BRIDGEBIO PHARMA, INC., 10-K filed on 2/20/2025
Annual Report
v3.25.0.1
Document and Entity Information - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Feb. 13, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2024    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] 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   190,188,626  
Document Annual 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    
Entity Well-known Seasoned Issuer Yes    
Entity Public Float     $ 3,729.4
Entity Voluntary Filers No    
Documents Incorporated by Reference

Specified portions of the registrant’s definitive Proxy Statement to be issued in conjunction with the registrant’s 2025 Annual Meeting of Stockholders, which is expected to be filed not later than 120 days after the registrant’s fiscal year ended December 31, 2024, are incorporated by reference into Part III of this Annual Report. Except as expressly incorporated by reference, the registrant’s Proxy Statement shall not be deemed to be a part of this Annual Report on Form 10‑K.

    
Auditor Firm ID 34    
Auditor Name Deloitte & Touche LLP    
Auditor Location San Francisco, California    
Auditor Opinion

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of BridgeBio Pharma, Inc. and its subsidiaries and controlled entities (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive loss, redeemable convertible noncontrolling interests and stockholders' deficit, and cash flows, for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 20, 2025, expressed an unqualified opinion on the Company's internal control over financial reporting.

    
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 681,101 $ 375,935
Investments in equity securities 0 58,949
Accounts receivable 4,722 1,751
Restricted cash 126 16,653
Prepaid expenses and other current assets 34,743 24,305
Total current assets 720,692 477,593
Investment in nonconsolidated entities 143,747 0
Property and equipment, net 7,011 11,816
Operating lease right-of-use assets 5,767 8,027
Intangible assets, net 23,926 26,319
Other assets 18,195 22,625
Total assets 919,338 546,380
Current liabilities:    
Accounts payable 9,618 10,655
Accrued compensation and benefits 58,329 57,370
Accrued research and development liabilities 34,272 29,765
Operating lease liabilities, current portion 4,506 4,128
Deferred revenue, current portion 14,604 6,096
Accrued professional and other accrued liabilities 33,071 35,830
Total current liabilities 154,400 143,844
Term loan, net 437,337 446,445
Deferred royalty obligation, net 479,091 0
Operating lease liabilities, net of current portion 4,696 8,981
Deferred revenue, net of current portion 17,095 3,727
Other long-term liabilities 286 5,634
Total liabilities 2,376,950 1,888,915
Commitments and contingencies (Note 8)
Redeemable convertible noncontrolling interests 142 478
Stockholders' deficit:    
Undesignated preferred stock, $0.001 par value; 25,000,000 shares authorized; no shares issued and outstanding
Common stock, $0.001 par value; 500,000,000 shares authorized; 196,236,234 shares issued and 190,044,473 shares outstanding as of December 31, 2024, 181,274,712 shares issued and 175,082,951 shares outstanding as of December 31, 2023 196 181
Treasury stock, at cost; 6,191,761 shares as of December 31, 2024 and December 31, 2023 (275,000) (275,000)
Additional paid-in capital 1,903,155 1,481,032
Accumulated other comprehensive income 8 31
Accumulated deficit (3,096,263) (2,560,501)
Total BridgeBio stockholders' deficit (1,467,904) (1,354,257)
Noncontrolling interests 10,150 11,244
Total stockholders' deficit (1,457,754) (1,343,013)
Total liabilities, redeemable convertible noncontrolling interests and stockholders' deficit 919,338 546,380
2029 Notes    
Current liabilities:    
Notes, net 738,872 736,905
2027 Notes    
Current liabilities:    
Notes, net $ 545,173 $ 543,379
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
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 196,236,234 181,274,712
Common stock, shares outstanding 190,044,473 175,082,951
Treasury stock, shares 6,191,761 6,191,761
v3.25.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Revenue, net $ 221,902 $ 9,303 $ 77,648
Operating costs and expenses:      
Cost of revenue 3,878 2,446 3,434
Research and development 506,461 455,711 399,462
Selling, general and administrative 288,931 150,590 143,189
Restructuring, impairment and related charges 15,605 7,926 43,765
Total operating costs and expenses 814,875 616,673 589,850
Loss from operations (592,973) (607,370) (512,202)
Other income (expense), net:      
Interest income 17,249 18,038 7,542
Interest expense, net (99,290) (81,289) (80,438)
Gain on deconsolidation of subsidiaries 178,321 0 0
Loss on extinguishment of debt (26,590) 0 0
Net loss from equity method investments (31,183) 0 0
Gain from sale of priority review voucher, net 0 0 107,946
Other income (expense), net 12,272 17,370 (7,500)
Total other income (expense), net 50,779 (45,881) 27,550
Loss before income taxes (542,194) (653,251) (484,652)
Income tax expense 1,153 0 0
Net loss (543,347) (653,251) (484,652)
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests 7,585 10,049 3,469
Net loss attributable to common stockholders of BridgeBio $ (535,762) $ (643,202) $ (481,183)
Net loss per share attributable to common stockholders of BridgeBio, basic $ (2.88) $ (3.95) $ (3.26)
Net loss per share attributable to common stockholders of BridgeBio, diluted $ (2.88) $ (3.95) $ (3.26)
Weighted-average shares used in computing net loss per share attributable to common stockholders of BridgeBio, basic 186,075,873 162,791,511 147,473,076
Weighted-average shares used in computing net loss per share attributable to common stockholders of BridgeBio, diluted 186,075,873 162,791,511 147,473,076
v3.25.0.1
Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net loss $ (543,347) $ (653,251) $ (484,652)
Other comprehensive loss:      
Unrealized gains (losses) on available-for-sale securities (23) 359 (196)
Comprehensive loss (543,370) (652,892) (484,848)
Comprehensive loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests 7,585 10,049 3,469
Comprehensive loss attributable to common stockholders of BridgeBio $ (535,785) $ (642,843) $ (481,379)
v3.25.0.1
Consolidated Statements of Redeemable Convertible Noncontrolling Interests and Stockholders' Deficit - 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
Noncontrolling Interests
Beginning balance at Dec. 31, 2021 $ (867,002)         $ 154       $ (275,000) $ 841,530       $ (132) $ (1,436,966) $ (870,414)       $ 3,412
Temporary equity, beginning balance at Dec. 31, 2021         $ 1,423                                
Beginning balance, shares at Dec. 31, 2021           147,343,323       6,191,761                      
Issuance of shares   $ 666 $ 2,558       $ 3         $ 663 $ 2,558         $ 666 $ 2,558    
Issuance of shares, shares             2,658,109 339,549                          
Repurchase of RSU shares to satisfy tax withholding       $ (1,561)                   $ (1,561)           $ (1,561)  
Repurchase of RSU shares to satisfy tax withholding, shares                 (171,209)                        
Stock-based compensation 94,173                   94,173           94,173        
Issuance of common stock under public offerings, net 4,852                   4,852           4,852        
Issuance of common stock under public offerings, net, shares           455,800                              
Issuance of noncontrolling interests 4,815                                       4,815
Transfers from (to) noncontrolling interests (2,399)                   (3,512)           (3,512)       1,113
Temporary Equity, transfers from (to) noncontrolling interest         2,399                                
Unrealized gains (losses) on available-for-sale securities (196)                           (196)   (196)        
Net income (loss) (479,241)                             (481,183) (481,183)       1,942
Temporary Equity, net income (loss)         (5,411)                                
Ending balance at Dec. 31, 2022 (1,243,335)         $ 157       $ (275,000) 938,703       (328) (1,918,149) (1,254,617)       11,282
Temporary equity, ending balance at Dec. 31, 2022         (1,589)                                
Ending balance, shares at Dec. 31, 2022           150,625,572       6,191,761                      
Issuance of shares   6,008 3,398       $ 4         6,004 3,398         6,008 3,398    
Issuance of shares, shares             4,193,444 339,979                          
Repurchase of RSU shares to satisfy tax withholding       (6,880)                   (6,880)           (6,880)  
Repurchase of RSU shares to satisfy tax withholding, shares                 (301,984)                        
Stock-based compensation 98,601                   98,601           98,601        
Issuance of common stock under public offerings, net 449,810         $ 20         449,790           449,810        
Issuance of common stock under public offerings, net, shares           20,225,940                              
Issuance of noncontrolling interests (2,006)                                       (2,006)
Issuance of noncontrolling interests         1,500                                
Transfers from (to) noncontrolling interests (4,851)                   (10,534)         (238) (10,772)       5,921
Temporary Equity, transfers from (to) noncontrolling interest         4,851                                
Deconsolidation of a subsidiary 3,951                   1,950         850 2,800       1,151
Temporary Equity, deconsolidation of subsidiary         899                                
Unrealized gains (losses) on available-for-sale securities 359                           359   359        
Net income (loss) (648,068)                             (642,964) (642,964)       (5,104)
Temporary Equity, net income (loss)         (5,183)                                
Ending balance at Dec. 31, 2023 (1,343,013)         $ 181       $ (275,000) 1,481,032       31 (2,560,501) (1,354,257)       11,244
Temporary equity, ending balance at Dec. 31, 2023 478       478                                
Ending balance, shares at Dec. 31, 2023           175,082,951       6,191,761                      
Issuance of shares   $ 3,656 $ 4,502       $ 4         $ 3,652 $ 4,502         $ 3,656 $ 4,502    
Issuance of shares, shares             4,044,996 194,138                          
Repurchase of RSU shares to satisfy tax withholding       $ (7,526)                   $ (7,526)           $ (7,526)  
Repurchase of RSU shares to satisfy tax withholding, shares                 (253,396)                        
Stock-based compensation 111,997                   111,997           111,997        
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 200                                       200
Transfers from (to) noncontrolling interests (4,012)                   (5,819)           (5,819)       1,807
Temporary Equity, transfers from (to) noncontrolling interest         4,012                                
Deconsolidation of a subsidiary 179,044                   587         178,321 178,908       136
Unrealized gains (losses) on available-for-sale securities (23)                           (23)   (23)        
Net income (loss) (717,320)                             (714,083) (714,083)       (3,237)
Temporary Equity, net income (loss)         (4,348)                                
Ending balance at Dec. 31, 2024 (1,457,754)         $ 196       $ (275,000) $ 1,903,155       $ 8 $ (3,096,263) $ (1,467,904)       $ 10,150
Temporary equity, ending balance at Dec. 31, 2024 $ 142       $ 142                                
Ending balance, shares at Dec. 31, 2024           190,044,473       6,191,761                      
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net loss $ (543,347) $ (653,251) $ (484,652)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation 95,800 108,710 91,559
Loss on extinguishment of debt 26,590 0 0
Accretion of debt 15,763 8,907 8,570
Depreciation and amortization 6,075 6,494 6,771
Noncash lease expense 4,110 4,032 5,172
Accrual of payment-in-kind interest on term loan 0 10,207 13,562
Net loss from equity method investments 31,183 0 0
Loss (gain) on deconsolidation of subsidiaries (178,321) 1,241 0
Loss (gain) from investment in equity securities, net (8,136) (18,314) 8,222
Fair value of shares issued under a license agreement 0 0 4,567
Loss on sale of certain assets 0 0 6,261
Impairment of long-lived assets 271 0 12,720
Gain from sale of priority review voucher, excluding transaction costs 0 0 (110,000)
Gain from recognition of receivable from licensing and collaboration agreement 0 0 (12,500)
Other noncash adjustments, net (2,756) (803) 2,175
Changes in operating assets and liabilities:      
Accounts receivable (2,971) 15,328 15,169
Prepaid expenses and other current assets (13,918) (2,702) 7,671
Other assets 1,542 (1,546) 10,971
Accounts payable 1,512 2,780 (349)
Accrued compensation and benefits 16,986 7,802 (2,362)
Accrued research and development liabilities 8,729 (9,855) (4,309)
Operating lease liabilities (5,902) (4,829) (6,245)
Deferred revenue 21,875 (5,438) 15,262
Accrued professional and other liabilities 4,189 3,517 (7,729)
Net cash used in operating activities (520,726) (527,720) (419,494)
Investing activities:      
Purchases of marketable securities (93,811) (29,726) (137,493)
Maturities of marketable securities 95,000 82,550 479,688
Purchases of investments in equity securities (20,271) (107,538) (55,562)
Proceeds from sales of investments in equity securities 63,229 110,556 52,835
Proceeds from special cash dividends received from investments in equity securities 25,682 0 0
Payment for an intangible asset (7,975) 0 (1,500)
Proceeds from sale of priority review voucher 0 0 110,000
Proceeds from sale of certain assets 0 0 10,000
Purchases of property and equipment (933) (1,306) (4,821)
Decrease in cash and cash equivalents resulting from deconsolidation of subsidiaries (140) (503) 0
Net cash provided by investing activities 60,781 54,033 453,147
Financing activities:      
Proceeds from royalty obligation under Funding Agreement 500,000 0 0
Issuance costs and discounts associated with royalty obligation under Funding Agreement (27,513) 0 0
Proceeds from term loan under Amended Financing Agreement 450,000 0 0
Issuance costs and discounts associated with term loan under Amended Financing Agreement (15,986) 0 0
Repayment of term loans (473,417) 0 (20,486)
Proceeds from issuance of common stock through public offerings, net 314,741 449,810 4,852
Proceeds from BridgeBio common stock issuances under ESPP 4,502 3,398 2,558
Proceeds from stock option exercises, net of repurchases 3,656 6,008 666
Transactions with noncontrolling interests 0 (801) 0
Repurchase of RSU shares to satisfy tax withholding (7,526) (6,880) (1,561)
Other financing activities 0 0 837
Net cash provided by (used in) financing activities 748,457 451,535 (13,134)
Net increase (decrease) in cash, cash equivalents and restricted cash 288,512 (22,152) 20,519
Cash, cash equivalents and restricted cash at beginning of year 394,732 416,884 396,365
Cash, cash equivalents and restricted cash at end of year 683,244 394,732 416,884
Supplemental Disclosure of Cash Flow Information:      
Cash paid for interest 91,342 61,108 54,443
Supplemental Disclosures of Noncash Investing and Financing Information:      
Unpaid property and equipment 279 100 47
Transfers to noncontrolling interests (5,819) (10,534) (3,512)
Recognized intangible asset recorded in "Accrued research and development liabilities" 0 0 11,000
Payment-in-kind interest added to principal of term loan 0 0 1,763
Reconciliation of Cash, Cash Equivalents and Restricted Cash:      
Cash and cash equivalents 681,101 375,935 376,689
Restricted cash 126 16,653 37,930
Restricted cash - Included in "Other assets" 2,017 2,144 2,265
Total cash, cash equivalents and restricted cash at end of years shown in the consolidated statements of cash flows $ 683,244 $ 394,732 $ 416,884
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

Rule 10b5-1 Trading Plans

Note: The following table discloses any officer (as defined in Rule 16a-1(f) under the Exchange Act) or director who entered into, modified or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K) during the three months ended December 31, 2024:

Name and Title

 

Type of Trading Arrangement

 

Action Taken (Date of Action)

 

Duration or End Date

 

Aggregate Number of Securities to Be Sold

 

 

Description of Trading Arrangement

Hannah A. Valantine (Director)

 

 Trading plan intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c)

 

 Adoption (December 5, 2024)

 

 End Date (December 31, 2025)

 

 

17,167

 

 

 Sale

Andrea Ellis (Director)

 

 Trading plan intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c)

 

 Adoption (December 30, 2024)

 

 End Date (December 31, 2025)

 

 

57,167

 

 

 Sale
Rule 10b5-1 Trading Plan [Member] | Hannah A. Valantine [Member]  
Trading Arrangements, by Individual  
Name Hannah A. Valantine
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 5, 2024
Expiration Date December 31, 2025
Arrangement Duration 391 days
Aggregate Available 17,167
Rule 10b5-1 Trading Plan [Member] | Andrea Ellis [Member]  
Trading Arrangements, by Individual  
Name Andrea Ellis
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 30, 2024
Expiration Date December 31, 2025
Arrangement Duration 366 days
Aggregate Available 57,167
v3.25.0.1
Cybersecurity Risk Management, Strategy and Governance
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Cybersecurity Risk Management

We have implemented an information security program that is informed by, and incorporates elements of, industry standards and frameworks, including those issued by NIST (National Institute of Standards and Technology), ISO (International Organization for Standardization), and CIS (Center for Internet Security). Our security program is designed to identify, assess, manage, mitigate, and respond to cybersecurity threats.

Our cybersecurity risk management program includes a number of components, such as information security program assessments and ongoing monitoring of critical risks from cybersecurity threats using automated tools. We periodically engage third parties to conduct risk assessments and testing of our systems, including penetration testing and other vulnerability analyses. Additionally, we have implemented an employee education program that is designed to raise awareness of cybersecurity threats, including risks posed by phishing attempts. We have implemented a process for this training to be included during the employee onboarding process and periodically thereafter.

As part of our cybersecurity risk management program, we maintain processes to assess and review the cybersecurity practices of third-party vendors and service providers. Our process includes a security assessment informed by vendor questionnaires and contractual security requirements related to data privacy for certain vendors.

We, like other companies in our industry, face a number of cybersecurity risks in connection with our business. Although our business strategy, results of operations, and financial condition have not, to date, been materially affected by risks from cybersecurity threats, including as a result of previously identified cybersecurity incidents, we have, from time to time, experienced threats to and security incidents related to our data and systems, including phishing attacks and attacks to the security of the systems of our third-party vendors and service providers. For more information on our cybersecurity related risks, see “Our internal computer systems, or those used by our third-party collaborators, contractors or consultants, may fail or suffer security breaches, which could result in a material disruption of our development programs and business operations” in Item 1A- Risk Factors.

Governance

Our internal information security team is responsible for day-to-day operations related to our cybersecurity risk management strategy, including identifying, assessing, and managing cybersecurity threats and risks. We established a process that intends for our Incident Response Team to respond to and address incidents as they arise. The Incident Response Team is multidisciplinary and comprised of members of our information technology and security function, accounting and finance department, and legal department. This team is led by our Director of Security and Network Infrastructure. The Director of Security and Network Infrastructure role is currently held by an individual who has

approximately twenty (20) years of information technology and ten (10) years of information security related experience.

The Incident Response Team provides periodic reports to our Data Privacy and Security Committee, as well as our Chief Executive Officer and other members of our senior management, as appropriate. These reports include updates on the Company’s cybersecurity risk management program, assessments of current cybersecurity risks, and status updates for projects designed to enhance our information security systems. Our Data Privacy and Security Committee meets to further discuss such items on a monthly basis and reports periodically to the Audit Committee of the Board of Directors.

Our Board of Directors, as a whole and through its committees, has oversight responsibility over the Company’s strategy and risk management, including our response to critical risks related to cybersecurity threats. The Audit Committee of the Board of Directors specifically oversees the management of enterprise risks, including risks associated with privacy and data security (including cybersecurity), in accordance with its charter. The Audit Committee engages in periodic discussions, on at least a bi-annual basis, with a member of the Data Privacy and Security Committee as well as members of legal and executive leadership as appropriate regarding the Company’s significant financial risk exposures and the measures implemented to monitor and control these risks, including those that may result from critical cybersecurity threats. Executive leadership periodically reports on critical cybersecurity risks and risk management to the full Board of Directors.
Cybersecurity Risk Management Processes Integrated [Text Block]

We have implemented an information security program that is informed by, and incorporates elements of, industry standards and frameworks, including those issued by NIST (National Institute of Standards and Technology), ISO (International Organization for Standardization), and CIS (Center for Internet Security). Our security program is designed to identify, assess, manage, mitigate, and respond to cybersecurity threats.

Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]

We, like other companies in our industry, face a number of cybersecurity risks in connection with our business. Although our business strategy, results of operations, and financial condition have not, to date, been materially affected by risks from cybersecurity threats, including as a result of previously identified cybersecurity incidents, we have, from time to time, experienced threats to and security incidents related to our data and systems, including phishing attacks and attacks to the security of the systems of our third-party vendors and service providers. For more information on our cybersecurity related risks, see “Our internal computer systems, or those used by our third-party collaborators, contractors or consultants, may fail or suffer security breaches, which could result in a material disruption of our development programs and business operations” in Item 1A- Risk Factors.
Cybersecurity Risk Board of Directors Oversight [Text Block]

Our Board of Directors, as a whole and through its committees, has oversight responsibility over the Company’s strategy and risk management, including our response to critical risks related to cybersecurity threats. The Audit Committee of the Board of Directors specifically oversees the management of enterprise risks, including risks associated with privacy and data security (including cybersecurity), in accordance with its charter. The Audit Committee engages in periodic discussions, on at least a bi-annual basis, with a member of the Data Privacy and Security Committee as well as members of legal and executive leadership as appropriate regarding the Company’s significant financial risk exposures and the measures implemented to monitor and control these risks, including those that may result from critical cybersecurity threats. Executive leadership periodically reports on critical cybersecurity risks and risk management to the full Board of Directors.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Board of Directors, as a whole and through its committees, has oversight responsibility over the Company’s strategy and risk management, including our response to critical risks related to cybersecurity threats. The Audit Committee of the Board of Directors specifically oversees the management of enterprise risks, including risks associated with privacy and data security (including cybersecurity), in accordance with its charter.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee engages in periodic discussions, on at least a bi-annual basis, with a member of the Data Privacy and Security Committee as well as members of legal and executive leadership as appropriate regarding the Company’s significant financial risk exposures and the measures implemented to monitor and control these risks, including those that may result from critical cybersecurity threats. Executive leadership periodically reports on critical cybersecurity risks and risk management to the full Board of Directors.
Cybersecurity Risk Role of Management [Text Block]

Our internal information security team is responsible for day-to-day operations related to our cybersecurity risk management strategy, including identifying, assessing, and managing cybersecurity threats and risks. We established a process that intends for our Incident Response Team to respond to and address incidents as they arise. The Incident Response Team is multidisciplinary and comprised of members of our information technology and security function, accounting and finance department, and legal department. This team is led by our Director of Security and Network Infrastructure. The Director of Security and Network Infrastructure role is currently held by an individual who has

approximately twenty (20) years of information technology and ten (10) years of information security related experience.

The Incident Response Team provides periodic reports to our Data Privacy and Security Committee, as well as our Chief Executive Officer and other members of our senior management, as appropriate. These reports include updates on the Company’s cybersecurity risk management program, assessments of current cybersecurity risks, and status updates for projects designed to enhance our information security systems. Our Data Privacy and Security Committee meets to further discuss such items on a monthly basis and reports periodically to the Audit Committee of the Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]

Our internal information security team is responsible for day-to-day operations related to our cybersecurity risk management strategy, including identifying, assessing, and managing cybersecurity threats and risks. We established a process that intends for our Incident Response Team to respond to and address incidents as they arise. The Incident Response Team is multidisciplinary and comprised of members of our information technology and security function, accounting and finance department, and legal department. This team is led by our Director of Security and Network Infrastructure. The Director of Security and Network Infrastructure role is currently held by an individual who has

approximately twenty (20) years of information technology and ten (10) years of information security related experience.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] This team is led by our Director of Security and Network Infrastructure. The Director of Security and Network Infrastructure role is currently held by an individual who has

approximately twenty (20) years of information technology and ten (10) years of information security related experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Incident Response Team provides periodic reports to our Data Privacy and Security Committee, as well as our Chief Executive Officer and other members of our senior management, as appropriate. These reports include updates on the Company’s cybersecurity risk management program, assessments of current cybersecurity risks, and status updates for projects designed to enhance our information security systems.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Organization and Description of Business
 12 Months Ended
Dec. 31, 2024
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 FDA approval of AttrubyTM (acoramidis) and began to generate product revenue from the commercialization of Attruby in the United States (the “U.S.”). In addition, we have three product candidates (low-dose infigratinib for achondroplasia, encaleret for ADH1, and BBP-418 for LGMD2I/R9x) 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. During the year ended December 31, 2024, we divested and deconsolidated (i) Portal Therapeutics, Inc. and Sub21, Inc. as part of the GondolaBio, LLC transaction, and (ii) TheRas, Inc. Each of Portal Therapeutics, Inc., Sub21, Inc. and TheRas, Inc. was formerly a majority-owned subsidiary. Portal Therapeutics, Inc. and Sub21, Inc. were contributed to GondolaBio, LLC in the GondolaBio, LLC transaction. GondolaBio, LLC and TheRas, Inc. were funded through private equity financing transactions with certain third party investors during the year ended December 31, 2024. Refer to Note 2 and Note 6 for further details regarding the GondolaBio, LLC and TheRas, Inc. transactions.

We previously disclosed in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, filed on November 12, 2024, conditions existed that raised substantial doubt about our ability to continue as a going concern. As of November 12, 2024, we anticipated receiving $500.0 million milestone payment under our Funding Agreement upon FDA approval of acoramidis, generating product revenue from the sale of acoramidis, and/or potentially needing to raise additional capital to fund our operations in order to mitigate those concerns, however, there was no assurance that management’s plans would be successful. As a result, we disclosed there was substantial doubt about our ability to continue as a going concern in the condensed consolidated financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024.

Following the FDA approval of Attruby on November 22, 2024, we received the $500.0 million gross milestone payment under our Funding Agreement and began generating product revenue from the sale of Attruby. As a result of these efforts and due to expected cash flows from operations over the next twelve months, the substantial doubt about the Company’s ability to continue as a going concern was resolved as of the date of issuance of these consolidated financial statements.

v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
2.
Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The consolidated financial statements include the accounts of BridgeBio Pharma, Inc., 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” in our 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 consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) 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 years ended December 31, 2024, 2023 and 2022 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 period.

Variable Interest Entities and Voting Interest Entities

BridgeBio consolidates those entities in which it has a direct or indirect controlling financial interest based on either the VIE model or the VOE model.

VIEs are entities that, by design, either (i) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties; or (ii) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity.

The primary beneficiary of a VIE is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE through its interest in the VIE.

To assess whether BridgeBio has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, BridgeBio considers all the facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes identifying the activities that most significantly impact the VIE’s economic performance and identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE (management and representation on the Board of Directors) and have the right to unilaterally remove those decision-makers are deemed to have the power to direct the activities of a VIE.

To assess whether BridgeBio has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, BridgeBio considers all of its economic interests, which primarily include equity investments in preferred and common stock and issuance of notes that are convertible into preferred stock, that are deemed to be variable interests in the VIE. This assessment requires BridgeBio to apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing the significance include: the design of the VIE, including its capitalization structure, subordination of interests, payment priority, relative share of interests held across various classes within the VIE’s capital structure, and the reasons why the interests are held by BridgeBio.

At the VIE’s inception, BridgeBio determines whether it is the primary beneficiary and if the VIE should be consolidated based on the facts and circumstances. We have determined that the consolidated VIEs, in which BridgeBio is the primary beneficiary, individually meet the definition of a business. There are no significant restrictions on the assets and liabilities of BridgeBio’s consolidated VIEs. BridgeBio then performs ongoing reassessments of the VIE based on reconsideration events and reevaluates whether a change to the consolidation and disclosure conclusions are required each reporting period.

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, directly or indirectly, has greater than 50% of the voting shares and that other equity holders do not have substantive voting, participating, or liquidation rights. Refer to Note 5.

Equity Method and Other Equity Investments

We use the equity method to account for any of our investments under the scope of Accounting Standards Codification (“ASC”) 323 Investments — Equity Method and Joint Ventures, where we may not be the primary beneficiary, but may still exercise significant influence over operating activities of the investee. Our consolidated net loss includes our Company’s proportionate share of the net income or loss from equity method investment and amortization of any in-process research and development (“IPR&D asset”). Our judgment regarding the level of influence over each equity method investee includes considering key factors such as our ownership interest, representation on the board of directors, participation in policy-making decisions, and other material transactions.

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, a Delaware limited liability company (“GondolaBio”), and as a result, Portal Therapeutics, Inc. and Sub21, Inc. were deconsolidated in conjunction with the GondolaBio transaction described below.

GondolaBio was formed on June 5, 2024 and the Company was the sole member. On August 16, 2024, the Company, on the recommendation of a special committee of independent and disinterested directors of the Company, entered into a transaction agreement (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 certain assets contributed to GondolaBio by 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 December 31, 2024. 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, GondolaBio’s limited liability company agreement was amended and restated to reflect a change in its governance structure and composition of the board of managers, which was determined to be a VIE reconsideration event. Based on the VIE reconsideration assessment, 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. Upon the deconsolidation of GondolaBio on August 16, 2024, BridgeBio accounted for its investment in GondolaBio, for which it has significant influence through its ownership interest, using the equity method of accounting.

Since inception through April 29, 2024, TheRas, Inc. (“TheRas”) was a majority-owned consolidated subsidiary of the Company. On April 30, 2024, the Company completed a $200.0 million private equity financing with external investors of TheRas, to accelerate the development of its oncology portfolio. Upon completion of the private equity financing, Company ownership was reduced to 37.9% of TheRas’ equity. As part of the private equity financing transaction, TheRas’ Certificate of Incorporation and Investors’ Rights Agreement were amended and restated to reflect a change in TheRas’ governance structure and composition of the board of directors, which was determined to be a VIE reconsideration event. Based on the VIE reconsideration assessment, TheRas 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, as it no longer has the power over key decisions that significantly impact TheRas’ economic performance. Accordingly, BridgeBio deconsolidated TheRas and accounted for BridgeBio’s retained investment in TheRas, for which it has significant influence through its ownership interest, using the equity method of accounting as of April 30, 2024.

As of December 31, 2020, we had an equity method and equity security investments in PellePharm. The equity security investments in PellePharm were without a readily determinable fair value and were carried at cost less impairment plus or minus observable price changes. PellePharm became a consolidated VIE in April 2021 under ASC 810, Consolidation. On January 16, 2023, PellePharm’s board of directors authorized the assignment of all PellePharm’s assets to PellePharm ABC, LLC for liquidation and distribution under the General Assignment for the Benefit of Creditors (“ABC”). As part of the ABC proceedings, PellePharm’s board of directors resigned effective March 6, 2023. The date the board of directors resigned was determined to be a VIE reconsideration event. Based on the changes to PellePharm’s governance structure and composition of the board of directors as a result of the ABC, BridgeBio was no longer the primary beneficiary, as it no longer had the power over key decisions that

significantly impact PellePharm’s economic performance. Accordingly, BridgeBio deconsolidated PellePharm effective during the three months ended March 31, 2023.

Refer to Note 6 for further discussion on the GondolaBio, TheRas and PellePharm investments. GondolaBio and TheRas are accounted for as equity method investments as of December 31, 2024. We did not have any equity method investments as of December 31, 2023.

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. Substantially all of our cash, cash equivalents, and restricted cash are held in financial institutions in the United States. 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 in such accounts as of and for the years ended December 31, 2024 and 2023.

During the years ended December 31, 2024, 2023 and 2022, our revenues were generated primarily from license and collaboration agreements with strategic partners and from product sales to distributors. We are subject to credit risk from our accounts receivables. 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.

The following table summarizes customers that represent 10% or greater of our consolidated revenue, net:

 

Year ended December 31,

 

2024

 

2023

 

2022

 

(in thousands)

Bayer Consumer Care AG (“Bayer”)

59.3%

 

*

 

*

Kirin Co., Ltd (“Kyowa Kirin” or “KKC”)

34.3%

 

*

 

*

Bristol-Myers Squibb Company ("BMS")

*

 

80.6%

 

98.2%

LianBio

*

 

14.5%

 

*

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

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 the commercial sale of Attruby 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 our other clinical development 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 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 consolidated financial statements, and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying 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,
•
determining and allocating the transaction price to performance obligations for transactions accounted for under ASC 606, Revenue from Contracts with Customers (“ASC 606”),
•
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, 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 corporate bonds, corporate commercial paper, U.S. government obligations, and money market funds, and places restrictions on maturities and concentrations by type and issuer.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the amounts shown in the consolidated statements of cash flows:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Cash and cash equivalents

 

$

681,101

 

 

$

375,935

 

 

$

376,689

 

Restricted cash

 

 

126

 

 

 

16,653

 

 

 

37,930

 

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

 

 

2,017

 

 

 

2,144

 

 

 

2,265

 

Total cash, cash equivalents and restricted cash
   shown on the consolidated statements of cash flows

 

$

683,244

 

 

$

394,732

 

 

$

416,884

 

Restricted Cash

Restricted cash primarily represents funds in a controlled account that was established in connection with the Company’s Term Loans described in Note 9.

Under the terms of the Financing Agreement (as defined in Note 9), the Company is required to deposit 75% of proceeds, net of certain permitted costs, received from certain asset sale transactions into escrow accounts to be controlled by the Administrative Agent. During the three months ended June 30, 2024, we received $235.0 million in aggregate from Bayer Consumer Care AG and Kyowa Kirin Co., Ltd, and deposited net proceeds of $159.3 million into the escrow accounts, which was classified as “Restricted cash” on the consolidated balance sheet. Furthermore, under the terms of the Amended Financing Agreement (as defined in Note 9), between June 20, 2024 and through the earlier of the FDA approval date of a first NDA for acoramidis or November 30, 2024, the Company was able to request a release of funds in an aggregate amount not to exceed 50% of the original net cash proceeds received from asset sale transactions. During the three months ended June 30, 2024, $20.0 million was released from the escrow accounts. Following the FDA approval of Attruby and receipt of consent from the lenders, the remaining $139.3 million was released from the escrow accounts and classified as cash on the consolidated balance sheet. Refer to Note 9 and Note 11 for further details regarding the Financing Agreement and the exclusive license agreements with Bayer Consumer Care AG and Kyowa Kirin Co., Ltd.

As of December 31, 2023, the use of such non-interest-bearing cash was restricted per the terms of the underlying amended Loan and Security Agreement and was to be used solely for certain research and development expenses directly attributable to the performance of obligations associated with the Navire-BMS License Agreement, which is further described in Note 11. As of December 31, 2023, restricted cash related to this agreement was $16.5 million, which is presented as part of “Restricted cash” on the consolidated balance sheets. Upon the termination of the Loan and Security Agreement and full repayment of the term loan in January 2024 (refer to Note 9 for details) the non-interest-bearing cash was no longer restricted.

Additionally, under certain lease agreements and letters of credit, we have pledged cash and cash equivalents as collateral. 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 “Restricted cash” and “Other assets”, respectively, on the consolidated balance sheets. As of December 31, 2023, restricted cash related to such agreements was $0.1 million and $2.1 million, which is presented as part of “Restricted cash” and “Other assets”, respectively, on the consolidated balance sheets.

Investment in Equity Securities

We have investment in equity securities of public companies starting in 2021. We measure the fair value of our investment in equity securities at each reporting period in accordance with ASC 321, Investments — Equity Securities. Changes in fair value resulting from observable price changes are included in “Other income (expense), net” in our consolidated statements of operations. Upon sale of an equity security, any realized gain or loss is recognized in our consolidated statements of operations. We generally classify our investment in equity securities as a noncurrent asset, unless we intend to liquidate these investments to fund current operations, in which case we would classify these investments as a current asset. During the year ended December 31, 2024, we liquidated our investments in equity securities.

