BRIDGEBIO PHARMA, INC., 10-K filed on 2/24/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 12, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-38959    
Entity Registrant Name BridgeBio Pharma, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 84-1850815    
Entity Address, Address Line One 3160 Porter Drive    
Entity Address, Address Line Two Suite 250    
Entity Address, City or Town Palo Alto    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94304    
City Area Code 650    
Local Phone Number 391-9740    
Title of 12(b) Security Common Stock, par value $0.001 per share    
Trading Symbol BBIO    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 7.3
Entity Common Stock, Shares Outstanding   193,862,871  
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, 2025, 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.
    
Entity Central Index Key 0001743881    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 34
Auditor Name Deloitte & Touche LLP
Auditor Location San Francisco, California
v3.25.4
Consolidated Balance Sheets - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 570,119,000 $ 681,101,000
Marketable securities 17,363,000 0
Accounts receivable, net 139,444,000 4,722,000
Inventories 26,753,000 0
Prepaid expenses and other current assets 44,070,000 34,869,000
Total current assets 797,749,000 720,692,000
Equity method investments 79,972,000 143,747,000
Property and equipment, net 5,366,000 7,011,000
Operating lease right-of-use assets 8,149,000 5,767,000
Intangible assets, net 28,077,000 23,926,000
Other assets 16,712,000 18,195,000
Total assets 936,025,000 919,338,000
Current liabilities:    
Accounts payable 36,228,000 9,618,000
Accrued compensation and benefits 76,703,000 58,329,000
Accrued research and development liabilities 41,436,000 34,272,000
Operating lease liabilities, current portion 6,192,000 4,506,000
Deferred revenue, current portion 7,190,000 14,604,000
Other current liabilities [1] 120,222,000 33,071,000
Total current liabilities 287,971,000 154,400,000
Deferred royalty obligations, net [2] 855,030,000 479,091,000
Operating lease liabilities, net of current portion 3,811,000 4,696,000
Deferred revenue, net of current portion 13,080,000 17,095,000
Other long-term liabilities 244,000 286,000
Total liabilities 3,012,606,000 2,376,950,000
Commitments and contingencies (Note 8)
Redeemable convertible noncontrolling interests (570,000) 142,000
Stockholders’ deficit:    
Undesignated preferred stock, $0.001 par value; 25,000,000 shares authorized; no shares issued and outstanding 0 0
Common stock, $0.001 par value; 500,000,000 shares authorized; 198,759,831 shares issued and 192,633,286 shares outstanding as of December 31, 2025, 196,236,234 shares issued and 190,044,473 shares outstanding as of December 31, 2024 202,000 196,000
Treasury stock, at cost; 7,597,172 shares as of December 31, 2025; 6,191,761 shares as of December 31, 2024 (323,276,000) (275,000,000)
Additional paid-in capital 2,057,646,000 1,903,155,000
Accumulated other comprehensive income 12,000 8,000
Accumulated deficit (3,821,194,000) (3,096,263,000)
Total BridgeBio stockholders’ deficit (2,086,610,000) (1,467,904,000)
Noncontrolling interests 10,599,000 10,150,000
Total stockholders’ deficit (2,076,011,000) (1,457,754,000)
Total liabilities, redeemable convertible noncontrolling interests and stockholders’ deficit 936,025,000 919,338,000
2031 Notes, net    
Current liabilities:    
2031 Notes, 2029 Notes, 2027 Notes, and Term Loan, net 564,565,000 0
2029 Notes, net    
Current liabilities:    
2031 Notes, 2029 Notes, 2027 Notes, and Term Loan, net 740,890,000 738,872,000
2027 Notes, net    
Current liabilities:    
2031 Notes, 2029 Notes, 2027 Notes, and Term Loan, net 547,015,000 545,173,000
Term loan, net    
Current liabilities:    
2031 Notes, 2029 Notes, 2027 Notes, and Term Loan, net $ 0 $ 437,337,000
[1] Including a related party amount of $2,003 as of December 31, 2025 (as described in Note 10).
[2] Including a related party amount of $204,650 as of December 31, 2025 (as described in Note 10).
v3.25.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, authorized (in shares) 25,000,000 25,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, authorized (in shares) 500,000,000 500,000,000
Common stock, issued (in shares) 202,369,129 196,236,234
Common stock, outstanding (in shares) 194,771,957 190,044,473
Treasury stock (in shares) 7,597,172 6,191,761
Other current liabilities [1] $ 120,222 $ 33,071
Deferred royalty obligations, net [2] 855,030 $ 479,091
Related Party    
Other current liabilities 2,003  
Deferred royalty obligations, net $ 204,650  
[1] Including a related party amount of $2,003 as of December 31, 2025 (as described in Note 10).
