entity Address, City or Town Palo Alto  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94304  
City Area Code 650  
Local Phone Number 391-9740  
Title of 12(b) Security Common Stock, par value $0.001 per share  
Trading Symbol BBIO  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   195,861,242
Entity Central Index Key 0001743881  
Document Fiscal Year Focus 2026  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
 [1]
Current assets:    
Cash and cash equivalents $ 879,891 $ 570,119
Marketable securities 60,295 17,363
Accounts receivable, net 205,226 139,444
Inventories 32,980 26,753
Prepaid expenses and other current assets 62,914 44,070
Total current assets 1,241,306 797,749
Equity method investments 61,529 79,972
Property and equipment, net 4,941 5,366
Operating lease right-of-use assets 17,226 8,149
Intangible assets, net 27,359 28,077
Other assets 18,620 16,712
Total assets 1,370,981 936,025
Current liabilities:    
Accounts payable 29,058 36,228
Accrued compensation and benefits 39,338 76,703
Accrued research and development liabilities 54,430 41,436
Operating lease liabilities, current portion 4,439 6,192
Deferred revenue, current portion 6,115 7,190
Other current liabilities [2] 135,509 120,222
Total current liabilities 816,372 287,971
Deferred royalty obligations, net [3] 871,185 855,030
Operating lease liabilities, net of current portion 14,216 3,811
Deferred revenue, net of current portion 11,776 13,080
Other long-term liabilities 229 244
Total liabilities 3,639,856 3,012,606
Commitments and contingencies (Note 7)
Redeemable convertible noncontrolling interests (951) (570)
Stockholders’ deficit:    
Undesignated preferred stock, $0.001 par value; 25,000,000 shares authorized; no shares issued and outstanding 0 0
Common stock, $0.001 par value; 500,000,000 shares authorized; 198,759,831 shares issued and 192,633,286 shares outstanding as of March 31, 2026, 202,369,129 shares issued and 194,771,957 shares outstanding as of December 31, 2025 204 202
Treasury stock, at cost; 7,597,172 shares as of March 31, 2026; 7,597,172 shares as of December 31, 2025 (405,776) (323,276)
Additional paid-in capital 2,112,454 2,057,646
Accumulated other comprehensive income (loss) (8) 12
Accumulated deficit (3,985,237) (3,821,194)
Total BridgeBio stockholders’ deficit (2,278,363) (2,086,610)
Noncontrolling interests 10,439 10,599
Total stockholders’ deficit (2,267,924) (2,076,011) [4]
Total liabilities, redeemable convertible noncontrolling interests and stockholders’ deficit 1,370,981 936,025
2033 Notes, net    
Current liabilities:    
2033 Notes, 2031 Notes, 2029 Notes, and 2027 Notes 619,631 0
2031 Notes, net    
Current liabilities:    
2033 Notes, 2031 Notes, 2029 Notes, and 2027 Notes 565,045 564,565
2029 Notes, net    
Current liabilities:    
2033 Notes, 2031 Notes, 2029 Notes, and 2027 Notes 741,402 740,890
2027 Notes, net    
Current liabilities:    
2027 Notes, net 547,483 0
2033 Notes, 2031 Notes, 2029 Notes, and 2027 Notes $ 0 $ 547,015
[1] The condensed consolidated balance sheet as of December 31, 2025 is derived from the audited consolidated financial statements as of that date.
[2] Including related party amounts of $3,622 and $2,003 as of March 31, 2026 and December 31, 2025, respectively (as described in Note 9).
[3] Including related party amounts of $206,377 and $204,650 as of March 31, 2026 and December 31, 2025, respectively (as described in Note 9).
[4] The consolidated balances as of December 31, 2025 and 2024 are derived from the audited consolidated financial statements as of those dates.
v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, authorized (in shares) 25,000,000 25,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, authorized (in shares) 500,000,000 500,000,000
Common stock, issued (in shares) 204,386,699 202,369,129
Common stock, outstanding (in shares) 195,707,702 194,771,957
Treasury stock (in shares) 8,678,997 7,597,172
Other current liabilities [1] $ 135,509 $ 120,222 [2]
Deferred royalty obligations, net [3] 871,185 855,030 [2]
Related Party    
Other current liabilities 3,622 2,003
Deferred royalty obligations, net $ 206,377 $ 204,650
[1] Including related party amounts of $3,622 and $2,003 as of March 31, 2026 and December 31, 2025, respectively (as described in Note 9).
[2] The condensed consolidated balance sheet as of December 31, 2025 is derived from the audited consolidated financial statements as of that date.
[3] Including related party amounts of $206,377 and $204,650 as of March 31, 2026 and December 31, 2025, respectively (as described in Note 9).
v3.26.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Total revenues, net $ 194,515 $ 116,633
Cost of revenues:    
Total cost of revenues 9,939 2,639
Research and development 126,636 111,431
Selling, general and administrative 163,896 106,365
Restructuring, impairment, and related charges 0 570
Total operating costs and expenses 300,471 221,005
Loss from operations (105,956) (104,372)
Other income (expense), net:    
Interest income 6,246 5,385
Interest expense (12,942) (18,121)
Noncash interest expense on deferred royalty obligations [1],[2] (39,873) (24,020)
Loss on extinguishment of debt 0 (21,155)
Net loss from equity method investments (18,283) (15,556)
Other income, net 4,253 8,231
Total other expense, net (60,599) (65,236)
Net loss (166,555) (169,608)
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests 2,512 2,186
Net loss attributable to common stockholders of BridgeBio $ (164,043) $ (167,422)
Net loss per share attributable to common stockholders of BridgeBio, basic (in dollars per share) $ (0.84) $ (0.88)
Net loss per share attributable to common stockholders of BridgeBio, diluted (in dollars per share) $ (0.84) $ (0.88)
Weighted-average shares used in computing net loss per share attributable to common stockholders of BridgeBio, basic (in shares) 194,789,897 190,145,253
Weighted-average shares used in computing net loss per share attributable to common stockholders of BridgeBio, diluted (in shares) 194,789,897 190,145,253
Net product revenue    
Revenues:    
Total revenues, net $ 180,596 $ 36,739
Cost of revenues:    
Total cost of revenues 7,732 2,034
License and services revenue    
Revenues:    
Total revenues, net 4,419 79,690
Royalty revenue    
Revenues:    
Total revenues, net 9,500 204
Cost of license, services, and royalty revenue    
Cost of revenues:    
Total cost of revenues $ 2,207 $ 605
[1] Including a related party amount of $(5,361) for the three months ended March 31, 2026 (as described in Note 9)
[2] Including a related party amount of $5,361 for the three months ended March 31, 2026 (as described in Note 9).
v3.26.1
Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Noncash interest expense on deferred royalty obligations [1],[2] $ 39,873 $ 24,020
Related Party    
Noncash interest expense on deferred royalty obligations $ 5,361  
[1] Including a related party amount of $(5,361) for the three months ended March 31, 2026 (as described in Note 9)
[2] Including a related party amount of $5,361 for the three months ended March 31, 2026 (as described in Note 9).
v3.26.1
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net loss $ (166,555) $ (169,608)
Other comprehensive loss:    
Unrealized losses on available-for-sale securities (20) (8)
Comprehensive loss (166,575) (169,616)
Comprehensive loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests 2,512 2,186
Comprehensive loss attributable to common stockholders of BridgeBio $ (164,063) $ (167,430)
v3.26.1
Condensed Consolidated Statements of Redeemable Convertible Noncontrolling Interests and Stockholders' Deficit (Unaudited) - USD ($)
$ in Thousands
Total
Total BridgeBio Stockholders’ Deficit
Common Stock
Treasury Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Non- controlling Interests
Temporary equity, beginning balance at Dec. 31, 2024 [1] $ 142              
Increase (Decrease) in Temporary Equity [Roll Forward]                
Issuance of noncontrolling interests 800              
Transfers from (to) noncontrolling interests 379              
Net loss (1,548)              
Temporary equity, ending balance at Mar. 31, 2025 (227)              
Beginning balance (in shares) at Dec. 31, 2024 [1]     190,044,473          
Beginning balance at Dec. 31, 2024 [1] (1,457,754) $ (1,467,904) $ 196 $ (275,000) $ 1,903,155 $ 8 $ (3,096,263) $ 10,150
Beginning balance (in shares) at Dec. 31, 2024 [1]       6,191,761        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Repurchase of common stock (in shares)     (1,405,411) (1,405,411)        
Repurchase of common stock (48,276) (48,276)   $ (48,276)        
Issuance of shares under equity compensation plans (in shares)     1,081,744          
Issuance of shares under equity compensation plans 2,521 2,521 $ 1   2,520      
Issuance of common stock under employee stock purchase plan ESPP (in shares)     156,097          
Issuance of common stock under employee stock purchase plan (ESPP) 3,237 3,237     3,237      
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding, (in shares)     (50,880)          
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding (1,776) (1,776)     (1,776)      
Stock-based compensation 32,057 32,057     32,057      
Transfers from (to) noncontrolling interests (379) (824)     (824)     445
Unrealized loss on available-for-sale securities (8) (8)       (8)    
Net loss (168,060) (167,422)         (167,422) (638)
Ending balance (in shares) at Mar. 31, 2025     189,826,023          
Ending balance at Mar. 31, 2025 (1,638,438) (1,648,395) $ 197 $ (323,276) 1,938,369 0 (3,263,685) 9,957
Ending balance (in shares) at Mar. 31, 2025       7,597,172        
Temporary equity, beginning balance at Dec. 31, 2025 [1] (570)              
Increase (Decrease) in Temporary Equity [Roll Forward]                
Issuance of noncontrolling interests 0              
Transfers from (to) noncontrolling interests 1,489              
Net loss (1,870)              
Temporary equity, ending balance at Mar. 31, 2026 $ (951)              
Beginning balance (in shares) at Dec. 31, 2025 194,771,957   194,771,957 [1]          
Beginning balance at Dec. 31, 2025 [1] $ (2,076,011) [2] (2,086,610) $ 202 $ (323,276) 2,057,646 12 (3,821,194) 10,599
Beginning balance (in shares) at Dec. 31, 2025 7,597,172     7,597,172 [1]        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Repurchase of common stock (in shares)     (1,081,825) (1,081,825)        
Repurchase of common stock $ (82,500) (82,500)   $ (82,500)        
Issuance of shares under equity compensation plans (in shares)     1,940,523          
Issuance of shares under equity compensation plans 22,589 22,589 $ 2   22,587      
Issuance of common stock under employee stock purchase plan ESPP (in shares)     131,185          
Issuance of common stock under employee stock purchase plan (ESPP) 5,466 5,466     5,466      
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding, (in shares)     (54,138)          
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding (4,074) (4,074)     (4,074)      
Stock-based compensation 32,784 32,784     32,784      
Issuance of noncontrolling interests 16             16
Transfers from (to) noncontrolling interests (1,489) (1,955)     (1,955)     466
Unrealized loss on available-for-sale securities (20) (20)       (20)    
Net loss $ (164,685) (164,043)         (164,043) (642)
Ending balance (in shares) at Mar. 31, 2026 195,707,702   195,707,702          
Ending balance at Mar. 31, 2026 $ (2,267,924) $ (2,278,363) $ 204 $ (405,776) $ 2,112,454 $ (8) $ (3,985,237) $ 10,439
Ending balance (in shares) at Mar. 31, 2026 8,678,997     8,678,997        
[1] The consolidated balances as of December 31, 2025 and 2024 are derived from the audited consolidated financial statements as of those dates.
[2] The condensed consolidated balance sheet as of December 31, 2025 is derived from the audited consolidated financial statements as of that date.
v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities:    
Net loss $ (166,555) $ (169,608)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 33,242 25,882
Net loss from equity method investments 18,283 15,556
Noncash interest expense on deferred royalty obligations [1],[2] 39,873 24,020
Change in fair value of the embedded derivative associated with the deferred royalty obligation (2,158) (3,952)
Amortization of debt discount and issuance costs 1,819 1,621
Depreciation and amortization 1,186 1,284
Noncash lease expense 1,466 994
Loss on extinguishment of debt 0 21,155
Other noncash adjustments, net 306 (21)
Changes in operating assets and liabilities:    
Accounts receivable, net (65,782) (110,543)
Inventories (7,053) (3,193)
Prepaid expenses and other current assets (18,845) (487)
Other assets (1,795) 1,587
Accounts payable (7,170) 17,571
Accrued compensation and benefits (37,476) (19,363)
Accrued research and development liabilities 12,994 (642)
Operating lease liabilities (1,852) (1,470)
Deferred revenue (2,379) (2,571)
Other liabilities [3] 4,617 2,945
Net cash used in operating activities (197,279) (199,235)
Investing activities:    
Purchases of marketable securities (52,666) 0
Maturities of marketable securities 10,000 0
Payment for an intangible asset 0 (1,595)
Purchases of property and equipment (69) 0
Net cash used in investing activities (42,735) (1,595)
Financing activities:    
Repurchase of common stock (82,500) (48,276)
Repayment of term loans 0 (459,000)
Repayments of deferred royalty obligations [4] (11,293) (144)
Proceeds from common stock issuances under ESPP 5,466 3,237
Proceeds from stock option exercises, net of repurchases 22,589 2,521
Transactions with noncontrolling interests 0 800
Repurchase of RSU shares to satisfy tax withholding (4,074) (1,776)
Net cash provided by financing activities 549,892 60,328
Net increase (decrease) in cash, cash equivalents, and restricted cash 309,878 (140,502)
Cash, cash equivalents, and restricted cash at beginning of period 572,140 683,244
Cash, cash equivalents, and restricted cash at end of period 882,018 542,742
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 20,316 23,271
Supplemental Disclosures of Noncash Investing and Financing Information:    
Unpaid issuance costs associated with 2033 Notes 431 0
Unpaid property and equipment 12 337
Transfers to noncontrolling interests (1,955) (824)
Recognized intangible asset recorded to “Other current liabilities” 0 4,500
Reconciliation of Cash, Cash Equivalents and Restricted Cash:    
Cash and cash equivalents 879,891 540,599
Restricted cash — Included in “Prepaid expenses and other current assets” 550 126
Restricted cash — Included in “Other assets” 1,577 2,017
Total cash, cash equivalents and restricted cash at end of periods shown on the condensed consolidated statements of cash flows 882,018 542,742
2033 Notes, net    
Financing activities:    
Proceeds from issuance of 2033 Notes /2031 Notes 632,500 0
Issuance costs and discounts associated with 2033 Notes/2031 Notes (12,796) 0
2031 Notes, net    
Financing activities:    
Proceeds from issuance of 2033 Notes /2031 Notes 0 575,000
Issuance costs and discounts associated with 2033 Notes/2031 Notes $ 0 $ (12,034)
[1] Including a related party amount of $(5,361) for the three months ended March 31, 2026 (as described in Note 9)
[2] Including a related party amount of $5,361 for the three months ended March 31, 2026 (as described in Note 9).
[3] Including a related party amount of $3,622 for the three months ended March 31, 2026 (as described in Note 9).
[4] Including a related party amount of $(2,024) for the three months ended March 31, 2026 (as described in Note 9).
v3.26.1
Consolidated Statements of Cash Flows (Parenthetical)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Noncash interest expense on deferred royalty obligations $ 39,873 [1],[2]
Other liabilities 4,617 [3]
Repayments of deferred royalty obligations 11,293 [4]
Related Party  
Noncash interest expense on deferred royalty obligations 5,361
Other liabilities 3,622
Repayments of deferred royalty obligations $ 2,024
[1] Including a related party amount of $(5,361) for the three months ended March 31, 2026 (as described in Note 9)
[2] Including a related party amount of $5,361 for the three months ended March 31, 2026 (as described in Note 9).
[3] Including a related party amount of $3,622 for the three months ended March 31, 2026 (as described in Note 9).
[4] Including a related party amount of $(2,024) for the three months ended March 31, 2026 (as described in Note 9).
v3.26.1
Organization and Description of Business
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business Organization and Description of Business
BridgeBio Pharma, Inc. (“BridgeBio,” the “Company,” or “we”), is a commercial-stage, multi-product biopharmaceutical company organized around a portfolio operating model to discover, develop, and deliver medicines for patients with genetic diseases. We seek to translate advances in genetic science into therapies for patient populations with significant unmet medical needs. 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.
On November 22, 2024, the Company received approval from the United States Food and Drug Administration (“FDA”) for AttrubyTM (acoramidis) and began to generate product revenue from the commercialization of Attruby in the U.S. On February 10, 2025, the European Commission (“EC”) approved BeyonttraTM (acoramidis) for the treatment of transthyretin amyloid cardiomyopathy (ATTR-CM) in the EU. On March 27, 2025, the Japanese Ministry of Health, Labour and Welfare approved Beyonttra for the treatment of ATTR-CM in Japan, and on May 21, 2025, the National Health Insurance in Japan approved the pricing of Beyonttra. In April 2025, the United Kingdom Medicines and Healthcare Products Regulatory Agency approved Beyonttra for the treatment of ATTR-CM in the UK.
In addition, we have three product candidates (low-dose infigratinib for achondroplasia, encaleret for ADH1, and BBP-418 for limb-girdle muscular dystrophy type 2I/R9, or LGMD2I/R9) in our late-stage development pipeline which have all released positive topline data. On March 30, 2026, we submitted our New Drug Application to the FDA for oral BBP-418 for the treatment of LGMD2I/R9.
Since inception, BridgeBio has either created wholly-owned subsidiaries or has made investments in certain controlled entities, including partially-owned subsidiaries for which BridgeBio has a majority voting interest, and variable interest entities (“VIEs”) for which BridgeBio is the primary beneficiary (collectively, “we”, “our”, or “us”). BridgeBio is headquartered in Palo Alto, California.
v3.26.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation
The condensed consolidated financial statements include the accounts of BridgeBio and its wholly-owned subsidiaries and controlled entities, substantially all of which are denominated in U.S. dollars. All intercompany balances and transactions have been eliminated in consolidation. For consolidated entities where we own or are exposed to less than 100% of the economics, we record “Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests” on our condensed consolidated statements of operations equal to the percentage of the economic or ownership interest retained in such entities by the respective noncontrolling parties.
In determining whether an entity is considered a controlled entity, we applied the VIE and Voting Interest Entity (“VOE”) models. We assess whether we are the primary beneficiary of a VIE based on our power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and our obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Entities that do not qualify as a VIE are assessed for consolidation under the VOE model. Under the VOE model, BridgeBio consolidates the entity if it determines that it has a controlling financial interest in the entity through its ownership of greater than 50% of the outstanding voting shares of the entity and that other equity holders do not have substantive voting, participating or liquidation rights. We assess whether we are the primary beneficiary of a VIE or whether we have a majority voting interest for entities consolidated under the VOE model at the inception of the arrangement and at each reporting date.
The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Certain reclassifications have been made to prior period amounts to conform to current period presentations. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC.
The condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal and recurring adjustments, necessary for a fair statement of our financial position, our results of operations and comprehensive loss, stockholders’ deficit and our cash flows for the periods presented. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other future annual or interim periods.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to:
•revenue recognition for transactions accounted for under ASC 606, Revenue from Contracts with Customers (“ASC 606”), including estimating the impact of the variable consideration and determining and allocating the transaction price to performance obligations,
•accruals for research and development activities, such as clinical, development, regulatory, and sales-based milestone payments in our in-licensing agreements,
•deferred royalty obligations, related embedded derivative liability and underlying assumptions,
•accruals for performance-based milestone compensation arrangements,
•the expected recoverability and estimated useful lives of our long-lived assets,
•additional charges as a result of, or that are associated with, any restructuring initiative as well as impairment and related charges,
•inventory valuation and related reserves,
•valuation of equity awards and related stock-based compensation, and
•allowance for credit losses.
We base our estimates on historical experience and on various other assumptions that are believed to be reasonable. Actual results may differ from those estimates or assumptions.
Concentration of Credit Risk and Other Risks and Uncertainties
Financial instruments that subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities, and accounts receivable. Amounts on deposit may at times exceed federally insured limits. Although management currently believes that the financial institutions with whom the Company does business will be able to fulfill their commitments to the Company, there is no assurance that those institutions will be able to continue to do so. The Company has not experienced any credit losses associated with its balances as of March 31, 2026 and December 31, 2025.
The following table summarizes customers that represent 10% or greater of our consolidated total gross revenues:
Three Months Ended March 31,
20262025
Bayer (as described in Note 10)*59.6%
Customer A18.5%10.6%
Customer B24.1%*
Customer C21.5%*
Customer D14.4%*
Customer E16.7%*
*Represents less than 10% and/or not a customer in the applicable period.
We are subject to credit risk from our accounts receivable which primarily consist of amounts due from product sales to customers and from license and collaboration agreements with strategic partners. We have not experienced any material losses related to receivables from individual customers or groups of customers. We also do not require any collateral. Accounts receivable are recorded net of allowance for credit losses, if any. As of March 31, 2026, five customers each accounted for more than 10% of our consolidated gross accounts receivable balance, at 22.5%, 21.5%, 19.5%, 16.4% and 15.5%. As of December 31, 2025, five customers each accounted for more than 10% of our consolidated gross accounts receivable balance, at 27.0%, 20.3%, 19.1%, 15.0% and 14.9%.
We are subject to certain risks and uncertainties and we believe that changes in any of the following areas could have a material adverse effect on future financial position or results of operations: ability to obtain future financing, regulatory approval and market acceptance of, and reimbursement for, product candidates, performance of third-party contract research organizations and manufacturers upon which we rely, development of sales channels, protection of our intellectual property, litigation or claims against us based on intellectual property, patent, product, regulatory, clinical or other factors, and our ability to attract and retain employees necessary to support our growth.
We are dependent on third-party contract manufacturing organizations (“CMOs”) to supply Attruby and Beyonttra and for research and development activities in our programs. In particular, we rely and expect to continue to rely on a small number of manufacturers to supply us with our requirements for the active pharmaceutical ingredients and formulated drugs related to the sale of our commercial product and the research and development of our other clinical product candidates. For certain clinical product candidates, we rely on a single source manufacturer. The sale of our commercial product and development of our other clinical product candidates could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs.
Cash, Cash Equivalents, Marketable Securities, and Restricted Cash
We consider all highly liquid investments purchased with original maturities of 90 days or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market instruments, such as money market funds, U.S. treasury bills, agency discount notes, and other securities issued by the U.S. government or its agencies.
Our marketable securities consist of high investment grade fixed income securities invested in U.S. treasury bills and notes, and agency discount notes. In accordance with ASC 320, Investments - Debt Securities, we classify our marketable securities as available-for-sale securities and report them at fair value in cash equivalents or marketable securities on the condensed consolidated balance sheets with related unrealized gains and losses included as a component of stockholders’ deficit. We classify our marketable securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity which is included in interest income on the condensed consolidated statements of operations. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are included in “Other income (expense), net” on our condensed consolidated statements of operations. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income.
Our cash, cash equivalents, marketable securities, and restricted cash are exposed to credit risk in the event of default by the financial institutions that hold or issue such assets. Our cash, cash equivalents, marketable securities, and restricted cash are held by financial institutions that management believes are of high credit quality. Our investment policy limits investments to fixed income securities denominated and payable in U.S. dollars such as commercial paper, U.S. government obligations, treasury bills, and money market funds, and places restrictions on maturities and concentrations by type and issuer.
Restricted cash primarily represents certain letters of credit for lease agreements, for which we have pledged cash and cash equivalents as collateral.
Other Current Liabilities
Other current liabilities presented on the condensed consolidated balance sheets consisted of the following balances:
March 31, 2026December 31, 2025
(in thousands)
Accrued rebates and other related costs$59,784 $45,909 
Accrued commercial36,963 35,773 
Deferred royalty obligations, current portion (1)21,488 11,221 
Accrued professional services7,540 3,665 
Accrued interest5,188 14,411 
Other accrued liabilities4,546 9,243 
Total other current liabilities$135,509 $120,222 
(1)Including related party amounts of $3,622 and $2,003 as of March 31, 2026 and December 31, 2025, respectively (as described in Note 9).
Segments
We are a single operating and reportable segment, which is in the business of identifying, advancing and commercializing transformative medicines to treat patients. We operate in one segment because our business offerings have similar economics and other characteristics, including the nature of products, clinical and manufacturing processes, types of customers, distribution methods, and regulatory environments. We are managed in the aggregate as one business segment by the Chief Operating Decision Maker (“CODM”), which is our Chief Executive Officer.
While we operate as a single reportable segment, our research and development expenses for our significant programs are tracked and regularly reported to our CODM. Research and development costs consist primarily of external costs, such as fees paid to consultants, contractors, CMOs, and contract research organizations (“CROs”), and purchase of active pharmaceutical ingredients (“APIs”), in connection with our preclinical, contract manufacturing and clinical development activities; as well as internal costs, such as personnel and facility costs, and are tracked on a program-by-program basis. License fees and other costs incurred after a product candidate has been designated and that are directly related to the product candidate are included in the specific program expense. License fees and other costs incurred prior to designating a product candidate are included in early-stage development and research programs, which are presented in the following table in “Other development programs” and “Other research programs,” respectively.