Fair Value Measurements

Assets and liabilities recorded at fair value on a recurring basis in the 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.

Property and Equipment, net

Property and equipment are stated at cost, net of accumulated depreciation. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the respective assets. Maintenance and repairs that do not improve or extend the life of the assets are expensed when incurred. Upon sale

or retirement of assets, the cost and accumulated depreciation is removed from the consolidated balance sheets and any resulting gain or loss is reflected in the consolidated statement of operations in the period realized.

The estimated useful lives of our property and equipment are as follows:

 

 

 

 

Furniture and office equipment

3 - 5 years

Laboratory and machinery equipment

5 - 15 years

Leasehold improvements

Shorter of remaining lease term or estimated useful life of the related asset

Depreciation expense of property and equipment was $3.7 million, $4.1 million and $4.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Leases

Our lease portfolio includes leases for our corporate headquarters, office spaces, and laboratory facilities. We determine if an arrangement is a lease at the inception of the contract. The asset component of our operating leases is recorded as “Operating lease right-of-use assets”, and the liability component is recorded as “Operating lease liabilities, current portion” and “Operating lease liabilities, net of current portion” in our consolidated balance sheets. The asset component of our finance leases is included in “Property and equipment, net”, and current and noncurrent finance lease liabilities are presented as part of “Accrued professional and other accrued liabilities” and “Other long-term liabilities”, respectively, in our consolidated balance sheets. Assets under finance leases are depreciated in a manner similar to other property and equipment.

Right-of-use assets and lease liabilities are recognized based on the present value of lease payments over the lease term at the lease commencement date. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, we use an incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments. Right-of-use assets are adjusted for lease incentive amounts expected to be received. On the lease commencement date, we estimate and include in our lease payments any lease incentive amounts based on future events when (1) the events are within our control and (2) the event triggering the right to receive the incentive is deemed reasonably certain to occur. If the lease incentive received is greater or less than the amount recognized at lease commencement, we recognize the difference as an adjustment to right-of-use asset and/or lease liability, as applicable.

Right-of-use assets and lease liabilities are remeasured upon certain modifications to leases using the present value of remaining lease payments and estimated incremental borrowing rate upon lease modification. Operating lease cost is recognized on a straight-line basis over the lease term, and includes amounts related to short-term leases. For finance leases, we record interest expense on the lease liability in addition to amortizing the right-of-use asset, which is generally straight-line, over the shorter of the lease term or the useful life of the right-of-use asset. We recognize variable lease payments as operating expenses in the period in which the obligation for those payments is incurred. Variable lease payments primarily include common area maintenance, utilities, real estate taxes, insurance, and other operating costs that are passed on from the lessor in proportion to the space we lease.

Impairment of Long-Lived Assets

Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amount of an asset group to the future net undiscounted cash flows that the assets are expected to generate. If the carrying amount of an asset group exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset group exceeds the fair value of the asset group.

Accrued Professional and Other Accrued Liabilities

Accrued professional and other accrued liabilities presented on the consolidated balance sheets consisted of the following balances:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Accrued professional services

 

$

3,673

 

 

$

7,412

 

Accrued interest

 

 

11,056

 

 

 

17,761

 

Milestone liability

 

 

1,595

 

 

 

6,000

 

Royalty obligation, current portion

 

 

144

 

 

 

—

 

Other accrued liabilities

 

 

16,603

 

 

 

4,657

 

Accrued professional and other accrued liabilities

 

$

33,071

 

 

$

35,830

 

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:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Revenue, net

 

$

221,902

 

 

$

9,303

 

 

$

77,648

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

3,878

 

 

 

2,446

 

 

 

3,434

 

 

 

 

 

 

 

 

 

 

 

Research and development by significant program:

 

 

 

 

 

 

 

 

 

Acoramidis for ATTR-CM

 

 

164,782

 

 

 

101,041

 

 

 

91,901

 

Infigratinib

 

 

91,869

 

 

 

63,239

 

 

 

32,387

 

BBP-418 (ribitol) for LGMD2I/R9

 

 

40,220

 

 

 

33,903

 

 

 

22,372

 

Encaleret for ADH1

 

 

49,091

 

 

 

44,773

 

 

 

27,485

 

Other development programs

 

 

71,732

 

 

 

82,165

 

 

 

124,501

 

Other research programs

 

 

88,767

 

 

 

130,590

 

 

 

100,816

 

Total segment research and development

 

 

506,461

 

 

 

455,711

 

 

 

399,462

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

288,931

 

 

 

150,590

 

 

 

143,189

 

Restructuring, impairment and related charges

 

 

15,605

 

 

 

7,926

 

 

 

43,765

 

Total operating costs and expenses

 

 

814,875

 

 

 

616,673

 

 

 

589,850

 

Loss from operations

 

 

(592,973

)

 

 

(607,370

)

 

 

(512,202

)

Other income (expense), net:

 

 

 

 

 

 

 

 

 

Interest income

 

 

17,249

 

 

 

18,038

 

 

 

7,542

 

Interest expense, net

 

 

(99,290

)

 

 

(81,289

)

 

 

(80,438

)

Gain on deconsolidation of subsidiaries

 

 

178,321

 

 

 

—

 

 

 

—

 

Loss on extinguishment of debt

 

 

(26,590

)

 

 

—

 

 

 

—

 

Net loss from equity method investments

 

 

(31,183

)

 

 

—

 

 

 

—

 

Gain from sale of priority review voucher, net

 

 

—

 

 

 

—

 

 

 

107,946

 

Other income (expense), net

 

 

12,272

 

 

 

17,370

 

 

 

(7,500

)

Total other income (expense), net

 

 

50,779

 

 

 

(45,881

)

 

 

27,550

 

Loss before income taxes

 

 

(542,194

)

 

 

(653,251

)

 

 

(484,652

)

Income tax expense

 

 

1,153

 

 

 

—

 

 

 

—

 

Net loss

 

 

(543,347

)

 

 

(653,251

)

 

 

(484,652

)

Net loss attributable to redeemable convertible
   noncontrolling interests and noncontrolling interests

 

 

7,585

 

 

 

10,049

 

 

 

3,469

 

Segment net loss attributable to common stockholders
   of BridgeBio

 

$

(535,762

)

 

$

(643,202

)

 

$

(481,183

)

There are no reconciling items or adjustments between segment “revenue, net” and “net loss attributable to common stockholders of BridgeBio”, and consolidated “revenue, net” and “net loss attributable to common stockholders of BridgeBio”.

Total revenues are attributed to regions based on the headquarters of the customer or partner.

 

Year ended December 31,

 

2024

 

2023

 

2022

Europe, Middle East, and Africa (EMEA)

59.5%

 

*

 

*

Asia-Pacific (APAC)

34.5%

 

14.5%

 

*

North America

*

 

84.9%

 

98.9%

* Represents less than 10% in the applicable year

The CODM does not review assets at a different asset level or category than the amounts disclosed in the consolidated balance sheets. As of December 31, 2024 and 2023, our capitalized property and equipment located in the United States and Canada is approximately 51.6% and 44.7%, and 69.1% and 30.6%, respectively.

Capped Call Transactions

In January 2021 and March 2020, in connection with the issuance of the 2029 Notes and the 2027 Notes, respectively, (see Note 9), BridgeBio entered into certain capped call transactions (the “Capped Call Transactions”). The Capped Call Transactions are generally expected to reduce the potential dilution to the holders of BridgeBio’s common stock upon any conversion of the Notes and/or offset any cash payments BridgeBio is required to make in excess of the principal amount of converted Notes, with such reduction and/or offset subject to a cap based on the cap price (see Note 9). The capped calls meet the conditions outlined in ASC 815-40, Derivatives and Hedging, to be classified in stockholders’ equity as a reduction to additional paid-in capital and are not subsequently remeasured as long as the conditions for equity classification continue to be met.

Deferred Royalty Obligation

We treat the debt obligation to the Purchasers as defined and discussed further in Note 10 as a deferred royalty obligation, amortized using the effective interest rate method over the estimated life of the revenue streams. We recognize interest expense thereon using the effective rate, which is based on our current estimates of future global net sales over the life of the arrangement. In connection therewith, we periodically assess our expected global net sales using internal projections, impute interest on the carrying value of the deferred royalty obligation, and record interest expense using the imputed effective interest rate. To the extent our estimates of future revenues are greater or less than previous estimates or the estimated timing of such payments is materially different than previous estimates, we will account for any such changes by adjusting the effective interest rate on a prospective basis, with a corresponding impact to the reclassification of our deferred royalty obligation. The assumptions used in determining the expected repayment term of the deferred royalty obligation and amortization period of the issuance costs requires that we make estimates that could impact the classification of such costs, as well as the period over which such costs will be amortized.

Derivative Financial Instruments

The Company evaluates its debt or other funding agreements to determine if those agreements or embedded components of those agreements qualify as derivatives to be separately accounted for in accordance with FASB ASC Topic 815, Derivatives and Hedging and Topic 480, Distinguishing Liabilities from Equity. The result of this accounting treatment is that the fair value of the embedded derivative, if required to be bifurcated, is marked-to-market at each balance sheet date and recorded as a liability. The change in fair value is recorded in the accompanying consolidated statements of operations and comprehensive loss as a component of interest expense. As of December 31, 2024, the Company has an embedded derivative with a fair value of $41.1 million related to our deferred royalty obligation under the Funding Agreement. Refer to Note 3 and Note 10 for further details regarding our embedded derivative and deferred royalty obligation.

Debt Issuance Costs

Debt issuance costs are amortized to interest expense over the estimated life of the related debt based on the effective interest method. In accordance with ASC 835, Interest, we present debt issuance costs on the consolidated balance sheets as a direct deduction from the associated debt.

Treasury Stock

Repurchased treasury stock is recorded at cost, including any commissions and fees.

Collaborative Agreements

We enter into collaboration arrangements with partners, under which we may grant licenses to further develop, manufacture and commercialize our drug compounds and/or product candidates. We may also perform research, development, manufacturing, commercialization, and supply activities under our collaboration agreements. Consideration under these arrangements may include, upfront payments, development and regulatory milestones, expense reimbursements, royalties based on net sales of commercial products, and commercial sales milestone payments.

When we enter into collaboration agreements, we assess whether the arrangements fall within the scope of ASC 808, Collaborative Arrangements, based on whether the arrangements involve joint operating activities and whether both parties have active participation in the arrangement and are exposed to significant risks and rewards. To the extent that the arrangement falls within the scope of ASC 808, we assess whether the payments between us and our partner fall within the scope of other accounting literature. If we conclude that payments from the partner to us represent consideration from a customer, such as license fees, contract manufacturing, and research and development activities, we account for those payments within the scope of ASC 606. However, if we conclude that our partner is not a customer for certain activities and associated payments, such as for certain collaborative research, development, manufacturing, and commercial activities, we record such payments as a reduction of research and development expense or selling, general and administrative expense, based on where we present the underlying expense. Additionally, if we reimburse our collaboration partners for these activities, we record such reimbursements as research and development expense or selling, general and administrative expense, depending upon the nature of the underlying expense.

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 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.

Product Revenue, Net: Revenue is recognized when 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.

Accounts Receivable

Accounts receivable includes receivables from our product sales to customers, and from our partners as a result of licensing and collaboration agreements. Receivables from licensing and collaboration agreements represent valid claims against our partners, including unbilled receivables and royalty payments due from third parties for licensing our technology. Unbilled receivables include balances due from our partners related to development services and transition-related receivables that are recognized upon incurrence of the costs for the partnered programs but prior to the achievement of contractual billing rights. Total receivables from our product sales to customers and licensing and collaboration agreements as of December 31, 2024 and 2023, respectively, are presented as “Accounts receivable” in our consolidated balance sheets.

We evaluate the collectability of our receivables based on historical collection trends, the financial condition of payment partners, and external market factors and provide for an allowance for potential credit losses based on management’s best estimate of the amount of probable credit losses. As of December 31, 2024 and 2023, we did not have an allowance for credit losses.

Cost of Revenue

Cost of revenue consists of manufacturing costs, transportation and freight, and indirect overhead costs (including salary related and stock-based compensation expenses) associated with the commercial manufacturing and distribution of Attruby, third-party royalties payable on our net product revenues. Cost of revenue also consists of amortization of intangible assets associated with the sale of our products, which are amortized over the life of the underlying intellectual property. Cost of revenue may also include period costs related to excess or obsolete inventory adjustment charges, abnormal costs, unabsorbed manufacturing and overhead costs, and manufacturing variances. Prior to regulatory approval of our product candidates, we recorded costs related to manufacturing and materials as “Research and development expenses” in the period incurred on the 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, these related costs for Attruby were capitalized as inventory costs and recognized in our consolidated statements of operations as cost of revenue upon sale of our product.

Research and Development Expenses

Research and development costs are expensed as incurred. Research and development expenses consist of salaries, benefits and other personnel related costs including stock-based compensation expense, laboratory supplies, preclinical studies, clinical trials and related clinical manufacturing costs, costs related to manufacturing preparations, fees paid to other entities to conduct certain research and development activities on our behalf, and allocated facility and other related costs. Non-refundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized as prepaid expenses until the related goods are delivered or services are performed.

Accrued Research and Development Liabilities

We record accruals for estimated costs of research and development activities conducted by third-party service providers, which include the conduct of preclinical studies, clinical trials, and contract manufacturing activities. We record the estimated costs of research and development activities based upon the estimated amount of services provided but not yet invoiced, and include these costs in accrued research and development liabilities in the consolidated balance sheets and within “Research and development expenses” in the consolidated statements of operations. These costs are a significant component of our research and development expenses.

Examples of estimated research and development expenses that we accrue include:

•
fees paid to CROs in connection with preclinical and toxicology studies and clinical trials;
•
fees paid to investigative sites in connection with clinical trials;
•
fees paid to CMOs in connection with the production of product and clinical trial materials; and
•
professional service fees for consulting and related services.

We base our expense accruals related to clinical trials on our estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and CROs that conduct and manage clinical trials on our behalf. The financial terms of these agreements vary from contract to contract and may result in uneven payment flows. Payments under some of these contracts depend on factors, such as the successful enrollment of patients and the completion of clinical trial milestones. Our service providers generally invoice us monthly in arrears for services performed. In accruing service fees, we estimate the time period over which services will be performed and the level of effort to be expended in each period. If we do not identify costs that we have begun to incur or if we underestimate or overestimate the level of services performed or the costs of these services, our actual expenses could differ from our estimates. We record advance payments to service providers as prepaid assets.

We record accruals for the estimated costs of our contract manufacturing activities performed by third parties. The financial terms of these agreements are subject to negotiation, vary from contract to contract, and may result in uneven payment flows to our vendors. Payments under the contracts include upfront payments and milestone payments, which depend on factors such as the achievement of the completion of certain stages of the manufacturing process. For purposes of recognizing expense, we assess whether we consider the production process sufficiently defined to be considered the delivery of a good or the delivery of a service, where processes and yields are developing and less certain. If we consider the process to be the delivery of a good, we recognize expense when the drug product is delivered, or we otherwise bear risk of loss. If we consider the process to be the delivery of a service, we recognize expense based on our best estimates of the contract manufacturer’s progress towards completion of the stages in the contract. We base our estimates on the best information available at the time. However, additional information may become available to us which may allow us to make a more accurate estimate in future periods. In this event, we may be required to record adjustments to research and development expenses in future periods when the actual level of activity becomes more certain. Any increases or decreases in cost are generally considered to be changes in estimates and will be reflected in research and development expenses in the period identified.

Milestone and Royalty Payments Under Asset Acquisitions, In-licensing and Other Research & Development Agreements

Under our asset acquisitions, in-licensing, and other research and development agreements, we could be required to pay development, regulatory, and sales-based milestone payments if certain substantive milestones are met. We generally expense development milestones as incurred. For regulatory or sales-based milestones that are associated with an approved asset, we capitalize the milestone payments related to the asset purchase as a finite-lived intangible asset provided that the milestone payment is recoverable based on our estimated projected cash flows and if the asset has alternative future use. Such intangible asset is amortized over its estimated useful life on a straight-line basis, beginning on the date the asset is acquired, which would generally be the regulatory approval date. We assess the carrying value of our finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value may not be fully recoverable. Recoverability of finite-lived intangible assets is measured by comparison of the carrying value of the asset to the future undiscounted cash flows the asset is expected to generate.

We could also be required to pay royalties based on actual net sales under in-licensing agreements and asset acquisitions. Such royalties are expensed in the period of sale of the product.

Selling, general and administrative expenses

Selling, general and administrative expenses include all costs that are not directly related to revenue generating arrangements or research and development. Selling, general and administrative expenses include items for the Company’s selling and administrative functions, such as pre-commercialization, finance, legal, human resources, and information technology support. These functions include costs for items such as salaries and benefits, stock-based compensation and other personnel-related costs, professional fees for external legal, accounting, and other consulting services, and depreciation and amortization expenses.

Advertising Expense

Advertising expenses include costs incurred to market the Company’s branded products. 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 and traditional marketing channels, such as on third-party websites, television, and social and print media, are expensed over the period of the campaign run. Advertising costs amounted to $21.5 million for the year ended December 31, 2024 and are included in “Selling, general, and administrative expenses” in the consolidated statement of operations. Advertising costs for the years ended December 31, 2023 and 2022 were immaterial. 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 nil as of December 31, 2024 and 2023, respectively.

Sales of Nonfinancial Assets

We generally account for sales of nonfinancial assets that are outside the scope of our ordinary activities under ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Pursuant to ASC 610-20, we apply the guidance in ASC 606 to determine if a contract exists, identify the distinct nonfinancial assets, and determine when control transfers and, therefore, when to derecognize the nonfinancial asset. Additionally, we apply the measurement principles of ASC 606 to determine the amount of consideration, if any, to include in the calculation of the gain or loss for the sale of the nonfinancial asset.

Restructuring, Impairment and Related Charges

Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances, including restructuring and exit activities, indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amount of an asset group to the future net undiscounted cash flows that the assets are expected to generate. If the carrying amount of an asset group exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset group exceeds the fair value of the asset group.

Costs related to contracts without future benefit or contract termination costs are recognized at the earlier of the contract termination or the cease-use dates. Employee severance costs are generally recognized when payments are probable and amounts are reasonably estimable. Other winding down and exit-related costs are recognized as incurred.

Stock-Based Compensation

Stock-based compensation arrangements include stock option grants, restricted stock awards (“RSA”), and restricted stock units (“RSU awards”) under our equity incentive plans, as well as shares issued under our Employee Stock Purchase Plan (“ESPP”), through which employees may purchase our common stock at a discount to the market price.

We use the Black‑Scholes option pricing model to estimate the fair value of options granted under our equity incentive plans and rights to acquire shares granted under our ESPP. The Black‑Scholes option valuation model requires the use of assumptions, including the expected term of the award and the expected share price volatility. We use the “simplified” method to estimate the expected option term.

Stock-based compensation is measured at the grant date for all stock-based awards made to employees and non-employees based on the fair value of the awards. Compensation expense for purchases under the ESPP is

recognized based on the fair value of the award on the date of offering. Stock-based compensation is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period.

The estimated fair value of equity awards that contain performance conditions is expensed using an accelerated method over the term of the award once we have determined that it is probable that performance milestones will be achieved. Compensation expense for equity-classified awards that contain performance conditions is measured based on the grant date fair value of the award. Compensation expense for liability-classified awards that contain performance conditions is initially measured based on the grant date fair value of the award and is remeasured at fair value at each reporting date until the date of settlement. Compensation expense is recorded over the requisite service period based on management’s best estimate as to whether it is probable that the shares awarded are expected to vest. We assess the probability of the performance milestones being met on a continuous basis.

We have elected to recognize the actual forfeitures by reducing the stock-based compensation in the same period as the forfeitures occur.

Market-based performance equity awards vest based on achievement of market targets, which are subject to the continued service of the employee through the vest date, and are subject to accelerated vesting upon a change in control event. The grant-date fair value of the market-based performance equity awards is determined using the Monte-Carlo valuation model and are recognized as compensation expense over the derived service period of the awards. The Monte-Carlo valuation model requires the use of assumptions, including but not limited to the expected volatility, risk free rate, expected dividend yield, expected term and possible future market estimates over the derived service period based on historical stock prices and market data. Stock-based compensation expense will be recorded regardless of whether the market conditions are achieved or not. If the related market condition is achieved earlier than its estimated derived service period, the stock-based compensation expense will be accelerated, and a cumulative catch-up expense will be recorded during the period in which the market condition is met.

Stock-based compensation is generally recorded in research and development expense, and selling, general and administrative expense based on the function of the applicable employee and non-employee.

Accrued Milestone Compensation Arrangements

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 (1) cash, (2) equity of BridgeBio, or (3) cash or equity of BridgeBio at our sole election, upon achievement of each contingent milestone. For arrangements that involve settlement by cash or equity of BridgeBio at our sole election, we will classify the milestone compensation arrangements as liability-classified awards when it is probable of achievement because of the possible fixed monetary amounts settlement outcomes. The arrangements would also result in settlement with a variable number of shares based on the then-current stock price at achievement date of each contingent milestone should we elect to settle in equity.

We record accruals for the compensation expense arising from each development milestone when the specific contingent development milestone is probable of achievement and such accruals are measured at each reporting period. We estimate the probability of achieving such milestones based on the progression and expected outcome of the related clinical programs. We base our estimates on the best available information at that time. However, additional information may become available to us which may allow us to make a more accurate estimate in future periods. In this event, we may be required to record adjustments to milestone compensation expenses in future periods. Any increases or decreases in such expenses are generally considered to be changes in estimates and will be reflected in the period identified.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base and net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are determined based upon the difference between the consolidated financial statement carrying amounts and the tax basis of assets and liabilities and are measured using the enacted tax rate expected to apply to taxable income in the years in which the differences are expected to be reversed.

Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized.

For U.S. federal income tax purposes, we are required to file a consolidated U.S. federal income tax return for the consolidated entities which meet the requirements as prescribed by the consolidated regulations. Those entities that do not meet the threshold to be included in the consolidated filing continue to file separate U.S. federal income tax returns. We are required to assess stand-alone valuation allowances separately in each entity even though we consolidate their financial results in the consolidated financial statements. We continue to file combined state tax returns in most jurisdictions. As a result, we continue to assess the state portion of valuation allowance for those jurisdictions on a consolidated basis. The Company also operates in various foreign jurisdictions and assesses stand-alone valuation allowances separately in each entity operating overseas.

Current tax law in the United States imposes tax on U.S. stockholders for global intangible low-taxed income (“GILTI”) earned by certain foreign subsidiaries. The Company is required to make an accounting policy election of either: (1) treating taxes due on future amounts included in the U.S. taxable income related to GILTI as a current period tax expense when incurred (“the period cost method”); or (2) factoring such amounts into the Company’s measurement of its deferred tax expense (the “deferred method”). The Company has elected the period cost method for its accounting for GILTI.

We evaluate our deferred tax assets regularly to determine whether adjustments to the valuation allowance are appropriate due to changes in facts or circumstances, such as changes in expected future pre-tax earnings, tax law, interactions with taxing authorities and developments in case law. In making this evaluation, we rely on our recent history of pre-tax earnings. Our material assumptions are our forecasts of future pre-tax earnings and the nature and timing of future deductions and income represented by the deferred tax assets and liabilities, all of which involve the exercise of significant judgment. Although we believe our estimates are reasonable, we are required to use significant judgment in determining the appropriate amount of valuation allowance recorded against deferred tax assets.

We recognize uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. Changes in recognition or measurement are reflected in the period in which judgment occurs. Our policy is to recognize interest and penalties related to the underpayment of income taxes as a component of the provision for income taxes. To date, there have been no interest or penalties recorded in relation to unrecognized tax benefits.

Net Loss per Share Attributable to Common Stockholders of BridgeBio

Basic net loss per share attributable to common stockholders of BridgeBio is calculated by dividing the net loss attributable to common stockholders of BridgeBio by the weighted-average number of shares of BridgeBio’s common stock outstanding for the period, without consideration for potential dilutive shares of common stock, such as stock options, unvested restricted stock units and awards and performance-based milestone compensation awards, shares issuable under the employee stock purchase plan and assumed conversion of our 2029 and 2027 Notes. The common stock equivalents of performance-based milestone compensation arrangements are included as potentially dilutive shares only if the performance condition has been met as of the end of the reporting period. Shares of common stock subject to repurchase are excluded from the weighted-average shares. Since we were in a loss position for all periods presented, basic net loss per share attributable to common stockholders of BridgeBio is the same as diluted net loss per share attributable to common stockholders of BridgeBio since the effects of potentially dilutive securities are antidilutive.

Recently Adopted Accounting Pronouncements

In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Updated and Simplification Initiative, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. ASU 2023-06 was issued in response to the U.S. Securities and Exchange Commission’s (the “SEC”) August 2018 final rule that updated and simplified disclosure requirements and is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each

amendment will be the date on which the SEC removes that related disclosure from its rules. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity. There was no material impact from the adoption of this ASU on our consolidated financial statements and disclosures.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which are intended to improve reportable segment disclosure requirements. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively to all prior periods presented in the financial statements. There was no material impact from the adoption of this ASU on our consolidated financial statements, however we included additional disclosures in our above-mentioned segment disclosure.

New Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued 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 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 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 consolidated financial statements and disclosures.
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements
3.
Fair Value Measurements

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:

 

 

 

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

 

 

 

 

 

December 31, 2023

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

13,530

 

 

$

13,530

 

 

$

—

 

 

$

—

 

Treasury bills

 

 

256,067

 

 

 

—

 

 

 

256,067

 

 

 

—

 

Total cash equivalents

 

 

269,597

 

 

 

13,530

 

 

 

256,067

 

 

 

—

 

Investments in equity securities

 

 

58,949

 

 

 

58,949

 

 

 

—

 

 

 

—

 

LianBio warrant

 

 

1,554

 

 

 

1,554

 

 

 

—

 

 

 

—

 

Total financial assets

 

$

330,100

 

 

$

74,033

 

 

$

256,067

 

 

$

—

 

Liability

 

 

 

 

 

 

 

 

 

 

 

 

Embedded derivative (included in "Accrued professional and other accrued liabilities")

 

$

1,665

 

 

$

—

 

 

$

—

 

 

$

1,665

 

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 investment in equity securities of publicly held companies, which are actively traded with quoted prices that are readily available, and we do not have restrictions on our ability to sell these securities. Therefore, these are classified within Level 1. Our investments in equity securities, which only consisted of an investment in LianBio, had an aggregate fair value of nil as of December 31, 2024 (refer to Note 6). Our investments in equity securities had an aggregate fair value of $58.9 million as of December 31, 2023, which included an investment in LianBio with a fair value of $22.4 million.

Total realized and unrealized gains and losses associated with investment in equity securities for the periods presented consisted of the following:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

(in thousands)

 

 

 

 

Net realized gains recognized on investments in
     equity securities sold

 

$

8,136

 

 

$

8,668

 

 

$

3,731

 

Net unrealized gains (losses) recognized on investments in
     equity securities held as of the end of the period

 

 

—

 

 

 

9,646

 

 

 

(11,953

)

Total net gains (losses) included in
     “Other income (expense), net”

 

$

8,136

 

 

$

18,314

 

 

$

(8,222

)

LianBio Warrant

As of December 31, 2023 our subsidiary, QED Therapeutics, Inc. (“QED”) held a warrant which entitles QED to purchase shares of LianBio (the “LianBio Warrant”), refer to Note 6. We had classified the LianBio Warrant, which pertained to an equity security of a publicly held company, within Level 1 as the fair value of this equity security was derived from observable inputs such as quoted prices in an active market. In February 2024, we fully exercised the LianBio Warrant and purchased 347,569 shares of LianBio common stock for an immaterial amount.

Notes

The fair value of our 2029 Notes and our 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. As of December 31, 2024, the estimated fair value of our 2029 Notes and 2027 Notes, which have

aggregate face values of $747.5 million and $550.0 million, respectively, were $640.7 million and $578.1 million, respectively, based on their market prices on the last trading day for the period. As of December 31, 2023, the estimated fair value of our 2029 Notes and 2027 Notes, which have aggregate face values of $747.5 million and $550.0 million, respectively, were $638.7 million and $695.8 million, respectively, based on their market prices on the last trading day for the period.

Term Loan

The fair value of our outstanding term loan as of December 31, 2024 and 2023 (refer to Note 9) is 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 defined in Note 9) as of December 31, 2024 was $461.8 million and under the Loan Agreement (as defined in Note 9) as of December 31, 2023 was $389.1 million, respectively.

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 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 interest expense. 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 sales 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 $446.0 million as of December 31, 2024. During the period from November 22, 2024 through December 31, 2024, we recognized $1.6 million as a reduction to interest expense as the change in fair value for the embedded derivative liability as of December 31, 2024.

v3.25.0.1
Cash Equivalents
 12 Months Ended
Dec. 31, 2024
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:

 

 

 

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

 

 

 

 

December 31, 2023

 

 

 

Amortized
Cost Basis

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Estimated Fair
Value

 

 

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

13,530

 

 

$

—

 

 

$

—

 

 

$

13,530

 

Treasury bills

 

 

256,036

 

 

 

31

 

 

 

—

 

 

 

256,067

 

Total cash equivalents

 

$

269,566

 

 

$

31

 

 

$

—

 

 

$

269,597

 
v3.25.0.1
Noncontrolling Interests
 12 Months Ended
Dec. 31, 2024
Noncontrolling Interest [Abstract]  
Noncontrolling Interests
5.
Noncontrolling Interests

As of December 31, 2024 and 2023, 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” in the 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. For the years ended December 31, 2024, 2023 and 2022, such adjustments in the aggregate amounts of $(5.8) million, $(10.5) million and $(3.5) million, respectively, are recorded to “Additional paid-in capital”. All such adjustments are disclosed within the “Transfers from (to) noncontrolling interests” line item in the consolidated statements of redeemable convertible noncontrolling interests and stockholders’ equity (deficit).
v3.25.0.1
Equity Method Investment and Other Equity Investments
 12 Months Ended
Dec. 31, 2024
Equity Method And Cost Method Investment [Abstract]  
Equity Method Investment 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 December 31, 2024. The related party investors contributed cash in an aggregate of $42.5 million to GondolaBio as of December 31, 2024. 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 gain from deconsolidation of approximately $52.0 million which is presented as part of “Other income (expense), net” on the consolidated statements of operations for the year ended December 31, 2024.

Upon the deconsolidation of GondolaBio, BridgeBio accounted for its investment in GondolaBio, for which it has significant influence through its ownership interest, using the equity method of accounting under ASC 323 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 period from August 16, 2024 through December 31, 2024 was $0.4 million.

For the period from August 16, 2024 through December 31, 2024, the Company recognized a net loss from equity method investment of $8.5 million. As of December 31, 2024, the aggregate carrying amount of the Company’s equity method investment in GondolaBio is $41.5 million and is presented as part of “Investment in nonconsolidated entities” on the 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 $1.3 million in other income and $0.8 million of pass-through costs and sublease income recorded as an offset against operating expenses for the year ended December 31, 2024. As of December 31, 2024, the Company recognized $3.2 million 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 during the year ended December 31, 2024. As of December 31, 2024, the Company also recognized $1.2 million in “Accrued professional and other 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, which is presented on the consolidated statements of operations for the year ended December 31, 2024. 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 period from May 1, 2024 through December 31, 2024 was $1.7 million.

For the period from May 1, 2024 through December 31, 2024, we recognized a net loss from equity method investment of $22.7 million. As of December 31, 2024, the aggregate carrying amount of our equity method investment in BBOT is $102.2 million and is presented as part of “Investment in nonconsolidated entities” on our 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 $2.1 million in other income and $0.7 million in pass-through costs recorded as an offset against operating expenses for the year ended December 31, 2024. As of December 31, 2024, the Company recognized $0.5 million in “Prepaid expenses and other current assets” for transitionary consulting services provided by BridgeBio to BBOT. The Company also recognized $0.8 million in “Research and development” expenses during the year ended December 31, 2024. As of December 31, 2024, the Company recognized $0.1 million in “Accrued research and development liabilities” for transitionary consulting services provided by BBOT to BridgeBio.

LianBio

In October 2019, our subsidiary, BridgeBio Pharma LLC (“BBP LLC”), entered into an exclusivity agreement with LianBio, an exempt company organized under the laws of the Cayman Islands (together with its subsidiaries, “LianBio”), pursuant to which BBP LLC received equity in LianBio (the “LianBio Exclusivity Agreement”). We account for BBP LLC’s equity interest in LianBio under ASC 321 Investments - Equity Securities as an investment in equity securities.

For the years ended December 31, 2024, 2023 and 2022, we recorded unrealized gains of nil, $14.2 million and an unrealized loss of $22.6 million, respectively, for the ongoing mark-to-market adjustments of our investment, refer to Note 3.

Pursuant to a License Agreement entered into in October 2019 between QED and LianBio (the “QED-LianBio License Agreement”, refer to Note 11), QED also received warrants which entitle QED to purchase 10% of the then-fully diluted shares of one of the subsidiaries of LianBio upon achievement of certain contingent development milestones. Changes in fair value of the warrants were not material for the years ended December 31, 2024, 2023 and 2022.

In October 2021, the warrants held by QED to purchase shares of one of the subsidiaries of LianBio were converted into the LianBio Warrant, which entitles QED to purchase 347,569 shares of LianBio. The LianBio Warrant was measured at fair value on a recurring basis, with changes in fair value recognized in our consolidated statements of operations as part of “Other income (expense), net.” The LianBio Warrant, which is presented as part of “Other assets” on our consolidated balance sheets, had a fair value of $1.6 million as of December 31, 2023.

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.

PellePharm

As of April 15, 2021, BridgeBio had been the primary beneficiary of PellePharm as it had power over key decisions that significantly impact PellePharm’s economic performance. BridgeBio also had the obligation to absorb losses or the right to receive benefits from PellePharm that could potentially be significant to PellePharm through its common and preferred stock interest in PellePharm. Accordingly, BridgeBio had consolidated PellePharm during the period April 15, 2021 through December 31, 2022.

On January 16, 2023, PellePharm’s board of directors authorized the assignment of all PellePharm’s assets to PellePharm ABC, LLC for liquidation and distribution under the General Assignment for the Benefit of Creditors (“ABC”).

