BRIDGEBIO PHARMA, INC., 10-Q filed on 4/29/2025
Quarterly Report
v3.25.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2025
Apr. 22, 2025
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2025  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Trading Symbol BBIO  
Entity Registrant Name BridgeBio Pharma, Inc.  
Entity Central Index Key 0001743881  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Current Reporting Status Yes  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity File Number 001-38959  
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  
Entity Common Stock, Shares Outstanding   189,880,720
Document Quarterly Report true  
Document Transition Report false  
Entity Interactive Data Current Yes  
Title of 12(b) Security Common Stock, par value $0.001 per share  
Security Exchange Name NASDAQ  
v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 540,599 $ 681,101 [1]
Accounts receivable, net 115,265 4,722 [1]
Inventories 3,954 0 [1]
Prepaid expenses and other current assets 35,355 34,869 [1]
Total current assets 695,173 720,692 [1]
Investment in nonconsolidated entities 128,191 143,747 [1]
Property and equipment, net 6,698 7,011 [1]
Operating lease right-of-use assets 7,166 5,767 [1]
Intangible assets, net 27,802 23,926 [1]
Other assets 16,608 18,195 [1]
Total assets 881,638 919,338 [1]
Current liabilities:    
Accounts payable 27,525 9,618 [1]
Accrued compensation and benefits 33,447 58,329 [1]
Accrued research and development liabilities 33,630 34,272 [1]
Operating lease liabilities, current portion 5,209 4,506 [1]
Deferred revenue, current portion 11,620 14,604 [1]
Other current liabilities 40,674 33,071 [1]
Total current liabilities 152,105 154,400 [1]
Term loan, net 0 437,337 [1]
Deferred royalty obligation, net 497,299 479,091 [1]
Operating lease liabilities, net of current portion 4,915 4,696 [1]
Deferred revenue, net of current portion 17,508 17,095 [1]
Other long-term liabilities 352 286 [1]
Total liabilities 2,520,303 2,376,950 [1]
Commitments and contingencies (Note 8)
Redeemable convertible noncontrolling interests (227) 142 [1]
Stockholders’ equity (deficit):    
Undesignated preferred stock, $0.001 par value; 25,000,000 shares authorized; no shares issued and outstanding 0 0 [1]
Common stock, $0.001 par value; 500,000,000 shares authorized; 197,423,195 shares issued and 189,826,023 shares outstanding as of March 31, 2025, 196,236,234 shares issued and 190,044,473 shares outstanding as of December 31, 2024 197 196 [1]
Treasury stock, at cost; 7,597,172 shares as of March 31, 2025; 6,191,761 shares as of December 31, 2024 (323,276) (275,000) [1]
Additional paid-in capital 1,938,369 1,903,155 [1]
Accumulated other comprehensive income 0 8 [1]
Accumulated deficit (3,263,685) (3,096,263) [1]
Total BridgeBio stockholders' deficit (1,648,395) (1,467,904) [1]
Noncontrolling interests 9,957 10,150 [1]
Total stockholders' deficit (1,638,438) (1,457,754) [1],[2]
Total liabilities, redeemable convertible noncontrolling interests and stockholders' deficit 881,638 919,338 [1]
2031 Notes    
Current liabilities:    
Notes, net 563,124 0 [1]
2029 Notes    
Current liabilities:    
Notes, net 739,372 738,872 [1]
2027 Notes    
Current liabilities:    
Notes, net $ 545,628 $ 545,173 [1]
[1] The condensed consolidated balance sheet as of December 31, 2024 is derived from the audited consolidated financial statements as of that date.
[2] The consolidated balances as of December 31, 2024 and 2023 are derived from the audited consolidated financial statements as of those dates.
v3.25.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 25,000,000 25,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 500,000,000 500,000,000
Common stock, shares issued 197,423,195 196,236,234
Common stock, shares outstanding 189,826,023 190,044,473
Treasury stock, shares 7,597,172 6,191,761
v3.25.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Total revenues, net $ 116,633 $ 211,120
Operating costs and expenses:    
Total cost of revenues 2,639 598
Research and development 111,431 140,972
Selling, general and administrative 106,365 65,807
Restructuring, impairment and related charges 570 3,400
Total operating costs and expenses 221,005 210,777
Income (loss) from operations (104,372) 343
Other income (expense), net:    
Interest income 5,385 4,075
Interest expense (42,141) (23,471)
Loss on extinguishment of debt (21,155) (26,590)
Net loss from equity method investments (15,556) 0
Other income (expense), net 8,231 9,483
Total other income (expense), net (65,236) (36,503)
Net loss (169,608) (36,160)
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests 2,186 944
Net loss attributable to common stockholders of BridgeBio $ (167,422) $ (35,216)
Net loss per share attributable to common stockholders of BridgeBio, basic $ (0.88) $ (0.2)
Net loss per share attributable to common stockholders of BridgeBio, diluted $ (0.88) $ (0.2)
Weighted-average shares used in computing net loss per share attributable to common stockholders of BridgeBio, basic 190,145,253 178,705,310
Weighted-average shares used in computing net loss per share attributable to common stockholders of BridgeBio, diluted 190,145,253 178,705,310
License and Services Revenue    
Total revenues, net $ 79,894 $ 211,120
Net Product Revenue    
Total revenues, net 36,739 0
Cost of License and Services Revenue    
Operating costs and expenses:    
Total cost of revenues 605 598
Cost of Goods Sold    
Operating costs and expenses:    
Total cost of revenues $ 2,034 $ 0
v3.25.1
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net loss $ (169,608) $ (36,160)
Other comprehensive loss:    
Unrealized losses on available-for-sale securities (8) (29)
Comprehensive loss (169,616) (36,189)
Comprehensive loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests 2,186 944
Comprehensive loss attributable to common stockholders of BridgeBio $ (167,430) $ (35,245)
v3.25.1
Condensed Consolidated Statements of Redeemable Convertible Noncontrolling Interests and Stockholders' Deficit (Unaudited) - USD ($)
$ in Thousands
Total
Equity Compensation Plans
Employee Stock Purchase Plan
Satisfy Tax Withholding
Redeemable Convertible Noncontrolling Interests
Common Stock
Common Stock
Equity Compensation Plans
Common Stock
Employee Stock Purchase Plan
Common Stock
Satisfy Tax Withholding
Treasury Stock
Additional Paid-in Capital
Additional Paid-in Capital
Equity Compensation Plans
Additional Paid-in Capital
Employee Stock Purchase Plan
Additional Paid-in Capital
Satisfy Tax Withholding
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Parent
Parent
Equity Compensation Plans
Parent
Employee Stock Purchase Plan
Parent
Satisfy Tax Withholding
Non-controlling Interests
Beginning balance at Dec. 31, 2023 [1] $ (1,343,013)         $ 181       $ (275,000) $ 1,481,032       $ 31 $ (2,560,501) $ (1,354,257)       $ 11,244
Temporary equity, beginning balance at Dec. 31, 2023 [1]         $ 478                                
Beginning balance, shares at Dec. 31, 2023 [1]           175,082,951                              
Beginning balance, shares at Dec. 31, 2023 [1]                   6,191,761                      
Issuance of shares   $ 537 $ 2,364       $ 1         $ 536 $ 2,364         $ 537 $ 2,364    
Issuance of shares, shares             1,049,580 93,344                          
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding       $ (2,936)                   $ (2,936)           $ (2,936)  
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding, shares                 (78,915)                        
Stock-based compensation 27,125                   27,125           27,125        
Issuance of common stock under public offerings, net 314,741         $ 11         314,730           314,741        
Issuance of common stock under public offerings, net, shares           10,975,784                              
Issuance of noncontrolling interests 35                                       35
Transfers from (to) noncontrolling interests (1,278)                   (1,857)           (1,857)       579
Temporary Equity, transfers from (to) noncontrolling interest         1,278                                
Unrealized gain (losses) on available-for-sale securities (29)                           (29)   (29)        
Net income (loss) (34,929)                             (35,216) (35,216)       287
Temporary Equity, net income (loss)         (1,231)                                
Ending balance at Mar. 31, 2024 (1,037,383)         $ 193       $ (275,000) 1,820,994       2 (2,595,717) (1,049,528)       12,145
Temporary equity, ending balance at Mar. 31, 2024         525                                
Ending balance, shares at Mar. 31, 2024           187,122,744                              
Ending balance, shares at Mar. 31, 2024                   6,191,761                      
Beginning balance at Dec. 31, 2023 [1] (1,343,013)         $ 181       $ (275,000) 1,481,032       31 (2,560,501) (1,354,257)       11,244
Temporary equity, beginning balance at Dec. 31, 2023 [1]         478                                
Beginning balance, shares at Dec. 31, 2023 [1]           175,082,951                              
Beginning balance, shares at Dec. 31, 2023 [1]                   6,191,761                      
Ending balance at Dec. 31, 2024 [1] (1,457,754) [2]         $ 196       $ (275,000) 1,903,155       8 (3,096,263) (1,467,904)       10,150
Temporary equity, ending balance at Dec. 31, 2024 $ 142 [2]       142 [1]                                
Ending balance, shares at Dec. 31, 2024 [1]           190,044,473                              
Ending balance, shares at Dec. 31, 2024 6,191,761                 6,191,761 [1]                      
Repurchase of common stock $ (48,276)                 $ (48,276)             (48,276)        
Repurchase of common stock,Shares           (1,405,411)       1,405,411                      
Issuance of shares   $ 2,521 $ 3,237       $ 1         $ 2,520 $ 3,237         $ 2,521 $ 3,237    
Issuance of shares, shares             1,081,744 156,097                          
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding       $ (1,776)                   $ (1,776)           $ (1,776)  
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding, shares                 (50,880)                        
Stock-based compensation 32,057                   32,057           32,057        
Issuance of noncontrolling interests         800                                
Transfers from (to) noncontrolling interests (379)                   (824)           (824)       445
Temporary Equity, transfers from (to) noncontrolling interest         379                                
Unrealized gain (losses) on available-for-sale securities (8)                           (8)   (8)        
Net income (loss) (168,060)                             (167,422) (167,422)       (638)
Temporary Equity, net income (loss)         (1,548)                                
Ending balance at Mar. 31, 2025 (1,638,438)         $ 197       $ (323,276) $ 1,938,369       $ 0 $ (3,263,685) $ (1,648,395)       $ 9,957
Temporary equity, ending balance at Mar. 31, 2025 $ (227)       $ (227)                                
Ending balance, shares at Mar. 31, 2025           189,826,023                              
Ending balance, shares at Mar. 31, 2025 7,597,172                 7,597,172                      
[1] The consolidated balances as of December 31, 2024 and 2023 are derived from the audited consolidated financial statements as of those dates.
[2] The condensed consolidated balance sheet as of December 31, 2024 is derived from the audited consolidated financial statements as of that date.
v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Operating activities:      
Net loss $ (169,608) $ (36,160)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation 25,882 17,057  
Loss on extinguishment of debt 21,155 26,590  
Accretion of debt 25,641 2,015  
Depreciation and amortization 1,284 1,596  
Noncash lease expense 994 1,069  
Net loss from equity method investments 15,556 0  
Gain from investment in equity securities, net 0 (8,136)  
Other noncash adjustments, net (3,973) 1,631  
Changes in operating assets and liabilities:      
Accounts receivable, net (110,543) (233,743)  
Inventories (3,193) 0  
Prepaid expenses and other current assets (487) (3,345)  
Other assets 1,587 444  
Accounts payable 17,571 (5,927)  
Accrued compensation and benefits (19,363) (14,969)  
Accrued research and development liabilities (642) 11,168  
Operating lease liabilities (1,470) (1,595)  
Deferred revenue (2,571) 24,024  
Other current liabilities 2,945 (1,256)  
Net cash used in operating activities (199,235) (219,537)  
Investing activities:      
Purchases of marketable securities 0 (44,395)  
Purchases of investments in equity securities 0 (20,271)  
Proceeds from sales of investments in equity securities 0 63,229  
Proceeds from special cash dividends received from investments in equity securities 0 25,682  
Payment for an intangible asset (1,595) (797)  
Purchases of property and equipment 0 (695)  
Net cash provided by (used in) investing activities (1,595) 22,753  
Financing activities:      
Repurchases of common stock (48,276) 0  
Repayment of term loans (459,000) (473,417)  
Repayment of deferred royalty obligation (144) 0  
Proceeds from issuance of common stock through public offerings, net 0 315,254  
Proceeds from BridgeBio common stock issuances under ESPP 3,237 2,364  
Proceeds from stock option exercises, net of repurchases 2,521 537  
Transactions with noncontrolling interests 800 0  
Repurchase of RSU shares to satisfy tax withholding (1,776) (2,936)  
Net cash provided by financing activities 60,328 279,548  
Net increase (decrease) in cash, cash equivalents and restricted cash (140,502) 82,764  
Cash, cash equivalents and restricted cash at beginning of period 683,244 394,732 $ 394,732
Cash, cash equivalents and restricted cash at end of period 542,742 477,496 683,244
Supplemental Disclosure of Cash Flow Information:      
Cash paid for interest 23,271 35,315  
Supplemental Disclosures of Noncash Investing and Financing Information:      
Recognized intangible asset recorded to "Other current liabilities" 4,500 0  
Unpaid issuance costs associated with term loan under Amended Financing Agreement 0 3,732  
Unpaid public offering issuance costs 0 513  
Deferred and unpaid issuance costs recorded to "Other current liabilities" 0 458  
Unpaid property and equipment 337 70  
Transfers to noncontrolling interests (824) (1,857)  
Reconciliation of Cash, Cash Equivalents and Restricted Cash:      
Cash and cash equivalents 540,599 475,222 681,101 [1]
Restricted cash - Included in "Prepaid expenses and other current assets" 126 131  
Restricted cash - Included in "Other assets" 2,017 2,143  
Total cash, cash equivalents and restricted cash 542,742 477,496 $ 683,244
2031 Notes      
Financing activities:      
Proceeds from issuance of 2031 Notes 575,000 0  
Issuance costs and discounts associated with term loan under Amended Financing Agreement (12,034) 0  
Financing Agreement      
Financing activities:      
Proceeds from term loan under Amended Financing Agreement 0 450,000  
Issuance costs and discounts associated with term loan under Amended Financing Agreement $ 0 $ (12,254)  
[1] The condensed consolidated balance sheet as of December 31, 2024 is derived from the audited consolidated financial statements as of that date.
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

On March 31, 2025, Thomas Trimarchi, our President and Chief Financial Officer, adopted a trading plan (the “Trimarchi Trading Plan”) intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c). The Trimarchi Trading Plan provides for the potential sale of a maximum of (i) 47,887 shares of our common stock held by Dr. Trimarchi and (ii) 100% of net vested shares of our common stock to be issued to Dr. Trimarchi upon vesting of his restricted stock units (“RSUs”) on

May 16, 2025. On the date when the Trimarchi Trading Plan was adopted, Dr. Trimarchi held no such net vested shares. Dr. Trimarchi’s net vested share amount will change as additional RSUs vest on the applicable vesting date. The aggregate number of net vested shares of common stock that will be available for sale by Dr. Trimarchi is not yet determinable because the shares available will be net of shares to be withheld to satisfy tax obligations in connection with the vesting of his RSUs on the vesting date. Dr. Trimarchi is not permitted to transfer, sell or otherwise dispose of any shares under the Trimarchi Trading Plan during the 90-day period following the plan’s adoption. The Trimarchi Trading Plan is expected to remain in effect until the earlier of (1) May 29, 2026 and (2) the date on which all transactions under such plan have been completed.

On March 31, 2025, Dr. Neil Kumar, our Chief Executive Officer and a member of our Board of Directors, adopted a new trading plan (the “Kumar Trading Plan”) intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c) on behalf of himself and Kumar Haldea Revocable Trust and Kumar Haldea Family Irrevocable Trust, of which Dr. Kumar is a co-trustee. The Kumar Trading Plan provides for the potential sale of a maximum of (i) 480,000 shares of our common stock held by Kumar Haldea Family Irrevocable Trust, (ii) 480,000 shares of our common stock held by Kumar Haldea Revocable Trust, and (ii) 100% of net vested shares of our common stock to be issued to Dr. Kumar upon vesting of his RSUs on August 16, 2025, November 16, 2025, December 10, 2025, February 16, 2026 and May 16, 2026. On the date when the Kumar Trading Plan was adopted, Dr. Kumar held no such net vested shares. Dr. Kumar’s net vested share amount will change as additional RSUs vest on each of these vesting dates. The aggregate number of net vested shares of common stock that will be available for sale by Dr. Kumar is not yet determinable because the shares available will be net of shares to be withheld to satisfy tax obligations in connection with the vesting of his RSUs on each of these vesting dates. Dr. Kumar is not permitted to transfer, sell or otherwise dispose of any shares under the Kumar Trading Plan during the 90-day period following the plan’s adoption. The Kumar Trading Plan is expected to remain in effect until the earlier of (1) June 5, 2026 and (2) the date on which all transactions under such plan have been completed.

Rule 10b5-1 Trading Plan [Member] | Thomas Trimarchi [Member]  
Trading Arrangements, by Individual  
Name Thomas Trimarchi
Title President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 31, 2025
Arrangement Duration 454 days
Aggregate Available 47,887
Rule 10b5-1 Trading Plan [Member] | Dr. Neil Kumar [Member]  
Trading Arrangements, by Individual  
Name Dr. Neil Kumar
Title Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 31, 2025
Arrangement Duration 461 days
Aggregate Available 480,000
v3.25.1
Organization and Description of Business
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business
1.
Organization and Description of Business

BridgeBio Pharma, Inc. (“BridgeBio”, the “Company” or “we”) is a new type of biopharmaceutical company founded to discover, create, test and deliver transformative medicines to treat patients who suffer from genetic diseases. BridgeBio’s pipeline of development programs ranges from early science to advanced clinical trials. BridgeBio was founded in 2015 and its team of experienced drug discoverers, developers and innovators are committed to applying advances in genetic medicine to help patients as quickly as possible. On November 22, 2024, the Company received United States Food and Drug Administration (“FDA”) approval of AttrubyTM (acoramidis) and began to generate product revenue from the commercialization of Attruby in the United States (the “U.S.”). On February 10, 2025, the European Commission (“EC”) approved BeyonttraTM (acoramidis) for the treatment of transthyretin amyloid cardiomyopathy (ATTR-CM) in Europe. On March 27, 2025, the Japanese Ministry of Health, Labour and Welfare approved Beyonttra for the treatment of ATTR-CM in Japan. In addition, we have three product candidates (low-dose infigratinib for achondroplasia, encaleret for ADH1, and BBP-418 for LGMD2I/R9) in our late-stage development pipeline.

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.
v3.25.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
2.
Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The condensed consolidated financial statements include the accounts of BridgeBio Pharma, Inc., 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, 2024, 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 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, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for any other future annual or interim periods.

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, accounts receivable, and restricted cash. Amounts on deposit may at times exceed federally insured limits. Although management

currently believes that the financial institutions with whom it 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, 2025 and for the three months ended March 31, 2025.

During the three months ended March 31, 2025 and 2024, our revenues were generated primarily from license and collaboration agreements with strategic partners and from product sales to customers. As of March 31, 2025 and December 31, 2024, our gross accounts receivable balance was comprised of payments primarily due from license and collaboration agreements with strategic partners and from product sales to customers.

The following table summarizes customers that represent 10% or greater of our consolidated total gross revenues:

 

 

Three months ended March 31,

 

2025

 

2024

Bayer Consumer Care AG

59.6%

 

61.8%

Customer A

10.6%

 

*

Kyowa Kirin Co., Ltd

*

 

33.5%

* Represents less than 10% and/or not a customer in the applicable period.

We are subject to credit risk from our accounts receivable. 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, 2025, one customer accounted for more than 10% of our consolidated gross accounts receivable balance at 64.0%. As of December 31, 2024, five customers each accounted for more than 10% of our consolidated gross accounts receivable balance, at 17.3%, 17.3%, 16.9%, 12.0% and 11.9%.

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 manufacturers to supply products for 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, and in some cases a single source manufacturer, to supply us with our requirements for the active pharmaceutical ingredients and formulated drugs related to the commercial sale of Attruby and the research and development of our other clinical product candidates. The commercial sale of Attruby 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.

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:

•
accruals for research and development activities, such as clinical, development, regulatory, and sales-based milestone payments in our in-licensing agreements and asset acquisitions,
•
deferred royalty obligations, related embedded derivative liability and underlying assumptions,
•
revenue recognition for transactions accounted for under ASC 606, Revenue from Contracts with Customers (“ASC 606”), including estimating the impact of variable consideration and determining and allocating the transaction price to performance obligations,
•
advertising expense,
•
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, 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.

Cash and Cash Equivalents

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 and securities issued by the U.S. government or its agencies.

Our cash and cash equivalents are exposed to credit risk in the event of default by the third-parties that hold or issue such assets. Our cash and cash equivalents 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.

Cash as reported in the accompanying condensed consolidated statements of cash flows includes the aggregate amounts of cash, cash equivalents and restricted cash as presented on the accompanying condensed consolidated balance sheets as follows:

 

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

(in thousands)

 

Cash and cash equivalents

 

$

540,599

 

 

$

681,101

 

Restricted cash — included in “Prepaid expenses and other current assets”

 

 

126

 

 

 

126

 

Restricted cash, non-current — included in “Other assets”

 

 

2,017

 

 

 

2,017

 

Total cash, cash equivalents and restricted cash

 

$

542,742

 

 

$

683,244

 

Restricted Cash

Restricted cash primarily represents certain letters of credit for lease agreements, of which we have pledged cash and cash equivalents as collateral. As of March 31, 2025, restricted cash related to such agreements was $0.1 million and $2.0 million, which is presented as part of “Prepaid expenses and other current assets” and “Other assets”, respectively, on the condensed consolidated balance sheet. As of December 31, 2024, restricted cash related to such agreements was $0.1 million and $2.0 million, which is presented as part of “Prepaid expenses and other current assets” and “Other assets”, respectively, on the condensed consolidated balance sheet.

Other Current Liabilities

Other current liabilities presented on the condensed consolidated balance sheets consisted of the following balances:

 

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

(in thousands)

 

Accrued commercial liabilities

 

$

12,321

 

 

$

11,267

 

Accrued professional services

 

 

5,322

 

 

 

3,673

 

Milestone liability

 

 

4,500

 

 

 

1,595

 

Accrued interest

 

 

4,253

 

 

 

11,056

 

Royalty obligation, current portion

 

 

1,860

 

 

 

144

 

Other accrued liabilities

 

 

12,418

 

 

 

5,336

 

Total other current liabilities

 

$

40,674

 

 

$

33,071

 

 

Segments

We are a single operating and reportable segment, which is in the business of identifying and advancing 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, contract manufacturing organizations (“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 and includes a reconciliation to net loss:

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Revenues:

 

 

 

 

 

 

License and services revenue

 

$

79,894

 

 

$

211,120

 

Net product revenue

 

 

36,739

 

 

 

—

 

Total revenues, net

 

 

116,633

 

 

 

211,120

 

Operating costs and expenses:

 

 

 

 

 

 

Cost of revenues:

 

 

 

 

 

 

Cost of license and services revenue

 

 

605

 

 

 

598

 

Cost of goods sold

 

 

2,034

 

 

 

—

 

Total cost of revenues

 

 

2,639

 

 

 

598

 

 

 

 

 

 

 

 

Research and development by significant program:

 

 

 

 

 

 

Acoramidis for the treatment and primary prevention
     of ATTR-CM

 

 

24,392

 

 

 

39,742

 

Infigratinib for achondroplasia and hypochondroplasia

 

 

27,934

 

 

 

21,185

 

BBP-418 for LGMD2I/R9

 

 

14,209

 

 

 

10,018

 

Encaleret for ADH1

 

 

15,459

 

 

 

12,544

 

Other development programs

 

 

11,430

 

 

 

32,284

 

Other research programs

 

 

18,007

 

 

 

25,199

 

Total segment research and development

 

 

111,431

 

 

 

140,972

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

106,365

 

 

 

65,807

 

Restructuring, impairment and related charges

 

 

570

 

 

 

3,400

 

Total operating costs and expenses

 

 

221,005

 

 

 

210,777

 

Income (loss) from operations

 

 

(104,372

)

 

 

343

 

Other income (expense), net:

 

 

 

 

 

 

Interest income

 

 

5,385

 

 

 

4,075

 

Interest expense

 

 

(42,141

)

 

 

(23,471

)

Loss on extinguishment of debt

 

 

(21,155

)

 

 

(26,590

)

Net loss from equity method investments

 

 

(15,556

)

 

 

—

 

Other income (expense), net

 

 

8,231

 

 

 

9,483

 

Total other income (expense), net

 

 

(65,236

)

 

 

(36,503

)

Net loss

 

 

(169,608

)

 

 

(36,160

)

Net loss attributable to redeemable convertible
   noncontrolling interests and noncontrolling interests

 

 

2,186

 

 

 

944

 

Segment net loss attributable to common stockholders
   of BridgeBio

 

$

(167,422

)

 

$

(35,216

)

 

There are no reconciling items or adjustments between segment “Total revenues, net” and “Net loss attributable to common stockholders of BridgeBio”, and condensed 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 partners.