The following table summarizes our segment information for significant operating expenses:
Three Months Ended March 31,
20262025
(in thousands)
Revenues:
Net product revenue$180,596 $36,739 
License and services revenue4,419 79,690 
Royalty revenue9,500 204 
Total revenues, net194,515 116,633 
Operating costs and expenses:
Cost of revenues:
Cost of goods sold7,732 2,034 
Cost of license, services, and royalty revenue2,207 605 
Total cost of revenues9,939 2,639 
Research and development by significant program:
Acoramidis for the treatment of ATTR-CM and primary prevention in
   asymptomatic carriers of a pathogenic TTR variant		31,391 24,392 
Infigratinib for achondroplasia and hypochondroplasia35,533 27,934 
BBP-418 for LGMD2I/R915,608 14,209 
Encaleret for ADH120,428 15,459 
Other development programs6,760 11,430 
Other research programs16,916 18,007 
Total segment research and development126,636 111,431 
Selling, general and administrative163,896 106,365 
Restructuring, impairment, and related charges— 570 
Total operating costs and expenses300,471 221,005 
Loss from operations(105,956)(104,372)
Other income (expense), net:
Interest income6,246 5,385 
Interest expense(12,942)(18,121)
Noncash interest expense on deferred royalty obligations (1)(39,873)(24,020)
Loss on extinguishment of debt— (21,155)
Net loss from equity method investments(18,283)(15,556)
Other income, net4,253 8,231 
Total other expense, net(60,599)(65,236)
Net loss(166,555)(169,608)
Net loss attributable to redeemable convertible noncontrolling
   interests and noncontrolling interests		2,512 2,186 
Segment net loss attributable to common stockholders of BridgeBio$(164,043)$(167,422)
(1)Including a related party amount of $(5,361) for the three months ended March 31, 2026 (as described in Note 9).
There are no reconciling items or adjustments between segment “Total revenues, net” and “Net loss attributable to common stockholders of BridgeBio,” and consolidated “Total revenues, net” and “Net loss attributable to common stockholders of BridgeBio.”
Total revenues, net is attributed to regions based on the location of our customers or license and collaboration partners.
Three Months Ended March 31,
20262025
U.S.92.9 %31.6 %
Europe, Middle East, and Africa (EMEA)6.0 %66.1 %
Asia-Pacific (APAC)1.1 %2.3 %
   Total100.0 %100.0 %
The CODM does not review assets at a different asset level or category than the amounts disclosed in the condensed consolidated balance sheets. As of March 31, 2026, our capitalized property and equipment located in the U.S., Canada and the rest of the world are approximately 41.5%, 54.1%, and 4.4%, respectively. As of December 31, 2025, our capitalized property and equipment located in the U.S., Canada and the rest of the world are approximately 44.2%, 51.6% and 4.2%, respectively.
Revenue Recognition
For elements or transactions that we determine should be accounted for under ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy our performance obligation. We apply the five-step model to contracts when it is probable that we will collect the consideration to which we are entitled in exchange for the goods or services we transfer to the customer.
At inception of the arrangement, we assess the promised goods or services to identify the performance obligations within the contract. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation, on a relative standalone selling price basis, when (or as) the performance obligation is satisfied, either at a point in time or over time. If the performance obligation is satisfied over time, we recognize revenue based on the use of an input method. As part of the accounting for these arrangements, we develop assumptions that require judgment to determine the standalone selling price for each performance obligation identified in the contract. These key assumptions may include forecasted revenue or costs, development timelines, discount rates and probabilities of clinical and regulatory success.
•Net product revenue: Revenue is recognized when our customers, primarily specialty pharmacies and specialty distributors, obtain control of the product and revenue is adjusted to reflect discounts, chargebacks, rebates, returns and other allowances associated with the respective sales as further described below.
•License fees: For arrangements that include a grant of a license to our intellectual property, we consider whether the license grant is distinct from the other performance obligations included in the arrangement. We determine the license to be distinct if the customer is able to benefit from the license with the resources available to it. For licenses that are distinct, we recognize revenues from nonrefundable, upfront license fees and other consideration allocated to the license when the license term has begun and we have provided all necessary information regarding the underlying intellectual property to the customer, which generally occurs at or near the inception of the arrangement. For licenses that are bundled with other promises, we determine whether the combined performance obligation is satisfied over time or at a point in time. If the combined performance obligation is satisfied over time, we use judgment in determining the appropriate method of measuring progress for purposes of recognizing revenue from the upfront license fees. We evaluate the measure of progress for each reporting period and, if necessary, adjust the measure of performance and related revenue recognition.
•Development and regulatory milestone payments: At the inception of each arrangement that includes development and regulatory milestone payments, we evaluate whether the milestones are considered probable of being achieved and estimate the amount to be included in the transaction price using the most likely amount method. We generally include these milestone payments in the transaction price when they are achieved because there is considerable uncertainty in the research and development processes that trigger these payments under our agreements. Similarly, we include approval milestone payments in the transaction price once the product is approved by the applicable regulatory agency. At the end of each subsequent reporting period, we re-evaluate the probability of achieving such development and regulatory milestones and any related constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis.
•Sales-based milestone payments and royalties: For arrangements that include sales-based royalties, including milestone payments based on the volume of sales, we will determine whether the license is deemed to be the predominant item to which the royalties or sales-based milestones relate and if such is the case, we will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Our partners generally report sales information with a time lag. Thus, we estimate the expected royalty proceeds based on an analysis of historical experience and interim data provided by our partners. Differences between actual and estimated royalty revenues are adjusted in the period in which they become known, typically the following quarter.
•Product supply services: Arrangements that include a promise for the future supply of drug product for either clinical development or commercial supply at the licensee’s discretion are generally considered as options. We will assess if these options provide a material right to the licensee and if so, they are accounted for as separate performance obligations and recognized when the future goods or services related to the option are provided or the option expires.
•Research and development services: For arrangements that include research and development services, we will recognize revenue over time using an input method, representing the transfer of goods or services as we perform activities over the term of the arrangement.
Revenues from product sales are recorded at the net sales price, or “transaction price”, which includes estimates of variable consideration for which reserves are established that result from discounts and fees, chargebacks, rebates, returns, co-pay assistance and other allowances that are offered within contracts between us and our customers, health care providers and other indirect customers relating to the sale of Attruby. These reserves are based on amounts earned or to be claimed on the related sale and are classified as reductions of accounts receivable (if the amount is payable to the customer) or other current liabilities (if the amount is payable to a third party other than a customer). We use the expected value method, which is the sum of probability-weighted amounts in a range of possible consideration amounts, or the most likely amount method, which is the single most likely amount in a range of possible considerations, to estimate variable consideration related to our product revenue. The estimates of reserves established for variable consideration reflect current contractual and statutory requirements, our historical experience, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The amount of variable consideration that is included in the transaction price may be constrained and is included in net product revenue only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from our estimates. If actual results vary from our estimates, we will adjust these estimates prospectively in the period such change in estimate becomes known, which could affect net product revenue and earnings in the period of adjustment.
The following are the components of variable consideration related to net product revenue:
•Chargebacks: Chargebacks result from contractual commitments with the government and other entities to sell products to qualified healthcare providers at prices lower than the list prices charged to our customers. Our customers charge us for the difference between what they pay for the product and the selling price to the qualified healthcare providers. We record reserves and reduce our product revenue for these chargebacks related to product sold to our customers during the reporting period as well as our estimate of product that remains in the distribution channel at the end of the reporting period that we expect will be sold to qualified healthcare providers in future periods. Our established reserve for chargebacks is included as an offset against our “Accounts receivable, net” balance on our condensed consolidated balance sheets.
•Trade discounts and allowances: We provide customary invoice discounts on sales to our U.S. customers for prompt payment. The discounts are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue, and the establishment of a reserve that is offset against our “Accounts receivable, net” balance on our condensed consolidated balance sheets.
•Distribution fees: We receive and pay for various distribution services provided by our customers. These fees are generally accounted for as a reduction of product revenue in the same period the related revenue is recognized, and the establishment of a reserve is offset against our “Accounts receivable, net” balance on our condensed consolidated balance sheets. To the extent that the services received are distinct from the sale of products to our customers, we classify these payments as “Selling, general and administrative expenses” on our condensed consolidated statements of operations.
•Government rebates: We are subject to discount obligations under government programs, including Medicare and Medicaid programs in the U.S. Rebates are amounts owed after the final dispensing of the product to a benefit plan participant and are based upon contractual agreements with payers or statutory requirements pertaining to Medicare and Medicaid benefit providers. The allowance for rebates is based on contractual or statutory discount rates, estimated payer mix, and expected utilization. Our estimates for the expected utilization of rebates are based on historical dispense data received from our customers and invoices received. We monitor sales trends and adjust the allowance on a quarterly basis to reflect the most recent rebate experience. Our reserve for these rebates is recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of the liability that is included in “Other current liabilities” on our condensed consolidated balance sheets.
•Other incentives: Other incentives include co-payment assistance that we provide to patients with commercial insurance that have coverage and qualify for co-payment assistance. Co-payment assistance is accrued based on an estimate of the number of co-payment assistance claims and the cost per claim that we expect to receive associated with products that have been recognized as product revenue. The estimate is recorded as a reduction of product revenue in the same period that the related revenue is recognized and also results in the establishment of a liability which is included in “Other current liabilities” on our condensed consolidated balance sheets.
•Product returns: Consistent with industry practice, we offer our customers limited product return rights for damages, shipment errors, and expiring product; provided that the return is within a specified period around the product expiration date as set forth in the applicable individual distribution or customer agreement. In estimating for product returns, we consider historical product returns, the underlying product demand, and industry specific data. We estimate the amount of product sales that may be returned and record the estimate as a reduction of revenue and a refund liability included in “Other current liabilities” on our condensed consolidated balance sheets in the period the related product revenue is recognized.
There were no significant changes in estimates of variable considerations during the three months ended March 31, 2026 and 2025, respectively.
For revenue recognized under licensing and collaboration arrangements, we identify the performance obligations and allocate the total consideration we expect to receive on a relative standalone selling price basis to each performance obligation. Variable considerations, such as performance-based milestones, will be included in the total consideration if we expect to receive such consideration and if it is probable that the inclusion of the variable consideration will not result in a significant reversal in the cumulative amount of revenue recognized under the arrangement. Our estimate of the total consideration we expect to receive under each licensing and collaboration arrangement is updated for each reporting period, and any adjustments to revenue are recorded on a cumulative catch-up basis.
Inventories
Inventory is recorded at the lower of cost or net realizable value. The cost of raw materials, work in process and finished goods are determined using a standard cost approach, which approximates actual cost determined on a first-in, first-out basis. Raw and intermediate materials that may be used for either research and development or commercial purposes are classified as inventory until the material is consumed or otherwise allocated for research and development. If the material is used for research and development, it is expensed as research and development once that determination is made. We capitalize inventory costs that are expected to be sold commercially once we determine it is probable that the inventory costs will be recovered through commercial sales. We periodically review inventories to identify excess, dated, or obsolete inventory and record reserves and write-downs as necessary to reflect inventories at net realizable value. Provision for inventory reserves and write-downs are recorded within “Cost of revenues” on the condensed consolidated statements of operations.
Inventories presented on the condensed consolidated balance sheet consisted of the following balances:
March 31, 2026December 31, 2025
(in thousands)
Raw materials$15,789 $14,997 
Work in process10,485 6,104 
Finished goods8,037 6,509 
Inventory reserve(1,331)(857)
   Total inventories$32,980 $26,753 
Cost of Revenues
Cost of revenues consists of the following classifications, which are presented accordingly on our condensed consolidated statements of operations:
•Cost of goods sold: Cost of goods sold consists of manufacturing costs, transportation and freight-in, indirect overhead costs (including salary related and stock-based compensation expenses) associated with the commercial manufacturing and distribution of Attruby, and third-party royalties payable on our net product revenue. Cost of goods sold may also include period costs related to excess, dated or obsolete inventory adjustment charges, unabsorbed manufacturing and overhead costs, and manufacturing variances.
•Cost of license, services, and royalty revenue: Cost of license, services, and royalty revenue consists of manufacturing costs relating to product supply of Beyonttra to our collaboration partners, royalties owed to a third party on the net sales of our licensed product, as well as amortization of intangible assets associated with our license and collaboration agreements, which are amortized over the life of the underlying intellectual property rights.
Advertising Expense
Advertising expenses include costs incurred to market the Company’s branded product. Advertising production costs, which include costs incurred during production rather than when the advertising takes place, are expensed as incurred. Advertising communication costs, which include costs to run the ad campaign on digital or traditional marketing channels, such as on third-party websites, television, and social and print media, are expensed over the period of the campaign run. Advertising costs are included in “Selling, general and administrative expenses” on the condensed consolidated statements of operations. Deferred advertising costs primarily consist of vendor payments made in advance to secure media spots across various media channels. Deferred advertising costs are not expensed until the advertising is broadcast.
Recently Adopted Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which seeks to clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. This ASU is effective for fiscal years beginning after December 15, 2025. Early adoption is permitted. The Company adopted this standard effective January 1, 2026, and the adoption of this ASU did not have an impact on its consolidated financial statements and related disclosures.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides a practical expedient that all entities can use when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606. Under this practical expedient, an entity is allowed to assume that the current conditions it has applied in determining credit loss allowances for current accounts receivable and current contract assets remain unchanged for the remaining life of those assets. This ASU is effective for fiscal years beginning after December 15, 2025, and interim reporting periods in those years. Entities that elect the practical expedient and, if applicable, make the accounting policy election are required to apply the amendments prospectively. The Company adopted this standard effective January 1, 2026, and the adoption of this ASU did not have an impact on its consolidated financial statements and related disclosures.
New Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), which requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in notes to financial statements, including purchases of inventory, employee compensation, depreciation, amortization of intangible assets, and selling expenses. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. We plan to adopt this pronouncement and make the necessary updates to our disclosures for the year ending December 31, 2027, and, aside from these disclosure changes, we do not expect the amendments to have a material effect on our consolidated financial statements and related disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU makes targeted improvements to the accounting for internal-use software, and the ASU will be effective for the first quarter of 2029, with early adoption permitted. This ASU provides for adoption on a prospective basis, with retrospective or modified retrospective application permitted. The Company is currently evaluating the timing and effects of its adoption of this new guidance on its consolidated financial statements and related disclosures.
In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Non-cash Consideration from a Customer in a Revenue Contract. The guidance refines the scope of ASC 815 to clarify which contracts are subject to derivative accounting. The guidance also provides clarification under ASC 606 for share-based payments from a customer in a revenue contract. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026, and interim reporting periods, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this new guidance on its consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which provides updated guidance on how to recognize, measure, and present government grants. This ASU is effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years, and permits modified prospective, modified retrospective, or full retrospective adoption. The Company plans to adopt this guidance in fiscal year 2029, and does not expect the adoption of this ASU to have a material impact on its consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting: Narrow-Scope Improvements. This ASU improves clarity for interim financial reporting requirements under the existing guidance within ASC 270, Interim Reporting, by creating a comprehensive list of interim disclosure requirements, clarifying scope and applicability, along with adding a principle to disclose all material events that have occurred since the most recently filed Form 10-K. This ASU is effective for interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted. The Company plans to adopt this guidance for interim periods within its fiscal year beginning January 1, 2028, and does not expect the adoption of this ASU to have a material impact on its consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-12, Codification Improvements, to address suggestions received from stakeholders on the Accounting Standards Codification and to make other incremental improvements to U.S. GAAP. The update represents changes to the Accounting Standards Codification that (1) clarify, (2) correct errors, or (3) make minor improvements. The amendments make the Accounting Standards Codification easier to understand and apply. The guidance is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. The Company plans to adopt this guidance in fiscal year 2027, and does not expect the adoption of this ASU to have a material impact on its consolidated financial statements and related disclosures.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Assets and liabilities recorded at fair value on a recurring basis in the condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:
Level 1 - Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2 - Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment we exercise in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
The carrying amounts reflected in the accompanying condensed consolidated balance sheets for cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses, and other current liabilities approximate their fair values, due to their short-term nature.
The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation:
March 31, 2026
TotalLevel 1Level 2Level 3
(in thousands)
Assets
Cash equivalents:
Money market funds$360,237 $360,237 $— $— 
U.S. Treasury securities174,122 — 174,122 — 
Agency discount notes16,349 — 16,349 — 
Total cash equivalents550,708 360,237 190,471 — 
Marketable securities:
U.S. Treasury securities43,777 — 43,777 — 
Agency discount notes16,518 — 16,518 — 
Total marketable securities60,295 — 60,295 — 
Total financial assets$611,003 $360,237 $250,766 $— 
Liability
Embedded derivative (included in “Deferred royalty
   obligations, net”)		$19,281 $— $— $19,281 
December 31, 2025
TotalLevel 1Level 2Level 3
(in thousands)
Assets
Cash equivalents:
Money market funds$132,602 $132,602 $— $— 
U.S. Treasury securities11,960 — 11,960 — 
Agency discount notes25,938 — 25,938 — 
Total cash equivalents170,500 132,602 37,898 — 
Marketable securities:
U.S. Treasury securities9,421 — 9,421 — 
Agency discount notes7,942 — 7,942 — 
Total marketable securities17,363 — 17,363 — 
Total financial assets$187,863 $132,602 $55,261 $— 
Liability
Embedded derivative (included in “Deferred royalty
   obligations, net”)		$21,439 $— $— $21,439 
There were no transfers between Level 1, Level 2 or Level 3 during the periods presented.
There are uncertainties on the fair value measurement of the instruments classified under Level 3 due to the use of unobservable inputs and interrelationships between these unobservable inputs, which could result in higher or lower fair value measurements.
Marketable Securities
The fair value of our marketable securities classified within Level 2 is based upon observable inputs that may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications.
Notes
The fair values of our 0.75% convertible senior notes due 2033 (the “2033 Notes”), 1.75% convertible senior notes due 2031 (the “2031 Notes”), 2.25% convertible senior notes due 2029 (the “2029 Notes”) and our 2.50% convertible senior notes due 2027 (the “2027 Notes”) (collectively, the “Notes”, refer to Note 8), which differ from their respective carrying values, are determined by prices for the Notes observed in market trading. The market for trading of the Notes is not considered to be an active market and therefore the estimate of fair value is based on Level 2 inputs.
The following table presents the aggregate face values and the fair values of the Notes, based on their market prices on the last trading day for the periods presented:
March 31, 2026December 31, 2025
Aggregate Face ValuesEstimated Fair ValuesAggregate Face ValuesEstimated Fair Values
(in thousands)
2033 Convertible Notes$632,500 $609,632 $— $— 
2031 Convertible Notes$575,000 $924,049 $575,000 $1,003,783 
2029 Convertible Notes$747,500 $839,640 $747,500 $833,625 
2027 Convertible Notes$550,000 $993,734 $550,000 $1,019,975 
Deferred royalty obligations and embedded derivative liability
The embedded derivative liability associated with our deferred royalty obligation under the Funding Agreement, as defined and discussed further in Note 9, is measured at fair value using an option pricing Monte Carlo simulation model and is included as a component of the “Deferred royalty obligations, net” on the condensed consolidated balance sheets. The embedded derivative liability is subject to remeasurement at the end of each reporting period, with changes in fair value recognized as a component of “Other income (expense), net” on our condensed consolidated statements of operations. The assumptions used in the option pricing Monte Carlo simulation model incorporates certain Level 3 inputs including: (1) our estimates of the probability and timing of related events; (2) the probability-weighted global net product sales of Attruby and Beyonttra; (3) our risk-adjusted discount rate; (4) volatility; and (5) the probability of a change in control occurring during the term of the instrument.
Under the Monte Carlo simulation model discussed above, the deferred royalty obligation under the Funding Agreement (refer to Note 9), net of the bifurcated embedded derivative liability, had an estimated fair value of $554.7 million and $565.5 million as of March 31, 2026 and December 31, 2025, respectively. For the three months ended March 31, 2026 and 2025, we recognized a $2.2 million and $4.0 million gain, respectively, for the change in fair value of the embedded derivative liability in “Other income (expense), net” on our condensed consolidated statements of operations.
The deferred royalty obligation under the Royalty Purchase Agreement, as defined and discussed further in Note 9, had an estimated fair value of $343.7 million and $343.0 million as of March 31, 2026 and December 31, 2025, respectively, based on the Monte Carlo simulation model.
v3.26.1
Cash Equivalents and Marketable Securities
 3 Months Ended
Mar. 31, 2026
Cash Equivalents And Marketable Securities [Abstract]  
Cash Equivalents and Marketable Securities Cash Equivalents and Marketable Securities
We invest in certain U.S. government money market funds, treasury bills, and agency discount notes classified as cash equivalents. Our marketable securities consist of high investment grade fixed income securities that are invested in U.S. treasury bills and notes.
Cash equivalents and marketable securities consisted of the following:
March 31, 2026
Amortized
Cost Basis		Unrealized
Gains		Unrealized
Losses		Estimated Fair
Value
(in thousands)
Cash equivalents:
Money market funds$360,237 $— $— $360,237 
U.S. Treasury securities174,121 2 (1)174,122 
Agency discount notes16,349 — — 16,349 
Total cash equivalents$550,707 $2 $(1)$550,708 
Marketable securities:
U.S. Treasury securities43,785 — (8)43,777 
Agency discount notes16,519 — (1)16,518 
Total marketable securities60,304 — (9)60,295 
Total cash equivalents and marketable
   securities		$611,011 $2 $(10)$611,003 
December 31, 2025
Amortized
Cost Basis		Unrealized
Gains		Unrealized
Losses		Estimated Fair
Value
(in thousands)
Cash equivalents:
Money market funds$132,602 $— $— $132,602 
U.S. Treasury securities11,957 3 — 11,960 
Agency discount notes25,933 5 — 25,938 
Total cash equivalents$170,492 $8 $— $170,500 
Marketable securities:
U.S. Treasury securities9,419 2 — $9,421 
Agency discount notes7,940 2 — 7,942 
Total marketable securities17,359 4 — 17,363 
Total cash equivalents and marketable
   securities
$187,851 $12 $— $187,863 
The contractual maturities of securities classified as available-for-sale, regardless of their classification on our condensed consolidated balance sheets, are less than one year.
v3.26.1
Equity Method Investments
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments Equity Method Investments
GondolaBio
Since inception through August 16, 2024, Portal Therapeutics, Inc. and Sub21, Inc. were majority-owned consolidated subsidiaries of the Company. On August 16, 2024, the Company contributed its equity ownership in these entities to GondolaBio, LLC (“GondolaBio”) and as a result, Portal Therapeutics, Inc. and Sub21, Inc. were deconsolidated in conjunction with the GondolaBio transaction, as further described below.
GondolaBio was formed on June 5, 2024 and the Company was the sole member. In August 2024, the Company entered into the Transaction Agreement providing for the formation and funding by certain third-party investors of GondolaBio, a legal joint venture entity for the purpose of researching, developing, manufacturing and commercializing pharmaceutical products, including those contributed to GondolaBio by the Company. The third-party investors providing financing to GondolaBio consist of an investor syndicate, including Viking Global Investors LP, Patient Square Capital, Aisling Capital and an entity owned by Neil Kumar, the Company’s Chief Executive Officer, who are related parties of the Company. The Company contributed certain assets and its equity in Portal Therapeutics, Inc. and Sub21, Inc. to GondolaBio. Upon completion of the initial contributions, the Company’s equity ownership in GondolaBio was 45.5%. As of March 31, 2026, the Company’s equity ownership percentage in GondolaBio was 20.4%.
In August 2024, in conjunction with the Transaction Agreement, the limited liability company agreement of GondolaBio was amended and restated (the “A&R LLC Agreement”). The A&R LLC Agreement sets forth, among other things, the economic and governance rights of the members of GondolaBio, including governance rights, economic preferences, privileges, restrictions and obligations of the members. The change in governance structure and composition of the board of managers was deemed a VIE reconsideration event, and GondolaBio was deemed a VIE. As a result of the change in governance structure and composition of the board of managers, BridgeBio is no longer the primary beneficiary, as it no longer has the power over key decisions that significantly impact GondolaBio’s economic performance. Accordingly, BridgeBio deconsolidated GondolaBio, inclusive of Portal Therapeutics, Inc. and Sub21, Inc., on August 16, 2024.
Upon the deconsolidation of GondolaBio, BridgeBio accounted for its investment in GondolaBio, for which it has significant influence through its ownership interest, using the equity method of accounting under ASC 323. GondolaBio was also deemed a related party. For the three months ended March 31, 2026 and 2025, the Company recognized a net loss from equity method investment of $6.4 million and $6.8 million, respectively. During the three months ended March 31, 2026, the Company’s share of GondolaBio’s net loss exceeded the carrying value of its investment. Accordingly, the Company recognized losses only to the extent of its investment, and the carrying value of the investment was reduced to zero. As of December 31, 2025, the aggregate carrying amount of the Company’s equity method investment in GondolaBio was $6.4 million, and is presented as part of “Equity method investments” on the condensed consolidated balance sheets.