As part of the ABC proceedings, PellePharm’s board of directors resigned effective March 6, 2023. The date the board of directors resigned was determined to be a VIE reconsideration event. Based on the changes to PellePharm’s governance structure and composition of the board of directors as a result of the ABC, BridgeBio was no longer the primary beneficiary, as it no longer had the power over key decisions that significantly impact PellePharm’s economic performance. Accordingly, during the three months ended March 31, 2023, BridgeBio deconsolidated PellePharm and recognized a loss of $1.2 million which is presented as part of “Other expense, net” on the consolidated statements of operations.

v3.25.0.1
Intangible Assets, Net
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net
7.
Intangible Assets, net

The following table summarizes our recognized intangible assets for the years ended December 31, 2024 and 2023 as a result of the arrangements described in the following sections:

 

 

December 31, 2024

 

 

December 31, 2023

 

 

Weighted-average
Estimated Useful Lives

 

Amount

 

 

Weighted-average
Estimated Useful Lives

 

Amount

 

 

 

 

(in thousands)

 

 

 

 

(in thousands)

 

Gross amount

10.0 years

 

$

32,500

 

 

11.0 years

 

$

32,500

 

Less: accumulated amortization

 

 

 

(8,574

)

 

 

 

 

(6,181

)

Total

 

 

$

23,926

 

 

 

 

$

26,319

 

Amortization expense recorded as part of “Cost of revenue” for the years ended December 31, 2024, 2023 and 2022 was $2.4 million, $2.4 million and $2.4 million, respectively. Future amortization expense is $2.4 million for each of the years from 2025 to 2028 and $14.3 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. QED accounted for the transaction as an asset acquisition as substantially all of the estimated fair value of the gross assets acquired was concentrated in a single identified asset, in-process research and development (“IPR&D”), thus satisfying the requirements of the screen test in ASU 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business. The assets acquired and liabilities assumed in the transaction were measured based on their fair values. The fair value of the IPR&D acquired was charged to research and development expense as it had no alternative future use at the time of the acquisition.

If certain substantial milestones are met, QED could be required to pay up to $60.0 million in regulatory milestone payments, $35.0 million in sales-based milestone payments, and pay royalties of up to low double-digit percentages on net sales. 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 amortize 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.

Asset Purchase Agreement with Alexion

In June 2018, our subsidiary Origin Biosciences, Inc. (“Origin”), entered into an Asset Purchase Agreement with Alexion Pharma Holding Unlimited Company (“Alexion”), to acquire intellectual property rights, including patent rights, know-how, and contracts, related to the ALXN1101 molecule. Origin accounted for the transaction as an asset acquisition as substantially all of the estimated fair value of the gross assets acquired was concentrated in a single identified asset (“IPR&D”), thus satisfying the requirements of the screen test in ASU 2017-01. The assets acquired and liabilities assumed in the transaction were measured based on their fair values. The fair value of the IPR&D acquired was charged to research and development expense as it had no alternative future use at the time of the acquisition.

Pursuant to the Asset Purchase Agreement, Origin was required to pay $15.0 million upon the satisfaction of a certain condition, which was met in 2021. We capitalized the amount as a finite-lived intangible asset and amortize it over its estimated useful life on a straight-line basis. In addition, under the Asset Purchase Agreement, Origin

could be required to pay up to $17.0 million in sales-based milestone payments and royalties of up to low double-digit percentages on net sales.

In connection with the Asset Purchase Agreement entered between Origin and Sentynl Therapeutics, Inc. (“Sentynl”), in March 2022 (the “Origin-Sentynl APA”, refer to Note 12), Sentynl assumed the obligation to pay sales-based milestone payments and royalties to Alexion that occur subsequent to the closing of the Origin-Sentynl APA when they become due. Origin will continue to be responsible for a regulatory-based milestone payment upon first pricing approval in a European Medicines Agency country of up to $1.0 million when it becomes due. As a result of the Origin-Sentynl APA, we also derecognized the associated intangible asset with a net book value of $13.5 million as this was part of the assets that were transferred to Sentynl.

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. As of December 31, 2024, the amount due to FMI is presented in our consolidated balance sheets in “Accrued professional and other accrued liabilities” for $1.6 million. As of December 31, 2023, the amount due to FMI is presented in our consolidated balance sheets in “Accrued professional and other accrued liabilities” for $6.0 million and “Other long-term liabilities” for $5.0 million.

v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
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 16). 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 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 December 31, 2024.

 

 

 

Potential Fixed Monetary
Amount

 

 

Accrued
Amount (1)

 

Settlement Type

 

(in thousands)

 

Cash

 

$

906

 

 

$

73

 

Stock (2)

 

 

16,850

 

 

 

2,057

 

Cash or stock at our sole discretion

 

 

53,432

 

 

 

3,609

 

Total

 

$

71,188

 

 

$

5,739

 

 

(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 16.

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 December 31, 2024 and 2023, there were no material amounts accrued related to termination charges.

We have entered into a commercial supply agreement to purchase active pharmaceutical ingredient (“API”), bulk drug product and packaging, for which we have a minimum purchase commitment of $32.9 million as of December 31, 2024. In addition, we have entered into agreements to support our commercial launch of Attruby for which we have a minimum commitment in aggregate of $1.0 million as of December 31, 2024.

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 in our 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. As of December 31, 2024 and 2023, we did not have any material indemnification claims that were probable or reasonably possible, and consequently have not accrued any material liabilities in the 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.
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt
9.
Debt

Notes

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 of 1933, as amended (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 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 2.50% Convertible Senior Notes due 2027 (the “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 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). Based on the closing price of our common stock on December 31, 2024, the if-converted value of the 2027 Notes did not exceed its principal amount.

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 accounting for the issuance of the 2027 Notes in 2020 under ASC 470-20, Debt: Debt with Conversion and Other Options, we separately accounted for the liability and equity components of the 2027 Notes by allocating the proceeds between the liability component and the embedded conversion options, or equity component, due to our ability to settle the 2027 Notes in cash, BridgeBio’s common stock, or a combination of cash and BridgeBio’s common stock at our option. Effective January 1, 2021, we early adopted ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), and, as a result, we no longer separately account for the liability and equity components of the 2027 Notes, and, instead, account for our 2027 Notes wholly as debt.

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. We allocated these costs to the liability and equity components based on the allocation of the proceeds. The portion of these costs allocated to the equity component totaling approximately $4.1 million was recorded as a reduction to additional paid-in capital in 2020. The portion of these costs allocated to the liability component totaling approximately $8.9 million was recorded as a reduction in the carrying value of the debt on the 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:

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

2029 Notes

 

 

2027 Notes

 

 

2029 Notes

 

 

2027 Notes

 

 

 

(in thousands)

 

 

(in thousands)

 

Principal

 

$

747,500

 

 

$

550,000

 

 

$

747,500

 

 

$

550,000

 

Unamortized debt discount and issuance costs

 

 

(8,628

)

 

 

(4,827

)

 

 

(10,595

)

 

 

(6,621

)

Net carrying amount

 

$

738,872

 

 

$

545,173

 

 

$

736,905

 

 

$

543,379

 

The following table sets forth the total interest expense recognized and effective interest rates related to the Notes:

 

 

 

Year Ended December 31, 2024

 

 

 

2029 Notes

 

 

2027 Notes

 

 

Total

 

 

 

 

 

 

(in thousands)

 

 

 

 

Contractual interest expense

 

$

16,819

 

 

$

13,750

 

 

$

30,569

 

Amortization of debt discount and issuance costs

 

 

1,967

 

 

 

1,794

 

 

 

3,761

 

Total interest and amortization expense

 

$

18,786

 

 

$

15,544

 

 

$

34,330

 

 

 

 

 

 

 

 

 

 

 

Effective interest rate

 

 

2.6

%

 

 

2.8

%

 

 

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

2029 Notes

 

 

2027 Notes

 

 

Total

 

 

 

 

 

 

(in thousands)

 

 

 

 

Contractual interest expense

 

$

16,819

 

 

$

13,750

 

 

$

30,569

 

Amortization of debt discount and issuance costs

 

 

1,917

 

 

 

1,745

 

 

 

3,662

 

Total interest and amortization expense

 

$

18,736

 

 

$

15,495

 

 

$

34,231

 

 

 

 

 

 

 

 

 

 

 

Effective interest rate

 

 

2.6

%

 

 

2.8

%

 

 

 

 

 

 

Year Ended December 31, 2022

 

 

 

2029 Notes

 

 

2027 Notes

 

 

Total

 

 

 

 

 

 

(in thousands)

 

 

 

 

Contractual interest expense

 

$

16,819

 

 

$

13,750

 

 

$

30,569

 

Amortization of debt discount and issuance costs

 

 

1,869

 

 

 

1,699

 

 

 

3,568

 

Total interest and amortization expense

 

$

18,688

 

 

$

15,449

 

 

$

34,137

 

 

 

 

 

 

 

 

 

 

 

Effective interest rate

 

 

2.6

%

 

 

2.8

%

 

 

 

As of December 31, 2024, interest payable on the 2029 and 2027 Notes amounted to $7.0 million and $4.0 million, respectively. As of December 31, 2023, interest payable on the 2029 and 2027 Notes amounted to $7.0 million and $4.0 million, respectively. Such amounts are included in “Accrued professional and other accrued liabilities” in our consolidated balance sheets.

Future minimum payments under the Notes as of December 31, 2024, are as follows:

 

 

 

2029 Notes

 

 

2027 Notes

 

 

Total

 

 

 

(in thousands)

 

Year ending December 31:

 

 

 

 

 

 

 

 

 

2025

 

 

16,819

 

 

 

13,750

 

 

 

30,569

 

2026

 

 

16,819

 

 

 

13,750

 

 

 

30,569

 

2027

 

 

16,819

 

 

 

556,875

 

 

 

573,694

 

2028

 

 

16,819

 

 

 

—

 

 

 

16,819

 

2029

 

 

755,909

 

 

 

—

 

 

 

755,909

 

Total future payments

 

 

823,185

 

 

 

584,375

 

 

 

1,407,560

 

Less amounts representing interest

 

 

(75,685

)

 

 

(34,375

)

 

 

(110,060

)

Total principal amount

 

$

747,500

 

 

$

550,000

 

 

$

1,297,500

 

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”.

Term Loan, net

Loan and Security Agreement

In November 2021, we entered into a Loan and Security Agreement (the “Loan Agreement,” and as amended by the First Amendment (as defined below) and the Second Amendment (as defined below), the “Amended Loan Agreement”), by and among (i) U.S. Bank National Association, in its capacity as administrative agent (in such capacity, the “Administrative Agent”) and collateral agent (in such capacity, the “Collateral Agent”), (ii) certain lenders (the “Lenders”), (iii) BridgeBio, as a borrower, and (iv) certain subsidiaries of BridgeBio, as guarantors (the “Guarantors”). In May 2022, we entered into the First Amendment to the Loan Agreement (the “First Amendment”) and in November 2022, we entered into the Second Amendment to the Loan Agreement (the “Second Amendment”), as further described below. On January 17, 2024, the Company fully repaid the term loan under the Amended Loan Agreement, as further described below.

Pursuant to the original terms and conditions of the Loan Agreement, the Lenders agreed to extend term loans to us in an aggregate principal amount of up to $750.0 million, comprised of (i) a tranche 1 advance of $450.0 million (the “Tranche 1 Advance”), and (ii) a tranche 2 advance of $300.0 million (the “Tranche 2 Advance”) (collectively, the “Term Loan Advances”). The Tranche 1 Advance under the Loan Agreement was funded on November 17, 2021. The Tranche 2 Advance remained available for funding until December 31, 2022, which was available at our election after the occurrence of certain milestone events relating to data from our clinical trials. The terms related to the Tranche 2 Advance were modified in the First Amendment and Second Amendment as further discussed below. The First Amendment’s term included the reduction of the aggregate amount of the Tranche 2 Advance from $300.0 million to $100.0 million. The Second Amendment eliminated the $100.0 million Tranche 2 Advance. As a result of the Second Amendment, the total aggregate principal amount of the loan is $450.0 million before any mandatory prepayment.

As security for our obligations under the Loan Agreement, each of BridgeBio and the Guarantors granted the Collateral Agent, for the benefit of the Lenders, a continuing security interest in substantially all of the assets of BridgeBio and the Guarantors (including all equity interests owned or hereafter acquired by BridgeBio and the Guarantors), subject to certain customary exceptions. Upon exceeding certain investment and disposition thresholds, additional subsidiaries of BridgeBio will be required to join as guarantors.

Any outstanding principal on the Term Loan Advances will accrue interest at a fixed rate equal to 9.0% per annum. 3.0% of which can be a payment-in-kind (“PIK”) until January 1, 2025. Interest payments are payable quarterly following the funding of a Term Loan Advance. We would be required to make principal payments on the outstanding balance of the Term Loan Advances commencing on January 2, 2025 (the “Term Loan Amortization Date”) in nine quarterly installments, plus interest. If we have achieved certain milestone events relating to data from the clinical trial of acoramidis (the “Acoramidis Milestone”) on or prior to January 1, 2025, then the Term Loan Amortization Date would be automatically extended to January 2, 2026. Any amounts outstanding under the Term Loan Advances are due and payable on November 17, 2026 (the “Maturity Date”).

We may prepay the outstanding principal amount of the Term Loan Advances at any time (in whole, but not in part), plus accrued and unpaid interest and a prepayment premium ranging from 1.0% to 3.0% of the principal amount outstanding depending on the timing of payment (plus a customary make-whole amount if prepaid on or prior to November 17, 2022).

At the Lenders’ election, we were also required to make mandatory prepayments upon the occurrence of certain prepayment events related to the repurchase or redemption of pledged collateral, entry into certain royalty transactions, disposition of other assets or subsidiaries, and entry into licensing and other monetization transactions (all such events are referred to as prepayment events), which could be 50.0% or 75.0% of net cash proceeds from such transaction depending on achievement of the Acoramidis Milestone.

Subject to the mandatory prepayment requirements for certain prepayment events, the Loan Agreement contains customary affirmative and limited negative covenants which, among other things, limit our ability to (i) incur additional indebtedness, (ii) pay dividends or make certain distributions, (iii) dispose of our assets, grant liens, license or encumber our assets or (iv) fundamentally alter the nature of our business. BridgeBio and the Guarantors have broad ability to license our intellectual property, dispose of other assets and enter into monetization and royalty transactions, subject in each case to the requirement to make a mandatory prepayment described above. The Loan Agreement provides that BridgeBio and the Guarantors may, subject to certain limitations, (x) repurchase BridgeBio’s equity interest and the equity interest of any of its subsidiaries, (y) enter into any joint ventures or similar investments, and (z) make other investments and acquisitions. Subject to the mandatory prepayment requirement described above, portfolio companies owned by BridgeBio that are not parties to the Loan Agreement are, subject to certain exceptions, not subject to any covenants or limitations under the Loan Agreement.

The Loan Agreement also contains customary events of default, including among other things, our failure to make any principal or interest payments when due, the occurrence of certain bankruptcy or insolvency events or the breach of the covenants under the Loan Agreement. Upon the occurrence of an event of default, the Lenders may, among other things, accelerate our obligations under the Loan Agreement.

We received net proceeds from the Tranche 1 Advance of $431.3 million, after deducting debt discount and issuance costs of $18.7 million, of which approximately $1.1 million of debt issuance costs were incurred for professional services provided by KKR Capital Markets LLC. KKR Capital Markets LLC is an affiliate of KKR Genetic Disorder L.P., a related party being a principal stockholder of BridgeBio.

In May 2022, we entered into the First Amendment, which, among other things:

•
permitted the sale of our priority review voucher (“PRV”, refer to Note 12) and, generally, future dispositions of other PRVs;
•
reduced the aggregate amount of the Tranche 2 Advance from $300.0 million to $100.0 million and modified certain conditions to the availability thereof, as mentioned above;
•
amended the principal payments such that the entire outstanding principal balance of the Term Loan Advances is due and payable at the Maturity Date or upon early termination; and
•
modified the terms and conditions governing when certain entities into which we have made investments will be required to become guarantors under the Amended Loan Agreement.

In June 2022, the receipt of an upfront payment under the license development and commercialization agreement that our subsidiary, Navire Pharma, Inc. (“Navire”), entered into with Bristol-Myers Squibb Company (“BMS”), which is further described in Note 11, triggered certain mandatory prepayment provisions of the Amended Loan Agreement. As a result, we paid $20.5 million to the Lenders in June 2022, of which $20.1 million and $0.4 million were applied to principal and exit fee, respectively.

Pursuant to the terms of the Loan Agreement, we exercised our option to convert accrued interest into principal via PIK amounting to $10.2 million and $15.3 million for the years ended December 31, 2023 and 2022, respectively.

In November 2022, we entered into the Second Amendment, which, among other things:

•
acknowledged that our prior prepayment made with certain cash proceeds received in connection the receipt of an upfront payment under the Navire-BMS License Agreement, which is further described in
Note 11, satisfied the mandatory prepayment requirement under the Amended Loan Agreement, on the terms and conditions specified in the Amended Loan Agreement;
•
permitted certain budgeted expenses to be excluded from the definition of cash proceeds subject to the Company’s mandatory prepayment obligations, on the terms and conditions specified in the Amended Loan Agreement, refer to Note 2 under Restricted Cash section for further discussion.
•
removed certain threshold amounts applicable to certain prepayment events; and
•
terminated the Lenders’ $100.0 million Tranche 2 Advance.

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

 

 

 

December 31, 2023

 

 

 

(in thousands)

 

Principal value of term loan

 

$

429,916

 

PIK added to principal

 

 

25,531

 

Debt discount, issuance costs and exit fee accretion

 

 

(9,002

)

Term loan, net

 

$

446,445

 

 

For the year ended December 31, 2024, we recognized interest expense related to the Loan Agreement of $3.0 million, of which $0.4 million, relates to amortization of debt discount and issuance costs. For the year ended December 31, 2023, we recognized interest expense related to the Loan Agreement of $46.3 million, of which $5.2 million, relates to amortization of debt discount and issuance costs. For the year ended December 31, 2022, we recognized interest expense related to the Loan Agreement of $46.1 million, of which $5.0 million, relates to amortization of debt discount and issuance costs. As of December 31, 2023, interest payable included in “Accrued professional and other accrued liabilities” in our consolidated balance sheets amounted to $6.7 million.

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”).

Pursuant to the terms and conditions of the Financing Agreement, the Lenders have 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 (collectively, the “Incremental Term Loan,” and together with the Initial Term Loan, collectively, the “Term Loans”), 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. Incremental Term Loans are available at the Company’s and the Lenders’ mutual consent from time to time after January 17, 2024.

The obligations of the Company under the Financing Agreement are and will be guaranteed by certain of the Company’s existing and future direct and indirect subsidiaries, subject to certain exceptions (such subsidiaries, collectively, the “Guarantors”). As security for the obligations of the Company and the Guarantors, each of the Company and the Guarantors are required to grant to the Administrative Agent, for the benefit of the Lenders and secured parties, a continuing first priority security interest in substantially all of the assets of the Company and the Guarantors (including all equity interests owned or hereafter acquired by the Company and the Guarantors), subject to certain customary exceptions.

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 will be required to make principal payments of $22.5 million on the outstanding balance of the Initial Term Loan commencing on June 30, 2027 in quarterly installments (the “Scheduled Amortization Payments”); provided that if the Company achieves a senior total net leverage ratio of less than or equal to 5.00:1.00, up to four (4) Scheduled Amortization Payments may be deferred for a period of one fiscal quarter each. Such Scheduled Amortization Payments would be reduced in connection with voluntary or mandatory prepayments, if any, of the Initial Term Loans. Incremental Term Loans, if any, will be payable in accordance with their respective amortization schedules. Additionally, if the Company’s market capitalization is less than $1.5 billion at any time after January 17, 2024, the Company shall also be required to make additional quarterly principal payments of $10.0 million on the outstanding balance of the Initial Term Loan (the “Special Amortization Payments”) commencing with the first quarterly installment payment date occurring thereafter. The outstanding balance of the Term Loans, if not repaid sooner, shall be due and payable in full on the maturity date thereof. The stated maturity date of the Term Loans is January 17, 2029, with two springing earlier maturity dates at 91 days prior to the stated maturity dates of the Company’s outstanding convertible senior notes, in each case to the extent there is an aggregate outstanding amount of such notes of more than $50.0 million on such dates.

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. The mandatory prepayment events include certain permitted asset sales transactions (which include certain sales, leases, assignments, conveyances, transfers, licenses or exchanges of property) that occur prior to the date the FDA approves a first NDA for acoramidis, which would require the Company to deposit 75% of net cash received from such transactions into an escrow account controlled by the Administrative Agent, and the Company may also be subject to a specified disposition fee per transaction for certain asset sale transactions. 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.

We have entered into asset sales transactions that occurred during the three months ended March 31, 2024 for the exclusive license agreements with Bayer Consumer Care AG and Kyowa Kirin Co., Ltd, for which the Company is required to deposit 75% of the proceeds, net of certain permitted costs, upon receipt of the upfront payments from Bayer Consumer Care AG and Kyowa Kirin Co., Ltd, into the escrow accounts. During the three months ended June 30, 2024, we received $235.0 million in aggregate from Bayer Consumer Care AG and Kyowa Kirin Co., Ltd, and deposited net proceeds of $159.3 million into the escrow accounts. Refer to Note 11 for further details regarding the exclusive license agreements with Bayer Consumer Care AG and Kyowa Kirin Co., Ltd.

The completion of the $200.0 million private equity financing with external investors of BBOT was considered an asset sale transaction that was subject to a disposition fee under the Financing Agreement. Accordingly, we paid a disposition fee of $1.1 million to the Administrative Agent in May 2024. Refer to Note 6 for further details regarding the BBOT private equity financing transaction.

The Financing Agreement contains affirmative covenants and negative covenants applicable to the Company and its subsidiaries that are customary for financings of this type. Such covenants, among other items, limit the Company’s and its subsidiaries’ ability to (i) incur additional permitted indebtedness, (ii) pay dividends or make certain distributions, (iii) dispose of its and their assets, grant liens and license or permit other encumbrances on its and their assets, (iv) fundamentally alter the nature of their businesses and (v) enter into certain transactions with affiliates. The Company and the Guarantors are also required to maintain a minimum qualified cash balance of $70.0 million, at all times. The Company and its subsidiaries are permitted to license their intellectual property, dispose of other assets and enter into monetization and royalty transactions, in each case, subject to satisfaction of certain terms and conditions. The Financing Agreement also includes representations, warranties, indemnities and events of default that are customary for financings of this type, including an event of default relating to a change of control of the Company. Upon the occurrence of an event of default, the Lenders may, among other things, accelerate the Company’s obligations under the Financing Agreement.

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”). Under the Amended Financing Agreement, between June 20, 2024 and through the earlier of the date the FDA approves a first NDA for acoramidis and November 30, 2024, the Company was able to request a release of funds in an aggregate amount not to exceed 50% of the original net cash proceeds received from asset sale transactions. In June 2024, $20.0 million was released from the escrow accounts and classified as cash on the consolidated balance sheet. Furthermore, under the Amended Financing Agreement, the minimum qualified cash balance was amended from $70.0 million to $70.0 million plus 40% of any cash released by the Company from the escrow accounts, at all times. As of December 31, 2024, the minimum unrestricted qualified cash balance was $78.0 million.

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 year ended December 31, 2024, we recognized interest expense related to the Amended Financing Agreement $54.8 million, of which $3.3 million, relates to amortization of debt discount and issuance costs. There was no interest payable under the Amended Financing Agreement as of December 31, 2024.

Future minimum payments under the Amended Financing Agreement as of December 31, 2024 are as follows:

 

 

 

Amount

 

 

 

(in thousands)

 

Year Ending December 31:

 

 

 

2025

 

 

50,660

 

2026

 

 

50,660

 

2027

 

 

116,245

 

2028

 

 

129,155

 

2029

 

 

294,215

 

Total future payments

 

 

640,935

 

Less amounts representing interest

 

 

(190,935

)

Total principal amount of term loan payments

 

$

450,000

 

The amounts in the table above do not take into account any changes due to mandatory payments under the terms of the Amended Financing Agreement.
v3.25.0.1
Funding Agreement
 12 Months Ended
Dec. 31, 2024
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) (“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, “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 (“Net Sales”). 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 (“Cap Amount”) and (b) a buy-out payment (“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. 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. 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 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 $41.1 million as of December 31, 2024. We will 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:

 

 

 

December 31, 2024

 

 

 

(in thousands)

 

Carrying value of deferred royalty obligation (Principal)

 

$

507,114

 

Fair value of embedded derivative

 

 

41,091

 

Debt discount and issuance costs accretion

 

 

(69,114

)

Deferred royalty obligation, net

 

$

479,091

 

The effective interest rate as of December 31, 2024 was 19.3%. For the year ended December 31, 2024, we recognized interest expense related to the Funding Agreement of $8.3 million, of which $1.0 million, relates to amortization of debt discount and issuance costs. As of December 31, 2024, we recognized royalty interest payable of $0.1 million in “Accrued professional and other accrued liabilities” in our consolidated balance sheets.
v3.25.0.1
License and Collaboration Agreements
 12 Months Ended
Dec. 31, 2024
License And Collaboration Agreement [Abstract]  
License and Collaboration Agreements
11.
License 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 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 $75.0 million is for a regulatory milestone dependent upon European Commission approval of acoramidis on or before December 31, 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. 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 December 31, 2024. 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. 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 $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 $1.0 million of revenue relating to this performance obligation during the year ended December 31, 2024.

As of December 31, 2024, there are no outstanding receivables from licensing and collaboration agreements relating to the Bayer License Agreement within our consolidated balance sheet. During the year ended December 31, 2024 we recognized revenue of $131.5 million under the Bayer License Agreement. Our 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 included in “Deferred revenue, net of current portion”) related to our research and development services obligations.

In addition, under the terms of the Financing Agreement, the Bayer License Agreement represents an asset sale transaction that requires the Company to deposit 75% of proceeds, net of certain permitted costs, received from the transaction into an escrow account to be controlled by the Administrative Agent. In May 2024, we deposited $84.7 million into the escrow account from the receipt of the $135.0 million from Bayer, which was released and classified as cash upon the FDA approval of Attruby in November 2024. Refer to Note 9 for further details regarding the Financing Agreement.

In June 2024, BridgeBio Europe B.V. (“BridgeBio B.V.”) entered into the 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 the 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 active pharmaceutical ingredient (“API”) used to manufacture the product and the packaging price. As of December 31, 2024, there have been no commercial product supply sales to Bayer.

The condition for the $75.0 million regulatory-based milestone payment was achieved upon the EC approval of Beyonttra on February 10, 2025. The Company anticipates receiving this milestone payment from Bayer in April 2025.

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 exchange, QED received an upfront payment of $100.0 million 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 December 31, 2024. 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 $5.7 million of revenue relating to this performance obligation during the year ended December 31, 2024.

In May 2024, QED and KKC negotiated a letter of agreement to commence manufacturing while a clinical supply agreement was in negotiation. During this time, KKC agreed to reimburse QED the full cost incurred for manufacturing. For the year ended December 31, 2024, QED has been reimbursed $1.4 million in accordance with this letter of agreement, and such costs are included in revenue in our consolidated statement of operations.

Subsequently, 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.

As of December 31, 2024, the receivables from licensing and collaboration agreements relating to the KKC Agreement within our consolidated balance sheet were immaterial. During the year ended December 31, 2024, we recognized revenue of $76.2 million under the KKC Agreement. Our 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 included in “Deferred revenue, net of current portion”) related to our research and development services obligation.

In addition, under the terms of the Financing Agreement, the KKC Agreement represents an asset sale transaction that requires the Company to deposit 75% of proceeds, net of certain permitted costs, received from the transaction into an escrow account to be controlled by the Administrative Agent. In June 2024, we deposited $74.6 million into the escrow account from the receipt of the $100.0 million from KKC, which was released and classified as cash upon the FDA approval of Attruby in November 2024. Refer to Note 9 for further details regarding the Financing Agreement.

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 (“PRC”), Macau, Hong Kong, Taiwan, Thailand, Singapore, and South Korea (collectively, the “Asia Region”). The development and commercialization of BBP-398 within the Asia Region is governed under the Navire-LianBio License Agreement (as discussed below). 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.

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. Additionally, Navire was eligible to receive additional payments totaling up to approximately $815.0 million in the aggregate, subject to the achievement of development, regulatory and commercial milestones, as well as tiered royalties in the low-to-mid teens as a percentage of adjusted net sales by BMS of the licensed products sold worldwide, outside of the Asia Region. 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. We have 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” in our consolidated statement of operations.

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.

We determined that the Navire-BMS License Agreement falls within the scope of ASC 606 as BMS is a customer in this arrangement, and we identified the following 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.

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 BMS without the research and development services. Similarly, those services provide a distinct benefit to BMS within the context of the contract, separate from the license, as the services could be provided by BMS or another third party without our assistance. We entered into a clinical supply agreement for supply of clinical quantities of the licensed product for the licensed territory with BMS in March 2023. Navire supplied insignificant amounts and $2.0 million of clinical supplies to BMS for the years ended December 31, 2024 and December 31, 2023, respectively.

We determined the initial transaction price at inception of the Navire-BMS License Agreement to be $90.0 million, which is comprised of the fixed and non-refundable upfront payment. No additional development, regulatory, or sales milestone payments are included in the transaction price, as all such payments are variable consideration that are fully constrained as of December 31, 2024. 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, BMS’ 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 $90.0 million based on the SSP of each of the performance obligations as follows:

•
$70.2 million for the upfront transfer of the license; and
•
$19.8 million for research and development services to complete the Phase 1 Trials of BBP-398.

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 recognized revenue for each of the two performance obligations as follows:

•
We recognized revenue related to the license at a point in time upon transfer of the rights and control of the license to BMS. The transfer of the rights and control of the license occurred in June 2022, thus we recognized the full amount allocated to the license and related know-how during the three months ended June 30, 2022.
•
We were recognizing revenue related to the research and development services to complete the Phase 1 Trials for BBP-398 over time using an input method to measure progress by utilizing costs incurred to-date relative to total expected costs. As a result of the Navire-BMS License Agreement termination, the research and development services performance obligation is complete and there are no remaining performance obligations. As such, the remaining revenue allocated to this performance obligation was recognized during the three months ended March 31, 2024. Revenue recognized related to this performance obligation for the years ended December 31, 2024, 2023, and 2022 were $9.9 million, $5.4 million, and $4.5 million respectively.

For the years ended December 31, 2024, 2023, and 2022 we recognized $9.9 million, $7.4 million, and $74.7 million respectively of revenue from the Navire-BMS License Agreement. As of December 31, 2024, there were no remaining balances in deferred revenue within our consolidated balance sheets. Our consolidated balance sheet as of December 31, 2023 includes a deferred revenue balance of $9.9 million ($6.1 million presented as “Deferred revenue, current portion” and $3.8 million included in “Other long-term liabilities”) related to our research and development services obligation.

License and Collaboration Agreement with Helsinn

On March 29, 2021, QED entered into a license and collaboration agreement with Helsinn Healthcare S.A. (“ HHC”) and Helsinn Therapeutics (U.S.), Inc. (“HTU”), and collectively with HHC, Helsinn, (the “QED-Helsinn License and Collaboration Agreement”), pursuant to which QED granted to HHC exclusive licenses to develop, manufacture and commercialize QED’s product candidate, infigratinib, in oncology and all other indications except achondroplasia or any other skeletal dysplasias, worldwide, except for the People’s Republic of China, Hong Kong and Macau (“Greater China”), and under which QED received a co-exclusive license to co-commercialize infigratinib in the United States in the licensed indications. The QED-Helsinn License and Collaboration Agreement became effective on April 16, 2021. Upon approval by the FDA in May 2021, QED and HTU co-commercialized infigratinib in the licensed indications in the United States and shared profits and losses on a 50:50 basis. Additionally, QED and Helsinn shared global, excluding Greater China, research and development costs for infigratinib in the licensed indications at a rate of 40% for QED and 60% for Helsinn.

On February 28, 2022, QED and Helsinn amended the QED-Helsinn License and Collaboration Agreement (the “Amended QED-Helsinn License and Collaboration Agreement”), effective on March 1, 2022. Under the terms of the Amended QED-Helsinn License and Collaboration Agreement, Helsinn had an exclusive license to commercialize infigratinib in the United States and was responsible for solely developing, manufacturing and commercializing infigratinib in oncology indications except for achondroplasia or any other skeletal dysplasias worldwide, outside of Greater China. QED retains all rights to develop, manufacture and commercialize infigratinib in skeletal dysplasia, including achondroplasia.

The Amended QED-Helsinn License and Collaboration Agreement also provided for a transitional period, which extended from the effective date through August 31, 2022, for which QED was contracted to assist in research and development and commercialization activities. The costs related to QED’s contracted activities incurred during the transitional period were fully reimbursable by Helsinn and were due to QED subsequent to the transitional period. Helsinn also agreed to reimburse QED’s obligation to FMI described in Note 7 as part of the Amended QED-Helsinn License and Collaboration Agreement. In recording this transaction, we recognized a corresponding gain as part of “Other income (expense), net” in our consolidated statement of operations for the year ended December 31, 2022.

Effective December 21, 2022, QED and Helsinn (the “Helsinn Parties”), entered into a Mutual Termination Agreement (“MTA”), which terminates the Amended QED-Helsinn License and Collaboration Agreement and all rights and obligations thereunder. The Helsinn Parties agreed to perform certain close-out services to enable QED to pursue the development, manufacture and commercialization of infigratinib as a potential treatment of non-oncology indications, such as in achondroplasia worldwide, excluding China, Hong Kong, and Macau. As a result of the termination, QED is no longer entitled to any future regulatory or sales-based milestone payments. QED was subject to royalties on net sales of TRUSELTIQTM through March 31, 2023, at which date Helsinn no longer sold the licensed product. Helsinn permanently discontinued the distribution of TRUSELTIQTM and the FDA announced the withdrawal of the NDA approval in May 2023, additionally, all clinical investigations under the associated IND are discontinued. Helsinn completed sales of the licensed product during the three months ended March 31, 2023, and the associated revenue recognized was immaterial. The Helsinn Parties developed a Close-Out Plan, as defined within the MTA. Activities within the Close-Out Plan are to be shared equally subsequent to the lower of the first $11.0 million of costs, or QED’s obligation to FMI, which are the responsibility of QED. QED reached the threshold of $11.0 million in January 2023. The activities within the Close-Out Plan were substantially completed in 2023.

Upon the effective date of the MTA, all outstanding obligations of $31.3 million ($18.8 million relating to contracted research and development and commercial activities and $12.5 million relating to the reimbursement of QED’s obligation to FMI) under the Amended QED-Helsinn License and Collaboration Agreement related to the contracted services during the transitional period became due, of which all payments have been paid in full. In March 2024, QED reduced its obligation in FMI to $9.6 million and therefore, pursuant to the MTA, QED’s responsibility for close-out activities was lowered to this amount and Helsinn’s reimbursement of QED’s obligation to FMI was reduced from $11.0 million to $9.6 million. For the year ended December 31, 2024, QED has incurred immaterial close-out costs, of which all were subject to 50% reimbursement from Helsinn. For the year ended December 31, 2023, QED incurred $7.2 million of close-out costs, of which $6.0 million were subject to 50% reimbursement from Helsinn. As of December 31, 2024 and December 31, 2023, the outstanding receivable due from Helsinn was nil and $0.6 million, respectively. The outstanding receivables were presented in “Accounts Receivable” within our consolidated balance sheets. All close-out costs incurred, including Helsinn’s

reimbursements, are recorded in “Restructuring, impairment and related charges” within our consolidated statement of operations (See Note 17).