[2] Including a related party amount of $204,650 as of December 31, 2025 (as described in Note 10).
v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Total revenues, net $ 502,076 $ 221,902 $ 9,303
Cost of revenues      
Total cost of revenues 20,962 3,878 2,446
Research and development 451,953 506,461 455,711
Selling, general and administrative 531,225 288,931 150,590
Restructuring, impairment, and related charges 21,347 15,605 7,926
Total operating costs and expenses 1,025,487 814,875 616,673
Loss from operations (523,411) (592,973) (607,370)
Other income (expense), net:      
Interest income 19,854 17,249 18,038
Interest expense (53,103) (90,991) (81,289)
Noncash interest expense on deferred royalty obligations [1],[2] (125,138) (8,299) 0
Gain on deconsolidation of subsidiaries 0 178,321 0
Loss on extinguishments of debt (21,155) (26,590) 0
Net loss from equity method investments (72,608) (31,183) 0
Other income, net 43,058 12,272 17,370
Total other income (expense), net (209,092) 50,779 (45,881)
Loss before income taxes (732,503) (542,194) (653,251)
Provision for income taxes 435 1,153 0
Net loss (732,938) (543,347) (653,251)
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests 8,007 7,585 10,049
Net loss attributable to common stockholders of BridgeBio $ (724,931) $ (535,762) $ (643,202)
Net loss per share attributable to common stockholders of BridgeBio, basic (in dollars per share) $ (3.78) $ (2.88) $ (3.95)
Net loss per share attributable to common stockholders of BridgeBio, diluted (in dollars per share) $ (3.78) $ (2.88) $ (3.95)
Weighted-average shares used in computing net loss per share attributable to common stockholders of BridgeBio, basic (in shares) 191,527,482 186,075,873 162,791,511
Weighted-average shares used in computing net loss per share attributable to common stockholders of BridgeBio, diluted (in shares) 191,527,482 186,075,873 162,791,511
Net product revenue      
Revenues:      
Total revenues, net $ 362,368 $ 2,884 $ 0
Cost of revenues      
Total cost of revenues 15,687 1,442 0
License and services revenue      
Revenues:      
Total revenues, net 128,322 218,849 9,303
Royalty revenue      
Revenues:      
Total revenues, net 11,386 169 0
Cost of license, services, and royalty revenue      
Cost of revenues      
Total cost of revenues $ 5,275 $ 2,436 $ 2,446
[1] Including a related party amount of $(10,944) for the year ended December 31, 2025 (as described in Note 10)
[2] Including a related party amount of $10,944 for the year ended December 31, 2025 (as described in Note 10).
v3.25.4
Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Noncash interest expense on deferred royalty obligations [1],[2] $ 125,138 $ 8,299 $ 0
Related Party      
Noncash interest expense on deferred royalty obligations $ 10,944    
[1] Including a related party amount of $(10,944) for the year ended December 31, 2025 (as described in Note 10)
[2] Including a related party amount of $10,944 for the year ended December 31, 2025 (as described in Note 10).
v3.25.4
Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net loss $ (732,938) $ (543,347) $ (653,251)
Other comprehensive loss:      
Unrealized gains (losses) on available-for-sale securities 4 (23) 359
Comprehensive loss (732,934) (543,370) (652,892)
Comprehensive loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests 8,007 7,585 10,049
Comprehensive loss attributable to common stockholders of BridgeBio $ (724,927) $ (535,785) $ (642,843)
v3.25.4
Consolidated Statements of Redeemable Convertible Noncontrolling Interests and Stockholders' Deficit - USD ($)
$ in Thousands
Total
Total BridgeBio Stockholders’ Deficit
Common Stock
Treasury Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Non- controlling Interests
Temporary equity, beginning balance at Dec. 31, 2022 $ (1,589)              
Increase (Decrease) in Temporary Equity [Roll Forward]                
Issuance (repurchase) of noncontrolling interests 1,500              
Transfers from (to) noncontrolling interests 4,851              
Deconsolidation of a subsidiary 899              
Net loss (5,183)              
Temporary equity, ending balance at Dec. 31, 2023 478              
Beginning balance (in shares) at Dec. 31, 2022     150,625,572          
Beginning balance at Dec. 31, 2022 (1,243,335) $ (1,254,617) $ 157 $ (275,000) $ 938,703 $ (328) $ (1,918,149) $ 11,282
Beginning balance (in shares) at Dec. 31, 2022       6,191,761        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares under equity compensation plans (in shares)     4,193,444          
Issuance of shares under equity compensation plans 6,008 6,008 $ 4   6,004      
Issuance of common stock under employee stock purchase plan ESPP (in shares)     339,979          
Issuance of common stock under employee stock purchase plan (ESPP) 3,398 3,398     3,398      