In addition, the Company and GondolaBio ServiceCo, Inc., a wholly-owned subsidiary of GondolaBio, have an existing transition services agreement (the “GondolaBio Transition Services Agreement”) for the provision of certain transitionary consulting services by the Company and GondolaBio. In October 2024, the Company and GondolaBio entered into an agreement for a partial sublease of a facility which was amended and renewed in October 2025 (“sublease agreement”). Under the GondolaBio Transition Services Agreement and the sublease agreement, the Company recognized $2.5 million and $2.7 million, respectively, in other income and $1.9 million and $0.8 million, respectively, of pass-through costs and sublease income recorded as an offset against operating expenses for the three months ended March 31, 2026 and 2025. As of March 31, 2026 and December 31, 2025, the Company had $4.6 million and $4.5 million, respectively, in prepaid expenses and other current assets for transitionary consulting services provided by BridgeBio to GondolaBio and for sublease income. The Company also recognized an immaterial amount and $0.7 million in research and development expenses for the three months ended March 31, 2026 and 2025, respectively, for transitionary consulting services provided by GondolaBio to BridgeBio. As of March 31, 2026 and December 31, 2025, the Company also had $1.5 million and $1.5 million, respectively, in other current liabilities for transitionary consulting services provided by GondolaBio to BridgeBio.
BridgeBio Oncology Therapeutics, Inc.
On April 30, 2024, TheRas, Inc., doing business as BridgeBio Oncology Therapeutics (“Legacy BBOT”), a majority-owned subsidiary of the Company, completed a $200.0 million private equity financing with external investors to accelerate the development of its oncology portfolio. Upon completion of the private equity financing, the Company’s ownership of Legacy BBOT’s equity was reduced to approximately 37.9%.
As part of the private equity financing transaction, Legacy BBOT’s Certificate of Incorporation and Investors’ Rights Agreement were amended and restated to reflect a change to BBOT’s governance structure and composition of the board of directors, which was determined to be a VIE reconsideration event. Based on the VIE reconsideration assessment, Legacy BBOT was deemed a VIE. As a result of the change in governance structure and composition of the board of directors, BridgeBio was no longer the primary beneficiary of BBOT, as it no longer had the power over key decisions that significantly impact Legacy BBOT’s economic performance. Accordingly, BridgeBio deconsolidated Legacy BBOT on April 30, 2024.
Upon the deconsolidation of Legacy BBOT, BridgeBio accounted for its retained investment in Legacy BBOT, for which it has significant influence through its ownership interest, using the equity method of accounting under ASC 323. Legacy BBOT was also deemed a related party.
On February 28, 2025, Legacy BBOT and Helix Acquisition Corp. II (“Helix”), a special purpose acquisition company, entered into a business combination agreement with Helix II Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Helix, and Legacy BBOT. On August 11, 2025, the business combination with Helix closed, and the combined company was renamed “BridgeBio Oncology Therapeutics, Inc.” BridgeBio Oncology Therapeutics, Inc. began publicly trading on the Nasdaq Global Market under the ticker symbol “BBOT” on August 12, 2025.
The Company’s equity ownership percentage in BBOT was 18.2% as of March 31, 2026. BridgeBio continues to account for its retained investment in BBOT, for which it has significant influence, using the equity method of accounting.
For the three months ended March 31, 2026 and 2025, we recognized a net loss from equity method investment of $11.7 million and $8.7 million, respectively. As of March 31, 2026 and December 31, 2025, the aggregate carrying amount of our equity method investment in BBOT was $60.8 million and $72.5 million, respectively, and is presented as part of “Equity method investments” on our condensed consolidated balance sheets. As of March 31, 2026 and December 31, 2025, the Level 1 fair value of our investment in BBOT was $130.6 million and $182.7 million, respectively, based on the quoted market price of BBOT's common stock as of those reporting dates.
In addition, the Company and Legacy BBOT have an existing transition services agreement (the “BBOT Transition Services Agreement”) for the provision of certain transitionary consulting services by the Company and Legacy BBOT. As of March 31, 2026 and December 31, 2025, the Company had $0.8 million and $0.6 million, respectively, in prepaid expenses and other current assets for transitionary consulting services provided by BridgeBio to BBOT. All other amounts, including research and development expenses and related accrued liabilities, were immaterial for all periods presented.
In August 2025, the Company and BBOT amended the BBOT Transition Services Agreement, pursuant to which BBOT agreed to issue 784,720 shares of its common stock to the Company by October 31, 2025. The shares were issued in October 2025.
v3.26.1
Intangible Assets, net
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, net Intangible Assets, net
The following table summarizes our recognized intangible assets as a result of the arrangements described in the following sections:
March 31, 2026December 31, 2025
Weighted-average
Estimated Useful Lives		AmountWeighted-average
Estimated Useful Lives		Amount
(in thousands)(in thousands)
Gross amount13.7 years$39,400 13.7 years$39,400 
Less accumulated amortization(12,041)(11,323)
Total$27,359 $28,077 
Amortization expense, recorded as part of “Cost of license, services, and royalty revenue” on our condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025, was $0.7 million and $0.6 million, respectively. Estimated future amortization expense is $2.2 million for the remainder of 2026, $2.9 million for each of the years from 2027 to 2031 and $10.7 million thereafter.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Milestone Compensation Arrangements
We have performance-based milestone compensation arrangements with certain employees and consultants, whose vesting is contingent upon meeting various milestones, with fixed monetary amounts known at inception that can be settled in the form of cash or equity at our sole discretion. We also have performance-based milestone compensation arrangements with certain employees and consultants as part of the Company’s equity incentive plans. The compensation arrangements under certain equity incentive plans are to be settled in the form of equity only. Performance-based milestone awards that are settled in the form of equity are satisfied in the form of fully-vested RSAs. We accrue for such contingent compensation when the related milestone is probable of achievement and is recorded in “Accrued compensation and benefits” for the current portion and in “Other long-term liabilities” for the noncurrent portion on the condensed consolidated balance sheets. There is no accrued compensation expense for performance-based milestone awards that are assessed to be not probable of achievement. The table below shows our commitment for the potential milestone amounts and the accruals for milestones deemed probable of achievement as of March 31, 2026.
Potential Fixed Monetary
Amount
Accrued
Amount (1)
Settlement Type(in thousands)
Cash$727 $— 
Stock (2)
12,340 — 
Cash or stock at our sole discretion53,167 1,100 
Total$66,234 $1,100 
(1)Amount recorded for performance-based milestone awards that are probable of achievement.
(2)Includes the performance-based milestone awards.
Other Commercial and Research and Development Agreements
We may also enter into contracts in the normal course of business with various counterparties, including vendors for our commercial product and product candidates, contract research organizations for services related to clinical trials, CMOs for clinical supplies, and other vendors for preclinical studies, supplies, and other operating purposes. These contracts generally provide for termination on notice with potential termination charges. As of March 31, 2026 and December 31, 2025, there were no material amounts accrued related to termination charges.
In the normal course of business, we have also entered into contracts which contain minimum noncancellable purchase commitments and obligations. These include commitments for the supply, manufacturing, and packaging of our commercial product as well as agreements to support the sales and marketing activities for Attruby. As of March 31, 2026, we have minimum noncancellable commitments in aggregate of $140.7 million.
Indemnification
In the ordinary course of business, we may provide indemnifications of varying scope and terms to vendors, lessors, business partners, board members, officers, and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by us, our negligence or willful misconduct, violations of law, or intellectual property infringement claims made by third-parties. In addition, we have entered into indemnification agreements with directors and certain officers and employees that will require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers, or employees. No material demands have been made upon us to provide indemnification under such agreements, and thus, there are no claims that we are aware of that could have a material effect on our condensed consolidated financial statements.
We also maintain director and officer insurance, which may cover certain liabilities arising from our obligation to indemnify our directors and certain officers. To date, we have not paid any claims related to our indemnification obligations, incurred any material costs and have not accrued any material liabilities on the condensed consolidated financial statements as a result of these provisions.
Contingencies
From time to time, we may become involved in legal proceedings arising in the ordinary course of business. We are not currently a party to any material legal proceedings.
v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
Notes
2033 Notes, net
On January 21, 2026, we issued an aggregate of $632.5 million principal amount of our 0.75% Convertible Senior Notes due 2033 (the “2033 Notes”), pursuant to an Indenture dated January 21, 2026 (the “2033 Notes Indenture”), between us and U.S. Bank Trust Company, National Association, as trustee (the “2033 Notes Trustee”), in a private offering to qualified institutional buyers (the “2026 Note Offering”) pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The 2033 Notes issued in the 2026 Note Offering include $82.5 million aggregate principal amount of 2033 Notes sold to the initial purchasers of the 2033 Notes (the “2033 Notes Initial Purchasers”) pursuant to the exercise in full of the 2033 Notes Initial Purchasers’ option to purchase additional 2033 Notes.
The 2033 Notes are senior, unsecured obligations of BridgeBio and accrue interest payable semiannually in arrears on February 1 and August 1 of each year, beginning on August 1, 2026, at a rate of 0.75% per year. The 2033 Notes will mature on February 1, 2033, unless earlier converted, redeemed or repurchased. The 2033 Notes are convertible into cash, shares of BridgeBio’s common stock or a combination of cash and shares of BridgeBio’s common stock, at our election.
We received net proceeds from the 2026 Note Offering of approximately $619.3 million, after deducting the 2033 Notes Initial Purchasers’ discount and offering costs. We used approximately $82.5 million of the net proceeds from the 2026 Note Offering to pay for the repurchase of 1,081,825 shares of BridgeBio’s common stock from certain purchasers of the 2033 Notes in privately negotiated transactions. We intend to use the remainder of the net proceeds from the 2026 Note Offering to settle future conversion obligations in respect of or repay at maturity a portion of our 2027 Notes, on or before the maturity date of the 2027 Notes and for general corporate purposes, which may include working capital, capital expenditures and/or debt repayment.
A holder of 2033 Notes may convert all or any portion of its 2033 Notes at its option at any time prior to the close of business on the business day immediately preceding November 1, 2032 only under the following circumstances:
•During any calendar quarter commencing after the calendar quarter ending on March 31, 2026 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
•During the five business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined in the 2033 Notes Indenture) per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day;
•If we call such notes for redemption, at any time prior to the close of business on the second business day immediately preceding the redemption date; or
•Upon the occurrence of specified corporate events, as defined in the 2033 Notes Indenture.
On or after November 1, 2032 until the close of business on the second scheduled trading day immediately preceding the maturity date, a holder may convert all or any portion of its notes at any time, regardless of the foregoing circumstances.
The conversion rate will initially be 9.0435 shares of BridgeBio’s common stock per $1,000 principal amount of 2033 Notes (equivalent to an initial conversion price of approximately $110.58 per share of BridgeBio’s common stock, for a total of approximately 5,720,014 shares).
The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2033 Notes in connection with such a corporate event. The maximum potential number of shares issuable should there be an increase in the conversion rate is 8,293,973 shares of BridgeBio’s common stock.
We may not redeem the 2033 Notes prior to February 6, 2030. We may redeem for cash all or any portion of the 2033 Notes, at our option, on a redemption date occurring on or after February 6, 2030 and on or before the 21st scheduled trading day immediately before the maturity date, under certain circumstances. No sinking fund is provided for the 2033 Notes. If we undergo a fundamental change (as defined in the 2033 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2033 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2033 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 2033 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2033 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the 2033 Notes then outstanding may declare the entire principal amount of all the 2033 Notes plus accrued special interest, if any, to be immediately due and payable. The 2033 Notes are our general unsecured obligations and rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2033 Notes; equal in right of payment with all of our liabilities that are not so subordinated, including our 2031 Notes, 2029 Notes and 2027 Notes; effectively junior to any of our secured indebtedness and obligations, including our obligations under our Funding Agreement (refer to Note 9), to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries, including obligations under our Royalty Purchase Agreement (refer to Note 9).
In connection with the issuance of the 2033 Notes, we incurred approximately $13.2 million of debt issuance costs, which consisted of the 2033 Notes Initial Purchasers’ discounts, legal and professional fees. This was recorded as a reduction in the carrying value of the debt on the condensed consolidated balance sheets and is amortized to interest expense using the effective interest method over the expected life of the 2033 Notes, which is approximately seven years.
2031 Notes, net
On February 28, 2025, we issued an aggregate of $575.0 million principal amount of our 2031 Notes pursuant to an Indenture dated February 28, 2025 (the “2031 Notes Indenture”), between us and U.S. Bank Trust Company, National Association, as trustee (the “2031 Notes Trustee”), in a private offering to qualified institutional buyers (the “2025 Note Offering”) pursuant to Rule 144A under the Securities Act. The 2031 Notes issued in the 2025 Note Offering include $75.0 million aggregate principal amount of 2031 Notes sold to the initial purchasers of the 2031 Notes (the “2031 Notes Initial Purchasers”) pursuant to the exercise in full of the 2031 Notes Initial Purchasers’ option to purchase additional 2031 Notes.
The 2031 Notes are senior, unsecured obligations of BridgeBio and will accrue interest payable semiannually in arrears on March 1 and September 1 of each year, beginning on September 1, 2025, at a rate of 1.75% per year. The 2031 Notes will mature on March 1, 2031, unless earlier converted, redeemed or repurchased. The 2031 Notes are convertible into cash, shares of BridgeBio’s common stock or a combination of cash and shares of BridgeBio’s common stock, at our election.
We received net proceeds from the 2025 Note Offering of approximately $563.0 million, after deducting the 2031 Notes Initial Purchasers’ discount and offering costs. We used approximately $48.3 million of the net proceeds from the 2025 Note Offering to pay for the repurchase of shares of BridgeBio’s common stock as described below and used a portion of the net proceeds from the 2025 Note Offering to repay all outstanding borrowings under, and terminate, the Financing Agreement, as defined below, and pay any fees related thereto.
A holder of 2031 Notes may convert all or any portion of its 2031 Notes at its option at any time prior to the close of business on the business day immediately preceding December 2, 2030, in multiples of $1,000 only under the following circumstances:
•During any calendar quarter commencing after the calendar quarter ending on June 30, 2025 (and only during such calendar quarter), if the last reported sale price of BridgeBio’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
•During the five-business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined in the 2031 Notes Indenture) per $1,000 principal amount of 2031 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of BridgeBio’s common stock and the conversion rate on each such trading day;
•If we call such notes for redemption, at any time prior to the close of business on the second business day immediately preceding the redemption date; or
•Upon the occurrence of specified corporate events, as defined in the 2031 Notes Indenture.
On or after December 2, 2030 until the close of business on the second scheduled trading day immediately preceding the maturity date, a holder may convert all or any portion of its 2031 Notes at any time, regardless of the foregoing.
The conversion rate will initially be 20.0773 shares of BridgeBio’s common stock per $1,000 principal amount of 2031 Notes (equivalent to an initial conversion price of approximately $49.81 per share of BridgeBio’s common stock, for a total of approximately 11,544,448 shares).
The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2031 Notes in connection with such a corporate event. The maximum potential number of shares issuable should there be an increase in the conversion rate is 16,739,400 shares of BridgeBio’s common stock.
We may not redeem the 2031 Notes prior to March 6, 2028. We may redeem for cash all or any portion of the 2031 Notes, at our option, on a redemption date occurring on or after March 6, 2028 and on or before the 41st scheduled trading day immediately before the maturity date, under certain circumstances. No sinking fund is provided for the 2031 Notes. If we undergo a fundamental change (as defined in the 2031 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2031 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2031 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 2031 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2031 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the 2031 Notes then outstanding may declare the entire principal amount of all the Notes plus accrued special interest, if any, to be immediately due and payable. The 2031 Notes are our general unsecured obligations and rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2031 Notes; equal in right of payment with all of our liabilities that are not so subordinated, including our 2029 Notes and 2027 Notes; effectively junior to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries.
In connection with the issuance of the 2031 Notes, we incurred approximately $12.0 million of debt issuance costs, which consisted of initial purchasers’ discounts, legal and professional fees. This was recorded as a reduction in the carrying value of the debt on the condensed consolidated balance sheets and is amortized to interest expense using the effective interest method over the expected life of the 2031 Notes, which is approximately six years.
2029 Notes, net
On January 28, 2021, we issued an aggregate of $717.5 million principal amount of our 2029 Notes pursuant to an Indenture dated January 28, 2021 (the “2029 Notes Indenture”), between us and U.S. Bank National Association, as trustee (the “2029 Notes Trustee”), in a private offering to qualified institutional buyers (the “2021 Note Offering”) pursuant to Rule 144A under the Securities Act. The 2029 Notes issued in the 2021 Note Offering include $67.5 million aggregate principal amount of 2029 Notes sold to the initial purchasers (the “2029 Notes Initial Purchasers”) pursuant to the exercise in part of the 2029 Notes Initial Purchasers’ option to purchase $97.5 million principal amount of additional 2029 Notes. On January 28, 2021, the 2029 Notes Initial Purchasers exercised the remaining portion of their option to purchase $30.0 million principal amount of additional 2029 Notes. The sale of those additional 2029 Notes closed on February 2, 2021, which resulted in the total aggregate principal amount of $747.5 million.
The 2029 Notes are senior, unsecured obligations of BridgeBio and will accrue interest payable semiannually in arrears on February 1 and August 1 of each year, beginning on August 1, 2021, at a rate of 2.25% per year. The 2029 Notes will mature on February 1, 2029, unless earlier converted, redeemed or repurchased. The 2029 Notes are convertible into cash, shares of BridgeBio’s common stock or a combination of cash and shares of BridgeBio’s common stock, at our election.
We received net proceeds from the 2021 Note Offering of approximately $731.4 million, after deducting the 2029 Notes Initial Purchasers’ discount (there were no direct offering expenses borne by us for the 2029 Notes). We used approximately $61.3 million of the net proceeds from the 2021 Note Offering to pay for the cost of the 2021 Capped Call Transactions described below and approximately $50.0 million to pay for the repurchase of shares of BridgeBio’s common stock described below.
A holder of 2029 Notes may convert all or any portion of its 2029 Notes at its option at any time prior to the close of business on the business day immediately preceding November 1, 2028 in multiples of $1,000 only under the following circumstances:
•During any calendar quarter commencing after the calendar quarter ending on June 30, 2021 (and only during such calendar quarter), if the last reported sale price of BridgeBio’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
•During the five-business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined in the 2029 Notes Indenture) per $1,000 principal amount of 2029 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of BridgeBio’s common stock and the conversion rate on each such trading day;
•If we call such notes for redemption, at any time prior to the close of business on the second business day immediately preceding the redemption date; or
•Upon the occurrence of specified corporate events, as defined in the 2029 Notes Indenture.
On or after November 1, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date, a holder may convert all or any portion of its 2029 Notes at any time, regardless of the foregoing.
The conversion rate will initially be 10.3050 shares of BridgeBio’s common stock per $1,000 principal amount of 2029 Notes (equivalent to an initial conversion price of approximately $97.04 per share of BridgeBio’s common stock, for a total of approximately 7,702,988 shares).
The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2029 Notes in connection with such a corporate event. The maximum potential number of shares issuable should there be an increase in the conversion rate is 11,361,851 shares of BridgeBio’s common stock.
We may not redeem the 2029 Notes prior to February 6, 2026. We may redeem for cash all or any portion of the 2029 Notes, at our option, on a redemption date occurring on or after February 6, 2026 and on or before the 41st scheduled trading day immediately before the maturity date, under certain circumstances. No sinking fund is provided for the 2029 Notes. If we undergo a fundamental change (as defined in the 2029 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2029 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2029 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 2029 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2029 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the 2029 Notes then outstanding may declare the entire principal amount of all the Notes plus accrued special interest, if any, to be immediately due and payable. The 2029 Notes are our general unsecured obligations and rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2029 Notes; equal in right of payment with all of our liabilities that are not so subordinated, including our 2027 Notes; effectively junior to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries.
In connection with the issuance of the 2029 Notes, we incurred approximately $16.1 million of debt issuance costs, which consisted of initial purchasers’ discounts. This was recorded as a reduction in the carrying value of the debt on the condensed consolidated balance sheets and is amortized to interest expense using the effective interest method over the expected life of the 2029 Notes, which is approximately eight years.
2027 Notes, net
On March 9, 2020, we issued an aggregate principal amount of $550.0 million of our 2027 Notes, pursuant to an Indenture dated March 9, 2020 (the “2027 Notes Indenture”), between us and U.S. Bank National Association, as trustee (the “2027 Notes Trustee”), in a private offering to qualified institutional buyers (the “2020 Note Offering”) pursuant to Rule 144A under the Securities Act. The 2027 Notes issued in the 2020 Note Offering include $75.0 million in aggregate principal amount of 2027 Notes sold to the initial purchasers (the “2027 Notes Initial Purchasers”) resulting from the exercise in full of their option to purchase additional 2027 Notes.
The 2027 Notes will accrue interest payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2020, at a rate of 2.50% per year. The 2027 Notes will mature on March 15, 2027, unless earlier converted or repurchased. The 2027 Notes are convertible into cash, shares of BridgeBio’s common stock or a combination of cash and shares of BridgeBio’s common stock, at our election.
We received net proceeds from the 2020 Note Offering of approximately $537.0 million, after deducting the 2027 Notes Initial Purchasers’ discount and offering expenses. We used approximately $49.3 million of the net proceeds from the 2020 Note Offering to pay for the cost of the 2020 Capped Call Transactions described below, and approximately $75.0 million to pay for the repurchase of shares of BridgeBio’s common stock described below.
A holder of 2027 Notes may convert all or any portion of its 2027 Notes at its option at any time prior to the close of business on the business day immediately preceding December 15, 2026 in multiples of $1,000 only under the following circumstances:
•During any calendar quarter commencing after the calendar quarter ending on June 30, 2020 (and only during such calendar quarter), if the last reported sale price of BridgeBio’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
•During the five-business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined in the 2027 Notes Indenture) per $1,000 principal amount of 2027 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of BridgeBio’s common stock and the conversion rate on each such trading day; or
•Upon the occurrence of specified corporate events, as defined in the 2027 Notes Indenture.
On or after December 15, 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date, a holder may convert all or any portion of its 2027 Notes at any time, regardless of the foregoing.
The conversion rate will initially be 23.4151 shares of BridgeBio’s common stock per $1,000 principal amount of 2027 Notes (equivalent to an initial conversion price of approximately $42.71 per share of BridgeBio’s common stock, for a total of approximately 12,878,305 shares).
The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2027 Notes in connection with such a corporate event. The maximum potential number of shares issuable should there be an increase in the conversion rate is 17,707,635 shares of BridgeBio’s common stock.
We may not redeem the 2027 Notes prior to the maturity date, and no sinking fund is provided for the 2027 Notes. If we undergo a fundamental change (as defined in the 2027 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2027 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2027 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 2027 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2027 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the 2027 Notes then outstanding may declare the entire principal amount of all the 2027 Notes plus accrued special interest, if any, to be immediately due and payable. The 2027 Notes are our general unsecured obligations and rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2027 Notes; equal in right of payment with all of BridgeBio’s liabilities that are not so subordinated, including our 2029 Notes; effectively junior to any of BridgeBio’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries.
In connection with the issuance of the 2027 Notes, we incurred approximately $13.0 million of debt issuance costs, which primarily consisted of initial purchasers’ discounts and legal and other professional fees. This was recorded as a reduction in the carrying value of the debt on the condensed consolidated balance sheets and was amortized to interest expense using the effective interest method over the expected life of the 2027 Notes, which is approximately seven years.
As of March 31, 2026, the 2033 Notes and 2029 Notes were not convertible pursuant to their terms. The 2027 Notes and 2031 Notes are convertible for a limited period from April 1, 2026 through June 30, 2026, as an early conversion condition based on the price of BridgeBio’s common stock, as described above, was satisfied. Notwithstanding the satisfaction of this conversion condition, the 2031 Notes were classified as noncurrent liabilities as of March 31, 2026 because we have the ability to settle any conversions in shares of BridgeBio’s common stock, as permitted under the terms of the 2031 Notes Indenture. The 2027 Notes, however, have been classified as current maturities of long-term debt as of March 31, 2026 due to their contractual maturity on March 15, 2027.