 

 

Three months ended March 31,

 

2025

 

2024

Europe, Middle East, and Africa (EMEA)

66.1%

 

61.8%

U.S.

31.6%

 

4.7%

Asia-Pacific (APAC)

2.3%

 

33.5%

 

100.0%

 

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, 2025, our capitalized property and equipment located in the United States, Canada and rest of the world are approximately 48.9%, 47.2%, and 3.9%, respectively. As of December 31, 2024, our capitalized property and equipment located in the United States, Canada and rest of the world are approximately 51.6%, 44.7% and 3.7%, 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.

•
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. Generally, we would conclude that the license is 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 up-front 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).
•
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.
•
Net product revenue: Revenue is recognized when specialty pharmacies and specialty distributors, our customers, 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. In addition, we offer a program that provides free drug products for a limited period of time or in perpetuity, which is based on specific patient eligibility criteria. We recognize the costs of the program, including the cost of the product, as “Selling, general, and administrative” expenses on our condensed consolidated statements of operations upon shipment to the specialty pharmacy.

For revenue recognized under collaboration and licensing 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 consideration, 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 collaboration and licensing arrangement is updated for each reporting period, and any adjustments to revenue are recorded on a cumulative catch-up basis.

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, returns, chargebacks, rebates, 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 accrued expenses and other current liabilities (if the amount is payable to a 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”:

•
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 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 revenue in the same period the related revenue is recognized, and the establishment of a reserve is offset against our accounts receivable 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.
•
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 accrued liabilities on our condensed consolidated balance sheets in the period the related product revenue is recognized.
•
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 balance on our condensed consolidated balance sheets.
•
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 accrued 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 revenue. The estimate is recorded as a reduction of revenue in the same period that the related revenue is recognized. Our estimate is recorded in the same period the related revenue is recognized, resulting in a reduction in product revenue and the establishment of a liability which is included in accrued liabilities on our condensed consolidated balance sheets.

During the three months ended March 31, 2025, we recorded “Net product revenue” of $36.7 million related to product sales of Attruby.

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. Prior to regulatory approval of our product candidates, we record costs related to manufacturing and materials as “Research and development” expenses in the period incurred on the condensed consolidated statements of operations, and therefore such costs are not included in cost of revenue. Subsequent to the FDA approval of Attruby in November 2024, the costs directly related to Attruby manufacturing were capitalized as inventory. We reduce our inventory to net realizable value for potentially excess, dated or obsolete inventory based on our periodic assessment of the recoverability of our capitalized inventory. We periodically review inventory levels to identify what may expire prior to expected sale or have a cost basis in excess of its estimated realizable value and write-down of such inventories are charged to cost of revenues as appropriate. We regularly review our inventories for impairment and reserves are established when necessary. There were no inventory write-offs or reserves for the three months ended March 31, 2025.

 

 

Inventories presented on the condensed consolidated balance sheet as of March 31, 2025 consisted of the following balances:

 

 

 

March 31, 2025

 

 

 

(in thousands)

 

Raw materials

 

$

—

 

Work in progress

 

 

1,318

 

Finished goods

 

 

2,636

 

Total inventories

 

$

3,954

 

 

As of December 31, 2024, inventories were immaterial and recorded to “Prepaid expenses and other current assets” on the condensed consolidated balance sheet.

Cost of Revenues

Cost of revenues consists of the following two classifications, which are presented accordingly on our condensed consolidated statements of operations:

•
Cost of license and services revenue: Cost of license and services revenue consists of royalties we owe to third-parties on the net sales of licensed products, 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.
•
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 or obsolete inventory adjustment charges, abnormal costs, unabsorbed manufacturing and overhead costs, and manufacturing variances.

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. For the three months ended March 31, 2025 and 2024, advertising costs amounted to $14.0 million and an immaterial amount, respectively, and are included in “Selling, general, and administrative” expenses in 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. The deferred advertising costs were $3.1 million and nil as of March 31, 2025 and December 31, 2024, respectively.

New Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2024. We are currently evaluating the impact that this guidance will have on our annual consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting (Topic 220)- Comprehensive Income- Expense Disaggregation Disclosures, 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. Early adoption is permitted. We are currently evaluating the impact that this guidance will have on our condensed consolidated financial statements and disclosures.

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. We are currently evaluating the impact that this guidance will have on our condensed consolidated financial statements and disclosures.
v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
3.
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 consolidated balance sheets for cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued expenses 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, 2025

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

70,316

 

 

$

70,316

 

 

$

—

 

 

$

—

 

Treasury bills

 

 

24,942

 

 

 

—

 

 

 

24,942

 

 

 

—

 

Agency discount notes

 

 

34,662

 

 

 

—

 

 

 

34,662

 

 

 

—

 

Total cash equivalents

 

 

129,920

 

 

 

70,316

 

 

 

59,604

 

 

 

—

 

Total financial assets

 

$

129,920

 

 

$

70,316

 

 

$

59,604

 

 

$

—

 

Liability

 

 

 

 

 

 

 

 

 

 

 

 

Embedded derivative (included in “Deferred royalty obligation, net”)

 

$

37,139

 

 

$

—

 

 

$

—

 

 

$

37,139

 

 

 

 

December 31, 2024

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

294,872

 

 

$

294,872

 

 

$

—

 

 

$

—

 

Treasury bills

 

 

20,714

 

 

 

—

 

 

 

20,714

 

 

 

—

 

Agency discount notes

 

 

44,205

 

 

 

—

 

 

 

44,205

 

 

 

—

 

Total cash equivalents

 

 

359,791

 

 

 

294,872

 

 

 

64,919

 

 

 

—

 

Total financial assets

 

$

359,791

 

 

$

294,872

 

 

$

64,919

 

 

$

—

 

Liability

 

 

 

 

 

 

 

 

 

 

 

 

Embedded derivative (included in “Deferred royalty obligation, net”)

 

$

41,091

 

 

$

—

 

 

$

—

 

 

$

41,091

 

 

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.

Investment in Equity Securities

We have historically held investment in equity securities of publicly held companies, which were actively traded with quoted prices that were readily available, and we did not have restrictions on our ability to sell these securities. Therefore, these were classified within Level 1.

For the three months ended March 31, 2025, there were no realized or unrealized gains or losses associated with our investment in equity securities. For the three months ended March 31, 2024, we recognized $8.1 million of realized gains and no unrealized gains or losses associated with our investment in equity securities.

Notes

The fair values of our 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 9), 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, 2025

 

 

December 31, 2024

 

 

 

Aggregate Face Values

 

 

Estimated Fair Values

 

 

Aggregate Face Values

 

 

Estimated Fair Values

 

 

 

(in thousands)

 

 

(in thousands)

 

2031 Convertible Notes

 

$

575,000

 

 

$

594,107

 

 

$

—

 

 

$

—

 

2029 Convertible Notes

 

 

747,500

 

 

 

672,003

 

 

 

747,500

 

 

 

640,708

 

2027 Convertible Notes

 

 

550,000

 

 

 

631,974

 

 

 

550,000

 

 

 

578,087

 

Term Loan

The fair value of our outstanding term loan under the Amended Financing Agreement (as defined and discussed in Note 9) as of December 31, 2024 was estimated using the net present value of the payments, discounted at an interest rate that is consistent with a market interest rate, which is a Level 2 input. The estimated fair value of our outstanding term loan as of December 31, 2024 was $461.8 million. The term loan was fully repaid in February 2025.

Deferred royalty obligation and embedded derivative liability

The embedded derivative liability associated with our deferred royalty obligation, as discussed further in Note 10 is measured at fair value using an option pricing Monte Carlo simulation model and is included as a component of the deferred royalty obligation 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”. 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 revenue of Attruby, (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, net of the bifurcated embedded derivative liability had an estimated fair value of $442.8 million and $446.0 million as of March 31, 2025 and December 31, 2024, respectively. For the three months ended March 31, 2025, we recognized a $4.0 million gain for the change in fair value of the embedded derivative liability to “Other income (expense), net” on our condensed consolidated statements of operations.

v3.25.1
Cash Equivalents
 3 Months Ended
Mar. 31, 2025
Cash and Cash Equivalents [Abstract]  
Cash Equivalents
4.
Cash Equivalents

We invest in certain U.S. government money market funds, treasury bills and commercial paper classified as cash equivalents.

Cash equivalents consisted of the following:

 

 

 

March 31, 2025

 

 

 

Amortized
Cost Basis

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Estimated Fair
Value

 

 

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

70,316

 

 

$

—

 

 

$

—

 

 

$

70,316

 

Treasury bills

 

 

24,942

 

 

 

—

 

 

 

—

 

 

 

24,942

 

Agency discount notes

 

 

34,662

 

 

 

1

 

 

 

(1

)

 

 

34,662

 

Total cash equivalents

 

$

129,920

 

 

$

1

 

 

$

(1

)

 

$

129,920

 

 

 

 

December 31, 2024

 

 

 

Amortized
Cost Basis

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Estimated Fair
Value

 

 

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

294,872

 

 

$

—

 

 

$

—

 

 

$

294,872

 

Treasury bills

 

 

20,710

 

 

 

4

 

 

 

—

 

 

 

20,714

 

Agency discount notes

 

 

44,201

 

 

 

4

 

 

 

—

 

 

 

44,205

 

Total cash equivalents

 

$

359,783

 

 

$

8

 

 

$

—

 

 

$

359,791

 
v3.25.1
Noncontrolling Interests
 3 Months Ended
Mar. 31, 2025
Noncontrolling Interest [Abstract]  
Noncontrolling Interests
5.
Noncontrolling Interests

As of March 31, 2025 and December 31, 2024, we had both redeemable convertible noncontrolling interests and noncontrolling interests in consolidated partially-owned entities, for which BridgeBio is the primary beneficiary under the VIE model. These balances are reported as separate components outside stockholders’ deficit in “Redeemable convertible noncontrolling interests” and as part of stockholders’ deficit in “Noncontrolling interests” on the condensed consolidated balance sheets.

We adjust the carrying value of noncontrolling interests to reflect the book value attributable to noncontrolling stockholders of consolidated partially-owned entities when there is a change in the ownership during the respective reporting period and such adjustments are recorded to “Additional paid-in capital.” For the three months ended March 31, 2025 and 2024, the adjustments in the aggregate amounted to $(0.8) million and $(1.9) million, respectively. All such adjustments are disclosed within the “Transfers from (to) noncontrolling interests” line item on the condensed consolidated statements of redeemable convertible noncontrolling interests and stockholders’ equity (deficit).
v3.25.1
Equity Method Investments and Other Equity Investments
 3 Months Ended
Mar. 31, 2025
Equity Method And Cost Method Investment [Abstract]  
Equity Method Investments and Other Equity Investments
6.
Equity Method Investments and Other Equity 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 and as a result, Portal Therapeutics, Inc. and Sub21, Inc. were deconsolidated in conjunction with the GondolaBio transaction below.

GondolaBio was formed on June 5, 2024 and the Company was the sole member. On August 16, 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 third-party investors have committed $300.0 million of tranched financing to GondolaBio, of which $60.0 million had been contributed as of March 31, 2025. The related party investors had contributed cash in an aggregate of $42.5 million to GondolaBio as of March 31, 2025. 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%, which had a fair value of $50.0 million, and will be subject to reduction as additional tranches of capital contributions are funded.

On August 16, 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. On August 16, 2024, we recognized a $52.0 million gain from deconsolidation of a subsidiary.

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 Investments — Equity Method and Joint Ventures. GondolaBio was also deemed a related party. BridgeBio’s equity investment in GondolaBio, valued at $50.0 million upon deconsolidation, includes an implied difference of $23.9 million between the fair value of the equity investment and the underlying equity in the net assets of GondolaBio (referred to as a basis difference) which was allocated to GondolaBio’s in-process research and development (“IPR&D asset”). The basis difference is amortized as a component of net loss from equity method investment over the useful life of the IPR&D asset. The amortization of the IPR&D asset for the three months ended March 31, 2025 was $0.3 million.

For the three months ended March 31, 2025, the Company recognized a net loss from equity method investment of $6.8 million. As of March 31, 2025 and December 31, 2024, the aggregate carrying amount of the Company’s equity method investment in GondolaBio is $34.7 million and $41.5 million, respectively, and is presented as part of “Investment in nonconsolidated entities” on the condensed consolidated balance sheets.

In addition, on August 16, 2024, the Company and GondolaBio entered into a 24-month transition service agreement (the “GondolaBio Transition Service Agreement”) for the provision of certain transitionary consulting services to be provided by the Company and GondolaBio. In October 2024, the Company and GondolaBio entered into a one-year agreement for a partial sublease of a facility (“sublease agreement”). Under the GondolaBio Transition Service Agreement and sublease agreement, the Company recognized $2.7 million in other income and $0.8 million of pass-through costs and sublease income recorded as an offset against operating expenses, during the three months ended March 31, 2025. As of March 31, 2025 and December 31, 2024, the Company had $2.6 million and $3.2 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 $0.7 million in “Research and development” expenses for the three months ended March 31, 2025. As of March 31, 2025 and December 31, 2024, the Company also had $1.9 million and $1.2 million, respectively, in “Other current liabilities” for transitionary consulting services provided by GondolaBio to BridgeBio.

TheRas

On April 30, 2024, TheRas, Inc., doing business as BridgeBio Oncology Therapeutics (“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 BBOT’s equity was reduced to approximately 37.9%.

As part of the private equity financing transaction, 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, BBOT was deemed a VIE. As a result of the change in governance structure and composition of the board of directors, BridgeBio is no longer the primary beneficiary of BBOT, as it no longer has the power over key decisions that significantly impact BBOT’s economic performance. Accordingly, BridgeBio deconsolidated BBOT on April 30, 2024. On April 30, 2024, we recognized a $126.3 million gain from deconsolidation of a subsidiary. The gain on deconsolidation represents the difference between BridgeBio’s equity investment in BBOT, valued at $124.9 million upon deconsolidation and the carrying value of the net assets held by BBOT on April 30, 2024.

Upon the deconsolidation of BBOT, BridgeBio accounted for its retained investment in BBOT, for which it has significant influence through its ownership interest, using the equity method of accounting under ASC 323 Investments — Equity Method and Joint Ventures. BBOT was also deemed a related party. BridgeBio’s equity investment in BBOT, valued at $124.9 million upon deconsolidation, was compared to BridgeBio’s percentage of underlying equity in net assets of BBOT, which includes an implied difference of $49.6 million between the fair value of the equity investment and the underlying equity in the net assets of BBOT (referred to as a “basis difference”). The basis difference was attributed to BBOT’s in-process research and development (“IPR&D asset”) and is amortized as a component of net loss from equity method investment over the estimated useful life of the IPR&D asset. The amortization of the IPR&D asset for the three months ended March 31, 2025 was $0.6 million.

For the three months ended March 31, 2025, we recognized a net loss from equity method investment of $8.7 million. As of March 31, 2025 and December 31, 2024, the aggregate carrying amount of our equity method investment in BBOT is $93.5 million and $102.2 million, respectively, and is presented as part of “Investment in nonconsolidated entities” on our condensed consolidated balance sheets.

In addition, on April 30, 2024, the Company and BBOT entered into an 18-month transition service agreement (the “BBOT Transition Service Agreement”) for the provision of certain transitionary consulting services to be provided by the Company and BBOT. Under the BBOT Transition Service Agreement, the Company recognized $0.4 million in other income and an immaterial amount as an offset against operating expenses during the three months ended March 31, 2025, respectively. As of March 31, 2025 and December 31, 2024, the Company had $0.5 million and $0.5 million, respectively, in “Prepaid expenses and other current assets” for transitionary consulting services provided by BridgeBio to BBOT. As of March 31, 2025 and December 31, 2024, the Company also had immaterial amounts in “Accrued research and development liabilities” for transitionary consulting services provided by BBOT to BridgeBio.

On February 28, 2025, BBOT and Helix Acquisition Corp. II (“Helix”), a special purpose acquisition company, announced that they entered into a definitive business combination agreement. Upon closing of the transaction, the combined company will be renamed “BridgeBio Oncology Therapeutics, Inc.” The combined company’s common stock is expected to be listed on Nasdaq under the ticker symbol “BBOT”. The boards of directors of both BBOT and Helix have approved the proposed transaction, which is expected to be completed in the third quarter of 2025. The transaction is subject to, among other things, the approval of the stockholders of both BBOT and Helix, and satisfaction or waiver of the conditions stated in the definitive business combination agreement. As of March 31, 2025, there is no financial impact to our condensed consolidated financial statements, however we are currently evaluating the financial impact this transaction may have in future periods.

LianBio

On February 13, 2024, LianBio announced plans to wind down its operations, including the sale of its remaining assets, delisting of its American Depository Shares from the Nasdaq Global Market, deregistration under Section 12(b) of the Securities Act of 1934, and workforce reductions. LianBio's Board of Directors declared a special cash dividend of $4.80 per ordinary share, net of applicable depositary fees of $0.05 per share held and applicable taxes. On February 20, 2024, QED exercised the 347,569 shares of LianBio warrants it held for an immaterial amount. As of February 22, 2024, the Company held 5,350,361 shares of LianBio common stock. In March 2024, we received net proceeds of $25.7 million as special cash dividends and recognized net realized gains of $1.8 million from our investment in LianBio equity securities.
v3.25.1
Intangible Assets, Net
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, net
7.
Intangible Assets, net

The following table summarizes our recognized intangible assets as a result of the arrangements described in the following sections:

 

 

March 31, 2025

 

 

December 31, 2024

 

 

Weighted-average
Estimated Useful Lives

 

Amount

 

 

Weighted-average
Estimated Useful Lives

 

Amount

 

 

 

 

(in thousands)

 

 

 

 

(in thousands)

 

Gross amount

13.7

 

$

37,000

 

 

10.0 years

 

$

32,500

 

Less: accumulated amortization

 

 

 

(9,198

)

 

 

 

 

(8,574

)

Total

 

 

$

27,802

 

 

 

 

$

23,926

 

 

Amortization expense, recorded as part of “Cost of license and services revenue” for the three months ended March 31, 2025 and 2024, was $0.6 million and $0.6 million, respectively. Future amortization expense is $2.0 million for the remainder of 2025, $2.7 million for each of the years from 2026 to 2030 and $12.3 million thereafter.

Novartis License Agreement

In January 2018, QED entered into a License Agreement with Novartis International Pharmaceutical, Inc. or Novartis, pursuant to which QED acquired certain intellectual property rights, including patents and know-how, related to infigratinib for the treatment of patients with fibroblast growth factor receptor (“FGFR”) driven diseases. Following the FDA approval of TRUSELTIQTM in May 2021, we paid a one-time regulatory milestone payment to Novartis of $20.0 million. We capitalized such payment as a finite-lived intangible asset and amortized the amount over its estimated useful life on a straight-line basis. All clinical investigations under the associated Investigational New Drug application (“IND”) were discontinued as of March 2023 and a request to withdraw the NDA for TRUSELTIQTM was submitted in May 2023, due to difficulty enrolling study patients for the required confirmatory trial. Accordingly, the FDA announced the withdrawal of the approval of TRUSELTIQTM in May 2023. The intellectual property rights, patents and know-how related to infigratinib are being applied to other clinical investigations for FGFR-driven diseases.

Diagnostics Agreement with Foundation Medicine

In November 2018, QED and Foundation Medicine, Inc. (“FMI”), entered into a companion diagnostics agreement relating to QED’s drug discovery and development initiatives. Pursuant to the agreement, QED could be required to pay $12.5 million in regulatory approval milestones over a period of four years subsequent to the FDA approval of a companion diagnostic for TRUSELTIQTM in patients with cholangiocarcinoma. The FDA approved the companion diagnostic for TRUSELTIQTM in May 2021, which resulted in the capitalization of $12.5 million as a finite-lived intangible asset to be amortized over its estimated useful life on a

straight-line basis. While the FDA announced the withdrawal of the approval for TRUSELTIQTM in May 2023, the FMI companion diagnostics agreement drug discovery and development initiatives are being applied to other clinical investigations. In March 2024, QED and FMI entered into a settlement agreement for QED to pay the remaining $9.6 million payable over 12 equal monthly installments of $0.8 million beginning in March 2024 and completed in February 2025. As of December 31, 2024, the amount due to FMI was presented on our condensed consolidated balance sheet was $1.6 million in “Other current liabilities.”

Stanford License Agreement

As of March 31, 2025, we accrued for a regulatory milestone payment to Stanford University of $4.5 million, which was related to the regulatory milestone achieved in February 2025 under the Bayer License Agreement (as defined below). We capitalized these license fees as finite-lived intangible assets and amortized the amounts over their estimated useful lives on a straight-line basis. Refer to Note 11 and 12 for definitions and details regarding the Bayer License Agreement, the Eidos-Alexion License Agreement, and the Stanford License Agreement, respectively.
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
8.
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 2020 Stock and Equity Award Exchange Program (the “Exchange Program”, refer to Note 15). The compensation arrangements under the Exchange Program 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 restricted stock awards (“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, 2025.

 

 

 

Potential Fixed Monetary
Amount

 

 

Accrued
Amount (1)

 

Settlement Type

 

(in thousands)

 

Cash

 

$

784

 

 

$

25

 

Stock (2)

 

 

14,582

 

 

 

—

 

Cash or stock at our sole discretion

 

 

52,233

 

 

 

252

 

Total

 

$

67,599

 

 

$

277

 

 

(1)
Amount recorded for performance-based milestone awards that are probable of achievement.
(2)
Includes the performance-based milestone awards that were granted as part of the Exchange Program further discussed in Note 15.

Other Research and Development and Commercial Agreements

We may also enter into contracts in the normal course of business with contract research organizations for services related to clinical trials, with contract manufacturing organizations for clinical supplies, and with other vendors for preclinical studies, supplies, and other services and products for commercial and operating purposes. These contracts generally provide for termination on notice with potential termination charges. As of March 31, 2025 and December 31, 2024, 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 purchase commitments and obligations. These include commitments for the supply, manufacturing, and packaging of our commercial products as well as agreements to support the sales and marketing activities for Attruby. As of March 31, 2025, we have minimum commitments in aggregate of $86.6 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.

v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt
9.
Debt

Notes

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 of 1933, as amended (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 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 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 or approximately their six-year term.

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 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 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 or approximately their eight-year term.

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 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 or approximately their seven-year term.