The QED-Helsinn License and Collaboration Agreement, the Amended QED-Helsinn License Collaboration Agreement, and the MTA are considered to be within the scope of ASC 808 as the parties are active participants and are exposed to the significant risks and rewards of the collaborative activity. The QED-Helsinn License and Collaboration Agreement and the Amended QED-Helsinn License and Collaboration Agreement are also partially within the scope of ASC 606 for the units of account where Helsinn is identified as a customer. For the units of account in the collaboration arrangement that do not represent a vendor-customer relationship, including the performance of collaborative research and development and commercialization services, we determined that ASC 606 is not appropriate to apply by analogy and applied a reasonable and rational accounting policy election that faithfully depicts the transfer of services to the collaboration partner over the estimated performance period. Reimbursement payments from Helsinn associated with the collaborative research and development and commercialization services are recognized as the related expense is incurred and classified as an offset to the underlying expense and excluded from the transaction price.

We evaluated the terms of the QED-Helsinn License and Collaboration Agreement and identified Helsinn as a customer with the following two distinct performance obligations: (1) exclusive licenses to develop, manufacture, and commercialize the underlying product, and (2) transfer of inventory within the transitional supply period. The Amended QED-Helsinn License and Collaboration Agreement did not give rise to any additional performance obligations. All of the license revenue, $56.0 million, relating to these units of account accounted for under ASC 606 were recognized in the year ended December 31, 2021.

For the unit of account that is within the scope of ASC 808 relating to collaborative research and development services, pursuant to the QED-Helsinn License and Collaboration Agreement, the Amended QED-Helsinn License Collaboration Agreement, and the MTA, we have recognized an immaterial amount and $3.0 million of Helsinn’s share of research and development expenses for the years ended December 31, 2024 and 2023, respectively, as a reduction to restructuring, impairment and related charges. We have recognized Helsinn’s share of research and development expenses of $21.5 million for the year ended December 31, 2022 as a reduction of research and development expenses.

For the unit of account that is within the scope of ASC 808 relating to commercial activities, pursuant to the QED-Helsinn License and Collaboration Agreement, the Amended QED-Helsinn License Collaboration Agreement, and the MTA, we accounted for Helsinn’s share of the co-commercialization activities as reduction to selling, general and administrative expenses. We did not incur any costs relating to commercialization activities subject to reimbursement from Helsinn for the years ended December 31, 2024 and 2023. We recognized Helsinn’s share of the co-commercialization activities of $1.5 million for the year ended December 31, 2022.

License Agreements with LianBio

Navire

In August 2020, Navire entered into an exclusive license agreement with LianBio (the “Navire-LianBio License Agreement”). Pursuant to the Navire-LianBio License Agreement, Navire granted to LianBio an exclusive, sublicensable license under the licensed patent rights and know-how to develop, manufacture and commercialize SHP2 inhibitor BBP-398, or BBP-398, for tumors driven by RAS and receptor tyrosine kinase mutations. Under the terms of the Navire-LianBio License Agreement, LianBio will receive commercial rights in China and selected Asian markets and participate in clinical development activities for BBP-398. In December 2024, we received a notice of termination from LianBio, which terminated the Navire-LianBio License Agreement and all rights and obligations thereunder.

During the years ended December 31, 2024, 2023 and 2022, we recognized $0.3 million, $1.1 million and $0.5 million, respectively, of revenue relating to the Navire-LianBio License Agreement and recorded such amounts within “Revenue” in our consolidated statement of operations.

QED

In October 2019, QED entered into an exclusive license agreement with LianBio (the “QED-LianBio License Agreement”). Pursuant to the QED-LianBio License Agreement, QED granted to LianBio an exclusive, sublicensable license under the licensed patent rights and know-how to develop, manufacture and commercialize infigratinib for any and all human prophylactic and therapeutic uses in all cancer indications (including in combination with other therapies) in certain territories outside the United States. Under the QED-LianBio License Agreement, QED received a nonrefundable upfront payment of $10.0 million and is eligible to receive development and sales milestones payments of up to $132.5 million and tiered royalties on net sales ranging from the low to mid-teens. In addition, QED also received warrants which entitled QED to purchase 10% of the then-fully diluted shares of one of the subsidiaries of LianBio upon achievement of certain contingent development milestones (refer to Note 6). In December 2024, we received a notice of termination from LianBio, which terminated the QED-LianBio License Agreement and all rights and obligations thereunder.

During the years ended December 31, 2024, 2023 and 2022, we recognized insignificant amounts of revenue relating to the QED-LianBio License Agreement and recorded such amounts within “Revenue” on our consolidated statement of operations.

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 is eligible to receive $30.0 million in regulatory milestone payments 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 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. Eidos has supplied insignificant amounts to Alexion as part of the clinical supply agreement during the years ended December 31, 2024, 2023, and 2022, respectively, and has recorded such amounts as “Revenue” in our consolidated statement of operations.

Furthermore, 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. However, there have been no clinical costs incurred as of December 31, 2024 and we have recorded $3.0 million in “Deferred revenue, current portion” in our consolidated balance sheets.

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 manufacture 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 $0.6 million of commercial products to Alexion during the year ended December 31, 2024 which is recorded in “Revenue” in our statement of operations.

v3.25.0.1
Sale of Nonfinancial Assets
 12 Months Ended
Dec. 31, 2024
Sale of Nonfinancial Assets [Abstract]  
Sale of Nonfinancial Assets
12.
Sale of Nonfinancial Assets

Sale of Priority Review Voucher

In May 2022, we announced that we entered into a definitive agreement to sell our PRV for $110.0 million. We received the PRV in February 2021 under an FDA program intended to encourage the development of treatments for rare pediatric diseases. We were awarded the PRV when our subsidiary, Origin received approval of NULIBRYTM. The PRV sale was subject to customary closing conditions and was completed in June 2022 following the expiration of applicable U.S. antitrust clearance requirements. We accounted for this transaction under ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets. We received the gross proceeds of $110.0 million during the year ended December 31, 2022 and recognized a gain of $107.9 million, net of transaction costs, for the year ended December 31, 2022.

Asset Purchase Agreement with Sentynl

On March 4, 2022, Origin and Sentynl entered into the Origin-Sentynl APA, pursuant to which Sentynl acquired global rights to NULIBRY, as well as certain specified assets of Origin, and will be responsible for the ongoing development and commercialization of NULIBRY in the United States and developing, manufacturing and commercializing fosdenopterin globally. The transaction closed on March 31, 2022 (the “Closing Date”). Under terms of the Origin-Sentynl APA, Origin received an upfront payment of $10.0 million upon the Closing Date and is eligible to receive sales milestone payments, as well as tiered royalties in the low single-digits as a percentage of adjusted net sales of products related to the acquired assets. Origin will continue to be responsible for the payment of up to $4.5 million in aggregate payments upon achievement of regulatory-based milestones, including the first pricing approval in an EMA country or EMA major market country, under the Asset Purchase Agreement with Alexion Pharma Holding Unlimited Company, and under a separate agreement with a third party. In October 2022, we paid $3.5 million of the regulatory-based milestone payment as the milestone criteria was met. As of December 31, 2024, Origin will continue to be responsible for a regulatory-based milestone payment upon first pricing approval in an EMA country of up to $1.0 million when it becomes due. The condition for this regulatory-based milestone payment was met in January 2025.

We accounted for this transaction under ASC 610-20. Upon the Closing Date, we recognized a loss on sale of $6.3 million within “Other income (expense), net” in our consolidated statement of operations for the year ended December 31, 2022. The loss on sale was determined as the difference in the aforementioned upfront payment and the carrying value of the assets purchased by Sentynl of approximately $16.3 million, which comprised mainly of intellectual property rights and related intangible assets and existing inventories as of the Closing Date.

Origin’s sale of the assets covered in the Origin-Sentynl APA was not subject to the limitation on our ability to dispose of assets under the terms of the Loan Agreement (see Note 9).
v3.25.0.1
In-licensing and Other Research and Development Agreements
 12 Months Ended
Dec. 31, 2024
In-Licensing And Other Research And Development Agreements [Abstract]  
In-licensing and Other Research and Development Agreements
13.
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. In March 2017, Eidos paid a license fee of $10,000, which was recorded as research and development expense during the year ended December 31, 2017, as the acquired assets did not have any alternative future use. 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 year ended December 31, 2024, we incurred and paid $8.1 million of licensing fees due to Stanford University related to the Company entering into the Bayer License Agreement in March 2024, recognized a milestone payable of $0.5 million upon the receipt of the FDA approval for Attruby, and recognized an immaterial amount of royalty payable from the net sales of Attruby. For the years ended December 31, 2023 and 2022, the license fees incurred was not material.

Diagnostics Agreement with Foundation Medicine

As discussed in Note 7, QED and FMI entered into a diagnostics agreement relating to QED’s drug discovery and development initiatives. In connection with this agreement, there were no research and development expenses incurred by QED for the years ended December 31, 2024 and 2023. In connection with this agreement, QED recognized research and development expenses of $2.6 million during the year ended December 31, 2022.

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.

For the years ended December 31, 2024 and 2023, $3.5 million and nil, respectively, in research and development expenses were incurred, which was net of $4.3 million and nil, respectively, in cost sharing credits received in connection with the Resilience Agreements.

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 17 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. We do not expect there to be a material financial impact from the termination of these 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.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases
14.
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” in our 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:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

 

(in thousands)

 

 

 

 

Straight line operating lease costs

 

$

4,110

 

 

$

4,032

 

 

$

5,172

 

Finance lease costs

 

 

395

 

 

 

420

 

 

 

443

 

Variable lease costs

 

 

6,305

 

 

 

6,844

 

 

 

6,142

 

Total lease cost

 

$

10,810

 

 

$

11,296

 

 

$

11,757

 

Supplemental cash flow information related to leases are as follows:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

 

(in thousands)

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

5,902

 

 

$

4,829

 

 

$

6,245

 

Operating cash flows for finance lease

 

 

445

 

 

 

397

 

 

 

423

 

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

 

 

1,591

 

 

 

1,179

 

 

 

240

 

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

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Weighted-average remaining lease term (in years)

 

 

 

 

 

 

Operating leases

 

 

3.6

 

 

 

4.7

 

Finance lease

 

 

1.1

 

 

 

2.1

 

Weighted-average discount rate

 

 

 

 

 

 

Operating leases

 

 

6.0

%

 

 

6.0

%

Finance lease

 

 

6.6

%

 

 

6.6

%

 

As of December 31, 2024, 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)

 

Year ending December 31:

 

 

 

2025

 

$

4,926

 

2026

 

 

2,468

 

2027

 

 

436

 

2028

 

 

439

 

2029

 

 

471

 

Thereafter

 

 

1,362

 

Total future minimum lease payments

 

 

10,102

 

Imputed interest

 

 

(900

)

Total

 

$

9,202

 

 

 

 

Reported as of December 31, 2024

 

 

 

Operating lease liabilities, current portion

 

$

4,506

 

Operating lease liabilities, net of current portion

 

 

4,696

 

Total operating lease liabilities

 

$

9,202

 

The impairment losses related to operating lease right-of-use assets for the years ended December 31, 2024, 2023, and 2022 were not material.

Manufacturing Agreement

In December 2019, we entered into a manufacturing agreement with a third party contract manufacturer to secure clinical and commercial scale manufacturing capacity for the manufacture of batches of active pharmaceutical ingredients for product candidates of certain subsidiaries of BridgeBio. Under the terms of the agreement, we were assigned a dedicated manufacturing suite for certain months in each calendar year for a one-time fee of $10.0 million, which would be applied to the buildout, commissioning, qualification, validation, equipping and exclusive use of the dedicated manufacturing suite.

We recorded a construction-in-progress asset of $10.0 million for the payments directly associated with the dedicated manufacturing suite as these payments are deemed to represent a non-lease component. In 2020, we entered into a supplemental agreement with the vendor for certain upgrades on the dedicated manufacturing suite and for additional equipment of approximately $0.2 million. As of December 31, 2021, the readiness determination phase of the dedicated manufacturing suite was expected to be completed in 2022.

In March 2022, we mutually agreed with the vendor to terminate the manufacturing agreement. The termination agreement was executed effective May 2022. In accordance with the termination agreement, we paid the $2.0 million remaining payable related to the dedicated manufacturing suite and a termination fee of $1.8 million. For the year ended December 31, 2022, we recorded an impairment loss of $10.2 million for the carrying value of the construction-in-progress asset that was no longer recoverable as our rights to the dedicated manufacturing suite ceased pursuant to the termination agreement. The aforementioned impairment loss and the termination fee are included as part of “Restructuring, impairment and related charges” in our consolidated statement of operations for the year ended December 31, 2022 (see Note 17).
v3.25.0.1
Public Offerings
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Public Offerings
15.
Public Offerings

2020 Shelf Registration

In July 2020, we filed a shelf registration statement on Form S-3 (the “2020 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 simultaneously entered into an Open Market Sale AgreementSM with Jefferies LLC and SVB Leerink LLC (collectively, the “Sales Agents”), to provide for the offering, issuance and sale by us of up to an aggregate of $350.0 million of our common stock from time to time in “at-the-market” offerings under the 2020 Shelf and subject to the limitations thereof (the “2020 Sales Agreement”). We will pay to the applicable Sales Agents cash commissions of up to 3.0% of the gross proceeds of sales of common stock under the 2020 Sales Agreement. During the year ended December 31, 2022, the Company sold 455,800 shares through this offering at an average price of $10.90 per share, resulting in net proceeds of $4.9 million. We did not issue any shares or receive any proceeds from this offering during the year ended December 31, 2023. In May 2023, we terminated the Open Market Sale AgreementSM.

2023 Follow-on Offering

In March 2023, we entered into an Underwriting Agreement (the “2023 Follow-on Agreement”) with Goldman Sachs & Co. LLC, Evercore Group L.L.C., Morgan Stanley & Co. LLC and KKR Capital Markets LLC (“KCM”), as representatives of several underwriters (collectively, the “Underwriters”), relating to an underwritten public offering (the “2023 Follow-on offering”) of 8,823,530 shares of the Company’s common stock, $0.001 par value per share (the “Common Stock”), at a public offering price of $17.00 per share. The Company also granted the Underwriters a 30-day option to purchase, at the public offering price less underwriting discounts and commissions, up to an additional 1,323,529 shares of Common Stock. The Company paid the Underwriters a commission of 4.3% of the aggregate gross proceeds received from all sales of the common stock under the 2023 Follow-on Agreement. The Underwriters included KCM, which is an affiliate of KKR Genetic Disorder L.P., a related party being a stockholder who beneficially owns greater than 5% of our outstanding securities. KCM received a commission of 0.315% of the aggregate gross proceeds received from all sales of the common stock under the 2023 Follow-on Agreement. On March 10, 2023, 8,823,530 shares were issued under the 2023 Follow-on Agreement, for net proceeds of $143.0 million, after deducting underwriting fees and commissions of $6.5 million (of which $0.5 million related to commissions paid to KCM) and offering costs of $0.5 million. On April 3, 2023, the Underwriters partially exercised their 30-day option to purchase additional shares, for which 63,470 shares were issued for net proceeds of $1.0 million, after deducting underwriting fees and commissions of less than $0.1 million.

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, 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. 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. As of December 31, 2024, we are still eligible to sell up to $345.3 million of our common stock pursuant to the ATM Agreement under the 2023 Shelf.

Securities Purchase Agreement and Private Placement

In September 2023, we and certain accredited investors (each an “Investor” and collectively, the “Investors”) entered into a securities purchase agreement pursuant to which we sold and issued to the Investors in a private placement (the “Private Placement”) an aggregate of 9,167,723 shares of our common stock, par value $0.001 per share, at a purchase price of $27.27 per share. We paid certain placement agents a commission based on the aggregate gross proceeds received from all sales of the common stock under the Private Placement. One of the placement agents in the Private Placement was KCM, which is an affiliate of KKR Genetic Disorder L.P., a related party being a stockholder who beneficially owns greater than 5% of our outstanding securities. KCM received a commission of $1.8 million of the aggregate gross proceeds received from all sales of the common stock in the Private Placement. During the year ended December 31, 2023, we received net proceeds of $240.8 million under the Private Placement offering, after deducting placement agent commissions of $8.7 million and offering costs of $0.5 million.

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.

v3.25.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation
16.
Stock-Based Compensation

Under each of the legal entity’s equity plans, we recorded stock-based compensation in the following expense categories in our consolidated statements of operations for employees and non-employees:

 

 

 

Year Ended December 31, 2024

 

 

 

BridgeBio
Equity Plan

 

 

Other
Subsidiaries
Equity Plan

 

 

Total

 

 

 

 

 

 

(in thousands)

 

 

 

 

Research and development

 

$

49,807

 

 

$

37

 

 

$

49,844

 

Selling, general and administrative

 

 

63,862

 

 

 

—

 

 

 

63,862

 

Restructuring, impairment and related charges

 

 

160

 

 

 

—

 

 

 

160

 

Total stock-based compensation

 

$

113,829

 

 

$

37

 

 

$

113,866

 

 

 

 

Year Ended December 31, 2023

 

 

 

BridgeBio
Equity Plan

 

 

Other
Subsidiaries
Equity Plan

 

 

Total

 

 

 

 

 

 

(in thousands)

 

 

 

 

Research and development

 

$

61,433

 

 

$

214

 

 

$

61,647

 

Selling, general and administrative

 

 

53,288

 

 

 

81

 

 

 

53,369

 

Total stock-based compensation

 

$

114,721

 

 

$

295

 

 

$

115,016

 

 

 

 

 

Year Ended December 31, 2022

 

 

 

BridgeBio
Equity Plan

 

 

Other
Subsidiaries
Equity Plan

 

 

Total

 

 

 

 

 

 

(in thousands)

 

 

 

 

Research and development

 

$

37,700

 

 

$

287

 

 

$

37,987

 

Selling, general and administrative

 

 

54,669

 

 

 

—

 

 

 

54,669

 

Restructuring, impairment and related charges

 

 

1,172

 

 

 

—

 

 

 

1,172

 

Total stock-based compensation

 

$

93,541

 

 

$

287

 

 

$

93,828

 

 

We have recorded $18.1 million, $6.3 million, and $2.2 million of stock-based compensation expense for the years ended December 31, 2024, 2023 and 2022, respectively, for performance-based milestone awards that were achieved during the period and were settled in cash.

Equity-Based Awards of BridgeBio

On June 22, 2019, we adopted the 2019 Stock Option and Incentive Plan (the “2019 Plan”), which became effective on June 25, 2019. The 2019 Plan provides for the grant of stock-based incentive awards, including common stock options and other stock-based awards. We were authorized to issue 11,500,000 shares of common stock for issuance of awards under the 2019 Plan, which may be allocated among stock options, awards of restricted common stock, restricted common units and other stock-based awards. On June 2, 2020, our stockholders approved an amendment and restatement of the 2019 Plan (the “A&R 2019 Plan”), to, among other things, increase the number of shares of common stock reserved for issuance thereunder by 2,500,000 shares. The A&R 2019 Plan was further amended on December 15, 2021 (the “2021 A&R Plan”). 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 numbers of shares authorized for issuance by 6,500,000 shares.

The 2021 A&R Plan, provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2020 and ending on the date of the Company’s annual stockholder’s meeting in calendar year 2023 (which occurred on June 21, 2023), by 5% of the issued and outstanding number of shares of common stock on the immediately preceding December 31, or such lesser number of shares as determined by the Compensation Committee of the Board of Directors.

On November 13, 2019, we adopted the 2019 Inducement Equity Plan (the “2019 Inducement Plan”). The 2019 Inducement Plan provides for the grant of stock-based awards to induce highly qualified prospective officers and employees who are not currently employed by BridgeBio or its Subsidiaries to accept employment and to provide them with a proprietary interest in BridgeBio, including common stock options and other stock-based awards. We were authorized to issue 1,000,000 shares of common stock for inducement awards under the 2019 Inducement Plan, which may be allocated among stock options, awards of restricted common stock, restricted common units and other stock-based awards. In February 2023, the 2019 Inducement Plan was amended and restated to increase the total number of shares authorized for issuance from 1,000,000 shares to 2,000,000 shares. In December 2023, the 2019 Inducement Plan was further amended and restated to increase the number of shares authorized for issuance from 2,000,000 shares to 3,750,000 shares.

As of December 31, 2024, 8,796,454 and 1,094,152 shares were reserved for future issuances under the 2021 A&R Plan and 2019 Inducement 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 then 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 then 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 year 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” in the 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 year ended December 31, 2024, we recognized a net reversal of $6.7 million in stock-based compensation cost associated with performance-based milestone awards, which includes reversals totaling $8.9 million for obligations that were no longer determined to be probable. For the years ended December 31, 2023 and 2022, we recognized $3.4 million and $0.7 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 each of the reporting date. Refer to Note 8 for contingent compensation accrued associated with performance-based milestones that are determined to be probable as of December 31, 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 years ended December 31, 2024, 2023, and 2022, we recognized $9.1 million, $16.8 million, and $1.9 million, respectively, of stock-based compensation expense associated with performance-based milestone awards that were determined to be probable of achievement as of each reporting date. The $9.1 million in stock-based compensation associated with performance-based milestone awards recognized for the year ended December 31, 2024 includes reversals totaling $1.6 million as the obligation was no longer determined to be probable. Refer to Note 8 for contingent compensation accrued associated with performance-based milestones awards that are determined to be probable as of December 31, 2024.

Stock Option Grants of BridgeBio

The following table summarizes BridgeBio’s stock option activity under the Plans for the year ended December 31, 2024:

 

 

 

Options
Outstanding

 

 

Weighted-
Average
Exercise
Price per
Option

 

 

Weighted-
Average
Remaining
Contractual
Life (years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Outstanding as of December 31, 2023

 

 

 

 

 

12,332,442

 

 

 

 

 

 

 

 

 

 

Regular equity program

 

 

10,793,862

 

 

 

 

 

$

25.69

 

 

 

7.1

 

 

$

178,594

 

Eidos Awards Exchange

 

 

1,221,942

 

 

 

 

 

$

14.60

 

 

 

4.7

 

 

$

31,580

 

Exchange Program

 

 

316,638

 

 

 

 

 

$

2.19

 

 

 

5.3

 

 

$

12,105

 

Granted

 

 

 

 

 

401,924

 

 

 

 

 

 

 

 

 

 

Regular equity program

 

 

401,924

 

 

 

 

 

$

27.54

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

(227,567

)

 

 

 

 

 

 

 

 

 

Regular equity program

 

 

(20,579

)

 

 

 

 

$

21.45

 

 

 

 

 

 

 

Eidos Awards Exchange

 

 

(203,900

)

 

 

 

 

$

15.76

 

 

 

 

 

 

 

Exchange Program

 

 

(3,088

)

 

 

 

 

$

0.59

 

 

 

 

 

 

 

Cancelled

 

 

 

 

 

(6,916

)

 

 

 

 

 

 

 

 

 

Regular equity program

 

 

(2,580

)

 

 

 

 

$

29.49

 

 

 

 

 

 

 

Eidos Awards Exchange

 

 

(3,867

)

 

 

 

 

$

63.38

 

 

 

 

 

 

 

Exchange Program

 

 

(469

)

 

 

 

 

$

0.48

 

 

 

 

 

 

 

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

 

Exercisable as of December 31, 2024

 

 

 

 

 

10,269,962

 

 

 

 

 

 

 

 

 

 

Regular equity program

 

 

8,945,126

 

 

 

 

 

$

27.27

 

 

 

5.8

 

 

$

56,480

 

Eidos Awards Exchange

 

 

1,014,175

 

 

 

 

 

$

14.18

 

 

 

4.3

 

 

$

13,734

 

Exchange Program

 

 

310,661

 

 

 

 

 

$

2.20

 

 

 

4.3

 

 

$

7,936

 

 

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 year ended December 31, 2024 was $21.28.

The aggregate intrinsic value of options outstanding and exercisable as of December 31, 2024, in the table above are calculated based on the difference between the exercise price and the current fair value of BridgeBio common stock. The total intrinsic value of options exercised during the year ended December 31, 2024 was $2.9 million.

For the years ended December 31, 2024, 2023, and 2022, we recognized stock-based compensation expense of $22.4 million, $28.5 million, $39.7 million, respectively, related to stock options under the Plans. As of December 31, 2024, there was $22.2 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 1.5 years.

Restricted Stock Units (RSUs) of BridgeBio

The following table summarizes BridgeBio’s RSU activity under the Plans for the year ended December 31, 2024:

 

 

 

Unvested
Shares of
RSUs
Outstanding

 

 

Weighted-
Average
Grant Date
Fair Value

 

Balance as of December 31, 2023

 

 

8,942,813

 

 

$

16.27

 

Granted

 

 

6,103,761

 

 

$

28.40

 

Vested

 

 

(3,809,372

)

 

$

19.37

 

Cancelled

 

 

(964,404

)

 

$

20.71

 

Balance as of December 31, 2024

 

 

10,272,798

 

 

$

21.91

 

 

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

For the years ended December 31, 2024, 2023, and 2022, we recognized stock-based compensation expense of $78.3 million, $59.1 million, $43.1 million, respectively, related to shares of RSUs under the Plans. As of December 31, 2024, there was $208.5 million of total unrecognized compensation cost related to RSUs under the Plans that is expected to be recognized over a weighted-average period of 2.5 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 December 31, 2024, 375,000 market-based RSUs were outstanding with a weighted average grant date fair value of $28.73. For the years ended December 31, 2024 and 2023, we recognized $7.6 million and $0.7 million, respectively, of stock-based compensation expense related to market-based RSU awards. As of December 31, 2024, there was $2.5 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 0.6 years.

Restricted Stock Awards (RSAs) of BridgeBio

In 2019, all unvested outstanding management incentive units and common units of BBP LLC which existed prior to the reorganization and IPO were cancelled and converted into shares of BridgeBio’s RSAs.

The following table summarizes our RSA activity under the Plans for the year ended December 31, 2024:

 

 

 

Unvested
Shares of
RSAs
Outstanding

 

 

Weighted-
Average
Grant Date
Fair Value

 

Balance as of December 31, 2023

 

 

85,453

 

 

$

7.27

 

Granted — Exchange Program

 

 

8,057

 

 

$

38.74

 

Vested — Exchange Program

 

 

(8,057

)

 

$

38.74

 

Vested — Regular equity program

 

 

(85,453

)

 

$

7.27

 

Balance as of December 31, 2024

 

 

—

 

 

$

—

 

For the years ended December 31, 2024, 2023, and 2022, we recognized stock-based compensation expense related to RSAs under the Plans as follows:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

(in thousands)

 

 

 

 

Exchange Program

 

$

312

 

 

$

4,056

 

 

$

3,238

 

Other RSAs

 

 

621

 

 

 

4,033

 

 

 

5,326

 

Total stock-based compensation expense

 

$

933

 

 

$

8,089

 

 

$

8,564

 

As of December 31, 2024, there was no unrecognized compensation cost related to RSAs under the Plans. The respective balance of unvested RSAs as of December 31, 2024 and 2023 is included as outstanding shares disclosed in the consolidated balance sheets as the shares were actually issued but are subject to forfeiture per the terms of the awards.

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 years ended December 31, 2024, 2023, and 2022 we recognized $2.5 million, $2.3 million, and $2.6 million respectively, of stock-based compensation expense related to our ESPP. As of December 31, 2024, 3,361,774 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 ESPP. We used the following weighted-average assumptions in the Black-Scholes calculations:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

Stock Options

 

 

ESPP

 

 

Stock Options

 

 

ESPP

 

 

Stock Options

 

 

ESPP

 

Expected term (in years)

 

 

6.0

 

 

 

0.5

 

 

 

6.0

 

 

 

0.5

 

 

 

6.0

 

 

 

0.5

 

Expected volatility

 

92.0% - 93.1%

 

 

52.0% - 122.1%

 

 

66.2% - 67.5%

 

 

86.1% - 122.1%

 

 

 

65.9

%

 

52.0% - 191.7%

 

Risk-free interest rate

 

3.8% - 4.3%

 

 

5.0% - 5.5%

 

 

3.9% - 4.1%

 

 

3.1% - 5.5%

 

 

 

3.2

%

 

0.1% - 3.1%

 

Dividend yield

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Weighted-average fair value of
     stock-based awards granted

 

$

21.28

 

 

$

11.34

 

 

$

8.48

 

 

$

8.22

 

 

$

5.24

 

 

$

6.29

 
v3.25.0.1
Restructuring, Impairment and Related Charges
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring, Impairment and Related Charges
17.
Restructuring, Impairment and Related Charges

In January 2022, we committed to a restructuring initiative designed to drive operational changes in our business processes, efficiencies and cost savings to advance our corporate strategy and development programs. The restructuring initiative included, among other components, consolidation and rationalization of our facilities, reprioritization of development programs and the reduction in our workforce.

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 have committed to additional restructuring plans to reprioritize and advance our corporate strategy and development programs. 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 in our consolidated statement of operations for the years ended December 31, 2024, 2023, and 2022 consisted of the following:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

(in thousands)

 

Winding down, exit and other related costs

 

$

10,255

 

 

$

7,211

 

 

$

20,739

 

Severance and employee-related costs

 

 

5,079

 

 

 

715

 

 

 

10,306

 

Long-lived assets impairments and write-offs

 

 

271

 

 

 

—

 

 

 

12,720

 

Total

 

$

15,605

 

 

$

7,926

 

 

$

43,765

 

The following table summarizes the activity related to the restructuring liabilities associated with our restructuring initiatives for the years ended December 31, 2024, 2023, and 2022:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

(in thousands)

 

Beginning balance

 

$

55

 

 

$

6,826

 

 

$

—

 

Reclassification of final payment obligation related to a manufacturing agreement that was recognized in the prior period (see Note 14)

 

 

—

 

 

 

—

 

 

 

2,185

 

Restructuring, impairment and related charges

 

 

15,605

 

 

 

7,926

 

 

 

43,765

 

Cash payments

 

 

(13,374

)

 

 

(14,697

)

 

 

(25,232

)

Noncash activities

 

 

(438

)

 

 

—

 

 

 

(13,892

)

Ending balance

 

$

1,848

 

 

$

55

 

 

$

6,826

 

 

Restructuring liabilities are presented in our consolidated balance sheets as follows:

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

(in thousands)

 

Accounts payable

 

$

330

 

 

$

48

 

Accrued compensation and benefits

 

 

332

 

 

 

—

 

Accrued research and development liabilities

 

 

1,020

 

 

 

7

 

Accrued professional and other accrued liabilities

 

 

166

 

 

 

—

 

Total

 

$

1,848

 

 

$

55

 
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes
18.
Income Taxes

The following table presents the components of net loss before income taxes:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Domestic

 

$

207,795

 

 

$

565,840

 

 

$

485,079

 

Foreign

 

 

334,399

 

 

 

87,411

 

 

 

(427

)

Total loss before income taxes

 

$

542,194

 

 

$

653,251

 

 

$

484,652

 

The following table presents income tax expense for the years ended December 31, 2024, 2023, and 2022:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Current:

 

 

 

 

 

 

 

 

 

U.S. Federal

 

$

811

 

 

$

—

 

 

$

—

 

State

 

 

—

 

 

 

—

 

 

 

—

 

Foreign

 

 

342

 

 

 

—

 

 

 

—

 

Total Current

 

 

1,153

 

 

 

—

 

 

 

—

 

Deferred

 

 

—

 

 

 

—

 

 

 

—

 

     Total income tax expense

 

$

1,153

 

 

$

—

 

 

$

—

 

The following table presents a reconciliation of the statutory federal rate and our effective tax rate:

 

 

 

Year Ended December 31,

 

 

 

 

2024

 

 

 

2023

 

 

 

2022

 

 

Tax at statutory federal rate

 

 

21.0

 

%

 

 

21.0

 

%

 

 

21.0

 

%

Foreign impact on cross border transactions

 

 

(10.0

)

 

 

 

—

 

 

 

 

—

 

 

Change in valuation allowance

 

 

(7.0

)

 

 

 

(20.3

)

 

 

 

(21.7

)

 

Research and development credits

 

 

3.2

 

 

 

 

2.3

 

 

 

 

3.2

 

 

Stock-based compensation

 

 

1.3

 

 

 

 

0.6

 

 

 

 

(1.8

)

 

Disallowed executive compensation

 

 

(1.2

)

 

 

 

(0.8

)

 

 

 

—

 

 

Deconsolidation of subsidiaries

 

 

(1.4

)

 

 

 

(1.4

)

 

 

 

—

 

 

Foreign rate differential

 

 

(5.6

)

 

 

 

(1.2

)

 

 

 

—

 

 

Other

 

 

(0.5

)

 

 

 

(0.2

)

 

 

 

(0.7

)

 

Effective income tax rate

 

 

(0.2

)

%

 

 

—

 

%

 

 

—

 

%

 

 

Significant components of our deferred tax assets and liabilities are as follows:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carry-forwards

 

$

379,019

 

 

$

358,867

 

Amortization

 

 

10,188

 

 

 

10,024

 

Accruals and reserves

 

 

7,787

 

 

 

6,453

 

Deferred revenue

 

 

—

 

 

 

2,130

 

Stock-based compensation

 

 

21,109

 

 

 

21,340

 

Equity method investment

 

 

2,998

 

 

 

—

 

Tax credits

 

 

117,020

 

 

 

97,735

 

Operating lease liabilities

 

 

2,200

 

 

 

3,153

 

Deferred income from asset sale

 

 

2,242

 

 

 

2,333

 

Capitalized research and experimental expenditures

 

 

150,520

 

 

 

144,873

 

Deferred interest expense

 

 

30,747

 

 

 

26,596

 

Property and equipment

 

 

918

 

 

 

822

 

Unrealized gains and losses

 

 

3,336

 

 

 

—

 

Other

 

 

554

 

 

 

4,230

 

Gross deferred tax assets

 

 

728,638

 

 

 

678,556

 

Less valuation allowance

 

 

(727,326

)

 

 

(672,084

)

Deferred tax assets, net of valuation allowance

 

 

1,312

 

 

 

6,472

 

Deferred tax liabilities:

 

 

 

 

 

 

Operating lease right-of-use assets

 

 

(1,312

)

 

 

(1,784

)

Unrealized gains and losses

 

 

—

 

 

 

(4,688

)

Deferred tax liabilities

 

 

(1,312

)

 

 

(6,472

)

Net deferred tax assets (liabilities)

 

$

—

 

 

$

—

 

As of December 31, 2024, we have net operating loss carryforwards available to reduce future taxable income, if any, for federal and state income tax purposes of approximately $1.4 billion and $439.4 million, respectively. The federal net operating losses generated prior to 2018 amounting to $10.8 million will begin to expire in 2036, losses generated after 2018 amounting to $1.4 billion will carry over indefinitely and would be subject to an 80% taxable income limitation in the year utilized. State net operating losses will generally begin to expire in 2036.We also have foreign net operating loss carryforwards of $404.5 million available to reduce future taxable income, if any, which will begin to expire in 2030.