Additional Information Related to the Notes
The outstanding Notes’ balances consisted of the following:
March 31, 2026
2033 Notes2031 Notes2029 Notes2027 Notes
(in thousands)
Principal$632,500 $575,000 $747,500 $550,000 
Unamortized debt discount and
   issuance costs		(12,869)(9,955)(6,098)(2,517)
Net carrying amount$619,631 $565,045 $741,402 $547,483 
December 31, 2025
2031 Notes2029 Notes2027 Notes
(in thousands)
Principal$575,000 $747,500 $550,000 
Unamortized debt discount and issuance costs(10,435)(6,610)(2,985)
Net carrying amount$564,565 $740,890 $547,015 
The following table sets forth the total interest expense recognized and effective interest rates related to the Notes for the periods presented:
Three Months Ended March 31, 2026
2033 Notes2031 Notes2029 Notes2027 NotesTotal
(in thousands)
Contractual interest expense$936 $2,516 $4,205 $3,438 $11,095 
Amortization of debt discount and issuance
   costs		358 480 513 468 1,819 
Total interest and amortization expense$1,294 $2,996 $4,718 $3,906 $12,914 
Effective interest rate1.0%2.1%2.6%2.8%
Three Months Ended March 31, 2025
2031 Notes2029 Notes2027 NotesTotal
(in thousands)
Contractual interest expense$839 $4,205 $3,438 $8,482 
Amortization of debt discount and issuance costs157 500 455 1,112 
Total interest and amortization expense$996 $4,705 $3,893 $9,594 
Effective interest rate2.1 %2.6 %2.8 %
Interest payable on the Notes is included in “Other current liabilities” on our condensed consolidated balance sheets and consisted of the following balances:
March 31, 2026December 31, 2025
(in thousands)
2033 Notes$936 $— 
2031 Notes839 3,354 
2029 Notes2,803 7,008 
2027 Notes610 4,049 
   Total$5,188 $14,411 
Future minimum payments under the Notes as of March 31, 2026 are as follows:
2033 Notes2031 Notes2029 Notes2027 NotesTotal
(in thousands)
Remainder of 2026$2,517 $5,031 $8,409 $6,875 $22,832 
Year ending December 31:
20274,744 10,063 16,819 556,875 588,501 
20284,744 10,063 16,819 — 31,626 
20294,744 10,063 755,909 — 770,716 
20304,744 10,063 — — 14,807 
20314,744 580,031 — — 584,775 
Thereafter639,616 — — — 639,616 
Total future payments665,853 625,314 797,956 563,750 2,652,873 
Less amounts representing interest(33,353)(50,314)(50,456)(13,750)(147,873)
Total principal amount$632,500 $575,000 $747,500 $550,000 $2,505,000 
Capped Call Transactions with Respect to the Notes
On each of January 25, 2021 and March 4, 2020, concurrently with the pricing of the 2029 Notes and 2027 Notes, respectively, we entered into separate privately negotiated capped call transactions (the “2021 Capped Call Transactions” and the “2020 Capped Call Transactions”, respectively), or, together, the Capped Call Transactions, with certain financial institutions (the “Capped Call Counterparties”). We used approximately $61.3 million and $49.3 million of the net proceeds from the 2021 Note Offering and 2020 Note Offering, respectively, to pay for the cost of the respective Capped Call Transactions. The Capped Call Transactions are expected generally to reduce the potential dilution to BridgeBio’s common stock upon any conversion of Notes and/or offset any cash payments we are required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap initially equal to $131.58 for the 2021 Capped Call Transactions and $62.12 for the 2020 Capped Call Transactions (both of which represented a premium of 100% over the last reported sale price of BridgeBio’s common stock on the date of the Capped Call Transactions) and are subject to certain adjustments under the terms of the Capped Call Transactions. The 2021 Capped Calls and 2020 Capped Calls cover 7,702,988 shares and 12,878,305 shares, respectively, of our common stock (subject to anti-dilution and certain other adjustments), which are the same number of shares of common stock that initially underlie the Notes. The 2021 Capped Calls have an initial strike price of approximately $97.04 per share, which corresponds to the initial conversion price of the 2029 Notes. The 2020 Capped Calls have an initial strike price of approximately $42.71 per share, which corresponds to the initial conversion price of the 2027 Notes. The Capped Call Transactions are separate transactions, entered into by us with the Capped Call Counterparties, and are not part of the terms of the Notes.
These Capped Call instruments meet the conditions outlined in ASC 815-40, to be classified in stockholders’ deficit and are not subsequently remeasured as long as the conditions for equity classification continue to be met. We recorded a total reduction to additional paid-in capital of approximately $110.6 million related to the premium payments for the Capped Call Transactions.
Share Repurchase Transactions with Respect to the Notes
In March 2020, we used approximately $75.0 million of the net proceeds from the 2020 Note Offering to repurchase 2,414,681 shares of our common stock. This repurchase was executed concurrently with the closing of the 2020 Note Offering in privately negotiated transactions with certain of the 2020 Notes’ Initial Purchasers. The agreed-upon purchase price was $31.06 per share, representing the last reported sale price of our common stock on the Nasdaq Global Select Market on March 4, 2020.
In January 2021, we used approximately $50.0 million of the net proceeds from the 2021 Note Offering to repurchase 759,993 shares of our common stock. This repurchase was executed concurrently with the closing of the 2021 Note Offering in privately negotiated transactions with certain of the 2021 Notes’ Initial Purchasers. The agreed-upon purchase price was $65.79 per share, representing the last reported sale price of our common stock on the Nasdaq Global Select Market on January 25, 2021.
In February 2025, we used approximately $48.3 million of the net proceeds from the 2025 Note Offering to repurchase 1,405,411 shares of our common stock concurrently with the closing of the 2025 Note Offering from certain of the 2031 Notes’ Initial Purchasers in privately negotiated transactions. The agreed-upon purchase price per share of common stock in the repurchase was $34.35, which was the last reported sale price per share of our common stock on the Nasdaq Global Select Market, on February 25, 2025.
In January 2026, we used approximately $82.5 million of the net proceeds from the 2026 Note Offering to repurchase 1,081,825 shares of our common stock concurrently with the closing of the 2026 Note Offering from certain of the 2033 Notes’ Initial Purchasers in privately negotiated transactions. The agreed-upon purchase price per share of common stock in the repurchase was $76.26, which was the last reported sale price per share of our common stock on the Nasdaq Global Select Market, on January 15, 2026.
The shares repurchased were recorded as “Treasury stock” on our condensed consolidated balance sheets and statements of redeemable convertible noncontrolling interests and stockholders’ deficit.
Term Loan, net
Financing Agreement
In January 2024, the Company and certain guarantors entered into a Financing Agreement with the lenders party thereto and Blue Owl Capital Corporation, as administrative agent, which was amended in February 2024 and June 2024 (the “Amended Financing Agreement”). The Amended Financing Agreement provided for a senior secured credit facility with aggregate commitments of up to $750.0 million, consisting of a $450.0 million initial term loan and up to $300.0 million of incremental term loans. In January 2024, the Company received net proceeds of $434.0 million from the initial term loan after deducting debt discount and issuance costs.
On February 28, 2025, the Company fully repaid the Amended Financing Agreement for $467.0 million using the proceeds from the 2031 Notes and recognized a loss on extinguishment of debt of $21.2 million. From January 1, 2025 to February 28, 2025, we recognized interest expense related to the Amended Financing Agreement of $8.5 million of which $0.5 million relates to amortization of debt discount and issuance costs.
v3.26.1
Deferred Royalty Obligations, Net
 3 Months Ended
Mar. 31, 2026
Deferred Royalty Obligations [Abstract]  
Deferred Royalty Obligations, Net Deferred Royalty Obligations, net
Royalty Interest Purchase and Sale Agreement
On June 27, 2025 (the “Closing Date”), the Company and its subsidiary, Eidos Therapeutics, Inc. (“Eidos”), entered into a Royalty Interest Purchase and Sale Agreement (the “Royalty Purchase Agreement”) with Acoramidis Royalty SPV, LP (“ARS”), an affiliate of HealthCare Royalty Management, LLC (“HCRx”), as a purchaser and the purchaser representative (in such capacity, the “Purchaser Representative”), and LSI Financing Fund, LP, an affiliate of Blue Owl Capital Corporation, as a purchaser (together with ARS as a purchaser and any future permitted assignees of a purchaser, the “Royalty Agreement Purchasers”). Subsequent to the Closing Date, on July 30, 2025, KKR & Co. Inc., a beneficial holder of the Company’s common equity and a related party, acquired a majority ownership interest in HCRx. Accordingly, HCRx became a related party of the Company following KKR & Co. Inc.’s acquisition of HCRx.
Pursuant to the Royalty Purchase Agreement, Eidos sold to the Royalty Agreement Purchasers certain of Eidos’ right to receive certain royalty payments (“Purchased Royalty Payment”) on net sales of certain products containing acoramidis (the “Licensed Products”) made in the EU and all member and extension states of the European Patent Organization (the “Licensed Territory”) under (i) an exclusive license agreement, dated as of March 1, 2024, by and among Bayer (as described in Note 10), Eidos and the other subsidiaries of the Company party thereto, as amended from time to time (the “Bayer License Agreement”) and (ii) an amended and restated license agreement, effective as of June 30, 2023, by and between Eidos and one of the other Company’s subsidiaries, BridgeBio International GmbH. As consideration for the sale of the Purchased Royalty Payment, the Royalty Agreement Purchasers agreed to pay Eidos $300.0 million in cash (the “Purchase Price”), which was funded in full on the Closing Date. The Royalty Agreement Purchasers’ rights to the Purchased Royalty Payment are subject to (a) an annual cap equal to 60% of all royalty payments paid by Bayer to Eidos and its affiliates under the Bayer License Agreement on the first $500.0 million of annual net sales of Licensed Products in the Licensed Territory under the Bayer License Agreement and (b) an initial hard cap equal to 145% of the Purchase Price.
In addition, the Company and Eidos granted the Purchaser Representative, for the benefit of the Royalty Agreement Purchasers, a security interest in specific assets related to the Purchased Royalty Payment. The Royalty Purchase Agreement also contains certain representations and warranties, indemnification obligations, events of default and other provisions that are customary for transactions of this nature.
Upon the occurrence of a change of control of the Company, the successor entity has an option to either (a) assume the obligations of the Company and/or Eidos under the Royalty Purchase Agreement or (b) pay the Royalty Agreement Purchasers an amount equal to the then-applicable hard cap, less total payments already made to the Royalty Agreement Purchasers, plus any other amounts payable under the Royalty Purchase Agreement (the “Change of Control Payment”), upon payment of which no further payments will be due to the Royalty Agreement Purchasers or the Purchaser Representative under the Royalty Purchase Agreement.
If an event of default occurs and is continuing, Eidos is required to immediately pay the Change of Control Payment to the Royalty Agreement Purchasers.
We have evaluated the terms of the Royalty Purchase Agreement and concluded that the features are similar to those of a debt instrument. Accordingly, we have accounted for the transaction as long-term debt, with the short-term portion presented as part of “Other current liabilities” and the long-term portion presented as part of “Deferred royalty obligation, net” on our condensed consolidated balance sheets. We recognized net cash proceeds of $297.0 million in June 2025, after deducting debt issuance costs of $3.0 million.
Funding Agreement
On January 17, 2024, the Company and its subsidiaries, Eidos, BridgeBio Europe B.V. and BridgeBio International GmbH (collectively, the “Seller Parties”), entered into a Funding Agreement (the “Funding Agreement”) with LSI Financing 1 Designated Activity Company and CPPIB Credit Europe S.à r.l. (together and with any future permitted assignees of a seller party, the “Funding Agreement Purchasers”), and Alter Domus (US) LLC, as the collateral agent.
Pursuant to the Funding Agreement, the Funding Agreement Purchasers agreed to pay to the Company $500.0 million (net of certain transaction expenses) (the “Investment Amount”) upon the first FDA approval of acoramidis, subject to certain conditions relating to the FDA approval and other customary conditions (such date of payment, the “Funding Date”).
In return, the Company granted the Funding Agreement Purchasers the right to receive payments (the “Royalty Interest Payments”) equal to 5% of the global net sales of acoramidis (the “Net Sales”). Under certain conditions relating to the sales performance of acoramidis, the rate of the Royalty Interest Payments may adjust to a maximum rate of 10% in 2027. Each Royalty Interest Payment will become payable to the Funding Agreement Purchasers on a quarterly basis after the Funding Date. In addition, the Seller Parties granted the collateral agent, for the benefit of the Funding Agreement Purchasers, a security interest in specific assets related to acoramidis.
The Funding Agreement Purchasers’ rights to the Royalty Interest Payments and ownership interest in Net Sales will terminate upon the earlier of the Funding Agreement Purchasers’ receipt of (a) Royalty Interest Payments equal to $950.0 million (the “Cap Amount”) and (b) a buy-out payment (the “Buy-Out Payment”) in an amount determined in accordance with the Funding Agreement but that will not exceed the Cap Amount. In the event that a change of control (as customarily defined in the Funding Agreement) occurs on or after the effective date of the Funding Agreement, the Purchasers may elect to require the Seller Parties to make the Buy-Out Payment and the Funding Agreement will be terminated upon payment in-full of the Seller Parties’ obligations under the Funding Agreement (including the Buy-Out Payment and all reimbursable expenses). The Funding Agreement will also terminate upon customary events.
Under the Funding Agreement, the Seller Parties are required to comply with various covenants, including using commercially reasonable efforts to obtain regulatory approval for and commercialize acoramidis, providing the Funding Agreement Purchasers with certain clinical, commercial, regulatory and intellectual property updates and certain financial statements, and providing notices upon the occurrence of certain events, each as agreed under the Funding Agreement. The Funding Agreement also contains certain representations and warranties, indemnification obligations, put-option events and other provisions that are customary for transactions of this nature.
Following the FDA approval of Attruby in November 2024, the Company received gross proceeds of $500.0 million under the Funding Agreement in December 2024.
We have evaluated the terms of the Funding Agreement and concluded that the features are similar to those of a debt instrument. Accordingly, we have accounted for the transaction as long-term debt and presented it as part of “Deferred royalty obligations, net” on our condensed consolidated balance sheets. The Company recognized net cash proceeds of $472.5 million in December 2024, after deducting debt discount and issuance costs paid in cash of $27.5 million.
We have further evaluated the terms of the Funding Agreement and determined that the repayment of the Cap Amount of $950.0 million, less any payments made to date, upon a change of control is an embedded derivative that requires bifurcation from the debt instrument and fair value recognition. We determined the fair value of the derivative using an option pricing Monte Carlo simulation model taking into account the probability of change of control occurring and potential repayment amounts and timing of such payments would result under various scenarios as further described in Note 3. The aggregate fair value of the embedded derivative liability was $19.3 million and $21.4 million as of March 31, 2026 and December 31, 2025, respectively. We remeasure the embedded derivative to fair value each reporting period until the time the features lapse and/or termination of the deferred royalty obligation.
In connection with the Royalty Purchase Agreement described above, the Funding Agreement was amended on June 27, 2025. All terms and conditions of the Funding Agreement remain substantially unchanged.
Additional Information Related to the Deferred Royalty Obligations, net
The carrying value balances of our deferred royalty obligations, net under the Funding Agreement and the Royalty Purchase Agreement consisted of the following:
March 31, 2026
Funding AgreementRoyalty Purchase
Agreement (1)		Total
(in thousands)
Carrying value of deferred royalty obligations, net$593,291 $312,045 $905,336 
Fair value of embedded derivative liability19,281 — 19,281 
Unamortized debt discount and issuance costs(50,952)(2,480)(53,432)
Deferred royalty obligations, net$561,620 $309,565 $871,185 
(1)Including related party amounts of $208,030 for the carrying value of deferred royalty obligations, net and $(1,653) for the unamortized debt discount and issuance costs as of March 31, 2026.
December 31, 2025
Funding AgreementRoyalty Purchase
Agreement (1)		Total
(in thousands)
Carrying value of deferred royalty obligations, net$581,759 $309,629 $891,388 
Fair value of embedded derivative liability21,439 — 21,439 
Unamortized debt discount and issuance costs(55,143)(2,654)(57,797)
Deferred royalty obligations, net$548,055 $306,975 $855,030 
(1)Including related party amounts of $206,419 for the carrying value of deferred royalty obligations, net and $(1,769) for the unamortized debt discount and issuance costs as of December 31, 2025.

The effective interest rate as of March 31, 2026 and December 31, 2025 was 22.5% and 22.2%, respectively, for the Funding Agreement. For the three months ended March 31, 2026 and 2025, we recognized noncash interest expense related to the Funding Agreement of $31.8 million and $24.0 million, respectively, of which $4.2 million and $3.0 million, respectively, relates to amortization of debt discount and issuance costs. As of March 31, 2026 and December 31, 2025, the current portion of the deferred royalty obligation related to the Funding Agreement of $16.1 million and $8.2 million, respectively, is presented within “Other current liabilities” on our condensed consolidated balance sheets.
The effective interest rate as of March 31, 2026 and December 31, 2025 was 10.7% and 10.4%, respectively, for the Royalty Purchase Agreement. For the three months ended March 31, 2026, we recognized noncash interest expense related to the Royalty Purchase Agreement of $8.1 million, of which $0.2 million relates to amortization of debt discount and issuance costs. As of March 31, 2026 and December 31, 2025, the current portion of the deferred royalty obligation related to the Royalty Purchase Agreement of $5.4 million and $3.0 million, respectively, is presented within “Other current liabilities” on our condensed consolidated balance sheets.
v3.26.1
License and Collaboration Agreements
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
License and Collaboration Agreements License and Collaboration Agreements
Bayer Exclusive License
On March 1, 2024, certain subsidiaries of the Company, including Eidos, BridgeBio International GmbH and BridgeBio Europe B.V. (collectively, the “Seller Parties”), entered into an exclusive license agreement (the “Bayer License Agreement”) with Bayer Consumer Care AG, a wholly-owned subsidiary of Bayer AG (“Bayer”), to develop and commercialize acoramidis as a treatment for transthyretin amyloidosis in the EU and all member and extension states of the European Patent Organization (the “Licensed Territory”).
Under the terms of the Bayer License Agreement, the Seller Parties granted Bayer an exclusive license on March 26, 2024 to certain of the Seller Parties’ intellectual property rights to develop, manufacture and commercialize acoramidis (previously known as AG10) in the Licensed Territory. In consideration for the license grant, the Seller Parties are entitled to receive an upfront payment of $135.0 million, up to $150.0 million in regulatory and sales milestone payments through 2026, and additional payments up to $450.0 million subject to the achievement of certain sales milestones under the Bayer License Agreement. To date, we have received $210.0 million relating to the upfront payment and regulatory and sales milestones. In addition, the Seller Parties are entitled to receive royalties according to a tiered structure starting in the low-thirties percent on net sales by Bayer of acoramidis in the Licensed Territory, subject to reduction under certain circumstances as provided in the Bayer License Agreement.
Unless earlier terminated, the Bayer License Agreement will expire at the end of the royalty term for a licensed product, provided that the licenses granted to Bayer for such licensed product survive such expiration on a non-exclusive basis. Either party may terminate the Bayer License Agreement in the event of a material breach or insolvency of the other party or in the event merger control proceedings are started and clearances are not obtained. Additionally, Bayer may terminate the Bayer License Agreement for convenience upon at least 270 days prior written notice, and the Seller Parties may terminate the Bayer License Agreement in the event Bayer ceases exploitation of acoramidis under certain circumstances or challenges the validity or enforceability of the Seller Parties’ patent rights.
We determined that the Bayer License Agreement falls within the scope of ASC 606 as Bayer is a customer in this arrangement, and we identified the following performance obligations in the agreement:
•an exclusive license to develop and commercialize acoramidis in the Licensed Territory and the related know-how; and
•research and development services to conduct ongoing clinical trials.
We determined that the performance obligations outlined above are capable of being distinct and distinct with the context of the contract given such rights and activities are independent of each other. The license can be used by Bayer without the development services. Similarly, those services provide a distinct benefit to Bayer within the context of the contract, separate from the license, as the services could be provided by Bayer or another third party without our assistance.
We determined the initial transaction price at inception of the Bayer License Agreement to be $135.0 million, which is composed of the fixed and non-refundable upfront payment. The remaining future potential regulatory and sales milestone payments were not included in the initial transaction price as they were determined to be fully constrained under ASC 606. We include variable consideration in our transaction price to the extent that it is probable that it will not result in a significant revenue reversal when the uncertainty associated with the variable consideration is subsequently resolved. As part of management’s evaluation of the variable consideration, we considered numerous factors, including the fact that achievement of the milestones is outside of our control, contingent upon the success of our existing clinical trials, Bayer’s efforts, and receipt of regulatory approval that is subject to scientific risks of success. Royalty arrangements and commercial-based milestones will be recognized when the sales occur or the milestones are achieved pursuant to the sales-based royalty exception under ASC 606 because the license is the predominant item to which the royalties or commercial-based milestones relate. In February 2025, the EC granted marketing authorization in the EU for acoramidis, under the brand name Beyonttra. Since the uncertainty of the variable consideration related to the regulatory milestone was resolved, we updated the transaction price to include this consideration, and accordingly, we recognized $75.0 million as license and services revenue during the three months ended March 31, 2025. We will continue to re-evaluate the transaction price at each reporting period and as uncertain events are resolved or other changes in circumstances occur. Upon receiving marketing authorization in the EU, Bayer began selling Beyonttra, of which we are entitled to royalties on net product revenue.
We allocated the initial transaction price of $135.0 million based on the stand-alone selling prices (“SSP”) of each of the performance obligations as follows:
•$130.5 million for the upfront transfer of the license; and
•$4.5 million for the research and development services to conduct the ongoing clinical trials.
The SSP for the license was determined using an approach that considered discounted, probability-weighted cash flows related to the license transferred. The SSP for the ongoing research and development services were based on estimates of the associated effort and cost of these services, adjusted for a reasonable gross profit margin that would be expected to be realized under similar contracts.
We recognize revenue for each of the two performance obligations as follows:
•We recognize revenue related to the license at a point in time upon transfer of the rights and control of the license to Bayer. The transfer of the rights and control of the license occurred in March 2024; thus, we recognized the full amount allocated to the license and related know-how in 2024.
•We recognize revenue related to the research and development services for the ongoing clinical trials over time using an input method to measure progress by utilizing costs incurred to date relative to total expected costs. We expect the research and development services for ongoing clinical trials to extend through 2029. We recognized $0.2 million and $0.3 million of license and services revenue relating to this performance obligation during the three months ended March 31, 2026 and 2025, respectively.
Under certain commercial and API supply agreements with an initial term ending in December 2026, we supplied $1.0 million and $0.6 million of product to Bayer during the three months ended March 31, 2026 and 2025, respectively, which are recorded in “License and services revenue” on our condensed consolidated statements of operations.
As of March 31, 2026 and December 31, 2025, there were $10.2 million and $5.0 million, respectively, of outstanding receivables relating to the Bayer License Agreement on our condensed consolidated balance sheets. During the three months ended March 31, 2026 and 2025, we recognized license and services revenue and royalty revenue of $10.3 million and $76.1 million, respectively, under the Bayer License Agreement. Our condensed consolidated balance sheet as of March 31, 2026 includes a deferred revenue balance of $2.7 million ($0.8 million presented as “Deferred revenue, current portion” and $1.9 million as “Deferred revenue, net of current portion”) related to our research and development services obligations. Our condensed consolidated balance sheet as of December 31, 2025, includes a deferred revenue balance of $2.9 million ($0.8 million presented as “Deferred revenue, current portion” and $2.1 million as “Deferred revenue, net of current portion”) related to our research and development services obligations.
Kyowa Kirin Exclusive License
In February 2024, the Company’s subsidiary, QED, and Kyowa Kirin Co., Ltd (“Kyowa Kirin” or “KKC”) entered into a license and collaboration agreement pursuant to which QED granted Kyowa Kirin an exclusive license to develop, manufacture, and commercialize infigratinib for achondroplasia, hypochondroplasia, and other skeletal dysplasias in Japan, in accordance with the terms therein (the “KKC License Agreement”). In consideration for the license grant, QED is entitled to receive an upfront payment of $100.0 million and development and sales milestone payments up to $81.4 million. To date, we have received $100.0 million relating to the upfront payment. In addition, QED is entitled to receive royalties up to the mid-twenties percent on net sales of infigratinib in Japan.
Unless earlier terminated, the KKC License Agreement will expire at the end of the royalty term for a licensed product, provided that the licenses granted to Kyowa Kirin for such licensed product survive such expiration on a non-exclusive basis. Either party may terminate the KKC License Agreement in the event of a material breach or insolvency of the other party. Additionally, Kyowa Kirin may terminate the KKC License Agreement for convenience upon at least 180 days’ prior written notice, and QED may terminate the KKC License Agreement in the event Kyowa Kirin ceases exploitation of infigratinib under certain circumstances or challenges the validity or enforceability of Kyowa Kirin’s patent rights.
We determined that the KKC License Agreement falls within the scope of ASC 606 as Kyowa Kirin is a customer in this arrangement, and we identified the following performance obligations in the agreement:
•an exclusive license to develop and commercialize infigratinib for achondroplasia, hypochondroplasia and other skeletal dysplasias in Japan and the related know-how; and
•research and development services to conduct ongoing clinical trials.
We determined that the performance obligations outlined above are capable of being distinct and distinct with the context of the contract given such rights and activities are independent of each other. The license can be used by Kyowa Kirin without any development activities. Similarly, those services provide a distinct benefit to Kyowa Kirin within the context of the contract, separate from the license, as the services could be provided by Kyowa Kirin or another third party without our assistance.
We determined the initial transaction price at inception of the KKC License Agreement to be $100.0 million, which consisted of the fixed and non-refundable upfront payment. No additional development or sales milestone payments are included in the transaction price, as all such payments are variable consideration that are fully constrained as of March 31, 2026. We include variable consideration in our transaction price to the extent that it is probable that it will not result in a significant revenue reversal when the uncertainty associated with the variable consideration is subsequently resolved. As part of management’s evaluation of the variable consideration, we considered numerous factors, including the fact that achievement of the milestones is outside of our control, contingent upon the success of our existing and future clinical trials, Kyowa Kirin’s efforts, and receipt of regulatory approval that is subject to scientific risks of success. Royalty arrangements and commercial-based milestones will be recognized when the sales occur or the milestones are achieved pursuant to the sales-based royalty exception under ASC 606 because the license is the predominant item to which the royalties or commercial-based milestones relate. We will re-evaluate the transaction price at each reporting period and as uncertain events are resolved or other changes in circumstances occur.