Additional Information Related to the Notes

The outstanding Notes’ balances consisted of the following:

 

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

2031 Notes

 

 

2029 Notes

 

 

2027 Notes

 

 

2029 Notes

 

 

2027 Notes

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

(in thousands)

 

Principal

 

$

575,000

 

 

$

747,500

 

 

$

550,000

 

 

$

747,500

 

 

$

550,000

 

Unamortized debt discount and issuance costs

 

 

(11,876

)

 

 

(8,128

)

 

 

(4,372

)

 

 

(8,628

)

 

 

(4,827

)

Net carrying amount

 

$

563,124

 

 

$

739,372

 

 

$

545,628

 

 

$

738,872

 

 

$

545,173

 

 

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, 2025

 

 

 

2031 Notes

 

 

2029 Notes

 

 

2027 Notes

 

 

Total

 

 

 

(in thousands)

 

Contractual interest expense

 

$

839

 

 

$

4,205

 

 

$

3,438

 

 

$

8,482

 

Amortization of debt discount and issuance costs

 

 

157

 

 

 

500

 

 

 

455

 

 

 

1,112

 

Total interest and amortization expense

 

$

996

 

 

$

4,705

 

 

$

3,893

 

 

$

9,594

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective interest rate

 

2.1%

 

 

 

2.6

%

 

 

2.8

%

 

 

 

 

 

 

Three Months Ended March 31, 2024

 

 

 

2029 Notes

 

 

2027 Notes

 

 

Total

 

 

 

 

 

 

(in thousands)

 

 

 

 

Contractual interest expense

 

$

4,205

 

 

$

3,438

 

 

$

7,643

 

Amortization of debt discount and issuance costs

 

 

487

 

 

 

444

 

 

 

931

 

Total interest and amortization expense

 

$

4,692

 

 

$

3,882

 

 

$

8,574

 

 

 

 

 

 

 

 

 

 

 

Effective interest rate

 

 

2.6

%

 

 

2.8

%

 

 

 

 

As of March 31, 2025, interest payable on the 2031 Notes, 2029 Notes and 2027 Notes amounted to $0.8 million, $2.8 million and $0.6 million, respectively. As of December 31, 2024, interest payable on the 2029 Notes and 2027 Notes amounted to $7.0 million and $4.0 million, respectively. Such amounts are included in “Other current liabilities” in our consolidated balance sheets.

Future minimum payments under the Notes as of March 31, 2025 are as follows:

 

 

 

2031 Notes

 

 

2029 Notes

 

 

2027 Notes

 

 

Total

 

 

 

(in thousands)

 

Remainder of 2025

 

$

5,031

 

 

$

8,409

 

 

$

6,875

 

 

$

20,315

 

Year ending December 31:

 

 

 

 

 

 

 

 

 

 

 

 

2026

 

 

10,063

 

 

 

16,819

 

 

 

13,750

 

 

 

40,632

 

2027

 

 

10,063

 

 

 

16,819

 

 

 

556,875

 

 

 

583,757

 

2028

 

 

10,063

 

 

 

16,819

 

 

 

—

 

 

 

26,882

 

2029

 

 

10,063

 

 

 

755,909

 

 

 

—

 

 

 

765,972

 

2030

 

 

10,063

 

 

 

—

 

 

 

—

 

 

 

10,063

 

Thereafter

 

 

580,031

 

 

 

—

 

 

 

—

 

 

 

580,031

 

Total future payments

 

 

635,377

 

 

 

814,775

 

 

 

577,500

 

 

 

2,027,652

 

Less amounts representing interest

 

 

(60,377

)

 

 

(67,275

)

 

 

(27,500

)

 

 

(155,152

)

Total principal amount

 

$

575,000

 

 

$

747,500

 

 

$

550,000

 

 

$

1,872,500

 

Capped Call and Share Repurchase 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, Derivatives and Hedging, to be classified in stockholders’ equity and are not subsequently remeasured as long as the conditions for equity classification continue to be met. We recorded a reduction to additional paid-in capital of approximately $61.3 million and $49.3 million for the years ended December 31, 2021 and 2020, respectively, related to the premium payments for the Capped Call Transactions.

Additionally, we used approximately $50.0 million and $75.0 million of the net proceeds from the 2021 Note Offering and 2020 Note Offering to repurchase 759,993 shares and 2,414,681 shares, respectively, of our common stock concurrently with the closing of the Note Offerings from certain of the Notes’ Initial Purchasers in privately negotiated transactions. The agreed purchase price per share of common stock in the repurchases were $65.79 and $31.06, which were the last reported sale prices per share of our common stock on The Nasdaq Global Select Market (“Nasdaq”), on January 25, 2021 and March 4, 2020, respectively. The shares repurchased were recorded as “Treasury stock” on our condensed consolidated balance sheets and statements of redeemable convertible noncontrolling interests and stockholders’ deficit.

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 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. 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

Loan and Security Agreement

In November 2021, we entered into a Loan and Security Agreement (as amended by the First Amendment and the Second Amendment (the “Amended Loan Agreement”), by and among (i) U.S. Bank National Association, in its capacity as administrative agent and collateral agent, (ii) certain lenders, (iii) BridgeBio, as a borrower, and (iv) certain subsidiaries of BridgeBio, as guarantors. In May 2022, we entered into the First Amendment and in November 2022, we entered into the Second Agreement.

For the period January 1, 2024 through January 17, 2024, we recognized interest expense related to the Amended Loan Agreement of $3.0 million, of which $0.4 million relates to amortization of debt discount and issuance costs. On January 17, 2024, the Company fully repaid the Amended Loan Agreement for $475.8 million, which consisted of $455.4 million for the outstanding principal, $9.1 million for the prepayment fee, $8.6 million for the exit cost, $2.4 million in accrued interest and $0.3 million for transaction-related fees using the proceeds from the Financing Agreement and cash on hand, and recognized a loss on extinguishment of debt of $26.6 million.

Financing Agreement

On January 17, 2024, the Company and each of the guarantors entered into a Financing Agreement, which was amended on February 12, 2024 (the “Financing Agreement”), with the lenders party thereto (the “Lenders”) and Blue Owl Capital Corporation, as administrative agent for the Lenders (the “Administrative Agent”). On June 20, 2024, the Company and each of the guarantors entered into the Second Amendment to the Financing Agreement (the Financing Agreement, as amended by the Second Amendment, the “Amended Financing Agreement”).

Pursuant to the terms and conditions of the Financing Agreement, the Lenders agreed to extend a senior secured credit facility to the Company in an aggregate principal amount of up to $750.0 million, comprised of (i) an initial term loan in an aggregate principal amount of $450.0 million (the “Initial Term Loan”) and (ii) one or more incremental term loans in an aggregate amount not to exceed $300.0 million, subject to the satisfaction of certain terms and conditions set forth in the Financing Agreement. The Initial Term Loan was funded on January 17, 2024.

Any outstanding principal on the Term Loans will initially bear interest at a rate per annum equal to (A) in the case of Term Loans bearing interest based on the base rate defined in the Financing Agreement (and which base rate will not be less than 2.00%), the sum of (i) the base rate plus (ii) 5.75% and (B) in the case of Term Loans bearing interest based on the three-month forward-looking term secured overnight financing rate administered by the Federal Reserve Bank of New York (“Term SOFR”), the sum of (i) three-month Term SOFR (subject to 1.00% per annum floor), plus (ii) 6.75%. Accrued interest is payable quarterly following the funding of the Initial Term Loan on the Closing Date, on any date of prepayment or repayment of the Term Loans and at maturity.

The Company may prepay the Term Loans at any time (in whole or in part) or be required to make mandatory prepayments upon the occurrence of certain customary prepayment events. In certain instances and during certain time periods, prepayments will be subject to customary prepayment fees. The amount of any prepayment fee may vary, but the maximum amount that may be due with any such prepayment would be an amount equal to 3.00% of the Term Loans being prepaid at such time, plus a customary make whole amount.

In January 2024, we received net proceeds from the Initial Term Loan of $434.0 million, after deducting debt discount and issuance costs of $16.0 million.

The balances of our borrowing under the Amended Financing Agreement consisted of the following:

 

 

 

December 31, 2024

 

 

 

(in thousands)

 

Principal value of term loan

 

$

450,000

 

Debt discount, issuance costs and exit fee accretion

 

 

(12,663

)

Term loan, net

 

$

437,337

 

For the three months ended March 31, 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. For the three months ended March 31, 2024, we recognized interest expense related to the Amended Financing Agreement of $11.9 million of which $0.7 million relates to amortization of debt discount and issuance costs.

On February 28, 2025, the Company fully repaid the Amended Financing Agreement for $467.0 million, which consisted of $450.0 million for the outstanding principal, $9.0 million for the prepayment fee, and $8.0 million in accrued interest using the proceeds from the 2031 Notes and recognized a loss on extinguishment of debt of $21.2 million.
v3.25.1
Funding Agreement
 3 Months Ended
Mar. 31, 2025
Funding Agreement [Abstract]  
Funding Agreement
10.
Funding Agreement

On January 17, 2024, the Company and its subsidiaries, Eidos Therapeutics, Inc., 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, the “Purchasers”), and Alter Domus (US) LLC, as the collateral agent.

Pursuant to the Funding Agreement, the 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 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 Purchasers on a quarterly basis after the Funding Date. In addition, the Seller Parties granted the collateral agent, for the benefit of the Purchasers, a security interest in specific assets related to acoramidis.

The Purchasers’ rights to the Royalty Interest Payments and ownership interest in Net Sales will terminate upon the earlier of the 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 in control (as customarily defined in the Funding Agreement) occurs on or after the effective date of the Funding Agreement and prior to FDA approval of acoramidis, either party may terminate the Funding Agreement and the Seller Parties shall make a one-time payment of $25.0 million (in the aggregate) to the Purchasers. The Funding Agreement will 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 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 on November 22, 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 deferred royalty obligation 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 and the $25.0 million one-time payment, 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 2. The aggregate fair value of the embedded derivative liability was $37.1 million and $41.1 million as of March 31, 2025 and December 31, 2024, 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.

The carrying value balances of our royalty obligation under the Funding Agreement consisted of the following:

 

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

(in thousands)

 

Carrying value of deferred royalty obligation (Principal)

 

$

526,239

 

 

$

507,114

 

Fair value of embedded derivative

 

 

37,139

 

 

 

41,091

 

Unamortized debt discount and issuance costs

 

 

(66,079

)

 

 

(69,114

)

Deferred royalty obligation, net

 

$

497,299

 

 

$

479,091

 

 

The effective interest rate as of March 31, 2025 was 19.4%. For the three months ended March 31, 2025, we recognized interest expense related to the Funding Agreement of $24.0 million, of which $3.0 million relates to amortization of debt discount and issuance costs. As of March 31, 2025 and December 31, 2024, we recognized royalty interest payable of $1.9 million and $0.1 million, respectively, in “Other current liabilities” on our condensed consolidated balance sheets.
v3.25.1
License and Collaboration Agreements
 3 Months Ended
Mar. 31, 2025
License And Collaboration Agreement [Abstract]  
License and Collaboration Agreements icense and Collaboration Agreements

Bayer Exclusive License

On March 1, 2024, certain subsidiaries of the Company, including Eidos Therapeutics, Inc., 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 European Union (“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, effective upon the date that certain antitrust clearances have been obtained, or 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, which was received in full in May 2024, and will be eligible to receive up to $150.0 million in regulatory and sales milestone payments through 2026 (of which a regulatory

milestone of $75.0 million was achieved in February 2025 upon EC approval of acoramidis under the brand name Beyonttra and received in April 2025), and additional payments up to $450.0 million subject to the achievement of certain 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 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 comprised 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 acoramadis, 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 revenue during the three months ended March 31, 2025. Upon receiving marketing authorization in the EU, Bayer began selling Beyonttra, of which we are entitled to royalties on the net product sold. 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.

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 during the three months ended March 31, 2024.
•
We are recognizing 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 2028. We have recognized $0.3 million of license and services revenue relating to this performance obligation during the three months ended March 31, 2025. We did not recognize any license and services revenue relating to this performance obligation during the three months ended March 31, 2024.

In June 2024, BridgeBio Europe B.V. (“BridgeBio B.V.”) entered into a commercial supply agreement with Bayer (“Bayer Supply Agreement”) with an initial 30-month term ending in December 2026, for which BridgeBio B.V. will manufacture and supply to Bayer the commercial product ordered by Bayer solely for use in the commercialization in the Licensed Territory under the Bayer License Agreement. Under the Bayer Supply Agreement, Bayer shall pay to BridgeBio B.V. a commercial product per unit price equal to the applicable fully burdened manufacturing cost per unit of product, which shall include the cost of the APIs used to manufacture the product and the packaging price. In March 2025, BridgeBio B.V. and Bayer entered into an agreement (“Bayer API Supply Agreement”) for the manufacture and supply by BridgeBio B.V. to Bayer of the APIs solely for the use the commercialization in the Licensed Territory. The Bayer API Supply Agreement has an initial term ending in December 2026, which is consistent with the Bayer Supply Agreement. We have supplied $0.6 million of commercial product to Bayer in accordance with the Bayer Supply Agreement during the three months ended March 31, 2025. We have not supplied any APIs in accordance with the Bayer API Supply Agreement during the three months ended March 31, 2025.

As of March 31, 2025 and December 31, 2024, there were $75.8 million and nil, respectively, of outstanding receivables relating to the Bayer License Agreement on our condensed consolidated balance sheet. The receivable balance at March 31, 2025 primarily relates to the achievement of the regulatory milestone of $75.0 million, which payment was received from Bayer in April 2025, and $0.6 million relating to commercial product supply in accordance with the Bayer Supply Agreement. During the three months ended March 31, 2025 and 2024, we recognized license and services revenue of $76.1 million and $130.5 million, respectively, under the Bayer License Agreement. Our condensed consolidated balance sheet as of March 31, 2025 includes a deferred revenue balance of $3.2 million ($1.2 million presented as “Deferred revenue, current portion” and $2.0 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, 2024, includes a deferred revenue balance of $3.5 million ($1.3 million presented as “Deferred revenue, current portion” and $2.2 million as “Deferred revenue, net of current portion”) related to our research and development services obligations.

Kyowa Kirin Exclusive License

On February 7, 2024, the Company’s subsidiary, QED, and Kyowa Kirin Co., Ltd (“Kyowa Kirin” or “KKC”) entered into a partnership wherein 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 Agreement”). In consideration for the license grant, QED is entitled to receive an upfront payment of $100.0 million, which was received in full in June 2024, and will be eligible to receive royalties up to the mid-twenties percent on sales of infigratinib in Japan, with the potential to receive up to $81.4 million in development and sales-based milestone payments.

Unless earlier terminated, the KKC 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 Agreement in the event of a material breach or insolvency of the other party. Additionally, Kyowa Kirin may terminate the KKC Agreement for convenience upon at least 180 days’ prior written notice, and QED may terminate the KKC 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 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 Agreement to be $100.0 million, which is comprised 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, 2025. 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 during the three months ended March 31, 2024.
•
We are recognizing 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 development services to extend through 2029. We have recognized $2.3 million and $1.6 million of license and services revenue relating to this performance obligation during the three months ended March 31, 2025 and 2024, respectively.

In May 2024, QED and KKC negotiated a letter of agreement to commence manufacturing while a clinical supply agreement was in negotiation, and KKC agreed to reimburse QED the full cost incurred for manufacturing. On January 3, 2025, QED and KKC entered into a clinical supply agreement, for which QED will manufacture and supply to KKC the clinical quantities of the Licensed Product, for development, including any and all clinical and non-clinical studies necessary for the filing of a New Drug Application, in the Field in the Territory. KKC shall pay to QED a per unit price as defined in the clinical supply agreement. For the three months ended March 31, 2025, QED supplied $0.4 million as part of the clinical agreement, and such costs are included in “License and services revenue” on our condensed consolidated statements of operations.

As of March 31, 2025, the receivables relating to the KKC Agreement on our condensed consolidated balance sheets were $0.4 million. As of December 31, 2024, the receivables relating to the KKC Agreement on our condensed consolidated balance sheets were immaterial. During the three months ended March 31, 2025 and 2024, we recognized license and services revenue of $2.7 million and $70.7 million, respectively, under the KKC Agreement. Our condensed consolidated balance sheet as of March 31, 2025 includes a deferred revenue balance of $22.9 million ($9.4 million presented as “Deferred revenue, current portion” and $13.5 million as “Deferred revenue, net of current portion”) related to our research and development services obligation. Our condensed consolidated balance sheet as of December 31, 2024 includes a deferred revenue balance of $25.2 million ($10.3 million presented as “Deferred revenue, current portion” and $14.9 million as “Deferred revenue, net of current portion”) related to our research and development services obligation.

License, Development and Commercialization Agreement with BMS

On May 12, 2022, BridgeBio and our subsidiary, Navire Pharma, Inc. (“Navire”), entered into an exclusive license, development and commercialization agreement with BMS (the “Navire-BMS License Agreement”), pursuant to which Navire granted BMS exclusive rights to develop and commercialize Navire’s product candidate, BBP-398, in all indications worldwide, except for the People’s Republic of China, Macau, Hong Kong, Taiwan, Thailand, Singapore, and South Korea (collectively, the “Asia Region”). The development and commercialization of BBP-398 within the Asia Region was governed under the Navire-LianBio License Agreement until the effective termination date of the Navire-LianBio License Agreement which occurred in December 2024. The Navire-BMS License Agreement expands an earlier agreement between Navire and BMS that was executed in July 2021 to study

BBP-398 in a combination therapy trial to treat advanced solid tumors with KRAS mutations (the “2021 Navire-BMS Agreement”). The Navire-BMS License Agreement does not alter the terms of the 2021 Navire-BMS Agreement.

In March 2024, we received written notice from BMS for the termination of the Navire-BMS License Agreement effective June 2024, and all rights and obligations thereunder. In April 2024, Navire and BMS entered into a Clinical Collaboration Termination Agreement which terminated the 2021 Navire-BMS Agreement. Navire and BMS agreed to pursue reasonable efforts to wind down activities under both the Navire-BMS License Agreement and the 2021 Navire-BMS Agreement. As a result of the termination, Navire is no longer entitled to any future unearned development, regulatory or sales-based milestone and royalty payments. However, we may in the future be eligible to receive earned payments for any milestones already achieved prior to termination and for achieving any milestones while closing out the remaining services.

Under the terms of the Navire-BMS License Agreement, Navire was entitled to receive a non-refundable, upfront payment of $90.0 million, which Navire received in full in June 2022. Based on the terms of the Navire-BMS License Agreement, Navire will continue to lead its ongoing Phase 1 monotherapy and combination therapy trials (collectively, the “Phase 1 Trials”), and BMS will lead and fund all other development and commercialization activities. Navire is fully funding the Phase 1 trials with the exception of the combination therapy governed under the 2021 Navire-BMS Agreement. In accordance with the 2021 Navire-BMS Agreement, both parties are sharing all research and development costs equally for this trial until all activities are complete, which is expected in the first half of 2025. We recorded all research and development costs for the Phase 1 Trials, as well as the reimbursement for the costs associated with the trial governed by the 2021 Navire-BMS Agreement within “Research and development” expenses until the date of termination and subsequently within “Restructuring, impairment and related charges” on our condensed consolidated statements of operations.

In 2022, we determined that the Navire-BMS License Agreement was within the scope of ASC 606 as BMS is a customer in this arrangement, and we identified the following distinct performance obligations in the agreement:

•
an exclusive license to develop and commercialize BBP-398 and the related know-how; and
•
research and development services to complete the Phase 1 Trials for BBP-398.

The initial transaction price of $90.0 million was allocated to the above performance obligations, of which $70.2 million was recognized in 2022 for the upfront transfer of the license; and the remaining $19.8 million was recognized over time using an input method to measure progress by utilizing costs incurred to date relative to total expected research and development costs to complete the Phase 1 Trials of BBP-398 through the termination of the Navire-BMS License Agreement in March 2024.

For the three months ended March 31, 2024 , we recognized $9.9 million in “License and services revenue” relating to the Navire-BMS License Agreement. As of March 31, 2025 and December 31, 2024, there were no remaining balances in deferred revenue on our condensed consolidated balance sheets.

License Agreement with Alexion

In September 2019, Eidos Therapeutics, Inc. (“Eidos”), entered into an exclusive license agreement with Alexion Pharma International Operations Unlimited 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 will be eligible to receive $30.0 million in regulatory milestone payments upon achievement of regulatory approval, which includes pricing approval from the National Health Insurance in Japan, and royalties in the low-teens based on net sales 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 also entered into a stock purchase agreement with Alexion, under which Eidos sold to Alexion 556,173 shares of Eidos common stock at a price per share of $44.95, for an aggregate purchase price of approximately $25.0 million. The excess of the purchase price over the value of the Eidos shares, determined based on the closing price of a share of Eidos’ common stock of $41.91 as reported on Nasdaq as of the date of execution, was $1.7 million and recognized in revenue as part of the upfront payment as discussed below.

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. Eidos recognized the $25.0 million upfront fee and $1.7 million premium paid for Eidos’ stock for a total upfront payment of $26.7 million in “License and services revenue” upon the effective date of the license agreement in

September 2019. Eidos determined that the license was a right to use its intellectual property and as of the effective date, it had provided all necessary information to Alexion to benefit from the license and the license term had begun.

In addition, Eidos entered into a clinical supply agreement in July 2020 for the licensed territory. Eidos determined that the optional right to future products under these supply agreements does not represent a material right. Eidos has supplied immaterial amounts to Alexion as part of the clinical supply agreement during the three months ended March 31, 2025 and 2024, respectively, and has recorded such amounts as “License and services revenue” on our condensed consolidated statements of operations.

In November 2024, BridgeBio and Alexion entered into a commercial supply agreement for the manufacture and supply of the Licensed Product for commercial use in the Territory. BridgeBio entered into the agreement as BridgeBio is the entity responsible for the commercialization of the Licensed Product. Under the commercial supply agreement, Alexion shall pay to BridgeBio a commercial product per unit price equal to the applicable fully burdened manufacturing cost per unit of product. BridgeBio has supplied $1.0 million of commercial products to Alexion during the three months ended March 31, 2025 which is recorded in “License and services revenue” on our condensed consolidated statements of operations.

Additionally, in October 2024, Alexion initiated the ACT-EARLY clinical trial in Japan under the Eidos-Alexion License Agreement for an upfront payment received of $3.0 million, to be used by Eidos to cover any out-of-pocket costs and employee costs incurred by Eidos. There have been no clinical costs incurred for the three months ended March 31, 2025.

As of March 31, 2025 and December 31, 2024, the receivables relating to the Eidos-Alexion License Agreement on our condensed consolidated balance sheets were $1.7 million and $0.6 million, respectively. During the three months ended March 31, 2025 and 2024, we recognized license and services revenue of $1.0 million and an immaterial amount, respectively, under the Eidos-Alexion License Agreement. Our condensed consolidated balance sheet as of March 31, 2025 includes a deferred balance of $3.0 million ($1.0 million presented as “Deferred revenue, current portion” and $2.0 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, 2024 includes $3.0 million presented as “Deferred revenue, current portion” as it was determined at that time the expenses would be incurred within a year.

v3.25.1
In-licensing and Other Research and Development Agreements
 3 Months Ended
Mar. 31, 2025
In-Licensing And Other Research And Development Agreements [Abstract]  
In-licensing and Other Research and Development Agreements
12.
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 Leland Stanford Junior University Stanford University (“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 11) and was capitalized as a finite-lived intangible asset (refer to Note 7). In addition, during the three months ended March 31, 2025 we incurred $0.6 million in royalties on net product revenue of Attruby and Beyonttra. For the three months ended March 31, 2024, the license fees incurred were $8.1 million due to Stanford University related to the Company entering into an exclusive license agreement with Bayer in March 2024.

Resilience Development and Manufacturing Service Agreements

In September 2023, BridgeBio Gene Therapy, LLC (“BBGT”), formerly Aspa Therapeutics, Inc., and Adrenas Therapeutics Inc. (“Adrenas”), each entered into a Development and Manufacturing Services Agreement (collectively the “Resilience DMSAs”) and a Project Agreement (collectively the “Resilience PAs”), (collectively the “Resilience Agreements”) with Resilience US, Inc. (“Resilience”), for Resilience to provide contract development, manufacturing, testing and related services with respect to therapeutic and pharmaceutical products for the clinical development applications of BBP-812 and BBP-631, respectively. BBP-812 is an intravenous AAV9 investigational drug product intended for the treatment of children with Canavan Disease, under the age of five years. BBP-631 is an intravenous AAV5 investigational drug product intended for the treatment of adults and children with congenital

adrenal hyperplasia. The Resilience DMSAs have ten-year terms and may each be extended for additional two-year periods. Under the Resilience PAs, Resilience will provide BBGT with a cost sharing credit of the lesser of a fixed percentage of certain agreed upon service costs or $15.5 million. Under the Resilience PAs, Resilience will provide Adrenas with a cost sharing credit of the lesser of a fixed percentage of certain agreed upon service costs or $29.3 million. In addition to the payments for their share of services performed by Resilience, BBGT and Adrenas may each be required to make future payments of up to $10.0 million upon achievement of certain development and approval milestone events, and royalty payments (mid-single digits for BBP-812 and low-single digits for BBP-631) based on achievement of certain net sales metrics.