As of December 31, 2024, we had federal research and development and orphan drug credit carryforwards of $120.3 million, which will expire beginning in 2038 if not utilized. As of December 31, 2024, we have California and other state research and development tax credit carryforwards of $29.1 million. The state research and development tax credits will expire at various dates while the California research and development tax credits will carry over indefinitely.

Beginning in 2022, the 2017 Tax Cuts and Jobs Act amended Section 174 to eliminate current-year deductibility of research and experimentation (R&E) expenditures and software development costs (collectively, R&E expenditures) and instead require taxpayers to charge their R&E expenditures to a capital account amortized over five years (15 years for expenditures attributable to R&E activity performed outside the United States). The Company generates a deferred tax asset for capitalized R&E expenditures for the year ended December 31, 2024 which is fully offset with a valuation allowance.

A valuation allowance is provided for deferred tax assets where the recoverability of the assets is uncertain. The determination to provide a valuation allowance is dependent upon the assessment of whether it is more likely than not that sufficient future taxable income will be generated to utilize the deferred tax assets. Based on the weight of the available evidence, which includes our historical operating losses and forecast of future losses, we provided a valuation allowance against the U.S. federal, state, and foreign deferred tax assets resulting from the tax loss and credits carried forward. The valuation allowance increased by $55.2 million, $138.2 million, and $110.0 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Utilization of the net operating loss and credit carryforwards may be subject to a substantial annual limitation due to an ownership change limitation as provided by section 382 of the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before utilization. In the event that we had a change of ownership, utilization of the net operating loss and tax credit carryforwards may be restricted.

As of December 31, 2024, we had an immaterial amount of undistributed earnings of our non-U.S. subsidiaries for which we have not provided for non-U.S. withholding taxes and state taxes because such earnings are intended to be reinvested indefinitely in international operations. The amount of applicable taxes due if such earnings were distributed would be immaterial. Accordingly, we have not provisioned U.S. state taxes and foreign withholding taxes on non-U.S. subsidiaries for which the earnings are permanently reinvested.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Balance at the beginning of the year

 

$

30,856

 

 

$

27,013

 

Additions of prior year positions

 

 

99

 

 

 

10

 

Reductions of prior year positions

 

 

(520

)

 

 

(2,504

)

Additions based on tax positions related to
   current year

 

 

6,431

 

 

 

6,337

 

Balance at the end of the year

 

$

36,866

 

 

$

30,856

 

As of December 31, 2024 and 2023, we have not recorded interest and penalties associated with our unrecognized tax benefits. Our policy is to recognize interest and penalties related to income tax matters in income tax expense.

Our unrecognized gross tax benefits would not reduce the annual effective tax rate if recognized because we have recorded a valuation allowance on our deferred tax assets.

We file federal and various income tax returns. We currently have no federal, state, or foreign tax examinations in progress. All years are open for examination by federal, state, and foreign authorities.

v3.25.0.1
Net Loss Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Net Loss Per Share
19.
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 years ended December 31, 2024, 2023 and 2022, diluted and basic net loss per share attributable to common stockholders of BridgeBio was 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 December 31,

 

 

2024

 

 

2023

 

 

2022

 

Unvested RSAs

 

—

 

 

 

85,453

 

 

 

652,058

 

Unvested RSUs

 

10,272,798

 

 

 

8,942,813

 

 

 

4,108,642

 

Unvested performance-based RSUs

 

3,326

 

 

 

3,326

 

 

 

7,875

 

Unvested market-based RSUs

 

375,000

 

 

 

375,000

 

 

 

—

 

Common stock options issued and outstanding

 

12,499,883

 

 

 

12,332,442

 

 

 

11,637,861

 

Estimated shares issuable under performance-based milestone
  compensation arrangements

 

2,558,295

 

 

 

4,865,250

 

 

 

19,201,212

 

Estimated shares issuable under the ESPP

 

122,268

 

 

 

75,889

 

 

 

217,660

 

Assumed conversion of 2027 Notes

 

12,878,305

 

 

 

12,878,305

 

 

 

12,878,305

 

Assumed conversion of 2029 Notes

 

7,702,988

 

 

 

7,702,988

 

 

 

7,702,988

 

 

46,412,863

 

 

 

47,261,466

 

 

 

56,406,601

 

Our 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 16, 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.

v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

The consolidated financial statements include the accounts of BridgeBio Pharma, Inc., 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” in our 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 consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) 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 years ended December 31, 2024, 2023 and 2022 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 period.
Variable Interest Entities and Voting Interest Entities

Variable Interest Entities and Voting Interest Entities

BridgeBio consolidates those entities in which it has a direct or indirect controlling financial interest based on either the VIE model or the VOE model.

VIEs are entities that, by design, either (i) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties; or (ii) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity.

The primary beneficiary of a VIE is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE through its interest in the VIE.

To assess whether BridgeBio has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, BridgeBio considers all the facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes identifying the activities that most significantly impact the VIE’s economic performance and identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE (management and representation on the Board of Directors) and have the right to unilaterally remove those decision-makers are deemed to have the power to direct the activities of a VIE.

To assess whether BridgeBio has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, BridgeBio considers all of its economic interests, which primarily include equity investments in preferred and common stock and issuance of notes that are convertible into preferred stock, that are deemed to be variable interests in the VIE. This assessment requires BridgeBio to apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing the significance include: the design of the VIE, including its capitalization structure, subordination of interests, payment priority, relative share of interests held across various classes within the VIE’s capital structure, and the reasons why the interests are held by BridgeBio.

At the VIE’s inception, BridgeBio determines whether it is the primary beneficiary and if the VIE should be consolidated based on the facts and circumstances. We have determined that the consolidated VIEs, in which BridgeBio is the primary beneficiary, individually meet the definition of a business. There are no significant restrictions on the assets and liabilities of BridgeBio’s consolidated VIEs. BridgeBio then performs ongoing reassessments of the VIE based on reconsideration events and reevaluates whether a change to the consolidation and disclosure conclusions are required each reporting period.

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, directly or indirectly, has greater than 50% of the voting shares and that other equity holders do not have substantive voting, participating, or liquidation rights. Refer to Note 5.

Equity Method and Other Equity Investments

Equity Method and Other Equity Investments

We use the equity method to account for any of our investments under the scope of Accounting Standards Codification (“ASC”) 323 Investments — Equity Method and Joint Ventures, where we may not be the primary beneficiary, but may still exercise significant influence over operating activities of the investee. Our consolidated net loss includes our Company’s proportionate share of the net income or loss from equity method investment and amortization of any in-process research and development (“IPR&D asset”). Our judgment regarding the level of influence over each equity method investee includes considering key factors such as our ownership interest, representation on the board of directors, participation in policy-making decisions, and other material transactions.

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, a Delaware limited liability company (“GondolaBio”), and as a result, Portal Therapeutics, Inc. and Sub21, Inc. were deconsolidated in conjunction with the GondolaBio transaction described below.

GondolaBio was formed on June 5, 2024 and the Company was the sole member. On August 16, 2024, the Company, on the recommendation of a special committee of independent and disinterested directors of the Company, entered into a transaction agreement (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 certain assets contributed to GondolaBio by 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 December 31, 2024. 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, GondolaBio’s limited liability company agreement was amended and restated to reflect a change in its governance structure and composition of the board of managers, which was determined to be a VIE reconsideration event. Based on the VIE reconsideration assessment, 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. Upon the deconsolidation of GondolaBio on August 16, 2024, BridgeBio accounted for its investment in GondolaBio, for which it has significant influence through its ownership interest, using the equity method of accounting.

Since inception through April 29, 2024, TheRas, Inc. (“TheRas”) was a majority-owned consolidated subsidiary of the Company. On April 30, 2024, the Company completed a $200.0 million private equity financing with external investors of TheRas, to accelerate the development of its oncology portfolio. Upon completion of the private equity financing, Company ownership was reduced to 37.9% of TheRas’ equity. As part of the private equity financing transaction, TheRas’ Certificate of Incorporation and Investors’ Rights Agreement were amended and restated to reflect a change in TheRas’ governance structure and composition of the board of directors, which was determined to be a VIE reconsideration event. Based on the VIE reconsideration assessment, TheRas 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, as it no longer has the power over key decisions that significantly impact TheRas’ economic performance. Accordingly, BridgeBio deconsolidated TheRas and accounted for BridgeBio’s retained investment in TheRas, for which it has significant influence through its ownership interest, using the equity method of accounting as of April 30, 2024.

As of December 31, 2020, we had an equity method and equity security investments in PellePharm. The equity security investments in PellePharm were without a readily determinable fair value and were carried at cost less impairment plus or minus observable price changes. PellePharm became a consolidated VIE in April 2021 under ASC 810, Consolidation. On January 16, 2023, PellePharm’s board of directors authorized the assignment of all PellePharm’s assets to PellePharm ABC, LLC for liquidation and distribution under the General Assignment for the Benefit of Creditors (“ABC”). As part of the ABC proceedings, PellePharm’s board of directors resigned effective March 6, 2023. The date the board of directors resigned was determined to be a VIE reconsideration event. Based on the changes to PellePharm’s governance structure and composition of the board of directors as a result of the ABC, BridgeBio was no longer the primary beneficiary, as it no longer had the power over key decisions that

significantly impact PellePharm’s economic performance. Accordingly, BridgeBio deconsolidated PellePharm effective during the three months ended March 31, 2023.

Refer to Note 6 for further discussion on the GondolaBio, TheRas and PellePharm investments. GondolaBio and TheRas are accounted for as equity method investments as of December 31, 2024. We did not have any equity method investments as of December 31, 2023.

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. Substantially all of our cash, cash equivalents, and restricted cash are held in financial institutions in the United States. 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 in such accounts as of and for the years ended December 31, 2024 and 2023.

During the years ended December 31, 2024, 2023 and 2022, our revenues were generated primarily from license and collaboration agreements with strategic partners and from product sales to distributors. We are subject to credit risk from our accounts receivables. 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.

The following table summarizes customers that represent 10% or greater of our consolidated revenue, net:

 

Year ended December 31,

 

2024

 

2023

 

2022

 

(in thousands)

Bayer Consumer Care AG (“Bayer”)

59.3%

 

*

 

*

Kirin Co., Ltd (“Kyowa Kirin” or “KKC”)

34.3%

 

*

 

*

Bristol-Myers Squibb Company ("BMS")

*

 

80.6%

 

98.2%

LianBio

*

 

14.5%

 

*

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

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 the commercial sale of Attruby 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 our other clinical development 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 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 consolidated financial statements, and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying 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,
•
determining and allocating the transaction price to performance obligations for transactions accounted for under ASC 606, Revenue from Contracts with Customers (“ASC 606”),
•
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, 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 corporate bonds, corporate commercial paper, U.S. government obligations, and money market funds, and places restrictions on maturities and concentrations by type and issuer.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the amounts shown in the consolidated statements of cash flows:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Cash and cash equivalents

 

$

681,101

 

 

$

375,935

 

 

$

376,689

 

Restricted cash

 

 

126

 

 

 

16,653

 

 

 

37,930

 

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

 

 

2,017

 

 

 

2,144

 

 

 

2,265

 

Total cash, cash equivalents and restricted cash
   shown on the consolidated statements of cash flows

 

$

683,244

 

 

$

394,732

 

 

$

416,884

 
Restricted Cash

Restricted Cash

Restricted cash primarily represents funds in a controlled account that was established in connection with the Company’s Term Loans described in Note 9.

Under the terms of the Financing Agreement (as defined in Note 9), the Company is required to deposit 75% of proceeds, net of certain permitted costs, received from certain asset sale transactions into escrow accounts to be controlled by the Administrative Agent. During the three months ended June 30, 2024, we received $235.0 million in aggregate from Bayer Consumer Care AG and Kyowa Kirin Co., Ltd, and deposited net proceeds of $159.3 million into the escrow accounts, which was classified as “Restricted cash” on the consolidated balance sheet. Furthermore, under the terms of the Amended Financing Agreement (as defined in Note 9), between June 20, 2024 and through the earlier of the FDA approval date of a first NDA for acoramidis or November 30, 2024, the Company was able to request a release of funds in an aggregate amount not to exceed 50% of the original net cash proceeds received from asset sale transactions. During the three months ended June 30, 2024, $20.0 million was released from the escrow accounts. Following the FDA approval of Attruby and receipt of consent from the lenders, the remaining $139.3 million was released from the escrow accounts and classified as cash on the consolidated balance sheet. Refer to Note 9 and Note 11 for further details regarding the Financing Agreement and the exclusive license agreements with Bayer Consumer Care AG and Kyowa Kirin Co., Ltd.

As of December 31, 2023, the use of such non-interest-bearing cash was restricted per the terms of the underlying amended Loan and Security Agreement and was to be used solely for certain research and development expenses directly attributable to the performance of obligations associated with the Navire-BMS License Agreement, which is further described in Note 11. As of December 31, 2023, restricted cash related to this agreement was $16.5 million, which is presented as part of “Restricted cash” on the consolidated balance sheets. Upon the termination of the Loan and Security Agreement and full repayment of the term loan in January 2024 (refer to Note 9 for details) the non-interest-bearing cash was no longer restricted.

Additionally, under certain lease agreements and letters of credit, we have pledged cash and cash equivalents as collateral. 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 “Restricted cash” and “Other assets”, respectively, on the consolidated balance sheets. As of December 31, 2023, restricted cash related to such agreements was $0.1 million and $2.1 million, which is presented as part of “Restricted cash” and “Other assets”, respectively, on the consolidated balance sheets.
Investment in Equity Securities

Investment in Equity Securities

We have investment in equity securities of public companies starting in 2021. We measure the fair value of our investment in equity securities at each reporting period in accordance with ASC 321, Investments — Equity Securities. Changes in fair value resulting from observable price changes are included in “Other income (expense), net” in our consolidated statements of operations. Upon sale of an equity security, any realized gain or loss is recognized in our consolidated statements of operations. We generally classify our investment in equity securities as a noncurrent asset, unless we intend to liquidate these investments to fund current operations, in which case we would classify these investments as a current asset. During the year ended December 31, 2024, we liquidated our investments in equity securities.
Fair Value Measurements

Fair Value Measurements

Assets and liabilities recorded at fair value on a recurring basis in the 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.
Property and Equipment, net

Property and Equipment, net

Property and equipment are stated at cost, net of accumulated depreciation. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the respective assets. Maintenance and repairs that do not improve or extend the life of the assets are expensed when incurred. Upon sale

or retirement of assets, the cost and accumulated depreciation is removed from the consolidated balance sheets and any resulting gain or loss is reflected in the consolidated statement of operations in the period realized.

The estimated useful lives of our property and equipment are as follows:

 

 

 

 

Furniture and office equipment

3 - 5 years

Laboratory and machinery equipment

5 - 15 years

Leasehold improvements

Shorter of remaining lease term or estimated useful life of the related asset

Depreciation expense of property and equipment was $3.7 million, $4.1 million and $4.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Leases

Leases

Our lease portfolio includes leases for our corporate headquarters, office spaces, and laboratory facilities. We determine if an arrangement is a lease at the inception of the contract. The asset component of our operating leases is recorded as “Operating lease right-of-use assets”, and the liability component is recorded as “Operating lease liabilities, current portion” and “Operating lease liabilities, net of current portion” in our consolidated balance sheets. The asset component of our finance leases is included in “Property and equipment, net”, and current and noncurrent finance lease liabilities are presented as part of “Accrued professional and other accrued liabilities” and “Other long-term liabilities”, respectively, in our consolidated balance sheets. Assets under finance leases are depreciated in a manner similar to other property and equipment.

Right-of-use assets and lease liabilities are recognized based on the present value of lease payments over the lease term at the lease commencement date. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, we use an incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments. Right-of-use assets are adjusted for lease incentive amounts expected to be received. On the lease commencement date, we estimate and include in our lease payments any lease incentive amounts based on future events when (1) the events are within our control and (2) the event triggering the right to receive the incentive is deemed reasonably certain to occur. If the lease incentive received is greater or less than the amount recognized at lease commencement, we recognize the difference as an adjustment to right-of-use asset and/or lease liability, as applicable.

Right-of-use assets and lease liabilities are remeasured upon certain modifications to leases using the present value of remaining lease payments and estimated incremental borrowing rate upon lease modification. Operating lease cost is recognized on a straight-line basis over the lease term, and includes amounts related to short-term leases. For finance leases, we record interest expense on the lease liability in addition to amortizing the right-of-use asset, which is generally straight-line, over the shorter of the lease term or the useful life of the right-of-use asset. We recognize variable lease payments as operating expenses in the period in which the obligation for those payments is incurred. Variable lease payments primarily include common area maintenance, utilities, real estate taxes, insurance, and other operating costs that are passed on from the lessor in proportion to the space we lease.
Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amount of an asset group to the future net undiscounted cash flows that the assets are expected to generate. If the carrying amount of an asset group exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset group exceeds the fair value of the asset group.
Accrued Professional and Other Accrued Liabilities

Accrued Professional and Other Accrued Liabilities

Accrued professional and other accrued liabilities presented on the consolidated balance sheets consisted of the following balances:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Accrued professional services

 

$

3,673

 

 

$

7,412

 

Accrued interest

 

 

11,056

 

 

 

17,761

 

Milestone liability

 

 

1,595

 

 

 

6,000

 

Royalty obligation, current portion

 

 

144

 

 

 

—

 

Other accrued liabilities

 

 

16,603

 

 

 

4,657

 

Accrued professional and other accrued liabilities

 

$

33,071

 

 

$

35,830

 
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:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Revenue, net

 

$

221,902

 

 

$

9,303

 

 

$

77,648

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

3,878

 

 

 

2,446

 

 

 

3,434

 

 

 

 

 

 

 

 

 

 

 

Research and development by significant program:

 

 

 

 

 

 

 

 

 

Acoramidis for ATTR-CM

 

 

164,782

 

 

 

101,041

 

 

 

91,901

 

Infigratinib

 

 

91,869

 

 

 

63,239

 

 

 

32,387

 

BBP-418 (ribitol) for LGMD2I/R9

 

 

40,220

 

 

 

33,903

 

 

 

22,372

 

Encaleret for ADH1

 

 

49,091

 

 

 

44,773

 

 

 

27,485

 

Other development programs

 

 

71,732

 

 

 

82,165

 

 

 

124,501

 

Other research programs

 

 

88,767

 

 

 

130,590

 

 

 

100,816

 

Total segment research and development

 

 

506,461

 

 

 

455,711

 

 

 

399,462

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

288,931

 

 

 

150,590

 

 

 

143,189

 

Restructuring, impairment and related charges

 

 

15,605

 

 

 

7,926

 

 

 

43,765

 

Total operating costs and expenses

 

 

814,875

 

 

 

616,673

 

 

 

589,850

 

Loss from operations

 

 

(592,973

)

 

 

(607,370

)

 

 

(512,202

)

Other income (expense), net:

 

 

 

 

 

 

 

 

 

Interest income

 

 

17,249

 

 

 

18,038

 

 

 

7,542

 

Interest expense, net

 

 

(99,290

)

 

 

(81,289

)

 

 

(80,438

)

Gain on deconsolidation of subsidiaries

 

 

178,321

 

 

 

—

 

 

 

—

 

Loss on extinguishment of debt

 

 

(26,590

)

 

 

—

 

 

 

—

 

Net loss from equity method investments

 

 

(31,183

)

 

 

—

 

 

 

—

 

Gain from sale of priority review voucher, net

 

 

—

 

 

 

—

 

 

 

107,946

 

Other income (expense), net

 

 

12,272

 

 

 

17,370

 

 

 

(7,500

)

Total other income (expense), net

 

 

50,779

 

 

 

(45,881

)

 

 

27,550

 

Loss before income taxes

 

 

(542,194

)

 

 

(653,251

)

 

 

(484,652

)

Income tax expense

 

 

1,153

 

 

 

—

 

 

 

—

 

Net loss

 

 

(543,347

)

 

 

(653,251

)

 

 

(484,652

)

Net loss attributable to redeemable convertible
   noncontrolling interests and noncontrolling interests

 

 

7,585

 

 

 

10,049

 

 

 

3,469

 

Segment net loss attributable to common stockholders
   of BridgeBio

 

$

(535,762

)

 

$

(643,202

)

 

$

(481,183

)

There are no reconciling items or adjustments between segment “revenue, net” and “net loss attributable to common stockholders of BridgeBio”, and consolidated “revenue, net” and “net loss attributable to common stockholders of BridgeBio”.

Total revenues are attributed to regions based on the headquarters of the customer or partner.

 

Year ended December 31,

 

2024

 

2023

 

2022

Europe, Middle East, and Africa (EMEA)

59.5%

 

*

 

*

Asia-Pacific (APAC)

34.5%

 

14.5%

 

*

North America

*

 

84.9%

 

98.9%

* Represents less than 10% in the applicable year

The CODM does not review assets at a different asset level or category than the amounts disclosed in the consolidated balance sheets. As of December 31, 2024 and 2023, our capitalized property and equipment located in the United States and Canada is approximately 51.6% and 44.7%, and 69.1% and 30.6%, respectively.

Capped Call Transactions

Capped Call Transactions

In January 2021 and March 2020, in connection with the issuance of the 2029 Notes and the 2027 Notes, respectively, (see Note 9), BridgeBio entered into certain capped call transactions (the “Capped Call Transactions”). The Capped Call Transactions are generally expected to reduce the potential dilution to the holders of BridgeBio’s common stock upon any conversion of the Notes and/or offset any cash payments BridgeBio is required to make in excess of the principal amount of converted Notes, with such reduction and/or offset subject to a cap based on the cap price (see Note 9). The capped calls meet the conditions outlined in ASC 815-40, Derivatives and Hedging, to be classified in stockholders’ equity as a reduction to additional paid-in capital and are not subsequently remeasured as long as the conditions for equity classification continue to be met.
Deferred Royalty Obligation

Deferred Royalty Obligation

We treat the debt obligation to the Purchasers as defined and discussed further in Note 10 as a deferred royalty obligation, amortized using the effective interest rate method over the estimated life of the revenue streams. We recognize interest expense thereon using the effective rate, which is based on our current estimates of future global net sales over the life of the arrangement. In connection therewith, we periodically assess our expected global net sales using internal projections, impute interest on the carrying value of the deferred royalty obligation, and record interest expense using the imputed effective interest rate. To the extent our estimates of future revenues are greater or less than previous estimates or the estimated timing of such payments is materially different than previous estimates, we will account for any such changes by adjusting the effective interest rate on a prospective basis, with a corresponding impact to the reclassification of our deferred royalty obligation. The assumptions used in determining the expected repayment term of the deferred royalty obligation and amortization period of the issuance costs requires that we make estimates that could impact the classification of such costs, as well as the period over which such costs will be amortized.
Derivative Financial Instruments

Derivative Financial Instruments

The Company evaluates its debt or other funding agreements to determine if those agreements or embedded components of those agreements qualify as derivatives to be separately accounted for in accordance with FASB ASC Topic 815, Derivatives and Hedging and Topic 480, Distinguishing Liabilities from Equity. The result of this accounting treatment is that the fair value of the embedded derivative, if required to be bifurcated, is marked-to-market at each balance sheet date and recorded as a liability. The change in fair value is recorded in the accompanying consolidated statements of operations and comprehensive loss as a component of interest expense. As of December 31, 2024, the Company has an embedded derivative with a fair value of $41.1 million related to our deferred royalty obligation under the Funding Agreement. Refer to Note 3 and Note 10 for further details regarding our embedded derivative and deferred royalty obligation.
Debt Issuance Costs

Debt Issuance Costs

Debt issuance costs are amortized to interest expense over the estimated life of the related debt based on the effective interest method. In accordance with ASC 835, Interest, we present debt issuance costs on the consolidated balance sheets as a direct deduction from the associated debt.

Treasury Stock

Treasury Stock

Repurchased treasury stock is recorded at cost, including any commissions and fees.
Collaborative Agreements

Collaborative Agreements

We enter into collaboration arrangements with partners, under which we may grant licenses to further develop, manufacture and commercialize our drug compounds and/or product candidates. We may also perform research, development, manufacturing, commercialization, and supply activities under our collaboration agreements. Consideration under these arrangements may include, upfront payments, development and regulatory milestones, expense reimbursements, royalties based on net sales of commercial products, and commercial sales milestone payments.

When we enter into collaboration agreements, we assess whether the arrangements fall within the scope of ASC 808, Collaborative Arrangements, based on whether the arrangements involve joint operating activities and whether both parties have active participation in the arrangement and are exposed to significant risks and rewards. To the extent that the arrangement falls within the scope of ASC 808, we assess whether the payments between us and our partner fall within the scope of other accounting literature. If we conclude that payments from the partner to us represent consideration from a customer, such as license fees, contract manufacturing, and research and development activities, we account for those payments within the scope of ASC 606. However, if we conclude that our partner is not a customer for certain activities and associated payments, such as for certain collaborative research, development, manufacturing, and commercial activities, we record such payments as a reduction of research and development expense or selling, general and administrative expense, based on where we present the underlying expense. Additionally, if we reimburse our collaboration partners for these activities, we record such reimbursements as research and development expense or selling, general and administrative expense, depending upon the nature of the underlying expense.
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 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.

Product Revenue, Net: Revenue is recognized when 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.

Accounts Receivable

Accounts Receivable

Accounts receivable includes receivables from our product sales to customers, and from our partners as a result of licensing and collaboration agreements. Receivables from licensing and collaboration agreements represent valid claims against our partners, including unbilled receivables and royalty payments due from third parties for licensing our technology. Unbilled receivables include balances due from our partners related to development services and transition-related receivables that are recognized upon incurrence of the costs for the partnered programs but prior to the achievement of contractual billing rights. Total receivables from our product sales to customers and licensing and collaboration agreements as of December 31, 2024 and 2023, respectively, are presented as “Accounts receivable” in our consolidated balance sheets.

We evaluate the collectability of our receivables based on historical collection trends, the financial condition of payment partners, and external market factors and provide for an allowance for potential credit losses based on management’s best estimate of the amount of probable credit losses. As of December 31, 2024 and 2023, we did not have an allowance for credit losses.

Cost of Revenue

Cost of Revenue

Cost of revenue consists of manufacturing costs, transportation and freight, and indirect overhead costs (including salary related and stock-based compensation expenses) associated with the commercial manufacturing and distribution of Attruby, third-party royalties payable on our net product revenues. Cost of revenue also consists of amortization of intangible assets associated with the sale of our products, which are amortized over the life of the underlying intellectual property. Cost of revenue may also include period costs related to excess or obsolete inventory adjustment charges, abnormal costs, unabsorbed manufacturing and overhead costs, and manufacturing variances. Prior to regulatory approval of our product candidates, we recorded costs related to manufacturing and materials as “Research and development expenses” in the period incurred on the 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, these related costs for Attruby were capitalized as inventory costs and recognized in our consolidated statements of operations as cost of revenue upon sale of our product.
Research and Development Expenses

Research and Development Expenses

Research and development costs are expensed as incurred. Research and development expenses consist of salaries, benefits and other personnel related costs including stock-based compensation expense, laboratory supplies, preclinical studies, clinical trials and related clinical manufacturing costs, costs related to manufacturing preparations, fees paid to other entities to conduct certain research and development activities on our behalf, and allocated facility and other related costs. Non-refundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized as prepaid expenses until the related goods are delivered or services are performed.
Accrued Research and Development Liabilities

Accrued Research and Development Liabilities

We record accruals for estimated costs of research and development activities conducted by third-party service providers, which include the conduct of preclinical studies, clinical trials, and contract manufacturing activities. We record the estimated costs of research and development activities based upon the estimated amount of services provided but not yet invoiced, and include these costs in accrued research and development liabilities in the consolidated balance sheets and within “Research and development expenses” in the consolidated statements of operations. These costs are a significant component of our research and development expenses.

Examples of estimated research and development expenses that we accrue include:

•
fees paid to CROs in connection with preclinical and toxicology studies and clinical trials;
•
fees paid to investigative sites in connection with clinical trials;
•
fees paid to CMOs in connection with the production of product and clinical trial materials; and
•
professional service fees for consulting and related services.

We base our expense accruals related to clinical trials on our estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and CROs that conduct and manage clinical trials on our behalf. The financial terms of these agreements vary from contract to contract and may result in uneven payment flows. Payments under some of these contracts depend on factors, such as the successful enrollment of patients and the completion of clinical trial milestones. Our service providers generally invoice us monthly in arrears for services performed. In accruing service fees, we estimate the time period over which services will be performed and the level of effort to be expended in each period. If we do not identify costs that we have begun to incur or if we underestimate or overestimate the level of services performed or the costs of these services, our actual expenses could differ from our estimates. We record advance payments to service providers as prepaid assets.

We record accruals for the estimated costs of our contract manufacturing activities performed by third parties. The financial terms of these agreements are subject to negotiation, vary from contract to contract, and may result in uneven payment flows to our vendors. Payments under the contracts include upfront payments and milestone payments, which depend on factors such as the achievement of the completion of certain stages of the manufacturing process. For purposes of recognizing expense, we assess whether we consider the production process sufficiently defined to be considered the delivery of a good or the delivery of a service, where processes and yields are developing and less certain. If we consider the process to be the delivery of a good, we recognize expense when the drug product is delivered, or we otherwise bear risk of loss. If we consider the process to be the delivery of a service, we recognize expense based on our best estimates of the contract manufacturer’s progress towards completion of the stages in the contract. We base our estimates on the best information available at the time. However, additional information may become available to us which may allow us to make a more accurate estimate in future periods. In this event, we may be required to record adjustments to research and development expenses in future periods when the actual level of activity becomes more certain. Any increases or decreases in cost are generally considered to be changes in estimates and will be reflected in research and development expenses in the period identified.
Milestone and Royalty Payments Under Asset Acquisitions, In-licensing and Other Research & Development Agreements

Milestone and Royalty Payments Under Asset Acquisitions, In-licensing and Other Research & Development Agreements

Under our asset acquisitions, in-licensing, and other research and development agreements, we could be required to pay development, regulatory, and sales-based milestone payments if certain substantive milestones are met. We generally expense development milestones as incurred. For regulatory or sales-based milestones that are associated with an approved asset, we capitalize the milestone payments related to the asset purchase as a finite-lived intangible asset provided that the milestone payment is recoverable based on our estimated projected cash flows and if the asset has alternative future use. Such intangible asset is amortized over its estimated useful life on a straight-line basis, beginning on the date the asset is acquired, which would generally be the regulatory approval date. We assess the carrying value of our finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value may not be fully recoverable. Recoverability of finite-lived intangible assets is measured by comparison of the carrying value of the asset to the future undiscounted cash flows the asset is expected to generate.

We could also be required to pay royalties based on actual net sales under in-licensing agreements and asset acquisitions. Such royalties are expensed in the period of sale of the product.
Selling, General and Administrative Expenses

Selling, general and administrative expenses

Selling, general and administrative expenses include all costs that are not directly related to revenue generating arrangements or research and development. Selling, general and administrative expenses include items for the Company’s selling and administrative functions, such as pre-commercialization, finance, legal, human resources, and information technology support. These functions include costs for items such as salaries and benefits, stock-based compensation and other personnel-related costs, professional fees for external legal, accounting, and other consulting services, and depreciation and amortization expenses.
Advertising Expense

Advertising Expense

Advertising expenses include costs incurred to market the Company’s branded products. 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 and traditional marketing channels, such as on third-party websites, television, and social and print media, are expensed over the period of the campaign run. Advertising costs amounted to $21.5 million for the year ended December 31, 2024 and are included in “Selling, general, and administrative expenses” in the consolidated statement of operations. Advertising costs for the years ended December 31, 2023 and 2022 were immaterial. 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 nil as of December 31, 2024 and 2023, respectively.

Sales of Nonfinancial Assets

Sales of Nonfinancial Assets

We generally account for sales of nonfinancial assets that are outside the scope of our ordinary activities under ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). Pursuant to ASC 610-20, we apply the guidance in ASC 606 to determine if a contract exists, identify the distinct nonfinancial assets, and determine when control transfers and, therefore, when to derecognize the nonfinancial asset. Additionally, we apply the measurement principles of ASC 606 to determine the amount of consideration, if any, to include in the calculation of the gain or loss for the sale of the nonfinancial asset.
Restructuring, Impairment and Related Charges

Restructuring, Impairment and Related Charges

Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances, including restructuring and exit activities, indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amount of an asset group to the future net undiscounted cash flows that the assets are expected to generate. If the carrying amount of an asset group exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset group exceeds the fair value of the asset group.

Costs related to contracts without future benefit or contract termination costs are recognized at the earlier of the contract termination or the cease-use dates. Employee severance costs are generally recognized when payments are probable and amounts are reasonably estimable. Other winding down and exit-related costs are recognized as incurred.

Stock-Based Compensation

Stock-Based Compensation

Stock-based compensation arrangements include stock option grants, restricted stock awards (“RSA”), and restricted stock units (“RSU awards”) under our equity incentive plans, as well as shares issued under our Employee Stock Purchase Plan (“ESPP”), through which employees may purchase our common stock at a discount to the market price.

We use the Black‑Scholes option pricing model to estimate the fair value of options granted under our equity incentive plans and rights to acquire shares granted under our ESPP. The Black‑Scholes option valuation model requires the use of assumptions, including the expected term of the award and the expected share price volatility. We use the “simplified” method to estimate the expected option term.

Stock-based compensation is measured at the grant date for all stock-based awards made to employees and non-employees based on the fair value of the awards. Compensation expense for purchases under the ESPP is

recognized based on the fair value of the award on the date of offering. Stock-based compensation is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period.

The estimated fair value of equity awards that contain performance conditions is expensed using an accelerated method over the term of the award once we have determined that it is probable that performance milestones will be achieved. Compensation expense for equity-classified awards that contain performance conditions is measured based on the grant date fair value of the award. Compensation expense for liability-classified awards that contain performance conditions is initially measured based on the grant date fair value of the award and is remeasured at fair value at each reporting date until the date of settlement. Compensation expense is recorded over the requisite service period based on management’s best estimate as to whether it is probable that the shares awarded are expected to vest. We assess the probability of the performance milestones being met on a continuous basis.

We have elected to recognize the actual forfeitures by reducing the stock-based compensation in the same period as the forfeitures occur.

Market-based performance equity awards vest based on achievement of market targets, which are subject to the continued service of the employee through the vest date, and are subject to accelerated vesting upon a change in control event. The grant-date fair value of the market-based performance equity awards is determined using the Monte-Carlo valuation model and are recognized as compensation expense over the derived service period of the awards. The Monte-Carlo valuation model requires the use of assumptions, including but not limited to the expected volatility, risk free rate, expected dividend yield, expected term and possible future market estimates over the derived service period based on historical stock prices and market data. Stock-based compensation expense will be recorded regardless of whether the market conditions are achieved or not. If the related market condition is achieved earlier than its estimated derived service period, the stock-based compensation expense will be accelerated, and a cumulative catch-up expense will be recorded during the period in which the market condition is met.

Stock-based compensation is generally recorded in research and development expense, and selling, general and administrative expense based on the function of the applicable employee and non-employee.