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding, (in shares)     (301,984)          
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding (6,880) (6,880)     (6,880)      
Stock-based compensation 98,601 98,601     98,601      
Issuance of common stock under public offerings, net (in shares)     20,225,940          
Issuance of common stock under public offerings, net 449,810 449,810 $ 20   449,790      
Issuance (repurchase) of noncontrolling interests (2,006)             (2,006)
Transfers from (to) noncontrolling interests (4,851) (10,772)     (10,534)   (238) 5,921
Deconsolidation of a subsidiaries 3,951 2,800     1,950   850 1,151
Unrealized gain (loss) on available-for-sale securities 359 359       359    
Net loss (648,068) (642,964)         (642,964) (5,104)
Ending balance (in shares) at Dec. 31, 2023     175,082,951          
Ending balance at Dec. 31, 2023 (1,343,013) (1,354,257) $ 181 $ (275,000) 1,481,032 31 (2,560,501) 11,244
Ending balance (in shares) at Dec. 31, 2023       6,191,761        
Increase (Decrease) in Temporary Equity [Roll Forward]                
Issuance (repurchase) of noncontrolling interests 0              
Transfers from (to) noncontrolling interests 4,012              
Net loss (4,348)              
Temporary equity, ending balance at Dec. 31, 2024 142              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares under equity compensation plans (in shares)     4,044,996          
Issuance of shares under equity compensation plans 3,656 3,656 $ 4   3,652      
Issuance of common stock under employee stock purchase plan ESPP (in shares)     194,138          
Issuance of common stock under employee stock purchase plan (ESPP) 4,502 4,502     4,502      
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding, (in shares)     (253,396)          
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding (7,526) (7,526)     (7,526)      
Stock-based compensation 111,997 111,997     111,997      
Issuance of common stock under public offerings, net (in shares)     10,975,784          
Issuance of common stock under public offerings, net 314,741 314,741 $ 11   314,730      
Issuance (repurchase) of noncontrolling interests 200             200
Transfers from (to) noncontrolling interests (4,012) (5,819)     (5,819)     1,807
Deconsolidation of a subsidiaries 179,044 178,908     587   178,321 136
Unrealized gain (loss) on available-for-sale securities (23) (23)       (23)    
Net loss $ (717,320) (714,083)         (714,083) (3,237)
Ending balance (in shares) at Dec. 31, 2024 190,044,473   190,044,473          
Ending balance at Dec. 31, 2024 $ (1,457,754) (1,467,904) $ 196 $ (275,000) 1,903,155 8 (3,096,263) 10,150
Ending balance (in shares) at Dec. 31, 2024 6,191,761     6,191,761        
Increase (Decrease) in Temporary Equity [Roll Forward]                
Issuance (repurchase) of noncontrolling interests $ 2,150              
Transfers from (to) noncontrolling interests 3,380              
Net loss (6,242)              
Temporary equity, ending balance at Dec. 31, 2025 (570)              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares under equity compensation plans (in shares)     6,146,003          
Issuance of shares under equity compensation plans 27,735 27,735 $ 6   27,729      
Repurchase of common stock (in shares)     (1,405,411) (1,405,411)        
Repurchase of common stock (48,276) (48,276)   $ (48,276)        
Issuance of common stock under employee stock purchase plan ESPP (in shares)     261,422          
Issuance of common stock under employee stock purchase plan (ESPP) 6,414 6,414     6,414      
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding, (in shares)     (274,530)          
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding (14,226) (14,226)     (14,226)      
Stock-based compensation 140,168 140,168     140,168      
Transfers from (to) noncontrolling interests (3,380) (5,594)     (5,594)     2,214
Unrealized gain (loss) on available-for-sale securities 4 4       4    
Net loss $ (726,696) (724,931)         (724,931) (1,765)
Ending balance (in shares) at Dec. 31, 2025 194,771,957   194,771,957          
Ending balance at Dec. 31, 2025 $ (2,076,011) $ (2,086,610) $ 202 $ (323,276) $ 2,057,646 $ 12 $ (3,821,194) $ 10,599
Ending balance (in shares) at Dec. 31, 2025 7,597,172     7,597,172        
v3.25.4
Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Operating activities:      
Net loss $ (732,938) $ (543,347) $ (653,251)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation 133,024 95,800 108,710
Loss on extinguishments of debt 21,155 26,590 0
Noncash interest expense on deferred royalty obligations 125,138 [1],[2] 8,299 [1],[2] 0 [1],[2]
Amortization of debt discount and issuance costs 5,967 7,464 8,907