In September 2024, we announced our decision to cease pursuing development of BBP-631, the Company’s investigational adeno-associated virus 5 gene therapy, for congenital adrenal hyperplasia (“CAH”), under our plans to reprioritize and advance our corporate strategy and development programs (Refer to Note 16 for additional details). In October 2024, Adrenas provided written notice to Resilience for the termination of the Development and Manufacturing Services Agreement and Project Agreement for the clinical application of BBP-631 effective October 2024, and all rights and obligations thereunder. In February 2025, BBGT provided written notice to Resilience for the termination of the Development and Manufacturing Services Agreement and Project Agreement for the clinical application of BBP-812 effective February 2025, and all rights and obligations thereunder.

For the three months ended March 31, 2025, $1.2 million was incurred in research and development expenses in connection with the Resilience Agreements prior to termination. For the three months ended March 31, 2024, $0.5 million was incurred in research and development expenses, which was net of $0.6 million in cost sharing credits received in connection with the Resilience Agreements.

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.
v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases
13.
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 cost are as follows:

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Straight line operating lease costs

 

$

994

 

 

$

1,069

 

Finance lease costs

 

 

95

 

 

 

101

 

Variable lease costs

 

 

1,406

 

 

 

2,013

 

Total lease cost

 

$

2,495

 

 

$

3,183

 

 

Supplemental cash flow information related to leases are as follows:

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

1,470

 

 

$

1,595

 

Operating cash flows for finance lease

 

 

114

 

 

 

111

 

Operating lease right-of-use assets obtained
   in exchange for operating lease obligations

 

 

2,259

 

 

 

1,224

 

 

Supplemental information related to the remaining lease term and discount rate are as follows:

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

Weighted-average remaining lease term (in years)

 

 

 

 

 

 

Operating leases

 

 

3.2

 

 

 

4.1

 

Finance lease

 

 

0.8

 

 

 

1.8

 

Weighted-average discount rate

 

 

 

 

 

 

Operating leases

 

 

6.5

%

 

 

6.3

%

Finance lease

 

 

6.6

%

 

 

6.6

%

 

As of March 31, 2025, 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 2025

 

$

4,405

 

Year ending December 31:

 

 

 

2026

 

 

3,914

 

2027

 

 

436

 

2028

 

 

439

 

2029

 

 

471

 

2030

 

 

471

 

Thereafter

 

 

904

 

Total future minimum lease payments

 

 

11,040

 

Imputed interest

 

 

(916

)

Total

 

$

10,124

 

 

 

 

Reported as of March 31, 2025

 

 

 

Operating lease liabilities, current portion

 

$

5,209

 

Operating lease liabilities, net of current portion

 

 

4,915

 

Total operating lease liabilities

 

$

10,124

 

 

No impairment loss was recognized during the three months ended March 31, 2025. The impairment loss recognized was not material for the three months ended March 31, 2024.
v3.25.1
Public Offerings
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Public Offerings
14.
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 will pay 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. During the year ended December 31, 2023, 2,171,217 shares were issued under the ATM Agreement, for net proceeds of $65.0 million, after deducting sales agent fees and commissions of $1.0 million. During the year ended December 31, 2024, 1,061,991 shares were issued under the ATM Agreement, for net proceeds of $38.1 million, after deducting sales agent fees and commissions of $0.6 million. As of March 31, 2025, we are still eligible to sell up to $345.3 million of our common stock pursuant to the ATM Agreement under the 2023 Shelf.

2024 Follow-on Offering

In March 2024, we entered into an Underwriting Agreement (the “2024 Follow-on Agreement”) with J.P. Morgan Securities LLC, Cantor Fitzgerald & Co. and Mizuho Securities USA LLC, as representatives of several underwriters (collectively, the “2024 Underwriters”), relating to an underwritten public offering (the “2024 Follow-on offering”) of 8,620,690 shares of the Company’s common stock, $0.001 par value per share, at a public offering price of $29.00 per share. The Company also granted the 2024 Underwriters a 30-day option to purchase, at the public offering price less underwriting discounts and commissions, up to an additional 1,293,103 shares of Common Stock, which the 2024 Underwriters exercised in full on the closing of the 2024 Follow-on offering. The Company paid the Underwriters a commission of 3.6% of the aggregate gross proceeds received from all sales of the common stock under the Follow-on Agreement. In March 2024, 9,913,793 shares (including the 1,293,103 shares issued upon exercise of the 2024 Underwriters’ option to purchase additional shares) were issued under the 2024 Follow-on Agreement, for net proceeds of $276.6 million, after deducting underwriting fees and commissions of $10.3 million and offering costs of $0.6 million.

v3.25.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation
15.
Stock-Based Compensation

Under each of the legal entity’s equity 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, 2025

 

 

 

BridgeBio
Equity Plan

 

 

Other
Subsidiaries
Equity Plan

 

 

Total

 

 

 

 

 

 

(in thousands)

 

 

 

 

Cost of goods sold

 

$

91

 

 

$

—

 

 

$

91

 

Research and development

 

 

11,255

 

 

 

—

 

 

 

11,255

 

Selling, general and administrative

 

 

17,998

 

 

 

—

 

 

 

17,998

 

Restructuring, impairment and related charges

 

 

46

 

 

 

—

 

 

 

46

 

Total stock-based compensation

 

$

29,390

 

 

$

—

 

 

$

29,390

 

 

 

 

Three Months Ended March 31, 2024

 

 

 

BridgeBio
Equity Plan

 

 

Other
Subsidiaries
Equity Plan

 

 

Total

 

 

 

 

 

 

(in thousands)

 

 

 

 

Research and development

 

$

12,742

 

 

$

37

 

 

$

12,779

 

Selling, general and administrative

 

 

16,071

 

 

 

—

 

 

 

16,071

 

Total stock-based compensation

 

$

28,813

 

 

$

37

 

 

$

28,850

 

 

We recorded $3.5 million and $11.8 million of stock-based compensation expense for the three months ended March 31, 2025 and 2024, respectively, for performance-based milestone awards that were achieved during the periods and were settled in cash. During the three months ended March 31, 2025, an immaterial amount of stock-based compensation expense was capitalized into inventory.

Equity-Based Awards of BridgeBio

In December 2023, the 2019 Inducement Equity Plan was amended and restated to increase the number of shares authorized for issuance from 2,000,000 shares to 3,750,000 shares. In June 2024, our stockholders approved an amendment and restatement of our 2021 Amended and Restated Stock Option and Incentive Plan (the “2021 A&R Plan”) to, among other things, increase the number of shares authorized for issuance by 6,500,000 shares. As of March 31, 2025, 5,120,879 shares and 1,132,365 shares were reserved for future issuances under the 2021 A&R Plan and the Amended and Restated 2019 Inducement Equity Plan (the “A&R 2019 Inducement Plan”), respectively. Pursuant to the Merger Transactions, we also reserved 2,802,644 shares specifically under the Eidos Award Exchange in 2021 (the “Eidos Award Exchange Plan”), all of which were issued upon execution of the Eidos Award Exchange as discussed below. The 2021 A&R Plan and the A&R 2019 Inducement Plan and the Eidos Award Exchange Plan are collectively referred herein as the “Plans.”

2020 Stock and Equity Award Exchange Program (Exchange Program)

On April 22, 2020, we completed our 2020 Stock and Equity Award Exchange Program (the “Exchange Program”) for certain subsidiaries, which was an opportunity for eligible controlled entities’ employees and consultants to exchange their subsidiary equity (including common stock, vested and unvested stock options and RSAs) for BridgeBio equity (including common stock, vested and unvested stock options and RSAs) and/or performance-based milestone awards tied to the achievement of certain development and regulatory milestones. The Exchange Program aligns our incentive compensation structure for employees and consultants across the BridgeBio group of companies to be consistent with the achievement of our overall corporate goals. In connection with the Exchange Program, we issued awards of BridgeBio equity under the 2019 Amended and Restated Stock Option and Incentive Plan (the “2019 A&R Plan”), which was amended and restated in December 2021 into the 2021 A&R Plan and further amended and restated in June 2024, as mentioned above, to 149 grantees covering 554,064 shares of common stock, 1,268,110 stock options to purchase common stock, 50,145 shares of RSAs and 22,611 shares of performance-based RSAs. The exchange also included performance-based milestone awards of up to $183.4 million to be settled in fully-vested RSAs in the future upon achievement of the milestones. In consideration for all the subsidiaries’ shares tendered, BridgeBio increased its ownership in controlled entities included in the Exchange Program and the corresponding noncontrolling interest decreased.

On November 18, 2020, we completed a stock and equity award under our Exchange Program for a subsidiary. We issued awards of BridgeBio equity under the 2019 A&R Plan to 16 grantees covering 24,924 shares of common stock, 70,436 stock options to purchase common stock, and 10,772 shares of performance-based stock options to purchase common stock. The exchange also included performance-based milestone awards of up to $11.7 million to be settled in fully-vested RSAs in the future upon achievement of the milestones.

We evaluated the exchange of the controlled entities’ outstanding common stock and equity awards for BridgeBio awards as a modification under ASC 718, Share Based Payments. Under ASC 718, a modification is a change in the terms or conditions of a stock-based compensation award. In assessing the accounting treatment, we consider the fair value, vesting conditions and classification as an equity or liability award of the controlled entity equity before the exchange, compared to the BridgeBio equity received as part of the exchange to determine whether modification accounting must be applied. When applying modification accounting, we considered the type of modification to determine the appropriate stock-based compensation cost to be recognized on April 22 and November 18, 2020, (each the “Modification Date”), and subsequent to the Modification Date.

We considered the total shares of common stock and equity awards, whether vested or unvested, held by each participant in each controlled entity as the unit of account. The controlled entity’s common stock and equity awards in each unit of account was exchanged for a combination of BridgeBio’s common stock, time-based vesting equity awards and/or performance-based milestone awards. Other than the exchange of the controlled entity equity awards for performance-based milestone awards, all other exchanged BridgeBio equity awards retained the original vesting conditions. As a result, there was no incremental stock-based compensation expense resulting from the exchange of time-based equity awards.

At the completion of the Exchange Program, we determined $17.4 million of the performance-based milestone awards were probable of achievement and represented the incremental stock-based compensation cost resulting from the modification of time-based equity awards to performance-based milestone awards. These performance-based milestone awards were to be recognized over a period ranging from 0.7 years to 1.7 years. There was no incremental stock-based compensation cost arising from the completion of the Exchange Program on November 18, 2020. Under ASC 718, we account for such performance-based milestone awards as a liability in “Accrued compensation and benefits” and in “Other long-term liabilities” on the condensed consolidated balance sheets due to the fixed milestone amount that will be converted into a variable number of shares of BridgeBio common stock to be granted upon the achievement date.

For the three months ended March 31, 2025 and 2024, we recognized an immaterial amount of stock-based compensation cost associated with performance-based milestone awards whereby the milestones were determined to be probable of achievement as of March 31, 2025 and 2024. Refer to Note 8 for contingent compensation accrued associated with performance-based milestones that are determined to be probable as of March 31, 2025 and 2024.

Performance-based Milestone Awards

Apart from the Exchange Program discussed above, we have performance-based milestone compensation arrangements with certain employees and consultants 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 discretion, upon achievement of each contingent milestone. Upon achievement of a contingent milestone and if such performance-based milestone awards are settled in the form of equity, these are satisfied in the form of fully-vested RSAs. We recognize such contingent stock-based compensation expense when the milestone is probable of achievement. For the three months ended March 31, 2025 and 2024, we recognized an immaterial amount and $1.9 million, respectively, of stock-based compensation cost associated with performance-based milestone awards whereby the milestones were determined to be probable of achievement as of March 31, 2025 and 2024. Refer to Note 8 for contingent compensation accrued associated with performance-based milestone awards that are determined to be probable as of March 31, 2025.

Stock Option Grants of BridgeBio

 

The following table summarizes BridgeBio’s stock option activity under the Plans for the three months ended March 31, 2025:

 

 

 

Options
Outstanding

 

 

Weighted-
Average
Exercise
Price per
Option

 

 

Weighted-
Average
Remaining
Contractual
Life (years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Outstanding as of December 31, 2024

 

 

 

 

 

12,499,883

 

 

 

 

 

 

 

 

 

 

Regular equity program

 

 

11,172,627

 

 

 

 

 

$

25.76

 

 

 

6.2

 

 

$

78,764

 

Eidos Awards Exchange

 

 

1,014,175

 

 

 

 

 

$

14.18

 

 

 

4.3

 

 

$

13,734

 

Exchange Program

 

 

313,081

 

 

 

 

 

$

2.20

 

 

 

4.3

 

 

$

7,995

 

Granted

 

 

 

 

 

71,208

 

 

 

 

 

 

 

 

 

 

Regular equity program

 

 

71,208

 

 

 

 

 

$

33.75

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

(139,689

)

 

 

 

 

 

 

 

 

 

Regular equity program

 

 

(115,615

)

 

 

 

 

$

18.98

 

 

 

 

 

 

 

Eidos Awards Exchange

 

 

(19,407

)

 

 

 

 

$

16.69

 

 

 

 

 

 

 

Exchange Program

 

 

(4,667

)

 

 

 

 

$

0.60

 

 

 

 

 

 

 

Cancelled

 

 

 

 

 

(7,183

)

 

 

 

 

 

 

 

 

 

Regular equity program

 

 

(7,183

)

 

 

 

 

$

36.37

 

 

 

 

 

 

 

Outstanding as of March 31, 2025

 

 

 

 

 

12,424,219

 

 

 

 

 

 

 

 

 

 

Regular equity program

 

 

11,121,037

 

 

 

 

 

$

25.88

 

 

 

6.0

 

 

$

130,867

 

Eidos Awards Exchange

 

 

994,768

 

 

 

 

 

$

14.13

 

 

 

4.0

 

 

$

20,345

 

Exchange Program

 

 

308,414

 

 

 

 

 

$

2.23

 

 

 

4.1

 

 

$

10,025

 

Exercisable as of March 31, 2025

 

 

 

 

 

10,348,116

 

 

 

 

 

 

 

 

 

 

Regular equity program

 

 

9,047,354

 

 

 

 

 

$

27.37

 

 

 

5.6

 

 

$

98,054

 

Eidos Awards Exchange

 

 

994,768

 

 

 

 

 

$

14.13

 

 

 

4.0

 

 

$

20,345

 

Exchange Program

 

 

305,994

 

 

 

 

 

$

2.22

 

 

 

4.1

 

 

$

9,949

 

 

The options granted to employees and non-employees are exercisable at the price of BridgeBio’s common stock at the respective grant dates. The options granted have a service condition and generally vest over a period of three to four years.

The weighted-average grant date fair value of options granted during the three months ended March 31, 2025 was $26.33.

The aggregate intrinsic value of options outstanding and exercisable as of March 31, 2025 in the table above are calculated based on the difference between the exercise price and the current fair value of BridgeBio’s common stock. The total intrinsic value of options exercised for the three months ended March 31, 2025 was $2.4 million.

For the three months ended March 31, 2025 and 2024, we recognized stock-based compensation expense of $4.4 million and $6.3 million, respectively, related to stock options under the Plans. As of March 31, 2025, there was $19.6 million of total unrecognized compensation cost related to stock options under the Plans that is expected to be recognized over a weighted-average period of 1.4 years.

Restricted Stock Units (RSUs) of BridgeBio

The following table summarizes BridgeBio’s RSU activity under the Plans for the three months ended March 31, 2025:

 

 

 

Unvested
Shares of
RSUs
Outstanding

 

 

Weighted-
Average
Grant Date
Fair Value

 

Balance as of December 31, 2024

 

 

10,272,798

 

 

$

21.91

 

Granted

 

 

3,745,495

 

 

$

33.66

 

Vested

 

 

(879,051

)

 

$

21.43

 

Cancelled

 

 

(375,899

)

 

$

18.72

 

Balance as of March 31, 2025

 

 

12,763,343

 

 

$

25.49

 

 

The RSUs have a service condition and generally vest over a period of two to four years.

For the three months ended March 31, 2025 and 2024, we recognized stock-based compensation expense of $23.2 million and $16.8 million, respectively, related to shares of RSUs under the Plans. As of March 31, 2025, there was $305.5 million of total unrecognized compensation cost related to RSUs under the Plans that is expected to be recognized over a weighted-average period of 2.8 years.

Performance-Based RSUs of BridgeBio

In March 2025, the Company approved and granted performance restricted stock units under the 2021 A&R Plan to certain officers and employees with vesting based on achievement of top-line readout metric targets (“performance-based RSUs”), which are subject to the continued service of the officers and employees through the vest date and are subject to accelerated vesting upon a change in control event. We recognize such contingent stock-based compensation expense when the top-line readout metric targets are probable of achievement. For the three months ended March 31, 2025, we recognized an immaterial amount of stock-based compensation cost associated with performance-based RSUs whereby the top-line readout metric targets are probable of achievement as of March 31, 2025. As of March 31, 2025, 194,943 performance-based RSUs were outstanding with a weighted average grant date fair value of $33.75. As of March 31, 2025, there was $6.5 million of total unrecognized compensation cost related to performance-based RSUs under the Plans that is expected to be recognized over a weighted-average period of 2.4 years.

Market-Based RSUs of BridgeBio

In December 2023, the Company approved and granted performance restricted stock units under the 2021 A&R Plan to certain employees with vesting based on achievement of market capitalization targets (“market-based RSUs”), which are subject to the continued service of the employees through the vest date and are subject to accelerated vesting upon a change in control event. The achievement of the market capitalization targets will be measured based on BridgeBio market capitalization data (available on the Nasdaq.com website) meeting the targets for 20-consecutive trading days during the performance period of up to six years from the date of grant.

The respective grant-date fair value of the market-based RSUs, which aggregated to $10.8 million, was determined using the Monte Carlo valuation model and are recognized as compensation expense over the derived service period of the awards. The assumptions used in the Monte Carlo valuation included expected volatility ranging from 96.8% - 113.7%, risk free rate ranging from 4.22% - 4.35%, no expected dividend yield, expected term of three to six years and possible future market capitalization over the derived service period based on historical stock prices and market capitalization.

As of March 31, 2025, 375,000 market-based RSUs were outstanding with a weighted average grant date fair value of $28.73. For the three months ended March 31, 2025 and 2024, we recognized $1.0 million and $2.4 million, respectively, of stock-based compensation expense related to market-based RSU awards. As of March 31, 2025, there was $1.5 million of total unrecognized compensation cost related to market-based RSUs under the Plans that is expected to be recognized over a weighted-average period of 0.4 years.

2019 Employee Stock Purchase Plan (ESPP) of BridgeBio

On June 22, 2019, we adopted the 2019 ESPP, which became effective on June 25, 2019 and was amended and restated effective as of December 12, 2019. The ESPP initially reserves and authorizes the issuance of up to a total of 2,000,000 shares of common stock to participating employees. The ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2020, by the lower of: (i) 1% of the outstanding number of shares of common stock on the immediately preceding December 31, (ii) 2,000,000 shares or (iii) such lesser number of shares as determined by the Compensation Committee.

Under the ESPP, eligible employees may purchase shares of BridgeBio’s common stock through payroll deductions at a price equal to 85% of the lower of the fair market values of the stock as of the beginning or the end of six-month offering periods. An employee’s payroll deductions under the ESPP are limited to 15% of the employee’s compensation and employees may not purchase more than 3,500 shares of BridgeBio’s common stock during any offering period.

For the three months ended March 31, 2025 and 2024, stock-based compensation expense related to our ESPP was $0.7 million and $0.6 million, respectively. As of March 31, 2025, 3,205,677 shares were reserved for future issuance under the ESPP.

Valuation Assumptions

We used the Black-Scholes model to estimate the fair value of stock options and stock purchase rights under the ESPP. For the three months ended March 31, 2025, we used the following weighted-average assumptions in the Black-Scholes calculations:

 

 

 

Stock Options

 

 

ESPP

 

Expected term (in years)

 

 

6.0

 

 

 

0.5

 

Expected volatility

 

94.0%

 

 

52.0% - 60.9%

 

Risk-free interest rate

 

4.1%

 

 

4.3% - 5.0%

 

Dividend yield

 

 

—

 

 

 

—

 

Weighted-average fair value of stock-based awards granted

 

$

26.33

 

 

$

10.63

 
v3.25.1
Restructuring, Impairment and Related Charges
 3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring, Impairment and Related Charges
16.
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.

Upon entering into the Bayer License Agreement and termination of the Navire-BMS License Agreement in March 2024 (refer to Note 11 for details regarding these transactions) and our announced decision to cease pursuing development of BBP-631 for CAH in September 2024, we committed to restructuring plans to reprioritize and advance our corporate strategy and development programs. The restructuring plans included, among other components, consolidation and rationalization of our facilities, reprioritization of development programs and the reduction in our workforce. We estimate our remaining restructuring charges, consisting primarily of winding down costs and exit and other related costs will be immaterial. 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.

“Restructuring, impairment and related charges” included on our condensed consolidated statements of operations for the three months ended March 31, 2025 and 2024 consisted of the following:

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

(in thousands)

 

Winding down, exit and other related costs

 

$

434

 

 

$

1,164

 

Severance and employee-related costs

 

 

136

 

 

 

1,965

 

Long-lived assets impairments and write-offs

 

 

—

 

 

 

271

 

Total

 

$

570

 

 

$

3,400

 

 

 

The following table summarizes the activity related to the restructuring liabilities associated with our restructuring plans for the three months ended March 31, 2025 and 2024:

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

(in thousands)

 

Beginning balance

 

$

1,848

 

 

$

55

 

Restructuring, impairment and related charges

 

 

570

 

 

 

3,400

 

Cash payments

 

 

(1,365

)

 

 

(934

)

Noncash activities

 

 

(45

)

 

 

(271

)

Ending balance

 

$

1,008

 

 

$

2,250

 

 

Restructuring liabilities are presented on our condensed consolidated balance sheets as follows:

 

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

(in thousands)

 

Accounts payable

 

$

85

 

 

$

330

 

Accrued compensation and benefits

 

 

25

 

 

 

332

 

Accrued research and development liabilities

 

 

829

 

 

 

1,020

 

Other current liabilities

 

 

69

 

 

 

166

 

Total

 

$

1,008

 

 

$

1,848

 
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
17.
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 is 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, 2025 and 2024.

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.
v3.25.1
Net Loss Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Net Loss Per Share
18.
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, 2025 and 2024, 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,

 

 

2025

 

 

2024

 

Unvested RSUs

 

12,763,343

 

 

 

11,311,281

 

Unvested performance-based RSUs

 

194,943

 

 

 

3,326

 

Unvested market-based RSUs

 

375,000

 

 

 

375,000

 

Common stock options issued and outstanding

 

12,424,219

 

 

 

12,360,563

 

Estimated shares issuable under performance-based milestone
  compensation arrangements

 

1,983,744

 

 

 

5,953,788

 

Estimated shares issuable under the ESPP

 

48,086

 

 

 

40,314

 

Assumed conversion of 2027 Notes

 

12,878,305

 

 

 

12,878,305

 

Assumed conversion of 2029 Notes

 

7,702,988

 

 

 

7,702,988

 

Assumed conversion of 2031 Notes

 

11,544,448

 

 

 

—

 

 

59,915,076

 

 

 

50,625,565

 

 

Our 2031 Notes, 2029 Notes and 2027 Notes are convertible, based on the applicable conversion rate, into cash, shares of our common stock or a combination thereof, at our election.

As discussed in Notes 8 and 15, 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.
v3.25.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

The condensed consolidated financial statements include the accounts of BridgeBio Pharma, Inc., 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, 2024, 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 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, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for any other future annual or interim periods.

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, accounts receivable, and restricted cash. Amounts on deposit may at times exceed federally insured limits. Although management

currently believes that the financial institutions with whom it 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, 2025 and for the three months ended March 31, 2025.

During the three months ended March 31, 2025 and 2024, our revenues were generated primarily from license and collaboration agreements with strategic partners and from product sales to customers. As of March 31, 2025 and December 31, 2024, our gross accounts receivable balance was comprised of payments primarily due from license and collaboration agreements with strategic partners and from product sales to customers.

The following table summarizes customers that represent 10% or greater of our consolidated total gross revenues:

 

 

Three months ended March 31,

 

2025

 

2024

Bayer Consumer Care AG

59.6%

 

61.8%

Customer A

10.6%

 

*

Kyowa Kirin Co., Ltd

*

 

33.5%

* Represents less than 10% and/or not a customer in the applicable period.