We allocated the transaction price of $100.0 million based on the SSP of each of the performance obligations as follows:
•$69.1 million for the upfront transfer of the license; and
•$30.9 million for research and development services to conduct the ongoing clinical trials.
The SSP for the license was determined using an approach that considered discounted, probability-weighted cash flows related to the license transferred. The SSP for the ongoing research and development services were based on estimates of the associated effort and cost of these services, adjusted for a reasonable gross profit margin that would be expected to be realized under similar contracts.
We recognize revenue for each of the two performance obligations as follows:
•We recognize revenue related to the license at a point in time upon transfer of the rights and control of the license to KKC. The transfer of the rights and control of the license occurred in February 2024; thus, we recognized the full amount allocated to the license and related know-how in 2024.
•We recognize revenue relating to the research and development services for the ongoing clinical trials over time using an input method to measure progress by utilizing costs incurred to date relative to total expected costs. We expect the research and development services to extend through 2030. We recognized $2.1 million and $2.3 million of license and services revenue relating to this performance obligation during the three months ended March 31, 2026 and 2025, respectively.
During the three months ended March 31, 2026 and 2025, we recognized license and services revenue of $2.2 million and $2.7 million, respectively, under the KKC License Agreement. Our condensed consolidated balance sheet as of March 31, 2026 includes a deferred revenue balance of $12.6 million ($4.3 million presented as “Deferred revenue, current portion” and $8.3 million as “Deferred revenue, net of current portion”) related to our research and development services obligation and clinical supply. Our condensed consolidated balance sheet as of December 31, 2025 includes a deferred revenue balance of $14.6 million ($5.4 million presented as “Deferred revenue, current portion” and $9.2 million as “Deferred revenue, net of current portion”) related to our research and development services obligation.
License Agreement with Alexion
In September 2019, Eidos entered into an exclusive license agreement with Alexion Pharma International Operations Limited Company, a subsidiary of Alexion Pharmaceuticals, Inc. (together, “Alexion”) (the “Eidos-Alexion License Agreement”), to develop, manufacture, and commercialize in Japan the compound known as acoramidis (previously known as AG10) and any of its various chemical forms and any pharmaceutical products containing acoramidis. Under the Eidos-Alexion License Agreement, Eidos received an upfront nonrefundable payment of $25.0 million and became eligible to receive a regulatory milestone payment of $30.0 million. Following pricing approval from the National Health Insurance in Japan in May 2025, the regulatory milestone was fully achieved and recognized as license and services revenue. Under the Eidos-Alexion License Agreement, Eidos is eligible to receive royalties in the low-teens percent on net sales by Alexion of acoramidis in Japan. The royalty rate is subject to reduction if Alexion is required to obtain intellectual property rights from third-parties to develop, manufacture or commercialize acoramidis in Japan, or upon the introduction of generic competition into the market.
Eidos accounted for the Eidos-Alexion License Agreement under ASC 606 and identified the exclusive license as a distinct performance obligation since Alexion can benefit from the license on its own by developing and commercializing the underlying product using its own resources.
In October 2024, Alexion initiated the ACT-EARLY clinical trial in Japan under the Eidos-Alexion License Agreement for an upfront payment of $3.0 million. This initial payment was deferred upon receipt, and revenue is recognized over time relating to the research and development services for the ongoing clinical trial. During the three months ended March 31, 2026 and 2025, there were $0.2 million and nil costs, respectively, incurred under the ACT-EARLY clinical trial in Japan.
As of March 31, 2026 and December 31, 2025, the receivables relating to the Eidos-Alexion License Agreement on our condensed consolidated balance sheets were $0.3 million and $0.2 million, respectively. During the three months ended March 31, 2026 and 2025, we recognized license and services and royalty revenue of $1.3 million and $1.0 million, respectively, under the Eidos-Alexion License Agreement. Our condensed consolidated balance sheet as of March 31, 2026 includes a deferred balance of $2.6 million ($1.0 million presented as “Deferred revenue, current portion” and $1.6 million presented as “Deferred revenue, net of current portion”) related to the ACT-EARLY clinical trial. Our condensed consolidated balance sheet as of December 31, 2025 includes a deferred balance of $2.8 million ($1.0 million presented as “Deferred revenue, current portion” and $1.8 million presented as “Deferred revenue, net of current portion”) related to the ACT-EARLY clinical trial.
v3.26.1
In-licensing and Other Research and Development Agreements
 3 Months Ended
Mar. 31, 2026
In-Licensing And Other Research And Development Agreements [Abstract]  
In-licensing and Other Research and Development Agreements In-licensing and Other Research and Development Agreements
Stanford License Agreement
In April 2016, Eidos entered into a license agreement with the Board of Trustees of the Stanford University, relating to Eidos’ drug discovery and development initiatives. Under this agreement and its amendments, Eidos has been granted certain worldwide exclusive licenses to make, use, and sell products that are covered by licensed patent rights. Eidos may also be required to make future payments of up to approximately $1.0 million to Stanford University upon achievement of specific intellectual property, clinical and regulatory milestone events, and pay royalties of up to low single-digit percentages on future net sales, if any. In addition, Eidos is obligated to pay Stanford University a percentage of non-royalty revenue received by Eidos from its sublicensees, with the amount owed decreasing annually for three years based on when the applicable sublicense agreement is executed.
Additionally, under the license agreement with Stanford University, we will pay Stanford University a portion of all nonroyalty sublicensing consideration attributable to the sublicense of the licensed compounds. For the three months ended March 31, 2025, we incurred $4.5 million of license fees payable to Stanford University, which was related to the regulatory milestone achieved in February 2025 under the Bayer License Agreement (refer to Note 10) and was capitalized as a finite-lived intangible asset. During the three months ended March 31, 2026 and 2025, we incurred $3.2 million and $0.6 million, respectively, in royalties related to commercial sales of Attruby and Beyonttra.
Other License and Collaboration Agreements
In addition to the agreements described above, we have also entered into other license and collaboration agreements with various institutions and business entities on terms similar to those described above, none of which are material individually or in the aggregate.
v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases Leases
We have operating leases for our corporate headquarters, office spaces and laboratory facilities. One of our office space leases has a finance lease component representing lessor provided furniture and office equipment. Our finance lease, which is presented as part of “Property and equipment, net” on our condensed consolidated balance sheets, is not material.
Certain leases include renewal options at our election and we include the renewal options when we are reasonably certain that the renewal option will be exercised. The lease liabilities were measured using a weighted-average discount rate based on the most recent borrowing rate as of the calculation of the respective lease liability, adjusted for the remaining lease term and aggregate amount of the lease.
The components of lease costs are as follows:
Three Months Ended March 31,
20262025
(in thousands)
Straight-line operating lease costs$1,466 $994 
Finance lease costs29 95 
Variable lease costs780 1,406 
Total lease costs$2,275 $2,495 
Supplemental cash flow information related to leases are as follows:
Three Months Ended March 31,
20262025
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$1,852 $1,470 
Operating cash flows for finance lease$— $114 
Operating lease right-of-use assets obtained in exchange for
   operating lease obligations		$10,406 $2,259 
As of March 31, 2026, future minimum lease payments for our noncancelable operating leases are as follows. Future minimum lease payments under our finance lease are not material.
Amount
(in thousands)
Remainder of 2026$4,820 
Year ending December 31:
20272,180 
20283,199 
20292,787 
20302,857 
20312,928 
Thereafter4,684 
Total future minimum lease payments23,455 
Imputed interest(4,800)
Total$18,655 
Reported as of March 31, 2026
Operating lease liabilities, current portion$4,439 
Operating lease liabilities, net of current portion14,216 
Total operating lease liabilities$18,655 
During the three months ended March 31, 2026 and 2025, we did not identify any indicators of impairment, and no impairment loss was recognized during those periods
Leases Leases
We have operating leases for our corporate headquarters, office spaces and laboratory facilities. One of our office space leases has a finance lease component representing lessor provided furniture and office equipment. Our finance lease, which is presented as part of “Property and equipment, net” on our condensed consolidated balance sheets, is not material.
Certain leases include renewal options at our election and we include the renewal options when we are reasonably certain that the renewal option will be exercised. The lease liabilities were measured using a weighted-average discount rate based on the most recent borrowing rate as of the calculation of the respective lease liability, adjusted for the remaining lease term and aggregate amount of the lease.
The components of lease costs are as follows:
Three Months Ended March 31,
20262025
(in thousands)
Straight-line operating lease costs$1,466 $994 
Finance lease costs29 95 
Variable lease costs780 1,406 
Total lease costs$2,275 $2,495 
Supplemental cash flow information related to leases are as follows:
Three Months Ended March 31,
20262025
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$1,852 $1,470 
Operating cash flows for finance lease$— $114 
Operating lease right-of-use assets obtained in exchange for
   operating lease obligations		$10,406 $2,259 
As of March 31, 2026, future minimum lease payments for our noncancelable operating leases are as follows. Future minimum lease payments under our finance lease are not material.
Amount
(in thousands)
Remainder of 2026$4,820 
Year ending December 31:
20272,180 
20283,199 
20292,787 
20302,857 
20312,928 
Thereafter4,684 
Total future minimum lease payments23,455 
Imputed interest(4,800)
Total$18,655 
Reported as of March 31, 2026
Operating lease liabilities, current portion$4,439 
Operating lease liabilities, net of current portion14,216 
Total operating lease liabilities$18,655 
During the three months ended March 31, 2026 and 2025, we did not identify any indicators of impairment, and no impairment loss was recognized during those periods
v3.26.1
Public Offerings
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Public Offerings Public Offerings
2023 Shelf Registration Statement and ATM Agreement
In May 2023, we filed a shelf registration statement on Form S-3 (the “2023 Shelf”) with the SEC in relation to the registration of common stock, preferred stock, debt securities, warrants and units or any combination thereof. We also concurrently entered into an Equity Distribution Agreement (the “ATM Agreement”) with Goldman Sachs & Co. LLC and SVB Securities LLC (collectively, the “ATM Sales Agents”), with respect to an “at-the-market” offering program under which we may issue and sell, from time to time at our sole discretion and pursuant to a prospectus supplement, shares of our common stock, par value $0.001 per share, having an aggregate offering price of up to $450.0 million through the ATM Sales Agents. We paid the ATM Sales Agents a commission of up to 3.0% of the aggregate gross proceeds received from all sales of the common stock under the ATM Agreement. The 2023 Shelf expired on May 4, 2026, and we are no longer able to offer or sell securities, including under the ATM Agreement, pursuant to the 2023 Shelf. As of March 31, 2026, we were still eligible to sell up to $345.3 million of our common stock pursuant to the ATM Agreement under the 2023 Shelf prior to such expiration.
v3.26.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement, Disclosure [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Under each of our equity incentive plans, we recorded stock-based compensation in the following expense categories on our condensed consolidated statements of operations for employees and non-employees:
Three Months Ended March 31,
20262025
(in thousands)
Cost of goods sold$970 $91 
Research and development12,144 11,255 
Selling, general and administrative20,249 17,998 
Restructuring, impairment, and related charges— 46 
Total stock-based compensation$33,363 $29,390 
v3.26.1
Restructuring, Impairment and Related Charges
 3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
Restructuring, Impairment and Related Charges Restructuring, Impairment, and Related Charges
From time to time management may decide to restructure our business to streamline costs and expenses. We also continue to explore business opportunities to partner, divest or delay certain research and development programs to drive operational changes in our business processes, efficiencies and cost savings to advance our corporate strategy and development programs. We expect that these initiatives, including restructuring, will reduce our operating expenses.
We continuously evaluate our restructuring initiatives to streamline our operations and are committed to a restructuring program designed to drive operational changes, improve efficiencies and achieve cost savings to advance our corporate strategy and development programs. Our restructuring initiatives could include, among other components, consolidation and rationalization of our facilities, reprioritization of development programs and the reduction in our workforce. Our estimate of the costs is subject to certain assumptions and actual results may differ from those estimates or assumptions. We may also incur additional costs that are not currently foreseeable as we continue to evaluate our restructuring alternatives to drive operational changes in business processes, efficiencies and cost savings.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
BridgeBio is subject to U.S. federal, state and foreign income taxes as a corporation. BridgeBio’s tax provision and the resulting effective tax rate for interim periods are determined based upon its estimated annual effective tax rate adjusted for the effect of discrete items arising in that quarter. There was no provision for income tax for the three months ended March 31, 2026 and 2025.
Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax basis of assets and liabilities using statutory rates. A valuation allowance is recorded against deferred tax assets if it is more likely than not that some or all of the deferred tax assets will not be realized. Due to the uncertainty surrounding the realization of the favorable tax attributes in future tax returns, we have recorded a full valuation allowance against our otherwise recognizable net deferred tax assets.
Our policy is to recognize interest and penalties associated with uncertain tax benefits as part of the income tax provision and include accrued interest and penalties with the related income tax liability on the condensed consolidated balance sheets. To date, we have not recognized any interest and penalties on our condensed consolidated statements of operations, nor have we accrued for or made payments for interest and penalties. Our unrecognized gross tax benefits would not reduce the estimated annual effective tax rate if recognized because we have recorded a full valuation allowance on its deferred tax assets.
On July 4, 2025, the current administration signed the One Big Beautiful Bill Act (“OBBBA”), which includes comprehensive U.S. corporate tax legislation. The legislation includes the modification and permanent extension of prior tax law under the Tax Cuts and Jobs Act and the introduction of new provisions such as permanently reinstating the immediate deduction of domestic specified research and experimental expenditures, permanent changes in the limitations for deducting business interest expense, and permanently restoring bonus depreciation allowances. Following the enactment of the OBBBA, we are no longer capitalizing domestic research and experimental expenditures.
v3.26.1
Net Loss Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Net Loss Per Share Net Loss Per Share
Basic net loss per share attributable to common stockholders of BridgeBio is computed by dividing net loss attributable to common stockholders of BridgeBio by the weighted-average number of shares of common stock outstanding. Diluted net loss per share attributable to common stockholders of BridgeBio is computed by dividing net loss by the weighted-average number of shares of common stock outstanding, plus all additional common shares that would have been outstanding, assuming dilutive potential common shares had been issued for other dilutive securities. For the three months ended March 31, 2026 and 2025, diluted and basic net loss per share attributable to common stockholders of BridgeBio were identical since potential common shares were excluded from the calculation, as their effect was anti-dilutive.
The following common stock equivalents were excluded from the computation of diluted net loss per share attributable to common stockholders of BridgeBio, because including them would have been antidilutive:
As of March 31,
20262025
Unvested RSUs10,076,09012,763,343
Unvested performance-based RSUs285,973194,943
Unvested market-based RSUs116,071375,000
Common stock options issued and outstanding10,492,96612,424,219
Estimated shares issuable under performance-based milestone
  compensation arrangements		944,2681,983,744
Estimated shares issuable under the ESPP31,51648,086
Assumed conversion of 2027 Notes12,878,30512,878,305
Assumed conversion of 2029 Notes7,702,9887,702,988
Assumed conversion of 2031 Notes11,544,44811,544,448
Assumed conversion of 2033 Notes5,720,014—
59,792,63959,915,076
Our Notes are convertible, based on the applicable conversion rate, into cash, shares of our common stock or a combination thereof, at our election.
We have performance-based milestone compensation arrangements, whose vesting is contingent upon meeting various regulatory and development milestones, with fixed monetary amounts known at inception that can be settled in the form of cash or equity at our sole election, upon achievement of each contingent milestone. The common stock equivalents of such arrangements were estimated as if the contingent milestones were achieved as of the reporting date and the arrangements were all settled in equity.
v3.26.1
Subsequent Event
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Event
2026 Share Repurchase Program
On May 6, 2026, our Board of Directors approved a stock repurchase program pursuant to which we may purchase up to $500.0 million of BridgeBio’s outstanding common stock. Stock repurchases under the program may be made from time to time, in the open market, in privately negotiated transactions and otherwise, at the discretion of our management and in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended, and other applicable legal requirements. The timing, pricing, and amounts of these repurchases will depend on a number of factors, including the market price of our common stock and general market and economic conditions. The stock repurchase program does not obligate us to repurchase any dollar amount or number of shares, and the program may be suspended or discontinued at any time.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Jennifer Cook [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 16, 2026, Jennifer Cook, a member of our Board of Directors, adopted a trading plan (the “Cook Trading Plan”) intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c). The Cook Trading Plan provides for the potential sale of a maximum of (i) 7,152 shares of our common stock held by Ms. Cook and (ii) 351,722 shares of our common stock underlying stock options held by Ms. Cook. Ms. Cook is not permitted to transfer, sell or otherwise dispose of any shares under the Cook Trading Plan until the Earliest Sell Date, which is the later of (i) the 91st day after the adoption date of the Cook Trading Plan; or (ii) the earlier of: (a) the third business day following the disclosure of the Company’s financial results in a Form 10-Q or Form 10-K for the completed fiscal quarter in which the Cook Trading Plan is adopted; or (b) the 121st day after the adoption date. The Cook Trading Plan is expected to remain in effect until the earlier of (a) June 15, 2027; (b) the first date on which all trades have been executed or all trading orders relating to such trades set forth on Addendum A of the Cook Trading Plan have expired; (c) as soon as practicable following the date on which Ms. Cook gives written notice to Morgan Stanley Smith Barney LLC (“MSSB”) to terminate the Cook Trading Plan; (d) as soon as practicable following the date on which MSSB receives written notice of a termination of an additional contract, instruction or plan that is being treated as a single “plan” with the Cook Trading Plan (or MSSB receives written notice of a modification of such additional contract, instruction or plan and the requirements for a modification of the Cook Trading Plan are not or cannot be satisfied); (e) as soon as practicable following the date on which MSSB receives written notice of a legal, regulatory or contractual restriction applicable to the Company or to Ms. Cook that would result in a modification or change to the amount, price or timing of the sale of shares under the Cook Trading Plan but the requirements for a modification of the Cook Trading Plan are not or cannot be satisfied; and (f) as soon as practicable following the date on which MSSB receives notice of certain events, including the public announcement of a tender or exchange offer with respect to the Company’s common stock or that the Company is the target of a merger, acquisition, reorganization, recapitalization or comparable transaction as a result of which the Company’s common stock will be converted into shares of another company, or the commencement of bankruptcy or insolvency proceeding with respect to the Company.
Name Jennifer Cook
Title member of our Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 16, 2026
Expiration Date June 15, 2027
Arrangement Duration 456 days
Jennifer Cook, Trading Arrangement, Common Stock [Member] | Jennifer Cook [Member]  
Trading Arrangements, by Individual  
Aggregate Available 7,152
Jennifer Cook, Trading Arrangement, Common Stock Underlying Stock Options [Member] | Jennifer Cook [Member]  
Trading Arrangements, by Individual  
Aggregate Available 351,722
v3.26.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Principles of Consolidation
Basis of Presentation and Principles of Consolidation
The condensed consolidated financial statements include the accounts of BridgeBio and its wholly-owned subsidiaries and controlled entities, substantially all of which are denominated in U.S. dollars. All intercompany balances and transactions have been eliminated in consolidation. For consolidated entities where we own or are exposed to less than 100% of the economics, we record “Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests” on our condensed consolidated statements of operations equal to the percentage of the economic or ownership interest retained in such entities by the respective noncontrolling parties.
In determining whether an entity is considered a controlled entity, we applied the VIE and Voting Interest Entity (“VOE”) models. We assess whether we are the primary beneficiary of a VIE based on our power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and our obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Entities that do not qualify as a VIE are assessed for consolidation under the VOE model. Under the VOE model, BridgeBio consolidates the entity if it determines that it has a controlling financial interest in the entity through its ownership of greater than 50% of the outstanding voting shares of the entity and that other equity holders do not have substantive voting, participating or liquidation rights. We assess whether we are the primary beneficiary of a VIE or whether we have a majority voting interest for entities consolidated under the VOE model at the inception of the arrangement and at each reporting date.
Basis of Presentation
The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Certain reclassifications have been made to prior period amounts to conform to current period presentations. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC.
The condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal and recurring adjustments, necessary for a fair statement of our financial position, our results of operations and comprehensive loss, stockholders’ deficit and our cash flows for the periods presented. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other future annual or interim periods.
Use of Estimates
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to:
•revenue recognition for transactions accounted for under ASC 606, Revenue from Contracts with Customers (“ASC 606”), including estimating the impact of the variable consideration and determining and allocating the transaction price to performance obligations,
•accruals for research and development activities, such as clinical, development, regulatory, and sales-based milestone payments in our in-licensing agreements,
•deferred royalty obligations, related embedded derivative liability and underlying assumptions,
•accruals for performance-based milestone compensation arrangements,
•the expected recoverability and estimated useful lives of our long-lived assets,
•additional charges as a result of, or that are associated with, any restructuring initiative as well as impairment and related charges,
•inventory valuation and related reserves,
•valuation of equity awards and related stock-based compensation, and
•allowance for credit losses.
We base our estimates on historical experience and on various other assumptions that are believed to be reasonable. Actual results may differ from those estimates or assumptions.
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration of Credit Risk and Other Risks and Uncertainties
Financial instruments that subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities, and accounts receivable. Amounts on deposit may at times exceed federally insured limits. Although management currently believes that the financial institutions with whom the Company does business will be able to fulfill their commitments to the Company, there is no assurance that those institutions will be able to continue to do so. The Company has not experienced any credit losses associated with its balances as of March 31, 2026 and December 31, 2025.
The following table summarizes customers that represent 10% or greater of our consolidated total gross revenues:
Three Months Ended March 31,
20262025
Bayer (as described in Note 10)*59.6%
Customer A18.5%10.6%
Customer B24.1%*
Customer C21.5%*
Customer D14.4%*
Customer E16.7%*
*Represents less than 10% and/or not a customer in the applicable period.
We are subject to credit risk from our accounts receivable which primarily consist of amounts due from product sales to customers and from license and collaboration agreements with strategic partners. We have not experienced any material losses related to receivables from individual customers or groups of customers. We also do not require any collateral. Accounts receivable are recorded net of allowance for credit losses, if any. As of March 31, 2026, five customers each accounted for more than 10% of our consolidated gross accounts receivable balance, at 22.5%, 21.5%, 19.5%, 16.4% and 15.5%. As of December 31, 2025, five customers each accounted for more than 10% of our consolidated gross accounts receivable balance, at 27.0%, 20.3%, 19.1%, 15.0% and 14.9%.
We are subject to certain risks and uncertainties and we believe that changes in any of the following areas could have a material adverse effect on future financial position or results of operations: ability to obtain future financing, regulatory approval and market acceptance of, and reimbursement for, product candidates, performance of third-party contract research organizations and manufacturers upon which we rely, development of sales channels, protection of our intellectual property, litigation or claims against us based on intellectual property, patent, product, regulatory, clinical or other factors, and our ability to attract and retain employees necessary to support our growth.
We are dependent on third-party contract manufacturing organizations (“CMOs”) to supply Attruby and Beyonttra and for research and development activities in our programs. In particular, we rely and expect to continue to rely on a small number of manufacturers to supply us with our requirements for the active pharmaceutical ingredients and formulated drugs related to the sale of our commercial product and the research and development of our other clinical product candidates. For certain clinical product candidates, we rely on a single source manufacturer. The sale of our commercial product and development of our other clinical product candidates could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs.
Cash, Cash Equivalents, Marketable Securities, and Restricted Cash
Cash, Cash Equivalents, Marketable Securities, and Restricted Cash
We consider all highly liquid investments purchased with original maturities of 90 days or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market instruments, such as money market funds, U.S. treasury bills, agency discount notes, and other securities issued by the U.S. government or its agencies.
Our marketable securities consist of high investment grade fixed income securities invested in U.S. treasury bills and notes, and agency discount notes. In accordance with ASC 320, Investments - Debt Securities, we classify our marketable securities as available-for-sale securities and report them at fair value in cash equivalents or marketable securities on the condensed consolidated balance sheets with related unrealized gains and losses included as a component of stockholders’ deficit. We classify our marketable securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity which is included in interest income on the condensed consolidated statements of operations. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are included in “Other income (expense), net” on our condensed consolidated statements of operations. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income.
Our cash, cash equivalents, marketable securities, and restricted cash are exposed to credit risk in the event of default by the financial institutions that hold or issue such assets. Our cash, cash equivalents, marketable securities, and restricted cash are held by financial institutions that management believes are of high credit quality. Our investment policy limits investments to fixed income securities denominated and payable in U.S. dollars such as commercial paper, U.S. government obligations, treasury bills, and money market funds, and places restrictions on maturities and concentrations by type and issuer.
Restricted cash primarily represents certain letters of credit for lease agreements, for which we have pledged cash and cash equivalents as collateral.