Accrued Milestone Compensation Arrangements

Accrued Milestone Compensation Arrangements

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 (1) cash, (2) equity of BridgeBio, or (3) cash or equity of BridgeBio at our sole election, upon achievement of each contingent milestone. For arrangements that involve settlement by cash or equity of BridgeBio at our sole election, we will classify the milestone compensation arrangements as liability-classified awards when it is probable of achievement because of the possible fixed monetary amounts settlement outcomes. The arrangements would also result in settlement with a variable number of shares based on the then-current stock price at achievement date of each contingent milestone should we elect to settle in equity.

We record accruals for the compensation expense arising from each development milestone when the specific contingent development milestone is probable of achievement and such accruals are measured at each reporting period. We estimate the probability of achieving such milestones based on the progression and expected outcome of the related clinical programs. We base our estimates on the best available information at that time. However, additional information may become available to us which may allow us to make a more accurate estimate in future periods. In this event, we may be required to record adjustments to milestone compensation expenses in future periods. Any increases or decreases in such expenses are generally considered to be changes in estimates and will be reflected in the period identified.
Income Taxes

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base and net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are determined based upon the difference between the consolidated financial statement carrying amounts and the tax basis of assets and liabilities and are measured using the enacted tax rate expected to apply to taxable income in the years in which the differences are expected to be reversed.

Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized.

For U.S. federal income tax purposes, we are required to file a consolidated U.S. federal income tax return for the consolidated entities which meet the requirements as prescribed by the consolidated regulations. Those entities that do not meet the threshold to be included in the consolidated filing continue to file separate U.S. federal income tax returns. We are required to assess stand-alone valuation allowances separately in each entity even though we consolidate their financial results in the consolidated financial statements. We continue to file combined state tax returns in most jurisdictions. As a result, we continue to assess the state portion of valuation allowance for those jurisdictions on a consolidated basis. The Company also operates in various foreign jurisdictions and assesses stand-alone valuation allowances separately in each entity operating overseas.

Current tax law in the United States imposes tax on U.S. stockholders for global intangible low-taxed income (“GILTI”) earned by certain foreign subsidiaries. The Company is required to make an accounting policy election of either: (1) treating taxes due on future amounts included in the U.S. taxable income related to GILTI as a current period tax expense when incurred (“the period cost method”); or (2) factoring such amounts into the Company’s measurement of its deferred tax expense (the “deferred method”). The Company has elected the period cost method for its accounting for GILTI.

We evaluate our deferred tax assets regularly to determine whether adjustments to the valuation allowance are appropriate due to changes in facts or circumstances, such as changes in expected future pre-tax earnings, tax law, interactions with taxing authorities and developments in case law. In making this evaluation, we rely on our recent history of pre-tax earnings. Our material assumptions are our forecasts of future pre-tax earnings and the nature and timing of future deductions and income represented by the deferred tax assets and liabilities, all of which involve the exercise of significant judgment. Although we believe our estimates are reasonable, we are required to use significant judgment in determining the appropriate amount of valuation allowance recorded against deferred tax assets.

We recognize uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. Changes in recognition or measurement are reflected in the period in which judgment occurs. Our policy is to recognize interest and penalties related to the underpayment of income taxes as a component of the provision for income taxes. To date, there have been no interest or penalties recorded in relation to unrecognized tax benefits.
Net Loss per Share Attributable to Common Stockholders of BridgeBio

Net Loss per Share Attributable to Common Stockholders of BridgeBio

Basic net loss per share attributable to common stockholders of BridgeBio is calculated by dividing the net loss attributable to common stockholders of BridgeBio by the weighted-average number of shares of BridgeBio’s common stock outstanding for the period, without consideration for potential dilutive shares of common stock, such as stock options, unvested restricted stock units and awards and performance-based milestone compensation awards, shares issuable under the employee stock purchase plan and assumed conversion of our 2029 and 2027 Notes. The common stock equivalents of performance-based milestone compensation arrangements are included as potentially dilutive shares only if the performance condition has been met as of the end of the reporting period. Shares of common stock subject to repurchase are excluded from the weighted-average shares. Since we were in a loss position for all periods presented, basic net loss per share attributable to common stockholders of BridgeBio is the same as diluted net loss per share attributable to common stockholders of BridgeBio since the effects of potentially dilutive securities are antidilutive.
New Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Updated and Simplification Initiative, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. ASU 2023-06 was issued in response to the U.S. Securities and Exchange Commission’s (the “SEC”) August 2018 final rule that updated and simplified disclosure requirements and is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each

amendment will be the date on which the SEC removes that related disclosure from its rules. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity. There was no material impact from the adoption of this ASU on our consolidated financial statements and disclosures.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which are intended to improve reportable segment disclosure requirements. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively to all prior periods presented in the financial statements. There was no material impact from the adoption of this ASU on our consolidated financial statements, however we included additional disclosures in our above-mentioned segment disclosure.

New Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued 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 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 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 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.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Summary Of Significant Accounting Policies [Line Items]  
Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the amounts shown in the consolidated statements of cash flows:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Cash and cash equivalents

 

$

681,101

 

 

$

375,935

 

 

$

376,689

 

Restricted cash

 

 

126

 

 

 

16,653

 

 

 

37,930

 

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

 

 

2,017

 

 

 

2,144

 

 

 

2,265

 

Total cash, cash equivalents and restricted cash
   shown on the consolidated statements of cash flows

 

$

683,244

 

 

$

394,732

 

 

$

416,884

 
Summary of Estimated Useful Lives of our Property and Equipment

The estimated useful lives of our property and equipment are as follows:

 

 

 

 

Furniture and office equipment

3 - 5 years

Laboratory and machinery equipment

5 - 15 years

Leasehold improvements

Shorter of remaining lease term or estimated useful life of the related asset
Summary of Accrued Professional and Other Accrued Liabilities

Accrued professional and other accrued liabilities presented on the consolidated balance sheets consisted of the following balances:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Accrued professional services

 

$

3,673

 

 

$

7,412

 

Accrued interest

 

 

11,056

 

 

 

17,761

 

Milestone liability

 

 

1,595

 

 

 

6,000

 

Royalty obligation, current portion

 

 

144

 

 

 

—

 

Other accrued liabilities

 

 

16,603

 

 

 

4,657

 

Accrued professional and other accrued liabilities

 

$

33,071

 

 

$

35,830

 
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:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Revenue, net

 

$

221,902

 

 

$

9,303

 

 

$

77,648

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

3,878

 

 

 

2,446

 

 

 

3,434

 

 

 

 

 

 

 

 

 

 

 

Research and development by significant program:

 

 

 

 

 

 

 

 

 

Acoramidis for ATTR-CM

 

 

164,782

 

 

 

101,041

 

 

 

91,901

 

Infigratinib

 

 

91,869

 

 

 

63,239

 

 

 

32,387

 

BBP-418 (ribitol) for LGMD2I/R9

 

 

40,220

 

 

 

33,903

 

 

 

22,372

 

Encaleret for ADH1

 

 

49,091

 

 

 

44,773

 

 

 

27,485

 

Other development programs

 

 

71,732

 

 

 

82,165

 

 

 

124,501

 

Other research programs

 

 

88,767

 

 

 

130,590

 

 

 

100,816

 

Total segment research and development

 

 

506,461

 

 

 

455,711

 

 

 

399,462

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

288,931

 

 

 

150,590

 

 

 

143,189

 

Restructuring, impairment and related charges

 

 

15,605

 

 

 

7,926

 

 

 

43,765

 

Total operating costs and expenses

 

 

814,875

 

 

 

616,673

 

 

 

589,850

 

Loss from operations

 

 

(592,973

)

 

 

(607,370

)

 

 

(512,202

)

Other income (expense), net:

 

 

 

 

 

 

 

 

 

Interest income

 

 

17,249

 

 

 

18,038

 

 

 

7,542

 

Interest expense, net

 

 

(99,290

)

 

 

(81,289

)

 

 

(80,438

)

Gain on deconsolidation of subsidiaries

 

 

178,321

 

 

 

—

 

 

 

—

 

Loss on extinguishment of debt

 

 

(26,590

)

 

 

—

 

 

 

—

 

Net loss from equity method investments

 

 

(31,183

)

 

 

—

 

 

 

—

 

Gain from sale of priority review voucher, net

 

 

—

 

 

 

—

 

 

 

107,946

 

Other income (expense), net

 

 

12,272

 

 

 

17,370

 

 

 

(7,500

)

Total other income (expense), net

 

 

50,779

 

 

 

(45,881

)

 

 

27,550

 

Loss before income taxes

 

 

(542,194

)

 

 

(653,251

)

 

 

(484,652

)

Income tax expense

 

 

1,153

 

 

 

—

 

 

 

—

 

Net loss

 

 

(543,347

)

 

 

(653,251

)

 

 

(484,652

)

Net loss attributable to redeemable convertible
   noncontrolling interests and noncontrolling interests

 

 

7,585

 

 

 

10,049

 

 

 

3,469

 

Segment net loss attributable to common stockholders
   of BridgeBio

 

$

(535,762

)

 

$

(643,202

)

 

$

(481,183

)
Customer Concentration Risk  
Summary Of Significant Accounting Policies [Line Items]  
Schedule of Concentration, Percentage of Net Revenue

The following table summarizes customers that represent 10% or greater of our consolidated revenue, net:

 

Year ended December 31,

 

2024

 

2023

 

2022

 

(in thousands)

Bayer Consumer Care AG (“Bayer”)

59.3%

 

*

 

*

Kirin Co., Ltd (“Kyowa Kirin” or “KKC”)

34.3%

 

*

 

*

Bristol-Myers Squibb Company ("BMS")

*

 

80.6%

 

98.2%

LianBio

*

 

14.5%

 

*

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

Total revenues are attributed to regions based on the headquarters of the customer or partner.

 

Year ended December 31,

 

2024

 

2023

 

2022

Europe, Middle East, and Africa (EMEA)

59.5%

 

*

 

*

Asia-Pacific (APAC)

34.5%

 

14.5%

 

*

North America

*

 

84.9%

 

98.9%

* Represents less than 10% in the applicable year
v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
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:

 

 

 

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

 

 

 

 

 

December 31, 2023

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

13,530

 

 

$

13,530

 

 

$

—

 

 

$

—

 

Treasury bills

 

 

256,067

 

 

 

—

 

 

 

256,067

 

 

 

—

 

Total cash equivalents

 

 

269,597

 

 

 

13,530

 

 

 

256,067

 

 

 

—

 

Investments in equity securities

 

 

58,949

 

 

 

58,949

 

 

 

—

 

 

 

—

 

LianBio warrant

 

 

1,554

 

 

 

1,554

 

 

 

—

 

 

 

—

 

Total financial assets

 

$

330,100

 

 

$

74,033

 

 

$

256,067

 

 

$

—

 

Liability

 

 

 

 

 

 

 

 

 

 

 

 

Embedded derivative (included in "Accrued professional and other accrued liabilities")

 

$

1,665

 

 

$

—

 

 

$

—

 

 

$

1,665

 
Summary of Total Realized and Unrealized Gains and Losses Associated with Investment in Equity Securities

Total realized and unrealized gains and losses associated with investment in equity securities for the periods presented consisted of the following:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

(in thousands)

 

 

 

 

Net realized gains recognized on investments in
     equity securities sold

 

$

8,136

 

 

$

8,668

 

 

$

3,731

 

Net unrealized gains (losses) recognized on investments in
     equity securities held as of the end of the period

 

 

—

 

 

 

9,646

 

 

 

(11,953

)

Total net gains (losses) included in
     “Other income (expense), net”

 

$

8,136

 

 

$

18,314

 

 

$

(8,222

)
v3.25.0.1
Cash Equivalents (Tables)
 12 Months Ended
Dec. 31, 2024
Cash and Cash Equivalents [Abstract]  
Schedule of Cash Equivalents

Cash equivalents consisted of the following:

 

 

 

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

 

 

 

 

December 31, 2023

 

 

 

Amortized
Cost Basis

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Estimated Fair
Value

 

 

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

13,530

 

 

$

—

 

 

$

—

 

 

$

13,530

 

Treasury bills

 

 

256,036

 

 

 

31

 

 

 

—

 

 

 

256,067

 

Total cash equivalents

 

$

269,566

 

 

$

31

 

 

$

—

 

 

$

269,597

 
v3.25.0.1
Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Recognized Intangible Assets

The following table summarizes our recognized intangible assets for the years ended December 31, 2024 and 2023 as a result of the arrangements described in the following sections:

 

 

December 31, 2024

 

 

December 31, 2023

 

 

Weighted-average
Estimated Useful Lives

 

Amount

 

 

Weighted-average
Estimated Useful Lives

 

Amount

 

 

 

 

(in thousands)

 

 

 

 

(in thousands)

 

Gross amount

10.0 years

 

$

32,500

 

 

11.0 years

 

$

32,500

 

Less: accumulated amortization

 

 

 

(8,574

)

 

 

 

 

(6,181

)

Total

 

 

$

23,926

 

 

 

 

$

26,319

 
v3.25.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
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 December 31, 2024.

 

 

 

Potential Fixed Monetary
Amount

 

 

Accrued
Amount (1)

 

Settlement Type

 

(in thousands)

 

Cash

 

$

906

 

 

$

73

 

Stock (2)

 

 

16,850

 

 

 

2,057

 

Cash or stock at our sole discretion

 

 

53,432

 

 

 

3,609

 

Total

 

$

71,188

 

 

$

5,739

 

 

(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 16.
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Loan Agreement  
Debt Instrument [Line Items]  
Schedule of Loans Balances

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

 

 

 

December 31, 2023

 

 

 

(in thousands)

 

Principal value of term loan

 

$

429,916

 

PIK added to principal

 

 

25,531

 

Debt discount, issuance costs and exit fee accretion

 

 

(9,002

)

Term loan, net

 

$

446,445

 
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

 
Schedule of Future Minimum Payments

Future minimum payments under the Amended Financing Agreement as of December 31, 2024 are as follows:

 

 

 

Amount

 

 

 

(in thousands)

 

Year Ending December 31:

 

 

 

2025

 

 

50,660

 

2026

 

 

50,660

 

2027

 

 

116,245

 

2028

 

 

129,155

 

2029

 

 

294,215

 

Total future payments

 

 

640,935

 

Less amounts representing interest

 

 

(190,935

)

Total principal amount of term loan payments

 

$

450,000

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

The outstanding Notes’ balances consisted of the following:

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

2029 Notes

 

 

2027 Notes

 

 

2029 Notes

 

 

2027 Notes

 

 

 

(in thousands)

 

 

(in thousands)

 

Principal

 

$

747,500

 

 

$

550,000

 

 

$

747,500

 

 

$

550,000

 

Unamortized debt discount and issuance costs

 

 

(8,628

)

 

 

(4,827

)

 

 

(10,595

)

 

 

(6,621

)

Net carrying amount

 

$

738,872

 

 

$

545,173

 

 

$

736,905

 

 

$

543,379

 
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:

 

 

 

Year Ended December 31, 2024

 

 

 

2029 Notes

 

 

2027 Notes

 

 

Total

 

 

 

 

 

 

(in thousands)

 

 

 

 

Contractual interest expense

 

$

16,819

 

 

$

13,750

 

 

$

30,569

 

Amortization of debt discount and issuance costs

 

 

1,967

 

 

 

1,794

 

 

 

3,761

 

Total interest and amortization expense

 

$

18,786

 

 

$

15,544

 

 

$

34,330

 

 

 

 

 

 

 

 

 

 

 

Effective interest rate

 

 

2.6

%

 

 

2.8

%

 

 

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

2029 Notes

 

 

2027 Notes

 

 

Total

 

 

 

 

 

 

(in thousands)

 

 

 

 

Contractual interest expense

 

$

16,819

 

 

$

13,750

 

 

$

30,569

 

Amortization of debt discount and issuance costs

 

 

1,917

 

 

 

1,745

 

 

 

3,662

 

Total interest and amortization expense

 

$

18,736

 

 

$

15,495

 

 

$

34,231

 

 

 

 

 

 

 

 

 

 

 

Effective interest rate

 

 

2.6

%

 

 

2.8

%

 

 

 

 

 

 

Year Ended December 31, 2022

 

 

 

2029 Notes

 

 

2027 Notes

 

 

Total

 

 

 

 

 

 

(in thousands)

 

 

 

 

Contractual interest expense

 

$

16,819

 

 

$

13,750

 

 

$

30,569

 

Amortization of debt discount and issuance costs

 

 

1,869

 

 

 

1,699

 

 

 

3,568

 

Total interest and amortization expense

 

$

18,688

 

 

$

15,449

 

 

$

34,137

 

 

 

 

 

 

 

 

 

 

 

Effective interest rate

 

 

2.6

%

 

 

2.8

%

 

 

 
Schedule of Future Minimum Payments

Future minimum payments under the Notes as of December 31, 2024, are as follows:

 

 

 

2029 Notes

 

 

2027 Notes

 

 

Total

 

 

 

(in thousands)

 

Year ending December 31:

 

 

 

 

 

 

 

 

 

2025

 

 

16,819

 

 

 

13,750

 

 

 

30,569

 

2026

 

 

16,819

 

 

 

13,750

 

 

 

30,569

 

2027

 

 

16,819

 

 

 

556,875

 

 

 

573,694

 

2028

 

 

16,819

 

 

 

—

 

 

 

16,819

 

2029

 

 

755,909

 

 

 

—

 

 

 

755,909

 

Total future payments

 

 

823,185

 

 

 

584,375

 

 

 

1,407,560

 

Less amounts representing interest

 

 

(75,685

)

 

 

(34,375

)

 

 

(110,060

)

Total principal amount

 

$

747,500

 

 

$

550,000

 

 

$

1,297,500

 
v3.25.0.1
Funding Agreement (Tables)
 12 Months Ended
Dec. 31, 2024
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:

 

 

 

December 31, 2024

 

 

 

(in thousands)

 

Carrying value of deferred royalty obligation (Principal)

 

$

507,114

 

Fair value of embedded derivative

 

 

41,091

 

Debt discount and issuance costs accretion

 

 

(69,114

)

Deferred royalty obligation, net

 

$

479,091

 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Components of Lease Cost

The components of lease cost are as follows:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

 

(in thousands)

 

 

 

 

Straight line operating lease costs

 

$

4,110

 

 

$

4,032

 

 

$

5,172

 

Finance lease costs

 

 

395

 

 

 

420

 

 

 

443

 

Variable lease costs

 

 

6,305

 

 

 

6,844

 

 

 

6,142

 

Total lease cost

 

$

10,810

 

 

$

11,296

 

 

$

11,757

 
Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases are as follows:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

 

(in thousands)

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

5,902

 

 

$

4,829

 

 

$

6,245

 

Operating cash flows for finance lease

 

 

445

 

 

 

397

 

 

 

423

 

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

 

 

1,591

 

 

 

1,179

 

 

 

240

 
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:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Weighted-average remaining lease term (in years)

 

 

 

 

 

 

Operating leases

 

 

3.6

 

 

 

4.7

 

Finance lease

 

 

1.1

 

 

 

2.1

 

Weighted-average discount rate

 

 

 

 

 

 

Operating leases

 

 

6.0

%

 

 

6.0

%

Finance lease

 

 

6.6

%

 

 

6.6

%

 
Schedule of Future Minimum Lease Payments for Noncancelable Leases

As of December 31, 2024, 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)

 

Year ending December 31:

 

 

 

2025

 

$

4,926

 

2026

 

 

2,468

 

2027

 

 

436

 

2028

 

 

439

 

2029

 

 

471

 

Thereafter

 

 

1,362

 

Total future minimum lease payments

 

 

10,102

 

Imputed interest

 

 

(900

)

Total

 

$

9,202

 

 

 

 

Reported as of December 31, 2024

 

 

 

Operating lease liabilities, current portion

 

$

4,506

 

Operating lease liabilities, net of current portion

 

 

4,696

 

Total operating lease liabilities

 

$

9,202

 
v3.25.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
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 in our consolidated statements of operations for employees and non-employees:

 

 

 

Year Ended December 31, 2024

 

 

 

BridgeBio
Equity Plan

 

 

Other
Subsidiaries
Equity Plan

 

 

Total

 

 

 

 

 

 

(in thousands)

 

 

 

 

Research and development

 

$

49,807

 

 

$

37

 

 

$

49,844

 

Selling, general and administrative

 

 

63,862

 

 

 

—

 

 

 

63,862

 

Restructuring, impairment and related charges

 

 

160

 

 

 

—

 

 

 

160

 

Total stock-based compensation

 

$

113,829

 

 

$

37

 

 

$

113,866

 

 

 

 

Year Ended December 31, 2023

 

 

 

BridgeBio
Equity Plan

 

 

Other
Subsidiaries
Equity Plan

 

 

Total

 

 

 

 

 

 

(in thousands)

 

 

 

 

Research and development

 

$

61,433

 

 

$

214

 

 

$

61,647

 

Selling, general and administrative

 

 

53,288

 

 

 

81

 

 

 

53,369

 

Total stock-based compensation

 

$

114,721

 

 

$

295

 

 

$

115,016

 

 

 

 

 

Year Ended December 31, 2022

 

 

 

BridgeBio
Equity Plan

 

 

Other
Subsidiaries
Equity Plan

 

 

Total

 

 

 

 

 

 

(in thousands)

 

 

 

 

Research and development

 

$

37,700

 

 

$

287

 

 

$

37,987

 

Selling, general and administrative

 

 

54,669

 

 

 

—

 

 

 

54,669

 

Restructuring, impairment and related charges

 

 

1,172

 

 

 

—

 

 

 

1,172

 

Total stock-based compensation

 

$

93,541

 

 

$

287

 

 

$

93,828

 
Summary of Stock Option Activity

The following table summarizes BridgeBio’s stock option activity under the Plans for the year ended December 31, 2024:

 

 

 

Options
Outstanding

 

 

Weighted-
Average
Exercise
Price per
Option

 

 

Weighted-
Average
Remaining
Contractual
Life (years)

 

 

Aggregate
Intrinsic
Value
(in thousands)

 

Outstanding as of December 31, 2023

 

 

 

 

 

12,332,442

 

 

 

 

 

 

 

 

 

 

Regular equity program

 

 

10,793,862

 

 

 

 

 

$

25.69

 

 

 

7.1

 

 

$

178,594

 

Eidos Awards Exchange

 

 

1,221,942

 

 

 

 

 

$

14.60

 

 

 

4.7

 

 

$

31,580

 

Exchange Program

 

 

316,638

 

 

 

 

 

$

2.19

 

 

 

5.3

 

 

$

12,105

 

Granted

 

 

 

 

 

401,924

 

 

 

 

 

 

 

 

 

 

Regular equity program

 

 

401,924

 

 

 

 

 

$

27.54

 

 

 

 

 

 

 

Exercised

 

 

 

 

 

(227,567

)

 

 

 

 

 

 

 

 

 

Regular equity program

 

 

(20,579

)

 

 

 

 

$

21.45

 

 

 

 

 

 

 

Eidos Awards Exchange

 

 

(203,900

)

 

 

 

 

$

15.76

 

 

 

 

 

 

 

Exchange Program

 

 

(3,088

)

 

 

 

 

$

0.59

 

 

 

 

 

 

 

Cancelled

 

 

 

 

 

(6,916

)

 

 

 

 

 

 

 

 

 

Regular equity program

 

 

(2,580

)

 

 

 

 

$

29.49

 

 

 

 

 

 

 

Eidos Awards Exchange

 

 

(3,867

)

 

 

 

 

$

63.38

 

 

 

 

 

 

 

Exchange Program

 

 

(469

)

 

 

 

 

$

0.48

 

 

 

 

 

 

 

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

 

Exercisable as of December 31, 2024

 

 

 

 

 

10,269,962

 

 

 

 

 

 

 

 

 

 

Regular equity program

 

 

8,945,126

 

 

 

 

 

$

27.27

 

 

 

5.8

 

 

$

56,480

 

Eidos Awards Exchange

 

 

1,014,175

 

 

 

 

 

$

14.18

 

 

 

4.3

 

 

$

13,734

 

Exchange Program

 

 

310,661

 

 

 

 

 

$

2.20

 

 

 

4.3

 

 

$

7,936

 

 
Summary of Restricted Stock Units Activity

The following table summarizes BridgeBio’s RSU activity under the Plans for the year ended December 31, 2024:

 

 

 

Unvested
Shares of
RSUs
Outstanding

 

 

Weighted-
Average
Grant Date
Fair Value

 

Balance as of December 31, 2023

 

 

8,942,813

 

 

$

16.27

 

Granted

 

 

6,103,761

 

 

$

28.40

 

Vested

 

 

(3,809,372

)

 

$

19.37

 

Cancelled

 

 

(964,404

)

 

$

20.71

 

Balance as of December 31, 2024

 

 

10,272,798

 

 

$

21.91

 
Summary of Restricted Stock Award Activity

The following table summarizes our RSA activity under the Plans for the year ended December 31, 2024:

 

 

 

Unvested
Shares of
RSAs
Outstanding

 

 

Weighted-
Average
Grant Date
Fair Value

 

Balance as of December 31, 2023

 

 

85,453

 

 

$

7.27

 

Granted — Exchange Program

 

 

8,057

 

 

$

38.74

 

Vested — Exchange Program

 

 

(8,057

)

 

$

38.74

 

Vested — Regular equity program

 

 

(85,453

)

 

$

7.27

 

Balance as of December 31, 2024

 

 

—

 

 

$

—

 
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 ESPP. We used the following weighted-average assumptions in the Black-Scholes calculations:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

Stock Options

 

 

ESPP

 

 

Stock Options

 

 

ESPP

 

 

Stock Options

 

 

ESPP

 

Expected term (in years)

 

 

6.0

 

 

 

0.5

 

 

 

6.0

 

 

 

0.5

 

 

 

6.0

 

 

 

0.5

 

Expected volatility

 

92.0% - 93.1%

 

 

52.0% - 122.1%

 

 

66.2% - 67.5%

 

 

86.1% - 122.1%

 

 

 

65.9

%

 

52.0% - 191.7%

 

Risk-free interest rate

 

3.8% - 4.3%

 

 

5.0% - 5.5%

 

 

3.9% - 4.1%

 

 

3.1% - 5.5%

 

 

 

3.2

%

 

0.1% - 3.1%

 

Dividend yield

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Weighted-average fair value of
     stock-based awards granted

 

$

21.28

 

 

$

11.34

 

 

$

8.48

 

 

$

8.22

 

 

$

5.24

 

 

$

6.29

 
Restricted Stock Awards  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Stock Based Compensation for Employees and Non Employees

For the years ended December 31, 2024, 2023, and 2022, we recognized stock-based compensation expense related to RSAs under the Plans as follows:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

(in thousands)

 

 

 

 

Exchange Program

 

$

312

 

 

$

4,056

 

 

$

3,238

 

Other RSAs

 

 

621

 

 

 

4,033

 

 

 

5,326

 

Total stock-based compensation expense

 

$

933

 

 

$

8,089

 

 

$

8,564

 
v3.25.0.1
Restructuring, Impairment and Related Charges (Tables)
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Summary of Restructuring, Impairment and Related Charges Restructuring, impairment and related charges” included in our consolidated statement of operations for the years ended December 31, 2024, 2023, and 2022 consisted of the following:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

(in thousands)

 

Winding down, exit and other related costs

 

$

10,255

 

 

$

7,211

 

 

$

20,739

 

Severance and employee-related costs

 

 

5,079

 

 

 

715

 

 

 

10,306

 

Long-lived assets impairments and write-offs

 

 

271

 

 

 

—

 

 

 

12,720

 

Total

 

$

15,605

 

 

$

7,926

 

 

$

43,765

 
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 initiatives for the years ended December 31, 2024, 2023, and 2022:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

(in thousands)

 

Beginning balance

 

$

55

 

 

$

6,826

 

 

$

—

 

Reclassification of final payment obligation related to a manufacturing agreement that was recognized in the prior period (see Note 14)

 

 

—

 

 

 

—

 

 

 

2,185

 

Restructuring, impairment and related charges

 

 

15,605

 

 

 

7,926

 

 

 

43,765

 

Cash payments

 

 

(13,374

)

 

 

(14,697

)

 

 

(25,232

)

Noncash activities

 

 

(438

)

 

 

—

 

 

 

(13,892

)

Ending balance

 

$

1,848

 

 

$

55

 

 

$

6,826

 

 

Restructuring liabilities are presented in our consolidated balance sheets as follows:

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

(in thousands)

 

Accounts payable

 

$

330

 

 

$

48

 

Accrued compensation and benefits

 

 

332

 

 

 

—

 

Accrued research and development liabilities

 

 

1,020

 

 

 

7

 

Accrued professional and other accrued liabilities

 

 

166

 

 

 

—

 

Total

 

$

1,848

 

 

$

55

 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Components of Net Loss Before Income Taxes

The following table presents the components of net loss before income taxes:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Domestic

 

$

207,795

 

 

$

565,840

 

 

$

485,079

 

Foreign

 

 

334,399

 

 

 

87,411

 

 

 

(427

)

Total loss before income taxes

 

$

542,194

 

 

$

653,251

 

 

$

484,652

 
Schedule of Income Tax Expense

The following table presents income tax expense for the years ended December 31, 2024, 2023, and 2022:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Current:

 

 

 

 

 

 

 

 

 

U.S. Federal

 

$

811

 

 

$

—

 

 

$

—

 

State

 

 

—

 

 

 

—

 

 

 

—

 

Foreign

 

 

342

 

 

 

—

 

 

 

—

 

Total Current

 

 

1,153

 

 

 

—

 

 

 

—

 

Deferred

 

 

—

 

 

 

—

 

 

 

—

 

     Total income tax expense

 

$

1,153

 

 

$

—

 

 

$

—

 
Reconciliation of Statutory Federal Rate and Effective Tax Rate

The following table presents a reconciliation of the statutory federal rate and our effective tax rate:

 

 

 

Year Ended December 31,

 

 

 

 

2024

 

 

 

2023

 

 

 

2022

 

 

Tax at statutory federal rate

 

 

21.0

 

%

 

 

21.0

 

%

 

 

21.0

 

%

Foreign impact on cross border transactions

 

 

(10.0

)

 

 

 

—

 

 

 

 

—

 

 

Change in valuation allowance

 

 

(7.0

)

 

 

 

(20.3

)

 

 

 

(21.7

)

 

Research and development credits

 

 

3.2

 

 

 

 

2.3

 

 

 

 

3.2

 

 

Stock-based compensation

 

 

1.3

 

 

 

 

0.6

 

 

 

 

(1.8

)

 

Disallowed executive compensation

 

 

(1.2

)

 

 

 

(0.8

)

 

 

 

—

 

 

Deconsolidation of subsidiaries

 

 

(1.4

)

 

 

 

(1.4

)

 

 

 

—

 

 

Foreign rate differential

 

 

(5.6

)

 

 

 

(1.2

)

 

 

 

—

 

 

Other

 

 

(0.5

)

 

 

 

(0.2

)

 

 

 

(0.7

)

 

Effective income tax rate

 

 

(0.2

)

%

 

 

—

 

%

 

 

—

 

%

 

 
Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carry-forwards

 

$

379,019

 

 

$

358,867

 

Amortization

 

 

10,188

 

 

 

10,024

 

Accruals and reserves

 

 

7,787

 

 

 

6,453

 

Deferred revenue

 

 

—

 

 

 

2,130

 

Stock-based compensation

 

 

21,109

 

 

 

21,340

 

Equity method investment

 

 

2,998

 

 

 

—

 

Tax credits

 

 

117,020

 

 

 

97,735

 

Operating lease liabilities

 

 

2,200

 

 

 

3,153

 

Deferred income from asset sale

 

 

2,242

 

 

 

2,333

 

Capitalized research and experimental expenditures

 

 

150,520

 

 

 

144,873

 

Deferred interest expense

 

 

30,747

 

 

 

26,596

 

Property and equipment

 

 

918

 

 

 

822

 

Unrealized gains and losses

 

 

3,336

 

 

 

—

 

Other

 

 

554

 

 

 

4,230

 

Gross deferred tax assets

 

 

728,638

 

 

 

678,556

 

Less valuation allowance

 

 

(727,326

)

 

 

(672,084

)

Deferred tax assets, net of valuation allowance

 

 

1,312

 

 

 

6,472

 

Deferred tax liabilities:

 

 

 

 

 

 

Operating lease right-of-use assets

 

 

(1,312

)

 

 

(1,784

)

Unrealized gains and losses

 

 

—

 

 

 

(4,688

)

Deferred tax liabilities

 

 

(1,312

)

 

 

(6,472

)

Net deferred tax assets (liabilities)

 

$

—

 

 

$

—

 
Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Balance at the beginning of the year

 

$

30,856

 

 

$

27,013

 

Additions of prior year positions

 

 

99

 

 

 

10

 

Reductions of prior year positions

 

 

(520

)

 

 

(2,504

)

Additions based on tax positions related to
   current year

 

 

6,431

 

 

 

6,337

 

Balance at the end of the year

 

$

36,866

 

 

$

30,856

 
v3.25.0.1
Net Loss Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
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 December 31,

 

 

2024

 

 

2023

 

 

2022

 

Unvested RSAs

 

—

 

 

 

85,453

 

 

 

652,058

 

Unvested RSUs

 

10,272,798

 

 

 

8,942,813

 

 

 

4,108,642

 

Unvested performance-based RSUs

 

3,326

 

 

 

3,326

 

 

 

7,875

 

Unvested market-based RSUs

 

375,000

 

 

 

375,000

 

 

 

—

 

Common stock options issued and outstanding

 

12,499,883

 

 

 

12,332,442

 

 

 

11,637,861

 

Estimated shares issuable under performance-based milestone
  compensation arrangements

 

2,558,295

 

 

 

4,865,250

 

 

 

19,201,212

 

Estimated shares issuable under the ESPP

 

122,268

 

 

 

75,889

 

 

 

217,660

 

Assumed conversion of 2027 Notes

 

12,878,305

 

 

 

12,878,305

 

 

 

12,878,305

 

Assumed conversion of 2029 Notes

 

7,702,988

 

 

 

7,702,988

 

 

 

7,702,988

 

 

46,412,863

 

 

 

47,261,466

 

 

 