We are subject to credit risk from our accounts receivable. 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, 2025, one customer accounted for more than 10% of our consolidated gross accounts receivable balance at 64.0%. As of December 31, 2024, five customers each accounted for more than 10% of our consolidated gross accounts receivable balance, at 17.3%, 17.3%, 16.9%, 12.0% and 11.9%.

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 manufacturers to supply products for 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, and in some cases a single source manufacturer, to supply us with our requirements for the active pharmaceutical ingredients and formulated drugs related to the commercial sale of Attruby and the research and development of our other clinical product candidates. The commercial sale of Attruby 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.
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:

•
accruals for research and development activities, such as clinical, development, regulatory, and sales-based milestone payments in our in-licensing agreements and asset acquisitions,
•
deferred royalty obligations, related embedded derivative liability and underlying assumptions,
•
revenue recognition for transactions accounted for under ASC 606, Revenue from Contracts with Customers (“ASC 606”), including estimating the impact of variable consideration and determining and allocating the transaction price to performance obligations,
•
advertising expense,
•
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, 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.
Cash and Cash Equivalents

Cash and Cash Equivalents

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 and securities issued by the U.S. government or its agencies.

Our cash and cash equivalents are exposed to credit risk in the event of default by the third-parties that hold or issue such assets. Our cash and cash equivalents 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.

Cash as reported in the accompanying condensed consolidated statements of cash flows includes the aggregate amounts of cash, cash equivalents and restricted cash as presented on the accompanying condensed consolidated balance sheets as follows:

 

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

(in thousands)

 

Cash and cash equivalents

 

$

540,599

 

 

$

681,101

 

Restricted cash — included in “Prepaid expenses and other current assets”

 

 

126

 

 

 

126

 

Restricted cash, non-current — included in “Other assets”

 

 

2,017

 

 

 

2,017

 

Total cash, cash equivalents and restricted cash

 

$

542,742

 

 

$

683,244

 

Restricted Cash
Restricted Cash

Restricted cash primarily represents certain letters of credit for lease agreements, of which we have pledged cash and cash equivalents as collateral. As of March 31, 2025, restricted cash related to such agreements was $0.1 million and $2.0 million, which is presented as part of “Prepaid expenses and other current assets” and “Other assets”, respectively, on the condensed consolidated balance sheet. As of December 31, 2024, restricted cash related to such agreements was $0.1 million and $2.0 million, which is presented as part of “Prepaid expenses and other current assets” and “Other assets”, respectively, on the condensed consolidated balance sheet.
Accrued Professional and Other Accrued Liabilities

Other Current Liabilities

Other current liabilities presented on the condensed consolidated balance sheets consisted of the following balances:

 

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

(in thousands)

 

Accrued commercial liabilities

 

$

12,321

 

 

$

11,267

 

Accrued professional services

 

 

5,322

 

 

 

3,673

 

Milestone liability

 

 

4,500

 

 

 

1,595

 

Accrued interest

 

 

4,253

 

 

 

11,056

 

Royalty obligation, current portion

 

 

1,860

 

 

 

144

 

Other accrued liabilities

 

 

12,418

 

 

 

5,336

 

Total other current liabilities

 

$

40,674

 

 

$

33,071

 

 
Segments

Segments

We are a single operating and reportable segment, which is in the business of identifying and advancing 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, contract manufacturing organizations (“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 and includes a reconciliation to net loss:

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Revenues:

 

 

 

 

 

 

License and services revenue

 

$

79,894

 

 

$

211,120

 

Net product revenue

 

 

36,739

 

 

 

—

 

Total revenues, net

 

 

116,633

 

 

 

211,120

 

Operating costs and expenses:

 

 

 

 

 

 

Cost of revenues:

 

 

 

 

 

 

Cost of license and services revenue

 

 

605

 

 

 

598

 

Cost of goods sold

 

 

2,034

 

 

 

—

 

Total cost of revenues

 

 

2,639

 

 

 

598

 

 

 

 

 

 

 

 

Research and development by significant program:

 

 

 

 

 

 

Acoramidis for the treatment and primary prevention
     of ATTR-CM

 

 

24,392

 

 

 

39,742

 

Infigratinib for achondroplasia and hypochondroplasia

 

 

27,934

 

 

 

21,185

 

BBP-418 for LGMD2I/R9

 

 

14,209

 

 

 

10,018

 

Encaleret for ADH1

 

 

15,459

 

 

 

12,544

 

Other development programs

 

 

11,430

 

 

 

32,284

 

Other research programs

 

 

18,007

 

 

 

25,199

 

Total segment research and development

 

 

111,431

 

 

 

140,972

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

106,365

 

 

 

65,807

 

Restructuring, impairment and related charges

 

 

570

 

 

 

3,400

 

Total operating costs and expenses

 

 

221,005

 

 

 

210,777

 

Income (loss) from operations

 

 

(104,372

)

 

 

343

 

Other income (expense), net:

 

 

 

 

 

 

Interest income

 

 

5,385

 

 

 

4,075

 

Interest expense

 

 

(42,141

)

 

 

(23,471

)

Loss on extinguishment of debt

 

 

(21,155

)

 

 

(26,590

)

Net loss from equity method investments

 

 

(15,556

)

 

 

—

 

Other income (expense), net

 

 

8,231

 

 

 

9,483

 

Total other income (expense), net

 

 

(65,236

)

 

 

(36,503

)

Net loss

 

 

(169,608

)

 

 

(36,160

)

Net loss attributable to redeemable convertible
   noncontrolling interests and noncontrolling interests

 

 

2,186

 

 

 

944

 

Segment net loss attributable to common stockholders
   of BridgeBio

 

$

(167,422

)

 

$

(35,216

)

 

There are no reconciling items or adjustments between segment “Total revenues, net” and “Net loss attributable to common stockholders of BridgeBio”, and condensed 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 partners.

 

 

Three months ended March 31,

 

2025

 

2024

Europe, Middle East, and Africa (EMEA)

66.1%

 

61.8%

U.S.

31.6%

 

4.7%

Asia-Pacific (APAC)

2.3%

 

33.5%

 

100.0%

 

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, 2025, our capitalized property and equipment located in the United States, Canada and rest of the world are approximately 48.9%, 47.2%, and 3.9%, respectively. As of December 31, 2024, our capitalized property and equipment located in the United States, Canada and rest of the world are approximately 51.6%, 44.7% and 3.7%, 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.

•
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. Generally, we would conclude that the license is 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 up-front 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).
•
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.
•
Net product revenue: Revenue is recognized when specialty pharmacies and specialty distributors, our customers, 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. In addition, we offer a program that provides free drug products for a limited period of time or in perpetuity, which is based on specific patient eligibility criteria. We recognize the costs of the program, including the cost of the product, as “Selling, general, and administrative” expenses on our condensed consolidated statements of operations upon shipment to the specialty pharmacy.

For revenue recognized under collaboration and licensing 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 consideration, 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 collaboration and licensing arrangement is updated for each reporting period, and any adjustments to revenue are recorded on a cumulative catch-up basis.

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, returns, chargebacks, rebates, 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 accrued expenses and other current liabilities (if the amount is payable to a 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”:

•
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 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 revenue in the same period the related revenue is recognized, and the establishment of a reserve is offset against our accounts receivable 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.
•
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 accrued liabilities on our condensed consolidated balance sheets in the period the related product revenue is recognized.
•
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 balance on our condensed consolidated balance sheets.
•
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 accrued 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 revenue. The estimate is recorded as a reduction of revenue in the same period that the related revenue is recognized. Our estimate is recorded in the same period the related revenue is recognized, resulting in a reduction in product revenue and the establishment of a liability which is included in accrued liabilities on our condensed consolidated balance sheets.

During the three months ended March 31, 2025, we recorded “Net product revenue” of $36.7 million related to product sales of Attruby.
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. Prior to regulatory approval of our product candidates, we record costs related to manufacturing and materials as “Research and development” expenses in the period incurred on the condensed consolidated statements of operations, and therefore such costs are not included in cost of revenue. Subsequent to the FDA approval of Attruby in November 2024, the costs directly related to Attruby manufacturing were capitalized as inventory. We reduce our inventory to net realizable value for potentially excess, dated or obsolete inventory based on our periodic assessment of the recoverability of our capitalized inventory. We periodically review inventory levels to identify what may expire prior to expected sale or have a cost basis in excess of its estimated realizable value and write-down of such inventories are charged to cost of revenues as appropriate. We regularly review our inventories for impairment and reserves are established when necessary. There were no inventory write-offs or reserves for the three months ended March 31, 2025.

 

 

Inventories presented on the condensed consolidated balance sheet as of March 31, 2025 consisted of the following balances:

 

 

 

March 31, 2025

 

 

 

(in thousands)

 

Raw materials

 

$

—

 

Work in progress

 

 

1,318

 

Finished goods

 

 

2,636

 

Total inventories

 

$

3,954

 

 

As of December 31, 2024, inventories were immaterial and recorded to “Prepaid expenses and other current assets” on the condensed consolidated balance sheet.

Cost of Revenues

Cost of Revenues

Cost of revenues consists of the following two classifications, which are presented accordingly on our condensed consolidated statements of operations:

•
Cost of license and services revenue: Cost of license and services revenue consists of royalties we owe to third-parties on the net sales of licensed products, 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.
•
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 or obsolete inventory adjustment charges, abnormal costs, unabsorbed manufacturing and overhead costs, and manufacturing variances.
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. For the three months ended March 31, 2025 and 2024, advertising costs amounted to $14.0 million and an immaterial amount, respectively, and are included in “Selling, general, and administrative” expenses in 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. The deferred advertising costs were $3.1 million and nil as of March 31, 2025 and December 31, 2024, respectively.
New Accounting Pronouncements Not Yet Adopted

New Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2024. We are currently evaluating the impact that this guidance will have on our annual consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting (Topic 220)- Comprehensive Income- Expense Disaggregation Disclosures, 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. Early adoption is permitted. We are currently evaluating the impact that this guidance will have on our condensed consolidated financial statements and disclosures.

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. We are currently evaluating the impact that this guidance will have on our condensed consolidated financial statements and disclosures.
Stock-Based Compensation

We evaluated the exchange of the controlled entities’ outstanding common stock and equity awards for BridgeBio awards as a modification under ASC 718, Share Based Payments. Under ASC 718, a modification is a change in the terms or conditions of a stock-based compensation award. In assessing the accounting treatment, we consider the fair value, vesting conditions and classification as an equity or liability award of the controlled entity equity before the exchange, compared to the BridgeBio equity received as part of the exchange to determine whether modification accounting must be applied. When applying modification accounting, we considered the type of modification to determine the appropriate stock-based compensation cost to be recognized on April 22 and November 18, 2020, (each the “Modification Date”), and subsequent to the Modification Date.
v3.25.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2025
Summary Of Significant Accounting Policies [Line Items]  
Summary of Cash, Cash Equivalents and Restricted Cash

Cash as reported in the accompanying condensed consolidated statements of cash flows includes the aggregate amounts of cash, cash equivalents and restricted cash as presented on the accompanying condensed consolidated balance sheets as follows:

 

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

(in thousands)

 

Cash and cash equivalents

 

$

540,599

 

 

$

681,101

 

Restricted cash — included in “Prepaid expenses and other current assets”

 

 

126

 

 

 

126

 

Restricted cash, non-current — included in “Other assets”

 

 

2,017

 

 

 

2,017

 

Total cash, cash equivalents and restricted cash

 

$

542,742

 

 

$

683,244

 
Summary of Accrued Professional and Other Accrued Liabilities

Other current liabilities presented on the condensed consolidated balance sheets consisted of the following balances:

 

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

(in thousands)

 

Accrued commercial liabilities

 

$

12,321

 

 

$

11,267

 

Accrued professional services

 

 

5,322

 

 

 

3,673

 

Milestone liability

 

 

4,500

 

 

 

1,595

 

Accrued interest

 

 

4,253

 

 

 

11,056

 

Royalty obligation, current portion

 

 

1,860

 

 

 

144

 

Other accrued liabilities

 

 

12,418

 

 

 

5,336

 

Total other current liabilities

 

$

40,674

 

 

$

33,071

 

 
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 and includes a reconciliation to net loss:

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Revenues:

 

 

 

 

 

 

License and services revenue

 

$

79,894

 

 

$

211,120

 

Net product revenue

 

 

36,739

 

 

 

—

 

Total revenues, net

 

 

116,633

 

 

 

211,120

 

Operating costs and expenses:

 

 

 

 

 

 

Cost of revenues:

 

 

 

 

 

 

Cost of license and services revenue

 

 

605

 

 

 

598

 

Cost of goods sold

 

 

2,034

 

 

 

—

 

Total cost of revenues

 

 

2,639

 

 

 

598

 

 

 

 

 

 

 

 

Research and development by significant program:

 

 

 

 

 

 

Acoramidis for the treatment and primary prevention
     of ATTR-CM

 

 

24,392

 

 

 

39,742

 

Infigratinib for achondroplasia and hypochondroplasia

 

 

27,934

 

 

 

21,185

 

BBP-418 for LGMD2I/R9

 

 

14,209

 

 

 

10,018

 

Encaleret for ADH1

 

 

15,459

 

 

 

12,544

 

Other development programs

 

 

11,430

 

 

 

32,284

 

Other research programs

 

 

18,007

 

 

 

25,199

 

Total segment research and development

 

 

111,431

 

 

 

140,972

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

106,365

 

 

 

65,807

 

Restructuring, impairment and related charges

 

 

570

 

 

 

3,400

 

Total operating costs and expenses

 

 

221,005

 

 

 

210,777

 

Income (loss) from operations

 

 

(104,372

)

 

 

343

 

Other income (expense), net:

 

 

 

 

 

 

Interest income

 

 

5,385

 

 

 

4,075

 

Interest expense

 

 

(42,141

)

 

 

(23,471

)

Loss on extinguishment of debt

 

 

(21,155

)

 

 

(26,590

)

Net loss from equity method investments

 

 

(15,556

)

 

 

—

 

Other income (expense), net

 

 

8,231

 

 

 

9,483

 

Total other income (expense), net

 

 

(65,236

)

 

 

(36,503

)

Net loss

 

 

(169,608

)

 

 

(36,160

)

Net loss attributable to redeemable convertible
   noncontrolling interests and noncontrolling interests

 

 

2,186

 

 

 

944

 

Segment net loss attributable to common stockholders
   of BridgeBio

 

$

(167,422

)

 

$

(35,216

)
Schedule of Inventories Presented on Condensed Consolidated Balance Sheet

Inventories presented on the condensed consolidated balance sheet as of March 31, 2025 consisted of the following balances:

 

 

 

March 31, 2025

 

 

 

(in thousands)

 

Raw materials

 

$

—

 

Work in progress

 

 

1,318

 

Finished goods

 

 

2,636

 

Total inventories

 

$

3,954

 
Customer Concentration Risk  
Summary Of Significant Accounting Policies [Line Items]  
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,

 

2025

 

2024

Bayer Consumer Care AG

59.6%

 

61.8%

Customer A

10.6%

 

*

Kyowa Kirin Co., Ltd

*

 

33.5%

* Represents less than 10% and/or not a customer in the applicable period.
Geographical Risk  
Summary Of Significant Accounting Policies [Line Items]  
Schedule of Concentration, Percentage of Gross Revenues

Total revenues, net is attributed to regions based on the location of our customers or partners.

 

 

Three months ended March 31,

 

2025

 

2024

Europe, Middle East, and Africa (EMEA)

66.1%

 

61.8%

U.S.

31.6%

 

4.7%

Asia-Pacific (APAC)

2.3%

 

33.5%

 

100.0%

 

100.0%
v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
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, 2025

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

70,316

 

 

$

70,316

 

 

$

—

 

 

$

—

 

Treasury bills

 

 

24,942

 

 

 

—

 

 

 

24,942

 

 

 

—

 

Agency discount notes

 

 

34,662

 

 

 

—

 

 

 

34,662

 

 

 

—

 

Total cash equivalents

 

 

129,920

 

 

 

70,316

 

 

 

59,604

 

 

 

—

 

Total financial assets

 

$

129,920

 

 

$

70,316

 

 

$

59,604

 

 

$

—

 

Liability

 

 

 

 

 

 

 

 

 

 

 

 

Embedded derivative (included in “Deferred royalty obligation, net”)

 

$

37,139

 

 

$

—

 

 

$

—

 

 

$

37,139

 

 

 

 

December 31, 2024

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

294,872

 

 

$

294,872

 

 

$

—

 

 

$

—

 

Treasury bills

 

 

20,714

 

 

 

—

 

 

 

20,714

 

 

 

—

 

Agency discount notes

 

 

44,205

 

 

 

—

 

 

 

44,205

 

 

 

—

 

Total cash equivalents

 

 

359,791

 

 

 

294,872

 

 

 

64,919

 

 

 

—

 

Total financial assets

 

$

359,791

 

 

$

294,872

 

 

$

64,919

 

 

$

—

 

Liability

 

 

 

 

 

 

 

 

 

 

 

 

Embedded derivative (included in “Deferred royalty obligation, net”)

 

$

41,091

 

 

$

—

 

 

$

—

 

 

$

41,091

 

 
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, 2025

 

 

December 31, 2024

 

 

 

Aggregate Face Values

 

 

Estimated Fair Values

 

 

Aggregate Face Values

 

 

Estimated Fair Values

 

 

 

(in thousands)

 

 

(in thousands)

 

2031 Convertible Notes

 

$

575,000

 

 

$

594,107

 

 

$

—

 

 

$

—

 

2029 Convertible Notes

 

 

747,500

 

 

 

672,003

 

 

 

747,500

 

 

 

640,708

 

2027 Convertible Notes

 

 

550,000

 

 

 

631,974

 

 

 

550,000

 

 

 

578,087

 
v3.25.1
Cash Equivalents (Tables)
 3 Months Ended
Mar. 31, 2025
Cash and Cash Equivalents [Abstract]  
Schedule of Cash Equivalents

Cash equivalents consisted of the following:

 

 

 

March 31, 2025

 

 

 

Amortized
Cost Basis

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Estimated Fair
Value

 

 

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

70,316

 

 

$

—

 

 

$

—

 

 

$

70,316

 

Treasury bills

 

 

24,942

 

 

 

—

 

 

 

—

 

 

 

24,942

 

Agency discount notes

 

 

34,662

 

 

 

1

 

 

 

(1

)

 

 

34,662

 

Total cash equivalents

 

$

129,920

 

 

$

1

 

 

$

(1

)

 

$

129,920

 

 

 

 

December 31, 2024

 

 

 

Amortized
Cost Basis

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Estimated Fair
Value

 

 

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

294,872

 

 

$

—

 

 

$

—

 

 

$

294,872

 

Treasury bills

 

 

20,710

 

 

 

4

 

 

 

—

 

 

 

20,714

 

Agency discount notes

 

 

44,201

 

 

 

4

 

 

 

—

 

 

 

44,205

 

Total cash equivalents

 

$

359,783

 

 

$

8

 

 

$

—

 

 

$

359,791

 
v3.25.1
Intangible Assets, Net (Tables)
 3 Months Ended
Mar. 31, 2025
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, 2025

 

 

December 31, 2024

 

 

Weighted-average
Estimated Useful Lives

 

Amount

 

 

Weighted-average
Estimated Useful Lives

 

Amount

 

 

 

 

(in thousands)

 

 

 

 

(in thousands)

 

Gross amount

13.7

 

$

37,000

 

 

10.0 years

 

$

32,500

 

Less: accumulated amortization

 

 

 

(9,198

)

 

 

 

 

(8,574

)

Total

 

 

$

27,802

 

 

 

 

$

23,926

 

 
v3.25.1
Funding Agreement (Tables)
 3 Months Ended
Mar. 31, 2025
Funding Agreement [Abstract]  
Schedule of Royalty Obligation Under Funding Agreement

The carrying value balances of our royalty obligation under the Funding Agreement consisted of the following:

 

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

(in thousands)

 

Carrying value of deferred royalty obligation (Principal)

 

$

526,239

 

 

$

507,114

 

Fair value of embedded derivative

 

 

37,139

 

 

 

41,091

 

Unamortized debt discount and issuance costs

 

 

(66,079

)

 

 

(69,114

)

Deferred royalty obligation, net

 

$

497,299

 

 

$

479,091

 
v3.25.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2025
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, 2025.

 

 

 

Potential Fixed Monetary
Amount

 

 

Accrued
Amount (1)

 

Settlement Type

 

(in thousands)

 

Cash

 

$

784

 

 

$

25

 

Stock (2)

 

 

14,582

 

 

 

—

 

Cash or stock at our sole discretion

 

 

52,233

 

 

 

252

 

Total

 

$

67,599

 

 

$

277

 

 

(1)
Amount recorded for performance-based milestone awards that are probable of achievement.
(2)
Includes the performance-based milestone awards that were granted as part of the Exchange Program further discussed in Note 15.
v3.25.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2025
Financing Agreement  
Debt Instrument [Line Items]  
Schedule of Loans Balances

The balances of our borrowing under the Amended Financing Agreement consisted of the following:

 

 

 

December 31, 2024

 

 

 

(in thousands)

 

Principal value of term loan

 

$

450,000

 

Debt discount, issuance costs and exit fee accretion

 

 

(12,663

)

Term loan, net

 

$

437,337

 
2031, 2029 and 2027 Notes  
Debt Instrument [Line Items]  
Schedule of Loans Balances

The outstanding Notes’ balances consisted of the following:

 

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

2031 Notes

 

 

2029 Notes

 

 

2027 Notes

 

 

2029 Notes

 

 

2027 Notes

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

(in thousands)

 

Principal

 

$

575,000

 

 

$

747,500

 

 

$

550,000

 

 

$

747,500

 

 

$

550,000

 

Unamortized debt discount and issuance costs

 

 

(11,876

)

 

 

(8,128

)

 

 

(4,372

)

 

 

(8,628

)

 

 

(4,827

)

Net carrying amount

 

$

563,124

 

 

$

739,372

 

 

$

545,628

 

 

$

738,872

 

 

$

545,173

 
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, 2025

 

 

 

2031 Notes

 

 

2029 Notes

 

 

2027 Notes

 

 

Total

 

 

 

(in thousands)

 

Contractual interest expense

 

$

839

 

 

$

4,205

 

 

$

3,438

 

 

$

8,482

 

Amortization of debt discount and issuance costs

 

 

157

 

 

 

500

 

 

 

455

 

 

 

1,112

 

Total interest and amortization expense

 

$

996

 

 

$

4,705

 

 

$

3,893

 

 

$

9,594

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective interest rate

 

2.1%

 

 

 

2.6

%

 

 

2.8

%

 

 

 

 

 

 

Three Months Ended March 31, 2024

 

 

 

2029 Notes

 

 

2027 Notes

 

 

Total

 

 

 

 

 

 

(in thousands)

 

 

 

 

Contractual interest expense

 

$

4,205

 

 

$

3,438

 

 

$

7,643

 

Amortization of debt discount and issuance costs

 

 

487

 

 

 

444

 

 

 

931

 

Total interest and amortization expense

 

$

4,692

 

 

$

3,882

 

 

$

8,574

 

 

 

 

 

 

 

 

 

 

 

Effective interest rate

 

 

2.6

%

 

 

2.8

%

 

 

 

 
Schedule of Future Minimum Payments

Future minimum payments under the Notes as of March 31, 2025 are as follows:

 

 

 

2031 Notes

 

 

2029 Notes

 

 

2027 Notes

 

 

Total

 

 

 

(in thousands)

 

Remainder of 2025

 

$

5,031

 

 

$

8,409

 

 

$

6,875

 

 

$

20,315

 

Year ending December 31:

 

 

 

 

 

 

 

 

 

 

 

 

2026

 

 

10,063

 

 

 

16,819

 

 

 

13,750

 

 

 

40,632

 

2027

 

 

10,063

 

 

 

16,819

 

 

 

556,875

 

 

 

583,757

 

2028

 

 

10,063

 

 

 

16,819

 

 

 

—

 

 

 

26,882

 

2029

 

 

10,063

 

 

 

755,909

 

 

 

—

 

 

 

765,972

 

2030

 

 

10,063

 

 

 

—

 

 

 

—

 

 

 

10,063

 

Thereafter

 

 

580,031

 

 

 

—

 

 

 

—

 

 

 

580,031

 