Segments
Segments
We are a single operating and reportable segment, which is in the business of identifying, advancing and commercializing transformative medicines to treat patients. We operate in one segment because our business offerings have similar economics and other characteristics, including the nature of products, clinical and manufacturing processes, types of customers, distribution methods, and regulatory environments. We are managed in the aggregate as one business segment by the Chief Operating Decision Maker (“CODM”), which is our Chief Executive Officer.
While we operate as a single reportable segment, our research and development expenses for our significant programs are tracked and regularly reported to our CODM. Research and development costs consist primarily of external costs, such as fees paid to consultants, contractors, CMOs, and contract research organizations (“CROs”), and purchase of active pharmaceutical ingredients (“APIs”), in connection with our preclinical, contract manufacturing and clinical development activities; as well as internal costs, such as personnel and facility costs, and are tracked on a program-by-program basis. License fees and other costs incurred after a product candidate has been designated and that are directly related to the product candidate are included in the specific program expense. License fees and other costs incurred prior to designating a product candidate are included in early-stage development and research programs, which are presented in the following table in “Other development programs” and “Other research programs,” respectively.
Revenue Recognition
Revenue Recognition
For elements or transactions that we determine should be accounted for under ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy our performance obligation. We apply the five-step model to contracts when it is probable that we will collect the consideration to which we are entitled in exchange for the goods or services we transfer to the customer.
At inception of the arrangement, we assess the promised goods or services to identify the performance obligations within the contract. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation, on a relative standalone selling price basis, when (or as) the performance obligation is satisfied, either at a point in time or over time. If the performance obligation is satisfied over time, we recognize revenue based on the use of an input method. As part of the accounting for these arrangements, we develop assumptions that require judgment to determine the standalone selling price for each performance obligation identified in the contract. These key assumptions may include forecasted revenue or costs, development timelines, discount rates and probabilities of clinical and regulatory success.
•Net product revenue: Revenue is recognized when our customers, primarily specialty pharmacies and specialty distributors, obtain control of the product and revenue is adjusted to reflect discounts, chargebacks, rebates, returns and other allowances associated with the respective sales as further described below.
•License fees: For arrangements that include a grant of a license to our intellectual property, we consider whether the license grant is distinct from the other performance obligations included in the arrangement. We determine the license to be distinct if the customer is able to benefit from the license with the resources available to it. For licenses that are distinct, we recognize revenues from nonrefundable, upfront license fees and other consideration allocated to the license when the license term has begun and we have provided all necessary information regarding the underlying intellectual property to the customer, which generally occurs at or near the inception of the arrangement. For licenses that are bundled with other promises, we determine whether the combined performance obligation is satisfied over time or at a point in time. If the combined performance obligation is satisfied over time, we use judgment in determining the appropriate method of measuring progress for purposes of recognizing revenue from the upfront license fees. We evaluate the measure of progress for each reporting period and, if necessary, adjust the measure of performance and related revenue recognition.
•Development and regulatory milestone payments: At the inception of each arrangement that includes development and regulatory milestone payments, we evaluate whether the milestones are considered probable of being achieved and estimate the amount to be included in the transaction price using the most likely amount method. We generally include these milestone payments in the transaction price when they are achieved because there is considerable uncertainty in the research and development processes that trigger these payments under our agreements. Similarly, we include approval milestone payments in the transaction price once the product is approved by the applicable regulatory agency. At the end of each subsequent reporting period, we re-evaluate the probability of achieving such development and regulatory milestones and any related constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis.
•Sales-based milestone payments and royalties: For arrangements that include sales-based royalties, including milestone payments based on the volume of sales, we will determine whether the license is deemed to be the predominant item to which the royalties or sales-based milestones relate and if such is the case, we will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Our partners generally report sales information with a time lag. Thus, we estimate the expected royalty proceeds based on an analysis of historical experience and interim data provided by our partners. Differences between actual and estimated royalty revenues are adjusted in the period in which they become known, typically the following quarter.
•Product supply services: Arrangements that include a promise for the future supply of drug product for either clinical development or commercial supply at the licensee’s discretion are generally considered as options. We will assess if these options provide a material right to the licensee and if so, they are accounted for as separate performance obligations and recognized when the future goods or services related to the option are provided or the option expires.
•Research and development services: For arrangements that include research and development services, we will recognize revenue over time using an input method, representing the transfer of goods or services as we perform activities over the term of the arrangement.
Revenues from product sales are recorded at the net sales price, or “transaction price”, which includes estimates of variable consideration for which reserves are established that result from discounts and fees, chargebacks, rebates, returns, co-pay assistance and other allowances that are offered within contracts between us and our customers, health care providers and other indirect customers relating to the sale of Attruby. These reserves are based on amounts earned or to be claimed on the related sale and are classified as reductions of accounts receivable (if the amount is payable to the customer) or other current liabilities (if the amount is payable to a third party other than a customer). We use the expected value method, which is the sum of probability-weighted amounts in a range of possible consideration amounts, or the most likely amount method, which is the single most likely amount in a range of possible considerations, to estimate variable consideration related to our product revenue. The estimates of reserves established for variable consideration reflect current contractual and statutory requirements, our historical experience, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The amount of variable consideration that is included in the transaction price may be constrained and is included in net product revenue only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from our estimates. If actual results vary from our estimates, we will adjust these estimates prospectively in the period such change in estimate becomes known, which could affect net product revenue and earnings in the period of adjustment.
The following are the components of variable consideration related to net product revenue:
•Chargebacks: Chargebacks result from contractual commitments with the government and other entities to sell products to qualified healthcare providers at prices lower than the list prices charged to our customers. Our customers charge us for the difference between what they pay for the product and the selling price to the qualified healthcare providers. We record reserves and reduce our product revenue for these chargebacks related to product sold to our customers during the reporting period as well as our estimate of product that remains in the distribution channel at the end of the reporting period that we expect will be sold to qualified healthcare providers in future periods. Our established reserve for chargebacks is included as an offset against our “Accounts receivable, net” balance on our condensed consolidated balance sheets.
•Trade discounts and allowances: We provide customary invoice discounts on sales to our U.S. customers for prompt payment. The discounts are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue, and the establishment of a reserve that is offset against our “Accounts receivable, net” balance on our condensed consolidated balance sheets.
•Distribution fees: We receive and pay for various distribution services provided by our customers. These fees are generally accounted for as a reduction of product revenue in the same period the related revenue is recognized, and the establishment of a reserve is offset against our “Accounts receivable, net” balance on our condensed consolidated balance sheets. To the extent that the services received are distinct from the sale of products to our customers, we classify these payments as “Selling, general and administrative expenses” on our condensed consolidated statements of operations.
•Government rebates: We are subject to discount obligations under government programs, including Medicare and Medicaid programs in the U.S. Rebates are amounts owed after the final dispensing of the product to a benefit plan participant and are based upon contractual agreements with payers or statutory requirements pertaining to Medicare and Medicaid benefit providers. The allowance for rebates is based on contractual or statutory discount rates, estimated payer mix, and expected utilization. Our estimates for the expected utilization of rebates are based on historical dispense data received from our customers and invoices received. We monitor sales trends and adjust the allowance on a quarterly basis to reflect the most recent rebate experience. Our reserve for these rebates is recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of the liability that is included in “Other current liabilities” on our condensed consolidated balance sheets.
•Other incentives: Other incentives include co-payment assistance that we provide to patients with commercial insurance that have coverage and qualify for co-payment assistance. Co-payment assistance is accrued based on an estimate of the number of co-payment assistance claims and the cost per claim that we expect to receive associated with products that have been recognized as product revenue. The estimate is recorded as a reduction of product revenue in the same period that the related revenue is recognized and also results in the establishment of a liability which is included in “Other current liabilities” on our condensed consolidated balance sheets.
•Product returns: Consistent with industry practice, we offer our customers limited product return rights for damages, shipment errors, and expiring product; provided that the return is within a specified period around the product expiration date as set forth in the applicable individual distribution or customer agreement. In estimating for product returns, we consider historical product returns, the underlying product demand, and industry specific data. We estimate the amount of product sales that may be returned and record the estimate as a reduction of revenue and a refund liability included in “Other current liabilities” on our condensed consolidated balance sheets in the period the related product revenue is recognized.
There were no significant changes in estimates of variable considerations during the three months ended March 31, 2026 and 2025, respectively.
For revenue recognized under licensing and collaboration arrangements, we identify the performance obligations and allocate the total consideration we expect to receive on a relative standalone selling price basis to each performance obligation. Variable considerations, such as performance-based milestones, will be included in the total consideration if we expect to receive such consideration and if it is probable that the inclusion of the variable consideration will not result in a significant reversal in the cumulative amount of revenue recognized under the arrangement. Our estimate of the total consideration we expect to receive under each licensing and collaboration arrangement is updated for each reporting period, and any adjustments to revenue are recorded on a cumulative catch-up basis.
Inventories
Inventories
Inventory is recorded at the lower of cost or net realizable value. The cost of raw materials, work in process and finished goods are determined using a standard cost approach, which approximates actual cost determined on a first-in, first-out basis. Raw and intermediate materials that may be used for either research and development or commercial purposes are classified as inventory until the material is consumed or otherwise allocated for research and development. If the material is used for research and development, it is expensed as research and development once that determination is made. We capitalize inventory costs that are expected to be sold commercially once we determine it is probable that the inventory costs will be recovered through commercial sales. We periodically review inventories to identify excess, dated, or obsolete inventory and record reserves and write-downs as necessary to reflect inventories at net realizable value. Provision for inventory reserves and write-downs are recorded within “Cost of revenues” on the condensed consolidated statements of operations.
Cost of Revenues
Cost of Revenues
Cost of revenues consists of the following classifications, which are presented accordingly on our condensed consolidated statements of operations:
•Cost of goods sold: Cost of goods sold consists of manufacturing costs, transportation and freight-in, indirect overhead costs (including salary related and stock-based compensation expenses) associated with the commercial manufacturing and distribution of Attruby, and third-party royalties payable on our net product revenue. Cost of goods sold may also include period costs related to excess, dated or obsolete inventory adjustment charges, unabsorbed manufacturing and overhead costs, and manufacturing variances.
•Cost of license, services, and royalty revenue: Cost of license, services, and royalty revenue consists of manufacturing costs relating to product supply of Beyonttra to our collaboration partners, royalties owed to a third party on the net sales of our licensed product, as well as amortization of intangible assets associated with our license and collaboration agreements, which are amortized over the life of the underlying intellectual property rights.
Advertising Expense
Advertising Expense
Advertising expenses include costs incurred to market the Company’s branded product. Advertising production costs, which include costs incurred during production rather than when the advertising takes place, are expensed as incurred. Advertising communication costs, which include costs to run the ad campaign on digital or traditional marketing channels, such as on third-party websites, television, and social and print media, are expensed over the period of the campaign run. Advertising costs are included in “Selling, general and administrative expenses” on the condensed consolidated statements of operations. Deferred advertising costs primarily consist of vendor payments made in advance to secure media spots across various media channels. Deferred advertising costs are not expensed until the advertising is broadcast.
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements Not Yet Adopted
Recently Adopted Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which seeks to clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. This ASU is effective for fiscal years beginning after December 15, 2025. Early adoption is permitted. The Company adopted this standard effective January 1, 2026, and the adoption of this ASU did not have an impact on its consolidated financial statements and related disclosures.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides a practical expedient that all entities can use when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606. Under this practical expedient, an entity is allowed to assume that the current conditions it has applied in determining credit loss allowances for current accounts receivable and current contract assets remain unchanged for the remaining life of those assets. This ASU is effective for fiscal years beginning after December 15, 2025, and interim reporting periods in those years. Entities that elect the practical expedient and, if applicable, make the accounting policy election are required to apply the amendments prospectively. The Company adopted this standard effective January 1, 2026, and the adoption of this ASU did not have an impact on its consolidated financial statements and related disclosures.
New Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), which requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in notes to financial statements, including purchases of inventory, employee compensation, depreciation, amortization of intangible assets, and selling expenses. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. We plan to adopt this pronouncement and make the necessary updates to our disclosures for the year ending December 31, 2027, and, aside from these disclosure changes, we do not expect the amendments to have a material effect on our consolidated financial statements and related disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU makes targeted improvements to the accounting for internal-use software, and the ASU will be effective for the first quarter of 2029, with early adoption permitted. This ASU provides for adoption on a prospective basis, with retrospective or modified retrospective application permitted. The Company is currently evaluating the timing and effects of its adoption of this new guidance on its consolidated financial statements and related disclosures.
In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Non-cash Consideration from a Customer in a Revenue Contract. The guidance refines the scope of ASC 815 to clarify which contracts are subject to derivative accounting. The guidance also provides clarification under ASC 606 for share-based payments from a customer in a revenue contract. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026, and interim reporting periods, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this new guidance on its consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which provides updated guidance on how to recognize, measure, and present government grants. This ASU is effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years, and permits modified prospective, modified retrospective, or full retrospective adoption. The Company plans to adopt this guidance in fiscal year 2029, and does not expect the adoption of this ASU to have a material impact on its consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting: Narrow-Scope Improvements. This ASU improves clarity for interim financial reporting requirements under the existing guidance within ASC 270, Interim Reporting, by creating a comprehensive list of interim disclosure requirements, clarifying scope and applicability, along with adding a principle to disclose all material events that have occurred since the most recently filed Form 10-K. This ASU is effective for interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted. The Company plans to adopt this guidance for interim periods within its fiscal year beginning January 1, 2028, and does not expect the adoption of this ASU to have a material impact on its consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-12, Codification Improvements, to address suggestions received from stakeholders on the Accounting Standards Codification and to make other incremental improvements to U.S. GAAP. The update represents changes to the Accounting Standards Codification that (1) clarify, (2) correct errors, or (3) make minor improvements. The amendments make the Accounting Standards Codification easier to understand and apply. The guidance is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. The Company plans to adopt this guidance in fiscal year 2027, and does not expect the adoption of this ASU to have a material impact on its consolidated financial statements and related disclosures.
Fair Value Measurements
Assets and liabilities recorded at fair value on a recurring basis in the condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:
Level 1 - Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2 - Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment we exercise in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
The carrying amounts reflected in the accompanying condensed consolidated balance sheets for cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses, and other current liabilities approximate their fair values, due to their short-term nature.
v3.26.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Schedule of Concentration, Percentage of Gross Revenues
The following table summarizes customers that represent 10% or greater of our consolidated total gross revenues:
Three Months Ended March 31,
20262025
Bayer (as described in Note 10)*59.6%
Customer A18.5%10.6%
Customer B24.1%*
Customer C21.5%*
Customer D14.4%*
Customer E16.7%*
*Represents less than 10% and/or not a customer in the applicable period.
Total revenues, net is attributed to regions based on the location of our customers or license and collaboration partners.
Three Months Ended March 31,
20262025
U.S.92.9 %31.6 %
Europe, Middle East, and Africa (EMEA)6.0 %66.1 %
Asia-Pacific (APAC)1.1 %2.3 %
   Total100.0 %100.0 %
Summary of Other Current Liabilities
Other current liabilities presented on the condensed consolidated balance sheets consisted of the following balances:
March 31, 2026December 31, 2025
(in thousands)
Accrued rebates and other related costs$59,784 $45,909 
Accrued commercial36,963 35,773 
Deferred royalty obligations, current portion (1)21,488 11,221 
Accrued professional services7,540 3,665 
Accrued interest5,188 14,411 
Other accrued liabilities4,546 9,243 
Total other current liabilities$135,509 $120,222 
(1)Including related party amounts of $3,622 and $2,003 as of March 31, 2026 and December 31, 2025, respectively (as described in Note 9).
Summary of Segment Information for Revenue, Significant Operating Expenses and Other Income (Expense), and Net Loss
The following table summarizes our segment information for significant operating expenses:
Three Months Ended March 31,
20262025
(in thousands)
Revenues:
Net product revenue$180,596 $36,739 
License and services revenue4,419 79,690 
Royalty revenue9,500 204 
Total revenues, net194,515 116,633 
Operating costs and expenses:
Cost of revenues:
Cost of goods sold7,732 2,034 
Cost of license, services, and royalty revenue2,207 605 
Total cost of revenues9,939 2,639 
Research and development by significant program:
Acoramidis for the treatment of ATTR-CM and primary prevention in
   asymptomatic carriers of a pathogenic TTR variant		31,391 24,392 
Infigratinib for achondroplasia and hypochondroplasia35,533 27,934 
BBP-418 for LGMD2I/R915,608 14,209 
Encaleret for ADH120,428 15,459 
Other development programs6,760 11,430 
Other research programs16,916 18,007 
Total segment research and development126,636 111,431 
Selling, general and administrative163,896 106,365 
Restructuring, impairment, and related charges— 570 
Total operating costs and expenses300,471 221,005 
Loss from operations(105,956)(104,372)
Other income (expense), net:
Interest income6,246 5,385 
Interest expense(12,942)(18,121)
Noncash interest expense on deferred royalty obligations (1)(39,873)(24,020)
Loss on extinguishment of debt— (21,155)
Net loss from equity method investments(18,283)(15,556)
Other income, net4,253 8,231 
Total other expense, net(60,599)(65,236)
Net loss(166,555)(169,608)
Net loss attributable to redeemable convertible noncontrolling
   interests and noncontrolling interests		2,512 2,186 
Segment net loss attributable to common stockholders of BridgeBio$(164,043)$(167,422)
(1)Including a related party amount of $(5,361) for the three months ended March 31, 2026 (as described in Note 9).
Schedule of Inventories Presented on Condensed Consolidated Balance Sheet
Inventories presented on the condensed consolidated balance sheet consisted of the following balances:
March 31, 2026December 31, 2025
(in thousands)
Raw materials$15,789 $14,997 
Work in process10,485 6,104 
Finished goods8,037 6,509 
Inventory reserve(1,331)(857)
   Total inventories$32,980 $26,753 
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation:
March 31, 2026
TotalLevel 1Level 2Level 3
(in thousands)
Assets
Cash equivalents:
Money market funds$360,237 $360,237 $— $— 
U.S. Treasury securities174,122 — 174,122 — 
Agency discount notes16,349 — 16,349 — 
Total cash equivalents550,708 360,237 190,471 — 
Marketable securities:
U.S. Treasury securities43,777 — 43,777 — 
Agency discount notes16,518 — 16,518 — 
Total marketable securities60,295 — 60,295 — 
Total financial assets$611,003 $360,237 $250,766 $— 
Liability
Embedded derivative (included in “Deferred royalty
   obligations, net”)		$19,281 $— $— $19,281 
December 31, 2025
TotalLevel 1Level 2Level 3
(in thousands)
Assets
Cash equivalents:
Money market funds$132,602 $132,602 $— $— 
U.S. Treasury securities11,960 — 11,960 — 
Agency discount notes25,938 — 25,938 — 
Total cash equivalents170,500 132,602 37,898 — 
Marketable securities:
U.S. Treasury securities9,421 — 9,421 — 
Agency discount notes7,942 — 7,942 — 
Total marketable securities17,363 — 17,363 — 
Total financial assets$187,863 $132,602 $55,261 $— 
Liability
Embedded derivative (included in “Deferred royalty
   obligations, net”)		$21,439 $— $— $21,439 
Schedule of Aggregate Face Values and Fair Values of Notes
The following table presents the aggregate face values and the fair values of the Notes, based on their market prices on the last trading day for the periods presented:
March 31, 2026December 31, 2025
Aggregate Face ValuesEstimated Fair ValuesAggregate Face ValuesEstimated Fair Values
(in thousands)
2033 Convertible Notes$632,500 $609,632 $— $— 
2031 Convertible Notes$575,000 $924,049 $575,000 $1,003,783 
2029 Convertible Notes$747,500 $839,640 $747,500 $833,625 
2027 Convertible Notes$550,000 $993,734 $550,000 $1,019,975 
v3.26.1
Cash Equivalents and Marketable Securities (Tables)
 3 Months Ended
Mar. 31, 2026
Cash Equivalents And Marketable Securities [Abstract]  
Schedule of Cash Equivalent and Marketable Securities
Cash equivalents and marketable securities consisted of the following:
March 31, 2026
Amortized
Cost Basis		Unrealized
Gains		Unrealized
Losses		Estimated Fair
Value
(in thousands)
Cash equivalents:
Money market funds$360,237 $— $— $360,237 
U.S. Treasury securities174,121 2 (1)174,122 
Agency discount notes16,349 — — 16,349 
Total cash equivalents$550,707 $2 $(1)$550,708 
Marketable securities:
U.S. Treasury securities43,785 — (8)43,777 
Agency discount notes16,519 — (1)16,518 
Total marketable securities60,304 — (9)60,295 
Total cash equivalents and marketable
   securities		$611,011 $2 $(10)$611,003 
December 31, 2025
Amortized
Cost Basis		Unrealized
Gains		Unrealized
Losses		Estimated Fair
Value
(in thousands)
Cash equivalents:
Money market funds$132,602 $— $— $132,602 
U.S. Treasury securities11,957 3 — 11,960 
Agency discount notes25,933 5 — 25,938 
Total cash equivalents$170,492 $8 $— $170,500 
Marketable securities:
U.S. Treasury securities9,419 2 — $9,421 
Agency discount notes7,940 2 — 7,942 
Total marketable securities17,359 4 — 17,363 
Total cash equivalents and marketable
   securities
$187,851 $12 $— $187,863 
v3.26.1
Intangible Assets, net (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Recognized Intangible Assets
The following table summarizes our recognized intangible assets as a result of the arrangements described in the following sections:
March 31, 2026December 31, 2025
Weighted-average
Estimated Useful Lives		AmountWeighted-average
Estimated Useful Lives		Amount
(in thousands)(in thousands)
Gross amount13.7 years$39,400 13.7 years$39,400 
Less accumulated amortization(12,041)(11,323)
Total$27,359 $28,077 
v3.26.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Potential Milestone Amounts and Accruals The table below shows our commitment for the potential milestone amounts and the accruals for milestones deemed probable of achievement as of March 31, 2026.
Potential Fixed Monetary
Amount
Accrued
Amount (1)
Settlement Type(in thousands)
Cash$727 $— 
Stock (2)
12,340 — 
Cash or stock at our sole discretion53,167 1,100 
Total$66,234 $1,100 
(1)Amount recorded for performance-based milestone awards that are probable of achievement.
(2)Includes the performance-based milestone awards.
v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Loans Balances
The outstanding Notes’ balances consisted of the following:
March 31, 2026
2033 Notes2031 Notes2029 Notes2027 Notes
(in thousands)
Principal$632,500 $575,000 $747,500 $550,000 
Unamortized debt discount and
   issuance costs		(12,869)(9,955)(6,098)(2,517)
Net carrying amount$619,631 $565,045 $741,402 $547,483 
December 31, 2025
2031 Notes2029 Notes2027 Notes
(in thousands)
Principal$575,000 $747,500 $550,000 
Unamortized debt discount and issuance costs(10,435)(6,610)(2,985)
Net carrying amount$564,565 $740,890 $547,015 
Schedule of Total Interest Expense Recognized and Effective Interest Related to Notes
The following table sets forth the total interest expense recognized and effective interest rates related to the Notes for the periods presented:
Three Months Ended March 31, 2026
2033 Notes2031 Notes2029 Notes2027 NotesTotal
(in thousands)
Contractual interest expense$936 $2,516 $4,205 $3,438 $11,095 
Amortization of debt discount and issuance
   costs		358 480 513 468 1,819 
Total interest and amortization expense$1,294 $2,996 $4,718 $3,906 $12,914 
Effective interest rate1.0%2.1%2.6%2.8%
Three Months Ended March 31, 2025
2031 Notes2029 Notes2027 NotesTotal
(in thousands)
Contractual interest expense$839 $4,205 $3,438 $8,482 
Amortization of debt discount and issuance costs157 500 455 1,112 
Total interest and amortization expense$996 $4,705 $3,893 $9,594 
Effective interest rate2.1 %2.6 %2.8 %
Schedule Of Interest Payable Note
Interest payable on the Notes is included in “Other current liabilities” on our condensed consolidated balance sheets and consisted of the following balances:
March 31, 2026December 31, 2025
(in thousands)
2033 Notes$936 $— 
2031 Notes839 3,354 
2029 Notes2,803 7,008 
2027 Notes610 4,049 
   Total$5,188 $14,411 
Schedule of Maturities of Long-Term Debt
Future minimum payments under the Notes as of March 31, 2026 are as follows:
2033 Notes2031 Notes2029 Notes2027 NotesTotal
(in thousands)
Remainder of 2026$2,517 $5,031 $8,409 $6,875 $22,832 
Year ending December 31:
20274,744 10,063 16,819 556,875 588,501 
20284,744 10,063 16,819 — 31,626 
20294,744 10,063 755,909 — 770,716 
20304,744 10,063 — — 14,807 
20314,744 580,031 — — 584,775 
Thereafter639,616 — — — 639,616 
Total future payments665,853 625,314 797,956 563,750 2,652,873 
Less amounts representing interest(33,353)(50,314)(50,456)(13,750)(147,873)
Total principal amount$632,500 $575,000 $747,500 $550,000 $2,505,000 
v3.26.1
Deferred Royalty Obligations, Net (Tables)
 3 Months Ended
Mar. 31, 2026
Deferred Royalty Obligations [Abstract]  
Schedule of Deferred Royalty Obligations, Net
The carrying value balances of our deferred royalty obligations, net under the Funding Agreement and the Royalty Purchase Agreement consisted of the following:
March 31, 2026
Funding AgreementRoyalty Purchase
Agreement (1)		Total
(in thousands)
Carrying value of deferred royalty obligations, net$593,291 $312,045 $905,336 
Fair value of embedded derivative liability19,281 — 19,281 
Unamortized debt discount and issuance costs(50,952)(2,480)(53,432)
Deferred royalty obligations, net$561,620 $309,565 $871,185 
(1)Including related party amounts of $208,030 for the carrying value of deferred royalty obligations, net and $(1,653) for the unamortized debt discount and issuance costs as of March 31, 2026.