Depreciation and amortization 5,434 6,075 6,494
Noncash lease expense 4,902 4,110 4,032
Net loss from equity method investments 72,608 31,183 0
Change in fair value of the embedded derivative associated with the deferred royalty obligation (19,652) (1,550) 0
Noncash income from equity method investments (8,833) 0 0
(Gain) loss on deconsolidation of subsidiaries 0 (178,321) 1,241
Gain from investment in equity securities, net 0 (8,136) (18,314)
Accrual of payment-in-kind interest on term loan 0 0 10,207
Other noncash adjustments, net (1,651) (935) (803)
Changes in operating assets and liabilities:      
Accounts receivable, net (134,722) (2,971) 15,328
Inventories (25,307) 0 0
Prepaid expenses and other current assets (8,777) (13,918) (2,702)
Other assets 1,113 1,542 (1,546)
Accounts payable 26,609 1,512 2,780
Accrued compensation and benefits 23,022 16,986 7,802
Accrued research and development liabilities 7,163 8,729 (9,855)
Operating lease liabilities (6,547) (5,902) (4,829)
Deferred revenue (11,428) 21,875 (5,438)
Other liabilities 77,810 [3] 4,189 [3] 3,517 [3]
Net cash used in operating activities (445,910) (520,726) (527,720)
Investing activities:      
Purchases of marketable securities (28,197) (93,811) (29,726)
Maturities of marketable securities 11,000 95,000 82,550
Purchases of investments in equity securities 0 (20,271) (107,538)
Proceeds from sales of investments in equity securities 0 63,229 110,556
Proceeds from special cash dividends received from an investment in equity securities 2,302 25,682 0
Payment for intangible assets (8,495) (7,975) 0
Purchases of property and equipment (1,097) (933) (1,306)
Decrease in cash and cash equivalents resulting from deconsolidation of subsidiaries 0 (140) (503)
Net cash provided by (used in) investing activities (24,487) 60,781 54,033
Financing activities:      
Repurchase of common stock (48,276) 0 0
Repayment of term loans (459,000) (473,417) 0
Repayments of deferred royalty obligations (15,460) [4] 0 [4] 0 [4]
Proceeds from issuance of common stock through public offerings, net 0 314,741 449,810
Proceeds from common stock issuances under ESPP 6,414 4,502 3,398
Proceeds from stock option exercises, net of repurchases 27,735 3,656 6,008
Transactions with noncontrolling interests 2,150 0 (801)
Repurchase of RSU shares to satisfy tax withholding (14,226) (7,526) (6,880)
Net cash provided by financing activities 359,293 748,457 451,535
Net increase (decrease) in cash, cash equivalents, and restricted cash (111,104) 288,512 (22,152)
Cash, cash equivalents, and restricted cash at beginning of year 683,244 394,732 416,884
Cash, cash equivalents, and restricted cash at end of year 572,140 683,244 394,732
Supplemental Disclosure of Cash Flow Information:      
Cash paid for interest 43,670 91,342 61,108
Cash paid for income taxes 1,198 0 0
Supplemental Disclosures of Noncash Investing and Financing Information:      
Unpaid property and equipment 43 279 100
Transfers to noncontrolling interests (5,594) (5,819) (10,534)
Reconciliation of Cash, Cash Equivalents and Restricted Cash:      
Cash and cash equivalents 570,119 681,101 375,935
Restricted cash — Included in “Prepaid expenses and other current assets” 550 126 16,653
Restricted cash — Included in “Other assets” 1,471 2,017 2,144
Total cash, cash equivalents and restricted cash at end of years shown on the consolidated statements of cash flows 572,140 683,244 394,732
Royalty Interest Purchase and Sale Agreement      
Financing activities:      
Proceeds from royalty obligation 300,000 0 0
Issuance costs and discounts associated with a royalty obligation (3,010) 0 0
Funding Agreement      
Financing activities:      
Proceeds from royalty obligation 0 500,000 0
Issuance costs and discounts associated with a royalty obligation 0 (27,513) 0
Financing Agreement      
Adjustments to reconcile net loss to net cash used in operating activities:      
Amortization of debt discount and issuance costs   3,300  
Financing activities:      
Issuance costs and discounts associated with 2031 Notes/ Issuance costs and discounts associated with term loan under Amended Financing Agreement 0 (15,986) 0
Proceeds from term loan under the Amended Financing Agreement 0 450,000 0
2031 Notes, net      
Financing activities:      
Proceeds from issuance of 2031 Notes 575,000 0 0
Issuance costs and discounts associated with 2031 Notes/ Issuance costs and discounts associated with term loan under Amended Financing Agreement $ (12,034) $ 0 $ 0
[1] Including a related party amount of $(10,944) for the year ended December 31, 2025 (as described in Note 10)
[2] Including a related party amount of $10,944 for the year ended December 31, 2025 (as described in Note 10).
[3] Including a related party amount of $2,003 for the year ended December 31, 2025 (as described in Note 10).