Total future payments

 

 

635,377

 

 

 

814,775

 

 

 

577,500

 

 

 

2,027,652

 

Less amounts representing interest

 

 

(60,377

)

 

 

(67,275

)

 

 

(27,500

)

 

 

(155,152

)

Total principal amount

 

$

575,000

 

 

$

747,500

 

 

$

550,000

 

 

$

1,872,500

 
v3.25.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Components of Lease Cost

The components of lease cost are as follows:

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Straight line operating lease costs

 

$

994

 

 

$

1,069

 

Finance lease costs

 

 

95

 

 

 

101

 

Variable lease costs

 

 

1,406

 

 

 

2,013

 

Total lease cost

 

$

2,495

 

 

$

3,183

 
Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases are as follows:

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

1,470

 

 

$

1,595

 

Operating cash flows for finance lease

 

 

114

 

 

 

111

 

Operating lease right-of-use assets obtained
   in exchange for operating lease obligations

 

 

2,259

 

 

 

1,224

 
Schedule of Supplemental Information Related to Remaining Lease Term and Discount Rate

Supplemental information related to the remaining lease term and discount rate are as follows:

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

Weighted-average remaining lease term (in years)

 

 

 

 

 

 

Operating leases

 

 

3.2

 

 

 

4.1

 

Finance lease

 

 

0.8

 

 

 

1.8

 

Weighted-average discount rate

 

 

 

 

 

 

Operating leases

 

 

6.5

%

 

 

6.3

%

Finance lease

 

 

6.6

%

 

 

6.6

%

 
Schedule of Future Minimum Lease Payments for Noncancelable Leases

As of March 31, 2025, 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 2025

 

$

4,405

 

Year ending December 31:

 

 

 

2026

 

 

3,914

 

2027

 

 

436

 

2028

 

 

439

 

2029

 

 

471

 

2030

 

 

471

 

Thereafter

 

 

904

 

Total future minimum lease payments

 

 

11,040

 

Imputed interest

 

 

(916

)

Total

 

$

10,124

 

 

 

 

Reported as of March 31, 2025

 

 

 

Operating lease liabilities, current portion

 

$

5,209

 

Operating lease liabilities, net of current portion

 

 

4,915

 

Total operating lease liabilities

 

$

10,124

 
v3.25.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Stock Based Compensation for Employees and Non Employees

Under each of the legal entity’s equity 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, 2025

 

 

 

BridgeBio
Equity Plan

 

 

Other
Subsidiaries
Equity Plan

 

 

Total

 

 

 

 

 

 

(in thousands)

 

 

 

 

Cost of goods sold

 

$

91

 

 

$

—

 

 

$

91

 

Research and development

 

 

11,255

 

 

 

—

 

 

 

11,255

 

Selling, general and administrative

 

 

17,998

 

 

 

—

 

 

 

17,998

 

Restructuring, impairment and related charges

 

 

46

 

 

 

—

 

 

 

46

 

Total stock-based compensation

 

$

29,390

 

 

$

—

 

 

$

29,390

 

 

 

 

Three Months Ended March 31, 2024

 

 

 

BridgeBio
Equity Plan

 

 

Other
Subsidiaries
Equity Plan

 

 

Total

 

 

 

 

 

 

(in thousands)

 

 

 

 

Research and development

 

$

12,742

 

 

$

37

 

 

$

12,779

 

Selling, general and administrative

 

 

16,071

 

 

 

—

 

 

 

16,071

 

Total stock-based compensation

 

$

28,813

 

 

$

37

 

 

$

28,850

 
Summary of Stock Option Activity

The following table summarizes BridgeBio’s stock option activity under the Plans for the three months ended March 31, 2025:

 

 

 

Options
Outstanding

 

 

Weighted-
Average
Exercise
Price per
Option

 

 

Weighted-
Average
Remaining
Contractual
Life (years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Outstanding as of December 31, 2024

 

 

 

 

 

12,499,883

 

 

 

 

 

 

 

 

 

 

Regular equity program

 

 

11,172,627

 

 

 

 

 

$

25.76

 

 

 

6.2

 

 

$

78,764

 

Eidos Awards Exchange

 

 

1,014,175

 

 

 

 

 

$

14.18

 

 

 

4.3

 

 

$

13,734

 

Exchange Program

 

 

313,081

 

 

 

 

 

$

2.20

 

 

 

4.3

 

 

$

7,995

 

Granted

 

 

 

 

 

71,208

 

 

 

 

 

 

 

 

 

 

Regular equity program

 

 

71,208

 

 

 

 

 

$

33.75

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

(139,689

)

 

 

 

 

 

 

 

 

 

Regular equity program

 

 

(115,615

)

 

 

 

 

$

18.98

 

 

 

 

 

 

 

Eidos Awards Exchange

 

 

(19,407

)

 

 

 

 

$

16.69

 

 

 

 

 

 

 

Exchange Program

 

 

(4,667

)

 

 

 

 

$

0.60

 

 

 

 

 

 

 

Cancelled

 

 

 

 

 

(7,183

)

 

 

 

 

 

 

 

 

 

Regular equity program

 

 

(7,183

)

 

 

 

 

$

36.37

 

 

 

 

 

 

 

Outstanding as of March 31, 2025

 

 

 

 

 

12,424,219

 

 

 

 

 

 

 

 

 

 

Regular equity program

 

 

11,121,037

 

 

 

 

 

$

25.88

 

 

 

6.0

 

 

$

130,867

 

Eidos Awards Exchange

 

 

994,768

 

 

 

 

 

$

14.13

 

 

 

4.0

 

 

$

20,345

 

Exchange Program

 

 

308,414

 

 

 

 

 

$

2.23

 

 

 

4.1

 

 

$

10,025

 

Exercisable as of March 31, 2025

 

 

 

 

 

10,348,116

 

 

 

 

 

 

 

 

 

 

Regular equity program

 

 

9,047,354

 

 

 

 

 

$

27.37

 

 

 

5.6

 

 

$

98,054

 

Eidos Awards Exchange

 

 

994,768

 

 

 

 

 

$

14.13

 

 

 

4.0

 

 

$

20,345

 

Exchange Program

 

 

305,994

 

 

 

 

 

$

2.22

 

 

 

4.1

 

 

$

9,949

 
Summary of Restricted Stock Units Activity

The following table summarizes BridgeBio’s RSU activity under the Plans for the three months ended March 31, 2025:

 

 

 

Unvested
Shares of
RSUs
Outstanding

 

 

Weighted-
Average
Grant Date
Fair Value

 

Balance as of December 31, 2024

 

 

10,272,798

 

 

$

21.91

 

Granted

 

 

3,745,495

 

 

$

33.66

 

Vested

 

 

(879,051

)

 

$

21.43

 

Cancelled

 

 

(375,899

)

 

$

18.72

 

Balance as of March 31, 2025

 

 

12,763,343

 

 

$

25.49

 
2019 Employee Stock Purchase Plan  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Schedule of Assumptions Used to Determine Fair Value of Stock Purchase Rights

We used the Black-Scholes model to estimate the fair value of stock options and stock purchase rights under the ESPP. For the three months ended March 31, 2025, we used the following weighted-average assumptions in the Black-Scholes calculations:

 

 

 

Stock Options

 

 

ESPP

 

Expected term (in years)

 

 

6.0

 

 

 

0.5

 

Expected volatility

 

94.0%

 

 

52.0% - 60.9%

 

Risk-free interest rate

 

4.1%

 

 

4.3% - 5.0%

 

Dividend yield

 

 

—

 

 

 

—

 

Weighted-average fair value of stock-based awards granted

 

$

26.33

 

 

$

10.63

 
v3.25.1
Restructuring, Impairment and Related Charges (Tables)
 3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
Summary of Restructuring, Impairment and Related Charges

“Restructuring, impairment and related charges” included on our condensed consolidated statements of operations for the three months ended March 31, 2025 and 2024 consisted of the following:

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

(in thousands)

 

Winding down, exit and other related costs

 

$

434

 

 

$

1,164

 

Severance and employee-related costs

 

 

136

 

 

 

1,965

 

Long-lived assets impairments and write-offs

 

 

—

 

 

 

271

 

Total

 

$

570

 

 

$

3,400

 

 

 
Schedule of Activity Related to Restructuring Liabilities Associated to Restructuring Initiatives

The following table summarizes the activity related to the restructuring liabilities associated with our restructuring plans for the three months ended March 31, 2025 and 2024:

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

(in thousands)

 

Beginning balance

 

$

1,848

 

 

$

55

 

Restructuring, impairment and related charges

 

 

570

 

 

 

3,400

 

Cash payments

 

 

(1,365

)

 

 

(934

)

Noncash activities

 

 

(45

)

 

 

(271

)

Ending balance

 

$

1,008

 

 

$

2,250

 

 

Restructuring liabilities are presented on our condensed consolidated balance sheets as follows:

 

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

(in thousands)

 

Accounts payable

 

$

85

 

 

$

330

 

Accrued compensation and benefits

 

 

25

 

 

 

332

 

Accrued research and development liabilities

 

 

829

 

 

 

1,020

 

Other current liabilities

 

 

69

 

 

 

166

 

Total

 

$

1,008

 

 

$

1,848

 
v3.25.1
Net Loss Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
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,

 

 

2025

 

 

2024

 

Unvested RSUs

 

12,763,343

 

 

 

11,311,281

 

Unvested performance-based RSUs

 

194,943

 

 

 

3,326

 

Unvested market-based RSUs

 

375,000

 

 

 

375,000

 

Common stock options issued and outstanding

 

12,424,219

 

 

 

12,360,563

 

Estimated shares issuable under performance-based milestone
  compensation arrangements

 

1,983,744

 

 

 

5,953,788

 

Estimated shares issuable under the ESPP

 

48,086

 

 

 

40,314

 

Assumed conversion of 2027 Notes

 

12,878,305

 

 

 

12,878,305

 

Assumed conversion of 2029 Notes

 

7,702,988

 

 

 

7,702,988

 

Assumed conversion of 2031 Notes

 

11,544,448

 

 

 

—

 

 

59,915,076

 

 

 