56,406,601

 
v3.25.0.1
Organization and Description of Business Additional Information (Details) - Funding Agreement - USD ($)
$ in Millions
Nov. 22, 2024
Nov. 12, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]    
Milestone payment receivable   $ 500.0
Gross milestone payment received $ 500.0  
v3.25.0.1
Summary of Significant Accounting Policies - Additional Information (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 30, 2024
USD ($)
Jan. 17, 2024
Jun. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Summary Of Significant Accounting Policies [Line Items]              
Restricted cash         $ 126,000 $ 16,653,000 $ 37,930,000
Restricted cash, non-current - included in "Other assets"         $ 2,017,000 $ 2,144,000 $ 2,265,000
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List]         Other Assets, Noncurrent Other Assets, Noncurrent Other Assets, Noncurrent
Cash, cash equivalents and restricted cash maturity period         90 days    
Depreciation expense of property and equipment         $ 3,700,000 $ 4,100,000 $ 4,100,000
Number of business segments | Segment         1    
Number of reportable segments | Segment         1    
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]         srt:ChiefExecutiveOfficerMember    
Fair value of embedded derivative liability         $ 41,091,000    
Allowance for credit losses         0 0  
Advertising costs         21,500,000    
Loan and Security Agreement              
Summary Of Significant Accounting Policies [Line Items]              
Restricted cash           16,500,000  
Lease Agreements and Letters of Credit              
Summary Of Significant Accounting Policies [Line Items]              
Restricted cash         100,000 100,000  
Restricted cash, non-current - included in "Other assets"         $ 2,000,000 $ 2,100,000  
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List]         Other Assets, Noncurrent Other Assets, Noncurrent  
Financing Agreement              
Summary Of Significant Accounting Policies [Line Items]              
Deposit percentage of proceeds net of certain permitted costs received from asset sale transactions into escrow accounts   75.00%          
Percentage of aggregate amount not to exceed the original net cash proceeds received from asset sale transactions         50.00%    
Payment from escrow accounts     $ 20,000,000        
Financing Agreement | Cash              
Summary Of Significant Accounting Policies [Line Items]              
Payment from escrow accounts       $ 20,000,000      
Remaining balance in escrow accounts     $ 139,300,000 139,300,000      
Gondola Bio, LLC              
Summary Of Significant Accounting Policies [Line Items]              
Investors committed amount         $ 300,000,000    
Payment for private equity financing with external investors         $ 60,000,000    
Equity ownership percentage approximately         45.50%    
Investors contribution fair value         $ 50,000,000    
TheRas, Inc              
Summary Of Significant Accounting Policies [Line Items]              
Payment for private equity financing with external investors $ 200,000,000            
Percentage of ownership reduced for private equity financing 37.90%            
United States              
Summary Of Significant Accounting Policies [Line Items]              
Percentage of capitalized property and equipment         51.60% 69.10%  
Canada              
Summary Of Significant Accounting Policies [Line Items]              
Percentage of capitalized property and equipment         44.70% 30.60%  
Bayer Consumer Care AG and Kyowa Kirin Co., Ltd [Member] | Financing Agreement              
Summary Of Significant Accounting Policies [Line Items]              
Proceeds received from asset sale transactions       235,000,000      
Net proceeds deposited to escrow accounts       $ 159,300,000      
Minimum              
Summary Of Significant Accounting Policies [Line Items]              
Percentage of voting shares         50.00%    
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Concentration, Percentage of Net Revenue (Details) - Revenue Benchmark
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Customer Concentration Risk | Bayer      
Concentration Risk [Line Items]      
Percentage of concentration risk 59.30%    
Customer Concentration Risk | Kyowa Kirin      
Concentration Risk [Line Items]      
Percentage of concentration risk 34.30%    
Customer Concentration Risk | BMS      
Concentration Risk [Line Items]      
Percentage of concentration risk   80.60% 98.20%
Customer Concentration Risk | LianBio      
Concentration Risk [Line Items]      
Percentage of concentration risk   14.50%  
Geographical Risk | EMEA      
Concentration Risk [Line Items]      
Percentage of concentration risk 59.50%    
Geographical Risk | APAC      
Concentration Risk [Line Items]      
Percentage of concentration risk 34.50% 14.50%  
Geographical Risk | North America      
Concentration Risk [Line Items]      
Percentage of concentration risk   84.90% 98.90%
v3.25.0.1
Summary of Significant Accounting Policies - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash And Cash Equivalents [Line Items]        
Cash and cash equivalents $ 681,101 $ 375,935 $ 376,689  
Restricted cash 126 16,653 37,930  
Restricted cash, non-current - included in "Other assets" $ 2,017 $ 2,144 $ 2,265  
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List] Other Assets, Noncurrent Other Assets, Noncurrent Other Assets, Noncurrent  
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 683,244 $ 394,732 $ 416,884 $ 396,365
v3.25.0.1
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of our Property and Equipment (Details)
Dec. 31, 2024
Property Plant And Equipment [Line Items]  
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Furniture and office equipment | Minimum  
Property Plant And Equipment [Line Items]  
Estimated Useful Life 3 years
Furniture and office equipment | Maximum  
Property Plant And Equipment [Line Items]  
Estimated Useful Life 5 years
Laboratory And Machinery Equipment | Minimum  
Property Plant And Equipment [Line Items]  
Estimated Useful Life 5 years
Laboratory And Machinery Equipment | Maximum  
Property Plant And Equipment [Line Items]  
Estimated Useful Life 15 years
v3.25.0.1
Summary of Significant Accounting Policies - Summary of Accrued Professional and Other Accrued Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Accrued professional services $ 3,673 $ 7,412
Accrued interest 11,056 17,761
Milestone liability 1,595 6,000
Royalty obligation, current portion 144 0
Other accrued liabilities 16,603 4,657
Accrued professional and other accrued liabilities $ 33,071 $ 35,830
v3.25.0.1
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
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Revenue, net $ 221,902 $ 9,303 $ 77,648
Operating costs and expenses:      
Cost of revenue 3,878 2,446 3,434
Research and development 506,461 455,711 399,462
Selling, general and administrative 288,931 150,590 143,189
Restructuring, impairment and related charges 15,605 7,926 43,765
Total operating costs and expenses 814,875 616,673 589,850
Loss from operations (592,973) (607,370) (512,202)
Other income (expense), net:      
Interest income 17,249 18,038 7,542
Interest expense, net (99,290) (81,289) (80,438)
Gain on deconsolidation of subsidiaries 178,321 0 0
Loss on extinguishment of debt (26,590) 0 0
Net loss from equity method investments (31,183) 0 0
Gain from sale of priority review voucher, net 0 0 107,946
Other income (expense), net 12,272 17,370 (7,500)
Total other income (expense), net 50,779 (45,881) 27,550
Loss before income taxes (542,194) (653,251) (484,652)
Income tax expense 1,153 0 0
Net loss (543,347) (653,251) (484,652)
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests 7,585 10,049 3,469
Net loss attributable to common stockholders of BridgeBio (535,762) (643,202) (481,183)
Reportable Segment      
Segment Reporting Information [Line Items]      
Revenue, net 221,902 9,303 77,648
Operating costs and expenses:      
Cost of revenue 3,878 2,446 3,434
Research and development 506,461 455,711 399,462
Selling, general and administrative 288,931 150,590 143,189
Restructuring, impairment and related charges 15,605 7,926 43,765
Total operating costs and expenses 814,875 616,673 589,850
Loss from operations (592,973) (607,370) (512,202)
Other income (expense), net:      
Interest income 17,249 18,038 7,542
Interest expense, net (99,290) (81,289) (80,438)
Gain on deconsolidation of subsidiaries 178,321 0 0
Loss on extinguishment of debt (26,590) 0 0
Net loss from equity method investments (31,183) 0 0
Gain from sale of priority review voucher, net 0 0 107,946
Other income (expense), net 12,272 17,370 (7,500)
Total other income (expense), net 50,779 (45,881) 27,550
Loss before income taxes (542,194) (653,251) (484,652)
Income tax expense 1,153 0 0
Net loss (543,347) (653,251) (484,652)
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests 7,585 10,049 3,469
Net loss attributable to common stockholders of BridgeBio (535,762) (643,202) (481,183)
Reportable Segment | Acoramidis for ATTR-CM      
Operating costs and expenses:      
Research and development 164,782 101,041 91,901
Reportable Segment | Infigratinib      
Operating costs and expenses:      
Research and development 91,869 63,239 32,387
Reportable Segment | BBP-418 (ribitol) for LGMD2I/R9      
Operating costs and expenses:      
Research and development 40,220 33,903 22,372
Reportable Segment | Encaleret for ADH1      
Operating costs and expenses:      
Research and development 49,091 44,773 27,485
Reportable Segment | Other Development Programs      
Operating costs and expenses:      
Research and development 71,732 82,165 124,501
Reportable Segment | Other Research Programs      
Operating costs and expenses:      
Research and development $ 88,767 $ 130,590 $ 100,816
v3.25.0.1
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Cash equivalents:    
Total cash equivalents $ 359,791 $ 269,597
Marketable securities:    
Investments in equity securities 0 58,949
Liability    
Embedded derivative (included in "Deferred royalty obligation, net"/"Accrued professional and other accrued liabilities") 41,091  
Level 1    
Marketable securities:    
Investments in equity securities   58,900
Treasury Bills    
Cash equivalents:    
Total cash equivalents 20,714 256,067
Agency Discount Notes    
Cash equivalents:    
Total cash equivalents 44,205  
Recurring    
Cash equivalents:    
Total cash equivalents 359,791 269,597
Marketable securities:    
Investments in equity securities   58,949
LianBio warrant   1,554
Total financial assets 359,791 330,100
Liability    
Embedded derivative (included in "Deferred royalty obligation, net"/"Accrued professional and other accrued liabilities") 41,091 1,665
Recurring | Level 1    
Cash equivalents:    
Total cash equivalents 294,872 13,530
Marketable securities:    
Investments in equity securities   58,949
LianBio warrant   1,554
Total financial assets 294,872 74,033
Liability    
Embedded derivative (included in "Deferred royalty obligation, net"/"Accrued professional and other accrued liabilities") 0 0
Recurring | Level 2    
Cash equivalents:    
Total cash equivalents 64,919 256,067
Marketable securities:    
Investments in equity securities   0
LianBio warrant   0
Total financial assets 64,919 256,067
Liability    
Embedded derivative (included in "Deferred royalty obligation, net"/"Accrued professional and other accrued liabilities") 0 0
Recurring | Level 3    
Cash equivalents:    
Total cash equivalents 0 0
Marketable securities:    
Investments in equity securities   0
LianBio warrant   0
Total financial assets 0 0
Liability    
Embedded derivative (included in "Deferred royalty obligation, net"/"Accrued professional and other accrued liabilities") 41,091 1,665
Recurring | Money Market Funds    
Cash equivalents:    
Total cash equivalents 294,872 13,530
Recurring | Money Market Funds | Level 1    
Cash equivalents:    
Total cash equivalents 294,872 13,530
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 20,714 256,067
Recurring | Treasury Bills | Level 1    
Cash equivalents:    
Total cash equivalents 0 0
Recurring | Treasury Bills | Level 2    
Cash equivalents:    
Total cash equivalents 20,714 256,067
Recurring | Treasury Bills | Level 3    
Cash equivalents:    
Total cash equivalents 0 $ 0
Recurring | Agency Discount Notes    
Cash equivalents:    
Total cash equivalents 44,205  
Recurring | Agency Discount Notes | Level 1    
Cash equivalents:    
Total cash equivalents 0  
Recurring | Agency Discount Notes | Level 2    
Cash equivalents:    
Total cash equivalents 44,205  
Recurring | Agency Discount Notes | Level 3    
Cash equivalents:    
Total cash equivalents $ 0  
v3.25.0.1
Fair Value Measurements - Additional Information (Details) - USD ($)
 1 Months Ended
Dec. 31, 2024
Feb. 29, 2024
Dec. 31, 2023
Feb. 02, 2021
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      
Equity security investment 0   58,949,000      
Estimated fair value of deferred royalty obligation, net embedded derivative liability 446,000,000          
Reduction to interest expense as the change in fair value for the embedded derivative liability 1,600,000          
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          
Loan Security Agreement            
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]            
Estimated fair value of outstanding term loan     389,100,000      
LianBio            
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]            
Equity security investment 0   22,400,000      
BridgeBio Pharma, LLC | Entities Affiliated With Perceptive Life Sciences Master Fund Ltd | LianBio            
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]            
Warrants to purchase common stock   347,569        
Level 1            
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]            
Equity security investment     58,900,000      
2029 Notes            
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]            
Debt Instrument face amount 747,500,000   747,500,000 $ 747,500,000 $ 717,500,000  
Estimated fair value of notes payable 640,700,000   638,700,000      
2027 Notes            
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]            
Debt Instrument face amount 550,000,000   550,000,000     $ 550,000,000
Estimated fair value of notes payable $ 578,100,000   $ 695,800,000      
v3.25.0.1
Fair Value Measurements - Summary of Total Realized and Unrealized Gains and Losses Associated with Investment in Equity Securities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair Value Disclosures [Abstract]      
Net realized gains recognized on investments in equity securities sold $ 8,136 $ 8,668 $ 3,731
Net unrealized gains (losses) recognized on investments in equity securities held as of the end of the period 0 9,646 (11,953)
Total net gains (losses) included in "Other income (expense), net" $ 8,136 $ 18,314 $ (8,222)
v3.25.0.1
Cash Equivalents - Schedule of Cash Equivalents (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis Cash Equivalents $ 359,783 $ 269,566
Unrealized Gains 8 31
Unrealized Losses 0 0
Cash Equivalents, Estimated Fair Value 359,791 269,597
Money Market Funds    
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis Cash Equivalents 294,872 13,530
Unrealized Gains 0 0
Unrealized Losses 0 0
Cash Equivalents, Estimated Fair Value 294,872 13,530
Treasury Bills    
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis Cash Equivalents 20,710 256,036
Unrealized Gains 4 31
Unrealized Losses 0 0
Cash Equivalents, Estimated Fair Value 20,714 $ 256,067
Agency Discount Notes    
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis Cash Equivalents 44,201  
Unrealized Gains 4  
Unrealized Losses 0  
Cash Equivalents, Estimated Fair Value $ 44,205  
v3.25.0.1
Noncontrolling Interests - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Noncontrolling Interest [Abstract]      
Adjustments of carrying value of noncontrolling interest additional paid-in capital $ (5.8) $ (10.5) $ (3.5)
v3.25.0.1
Equity Method Investment and Other Equity Investments - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 5 Months Ended 8 Months Ended 12 Months Ended
Apr. 30, 2024
Feb. 22, 2024
Feb. 20, 2024
Feb. 13, 2024
Mar. 31, 2024
Oct. 31, 2021
Oct. 31, 2019
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule Of Equity Method Investments [Line Items]                        
Gain from deconsolidation                   $ 178,321 $ 0 $ 0
Amortization of asset                   2,400 2,400 2,400
Loss from equity method investment                   (31,183) 0 0
Prepaid expenses and other current assets               $ 34,743 $ 34,743 34,743 24,305  
Accrued professional and other accrued liabilities               33,071 33,071 33,071 35,830  
Total operating costs and expenses                   506,461 455,711 399,462
Unrealized gain (loss) on ongoing mark-to-market adjustments of investment in equity security                   0 9,646 (11,953)
Realized losses recognized on investment in equity securities                   8,136 8,668 3,731
Fair value of warrants                     1,600  
Gondola Bio, LLC                        
Schedule Of Equity Method Investments [Line Items]                        
Investors committed amount               300,000 300,000 300,000    
Payment for private equity financing with external investors                   60,000    
Aggregate cash contributed               $ 42,500 $ 42,500 $ 42,500    
Equity ownership percentage approximately               45.50% 45.50% 45.50%    
Investors contribution fair value               $ 50,000 $ 50,000 $ 50,000    
Gain from deconsolidation                   52,000    
Equity investment               50,000 50,000 50,000    
Difference of between fair value of equity investment and underlying equity in net assets               23,900 23,900 23,900    
Loss from equity method investment               8,500        
Aggregate carrying amount of equity method investment               41,500 41,500 41,500    
TheRas, Inc                        
Schedule Of Equity Method Investments [Line Items]                        
Payment for private equity financing with external investors $ 200,000                      
Gain from deconsolidation                   126,300    
Equity investment $ 124,900             124,900 124,900 124,900    
Difference of between fair value of equity investment and underlying equity in net assets               49,600 49,600 49,600    
Loss from equity method investment                 22,700      
Aggregate carrying amount of equity method investment               102,200 102,200 102,200    
Percentage of ownership reduced for private equity financing 37.90%                      
LianBio | Equity Method Investee's IPO                        
Schedule Of Equity Method Investments [Line Items]                        
Unrealized gain (loss) on ongoing mark-to-market adjustments of investment in equity security                   0 $ 14,200 $ (22,600)
Transition Service Agreement and sublease agreement | Gondola Bio, LLC                        
Schedule Of Equity Method Investments [Line Items]                        
Other income                   1,300    
Gondola Bio, LLC | Transition Service Aggrement                        
Schedule Of Equity Method Investments [Line Items]                        
Accrued professional and other accrued liabilities               1,200 1,200 1,200    
Total operating costs and expenses                   700    
Gondola Bio, LLC | Transition Service Agreement and sublease agreement                        
Schedule Of Equity Method Investments [Line Items]                        
Operating expenses                   800    
Prepaid expenses and other current assets               3,200 3,200 3,200    
TheRas, Inc | Transition Service Aggrement                        
Schedule Of Equity Method Investments [Line Items]                        
Other income                   2,100    
Operating expenses                   700    
Prepaid expenses and other current assets               500 500 500    
Total operating costs and expenses                   800    
Accrued research and development expenses                   100    
IPR&D | Gondola Bio, LLC                        
Schedule Of Equity Method Investments [Line Items]                        
Amortization of asset               $ 400        
IPR&D | TheRas, Inc                        
Schedule Of Equity Method Investments [Line Items]                        
Amortization of asset                 $ 1,700      
BridgeBio Pharma, LLC | LianBio                        
Schedule Of Equity Method Investments [Line Items]                        
Special cash dividend declared per share       $ 4.8                
Depositary fees per share       $ 0.05                
Common stock held   5,350,361                    
Net proceeds received as special cash dividends         $ 25,700              
Realized net gains from investment         $ 1,800              
BridgeBio Pharma, LLC | Entities Affiliated With Perceptive Life Sciences Master Fund Ltd | LianBio                        
Schedule Of Equity Method Investments [Line Items]                        
Warrant to purchase percentage             10.00%          
Warrants to purchase common stock           347,569            
Warrants exercised     347,569                  
PellePharm, Inc                        
Schedule Of Equity Method Investments [Line Items]                        
Realized losses recognized on investment in equity securities                   $ 1,200    
v3.25.0.1
Intangible Assets, Net - Summary of Recognized Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]    
Weighted-average Estimated Useful Lives 10 years 11 years
Gross amount $ 32,500 $ 32,500
Less: accumulated amortization (8,574) (6,181)
Total $ 23,926 $ 26,319
v3.25.0.1
Intangible Assets, Net - Additional Information (Details)
 1 Months Ended 12 Months Ended
Nov. 30, 2018
USD ($)
Mar. 31, 2024
USD ($)
Installment
Mar. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Mar. 04, 2022
USD ($)
Dec. 31, 2021
USD ($)
May 31, 2021
USD ($)
Dec. 31, 2018
USD ($)
Finite-Lived Intangible Assets [Line Items]                    
Amortization expenses       $ 2,400,000 $ 2,400,000 $ 2,400,000        
Amortization expenses, 2025       2,400,000            
Amortization expenses, 2026       2,400,000            
Amortization expenses, 2027       2,400,000            
Amortization expenses, 2028       2,400,000            
Amortization expenses, thereafter       14,300,000            
Capitalization of finite-lived intangible asset       32,500,000 32,500,000          
Accrued professional and other accrued liabilities       33,071,000 35,830,000          
Other long-term liabilities       286,000 5,634,000          
Foundation Medicine Diagnostics Agreement | Foundation Medicine, Inc                    
Finite-Lived Intangible Assets [Line Items]                    
Capitalization of finite-lived intangible asset                 $ 12,500,000  
Payment Following FDA Approval of Truseltiq                    
Finite-Lived Intangible Assets [Line Items]                    
Capitalization of finite-lived intangible asset                 $ 20,000,000  
QED Therapeutics, Inc                    
Finite-Lived Intangible Assets [Line Items]                    
Accrued professional and other accrued liabilities       $ 1,600,000 6,000,000          
Other long-term liabilities         $ 5,000,000          
QED Therapeutics, Inc | Foundation Medicine Diagnostics Agreement | Foundation Medicine, Inc                    
Finite-Lived Intangible Assets [Line Items]                    
Potential regulatory milestone payments $ 12,500,000                  
Regulatory milestone payments term 4 years                  
Agreement to pay remaining payable amount   $ 9,600,000                
Number of equal monthly installments | Installment   12                
Equal monthly installments amount   $ 800,000                
QED Therapeutics, Inc | Maximum                    
Finite-Lived Intangible Assets [Line Items]                    
Potential regulatory milestone payments                   $ 60,000,000
Potential sales milestone payments                   35,000,000
Origin Biosciences, Inc.                    
Finite-Lived Intangible Assets [Line Items]                    
Capitalization of finite-lived intangible asset               $ 15,000,000    
Origin Biosciences, Inc. | Maximum                    
Finite-Lived Intangible Assets [Line Items]                    
Potential sales milestone payments                   $ 17,000,000
Origin-Sentynl APA                    
Finite-Lived Intangible Assets [Line Items]                    
Assets acquisition potential regulatory based milestone payments     $ 1,000,000              
Derecognition of capitalized intangible asset net     $ 13,500,000              
Origin-Sentynl APA | Maximum                    
Finite-Lived Intangible Assets [Line Items]                    
Potential sales milestone payments             $ 4,500,000      
v3.25.0.1
Commitments and Contingencies - Additional Information (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Commitments And Contingencies [Line Items]    
Accrued termination charges $ 0 $ 0
Aggregate minimum commitment 1,000,000  
Performance-Based Milestone Awards    
Commitments And Contingencies [Line Items]    
Accrual for milestones not probable 0  
Commercial Supply Agreement    
Commitments And Contingencies [Line Items]    
Minimum purchase commitment $ 32,900,000  
v3.25.0.1
Commitments and Contingencies - Schedule of Potential Milestone Amounts and Accruals (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Potential Fixed Monetary Amount Settlement in Cash $ 906
Potential Fixed Monetary Amount Settlement in Stock 16,850 [1]
Potential Fixed Monetary Amount Settlement in Cash or stock at our sole discretion 53,432
Total Potential Fixed Monetary Settlement Amount 71,188
Accrued Amount Settlement in Cash 73 [2]
Accrued Amount Settlement in Stock 2,057 [1],[2]
Accrued Amount Settlement in Cash or stock at our sole discretion 3,609 [2]
Total Accrued Settlement Amount $ 5,739 [2]
[1] Includes the performance-based milestone awards that were granted as part of the Exchange Program further discussed in Note 16.
[2] Amount recorded for performance-based milestone awards that are probable of achievement.
v3.25.0.1
Debt - Additional Information (Details)
 1 Months Ended 12 Months Ended
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
Jun. 30, 2024
USD ($)
Jun. 30, 2022
USD ($)
Nov. 30, 2021
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Nov. 30, 2022
USD ($)
May 31, 2022
USD ($)
Feb. 02, 2021
USD ($)
Debt Instrument [Line Items]                                
Loss on early extinguishment of debt                 $ (26,590,000) $ 0 $ 0          
Interest expense                 34,330,000 34,231,000 34,137,000          
Amortization of debt discount and issuance costs                 3,761,000 3,662,000 3,568,000          
Interest payable                 11,056,000 17,761,000            
Debt instrument prepaid includes final payment charge and prepayment fee                 473,417,000 0 20,486,000          
Minimum unrestricted cash balance                 $ 78,000,000              
Percentage of additional minimum qualified balance on cash released from escrow accounts                 40.00%              
Financing Agreement                                
Debt Instrument [Line Items]                                
Debt instrument mandatory prepayments percentage of net cash proceeds from prepayment event transaction 75.00%                              
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%.                              
Interest expense                 $ 54,800,000              
Amortization of debt discount and issuance costs                 3,300,000              
Interest payable                 $ 0              
Minimum unrestricted cash balance $ 70,000,000                              
Payment from escrow accounts           $ 20,000,000                    
Percentage of aggregate amount not to exceed the original net cash proceeds received from asset sale transactions                 50.00%              
Navire Bms Member | License Agreement                                
Debt Instrument [Line Items]                                
Amount paid to lenders             $ 20,500,000                  
Principle amount paid to lenders             20,100,000                  
Exit fee             $ 400,000                  
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]                                
Debt Instrument face amount                           $ 450,000,000    
Stated interest rate               9.00%                
Debt instrument payment amortization date               Jan. 02, 2025                
Debt instrument potential payment extended amortization date               Jan. 02, 2026                
Debt instrument, frequency of interest payment               quarterly                
Maturity date               Nov. 17, 2026                
Debt issuance costs including initial purchasers discounts, legal and other professional fees                 $ 1,100,000              
Loss on early extinguishment of debt $ (26,600,000)                              
Interest expense                 3,000,000 46,300,000 46,100,000          
Amortization of debt discount and issuance costs                 400,000 5,200,000 5,000,000          
Interest payable 2,400,000                 6,700,000            
Transaction-related fees 300,000                              
Debt instrument prepaid includes final payment charge and prepayment fee 475,800,000                              
Principal payments 455,400,000                              
Prepayment fee 9,100,000                              
Exit cost $ 8,600,000                              
Loan Agreement | Financing Agreement                                
Debt Instrument [Line Items]                                
Maturity date Jan. 17, 2029                              
Prepayment percentage 3.00%                              
Loan Agreement | Payment in Kind                                
Debt Instrument [Line Items]                                
Stated interest rate               3.00%                
Accrued interest convertible into principal                   10,200,000 15,300,000          
Maximum | Financing Agreement                                
Debt Instrument [Line Items]                                
Debt Instrument face amount $ 750,000,000                              
Interest rate 2.00%                              
Market capitalization amount $ 1,500,000,000                              
Minimum unrestricted cash balance                 70,000,000              
Maximum | Loan Agreement                                
Debt Instrument [Line Items]                                
Debt Instrument face amount               $ 750,000,000                
Debt instrument prepayment premium percentage               3.00%                
Debt instrument mandatory prepayments percentage of net cash proceeds from prepayment event transaction               75.00%                
Minimum | Financing Agreement                                
Debt Instrument [Line Items]                                
Debt Instrument face amount 50,000,000                              
Minimum unrestricted cash balance                 70,000,000              
Minimum | Loan Agreement                                
Debt Instrument [Line Items]                                
Debt instrument prepayment premium percentage               1.00%                
Debt instrument mandatory prepayments percentage of net cash proceeds from prepayment event transaction               50.00%                
2029 Notes                                
Debt Instrument [Line Items]                                
Debt Instrument face amount   $ 717,500,000             $ 747,500,000 747,500,000           $ 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                            
Debt instrument issuance date   Jan. 28, 2021                            
Stated interest rate   2.25%                            
Maturity year   2029                            
Debt instrument, frequency of interest payment   semiannually                            
Interest payable beginning date   Aug. 01, 2021                            
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                            
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   10.305                            
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                 $ 7,000,000 7,000,000            
Interest expense                 18,786,000 18,736,000 18,688,000          
Amortization of debt discount and issuance costs                 1,967,000 1,917,000 1,869,000          
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         $ 550,000,000 550,000,000            
Proceeds from exercise of option to purchase additional notes       $ 75,000,000                        
Debt instrument issuance date       Mar. 09, 2020                        
Stated interest rate       2.50%                        
Maturity year       2027                        
Debt instrument, frequency of interest payment       semi-annually                        
Interest payable beginning date       Sep. 15, 2020                        
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                        
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                        
Debt issuance costs allocated to equity component       4,100,000                        
Debt issuance costs allocated to liability component       $ 8,900,000                        
Expected life of notes       7 years                        
Interest payable                 $ 4,000,000 4,000,000            
Interest expense                 15,544,000 15,495,000 15,449,000          
Amortization of debt discount and issuance costs                 1,794,000 $ 1,745,000 $ 1,699,000          
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                      
Term Loan After January 17, 2024 | Financing Agreement                                
Debt Instrument [Line Items]                                
Additional quarterly principal payments 10,000,000                              
Tranche 1 Advance | Loan Agreement                                
Debt Instrument [Line Items]                                
Proceeds from issuance of Term Loans after deducting debt discount and issuance costs                 431,300,000              
Proceeds from term loan, net of issuance costs                 18,700,000              
Tranche 1 Advance | Maximum | Loan Agreement                                
Debt Instrument [Line Items]                                
Debt Instrument face amount               $ 450,000,000                
Tranche 2 Advance | Maximum | Loan Agreement                                
Debt Instrument [Line Items]                                
Debt Instrument face amount               $ 300,000,000                
Debt instrument, amount available to be drawn                             $ 100,000,000  
Initial Term Loan | Financing Agreement                                
Debt Instrument [Line Items]                                
Debt Instrument face amount 450,000,000                              
Proceeds from issuance of Term Loans after deducting debt discount and issuance costs                 434,000,000              
Proceeds from term loan, net of issuance costs                 $ 16,000,000              
Incremental Term Loan | Financing Agreement                                
Debt Instrument [Line Items]                                
Debt Instrument face amount 300,000,000                              
Scheduled Amortization Payments | Financing Agreement                                
Debt Instrument [Line Items]                                
Principal payments $ 22,500,000                              
Amortization payment date Jun. 30, 2027                              
Scheduled Amortization Payments | Maximum | Financing Agreement                                
Debt Instrument [Line Items]                                
Net leverage ratio 500                              
v3.25.0.1
Debt - Additional Information (Details1) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
May 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Exclusive license agreements with Bayer Consumer Care AG and Kyowa Kirin Co., Ltd.      
Debt Instrument [Line Items]      
Debt instrument deposit percentage of proceeds net of certain permitted costs upon receipt of upfront payments from license agreements     75.00%
Bayer Consumer Care AG and Kyowa Kirin Co., Ltd | Financing Agreement      
Debt Instrument [Line Items]      
Proceeds received from asset sale transactions   $ 235.0  
Net proceeds deposited to escrow accounts   $ 159.3  
BridgeBio Oncology Therapeutics      
Debt Instrument [Line Items]      
Payment for private equity financing with external investors $ 200.0    
Payment for disposition fee $ 1.1    
v3.25.0.1
Debt - Schedule of Outstanding Notes Balances (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
2029 Notes    
Debt Instrument [Line Items]    
Principal $ 747,500 $ 747,500
Unamortized debt discount and issuance costs (8,628) (10,595)
Net carrying amount 738,872 736,905
2027 Notes    
Debt Instrument [Line Items]    
Principal 550,000 550,000
Unamortized debt discount and issuance costs (4,827) (6,621)
Net carrying amount $ 545,173 $ 543,379
v3.25.0.1
Debt - Schedule of Total Interest Expense Recognized Related to Notes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Contractual interest expense $ 30,569 $ 30,569 $ 30,569
Amortization of debt discount and issuance costs 3,761 3,662 3,568
Total interest and amortization expense $ 34,330 34,231 34,137
Effective interest rate 19.30%    
2029 Notes      
Debt Instrument [Line Items]      
Contractual interest expense $ 16,819 16,819 16,819
Amortization of debt discount and issuance costs 1,967 1,917 1,869
Total interest and amortization expense $ 18,786 $ 18,736 $ 18,688
Effective interest rate 2.60% 2.60% 2.60%
2027 Notes      
Debt Instrument [Line Items]      
Contractual interest expense $ 13,750 $ 13,750 $ 13,750
Amortization of debt discount and issuance costs 1,794 1,745 1,699
Total interest and amortization expense $ 15,544 $ 15,495 $ 15,449
Effective interest rate 2.80% 2.80% 2.80%
v3.25.0.1
Debt - Schedule of Future Minimum Payments under Notes (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
2029 Notes and Interest on 2029 Notes  
Debt Instrument [Line Items]  
2025 $ 16,819
2026 16,819
2027 16,819
2028 16,819
2029 755,909
Total future payments 823,185
Interest on 2029 Notes  
Debt Instrument [Line Items]  
Less amounts representing interest (75,685)
2029 Notes  
Debt Instrument [Line Items]  
Total future payments 747,500
2027 Notes and Interest on 2027 Notes  
Debt Instrument [Line Items]  
2025 13,750
2026 13,750
2027 556,875
Total future payments 584,375
Interest on 2027 Notes  
Debt Instrument [Line Items]  
Less amounts representing interest (34,375)
2027 Notes  
Debt Instrument [Line Items]  
Total future payments 550,000
2027 Notes and Interest on 2027 Notes and 2029 Notes and Interest on 2029 Notes  
Debt Instrument [Line Items]  
2025 30,569
2026 30,569
2027 573,694
2028 16,819
2029 755,909
Total future payments 1,407,560
Interest on 2027 and 2029 Notes  
Debt Instrument [Line Items]  
Less amounts representing interest (110,060)
2029 Notes and 2027 Notes  
Debt Instrument [Line Items]  
Total future payments $ 1,297,500
v3.25.0.1
Debt - Schedule of Balances of Borrowing under Loan Agreement (Details) - Loan Agreement
$ in Thousands
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]  
Principal value of term loans $ 429,916
Debt discount, issuance costs and exit fee accretion (9,002)
Term loan, net 446,445
Payment in Kind  
Debt Instrument [Line Items]  
Principal value of term loans $ 25,531
v3.25.0.1
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
v3.25.0.1
Debt - Schedule of Future Minimum Payments Under Term Loan Agreement (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Term Loans, Interest on Term Loans of Financing Agreement  
Debt Instrument [Line Items]  
2025 $ 50,660
2026 50,660
2027 116,245
2028 129,155
2029 294,215
Total future payments 640,935
Financing Agreement  
Debt Instrument [Line Items]  
Total future payments 450,000
Less amounts representing interest $ (190,935)
v3.25.0.1
Funding Agreement - Additional Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Jan. 17, 2024
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Funding Agreements [Line Items]          
Royalty interest payments may adjust to maximum rate 10.00%        
Amortization of debt discount and issuance costs     $ 3,761 $ 3,662 $ 3,568
Gross proceeds received under funding agreement   $ 500,000      
Net cash proceeds     500,000 0 0
Repayment of the Cap Amount     473,417 $ 0 $ 20,486
Fair value of embedded derivative liability   $ 41,091 $ 41,091    
Effective interest rate   19.30% 19.30%    
Accrued Professional and Other Accrued Liabilities          
Funding Agreements [Line Items]          
Royalty interest payable   $ 100 $ 100    
Funding Agreement          
Funding Agreements [Line Items]          
Net of certain transaction expenses $ 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        
Interest expense     8,300    
Amortization of debt discount and issuance costs     1,000    
Net cash proceeds   472,500      
Royalty obligation debt discount and issuance costs paid in cash   27,500      
Repayment of the Cap Amount     950,000    
One-time payment     25,000    
Fair value of embedded derivative liability   $ 41,100 $ 41,100    
v3.25.0.1
Funding Agreement - Schedule of Royalty Obligation Under Funding Agreement (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Funding Agreement [Abstract]    
Carrying value of deferred royalty obligation (Principal) $ 507,114  
Fair value of embedded derivative liability 41,091  
Debt discount and issuance costs accretion (69,114)  
Deferred royalty obligation, net $ 479,091 $ 0
v3.25.0.1
License and Collaboration Agreements - Additional Information (Details) - USD ($)
 1 Months Ended 12 Months Ended
Feb. 10, 2025
Mar. 01, 2024
Mar. 29, 2021
Oct. 31, 2024
May 31, 2024
Jan. 31, 2023
Oct. 31, 2019
Sep. 30, 2019
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Feb. 07, 2024
Jun. 30, 2022
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Milestone payments                 $ 500,000          
Revenue                 221,902,000 $ 9,303,000 $ 77,648,000      
Deferred revenue, current portion                 14,604,000 6,096,000        
Deferred revenue, noncurrent                 17,095,000 3,727,000        
Reimbursable commercial contracted activities                 12,500,000          
Research and development                 $ 506,461,000 $ 455,711,000 $ 399,462,000      