[4] Including a related party amount of $(2,295) for the year ended December 31, 2025 (as described in Note 10).
v3.25.4
Consolidated Statements of Cash Flows (Parenthetical)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Noncash interest expense on deferred royalty obligations $ 125,138 [1],[2]
Other liabilities 77,810 [3]
Repayments of deferred royalty obligations 15,460 [4]
Related Party  
Noncash interest expense on deferred royalty obligations 10,944
Other liabilities 2,003
Repayments of deferred royalty obligations $ 2,295
[1] Including a related party amount of $(10,944) for the year ended December 31, 2025 (as described in Note 10)
[2] Including a related party amount of $10,944 for the year ended December 31, 2025 (as described in Note 10).
[3] Including a related party amount of $2,003 for the year ended December 31, 2025 (as described in Note 10).
[4] Including a related party amount of $(2,295) for the year ended December 31, 2025 (as described in Note 10).
v3.25.4
Organization and Description of Business
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business Organization and Description of Business
BridgeBio Pharma, Inc. (“BridgeBio,” the “Company,” or “we”), is a commercial-stage, multi-product biopharmaceutical company organized around a portfolio operating model to discover, develop, and deliver medicines for patients with genetic diseases. We seek to translate advances in genetic science into therapies for patient populations with significant unmet medical needs. BridgeBio was founded in 2015, and its team of experienced drug discoverers, developers and innovators are committed to applying advances in genetic medicine to help patients as quickly as possible. On November 22, 2024, the Company received approval from the United States Food and Drug Administration (“FDA”) for AttrubyTM (acoramidis) and began to generate product revenue from the commercialization of Attruby in the U.S. On February 10, 2025, the European Commission (“EC”) approved BeyonttraTM (acoramidis) for the treatment of transthyretin amyloid cardiomyopathy (ATTR-CM) in the EU. On March 27, 2025, the Japanese Ministry of Health, Labour and Welfare approved Beyonttra for the treatment of ATTR-CM in Japan, and on May 21, 2025, the National Health Insurance in Japan approved the pricing of Beyonttra. In April 2025, the United Kingdom Medicines and Healthcare Products Regulatory Agency approved Beyonttra for the treatment of ATTR-CM in the UK in April 2025. In addition, we have three product candidates (low-dose infigratinib for achondroplasia, encaleret for ADH1, and BBP-418 for limb-girdle muscular dystrophy type 2I/R9, or LGMD2I/R9) in our late-stage development pipeline.
Since inception, BridgeBio has either created wholly-owned subsidiaries or has made investments in certain controlled entities, including partially-owned subsidiaries for which BridgeBio has a majority voting interest, and variable interest entities (“VIEs”) for which BridgeBio is the primary beneficiary (collectively, “we”, “our”, or “us”). BridgeBio is headquartered in Palo Alto, California.
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation
The consolidated financial statements include the accounts of BridgeBio and its wholly-owned subsidiaries and controlled entities, substantially all of which are denominated in U.S. dollars. All intercompany balances and transactions have been eliminated in consolidation. For consolidated entities where we own or are exposed to less than 100% of the economics, we record “Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests” on our 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 and recurring adjustments, necessary for a fair statement of our financial position, our results of operations and comprehensive loss, stockholders’ deficit and our cash flows for the periods presented. Certain reclassifications have been made to prior period amounts to conform to current period presentations. The results of operations for the years ended December 31, 2025, 2024 and 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other future annual or interim 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 Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 323 Investments - Equity Method and Joint Ventures (“ASC 323”), where we may not be the primary beneficiary, but may still exercise significant influence over the financial and operating policies 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 asset (“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.
We measure the fair value of our investment in equity securities at each reporting period in accordance with ASC 321, Investments - Equity Securities (“ASC 321”). Changes in fair value resulting from observable price changes are included in “Other income (expense), net” on 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.
Refer to Note 6 for further discussions on our equity method investments and other equity security investment.
Concentration of Credit Risk and Other Risks and Uncertainties
Financial instruments that subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities, and accounts receivable. Amounts on deposit may at times exceed federally insured limits. Although management currently believes that the financial institutions with whom the Company does business will be able to fulfill their commitments to the Company, there is no assurance that those institutions will be able to continue to do so. The Company has not experienced any credit losses associated with its balances as of December 31, 2025 and 2024.
During the year ended December 31, 2025, our revenues were generated primarily from product sales to customers and from license and collaboration agreements with strategic partners. During the years ended December 31, 2024 and 2023, our revenues were generated primarily from license and collaboration agreements with strategic partners.