50,625,565

 
v3.25.1
Summary of Significant Accounting Policies - Additional Information (Details)
$ in Thousands
 3 Months Ended
Apr. 30, 2024
USD ($)
Mar. 31, 2025
USD ($)
Segment
Customer
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Customer
Aug. 16, 2024
USD ($)
Summary Of Significant Accounting Policies [Line Items]          
Cash, cash equivalents and restricted cash maturity period   90 days      
Restricted cash   $ 126   $ 126  
Restricted Cash, Current, Statement of Financial Position [Extensible Enumeration]   Prepaid Expense and Other Assets, Current   Prepaid Expense and Other Assets, Current  
Restricted cash, non-current - included in "Other assets"   $ 2,017   $ 2,017  
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List]   Other assets   Other assets  
Number of reportable segments | Segment   1      
Number of business segments | Segment   1      
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]   srt:ChiefExecutiveOfficerMember      
Revenue   $ 116,633 $ 211,120    
Advertising costs   14,000 $ 0    
Deferred advertising costs   $ 3,100   $ 0  
Customer Concentration Risk [Member] | Accounts Receivable          
Summary Of Significant Accounting Policies [Line Items]          
Number of customers accounted for more than 10% of concentration risk | Customer   1   5  
Customer Concentration Risk [Member] | Accounts Receivable | Bayer Consumer Care AG          
Summary Of Significant Accounting Policies [Line Items]          
Percentage of gross accounts receivable   64.00%      
Customer Concentration Risk [Member] | Accounts Receivable | Customer A          
Summary Of Significant Accounting Policies [Line Items]          
Percentage of gross accounts receivable       17.30%  
Customer Concentration Risk [Member] | Accounts Receivable | Customer B          
Summary Of Significant Accounting Policies [Line Items]          
Percentage of gross accounts receivable       17.30%  
Customer Concentration Risk [Member] | Accounts Receivable | Customer C          
Summary Of Significant Accounting Policies [Line Items]          
Percentage of gross accounts receivable       16.90%  
Customer Concentration Risk [Member] | Accounts Receivable | Customer D          
Summary Of Significant Accounting Policies [Line Items]          
Percentage of gross accounts receivable       12.00%  
Customer Concentration Risk [Member] | Accounts Receivable | Customer E          
Summary Of Significant Accounting Policies [Line Items]          
Percentage of gross accounts receivable       11.90%  
U.S.          
Summary Of Significant Accounting Policies [Line Items]          
Percentage of capitalized property and equipment   48.90%   51.60%  
Canada          
Summary Of Significant Accounting Policies [Line Items]          
Percentage of capitalized property and equipment   47.20%   44.70%  
Rest of World          
Summary Of Significant Accounting Policies [Line Items]          
Percentage of capitalized property and equipment   3.90%   3.70%  
Attruby          
Summary Of Significant Accounting Policies [Line Items]          
Revenue   $ 36,700      
Gondola Bio, LLC          
Summary Of Significant Accounting Policies [Line Items]          
Investors committed amount   $ 300,000      
Investors contribution fair value         $ 50,000
Equity ownership percentage approximately   45.50%      
TheRas, Inc          
Summary Of Significant Accounting Policies [Line Items]          
Payment for private equity financing with external investors $ 200,000        
Percentage of ownership reduced for private equity financing 37.90%        
Lease Agreements and Letters of Credit          
Summary Of Significant Accounting Policies [Line Items]          
Restricted cash   $ 100   $ 100  
Restricted Cash, Current, Statement of Financial Position [Extensible Enumeration]   Prepaid Expense and Other Assets, Current   Prepaid Expense and Other Assets, Current  
Restricted cash, non-current - included in "Other assets"   $ 2,000   $ 2,000  
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List]   Other assets   Other assets  
Minimum          
Summary Of Significant Accounting Policies [Line Items]          
Percentage of voting shares   50.00%      
v3.25.1
Summary of Significant Accounting Policies - Schedule of Concentration, Percentage of Gross Revenues (Details) - Revenue Benchmark
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Geographical Risk    
Concentration Risk [Line Items]    
Percentage of concentration risk 100.00% 100.00%
Geographical Risk | EMEA    
Concentration Risk [Line Items]    
Percentage of concentration risk 66.10% 61.80%
Geographical Risk | U.S.    
Concentration Risk [Line Items]    
Percentage of concentration risk 31.60% 4.70%
Geographical Risk | APAC    
Concentration Risk [Line Items]    
Percentage of concentration risk 2.30% 33.50%
Bayer Consumer Care AG | Customer Concentration Risk    
Concentration Risk [Line Items]    
Percentage of concentration risk 59.60% 61.80%
Customer A | Customer Concentration Risk    
Concentration Risk [Line Items]    
Percentage of concentration risk 10.60%  
Kyowa Kirin Co., Ltd | Customer Concentration Risk    
Concentration Risk [Line Items]    
Percentage of concentration risk   33.50%
v3.25.1
Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Cash And Cash Equivalents [Line Items]      
Cash and cash equivalents $ 540,599 $ 681,101 [1] $ 475,222
Restricted cash - included in "Prepaid expenses and other current assets" $ 126 $ 126  
Restricted Cash, Current, Statement of Financial Position [Extensible Enumeration] Prepaid Expense and Other Assets, Current Prepaid Expense and Other Assets, Current  
Restricted cash, non-current - included in "Other assets" $ 2,017 $ 2,017  
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List] Other assets Other assets  
Total cash, cash equivalents and restricted cash $ 542,742 $ 683,244 $ 477,496
[1] The condensed consolidated balance sheet as of December 31, 2024 is derived from the audited consolidated financial statements as of that date.
v3.25.1
Summary of Significant Accounting Policies - Summary of Other Current Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Accrued commercial liabilities $ 12,321 $ 11,267
Accrued professional services 5,322 3,673
Milestone liability 4,500 1,595
Accrued interest 4,253 11,056
Royalty obligation, current portion 1,860 144
Other accrued liabilities 12,418 5,336
Total other current liabilities $ 40,674 $ 33,071 [1]
[1] The condensed consolidated balance sheet as of December 31, 2024 is derived from the audited consolidated financial statements as of that date.
v3.25.1
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, 2025
Mar. 31, 2024
Revenues:    
Total revenues, net $ 116,633 $ 211,120
Cost of revenues    
Total cost of revenues 2,639 598
Total segment research and development 111,431 140,972
Selling, general and administrative 106,365 65,807
Restructuring, impairment and related charges 570 3,400
Total operating costs and expenses 221,005 210,777
Income (loss) from operations (104,372) 343
Other income (expense), net:    
Interest income 5,385 4,075
Interest expense (42,141) (23,471)
Loss on extinguishment of debt (21,155) (26,590)
Net loss from equity method investments (15,556) 0
Other income (expense), net 8,231 9,483
Total other income (expense), net (65,236) (36,503)
Net loss (169,608) (36,160)
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests 2,186 944
Net loss attributable to common stockholders of BridgeBio (167,422) (35,216)
Net Product Revenue    
Revenues:    
Total revenues, net 36,739 0
Cost of License and Services Revenue    
Cost of revenues    
Total cost of revenues 605 598
Cost of Goods Sold    
Cost of revenues    
Total cost of revenues 2,034 0
Reportable Segment    
Revenues:    
Total revenues, net 116,633 211,120
Cost of revenues    
Total cost of revenues 2,639 598
Total segment research and development 111,431 140,972
Selling, general and administrative 106,365 65,807
Restructuring, impairment and related charges 570 3,400
Total operating costs and expenses 221,005 210,777
Income (loss) from operations (104,372) 343
Other income (expense), net:    
Interest income 5,385 4,075
Interest expense (42,141) (23,471)
Loss on extinguishment of debt (21,155) (26,590)
Net loss from equity method investments (15,556) 0
Other income (expense), net 8,231 9,483
Total other income (expense), net (65,236) (36,503)
Net loss (169,608) (36,160)
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests 2,186 944
Net loss attributable to common stockholders of BridgeBio (167,422) (35,216)
Reportable Segment | Acoramidis For Attr Cm    
Cost of revenues    
Total segment research and development 24,392 39,742
Reportable Segment | Infigratinib for Achondroplasia and Hypochondroplasia    
Cost of revenues    
Total segment research and development 27,934 21,185
Reportable Segment | BBP-418 for LGMD2I/R9    
Cost of revenues    
Total segment research and development 14,209 10,018
Reportable Segment | Encaleret for ADH1    
Cost of revenues    
Total segment research and development 15,459 12,544
Reportable Segment | Other Development Programs    
Cost of revenues    
Total segment research and development 11,430 32,284
Reportable Segment | Other Research Programs    
Cost of revenues    
Total segment research and development 18,007 25,199
Reportable Segment | License and Services Revenue    
Revenues:    
Total revenues, net 79,894 211,120
Reportable Segment | Net Product Revenue    
Revenues:    
Total revenues, net 36,739 0
Reportable Segment | Cost of License and Services Revenue    
Cost of revenues    
Total cost of revenues 605 598
Reportable Segment | Cost of Goods Sold    
Cost of revenues    
Total cost of revenues $ 2,034 $ 0
v3.25.1
Summary of Significant Accounting Policies - Schedule of Inventories Presented on Condensed Consolidated Balance Sheet (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
 [1]
Inventory Disclosure [Abstract]    
Raw materials $ 0  
Work in progress 1,318  
Finished goods 2,636  
Total inventories $ 3,954 $ 0
[1] The condensed consolidated balance sheet as of December 31, 2024 is derived from the audited consolidated financial statements as of that date.
v3.25.1
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Cash equivalents:    
Total cash equivalents $ 129,920 $ 359,791
Liability    
Embedded derivative (included in "Deferred royalty obligation, net") 37,139 41,091
Treasury Bills    
Cash equivalents:    
Total cash equivalents 24,942 20,714
Agency Discount Notes    
Cash equivalents:    
Total cash equivalents 34,662 44,205
Recurring    
Cash equivalents:    
Total cash equivalents 129,920 359,791
Total financial assets 129,920 359,791
Liability    
Embedded derivative (included in "Deferred royalty obligation, net") 37,139 41,091
Recurring | Level 1    
Cash equivalents:    
Total cash equivalents 70,316 294,872
Total financial assets 70,316 294,872
Liability    
Embedded derivative (included in "Deferred royalty obligation, net") 0 0
Recurring | Level 2    
Cash equivalents:    
Total cash equivalents 59,604 64,919
Total financial assets 59,604 64,919
Liability    
Embedded derivative (included in "Deferred royalty obligation, net") 0 0
Recurring | Level 3    
Cash equivalents:    
Total cash equivalents 0 0
Total financial assets 0 0
Liability    
Embedded derivative (included in "Deferred royalty obligation, net") 37,139 41,091
Recurring | Money Market Funds    
Cash equivalents:    
Total cash equivalents 70,316 294,872
Recurring | Money Market Funds | Level 1    
Cash equivalents:    
Total cash equivalents 70,316 294,872
Recurring | Money Market Funds | Level 2    
Cash equivalents:    
Total cash equivalents 0 0
Recurring | Money Market Funds | Level 3    
Cash equivalents:    
Total cash equivalents 0 0
Recurring | Treasury Bills    
Cash equivalents:    
Total cash equivalents 24,942 20,714
Recurring | Treasury Bills | Level 1    
Cash equivalents:    
Total cash equivalents 0 0
Recurring | Treasury Bills | Level 2    
Cash equivalents:    
Total cash equivalents 24,942 20,714
Recurring | Treasury Bills | Level 3    
Cash equivalents:    
Total cash equivalents 0 0
Recurring | Agency Discount Notes    
Cash equivalents:    
Total cash equivalents 34,662 44,205
Recurring | Agency Discount Notes | Level 1    
Cash equivalents:    
Total cash equivalents 0 0
Recurring | Agency Discount Notes | Level 2    
Cash equivalents:    
Total cash equivalents 34,662 44,205
Recurring | Agency Discount Notes | Level 3    
Cash equivalents:    
Total cash equivalents $ 0 $ 0
v3.25.1
Fair Value Measurements - Additional Information (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Feb. 28, 2025
Dec. 31, 2024
Jan. 28, 2021
Mar. 09, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]            
Fair value assets, transfers between Level 1, Level 2 or Level 3 $ 0     $ 0    
Fair value liabilities, transfers between Level 1, Level 2 or Level 3 0     0    
Realized gain (losses) recognized on investment in equity securities 0 $ 8,100,000        
Unrealized gains or losses associated with our investment in equity securities 0 $ 0        
Estimated fair value of deferred royalty obligation, net embedded derivative liability 442,800,000     446,000,000    
Other Income (Expense), Net            
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]            
Gain for change in fair value of embedded derivative liability $ 4,000,000          
Financing Agreement            
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]            
Estimated fair value of outstanding term loan       $ 461,800,000    
2029 Notes            
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]            
Stated interest rate 2.25%       2.25%  
2027 Notes            
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]            
Stated interest rate 2.50%         2.50%
2031 Notes            
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]            
Stated interest rate 1.75%   1.75%      
v3.25.1
Fair Value Measurements - Schedule of Aggregate Face Values and Fair Values of Notes (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
2031 Convertible Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Instrument, Face Amount $ 575,000 $ 0
Estimated Fair Values 594,107 0
2029 Convertible Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Instrument, Face Amount 747,500 747,500
Estimated Fair Values 672,003 640,708
2027 Convertible Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Instrument, Face Amount 550,000 550,000
Estimated Fair Values $ 631,974 $ 578,087
v3.25.1
Cash Equivalents - Schedule of Cash Equivalents (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis Cash Equivalents $ 129,920 $ 359,783
Unrealized Gains 1 8
Unrealized Losses (1) 0
Cash Equivalents, Estimated Fair Value 129,920 359,791
Money Market Funds    
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis Cash Equivalents 70,316 294,872
Unrealized Gains 0 0
Unrealized Losses 0 0
Cash Equivalents, Estimated Fair Value 70,316 294,872
Treasury Bills    
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis Cash Equivalents 24,942 20,710
Unrealized Gains 0 4
Unrealized Losses 0 0
Cash Equivalents, Estimated Fair Value 24,942 20,714
Agency Discount Notes    
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis Cash Equivalents 34,662 44,201
Unrealized Gains 1 4
Unrealized Losses (1) 0
Cash Equivalents, Estimated Fair Value $ 34,662 $ 44,205
v3.25.1
Noncontrolling Interests - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Noncontrolling Interest [Abstract]    
Adjustments of carrying value of noncontrolling interest additional paid-in capital $ (0.8) $ (1.9)
v3.25.1
Equity Method Investment and Other Equity Investments - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended
Aug. 16, 2024
Apr. 30, 2024
Feb. 22, 2024
Feb. 20, 2024
Feb. 13, 2024
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Schedule Of Equity Method Investments [Line Items]                  
Loss from equity method investment             $ (15,556) $ 0  
Prepaid expenses and other current assets             35,355   $ 34,869 [1]
Research and development liabilities             111,431 140,972  
Other current liabilities             40,674   33,071 [1]
Amortization of asset             600 $ 600  
Gondola Bio, LLC                  
Schedule Of Equity Method Investments [Line Items]                  
Investments contributed             60,000    
Gain from deconsolidation $ 52,000                
Equity investment 50,000           34,700   41,500
Difference of between fair value of equity investment and underlying equity in net assets 23,900                
Loss from equity method investment             $ 6,800    
Equity ownership percentage approximately             45.50%    
Investors committed amount             $ 300,000    
Aggregate cash contributed             42,500    
Investors contribution fair value $ 50,000                
TheRas, Inc                  
Schedule Of Equity Method Investments [Line Items]                  
Payment for private equity financing with external investors   $ 200,000              
Percentage of ownership reduced for private equity financing   37.90%              
Gain from deconsolidation   $ 126,300              
Equity investment   124,900         93,500   102,200
Difference of between fair value of equity investment and underlying equity in net assets   $ 49,600              
Loss from equity method investment             8,700    
Transition Service Aggrement | Gondola Bio, LLC                  
Schedule Of Equity Method Investments [Line Items]                  
Research and development liabilities             700    
Other current liabilities             1,900   1,200
Transition Service Aggrement | TheRas, Inc                  
Schedule Of Equity Method Investments [Line Items]                  
Prepaid expenses and other current assets             500   500
Other income             400    
Transition Service Agreement And Sublease Agreement | Gondola Bio, LLC                  
Schedule Of Equity Method Investments [Line Items]                  
Prepaid expenses and other current assets             2,600   $ 3,200
Operating expenses             800    
Transition Service Agreement And Sublease Agreement | Gondola Bio, LLC                  
Schedule Of Equity Method Investments [Line Items]                  
Other income             2,700    
IPR&D | Gondola Bio, LLC                  
Schedule Of Equity Method Investments [Line Items]                  
Amortization of asset             300    
IPR&D | TheRas, Inc                  
Schedule Of Equity Method Investments [Line Items]                  
Amortization of asset             $ 600    
BridgeBio Pharma, LLC | LianBio                  
Schedule Of Equity Method Investments [Line Items]                  
Warrants exercised       347,569          
Common stock held     5,350,361            
Net proceeds received as special cash dividends           $ 25,700      
Realized net gains from investment           $ 1,800      
Special cash dividend declared per share         $ 4.8        
Depositary fees per share         $ 0.05        
[1] The condensed consolidated balance sheet as of December 31, 2024 is derived from the audited consolidated financial statements as of that date.
v3.25.1
Intangible Assets, Net - Summary of Recognized Intangible Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Acquired Finite-Lived Intangible Assets [Line Items]    
Weighted-average Estimated Useful Lives 13 years 8 months 12 days 10 years
Gross amount $ 37,000 $ 32,500
Less: accumulated amortization (9,198) (8,574)
Total $ 27,802 $ 23,926
v3.25.1
Intangible Assets, Net - Additional Information (Details)
$ in Thousands
 1 Months Ended 3 Months Ended
Nov. 30, 2018
USD ($)
Mar. 31, 2024
USD ($)
Installment
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Feb. 28, 2025
USD ($)
Dec. 31, 2024
USD ($)
May 31, 2021
USD ($)
Finite-Lived Intangible Assets [Line Items]              
Amortization expenses     $ 600 $ 600      
Amortization expenses, remainder period     2,000        
Amortization expenses, 2025     2,700        
Amortization expenses, 2026     2,700        
Amortization expenses, 2027     2,700        
Amortization expenses, 2028     2,700        
Amortization expenses, thereafter     12,300        
Capitalization of finite-lived intangible asset     37,000     $ 32,500  
Other current liabilities     $ 40,674     33,071 [1]  
Foundation Medicine Diagnostics Agreement | Foundation Medicine, Inc              
Finite-Lived Intangible Assets [Line Items]              
Capitalization of finite-lived intangible asset             $ 12,500
Stanford License Agreement | Stanford Univesity              
Finite-Lived Intangible Assets [Line Items]              
Capitalization of finite-lived intangible asset         $ 4,500    
Payment Following FDA Approval of Truseltiq              
Finite-Lived Intangible Assets [Line Items]              
Capitalization of finite-lived intangible asset             $ 20,000
QED Therapeutics, Inc              
Finite-Lived Intangible Assets [Line Items]              
Other current liabilities           $ 1,600  
QED Therapeutics, Inc | Foundation Medicine Diagnostics Agreement | Foundation Medicine, Inc              
Finite-Lived Intangible Assets [Line Items]              
Potential regulatory milestone payments $ 12,500            
Agreement to pay remaining payable amount   $ 9,600   9,600      
Number of equal monthly installments | Installment   12          
Equal monthly installments amount   $ 800   $ 800      
Regulatory milestone payments term 4 years            
[1] The condensed consolidated balance sheet as of December 31, 2024 is derived from the audited consolidated financial statements as of that date.
v3.25.1
Commitments and Contingencies - Additional Information (Details) - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Commitments And Contingencies [Line Items]    
Accrued termination charges $ 0 $ 0
Aggregate minimum commitment 86,600,000  
Performance-Based Milestone Awards    
Commitments And Contingencies [Line Items]    
Accrual for milestones not probable $ 0  
v3.25.1
Commitments and Contingencies - Schedule of Potential Milestone Amounts and Accruals (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Potential Fixed Monetary Amount Settlement in Cash $ 784
Potential Fixed Monetary Amount Settlement in Stock 14,582 [1]
Potential Fixed Monetary Amount Settlement in Cash or stock at our sole discretion 52,233
Total Potential Fixed Monetary Settlement Amount 67,599
Accrued Amount Settlement in Cash 25 [2]
Accrued Amount Settlement in Stock 0 [1],[2]
Accrued Amount Settlement in Cash or stock at our sole discretion 252 [2]
Total Accrued Settlement Amount $ 277 [2]
[1] Includes the performance-based milestone awards that were granted as part of the Exchange Program further discussed in Note 15.
[2] Amount recorded for performance-based milestone awards that are probable of achievement.
v3.25.1
Debt - Additional Information (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 28, 2025
USD ($)
TradingDay
shares
$ / shares
Jan. 17, 2024
USD ($)
Jan. 28, 2021
USD ($)
TradingDay
shares
$ / shares
Jan. 25, 2021
USD ($)
$ / shares
shares
Mar. 09, 2020
USD ($)
shares
TradingDay
$ / shares
Mar. 04, 2020
USD ($)
$ / shares
shares
Feb. 28, 2025
USD ($)
$ / shares
shares
Jan. 31, 2024
USD ($)
Jan. 17, 2024
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2024
USD ($)
Feb. 02, 2021
USD ($)
Debt Instrument [Line Items]                              
Repurchase of common stock                   $ 48,276,000 $ 0        
Interest expense                   9,594,000 8,574,000        
Amortization of debt discount and issuance costs                   1,112,000 931,000        
Interest payable                   4,253,000       $ 11,056,000  
Debt instrument prepaid includes final payment charge and prepayment fee                   459,000,000 473,417,000        
Loss on extinguishment of debt                   21,155,000 26,590,000        
Unpaid issuance costs                   0 3,732,000        
Financing Agreement                              
Debt Instrument [Line Items]                              
Interest expense                   8,500,000 11,900,000        
Amortization of debt discount and issuance costs                   $ 500,000 700,000        
Interest payable $ 8,000,000           $ 8,000,000                
Debt instrument prepaid includes final payment charge and prepayment fee 467,000,000                            
Prepayment fee 9,000,000                            
Loss on extinguishment of debt 21,200,000                            
Interest rate description   the sum of (i) the base rate plus (ii) 5.75% and (B) in the case of Term Loans bearing interest based on the three-month forward-looking term secured overnight financing rate administered by the Federal Reserve Bank of New York (“Term SOFR”), the sum of (i) three-month Term SOFR (subject to 1.00% per annum floor), plus (ii) 6.75%.                          
Principal payments $ 450,000,000                            
Base Rate plus Interest | Financing Agreement                              
Debt Instrument [Line Items]                              
Interest rate   5.75%                          
SOFR | Financing Agreement                              
Debt Instrument [Line Items]                              
Interest rate   1.00%                          
SOFR plus Interest | Financing Agreement                              
Debt Instrument [Line Items]                              
Interest rate   6.75%                          
Loan Agreement                              
Debt Instrument [Line Items]                              
Interest expense                 $ 3,000,000            
Amortization of debt discount and issuance costs                 400,000            
Interest payable   $ 2,400,000             2,400,000            
Debt instrument prepaid includes final payment charge and prepayment fee   475,800,000                          
Prepayment fee   9,100,000                          
Exit cost   8,600,000                          
Transaction-related fees   300,000             300,000            
Loss on extinguishment of debt   26,600,000                          
Principal payments   $ 455,400,000                          
Loan Agreement | Financing Agreement                              
Debt Instrument [Line Items]                              
Prepayment percentage   3.00%                          
Share Repurchase Transactions                              
Debt Instrument [Line Items]                              
Repurchase of common stock             $ 48,300,000                
Stock repurchased during period, shares | shares             1,405,411                
Repurchase of common stock price per share | $ / shares $ 34.35           $ 34.35                
Maximum | Financing Agreement                              
Debt Instrument [Line Items]                              
Debt Instrument face amount   $ 750,000,000             750,000,000            
Interest rate   2.00%                          
2031 Notes                              
Debt Instrument [Line Items]                              
Debt Instrument face amount $ 575,000,000           $ 575,000,000                
Proceeds from exercise of option to purchase additional notes $ 75,000,000           $ 75,000,000                
Debt instrument issuance date Feb. 28, 2025                            
Maturity year 2031                            
Debt instrument, frequency of interest payment semiannually                            
Interest payable beginning date Sep. 01, 2025                            
Stated interest rate 1.75%           1.75%     1.75%          
Maturity date Mar. 01, 2031                            
Description of payment terms of 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.          
Proceeds from issuance of notes after deducting discount and offering expenses $ 563,000,000                            
Repurchase of common stock 48,300,000                            
Denomination of the principal amount of debt in consideration conversion of the notes $ 1,000                            
Debt instrument, convertible, threshold trading days | TradingDay 20                            
Debt instrument, convertible, threshold consecutive trading days | TradingDay 30                            
Debt instrument, convertible, threshold percentage of stock price trigger 130.00%                            
Number of consecutive trading day period (Measurement period) for conversion of notes 5 days                            
Number of business days in consideration of conversion of notes 5 days                            
Threshold percentage of stock price trigger in measurement period 98.00%                            
Conversion rate 20.0773                            
Initial conversion price per share | $ / shares $ 49.81           $ 49.81                
Debt instrument, conversion, equivalent shares of common stock | shares 11,544,448                            
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 $ 12,000,000           $ 12,000,000                
Expected life of notes 6 years                            
Interest payable                   $ 800,000          
Interest expense                   996,000          
Amortization of debt discount and issuance costs                   $ 157,000          
2031 Notes | Maximum                              
Debt Instrument [Line Items]                              
Debt instrument, increase in conversion rate, number of shares issuable | shares 16,739,400                            
2029 Notes                              
Debt Instrument [Line Items]                              
Debt Instrument face amount     $ 717,500,000                       $ 747,500,000
Proceeds from exercise of option to purchase additional notes     67,500,000                        
Debt instrument option to purchase additional notes     97,500,000                        
Proceeds from exercise of remaining portion of option to purchase additional notes     $ 30,000,000.0                        
Debt instrument issuance date     Jan. 28, 2021                        
Maturity year     2029                        
Debt instrument, frequency of interest payment     semiannually                        
Interest payable beginning date     Aug. 01, 2021                        
Stated interest rate     2.25%             2.25%          
Maturity date     Feb. 01, 2029                        
Description of payment terms of notes                   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.          
Proceeds from issuance of notes after deducting discount and offering expenses     $ 731,400,000                        
Direct offering expense     0                        
Purchase of capped calls     61,300,000                        
Repurchase of common stock     50,000,000.0                        
Denomination of the principal amount of debt in consideration conversion of the notes     $ 1,000                        
Debt instrument, convertible, threshold trading days | TradingDay     20                        
Debt instrument, convertible, threshold consecutive trading days | TradingDay     30                        
Debt instrument, convertible, threshold percentage of stock price trigger     130.00%                        
Number of consecutive trading day period (Measurement period) for conversion of notes     5 days                        
Number of business days in consideration of conversion of notes     5 days                        
Threshold percentage of stock price trigger in measurement period     98.00%                        
Conversion rate     10.3050                        
Initial conversion price per share | $ / shares     $ 97.04                        
Debt instrument, conversion, equivalent shares of common stock | shares     7,702,988                        
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     $ 16,100,000                        
Expected life of notes     8 years                        
Interest payable                   $ 2,800,000       7,000,000  
Interest expense                   4,705,000 4,692,000        
Amortization of debt discount and issuance costs                   $ 500,000 487,000        
2029 Notes | Maximum                              
Debt Instrument [Line Items]                              
Debt instrument, increase in conversion rate, number of shares issuable | shares     11,361,851                        
2027 Notes                              
Debt Instrument [Line Items]                              
Debt Instrument face amount         $ 550,000,000.0                    
Proceeds from exercise of option to purchase additional notes         $ 75,000,000.0                    
Debt instrument issuance date         Mar. 09, 2020                    
Maturity year         2027                    
Debt instrument, frequency of interest payment         semi-annually                    
Interest payable beginning date         Sep. 15, 2020                    
Stated interest rate         2.50%         2.50%          
Maturity date         Mar. 15, 2027                    
Description of payment terms of 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          
Proceeds from issuance of notes after deducting discount and offering expenses         $ 537,000,000.0                    
Purchase of capped calls         49,300,000                    
Repurchase of common stock         75,000,000                    
Denomination of the principal amount of debt in consideration conversion of the notes         $ 1,000                    
Debt instrument, convertible, threshold trading days | TradingDay         20                    
Debt instrument, convertible, threshold consecutive trading days | TradingDay         30                    
Debt instrument, convertible, threshold percentage of stock price trigger         130.00%                    
Number of consecutive trading day period (Measurement period) for conversion of notes         5 days                    
Number of business days in consideration of conversion of notes         5 days                    
Threshold percentage of stock price trigger in measurement period         98.00%                    
Conversion rate         23.4151                    
Initial conversion price per share | $ / shares         $ 42.71                    
Debt instrument, conversion, equivalent shares of common stock | shares         12,878,305                    
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         $ 13,000,000.0                    
Expected life of notes         7 years                    
Interest payable                   $ 600,000       $ 4,000,000  
Interest expense                   3,893,000 3,882,000        
Amortization of debt discount and issuance costs                   $ 455,000 $ 444,000        
2027 Notes | Maximum                              
Debt Instrument [Line Items]                              
Debt instrument, increase in conversion rate, number of shares issuable | shares         17,707,635                    
2021 Capped Call Transactions                              
Debt Instrument [Line Items]                              
Purchase of capped calls       $ 61,300,000                      
Initial conversion price per share | $ / shares       $ 97.04                      
Capped call transaction, cap price per share | $ / shares       $ 131.58                      
Number of shares covered by capped calls | shares       7,702,988                      
Adjustments to additional paid in capital related to premium payments                       $ 61,300,000      
2021 Capped Call Transactions | Share Repurchase Transactions                              
Debt Instrument [Line Items]                              
Repurchase of common stock       $ 50,000,000                      
Stock repurchased during period, shares | shares       759,993                      
Repurchase of common stock price per share | $ / shares       $ 65.79                      
2020 Capped Call Transactions                              
Debt Instrument [Line Items]                              
Purchase of capped calls           $ 49,300,000                  
Initial conversion price per share | $ / shares           $ 42.71                  
Capped call transaction, cap price per share | $ / shares           $ 62.12                  
Premium over last reported sale price percentage           100.00%                  
Number of shares covered by capped calls | shares           12,878,305                  
Adjustments to additional paid in capital related to premium payments                         $ 49,300,000    
2020 Capped Call Transactions | Share Repurchase Transactions                              
Debt Instrument [Line Items]                              
Repurchase of common stock           $ 75,000,000                  
Stock repurchased during period, shares | shares           2,414,681                  
Repurchase of common stock price per share | $ / shares           $ 31.06                  
Initial Term Loan | Financing Agreement                              
Debt Instrument [Line Items]                              
Debt Instrument face amount   $ 450,000,000             450,000,000            
Proceeds from term loan, net of issuance costs               $ 16,000,000              
Initial Term Loan | Loan Agreement                              
Debt Instrument [Line Items]                              
Proceeds from issuance of Term Loans after deducting debt discount and issuance costs               $ 434,000,000              
Incremental Term Loan | Financing Agreement                              
Debt Instrument [Line Items]                              
Debt Instrument face amount   $ 300,000,000             $ 300,000,000            
v3.25.1
Debt - Schedule of Outstanding Notes Balances (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