Common Stock                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Shares issued                 10,975,784 20,225,940 455,800      
ASC 808                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
License agreements share of co-commercialization loss as reduction to selling, general and administrative expenses                 $ 0 $ 0 $ 1,500,000      
Helsinn Therapeutics                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Receivables from licensing and collaboration agreements                 $ 0 600,000        
Close-out plan costs subject to reimbursement                   $ 6,000,000        
Percentage of close-out plan costs, subject to reimbursement                 50.00% 50.00%        
QED Therapeutics, Inc                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Close-out plan costs           $ 11,000,000       $ 7,200,000        
QED Therapeutics, Inc | Entities Affiliated With Perceptive Life Sciences Master Fund Ltd                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Warrant to purchase percentage             10.00%              
Nonrefundable upfront payment receivable             $ 10,000,000              
QED Therapeutics, Inc | Maximum | Entities Affiliated With Perceptive Life Sciences Master Fund Ltd                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Future potential development and sales milestone payments yet to receive             $ 132,500,000              
QED Therapeutics, Inc | Minimum | Foundation Medicine, Inc                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Reimbursable remaining commencing installments                 $ 9,600,000          
License and Collaboration Agreement | Helsinn Therapeutics                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Percentage share of global development costs     60.00%                      
License and Collaboration Agreement | Helsinn Therapeutics | License and Services Revenue                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Revenue                       $ 56,000,000    
License and Collaboration Agreement | BMS                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Upfront payment yet to be received                           $ 90,000,000
Upfront, regulatory and launch milestone payments yet to be received                 815,000,000          
License and Collaboration Agreement | QED Therapeutics, Inc                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
License agreement percentage share of profits and losses     50.00%                      
Percentage share of global development costs     40.00%                      
Reimbursable research and development                 18,800          
Reimbursable payment outstanding                 31,300,000          
Reduction of obligation                 9,600,000          
License and Collaboration Agreement | QED Therapeutics, Inc | Helsinn Therapeutics | ASC 808                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Research and development                 3,000,000 3,000,000 21,500,000      
License and Collaboration Agreement | QED Therapeutics, Inc | Maximum | Foundation Medicine, Inc                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Reimbursable remaining commencing installments                 11,000,000          
License and Collaboration Agreement | Navire Pharma, Inc | BMS                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Milestone payments                 0          
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 7,400,000 74,700,000      
Deferred revenue                   9,900,000        
Deferred revenue, current portion                   6,100,000        
Deferred revenue, noncurrent                   3,800,000        
License and Collaboration Agreement | Navire Pharma, Inc | Revenue | BMS                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Revenue                 9,900,000 5,400,000 4,500,000      
License Agreement | Navire Pharma, Inc | BMS | License and Services Revenue                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Revenue                   2,000,000        
License Agreement | Navire Pharma, Inc | LianBio | License and Services Revenue                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Revenue                 300,000 $ 1,100,000 $ 500,000      
Alexion License Agreements | Eidos                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Upfront nonrefundable payment received               $ 25,000,000            
Alexion License Agreements | Commercial Product Supply | Eidos                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Revenues                 600,000          
Alexion License Agreements | Maximum                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Regulatory milestone payment receivable subject to achievement of regulator milestones               30,000,000            
Alexion Agreements | Eidos                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Upfront payment received       $ 3,000,000                    
Revenue               26,700,000            
Deferred revenue, current portion                 3,000,000          
Clinical costs                 $ 0          
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]                            
Agreement convenience least days                 270 days          
Milestone payments                 $ 0          
Initial transaction price for the license and collaboration agreement                 135,000,000          
Licensing and collaboration agreements                 0          
Allocation of transaction price for research and development                 4,500,000          
Allocation of transaction price to licenses                 130,500,000          
Revenue                 1,000,000          
Deferred revenue                 3,500,000          
Deferred revenue, current portion                 1,300,000          
Deferred revenue, noncurrent                 $ 2,200,000          
Net proceeds received permitted costs percentage                 75.00%          
Receipt of escrow account                 $ 135,000,000          
Deposited of escrow account receipt         $ 84,700,000                  
Bayer Exclusive License Agreement | Subsequent Event | Eidos                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Regulatory-based milestone payment $ 75,000,000                          
Bayer Exclusive License Agreement | License and Services Revenue | Eidos                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Revenue                 131,500,000          
Bayer Exclusive License Agreement | Commercial Product Supply | Eidos                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Revenues                 0          
Bayer Exclusive License Agreement | Seller Parties | Eidos                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Upfront payment received         $ 135,000,000                  
Regulatory and sales milestones   $ 150,000,000                        
Sales milestone payments yet to be received   450,000,000                        
Bayer Exclusive License Agreement | Seller Parties | EU Commission Regulatory | Eidos                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Regulatory and sales milestones   $ 75,000,000                        
Kyowa Kirin Exclusive License                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Upfront payment yet to be received                 100,000,000          
Kyowa Kirin Exclusive License | Eidos                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Initial transaction price for the license and collaboration agreement                 $ 100,000,000          
Kyowa Kirin Exclusive License | QED Therapeutics, Inc                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Development milestone payments yet to be received                         $ 81,400,000  
Agreement convenience least days                 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          
Revenue                 5,700,000          
Deferred revenue                 25,200,000          
Deferred revenue, current portion                 10,300,000          
Deferred revenue, noncurrent                 $ 14,900,000          
Net proceeds received permitted costs percentage                 75.00%          
Receipt of escrow account                 $ 100,000,000          
Deposited of escrow account receipt                 74,600,000          
Kyowa Kirin Exclusive License | QED Therapeutics, Inc | License and Services Revenue                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Revenue                 76,200,000          
Letter of Agreement | QED Therapeutics, Inc                            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                            
Revenue                 $ 1,400,000          
v3.25.0.1
License and Collaboration Agreements - Additional Information (Details1) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Sep. 30, 2019
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]        
Research and development $ 506,461 $ 455,711 $ 399,462  
Helsinn Therapeutics        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]        
Receivables from licensing and collaboration agreements 0 600    
Alexion Agreements | Eidos | Common Stock        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]        
Shares issued, price per share       $ 44.95
Excess of purchase price over the value of common stock shares       $ 1,700
The Nasdaq Global Select Market | Alexion Agreements | Eidos | Common Stock        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]        
Shares issued, price per share       $ 41.91
Excess of purchase price over the value of common stock shares       $ 1,700
ASC 808 | License and Collaboration Agreement | QED Therapeutics, Inc | Helsinn Therapeutics        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]        
Research and development $ 3,000 $ 3,000 $ 21,500  
v3.25.0.1
Sale of Nonfinancial Assets - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Oct. 31, 2022
May 31, 2022
Mar. 04, 2022
Asset Acquisition [Line Items]              
Gross proceeds from sale of priority review voucher   $ 0 $ 0 $ 110,000      
Loss on sale of certain assets   0 0 6,261      
Intangible assets, net   23,926 $ 26,319        
Priority Review Voucher              
Asset Acquisition [Line Items]              
Definitive agreement to sell           $ 110,000  
Gross proceeds from sale of priority review voucher       110,000      
Gain recognized, net of transactions costs       $ 107,900      
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]       Other Nonoperating Income (Expense)      
Origin-Sentynl APA              
Asset Acquisition [Line Items]              
Upfront payment received $ 10,000            
Intangible assets, net   16,300          
Accrued regulatory-based milestone payment         $ 3,500    
Origin-Sentynl APA | Other income (expense), net              
Asset Acquisition [Line Items]              
Loss on sale of certain assets       $ 6,300      
Origin-Sentynl APA | Maximum [Member]              
Asset Acquisition [Line Items]              
Potential sales milestone payments             $ 4,500
Regulatory-based milestone payment   $ 1,000          
v3.25.0.1
In-licensing and Other Research and Development Agreements - Additional Information (Details) - USD ($)
 1 Months Ended 12 Months Ended
Sep. 30, 2023
Mar. 31, 2017
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Aug. 31, 2016
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]            
Milestone payments     $ 500,000      
Total operating costs and expenses     506,461,000 $ 455,711,000 $ 399,462,000  
Children intended for treatement with Canavan Disease, under the age. 5 years          
BBGT 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 $ 10,000,000          
Resilience DMSAs            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]            
Agreement term 10 years          
Agreement additional extension period 2 years          
Resilience PAs | BBGT            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]            
Cost sharing credit of the lesser of a fixed percentage of certain agreed upon service costs $ 15,500,000          
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 $ 29,300,000          
Resilience Agreements            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]            
Total operating costs and expenses     3,500,000 0    
Cost sharing credits received     4,300,000 0    
Eidos Therapeutics, Inc | Stanford License Agreement | Leland Stanford Junior University            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]            
License fees   $ 10,000 8,100,000 0 0  
Milestone payments           $ 1,000,000
QED Therapeutics, Inc | Foundation Medicine Diagnostics Agreement | Foundation Medicine, Inc            
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]            
Total operating costs and expenses     $ 0 $ 0 $ 2,600,000  
v3.25.0.1
Leases - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2020
Dec. 31, 2019
Lessee Lease Description [Line Items]          
Impairment loss $ 271 $ 0 $ 12,720    
One time fees asset non-current         $ 10,000
Construction-in-Progress          
Lessee Lease Description [Line Items]          
Impairment loss     10,200    
Construction-in-progress asset     10,000    
Supplemental Agreement          
Lessee Lease Description [Line Items]          
Cost related to manufacturing suite and additional equipment       $ 200  
Termination Agreement          
Lessee Lease Description [Line Items]          
Remaining payable related to dedicated manufacturing suite     2,000    
Payable related to termination fees for other existing services     $ 1,800    
v3.25.0.1
Leases - Components of Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Straight line operating lease costs $ 4,110 $ 4,032 $ 5,172
Finance lease costs 395 420 443
Variable lease costs 6,305 6,844 6,142
Total lease cost $ 10,810 $ 11,296 $ 11,757
v3.25.0.1
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows for operating leases $ 5,902 $ 4,829 $ 6,245
Operating cash flows for finance lease 445 397 423
Operating lease right-of-use assets obtained in exchange for operating lease obligations $ 1,591 $ 1,179 $ 240
v3.25.0.1
Leases - Schedule of Supplemental Information Related to Remaining Lease Term and Discount Rate (Details)
Dec. 31, 2024
Dec. 31, 2023
Weighted-average remaining lease term (in years)    
Operating leases 3 years 7 months 6 days 4 years 8 months 12 days
Finance lease 1 year 1 month 6 days 2 years 1 month 6 days
Weighted-average discount rate    
Operating leases 6.00% 6.00%
Finance lease 6.60% 6.60%
v3.25.0.1
Leases - Schedule of Future Minimum Lease Payments for Noncancelable Leases (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Operating leases, 2025 $ 4,926  
Operating leases, 2026 2,468  
Operating leases, 2027 436  
Operating leases, 2028 439  
Operating leases, 2029 471  
Operating leases, Thereafter 1,362  
Operating leases, Total future minimum lease payments 10,102  
Operating leases, Imputed interest (900)  
Total operating lease liabilities 9,202  
Operating lease liabilities, current portion 4,506 $ 4,128
Operating lease liabilities, net of current portion $ 4,696 $ 8,981
v3.25.0.1
Public Offerings - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 03, 2023
Mar. 10, 2023
Mar. 31, 2024
Sep. 30, 2023
May 31, 2023
Mar. 31, 2023
Jul. 31, 2020
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]                      
Net proceeds issued from offerings                 $ 314,741 $ 449,810 $ 4,852
Issuance of common stock under Follow-on offering                 $ 314,741 $ 449,810 4,852
Common stock, par value                 $ 0.001 $ 0.001  
Common Stock                      
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]                      
Net proceeds issued from offerings                     $ 4,900
Maximum amount of stock remaining eligible to be sold                 $ 345,300    
Sale of stock, number of shares issued and sold                   0 455,800
Sale of stock, public offering price per share                     $ 10.9
Issuance of common stock under Follow-on offering                 $ 11 $ 20  
Shares issued                 10,975,784 20,225,940 455,800
Common Stock | 2023 Follow-on Offering                      
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]                      
Net proceeds issued from offerings $ 1,000 $ 143,000                  
Issuance of common stock under Follow-on offering 63,470 8,823,530                  
Common stock, par value           $ 0.001          
Public offering price per share           $ 17          
Underwriting discounts and commissions           1,323,529          
Underwriting fees and commissions   6,500                  
Commissions paid   500                  
Deferred offering costs   $ 500                  
Common Stock | 2023 Follow-on Offering | Maximum                      
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]                      
Percentage of cash commission           0.315%          
Percentage of Underwriters Commissions           4.30%          
Underwriting fees and commissions $ 100                    
Common Stock | 2023 Follow-on Offering | Minimum                      
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]                      
Percentage of outstanding securities           5.00%          
Common Stock | 2024 Follow-on Offering                      
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]                      
Net proceeds issued from offerings     $ 276,600                
Shares issued     8,620,690         9,913,793      
Common stock, par value     $ 0.001         $ 0.001      
Public offering price per share     $ 29         $ 29      
Underwriting discounts and commissions     1,293,103         1,293,103      
Underwriting fees and commissions     $ 10,300         $ 10,300      
Deferred offering costs     $ 600         $ 600      
Common Stock | 2024 Follow-on Offering | Maximum                      
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]                      
Percentage of Underwriters Commissions     3.60%         3.60%      
At-the-Market Offerings | Common Stock | Maximum                      
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]                      
Aggregate offering, issuance and sale price of common stock to be issued             $ 350,000        
Percentage of cash commission             3.00%        
At-the-Market Offerings | Common Stock | 2023 ATM Agreement                      
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]                      
Net proceeds issued from offerings                 $ 38,100 $ 65,000  
Issuance of common stock under Follow-on offering                 1,061,991 2,171,217  
Common stock, par value         $ 0.001            
Sales agent fees and commissions                 $ 600 1,000  
At-the-Market Offerings | Common Stock | 2023 ATM Agreement | Maximum                      
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%            
Private Placement | Common Stock | Purchase Agreement                      
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]                      
Aggregate offering, issuance and sale price of common stock to be issued       $ 9,167,723              
Net proceeds issued from offerings                   240,800  
Common stock, par value       $ 0.001              
Percentage of outstanding securities       5.00%              
Deferred offering costs                   500  
Purchase price per share       $ 27.27              
Commissions on gross proceeds of sales of common stock       $ 1,800              
Placement agent commission                   $ 8,700  
v3.25.0.1
Stock-Based Compensation - Summary of Stock Based Compensation for Employees and Non Employees (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Employee And Non Employee Service Share Based Compensation [Line Items]      
Total stock-based compensation $ 113,866 $ 115,016 $ 93,828
BridgeBio Equity Plan      
Employee And Non Employee Service Share Based Compensation [Line Items]      
Total stock-based compensation 113,829 114,721 93,541
Other Subsidiaries Equity Plan      
Employee And Non Employee Service Share Based Compensation [Line Items]      
Total stock-based compensation 37 295 287
Research and Development Expense      
Employee And Non Employee Service Share Based Compensation [Line Items]      
Total stock-based compensation 49,844 61,647 37,987
Research and Development Expense | BridgeBio Equity Plan      
Employee And Non Employee Service Share Based Compensation [Line Items]      
Total stock-based compensation 49,807 61,433 37,700
Research and Development Expense | Other Subsidiaries Equity Plan      
Employee And Non Employee Service Share Based Compensation [Line Items]      
Total stock-based compensation 37 214 287
Selling, General and Administrative Expenses      
Employee And Non Employee Service Share Based Compensation [Line Items]      
Total stock-based compensation 63,862 53,369 54,669
Selling, General and Administrative Expenses | BridgeBio Equity Plan      
Employee And Non Employee Service Share Based Compensation [Line Items]      
Total stock-based compensation 63,862 53,288 54,669
Selling, General and Administrative Expenses | Other Subsidiaries Equity Plan      
Employee And Non Employee Service Share Based Compensation [Line Items]      
Total stock-based compensation 0 $ 81 0
Restructuring, Impairment and Related Charges      
Employee And Non Employee Service Share Based Compensation [Line Items]      
Total stock-based compensation 160   1,172
Restructuring, Impairment and Related Charges | BridgeBio Equity Plan      
Employee And Non Employee Service Share Based Compensation [Line Items]      
Total stock-based compensation 160   1,172
Restructuring, Impairment and Related Charges | Other Subsidiaries Equity Plan      
Employee And Non Employee Service Share Based Compensation [Line Items]      
Total stock-based compensation $ 0   $ 0
v3.25.0.1
Stock-Based Compensation - Additional Information (Details)
 1 Months Ended 12 Months Ended
Nov. 18, 2020
USD ($)
Grantee
shares
Jun. 02, 2020
shares
Apr. 22, 2020
USD ($)
Grantee
shares
Jun. 25, 2019
shares
Jun. 22, 2019
shares
Jun. 30, 2024
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
TradingDay
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
Feb. 28, 2023
shares
Dec. 31, 2021
shares
Nov. 13, 2019
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Stock-based compensation             $ 113,866,000 $ 115,016,000 $ 93,828,000      
BridgeBio Equity Plan                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Performance-based milestone awards compensation expense             18,100,000 6,300,000 2,200,000      
Stock-based compensation             $ 113,829,000 $ 114,721,000 $ 93,541,000      
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             $ 11.34 $ 8.22 $ 6.29      
Expected volatility, Minimum             52.00% 86.10% 52.00%      
Expected volatility, Maximum             122.10% 122.10% 191.70%      
Risk-free interest rate, Minimum             5.00% 3.10% 0.10%      
Risk-free interest rate, Maximum             5.50% 5.50% 3.10%      
Dividend yield             0.00% 0.00% 0.00%      
Expected term (in years)             6 months 6 months 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                  
Stock-based compensation cost associated with performance-based milestone awards             $ 8,900,000          
Performance based milestone awards compensation expense settled with equity             $ 6,700,000 $ 3,400,000 $ 700,000      
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             $ 21.28 $ 8.48 $ 5.24      
Expected volatility, Minimum             92.00% 66.20%        
Expected volatility, Maximum             93.10% 67.50%        
Risk-free interest rate, Minimum             3.80% 3.90%        
Risk-free interest rate, Maximum             4.30% 4.10%        
Dividend yield             0.00% 0.00% 0.00%      
Expected term (in years)             6 years 6 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 | shares 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 | shares     50,145                  
Stock-based compensation cost associated with performance-based milestone awards             $ 1,600,000          
Performance based milestone awards compensation expense settled with equity             9,100,000 $ 16,800,000 $ 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 | shares     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 | shares 10,772                      
A&R 2019 Plan                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Increase in common stock reserved for issuance | shares   2,500,000                    
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 | shares 24,924   554,064                  
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             $ 2,900,000          
Weighted-average grand date fair value of options granted | $ / shares             $ 21.28          
A&R 2019 Plan and 2019 Inducement Plan | 2020 Stock and Equity Award Exchange Program                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Stock-based compensation             $ 312,000 4,056,000 3,238,000      
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             22,400,000 28,500,000 39,700,000      
Unrecognized compensation cost             $ 22,200,000          
Unrecognized compensation cost, period for recognition             1 year 6 months          
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 Awards                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Stock-based compensation             $ 933,000 $ 8,089,000 8,564,000      
Unrecognized compensation cost             $ 0          
Unvested shares of restricted stock outstanding | shares             0 85,453        
Weighted average grant date fair value | $ / shares             $ 0 $ 7.27        
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             $ 78,300,000 $ 59,100,000 43,100,000      
Unrecognized compensation cost, period for recognition             2 years 6 months          
Unrecognized compensation cost             $ 208,500,000          
Unvested shares of restricted stock outstanding | shares             10,272,798 8,942,813        
Weighted average grant date fair value | $ / shares             $ 21.91 $ 16.27        
2019 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 | shares         2,000,000              
Common shares reserved for future issuance | shares             3,361,774          
Stock-based compensation             $ 2,500,000 $ 2,300,000 $ 2,600,000      
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 | shares         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 | shares         2,000,000              
2021 A&R Plan                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Percentage of automatic annual increase in number of shares reserved for future issuance       5.00%                
2021 A&R Plan | Market-Based Restricted Stock Units (RSUs) | BridgeBio Equity Plan                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Share-based payment arrangement, consecutive trading days | TradingDay               20        
Grant-date fair value of RSUs               $ 10,800,000        
Stock-based compensation             $ 7,600,000 $ 700,000        
Unrecognized compensation cost, period for recognition             7 months 6 days          
Unrecognized compensation cost             $ 2,500,000          
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 | shares             375,000          
Weighted average grant date fair value | $ / shares             $ 28.73          
2021 A&R Plan | Market-Based Restricted Stock Units (RSUs) | 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) | 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        
Common Stock | A&R 2019 Plan                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Number of common shares authorized to issue for issuance of awards | shares       11,500,000               1,000,000
Common shares reserved for future issuance | shares               3,750,000   2,000,000   1,000,000
Common Stock | 2019 Inducement Plan                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Common shares reserved for future issuance | shares             1,094,152          
Common Stock | Eidos Award Exchange Plan                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Common shares reserved for future issuance | shares                     2,802,644  
Common Stock | 2021 A&R Plan                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Increase (decrease) in common shares reserved for future issuance | shares           6,500,000            
Common shares reserved for future issuance | shares             8,796,454          
v3.25.0.1
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
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Options Outstanding, Outstanding, Beginning balance 12,332,442  
Options Outstanding, Granted 401,924  
Options Outstanding, Exercised (227,567)  
Options Outstanding, Cancelled (6,916)  
Options Outstanding, Outstanding, Ending balance 12,499,883 12,332,442
Options Outstanding, Exercisable 10,269,962  
Eidos    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Options Outstanding, Outstanding, Beginning balance 1,221,942  
Options Outstanding, Exercised (203,900)  
Options Outstanding, Cancelled (3,867)  
Options Outstanding, Outstanding, Ending balance 1,014,175 1,221,942
Options Outstanding, Exercisable 1,014,175  
Weighted-Average Exercise Price per Option, Outstanding, Beginning balance $ 14.6  
Weighted-Average Exercise Price per Option, Exercised 15.76  
Weighted-Average Exercise Price per Option, Cancelled 63.38  
Weighted-Average Exercise Price per Option, Outstanding, Ending balance 14.18 $ 14.6
Weighted-Average Exercise Price per Option, Exercisable $ 14.18  
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance 4 years 3 months 18 days 4 years 8 months 12 days
Weighted-Average Remaining Contractual Life (years), Exercisable 4 years 3 months 18 days  
Aggregate Intrinsic Value, Outstanding, Ending balance $ 13,734 $ 31,580
Aggregate Intrinsic Value, Exercisable $ 13,734  
Regular Equity Program    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Options Outstanding, Outstanding, Beginning balance 10,793,862  
Options Outstanding, Granted 401,924  
Options Outstanding, Exercised (20,579)  
Options Outstanding, Cancelled (2,580)  
Options Outstanding, Outstanding, Ending balance 11,172,627 10,793,862
Options Outstanding, Exercisable 8,945,126  
Weighted-Average Exercise Price per Option, Outstanding, Beginning balance $ 25.69  
Weighted-Average Exercise Price per Option, Granted 27.54  
Weighted-Average Exercise Price per Option, Exercised 21.45  
Weighted-Average Exercise Price per Option, Cancelled 29.49  
Weighted-Average Exercise Price per Option, Outstanding, Ending balance 25.76 $ 25.69
Weighted-Average Exercise Price per Option, Exercisable $ 27.27  
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance 6 years 2 months 12 days 7 years 1 month 6 days
Weighted-Average Remaining Contractual Life (years), Exercisable 5 years 9 months 18 days  
Aggregate Intrinsic Value, Outstanding, Ending balance $ 78,764 $ 178,594
Aggregate Intrinsic Value, Exercisable $ 56,480  
2020 Stock and Equity Award Exchange Program    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Options Outstanding, Outstanding, Beginning balance 316,638  
Options Outstanding, Exercised (3,088)  
Options Outstanding, Cancelled (469)  
Options Outstanding, Outstanding, Ending balance 310,661 316,638
Options Outstanding, Exercisable 313,081  
Weighted-Average Exercise Price per Option, Outstanding, Beginning balance $ 2.19  
Weighted-Average Exercise Price per Option, Exercised 0.59  
Weighted-Average Exercise Price per Option, Cancelled 0.48  
Weighted-Average Exercise Price per Option, Outstanding, Ending balance 2.2 $ 2.19
Weighted-Average Exercise Price per Option, Exercisable $ 2.2  
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance 4 years 3 months 18 days 5 years 3 months 18 days
Weighted-Average Remaining Contractual Life (years), Exercisable 4 years 3 months 18 days  
Aggregate Intrinsic Value, Outstanding, Ending balance $ 7,936 $ 12,105
Aggregate Intrinsic Value, Exercisable $ 7,995  
v3.25.0.1
Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - A&R 2019 Plan and 2019 Inducement Plan - Restricted Stock Units (RSUs)
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Unvested Shares of Restricted Stock Outstanding, Beginning balance | shares 8,942,813
Unvested Shares of Restricted Stock Outstanding, Granted | shares 6,103,761
Unvested Shares of Restricted Stock Outstanding, Vested | shares (3,809,372)
Unvested Shares of Restricted Stock Outstanding, Cancelled | shares (964,404)
Unvested Shares of Restricted Stock Outstanding, Ending balance | shares 10,272,798
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares $ 16.27
Weighted-Average Grant Date Fair Value, Granted | $ / shares 28.4
Weighted-Average Grant Date Fair Value, Vested | $ / shares 19.37
Weighted-Average Grant Date Fair Value, Cancelled | $ / shares 20.71
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares $ 21.91
v3.25.0.1
Stock-Based Compensation - Summary of Restricted Stock Award Activity under Plans (Details) - Restricted Stock Awards - A&R 2019 Plan and 2019 Inducement Plan
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Unvested Shares of Restricted Stock Outstanding, Beginning balance | shares 85,453
Unvested Shares of Restricted Stock Outstanding, Ending balance | shares 0
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares $ 7.27
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares $ 0
2020 Stock and Equity Award Exchange Program  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Unvested Shares of Restricted Stock Outstanding, Granted | shares 8,057
Unvested Shares of Restricted Stock Outstanding, Vested | shares (8,057)
Weighted-Average Grant Date Fair Value, Granted | $ / shares $ 38.74
Weighted-Average Grant Date Fair Value, Vested | $ / shares $ 38.74
Regular Equity Program  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Unvested Shares of Restricted Stock Outstanding, Vested | shares (85,453)
Weighted-Average Grant Date Fair Value, Vested | $ / shares $ 7.27
v3.25.0.1
Stock-Based Compensation - Summary of Recognized Stock-based Compensation Expense Related to Restricted Stock Award Activity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total stock-based compensation $ 113,866 $ 115,016 $ 93,828
A&R 2019 Plan and 2019 Inducement Plan | 2020 Stock and Equity Award Exchange Program      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total stock-based compensation 312 4,056 3,238
A&R 2019 Plan and 2019 Inducement Plan | Other RSAs      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total stock-based compensation 621 4,033 5,326
A&R 2019 Plan and 2019 Inducement Plan | Restricted Stock Awards      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total stock-based compensation $ 933 $ 8,089 $ 8,564
v3.25.0.1
Stock-Based Compensation - Schedule of Assumptions Used to Determine Fair Value of Stock Options and Stock Purchase Rights under ESPP (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Employee Stock Option      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Expected term (in years) 6 years 6 years 6 years
Expected volatility     65.90%
Expected volatility, Minimum 92.00% 66.20%  
Expected volatility, Maximum 93.10% 67.50%  
Risk-free interest rate     3.20%
Risk-free interest rate, Minimum 3.80% 3.90%  
Risk-free interest rate, Maximum 4.30% 4.10%  
Dividend yield 0.00% 0.00% 0.00%
Weighted-average fair value of stock-based awards granted $ 21.28 $ 8.48 $ 5.24
Employee Stock Purchase Plan      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Expected term (in years) 6 months 6 months 6 months
Expected volatility, Minimum 52.00% 86.10% 52.00%
Expected volatility, Maximum 122.10% 122.10% 191.70%
Risk-free interest rate, Minimum 5.00% 3.10% 0.10%
Risk-free interest rate, Maximum 5.50% 5.50% 3.10%
Dividend yield 0.00% 0.00% 0.00%
Weighted-average fair value of stock-based awards granted $ 11.34 $ 8.22 $ 6.29
v3.25.0.1
Restructuring, Impairment and Related Charges - Summary of Restructuring, Impairment and Related Charges (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restructuring and Related Activities [Abstract]      
Winding down, exit and other related costs $ 10,255 $ 7,211 $ 20,739
Severance and employee-related costs 5,079 715 10,306
Long-lived assets impairments and write-offs 271 0 12,720
Total $ 15,605 $ 7,926 $ 43,765
v3.25.0.1
Restructuring, Impairment and Related Charges - Schedule of Activity Related to Restructuring Liabilities Associated to Restructuring Initiatives (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]      
Restructuring liabilities, balance $ 55 $ 6,826 $ 0
Reclassification of final payment obligation related to a manufacturing agreement that was recognized in the prior period (see Note 14) 0 0 2,185
Restructuring, impairment and related charges 15,605 7,926 43,765
Cash payments (13,374) (14,697) (25,232)
Noncash activities (438) 0 (13,892)
Restructuring liabilities, balance 1,848 55 $ 6,826
Accounts Payable      
Restructuring Cost and Reserve [Line Items]      
Restructuring liabilities, balance 48    
Restructuring liabilities, balance 330 48  
Accrued Compensation and Benefits      
Restructuring Cost and Reserve [Line Items]      
Restructuring liabilities, balance 0    
Restructuring liabilities, balance 332 0  
Accrued Research and Development Liabilities      
Restructuring Cost and Reserve [Line Items]      
Restructuring liabilities, balance 7    
Restructuring liabilities, balance 1,020 7  
Accrued Professional and Other Accrued Liabilities      
Restructuring Cost and Reserve [Line Items]      
Restructuring liabilities, balance 0    
Restructuring liabilities, balance $ 166 $ 0  
v3.25.0.1
Income Taxes - Components of Net Loss Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Domestic $ 207,795 $ 565,840 $ 485,079
Foreign 334,399 87,411 (427)
Total loss before income taxes $ 542,194 $ 653,251 $ 484,652
v3.25.0.1
Income Taxes - Schedule of Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
U.S. Federal $ 811    
Foreign 342    
Total Current 1,153    
Total income tax expense $ 1,153 $ 0 $ 0
v3.25.0.1
Income Taxes - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2017
Operating Loss Carryforwards [Line Items]        
Net operating loss carryforwards, expiration year 2036      
Federal net operating losses $ 1,400,000,000     $ 10,800,000
Percentage of taxable income limitation in utilization of operating loss carry forward 80.00%      
Federal net operating losses, expiration year       2036
R&E expenditures captial account amortized period 5 years      
Increase in valuation allowance $ 55,200,000 $ 138,200,000 $ 110,000,000  
Unrecognized tax benefits, income tax penalties and interest expense $ 0 $ 0    
Non US        
Operating Loss Carryforwards [Line Items]        
R&E expenditures captial account amortized period 15 years      
Federal        
Operating Loss Carryforwards [Line Items]        
Net operating loss carryforwards $ 1,400,000,000      
Federal | Research and Development and Orphan Drug        
Operating Loss Carryforwards [Line Items]        
Tax credit carryforwards $ 120,300,000      
Tax credit carryforward, expiration year 2038      
State | Research and Development        
Operating Loss Carryforwards [Line Items]        
Tax credit carryforwards $ 29,100,000      
State | CA        
Operating Loss Carryforwards [Line Items]        
Net operating loss carryforwards 439,400,000      
Foreign        
Operating Loss Carryforwards [Line Items]        
Net operating loss carryforwards $ 404,500,000      
Net operating loss carryforwards, expiration year 2030      
v3.25.0.1
Income Taxes - Reconciliation of Statutory Federal Rate and Effective Tax Rate (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Tax at statutory federal rate 21.00% 21.00% 21.00%
Foreign impact on cross border transactions (10.00%) 0.00% 0.00%
Change in valuation allowance (7.00%) (20.30%) (21.70%)
Research and development credits 3.20% 2.30% 3.20%
Stock-based compensation 1.30% 0.60% (1.80%)
Disallowed executive compensation (1.20%) (0.80%) 0.00%
Deconsolidation of subsidiaries (1.40%) (1.40%) 0.00%
Foreign rate differential (5.60%) (1.20%) 0.00%
Other (0.50%) (0.20%) (0.70%)
Effective income tax rate (0.20%) 0.00% 0.00%
v3.25.0.1
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Net operating loss carry-forwards $ 379,019 $ 358,867
Amortization 10,188 10,024
Accruals and reserves 7,787 6,453
Deferred revenue 0 2,130
Stock-based compensation 21,109 21,340
Equity method investment 2,998 0
Tax credits 117,020 97,735
Operating lease liabilities 2,200 3,153
Deferred income from asset sale 2,242 2,333
Capitalized research and experimental expenditures 150,520 144,873
Deferred interest expense 30,747 26,596
Property and equipment 918 822
Unrealized gains and losses 3,336 0
Other 554 4,230
Gross deferred tax assets 728,638 678,556
Less valuation allowance (727,326) (672,084)
Deferred tax assets, net of valuation allowance 1,312 6,472
Deferred tax liabilities:    
Operating lease right-of-use assets (1,312) (1,784)
Unrealized gains and losses 0 (4,688)
Deferred tax liabilities (1,312) (6,472)
Net deferred tax assets (liabilities) $ 0 $ 0
v3.25.0.1
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]    
Balance at the beginning of the year $ 30,856 $ 27,013
Additions of prior year positions 99 10
Reductions of prior year positions (520) (2,504)
Additions based on tax positions related to current year 6,431 6,337
Balance at the end of the year $ 36,866 $ 30,856
v3.25.0.1
Net Loss Per Share - Schedule of Common Stock Equivalents were Excluded from Computation of Diluted Net Loss per Share (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of diluted net loss per share 46,412,863 47,261,466 56,406,601
Unvested RSAs      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of diluted net loss per share 0 85,453 652,058
Unvested RSUs      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of diluted net loss per share 10,272,798 8,942,813 4,108,642
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 3,326 3,326 7,875
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 0
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 12,499,883 12,332,442 11,637,861
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 2,558,295 4,865,250 19,201,212
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 122,268 75,889 217,660
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 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 7,702,988