The following table summarizes customers that represent 10% or greater of our consolidated total gross revenues:
Years Ended December 31,
202520242023
Bayer (as described in Note 11)14.4%59.3%*
Kyowa Kirin Co., Ltd (as described in Note 11)*34.3%*
Bristol-Myers Squibb Company (as described in Note 11)**80.6%
LianBio (as described in Note 6)**14.5%
Customer A18.5%**
Customer B19.8%**
Customer C14.5%**
Customer D14.5%**
Customer E11.1%**
*Represents less than 10% and/or not a customer in the applicable period.
We are subject to credit risk from our accounts receivable which primarily consist of amounts due from product sales to customers and from license and collaboration agreements with strategic partners. We have not experienced any material losses related to receivables from individual customers or groups of customers. We also do not require any collateral. Accounts receivable are recorded net of allowance for credit losses, if any. As of December 31, 2025, five customers each accounted for more than 10% of our consolidated gross accounts receivable balance, at 27.0%, 20.3%, 19.1%, 15.0% and 14.9%. As of December 31, 2024, five customers each accounted for more than 10% of our consolidated gross accounts receivable balance, at 17.3%, 17.3%, 16.9%, 12.0% and 11.9%.
We are subject to certain risks and uncertainties and we believe that changes in any of the following areas could have a material adverse effect on future financial position or results of operations: ability to obtain future financing, regulatory approval and market acceptance of, and reimbursement for, product candidates, performance of third-party contract research organizations and manufacturers upon which we rely, development of sales channels, protection of our intellectual property, litigation or claims against us based on intellectual property, patent, product, regulatory, clinical or other factors, and our ability to attract and retain employees necessary to support our growth.
We are dependent on third-party contract manufacturing organizations (“CMOs”) to supply Attruby and Beyonttra and for research and development activities in our programs. In particular, we rely and expect to continue to rely on a small number of manufacturers to supply us with our requirements for the active pharmaceutical ingredients and formulated drugs related to the sale of our commercial product and the research and development of our other clinical product candidates. For certain clinical product candidates, we rely on a single source manufacturer. The sale of our commercial product and development of our other clinical product candidates could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs.
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 periods. Significant estimates and assumptions made in the accompanying consolidated financial statements include, but are not limited to:
•revenue recognition for transactions accounted for under ASC 606, Revenue from Contracts with Customers (“ASC 606”), including estimating the impact of the variable consideration and determining and allocating the transaction price to performance obligations,
•accruals for research and development activities, such as clinical, development, regulatory, and sales-based milestone payments in our in-licensing agreements,
•deferred royalty obligations, related embedded derivative liability and underlying assumptions,
•accruals for performance-based milestone compensation arrangements,
•the expected recoverability and estimated useful lives of our long-lived assets,
•additional charges as a result of, or that are associated with, any restructuring initiative as well as impairment and related charges,
•inventory valuation and related reserves, 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, Cash Equivalents, Marketable Securities, and Restricted Cash
We consider all highly liquid investments purchased with original maturities of 90 days or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market instruments, such as money market funds, U.S. treasury bills, agency discount notes, and securities issued by the U.S. government or its agencies.
Our marketable securities consist of high investment grade fixed income securities invested in U.S. treasury bills and agency discount notes. We classify our marketable securities as available-for-sale securities and report them at fair value in cash equivalents or marketable securities on the consolidated balance sheets with related unrealized gains and losses included as a component of stockholders’ deficit. We classify our marketable securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity which is included in interest income on the consolidated statements of operations. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are included in “Other income (expense), net” on our consolidated statements of operations. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income.
Our cash, cash equivalents, marketable securities, and restricted cash are exposed to credit risk in the event of default by the third parties that hold or issue such assets. Our cash, cash equivalents, marketable securities, and restricted cash are held by financial institutions that management believes are of high credit quality. Our investment policy limits investments to fixed income securities denominated and payable in U.S. dollars such as commercial paper, U.S. government obligations, treasury bills, and money market funds, and places restrictions on maturities and concentrations by type and issuer.
Restricted cash primarily represents certain letters of credit for lease agreements, of which we have pledged cash and cash equivalents as collateral.
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 statements 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 improvementsShorter of remaining lease term or estimated useful life of the related asset
Depreciation expense of property and equipment was $2.5 million, $3.7 million and $4.1 million for the years ended December 31, 2025, 2024 and 2023, 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” on 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 “Other current liabilities” and “Other long-term liabilities”, respectively, on 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.
Other Current Liabilities
Other current liabilities presented on the consolidated balance sheets consisted of the following balances:
December 31, 2025December 31, 2024
(in thousands)
Accrued rebates and other related costs$45,909 $210 
Accrued commercial35,773 11,267 
Accrued interest14,411 11,056 
Deferred royalty obligations, current portion (1)11,221 144 
Accrued professional services3,665 3,673 
Milestone-based liabilities— 1,595 
Other accrued liabilities9,243 5,126 
Total other current liabilities$120,222 $33,071 
(1)Including a related party amount of $2,003 as of December 31, 2025 (as described in Note 10).