December 31, 2025
Funding AgreementRoyalty Purchase
Agreement (1)		Total
(in thousands)
Carrying value of deferred royalty obligations, net$581,759 $309,629 $891,388 
Fair value of embedded derivative liability21,439 — 21,439 
Unamortized debt discount and issuance costs(55,143)(2,654)(57,797)
Deferred royalty obligations, net$548,055 $306,975 $855,030 
(1)Including related party amounts of $206,419 for the carrying value of deferred royalty obligations, net and $(1,769) for the unamortized debt discount and issuance costs as of December 31, 2025.
v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Components of Lease Cost
The components of lease costs are as follows:
Three Months Ended March 31,
20262025
(in thousands)
Straight-line operating lease costs$1,466 $994 
Finance lease costs29 95 
Variable lease costs780 1,406 
Total lease costs$2,275 $2,495 
Supplemental cash flow information related to leases are as follows:
Three Months Ended March 31,
20262025
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$1,852 $1,470 
Operating cash flows for finance lease$— $114 
Operating lease right-of-use assets obtained in exchange for
   operating lease obligations		$10,406 $2,259 
Schedule of Future Minimum Lease Payments for Noncancelable Leases
As of March 31, 2026, future minimum lease payments for our noncancelable operating leases are as follows. Future minimum lease payments under our finance lease are not material.
Amount
(in thousands)
Remainder of 2026$4,820 
Year ending December 31:
20272,180 
20283,199 
20292,787 
20302,857 
20312,928 
Thereafter4,684 
Total future minimum lease payments23,455 
Imputed interest(4,800)
Total$18,655 
Reported as of March 31, 2026
Operating lease liabilities, current portion$4,439 
Operating lease liabilities, net of current portion14,216 
Total operating lease liabilities$18,655 
v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement, Disclosure [Abstract]  
Summary of Stock Based Compensation for Employees and Non Employees
Under each of our equity incentive plans, we recorded stock-based compensation in the following expense categories on our condensed consolidated statements of operations for employees and non-employees:
Three Months Ended March 31,
20262025
(in thousands)
Cost of goods sold$970 $91 
Research and development12,144 11,255 
Selling, general and administrative20,249 17,998 
Restructuring, impairment, and related charges— 46 
Total stock-based compensation$33,363 $29,390 
v3.26.1
Net Loss Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Common Stock Equivalents were Excluded from Computation of Diluted Net Loss per Share
The following common stock equivalents were excluded from the computation of diluted net loss per share attributable to common stockholders of BridgeBio, because including them would have been antidilutive:
As of March 31,
20262025
Unvested RSUs10,076,09012,763,343
Unvested performance-based RSUs285,973194,943
Unvested market-based RSUs116,071375,000
Common stock options issued and outstanding10,492,96612,424,219
Estimated shares issuable under performance-based milestone
  compensation arrangements		944,2681,983,744
Estimated shares issuable under the ESPP31,51648,086
Assumed conversion of 2027 Notes12,878,30512,878,305
Assumed conversion of 2029 Notes7,702,9887,702,988
Assumed conversion of 2031 Notes11,544,44811,544,448
Assumed conversion of 2033 Notes5,720,014—
59,792,63959,915,076
v3.26.1
Organization and Description of Business (Details)
 3 Months Ended
Mar. 31, 2026
product_candidate
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of product candidates in late development 3
v3.26.1
Summary of Significant Accounting Policies - Schedule of Concentration, Percentage of Gross Revenues (Details) - Revenue Benchmark
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Geographical Risk    
Concentration Risk [Line Items]    
Percentage of concentration risk 100.00% 100.00%
Geographical Risk | U.S.    
Concentration Risk [Line Items]    
Percentage of concentration risk 92.90% 31.60%
Geographical Risk | EMEA    
Concentration Risk [Line Items]    
Percentage of concentration risk 6.00% 66.10%
Geographical Risk | APAC    
Concentration Risk [Line Items]    
Percentage of concentration risk 1.10% 2.30%
Bayer | Customer Concentration Risk    
Concentration Risk [Line Items]    
Percentage of concentration risk   59.60%
Customer A | Customer Concentration Risk    
Concentration Risk [Line Items]    
Percentage of concentration risk 18.50% 10.60%
Customer B | Customer Concentration Risk    
Concentration Risk [Line Items]    
Percentage of concentration risk 24.10%  
Customer C | Customer Concentration Risk    
Concentration Risk [Line Items]    
Percentage of concentration risk 21.50%  
Customer D | Customer Concentration Risk    
Concentration Risk [Line Items]    
Percentage of concentration risk 14.40%  
Customer E | Customer Concentration Risk    
Concentration Risk [Line Items]    
Percentage of concentration risk 16.70%  
v3.26.1
Summary of Significant Accounting Policies - Additional Information (Details)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
segment
customer
Dec. 31, 2025
customer
Summary Of Significant Accounting Policies [Line Items]    
Number of operating segments 1  
Number of reportable segments 1  
Number of business segments 1  
U.S.    
Summary Of Significant Accounting Policies [Line Items]    
Percentage of capitalized property and equipment 41.50% 44.20%
Canada    
Summary Of Significant Accounting Policies [Line Items]    
Percentage of capitalized property and equipment 54.10% 51.60%
Rest of World    
Summary Of Significant Accounting Policies [Line Items]    
Percentage of capitalized property and equipment 4.40% 4.20%
Accounts Receivable | Customer Concentration Risk    
Summary Of Significant Accounting Policies [Line Items]    
Number of customers accounted for more than 10% of concentration risk | customer 5 5
Accounts Receivable | Customer Concentration Risk | Customer A    
Summary Of Significant Accounting Policies [Line Items]    
Percentage of concentration risk 22.50% 27.00%
Accounts Receivable | Customer Concentration Risk | Customer B    
Summary Of Significant Accounting Policies [Line Items]    
Percentage of concentration risk 21.50% 20.30%
Accounts Receivable | Customer Concentration Risk | Customer C    
Summary Of Significant Accounting Policies [Line Items]    
Percentage of concentration risk 19.50% 19.10%
Accounts Receivable | Customer Concentration Risk | Customer D    
Summary Of Significant Accounting Policies [Line Items]    
Percentage of concentration risk 16.40% 15.00%
Accounts Receivable | Customer Concentration Risk | Customer E    
Summary Of Significant Accounting Policies [Line Items]    
Percentage of concentration risk 15.50% 14.90%
v3.26.1
Summary of Significant Accounting Policies - Summary of Other Current Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Summary Of Significant Accounting Policies [Line Items]      
Accrued rebates and other related costs $ 59,784 $ 45,909  
Accrued commercial 36,963 35,773  
Deferred royalty obligations, current portion 21,488 11,221  
Accrued professional services 7,540 3,665  
Accrued interest 5,188 14,411 $ 14,411
Other accrued liabilities 4,546 9,243  
Total other current liabilities [1] 135,509 120,222 [2]  
Related Party      
Summary Of Significant Accounting Policies [Line Items]      
Deferred royalty obligations, current portion 3,622 2,003  
Total other current liabilities $ 3,622 $ 2,003  
[1] Including related party amounts of $3,622 and $2,003 as of March 31, 2026 and December 31, 2025, respectively (as described in Note 9).
[2] The condensed consolidated balance sheet as of December 31, 2025 is derived from the audited consolidated financial statements as of that date.
v3.26.1
Summary of Significant Accounting Policies - Summary of Segment Information for Revenue, Significant Operating Expenses and Other Income (Expense), and Net Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Total revenues, net $ 194,515 $ 116,633
Cost of revenues:    
Total cost of revenues 9,939 2,639
Total segment research and development 126,636 111,431
Selling, general and administrative 163,896 106,365
Restructuring, impairment, and related charges 0 570
Total operating costs and expenses 300,471 221,005
Loss from operations (105,956) (104,372)
Other income (expense), net:    
Interest income 6,246 5,385
Interest expense (12,942) (18,121)
Noncash interest expense on deferred royalty obligations [1],[2] (39,873) (24,020)
Loss on extinguishment of debt 0 (21,155)
Net loss from equity method investments (18,283) (15,556)
Other income, net 4,253 8,231
Total other expense, net (60,599) (65,236)
Net loss (166,555) (169,608)
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests 2,512 2,186
Net loss attributable to common stockholders of BridgeBio (164,043) (167,422)
Related Party    
Other income (expense), net:    
Noncash interest expense on deferred royalty obligations (5,361)  
Net product revenue    
Revenues:    
Total revenues, net 180,596 36,739
Cost of revenues:    
Total cost of revenues 7,732 2,034
License and services revenue    
Revenues:    
Total revenues, net 4,419 79,690
Royalty revenue    
Revenues:    
Total revenues, net 9,500 204
Cost of license, services, and royalty revenue    
Cost of revenues:    
Total cost of revenues 2,207 605
Reportable Segment    
Revenues:    
Total revenues, net 194,515 116,633
Cost of revenues:    
Total cost of revenues 9,939 2,639
Total segment research and development 126,636 111,431
Selling, general and administrative 163,896 106,365
Restructuring, impairment, and related charges 0 570
Total operating costs and expenses 300,471 221,005
Loss from operations (105,956) (104,372)
Other income (expense), net:    
Interest income 6,246 5,385
Interest expense (12,942) (18,121)
Noncash interest expense on deferred royalty obligations (39,873) (24,020)
Loss on extinguishment of debt 0 (21,155)
Net loss from equity method investments (18,283) (15,556)
Other income, net 4,253 8,231
Total other expense, net (60,599) (65,236)
Net loss (166,555) (169,608)
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests 2,512 2,186
Net loss attributable to common stockholders of BridgeBio (164,043) (167,422)
Reportable Segment | Related Party    
Other income (expense), net:    
Noncash interest expense on deferred royalty obligations (5,361)  
Reportable Segment | Acoramidis for the treatment of ATTR-CM and primary prevention in asymptomatic carriers of a pathogenic TTR variant    
Cost of revenues:    
Total segment research and development 31,391 24,392
Reportable Segment | Infigratinib for achondroplasia and hypochondroplasia    
Cost of revenues:    
Total segment research and development 35,533 27,934
Reportable Segment | BBP-418 for LGMD2I/R9    
Cost of revenues:    
Total segment research and development 15,608 14,209
Reportable Segment | Encaleret for ADH1    
Cost of revenues:    
Total segment research and development 20,428 15,459
Reportable Segment | Other development programs    
Cost of revenues:    
Total segment research and development 6,760 11,430
Reportable Segment | Other research programs    
Cost of revenues:    
Total segment research and development 16,916 18,007
Reportable Segment | Net product revenue    
Revenues:    
Total revenues, net 180,596 36,739
Cost of revenues:    
Total cost of revenues 7,732 2,034
Reportable Segment | License and services revenue    
Revenues:    
Total revenues, net 4,419 79,690
Reportable Segment | Royalty revenue    
Revenues:    
Total revenues, net 9,500 204
Reportable Segment | Cost of license, services, and royalty revenue    
Cost of revenues:    
Total cost of revenues $ 2,207 $ 605
[1] Including a related party amount of $(5,361) for the three months ended March 31, 2026 (as described in Note 9)
[2] Including a related party amount of $5,361 for the three months ended March 31, 2026 (as described in Note 9).
v3.26.1
Summary of Significant Accounting Policies - Schedule of Inventories Presented on Condensed Consolidated Balance Sheet (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Accounting Policies [Abstract]    
Raw materials $ 15,789 $ 14,997
Work in process 10,485 6,104
Finished goods 8,037 6,509
Inventory reserve (1,331) (857)
Total inventories $ 32,980 $ 26,753 [1]
[1] The condensed consolidated balance sheet as of December 31, 2025 is derived from the audited consolidated financial statements as of that date.
v3.26.1
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Cash equivalents:    
Total cash equivalents $ 550,708 $ 170,500
Marketable securities:    
Total marketable securities 60,295 17,363
Total financial assets 611,003 187,863
Liability    
Embedded derivative (included in “Deferred royalty obligations, net”) 19,281 21,439
U.S. Treasury securities    
Marketable securities:    
Total marketable securities 43,777 9,421
Money market funds    
Cash equivalents:    
Total cash equivalents 360,237 132,602
U.S. Treasury securities    
Cash equivalents:    
Total cash equivalents 174,122 11,960
Agency discount notes    
Cash equivalents:    
Total cash equivalents 16,349 25,938
Marketable securities:    
Total marketable securities 16,518 7,942
Level 1    
Cash equivalents:    
Total cash equivalents 360,237 132,602
Marketable securities:    
Total marketable securities 0 0
Total financial assets 360,237 132,602
Liability    
Embedded derivative (included in “Deferred royalty obligations, net”) 0 0
Level 1 | U.S. Treasury securities    
Marketable securities:    
Total marketable securities 0 0
Level 1 | Money market funds    
Cash equivalents:    
Total cash equivalents 360,237 132,602
Level 1 | U.S. Treasury securities    
Cash equivalents:    
Total cash equivalents 0 0
Level 1 | Agency discount notes    
Cash equivalents:    
Total cash equivalents 0 0
Marketable securities:    
Total marketable securities 0 0
Level 2    
Cash equivalents:    
Total cash equivalents 190,471 37,898
Marketable securities:    
Total marketable securities 60,295 17,363
Total financial assets 250,766 55,261
Liability    
Embedded derivative (included in “Deferred royalty obligations, net”) 0 0
Level 2 | U.S. Treasury securities    
Marketable securities:    
Total marketable securities 43,777 9,421
Level 2 | Money market funds    
Cash equivalents:    
Total cash equivalents 0 0
Level 2 | U.S. Treasury securities    
Cash equivalents:    
Total cash equivalents 174,122 11,960
Level 2 | Agency discount notes    
Cash equivalents:    
Total cash equivalents 16,349 25,938
Marketable securities:    
Total marketable securities 16,518 7,942
Level 3    
Cash equivalents:    
Total cash equivalents 0 0
Marketable securities:    
Total marketable securities 0 0
Total financial assets 0 0
Liability    
Embedded derivative (included in “Deferred royalty obligations, net”) 19,281 21,439
Level 3 | U.S. Treasury securities    
Marketable securities:    
Total marketable securities 0 0
Level 3 | Money market funds    
Cash equivalents:    
Total cash equivalents 0 0
Level 3 | U.S. Treasury securities    
Cash equivalents:    
Total cash equivalents 0 0
Level 3 | Agency discount notes    
Cash equivalents:    
Total cash equivalents 0 0
Marketable securities:    
Total marketable securities $ 0 $ 0
v3.26.1
Fair Value Measurements - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Jan. 21, 2026
Dec. 31, 2025
Feb. 28, 2025
Jan. 28, 2021
Mar. 09, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]              
Estimated fair value of deferred royalty obligation under funding agreement, net embedded derivative liability $ 554.7     $ 565.5      
Gain for change in fair value of embedded derivative liability $ 2.2 $ 4.0          
2033 Notes, net | Convertible Debt              
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]              
Stated interest rate 0.75%   0.75%        
2031 Notes, net | Convertible Debt              
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]              
Stated interest rate 1.75%       1.75%    
2029 Notes, net | Convertible Debt              
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]              
Stated interest rate 2.25%         2.25%  
2027 Notes, net | Convertible Debt              
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]              
Stated interest rate 2.50%           2.50%
Amended Loan Agreement              
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]              
Fair value of amount outstanding $ 343.7     $ 343.0      
v3.26.1
Fair Value Measurements - Schedule of Aggregate Face Values and Fair Values of Notes (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
2031 Notes, net    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Aggregate Face Values $ 575,000 $ 575,000
Estimated Fair Values 924,049 1,003,783
2029 Convertible Notes    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Aggregate Face Values 747,500 747,500
Estimated Fair Values 839,640 833,625
2027 Convertible Notes    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Aggregate Face Values 550,000 550,000
Estimated Fair Values 993,734 1,019,975
2033 Notes, net    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Aggregate Face Values 632,500 0
Estimated Fair Values $ 609,632 $ 0
v3.26.1
Cash Equivalents and Marketable Securities - Schedule of Cash Equivalent and Marketable Securities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis $ 550,707 $ 170,492
Unrealized Gains 2 8
Unrealized Losses (1) 0
Total cash equivalents 550,708 170,500
Amortized Cost Basis 60,304 17,359
Unrealized Gains 0 4
Unrealized Losses (9) 0
Estimated Fair Value 60,295 17,363
Total cash equivalents and marketable securities, amortized cost basis 611,011 187,851
Total cash equivalents and marketable securities, unrealized gains 2 12
Total cash equivalents and marketable securities , unrealized losses (10) 0
Total cash equivalents and marketable securities, estimated fair value 611,003 187,863
U.S. Treasury securities    
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis 43,785 9,419
Unrealized Gains 0 2
Unrealized Losses (8) 0
Estimated Fair Value 43,777 9,421
Agency discount notes    
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis 16,519 7,940
Unrealized Gains 0 2
Unrealized Losses (1) 0
Estimated Fair Value 16,518 7,942
Money market funds    
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis 360,237 132,602
Unrealized Gains 0 0
Unrealized Losses 0 0
Total cash equivalents 360,237 132,602
U.S. Treasury securities    
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis 174,121 11,957
Unrealized Gains 2 3
Unrealized Losses (1) 0
Total cash equivalents 174,122 11,960
Agency discount notes    
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis 16,349 25,933
Unrealized Gains 0 5
Unrealized Losses 0 0
Total cash equivalents 16,349 25,938
Estimated Fair Value $ 16,518 $ 7,942
v3.26.1
Cash Equivalents and Marketable Securities - Additional Information (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Cash Equivalents And Marketable Securities [Abstract]    
Marketable securities $ 60,295 $ 17,363 [1]
[1] The condensed consolidated balance sheet as of December 31, 2025 is derived from the audited consolidated financial statements as of that date.
v3.26.1
Equity Method Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2024
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Aug. 31, 2025
Aug. 31, 2024
Schedule Of Equity Method Investments [Line Items]            
Loss from equity method investment   $ 18,283 $ 15,556      
Equity method investments   61,529   $ 79,972 [1]    
Prepaid expenses and other current assets   62,914   44,070 [1]    
Research and development   126,636 111,431      
Other current liabilities [2]   $ 135,509   $ 120,222 [1]    
Common stock, issued (in shares)   204,386,699   202,369,129    
Transition Service Agreement And Sublease Agreement | Gondola Bio, LLC            
Schedule Of Equity Method Investments [Line Items]            
Operating expenses   $ 1,900 800      
Prepaid expenses and other current assets   4,600   $ 4,500    
Transition Service Aggrement | Gondola Bio, LLC            
Schedule Of Equity Method Investments [Line Items]            
Research and development   0 700      
Other current liabilities   1,500   1,500    
Transition Service Aggrement | BridgeBio Oncology Therapeutics, Inc.            
Schedule Of Equity Method Investments [Line Items]            
Prepaid expenses and other current assets   $ 800   600    
Common stock, issued (in shares)         784,720  
Gondola Bio, LLC            
Schedule Of Equity Method Investments [Line Items]            
Equity ownership percentage approximately   20.40%       45.50%
Loss from equity method investment   $ 6,400 6,800      
Equity method investments   0   6,400    
Gondola Bio, LLC | Transition Service Agreement And Sublease Agreement            
Schedule Of Equity Method Investments [Line Items]            
Other income   $ 2,500 2,700      
BridgeBio Oncology Therapeutics, Inc.            
Schedule Of Equity Method Investments [Line Items]            
Equity ownership percentage approximately   18.20%        
Loss from equity method investment   $ 11,700 $ 8,700      
Equity method investments   60,800   72,500    
Payment for private equity financing with external investors $ 200,000          
Percentage of ownership reduced for private equity financing 37.90%          
BridgeBio Oncology Therapeutics, Inc. | Level 1            
Schedule Of Equity Method Investments [Line Items]            
Investors contribution fair value   $ 130,600   $ 182,700    
[1] The condensed consolidated balance sheet as of December 31, 2025 is derived from the audited consolidated financial statements as of that date.
[2] Including related party amounts of $3,622 and $2,003 as of March 31, 2026 and December 31, 2025, respectively (as described in Note 9).