2031 Notes    
Debt Instrument [Line Items]    
Principal $ 575,000  
Unamortized debt discount and issuance costs (11,876)  
Net carrying amount 563,124  
2029 Notes    
Debt Instrument [Line Items]    
Principal 747,500 $ 747,500
Unamortized debt discount and issuance costs (8,128) (8,628)
Net carrying amount 739,372 738,872
2027 Notes    
Debt Instrument [Line Items]    
Principal 550,000 550,000
Unamortized debt discount and issuance costs (4,372) (4,827)
Net carrying amount $ 545,628 $ 545,173
v3.25.1
Debt - Schedule of Total Interest Expense Recognized Related to Notes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Debt Instrument [Line Items]    
Contractual interest expense $ 8,482 $ 7,643
Amortization of debt discount and issuance costs 1,112 931
Total interest and amortization expense 9,594 8,574
2031 Notes    
Debt Instrument [Line Items]    
Contractual interest expense 839  
Amortization of debt discount and issuance costs 157  
Total interest and amortization expense $ 996  
Effective interest rate 2.10%  
2029 Notes    
Debt Instrument [Line Items]    
Contractual interest expense $ 4,205 4,205
Amortization of debt discount and issuance costs 500 487
Total interest and amortization expense $ 4,705 $ 4,692
Effective interest rate 2.60% 2.60%
2027 Notes    
Debt Instrument [Line Items]    
Contractual interest expense $ 3,438 $ 3,438
Amortization of debt discount and issuance costs 455 444
Total interest and amortization expense $ 3,893 $ 3,882
Effective interest rate 2.80% 2.80%
v3.25.1
Debt - Schedule of Future Minimum Payments under Notes (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
2031 Notes and Interest on 2031 Notes  
Debt Instrument [Line Items]  
Remainder of 2025 $ 5,031
2026 10,063
2027 10,063
2028 10,063
2029 10,063
2030 10,063
Thereafter 580,031
Total future payments 635,377
Interest on 2031 Notes  
Debt Instrument [Line Items]  
Less amounts representing interest (60,377)
2031 Notes  
Debt Instrument [Line Items]  
Total future payments 575,000
2029 Notes and Interest on 2029 Notes  
Debt Instrument [Line Items]  
Remainder of 2025 8,409
2026 16,819
2027 16,819
2028 16,819
2029 755,909
Total future payments 814,775
Interest on 2029 Notes  
Debt Instrument [Line Items]  
Less amounts representing interest (67,275)
2029 Notes  
Debt Instrument [Line Items]  
Total future payments 747,500
2027 Notes and Interest on 2027 Notes  
Debt Instrument [Line Items]  
Remainder of 2025 6,875
2026 13,750
2027 556,875
Total future payments 577,500
Interest on 2027 Notes  
Debt Instrument [Line Items]  
Less amounts representing interest (27,500)
2027 Notes  
Debt Instrument [Line Items]  
Total future payments 550,000
2027 Notes and Interest on 2027 Notes, 2029 Notes and Interest on 2029 Notes and 2031 Notes and Interest on 2031 Notes  
Debt Instrument [Line Items]  
Remainder of 2025 20,315
2026 40,632
2027 583,757
2028 26,882
2029 765,972
2030 10,063
Thereafter 580,031
Total future payments 2,027,652
Interest on 2027, 2029 and 2031 Notes  
Debt Instrument [Line Items]  
Less amounts representing interest (155,152)
2029 Notes, 2027 Notes and 2031 Notes  
Debt Instrument [Line Items]  
Total future payments $ 1,872,500
v3.25.1
Debt - Schedule of Balances of Borrowing under Financing Agreement (Details) - Financing Agreement
$ in Thousands
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]  
Principal value of term loans $ 450,000
Debt discount, issuance costs and exit fee accretion (12,663)
Term loan, net $ 437,337
v3.25.1
Funding Agreement - Additional Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended
Jan. 17, 2024
Dec. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Funding Agreements [Line Items]        
Amortization of debt discount and issuance costs     $ 1,112 $ 931
Repayment of the Cap Amount     459,000 $ 473,417
Fair value of embedded derivative liability   $ 41,091 37,139  
Funding Agreement        
Funding Agreements [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 equal to cap amount $ 950,000      
Onetime payment amount paid to purchasers $ 25,000      
Royalty interest payments may adjust to maximum rate 10.00%      
Interest expense     24,000  
Amortization of debt discount and issuance costs     3,000  
Net cash proceeds   472,500    
Royalty obligation debt discount and issuance costs paid in cash   27,500    
Fair value of embedded derivative liability   41,100 $ 37,100  
Effective interest rate     19.40%  
Funding Agreement | Other Current Liabilities        
Funding Agreements [Line Items]        
Royalty interest payable   $ 100 $ 1,900  
v3.25.1
Funding Agreement - Schedule of Royalty Obligation Under Funding Agreement (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Funding Agreement [Abstract]    
Carrying value of deferred royalty obligation (Principal) $ 526,239 $ 507,114
Fair value of embedded derivative liability 37,139 41,091
Unamortized debt discount and issuance costs (66,079) (69,114)
Deferred royalty obligation, net $ 497,299 $ 479,091 [1]
[1] The condensed consolidated balance sheet as of December 31, 2024 is derived from the audited consolidated financial statements as of that date.
v3.25.1
License and Collaboration Agreements - Additional Information (Details) - USD ($)
 1 Months Ended 3 Months Ended
Mar. 01, 2024
Feb. 07, 2024
Oct. 31, 2024
May 31, 2024
Sep. 30, 2019
Mar. 31, 2025
Mar. 31, 2024
Feb. 28, 2025
Dec. 31, 2024
Jun. 30, 2024
Jun. 30, 2022
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Receivables from licensing and collaboration agreements           $ 115,265,000     $ 4,722,000 [1]    
Revenue           116,633,000 $ 211,120,000        
Deferred revenue, current portion           11,620,000     14,604,000 [1]    
Deferred revenue, noncurrent           17,508,000     17,095,000 [1]    
Research and development           111,431,000 $ 140,972,000        
Common Stock                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Shares issued             10,975,784        
License and Collaboration Agreement | BMS                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Upfront payment yet to be received                     $ 90,000,000
License and Collaboration Agreement | Navire Pharma, Inc | BMS                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Initial transaction price for the license and collaboration agreement           90,000,000          
Allocation of transaction price for research and development           19,800,000          
Allocation of transaction price to licenses           70,200,000          
Revenue             $ 9,900,000        
Deferred revenue           0     0    
Alexion License Agreements                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Regulatory milestone yet to be achieved         $ 30,000,000            
Alexion License Agreements | Eidos                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Upfront payment received     $ 3,000,000                
Clinical costs           0          
Receivables from licensing and collaboration agreements           1,700,000     600,000    
Deferred revenue           3,000,000          
Deferred revenue, current portion           1,000,000     3,000,000    
Deferred revenue, noncurrent           2,000,000          
Upfront nonrefundable payment received         25,000,000            
Alexion License Agreements | License and Services Revenue | Eidos                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Revenue           1,000,000          
Alexion Supply Agreement | License and Services Revenue | Eidos                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Revenue           1,000,000          
Alexion Agreements | Eidos                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Revenue         26,700,000            
Nonrefundable upfront payment receivable         $ 25,000,000            
Alexion Agreements | Eidos | Common Stock                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Shares issued         556,173            
Shares issued, price per share         $ 44.95            
Aggregate purchase price         $ 25,000,000            
Excess of purchase price over the value of common stock shares         $ 1,700,000            
Bayer Exclusive License Agreement | Eidos                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Notice period for termination of agreement 270 days                    
Initial transaction price for the license and collaboration agreement $ 135,000,000                    
Allocation of transaction price for research and development 4,500,000                    
Allocation of transaction price to licenses 130,500,000                    
Bayer Exclusive License Agreement | License and Services Revenue | Eidos                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Revenue           300,000 0        
Bayer Exclusive License Agreement | License Revenue | Eidos                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Revenue           75,000,000          
Bayer Exclusive License Agreement | Seller Parties | Eidos                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Upfront payment received       $ 135,000,000              
Regulatory and sales milestone payments eligible to receive 150,000,000                    
Sales milestones payments receivable upon the achievement $ 450,000,000                    
Bayer Exclusive License Agreement | Seller Parties | EU Commission Regulatory | Eidos                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Regulatory milestone yet to be received               $ 75,000,000      
Bayer Supply Agreement | License and Services Revenue | Eidos                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Revenue           600,000          
Bayer License Agreements | Eidos                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Receivables from licensing and collaboration agreements           75,800,000     0    
Amount recognized and receivable for the achievement of a predefined milestone           75,000,000          
Receivable from product sales           600,000          
Deferred revenue           3,200,000     3,500,000    
Deferred revenue, current portion           1,200,000     1,300,000    
Deferred revenue, noncurrent           2,000,000     2,200,000    
Bayer License Agreements | License and Services Revenue | Eidos                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Revenue           76,100,000 130,500,000        
Bayer API Supply Agreement | License and Services Revenue | Eidos                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Revenue           0          
Kyowa Kirin Exclusive License | QED Therapeutics, Inc                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Upfront payment received                   $ 100,000,000  
Development and sales milestone payments potential to receive   $ 81,400,000                  
Notice period for termination of agreement   180 days                  
Initial transaction price for the license and collaboration agreement   $ 100,000,000                  
Allocation of transaction price for research and development   30,900,000                  
Allocation of transaction price to licenses   $ 69,100,000                  
Kyowa Kirin Exclusive License | License and Services Revenue | QED Therapeutics, Inc                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Revenue           2,300,000 1,600,000        
KKC License Agreements | QED Therapeutics, Inc                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Receivables from licensing and collaboration agreements           400,000          
Deferred revenue           22,900,000     25,200,000    
Deferred revenue, current portion           9,400,000     10,300,000    
Deferred revenue, noncurrent           13,500,000     $ 14,900,000    
KKC License Agreements | License and Services Revenue | QED Therapeutics, Inc                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Revenue           2,700,000 $ 70,700,000        
KKC Clinical Supply Agreement | License and Services Revenue | QED Therapeutics, Inc                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Revenue           $ 400,000          
[1] The condensed consolidated balance sheet as of December 31, 2024 is derived from the audited consolidated financial statements as of that date.
v3.25.1
License and Collaboration Agreements - Additional Information (Details1) - Alexion Agreements - Eidos - Common Stock
$ / shares in Units, $ in Millions
Sep. 30, 2019
USD ($)
$ / shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]  
Shares issued, price per share | $ / shares $ 44.95
Excess of purchase price over the value of common stock shares | $ $ 1.7
The Nasdaq Global Select Market  
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]  
Shares issued, price per share | $ / shares $ 41.91
Excess of purchase price over the value of common stock shares | $ $ 1.7
v3.25.1
In-licensing and Other Research and Development Agreements - Additional Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended
Sep. 30, 2023
Mar. 31, 2025
Mar. 31, 2024
Aug. 31, 2016
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]        
Total segment research and development   $ 111,431 $ 140,972  
Children intended for treatement with Canavan Disease, under the age. 5 years      
Aspa and Adrenas        
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]        
Maximum required future payment upon achievement of certain development and milestone events net sales metrics $ 10,000      
Resilience DMSAs        
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]        
Agreement term 10 years      
Agreement additional extension period 2 years      
Resilience PAs | Aspa        
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]        
Cost sharing credit of the lesser of a fixed percentage of certain agreed upon service costs $ 15,500      
Resilience PAs | Adrenas        
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]        
Cost sharing credit of the lesser of a fixed percentage of certain agreed upon service costs $ 29,300      
Resilience Agreements        
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]        
Total segment research and development   1,200 500  
Cost sharing credits received     600  
Eidos Therapeutics, Inc | Stanford License Agreement | Leland Stanford Junior University        
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]        
License fees   4,500 $ 8,100  
Royalties on net product revenue   $ 600    
Milestone payments       $ 1,000
v3.25.1
Sale of Nonfinancial Assets - Additional Information (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Asset Acquisition [Line Items]    
Intangible assets, net $ 27,802 $ 23,926 [1]
[1] The condensed consolidated balance sheet as of December 31, 2024 is derived from the audited consolidated financial statements as of that date.
v3.25.1
Leases - Components of Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Leases [Abstract]    
Straight line operating lease costs $ 994 $ 1,069
Finance lease costs 95 101
Variable lease costs 1,406 2,013
Total lease cost $ 2,495 $ 3,183
v3.25.1
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows for operating leases $ 1,470 $ 1,595
Operating cash flows for finance lease 114 111
Operating lease right-of-use assets obtained in exchange for operating lease obligations $ 2,259 $ 1,224
v3.25.1
Leases - Schedule of Supplemental Information Related to Remaining Lease Term and Discount Rate (Details)
Mar. 31, 2025
Mar. 31, 2024
Weighted-average remaining lease term (in years)    
Operating leases 3 years 2 months 12 days 4 years 1 month 6 days
Finance lease 9 months 18 days 1 year 9 months 18 days
Weighted-average discount rate    
Operating leases 6.50% 6.30%
Finance lease 6.60% 6.60%
v3.25.1
Leases - Schedule of Future Minimum Lease Payments for Noncancelable Leases (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
 [1]
Leases [Abstract]    
Operating leases, Remainder of 2025 $ 4,405  
Operating leases, 2026 3,914  
Operating leases, 2027 436  
Operating leases, 2028 439  
Operating leases, 2029 471  
Operating leases, 2030 471  
Operating leases, Thereafter 904  
Operating leases, Total future minimum lease payments 11,040  
Operating leases, Imputed interest (916)  
Total operating lease liabilities 10,124  
Operating lease liabilities, current portion 5,209 $ 4,506
Operating lease liabilities, net of current portion $ 4,915 $ 4,696
[1] The condensed consolidated balance sheet as of December 31, 2024 is derived from the audited consolidated financial statements as of that date.
v3.25.1
Leases - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Lessee Lease Description [Line Items]    
Impairment loss $ 0 $ 0
v3.25.1
Public Offerings - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Mar. 31, 2024
May 31, 2023
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]            
Net proceeds issued from offerings     $ 0 $ 315,254    
Common stock, par value     $ 0.001   $ 0.001  
Common Stock            
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]            
Maximum amount of stock remaining eligible to be sold     $ 345,300      
Shares issued       10,975,784    
2023 ATM Agreement | Common Stock | At-the-Market Offerings            
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]            
Net proceeds issued from offerings         $ 38,100 $ 65,000
Common stock, par value   $ 0.001        
Shares issued         1,061,991 2,171,217
Sales agent fees and commissions         $ 600 $ 1,000
2023 ATM Agreement | Common Stock | Maximum | At-the-Market Offerings            
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]            
Aggregate offering price of common stock that may issued and sold   $ 450,000        
Percentage of sales agents commission   3.00%        
2024 Follow-on Offering | Common Stock            
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]            
Net proceeds issued from offerings $ 276,600          
Common stock, par value $ 0.001     $ 0.001    
Public offering price per share $ 29     $ 29    
Shares issued 8,620,690          
Underwriting discounts and commissions 1,293,103          
Underwriting fees and commissions $ 10,300          
Deferred offering costs $ 600          
2024 Follow-on Offering | Common Stock | Over Allotment Option            
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]            
Shares issued 9,913,793          
2024 Follow-on Offering | Common Stock | Maximum            
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]            
Percentage of Underwriters Commissions 3.60%     3.60%    
v3.25.1
Stock-Based Compensation - Summary of Stock Based Compensation for Employees and Non Employees (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Employee And Non Employee Service Share Based Compensation [Line Items]    
Total stock-based compensation $ 29,390 $ 28,850
BridgeBio Equity Plan    
Employee And Non Employee Service Share Based Compensation [Line Items]    
Total stock-based compensation 29,390 28,813
Other Subsidiaries Equity Plan    
Employee And Non Employee Service Share Based Compensation [Line Items]    
Total stock-based compensation 0 37
Cost of Goods Sold    
Employee And Non Employee Service Share Based Compensation [Line Items]    
Total stock-based compensation 91  
Cost of Goods Sold | BridgeBio Equity Plan    
Employee And Non Employee Service Share Based Compensation [Line Items]    
Total stock-based compensation 91  
Cost of Goods Sold | Other Subsidiaries Equity Plan    
Employee And Non Employee Service Share Based Compensation [Line Items]    
Total stock-based compensation 0  
Research and Development Expense    
Employee And Non Employee Service Share Based Compensation [Line Items]    
Total stock-based compensation 11,255 12,779
Research and Development Expense | BridgeBio Equity Plan    
Employee And Non Employee Service Share Based Compensation [Line Items]    
Total stock-based compensation 11,255 12,742
Research and Development Expense | Other Subsidiaries Equity Plan    
Employee And Non Employee Service Share Based Compensation [Line Items]    
Total stock-based compensation 0 37
Selling, General and Administrative Expenses    
Employee And Non Employee Service Share Based Compensation [Line Items]    
Total stock-based compensation 17,998 16,071
Selling, General and Administrative Expenses | BridgeBio Equity Plan    
Employee And Non Employee Service Share Based Compensation [Line Items]    
Total stock-based compensation 17,998 16,071
Selling, General and Administrative Expenses | Other Subsidiaries Equity Plan    
Employee And Non Employee Service Share Based Compensation [Line Items]    
Total stock-based compensation 0 $ 0
Restructuring, Impairment and Related Charges    
Employee And Non Employee Service Share Based Compensation [Line Items]    
Total stock-based compensation 46  
Restructuring, Impairment and Related Charges | BridgeBio Equity Plan    
Employee And Non Employee Service Share Based Compensation [Line Items]    
Total stock-based compensation 46  
Restructuring, Impairment and Related Charges | Other Subsidiaries Equity Plan    
Employee And Non Employee Service Share Based Compensation [Line Items]    
Total stock-based compensation $ 0  
v3.25.1
Stock-Based Compensation - Additional Information (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Nov. 18, 2020
USD ($)
Grantee
shares
Apr. 22, 2020
USD ($)
Grantee
shares
Jun. 22, 2019
shares
Jun. 30, 2024
shares
Mar. 31, 2025
USD ($)
$ / shares
shares
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
TradingDay
shares
Dec. 31, 2024
$ / shares
shares
Feb. 28, 2023
shares
Dec. 31, 2021
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Stock-based compensation | $         $ 29,390,000 $ 28,850,000        
BridgeBio Equity Plan                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Performance-based milestone awards compensation expense | $         3,500,000 11,800,000        
Stock-based compensation | $         $ 29,390,000 28,813,000        
Employee Stock Purchase Plan                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Weighted-average grand date fair value of options granted | $ / shares         $ 10.63          
Expected volatility, Minimum         52.00%          
Expected volatility, Maximum         60.90%          
Risk-free interest rate, Minimum         4.30%          
Risk-free interest rate, Maximum         5.00%          
Dividend yield         0.00%          
Expected term (in years)         6 months          
2020 Stock and Equity Award Exchange Program                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Maximum potential milestone performance-based awards to be settled in fully-vested RSA | $ $ 11,700,000 $ 183,400,000                
Performance-based milestone awards | $ $ 0 $ 17,400,000                
2020 Stock and Equity Award Exchange Program | Minimum                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Performance-based milestone awards period for recognition   8 months 12 days                
2020 Stock and Equity Award Exchange Program | Maximum                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Performance-based milestone awards period for recognition   1 year 8 months 12 days                
Employee Stock Option                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Weighted-average grand date fair value of options granted | $ / shares         $ 26.33          
Dividend yield         0.00%          
Expected term (in years)         6 years          
Employee Stock Option | 2020 Stock and Equity Award Exchange Program                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Number of options issued in exchange of subsidiary equity 70,436 1,268,110                
Restricted Stock Awards | 2020 Stock and Equity Award Exchange Program                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Number of RSAs issued in exchange of subsidiary equity   50,145                
Performance based milestone awards compensation expense settled with equity | $           1,900,000        
Performance-Based RSAs | 2020 Stock and Equity Award Exchange Program                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Number of Performance-Based RSAs issued in exchange of subsidiary equity   22,611                
Performance-Based Stock Options | 2020 Stock and Equity Award Exchange Program                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Number of Performance-Based stock options issued in exchange of subsidiary equity 10,772                  
A&R 2019 Plan | 2020 Stock and Equity Award Exchange Program                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Number of grantees | Grantee 16 149                
Number of shares issued in exchange of subsidiary equity 24,924 554,064                
2021 A&R Plan | Market-Based Restricted Stock Units (RSUs) [Member] | BridgeBio Equity Plan                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Stock-based compensation | $         $ 1,000,000 2,400,000        
Unrecognized compensation cost | $         $ 1,500,000          
Unrecognized compensation cost, period for recognition         4 months 24 days          
Grant-date fair value of RSUs | $             $ 10,800,000      
Expected volatility, Minimum             96.80%      
Expected volatility, Maximum             113.70%      
Risk-free interest rate, Minimum             4.22%      
Risk-free interest rate, Maximum             4.35%      
Dividend yield             0.00%      
Unvested shares of restricted stock outstanding         375,000          
Weighted average grant date fair value | $ / shares         $ 28.73          
Share-based payment arrangement, consecutive trading days | TradingDay             20      
2021 A&R Plan | Market-Based Restricted Stock Units (RSUs) [Member] | Minimum | BridgeBio Equity Plan                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Expected term (in years)             3 years      
2021 A&R Plan | Market-Based Restricted Stock Units (RSUs) [Member] | Maximum | BridgeBio Equity Plan                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Share-based payment arrangement, performance period from date of grant             6 years      
Expected term (in years)             6 years      
2021 A&R Plan | Performance-Based RSUs                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Unrecognized compensation cost | $         $ 6,500,000          
Unrecognized compensation cost, period for recognition         2 years 4 months 24 days          
Unvested shares of restricted stock outstanding         194,943          
Weighted average grant date fair value | $ / shares         $ 33.75          
A&R 2019 Plan and 2019 Inducement Plan                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Total intrinsic value of options exercised | $         $ 2,400,000          
Weighted-average grand date fair value of options granted | $ / shares         $ 26.33          
A&R 2019 Plan and 2019 Inducement Plan | Employee Stock Option                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Stock-based compensation | $         $ 4,400,000 6,300,000        
Unrecognized compensation cost | $         $ 19,600,000          
Unrecognized compensation cost, period for recognition         1 year 4 months 24 days          
A&R 2019 Plan and 2019 Inducement Plan | Employee Stock Option | Minimum                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Vesting period         3 years          
A&R 2019 Plan and 2019 Inducement Plan | Employee Stock Option | Maximum                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Vesting period         4 years          
A&R 2019 Plan and 2019 Inducement Plan | Restricted Stock Units (RSUs)                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Stock-based compensation | $         $ 23,200,000 16,800,000        
Unrecognized compensation cost | $         $ 305,500,000          
Unrecognized compensation cost, period for recognition         2 years 9 months 18 days          
Unvested shares of restricted stock outstanding         12,763,343     10,272,798    
Weighted average grant date fair value | $ / shares         $ 25.49     $ 21.91    
2019 Employee Stock Purchase Plan | BridgeBio Equity Plan                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Common shares reserved for future issuance         3,205,677          
Stock-based compensation | $         $ 700,000 $ 600,000        
Number of common shares authorized to issue for issuance of awards     2,000,000              
Percentage of automatic annual increase in number of shares reserved for future issuance     1.00%              
Purchase price as percentage of lower of fair market value as of beginning or end of offering period     85.00%              
Maximum percentage of employee payroll deduction for stock purchase     15.00%              
Maximum number of shares eligible to purchase during offering period     3,500              
2019 Employee Stock Purchase Plan | Employee Stock Purchase Plan | BridgeBio Equity Plan                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Number of common shares authorized to issue for issuance of awards     2,000,000              
Common Stock | A&R 2019 Plan                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Common shares reserved for future issuance             3,750,000   2,000,000  
Common Stock | 2021 A&R Plan                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Common shares reserved for future issuance         5,120,879          
Increase (decrease) in common shares reserved for future issuance       6,500,000            
Common Stock | A&R 2019 Inducement Plan                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Common shares reserved for future issuance         1,132,365          
Common Stock | Eidos Award Exchange Plan                    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                    
Common shares reserved for future issuance                   2,802,644
v3.25.1
Stock-Based Compensation - Summary of Stock Option Activity under Plans (Details) - A&R 2019 Plan and 2019 Inducement Plan - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Options Outstanding, Outstanding, Beginning balance 12,499,883  
Options Outstanding, Granted 71,208  
Options Outstanding, Exercised (139,689)  
Options Outstanding, Cancelled (7,183)  
Options Outstanding, Outstanding, Ending balance 12,424,219 12,499,883
Options Outstanding, Exercisable 10,348,116  
Eidos    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Options Outstanding, Outstanding, Beginning balance 1,014,175  
Options Outstanding, Exercised (19,407)  
Options Outstanding, Outstanding, Ending balance 994,768 1,014,175
Options Outstanding, Exercisable 994,768  
Weighted-Average Exercise Price per Option, Outstanding, Beginning balance $ 14.18  
Weighted-Average Exercise Price per Option, Exercised 16.69  
Weighted-Average Exercise Price per Option, Outstanding, Ending balance 14.13 $ 14.18
Weighted-Average Exercise Price per Option, Exercisable $ 14.13  
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance 4 years 4 years 3 months 18 days
Weighted-Average Remaining Contractual Life (years), Exercisable 4 years  
Aggregate Intrinsic Value, Outstanding, Ending balance $ 20,345 $ 13,734
Aggregate Intrinsic Value, Exercisable $ 20,345  
Regular Equity Program    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Options Outstanding, Outstanding, Beginning balance 11,172,627  
Options Outstanding, Granted 71,208  
Options Outstanding, Exercised (115,615)  
Options Outstanding, Cancelled (7,183)  
Options Outstanding, Outstanding, Ending balance 11,121,037 11,172,627
Options Outstanding, Exercisable 9,047,354  
Weighted-Average Exercise Price per Option, Outstanding, Beginning balance $ 25.76  
Weighted-Average Exercise Price per Option, Granted 33.75  
Weighted-Average Exercise Price per Option, Exercised 18.98  
Weighted-Average Exercise Price per Option, Cancelled 36.37  
Weighted-Average Exercise Price per Option, Outstanding, Ending balance 25.88 $ 25.76
Weighted-Average Exercise Price per Option, Exercisable $ 27.37  
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance 6 years 6 years 2 months 12 days
Weighted-Average Remaining Contractual Life (years), Exercisable 5 years 7 months 6 days  
Aggregate Intrinsic Value, Outstanding, Ending balance $ 130,867 $ 78,764
Aggregate Intrinsic Value, Exercisable $ 98,054  
2020 Stock and Equity Award Exchange Program    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Options Outstanding, Outstanding, Beginning balance 313,081  
Options Outstanding, Exercised (4,667)  
Options Outstanding, Outstanding, Ending balance 308,414 313,081
Options Outstanding, Exercisable 305,994  
Weighted-Average Exercise Price per Option, Outstanding, Beginning balance $ 2.2  
Weighted-Average Exercise Price per Option, Exercised 0.6  
Weighted-Average Exercise Price per Option, Outstanding, Ending balance 2.23 $ 2.2
Weighted-Average Exercise Price per Option, Exercisable $ 2.22  
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance 4 years 1 month 6 days 4 years 3 months 18 days
Weighted-Average Remaining Contractual Life (years), Exercisable 4 years 1 month 6 days  
Aggregate Intrinsic Value, Outstanding, Ending balance $ 10,025 $ 7,995
Aggregate Intrinsic Value, Exercisable $ 9,949  
v3.25.1
Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - A&R 2019 Plan and 2019 Inducement Plan - Restricted Stock Units (RSUs)
 3 Months Ended
Mar. 31, 2025
$ / shares
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Unvested Shares of Restricted Stock Outstanding, Beginning balance | shares 10,272,798
Unvested Shares of Restricted Stock Outstanding, Granted | shares 3,745,495
Unvested Shares of Restricted Stock Outstanding, Vested | shares (879,051)
Unvested Shares of Restricted Stock Outstanding, Cancelled | shares (375,899)
Unvested Shares of Restricted Stock Outstanding, Ending balance | shares 12,763,343
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares $ 21.91
Weighted-Average Grant Date Fair Value, Granted | $ / shares 33.66
Weighted-Average Grant Date Fair Value, Vested | $ / shares 21.43
Weighted-Average Grant Date Fair Value, Cancelled | $ / shares 18.72
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares $ 25.49
v3.25.1
Stock-Based Compensation - Summary of Recognized Stock-based Compensation Expense Related to Restricted Stock Award Activity (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Total stock-based compensation $ 29,390 $ 28,850
v3.25.1
Stock-Based Compensation - Schedule of Assumptions Used to Determine Fair Value of Stock Options and Stock Purchase Rights under ESPP (Details)
 3 Months Ended
Mar. 31, 2025
$ / shares
Employee Stock Option  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Expected term (in years) 6 years
Expected volatility 94.00%
Risk-free interest rate 4.10%
Dividend yield 0.00%
Weighted-average fair value of stock-based awards granted $ 26.33
Employee Stock Purchase Plan  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Expected term (in years) 6 months
Expected volatility, Minimum 52.00%
Expected volatility, Maximum 60.90%
Risk-free interest rate, Minimum 4.30%
Risk-free interest rate, Maximum 5.00%
Dividend yield 0.00%
Weighted-average fair value of stock-based awards granted $ 10.63
v3.25.1
Restructuring, Impairment and Related Charges - Summary of Restructuring, Impairment and Related Charges (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Restructuring and Related Activities [Abstract]    
Winding down, exit and other related costs $ 434 $ 1,164
Severance and employee-related costs 136 1,965
Long-lived assets impairments and write-offs 0 271
Total $ 570 $ 3,400
v3.25.1
Restructuring, Impairment and Related Charges - Schedule of Activity Related to Restructuring Liabilities Associated to Restructuring Initiatives (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Restructuring Cost and Reserve [Line Items]    
Restructuring liabilities, balance $ 1,848 $ 55
Restructuring, impairment and related charges 570 3,400
Cash payments (1,365) (934)
Noncash activities (45) (271)
Restructuring liabilities, balance 1,008 $ 2,250
Accounts Payable    
Restructuring Cost and Reserve [Line Items]    
Restructuring liabilities, balance 330  
Restructuring liabilities, balance 85  
Accrued Compensation and Benefits    
Restructuring Cost and Reserve [Line Items]    
Restructuring liabilities, balance 332  
Restructuring liabilities, balance 25  
Accrued Research and Development Liabilities    
Restructuring Cost and Reserve [Line Items]    
Restructuring liabilities, balance 1,020  
Restructuring liabilities, balance 829  
Other Current Liabilities    
Restructuring Cost and Reserve [Line Items]    
Restructuring liabilities, balance 166  
Restructuring liabilities, balance $ 69  
v3.25.1
Income Taxes - Additional Information (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating Loss Carryforwards [Line Items]    
Provision for income tax $ 0 $ 0
v3.25.1
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, 2025
Mar. 31, 2024
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of diluted net loss per share 59,915,076 50,625,565
Unvested RSUs    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of diluted net loss per share 12,763,343 11,311,281
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 194,943 3,326
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 375,000 375,000
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 12,424,219 12,360,563
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 1,983,744 5,953,788
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 48,086 40,314
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 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 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 11,544,448 0