Segments
We are a single operating and reportable segment, which is in the business of identifying, advancing and commercializing transformative medicines to treat patients. We operate in one segment because our business offerings have similar economics and other characteristics, including the nature of products, clinical and manufacturing processes, types of customers, distribution methods, and regulatory environments. We are managed in the aggregate as one business segment by the Chief Operating Decision Maker (“CODM”), which is our Chief Executive Officer.
While we operate as a single reportable segment, our research and development expenses for our significant programs are tracked and regularly reported to our CODM. Research and development costs consist primarily of external costs, such as fees paid to consultants, contractors, CMOs, and contract research organizations (“CROs”), and purchase of active pharmaceutical ingredients (“APIs”), in connection with our preclinical, contract manufacturing and clinical development activities; as well as internal costs, such as personnel and facility costs, and are tracked on a program-by-program basis. License fees and other costs incurred after a product candidate has been designated and that are directly related to the product candidate are included in the specific program expense. License fees and other costs incurred prior to designating a product candidate are included in early-stage development and research programs, which are presented in the following table in “Other development programs” and “Other research programs,” respectively.
The following table summarizes our segment information for significant operating expenses:
Years Ended December 31,
202520242023
(in thousands)
Revenues:
Net product revenue$362,368 $2,884 $— 
License and services revenue128,322 218,849 9,303 
Royalty revenue11,386 169 — 
Total revenues, net502,076 221,902 9,303 
Operating costs and expenses:
Cost of revenues:
Cost of goods sold15,687 1,442 — 
Cost of license, services, and royalty revenue5,275 2,436 2,446 
Total cost of revenues20,962 3,878 2,446 
Research and development by significant program:
Acoramidis for the treatment of ATTR-CM and primary prevention in
   asymptomatic carriers of a pathogenic TTR variant		116,844 164,782 101,041 
Infigratinib for achondroplasia and hypochondroplasia122,685 91,869 63,239 
BBP-418 for LGMD2I/R956,008 40,220 33,903 
Encaleret for ADH159,955 49,091 44,773 
Other development programs22,703 71,732 82,165 
Other research programs73,758 88,767 130,590 
Total segment research and development451,953 506,461 455,711 
Selling, general and administrative531,225 288,931 150,590 
Restructuring, impairment, and related charges21,347 15,605 7,926 
Total operating costs and expenses1,025,487 814,875 616,673 
Loss from operations(523,411)(592,973)(607,370)
Other income (expense), net:
Interest income19,854 17,249 18,038 
Interest expense(53,103)(90,991)(81,289)
Noncash interest expense on deferred royalty obligations (1)(125,138)(8,299)— 
Gain on deconsolidation of subsidiaries— 178,321 — 
Loss on extinguishments of debt(21,155)(26,590)— 
Net loss from equity method investments(72,608)(31,183)— 
Other income, net43,058 12,272 17,370 
Total other income (expense), net(209,092)50,779 (45,881)
Loss before income taxes(732,503)(542,194)(653,251)
Provision for income taxes435 1,153 — 
Net loss(732,938)(543,347)(653,251)
Net loss attributable to redeemable convertible noncontrolling
   interests and noncontrolling interests		8,007 7,585 10,049 
Segment net loss attributable to common stockholders of BridgeBio$(724,931)$(535,762)$(643,202)
(1)Including a related party amount of $(10,944) for the year ended December 31, 2025 (as described in Note 10).
There are no reconciling items or adjustments between segment “Total revenues, net” and “Net loss attributable to common stockholders of BridgeBio”, and consolidated “Total revenues, net” and “Net loss attributable to common stockholders of BridgeBio.”
Total revenues, net is attributed to regions based on the location of our customers or license and collaboration partners.
Years Ended December 31,
202520242023
U.S.72.2 %6.0 %84.9 %
Europe, Middle East, and Africa (EMEA)25.3 %59.5 %0.6 %
Asia-Pacific (APAC)2.5 %34.5 %14.5 %
   Total100.0 %100.0 %100.0 %
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, 2025, our capitalized property and equipment located in the U.S., Canada and the rest of the world are approximately 44.2%, 51.6%, and 4.2%, respectively. As of December 31, 2024, our capitalized property and equipment located in the U.S., Canada and the rest of the world are approximately 51.6%, 44.7% and 3.7%, respectively.