v3.26.1
Intangible Assets, net - Summary of Recognized Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
Weighted-average Estimated Useful Lives 13 years 8 months 12 days 13 years 8 months 12 days
Gross amount $ 39,400 $ 39,400
Less accumulated amortization (12,041) (11,323)
Total $ 27,359 $ 28,077
v3.26.1
Intangible Assets, net - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization expenses $ 0.7 $ 0.6
Amortization expenses, remainder period of 2026 2.2  
Finite-lived intangible asset, expected amortization, year one 2.9  
Finite-lived intangible asset, expected amortization, year two 2.9  
Finite-lived intangible asset, expected amortization, year three 2.9  
Finite-lived intangible asset, expected amortization, year four 2.9  
Finite-lived intangible asset, expected amortization, year five 2.9  
Finite-lived intangible asset, expected amortization, thereafter $ 10.7  
v3.26.1
Commitments and Contingencies - Schedule of Potential Milestone Amounts and Accruals (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Potential Fixed Monetary Amount, Cash $ 727
Potential Fixed Monetary Amount, Stock 12,340
Potential Fixed Monetary Amount, Cash or stock at our sole discretion 53,167
Potential Fixed Monetary Amount, Total 66,234
Accrued Amount, Cash 0
Accrued Amount, Stock 0
Accrued Amount, Cash or stock at our sole discretion 1,100
Accrued Amount, Total $ 1,100
v3.26.1
Commitments and Contingencies - Additional Information (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Aggregate minimum commitment $ 140.7
v3.26.1
Debt - 2033 Notes Narrative (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended
Jan. 21, 2026
USD ($)
trading_day
shares
$ / shares
Mar. 31, 2026
USD ($)
shares
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
shares
Debt Instrument [Line Items]        
Repurchase of common stock   $ 82,500 $ 48,276  
Treasury stock (in shares) | shares   8,678,997   7,597,172
2033 Notes, net        
Debt Instrument [Line Items]        
Aggregate Face Values   $ 632,500   $ 0
2033 Notes, net | Convertible Debt        
Debt Instrument [Line Items]        
Aggregate Face Values $ 632,500      
Stated interest rate 0.75% 0.75%    
Proceeds from debt, net of issuance costs $ 619,300      
Repurchase of common stock $ 82,500      
Treasury stock (in shares) | shares 1,081,825      
Conversion rate (in shares) 0.0090435      
Initial conversion (in dollars per share) | $ / shares $ 110.58      
Debt instrument, conversion, equivalent (in shares) | shares 5,720,014      
Debt instrument, increase in conversion rate, number of shares issuable (in shares) | shares 8,293,973      
Percentage of principal amount to be repurchased in fundamental change 100.00%      
Minimum threshold percentage of aggregate principal by trustee or holders 25.00%      
Debt issuance costs including initial purchasers discounts, legal and other professional fees $ 13,200      
Expected life of notes 7 years      
2033 Notes, net | Convertible Debt | Debt Conversion Terms One        
Debt Instrument [Line Items]        
Debt instrument, convertible, threshold trading days | trading_day 20      
Debt instrument, convertible, threshold consecutive trading days | trading_day 30      
Debt instrument, convertible, threshold percentage of stock price trigger 130.00%      
2033 Notes, net | Convertible Debt | Debt Conversion Terms Two        
Debt Instrument [Line Items]        
Debt instrument, convertible, threshold trading days | trading_day 5      
Debt instrument, convertible, threshold consecutive trading days | trading_day 5      
Debt instrument, convertible, threshold percentage of stock price trigger 98.00%      
2033 Notes Initial Purchasers | Convertible Debt        
Debt Instrument [Line Items]        
Aggregate Face Values $ 82,500      
v3.26.1
Debt - 2031 Notes Narrative (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended
Feb. 28, 2025
USD ($)
trading_day
shares
$ / shares
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]        
Repurchase of common stock   $ 82,500 $ 48,276  
2031 Notes, net        
Debt Instrument [Line Items]        
Aggregate Face Values   $ 575,000   $ 575,000
2031 Notes, net | Convertible Debt        
Debt Instrument [Line Items]        
Aggregate Face Values $ 575,000      
Stated interest rate 1.75% 1.75%    
Conversion rate (in shares) 0.0200773      
Initial conversion (in dollars per share) | $ / shares $ 49.81      
Debt instrument, conversion, equivalent (in shares) | shares 11,544,448      
Debt instrument, increase in conversion rate, number of shares issuable (in shares) | shares 16,739,400      
Percentage of principal amount to be repurchased in fundamental change 100.00%      
Minimum threshold percentage of aggregate principal by trustee or holders 25.00%      
Debt issuance costs including initial purchasers discounts, legal and other professional fees $ 12,000      
Expected life of notes 6 years      
2031 Notes, net | Convertible Debt | Debt Conversion Terms One        
Debt Instrument [Line Items]        
Debt instrument, convertible, threshold trading days | trading_day 20      
Debt instrument, convertible, threshold consecutive trading days | trading_day 30      
Debt instrument, convertible, threshold percentage of stock price trigger 130.00%      
2031 Notes, net | Convertible Debt | Debt Conversion Terms Two        
Debt Instrument [Line Items]        
Debt instrument, convertible, threshold trading days | trading_day 5      
Debt instrument, convertible, threshold consecutive trading days | trading_day 5      
Debt instrument, convertible, threshold percentage of stock price trigger 98.00%      
2031 Notes Initial Purchasers | Convertible Debt        
Debt Instrument [Line Items]        
Aggregate Face Values $ 75,000      
2025 Note Offering | Senior Notes        
Debt Instrument [Line Items]        
Proceeds from debt, net of issuance costs 563,000      
Repurchase of common stock $ 48,300      
v3.26.1
Debt - 2029 Notes Narrative (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended
Jan. 28, 2021
USD ($)
trading_day
shares
$ / shares
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Feb. 02, 2021
USD ($)
Debt Instrument [Line Items]          
Repurchase of common stock   $ 82,500 $ 48,276    
2029 Notes, net          
Debt Instrument [Line Items]          
Aggregate Face Values   $ 747,500   $ 747,500  
2029 Notes, net | Convertible Debt          
Debt Instrument [Line Items]          
Aggregate Face Values $ 717,500       $ 747,500
Debt instrument option to purchase additional notes 97,500        
Proceeds from exercise of remaining portion of option to purchase additional notes $ 30,000        
Stated interest rate 2.25% 2.25%      
Proceeds from debt, net of issuance costs $ 731,400        
Payments for option indexed to issuer's equity 61,300        
Repurchase of common stock $ 50,000        
Conversion rate (in shares) 0.010305        
Initial conversion (in dollars per share) | $ / shares $ 97.04        
Debt instrument, conversion, equivalent (in shares) | shares 7,702,988        
Debt instrument, increase in conversion rate, number of shares issuable (in shares) | shares 11,361,851        
Percentage of principal amount to be repurchased in fundamental change 100.00%        
Minimum threshold percentage of aggregate principal by trustee or holders 25.00%        
Debt issuance costs including initial purchasers discounts, legal and other professional fees $ 16,100        
Expected life of notes 8 years        
2029 Notes, net | Convertible Debt | Debt Conversion Terms One          
Debt Instrument [Line Items]          
Debt instrument, convertible, threshold trading days | trading_day 20        
Debt instrument, convertible, threshold consecutive trading days | trading_day 30        
Debt instrument, convertible, threshold percentage of stock price trigger 130.00%        
2029 Notes, net | Convertible Debt | Debt Conversion Terms Two          
Debt Instrument [Line Items]          
Debt instrument, convertible, threshold trading days | trading_day 5        
Debt instrument, convertible, threshold consecutive trading days | trading_day 5        
Debt instrument, convertible, threshold percentage of stock price trigger 98.00%        
2029 Notes Initial Purchasers | Convertible Debt          
Debt Instrument [Line Items]          
Aggregate Face Values $ 67,500        
v3.26.1
Debt - 2027 Notes Narrative (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 09, 2020
USD ($)
trading_day
shares
$ / shares
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]        
Repurchase of common stock   $ 82,500 $ 48,276  
2027 Notes, net        
Debt Instrument [Line Items]        
Aggregate Face Values   $ 550,000   $ 550,000
2027 Notes, net | Convertible Debt        
Debt Instrument [Line Items]        
Aggregate Face Values $ 550,000      
Stated interest rate 2.50% 2.50%    
Proceeds from debt, net of issuance costs $ 537,000      
Payments for option indexed to issuer's equity 49,300      
Repurchase of common stock $ 75,000      
Conversion rate (in shares) 0.0234151      
Initial conversion (in dollars per share) | $ / shares $ 42.71      
Debt instrument, conversion, equivalent (in shares) | shares 12,878,305      
Debt instrument, increase in conversion rate, number of shares issuable (in shares) | shares 17,707,635      
Percentage of principal amount to be repurchased in fundamental change 100.00%      
Minimum threshold percentage of aggregate principal by trustee or holders 25.00%      
Debt issuance costs including initial purchasers discounts, legal and other professional fees $ 13,000      
Expected life of notes 7 years      
2027 Notes, net | Convertible Debt | Debt Conversion Terms One        
Debt Instrument [Line Items]        
Debt instrument, convertible, threshold trading days | trading_day 20      
Debt instrument, convertible, threshold consecutive trading days | trading_day 30      
Debt instrument, convertible, threshold percentage of stock price trigger 130.00%      
2027 Notes, net | Convertible Debt | Debt Conversion Terms Two        
Debt Instrument [Line Items]        
Debt instrument, convertible, threshold trading days | trading_day 5      
Debt instrument, convertible, threshold consecutive trading days | trading_day 5      
Debt instrument, convertible, threshold percentage of stock price trigger 98.00%      
2027 Notes Initial Purchasers | Convertible Debt        
Debt Instrument [Line Items]        
Aggregate Face Values $ 75,000      
v3.26.1
Debt - Schedule of Outstanding Notes Balances (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Unamortized debt discount and issuance costs $ (53,432) $ (57,797)
Net carrying amount 2,652,873  
2033 Notes, net    
Debt Instrument [Line Items]    
Net carrying amount 665,853  
2033 Notes, net | Convertible Debt    
Debt Instrument [Line Items]    
Principal 632,500  
Unamortized debt discount and issuance costs (12,869)  
Net carrying amount 619,631  
2031 Notes, net    
Debt Instrument [Line Items]    
Net carrying amount 625,314  
2031 Notes, net | Convertible Debt    
Debt Instrument [Line Items]    
Principal 575,000 575,000
Unamortized debt discount and issuance costs (9,955) (10,435)
Net carrying amount 565,045 564,565
2029 Notes, net    
Debt Instrument [Line Items]    
Net carrying amount 797,956  
2029 Notes, net | Convertible Debt    
Debt Instrument [Line Items]    
Principal 747,500 747,500
Unamortized debt discount and issuance costs (6,098) (6,610)
Net carrying amount 741,402 740,890
2027 Notes, net    
Debt Instrument [Line Items]    
Net carrying amount 563,750  
2027 Notes, net | Convertible Debt    
Debt Instrument [Line Items]    
Principal 550,000 550,000
Unamortized debt discount and issuance costs (2,517) (2,985)
Net carrying amount $ 547,483 $ 547,015
v3.26.1
Debt - Schedule of Total Interest Expense Recognized Related to Notes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Debt Instrument [Line Items]    
Amortization of debt discount and issuance costs $ 1,819 $ 1,621
Convertible Debt    
Debt Instrument [Line Items]    
Contractual interest expense 11,095 8,482
Amortization of debt discount and issuance costs 1,819 1,112
Total interest and amortization expense 12,914 9,594
2033 Notes, net | Convertible Debt    
Debt Instrument [Line Items]    
Contractual interest expense 936  
Amortization of debt discount and issuance costs 358  
Total interest and amortization expense $ 1,294  
Effective interest rate 1.00%  
2031 Notes, net | Convertible Debt    
Debt Instrument [Line Items]    
Contractual interest expense $ 2,516 839
Amortization of debt discount and issuance costs 480 157
Total interest and amortization expense $ 2,996 $ 996
Effective interest rate 2.10% 2.10%
2029 Notes, net | Convertible Debt    
Debt Instrument [Line Items]    
Contractual interest expense $ 4,205 $ 4,205
Amortization of debt discount and issuance costs 513 500
Total interest and amortization expense $ 4,718 $ 4,705
Effective interest rate 2.60% 2.60%
2027 Notes, net | Convertible Debt    
Debt Instrument [Line Items]    
Contractual interest expense $ 3,438 $ 3,438
Amortization of debt discount and issuance costs 468 455
Total interest and amortization expense $ 3,906 $ 3,893
Effective interest rate 2.80% 2.80%
v3.26.1
Debt - Schedule of Interest Payable (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Debt Instrument [Line Items]      
Total $ 5,188 $ 14,411 $ 14,411
2033 Notes, net      
Debt Instrument [Line Items]      
Total 936   0
2031 Notes, net      
Debt Instrument [Line Items]      
Total 839   3,354
2029 Notes, net      
Debt Instrument [Line Items]      
Total 2,803   7,008
2027 Notes, net      
Debt Instrument [Line Items]      
Total $ 610   $ 4,049
v3.26.1
Debt - Schedule of Future Minimum Payments under Notes (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Debt Instrument [Line Items]  
2027 $ 588,501
2028 31,626
2029 770,716
2030 14,807
2031 584,775
Thereafter 639,616
Net carrying amount 2,652,873
Less amounts representing interest (147,873)
Total principal amount 2,505,000
Remainder of 2026 22,832
2033 Notes, net  
Debt Instrument [Line Items]  
2027 4,744
2028 4,744
2029 4,744
2030 4,744
2031 4,744
Thereafter 639,616
Net carrying amount 665,853
Less amounts representing interest (33,353)
Total principal amount 632,500
Remainder of 2026 2,517
2031 Notes, net  
Debt Instrument [Line Items]  
2027 10,063
2028 10,063
2029 10,063
2030 10,063
2031 580,031
Thereafter 0
Net carrying amount 625,314
Less amounts representing interest (50,314)
Total principal amount 575,000
Remainder of 2026 5,031
2029 Notes, net  
Debt Instrument [Line Items]  
2027 16,819
2028 16,819
2029 755,909
2030 0
2031 0
Thereafter 0
Net carrying amount 797,956
Less amounts representing interest (50,456)
Total principal amount 747,500
Remainder of 2026 8,409
2027 Notes, net  
Debt Instrument [Line Items]  
2027 556,875
2028 0
2029 0
2030 0
2031 0
Thereafter 0
Net carrying amount 563,750
Less amounts representing interest (13,750)
Total principal amount 550,000
Remainder of 2026 $ 6,875
v3.26.1
Debt - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 11 Months Ended
Feb. 28, 2025
Feb. 25, 2025
Jan. 25, 2021
Mar. 04, 2020
Jan. 31, 2026
Feb. 28, 2025
Jan. 31, 2024
Jan. 31, 2021
Mar. 31, 2020
Feb. 28, 2025
Mar. 31, 2026
Mar. 31, 2025
Jan. 25, 2021
Dec. 31, 2025
Debt Instrument [Line Items]                            
Treasury stock (in shares)                     8,678,997     7,597,172
Loss on extinguishment of debt                     $ 0 $ 21,155    
Amortization of debt discount and issuance costs                     $ 1,819 $ 1,621    
Financing Agreement                            
Debt Instrument [Line Items]                            
Aggregate Face Values             $ 750,000              
Interest expense                   $ 8,500        
Amortization of debt discount and issuance costs                   $ 500        
Secured Debt | Initial Term Loan                            
Debt Instrument [Line Items]                            
Aggregate Face Values             450,000              
Proceeds from issuance of term loans after deducting debt discount and issuance costs             434,000              
Secured Debt | Incremental Term Loan                            
Debt Instrument [Line Items]                            
Aggregate Face Values             $ 300,000              
Secured Debt | Financing Agreement                            
Debt Instrument [Line Items]                            
Repayment of term loans $ 467,000                          
Loss on extinguishment of debt $ 21,200                          
2020 Note Offering                            
Debt Instrument [Line Items]                            
Treasury stock, value, acquired, cost method                 $ 75,000          
Treasury stock (in shares)                 2,414,681          
Shares acquired, average cost per share (in dollars per share)                 $ 31.06          
2021 Note Offering                            
Debt Instrument [Line Items]                            
Treasury stock, value, acquired, cost method               $ 50,000            
Treasury stock (in shares)               759,993            
Shares acquired, average cost per share (in dollars per share)               $ 65.79            
2025 Note Offering                            
Debt Instrument [Line Items]                            
Treasury stock, value, acquired, cost method           $ 48,300                
Treasury stock (in shares) 1,405,411         1,405,411       1,405,411        
Shares acquired, average cost per share (in dollars per share)   $ 34.35                        
2026 Note Offering                            
Debt Instrument [Line Items]                            
Treasury stock, value, acquired, cost method         $ 82,500                  
Treasury stock (in shares)         1,081,825                  
Shares acquired, average cost per share (in dollars per share)         $ 76.26                  
2021 Capped Call Transactions                            
Debt Instrument [Line Items]                            
Payments for option indexed to issuer's equity     $ 61,300                      
Option indexed to issuer's equity, cap price per share (in dollars per share)     $ 131.58                   $ 131.58  
Premium over last reported sale price percentage       100.00%                    
Option indexed to issuer's equity, indexed shares (in shares)     7,702,988                   7,702,988  
Option indexed to issuer's equity, strike price (in dollars per share)     $ 97.04                      
2020 Capped Call Transactions                            
Debt Instrument [Line Items]                            
Payments for option indexed to issuer's equity       $ 49,300                    
Option indexed to issuer's equity, cap price per share (in dollars per share)       $ 62.12                    
Premium over last reported sale price percentage       100.00%                    
Option indexed to issuer's equity, indexed shares (in shares)       12,878,305                    
Option indexed to issuer's equity, strike price (in dollars per share)       $ 42.71                    
2021 And 2020 Capped Call Transactions                            
Debt Instrument [Line Items]                            
Adjustments to additional paid in capital related to premium payments                         $ 110,600  
v3.26.1
Deferred Royalty Obligations, Net - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended
Jan. 17, 2024
Jun. 30, 2023
Jun. 30, 2025
Dec. 31, 2024
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Deferred Royalty Obligations [Line Items]              
Fair value of embedded derivative liability         $ 19,281   $ 21,439
Royalty Interest Purchase and Sale Agreement              
Deferred Royalty Obligations [Line Items]              
Percentage of royalty payment equal to annual cap   60.00%          
Annual net sales   $ 500,000          
Percentage of purchase price equal to hard cap   145.00%          
Proceeds from royalty obligation under interest purchase and sale agreement     $ 297,000        
Royalty obligation debt issuance costs     $ 3,000        
Royalty Interest Purchase and Sale Agreement | Eidos              
Deferred Royalty Obligations [Line Items]              
Royalty purchase agreement, proceeds from sale   $ 300,000          
Funding Agreement              
Deferred Royalty Obligations [Line Items]              
Funding payment received, net of certain transaction expenses $ 500,000     $ 500,000      
Percentage of royalty interest payments on net sales 5.00%            
Royalty interest payments may adjust to maximum rate 10.00%            
Royalty interest payments equal to cap amount $ 950,000            
Proceeds from royalty obligation under funding agreement       472,500      
Royalty obligation debt discount and issuance costs paid in cash       $ 27,500      
Fair value of embedded derivative liability         $ 19,281   $ 21,439
Royalty agreement, interest rate, effective percentage         22.50%   22.20%
Royalty agreement, interest expense         $ 31,800 $ 24,000  
Royalty agreement, amortization of debt issuance costs and discounts         4,200 $ 3,000  
Deferred royalty obligation, current         16,100   $ 8,200
Royalty Purchase Agreement              
Deferred Royalty Obligations [Line Items]              
Fair value of embedded derivative liability         $ 0   $ 0
Royalty agreement, interest rate, effective percentage         10.70%   10.40%
Royalty agreement, interest expense         $ 8,100    
Royalty agreement, amortization of debt issuance costs and discounts         200    
Deferred royalty obligation, current         $ 5,400   $ 3,000
v3.26.1
Deferred Royalty Obligations, Net - Schedule of Deferred Royalty Obligations, Net (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Deferred Royalty Obligations [Line Items]    
Carrying value of deferred royalty obligations, net $ 905,336 $ 891,388
Fair value of embedded derivative liability 19,281 21,439
Unamortized debt discount and issuance costs (53,432) (57,797)
Deferred royalty obligations, net [1] 871,185 855,030 [2]
Related Party    
Deferred Royalty Obligations [Line Items]    
Deferred royalty obligations, net 206,377 204,650
Funding Agreement    
Deferred Royalty Obligations [Line Items]    
Carrying value of deferred royalty obligations, net 593,291 581,759
Fair value of embedded derivative liability 19,281 21,439
Unamortized debt discount and issuance costs (50,952) (55,143)
Deferred royalty obligations, net 561,620 548,055
Royalty Purchase Agreement    
Deferred Royalty Obligations [Line Items]    
Carrying value of deferred royalty obligations, net 312,045 309,629
Fair value of embedded derivative liability 0 0
Unamortized debt discount and issuance costs (2,480) (2,654)
Deferred royalty obligations, net 309,565 306,975
Royalty Purchase Agreement | Related Party    
Deferred Royalty Obligations [Line Items]    
Carrying value of deferred royalty obligations, net 208,030 206,419
Unamortized debt discount and issuance costs $ (1,653) $ (1,769)
[1] Including related party amounts of $206,377 and $204,650 as of March 31, 2026 and December 31, 2025, respectively (as described in Note 9).
[2] The condensed consolidated balance sheet as of December 31, 2025 is derived from the audited consolidated financial statements as of that date.
v3.26.1
License and Collaboration Agreements - Additional Information (Details)
$ in Thousands
 1 Months Ended 3 Months Ended
Mar. 01, 2024
USD ($)
Feb. 29, 2024
USD ($)
Sep. 30, 2019
USD ($)
Mar. 31, 2026
USD ($)
performance_obligation
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Oct. 31, 2024
USD ($)
Mar. 31, 2024
USD ($)
Feb. 07, 2024
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                  
Revenue       $ 194,515 $ 116,633        
Accounts receivable, net       205,226   $ 139,444 [1]      
Deferred revenue, current portion       6,115   7,190 [1]      
Deferred revenue, net of current portion       11,776   13,080 [1]      
License and services revenue                  
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                  
Revenue       4,419 79,690        
Net product revenue                  
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                  
Revenue       $ 180,596 36,739        
Bayer                  
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                  
Revenue, remaining performance obligation, amount               $ 135,000  
Number of performance obligations | performance_obligation       2          
Accounts receivable, net       $ 10,200   5,000      
Bayer | Seller Parties                  
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                  
Regulatory and sales milestone payments eligible to receive $ 150,000                
Revenue, remaining performance obligation, sales milestone payment $ 450,000                
Bayer | License and services revenue                  
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                  
Notice period for termination of agreement 270 days                
Contract with customer, liability, change in timeframe, performance obligation satisfied, revenue recognized         75,000        
Contract with customer, liability, revenue recognized       200 300        
Revenue         76,100        
Bayer | License and services revenue | Seller Parties                  
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                  
Contract with customer, liability $ 135,000                
Revenue, remaining performance obligation, regulatory milestone payment $ 210,000                
Bayer | License                  
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                  
Revenue, remaining performance obligation, amount               130,500  
Bayer | Research and Development Services                  
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                  
Contract with customer, liability       2,700   2,900      
Revenue, remaining performance obligation, amount               $ 4,500  
Deferred revenue, current portion       800   800      
Deferred revenue, net of current portion       1,900   2,100      
Bayer | Net product revenue                  
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                  
Revenue       1,000 600        
Bayer | Cost of license, services, and royalty revenue                  
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                  
Revenue       10,300          
Kyowa Kirin Co., Ltd                  
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                  
Contract with customer, liability       $ 12,600   14,600      
Notice period for termination of agreement   180 days              
Revenue, remaining performance obligation, amount   $ 100,000              
Number of performance obligations | performance_obligation       2          
Deferred revenue, current portion       $ 4,300   5,400      
Deferred revenue, net of current portion       8,300   9,200      
Kyowa Kirin Co., Ltd | QED Therapeutics, Inc                  
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                  
Contract with customer, liability   100,000              
Regulatory and sales milestone payments eligible to receive   81,400              
Revenue, remaining performance obligation, upfront payment   100,000              
Royalty percentage, maximum                 25.00%
Kyowa Kirin Co., Ltd | License and services revenue                  
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                  
Contract with customer, liability, revenue recognized       2,100 2,300        
Revenue       2,200 2,700        
Kyowa Kirin Co., Ltd | License                  
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                  
Revenue, remaining performance obligation, amount   69,100              
Kyowa Kirin Co., Ltd | Research and Development Services                  
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                  
Revenue, remaining performance obligation, amount   $ 30,900              
Alexion License Agreements                  
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                  
Contract with customer, liability       2,600   2,800      
Accounts receivable, net       300   200      
Deferred revenue, current portion       1,000   1,000      
Deferred revenue, net of current portion       1,600   $ 1,800      
Alexion License Agreements | Eidos                  
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                  
Contract with customer, liability     $ 25,000       $ 3,000    
Contract with customer, liability, revenue recognized       200 0        
Alexion License Agreements | License and services revenue                  
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                  
Revenue       $ 1,300 $ 1,000        
Alexion License Agreements | License and services revenue | Eidos                  
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                  
Revenue, remaining performance obligation, regulatory milestone payment     $ 30,000            
[1] The condensed consolidated balance sheet as of December 31, 2025 is derived from the audited consolidated financial statements as of that date.
v3.26.1
In-licensing and Other Research and Development Agreements (Details) - Eidos - Stanford License Agreement - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Apr. 30, 2016
Research and Development Arrangement, Contract to Perform for Others [Line Items]      
Milestone payments     $ 1.0
Non-royalty revenue, percentage of revenue from sublicensees, term 3 years    
License fees   $ 4.5  
Royalties on net product revenue $ 3.2 $ 0.6  
v3.26.1
Leases - Components of Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Straight-line operating lease costs $ 1,466 $ 994
Finance lease costs 29 95
Variable lease costs 780 1,406
Total lease costs $ 2,275 $ 2,495
v3.26.1
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows for operating leases $ 1,852 $ 1,470
Operating cash flows for finance lease 0 114
Operating lease right-of-use assets obtained in exchange for operating lease obligations $ 10,406 $ 2,259
v3.26.1
Leases - Schedule of Future Minimum Lease Payments for Noncancelable Leases (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
 [1]
Leases [Abstract]    
Remainder of 2026 $ 4,820  
2027 2,180  
2028 3,199  
2029 2,787  
2030 2,857  
2031 2,928  
Thereafter 4,684  
Total future minimum lease payments 23,455  
Imputed interest (4,800)  
Total 18,655  
Operating lease liabilities, current portion 4,439 $ 6,192
Operating lease liabilities, net of current portion $ 14,216 $ 3,811
[1] The condensed consolidated balance sheet as of December 31, 2025 is derived from the audited consolidated financial statements as of that date.
v3.26.1
Leases - Additional Information (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Operating lease, impairment loss $ 0 $ 0
Finance lease, impairment loss $ 0 $ 0
v3.26.1
Public Offerings (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended
May 31, 2023
Mar. 31, 2026
Dec. 31, 2025
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]      
Common stock, par value (in dollars per share)   $ 0.001 $ 0.001
Maximum amount of stock remaining eligible to be sold   $ 345.3  
At-the-Market Offerings      
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]      
Common stock, par value (in dollars per share) $ 0.001    
Sale of stock, aggregate offering amount $ 450.0    
Percentage of underwriters commissions 3.00%    
v3.26.1
Stock-Based Compensation - Summary of Stock Based Compensation for Employees and Non Employees (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Employee And Non Employee Service Share Based Compensation [Line Items]    
Total stock-based compensation $ 33,363 $ 29,390
Cost of goods sold    
Employee And Non Employee Service Share Based Compensation [Line Items]    
Total stock-based compensation 970 91
Research and development    
Employee And Non Employee Service Share Based Compensation [Line Items]    
Total stock-based compensation 12,144 11,255
Selling, general and administrative    
Employee And Non Employee Service Share Based Compensation [Line Items]    
Total stock-based compensation 20,249 17,998
Restructuring, impairment, and related charges    
Employee And Non Employee Service Share Based Compensation [Line Items]    
Total stock-based compensation $ 0 $ 46
v3.26.1
Net Loss Per Share - Schedule of Common Stock Equivalents were Excluded from Computation of Diluted Net Loss per Share (Details) - shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 59,792,639 59,915,076
Unvested RSUs    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 10,076,090 12,763,343
Unvested performance-based RSUs    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 285,973 194,943
Unvested market-based RSUs    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 116,071 375,000
Common stock options issued and outstanding    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 10,492,966 12,424,219
Estimated shares issuable under performance-based milestone compensation arrangements    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 944,268 1,983,744
Estimated shares issuable under the ESPP    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 31,516 48,086
Assumed conversion of 2027 Notes    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 12,878,305 12,878,305
Assumed conversion of 2029 Notes    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 7,702,988 7,702,988
Assumed conversion of 2031 Notes    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 11,544,448 11,544,448
Assumed conversion of 2033 Notes    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 5,720,014 0
v3.26.1
Subsequent Event (Details)
$ in Millions
May 06, 2026
USD ($)
Subsequent Event  
Subsequent Event [Line Items]  
Share repurchase program, authorized, amount $ 500.0