Capped Call Transactions
In connection with the issuance of the 2029 Notes and the 2027 Notes (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 2029 Notes and the 2027 Notes and/or offset any cash payments BridgeBio is required to make in excess of the principal amount of converted 2029 Notes and 2027 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 Obligations, net
We treat the debt obligations to the Royalty Agreement Purchasers and Funding Agreement Purchasers as defined and discussed further in Note 10 as deferred royalty obligations, 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 net sales over the life of the related arrangements. In connection therewith, we periodically assess our expected net sales using internal projections, impute interest on the carrying value of the deferred royalty obligations, and record interest expense using the imputed effective interest rate. To the extent our estimates of future net sales 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 obligations. The assumptions used in determining the expected repayment terms of the deferred royalty obligations and amortization period of the debt discount and 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 ASC 815, Derivatives and Hedging and ASC 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 in “Deferred royalty obligations, net” on our consolidated balance sheets. The change in fair value is recorded in the accompanying consolidated statements of operations as a component of “Other income, net”. As of December 31, 2025 and 2024, the Company has an embedded derivative with a fair value of $21.4 million and $41.1 million, respectively, 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 obligations.
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.
•Net product revenue: Revenue is recognized when our customers, primarily specialty pharmacies and specialty distributors, obtain control of the product and revenue is adjusted to reflect discounts, chargebacks, rebates, returns and other allowances associated with the respective sales as further described below.
•License fees: For arrangements that include a grant of a license to our intellectual property, we consider whether the license grant is distinct from the other performance obligations included in the arrangement. We determine the license to be distinct if the customer is able to benefit from the license with the resources available to it. For licenses that are distinct, we recognize revenues from nonrefundable, upfront license fees and other consideration allocated to the license when the license term has begun and we have provided all necessary information regarding the underlying intellectual property to the customer, which generally occurs at or near the inception of the arrangement. For licenses that are bundled with other promises, we determine whether the combined performance obligation is satisfied over time or at a point in time. If the combined performance obligation is satisfied over time, we use judgment in determining the appropriate method of measuring progress for purposes of recognizing revenue from the upfront license fees. We evaluate the measure of progress for each reporting period and, if necessary, adjust the measure of performance and related revenue recognition.
•Development and regulatory milestone payments: At the inception of each arrangement that includes development and regulatory milestone payments, we evaluate whether the milestones are considered probable of being achieved and estimate the amount to be included in the transaction price using the most likely amount method. We generally include these milestone payments in the transaction price when they are achieved because there is considerable uncertainty in the research and development processes that trigger these payments under our agreements. Similarly, we include approval milestone payments in the transaction price once the product is approved by the applicable regulatory agency. At the end of each subsequent reporting period, we re-evaluate the probability of achieving such development and regulatory milestones and any related constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis.
•Sales-based milestone payments and royalties: For arrangements that include sales-based royalties, including milestone payments based on the volume of sales, we will determine whether the license is deemed to be the predominant item to which the royalties or sales-based milestones relate and if such is the case, we will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Our partners generally report sales information with a time lag. Thus, we estimate the expected royalty proceeds based on an analysis of historical experience and interim data provided by our partners. Differences between actual and estimated royalty revenues are adjusted in the period in which they become known, typically the following quarter.
•Product supply services: Arrangements that include a promise for the future supply of drug product for either clinical development or commercial supply at the licensee’s discretion are generally considered as options. We will assess if these options provide a material right to the licensee and if so, they are accounted for as separate performance obligations and recognized when the future goods or services related to the option are provided or the option expires.
•Research and development services: For arrangements that include research and development services, we will recognize revenue over time using an input method, representing the transfer of goods or services as we perform activities over the term of the arrangement.
Revenues from product sales are recorded at the net sales price, or “transaction price”, which includes estimates of variable consideration for which reserves are established that result from discounts and fees, chargebacks, rebates, returns, co-pay assistance and other allowances that are offered within contracts between us and our customers, health care providers and other indirect customers relating to the sale of Attruby. These reserves are based on amounts earned or to be claimed on the related sale and are classified as reductions of accounts receivable (if the amount is payable to the customer) or other current liabilities (if the amount is payable to a third party other than a customer). We use the expected value method, which is the sum of probability-weighted amounts in a range of possible consideration amounts, or the most likely amount method, which is the single most likely amount in a range of possible considerations, to estimate variable consideration related to our product revenue. The estimates of reserves established for variable consideration reflect current contractual and statutory requirements, our historical experience, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The amount of variable consideration that is included in the transaction price may be constrained and is included in net product revenue only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from our estimates. If actual results vary from our estimates, we will adjust these estimates prospectively in the period such change in estimate becomes known, which could affect net product revenue and earnings in the period of adjustment.
The following are the components of variable consideration related to net product revenue:
•Chargebacks: Chargebacks result from contractual commitments with the government and other entities to sell products to qualified healthcare providers at prices lower than the list prices charged to our customers. Our customers charge us for the difference between what they pay for the product and the selling price to the qualified healthcare providers. We record reserves and reduce our product revenue for these chargebacks related to product sold to our customers during the reporting period as well as our estimate of product that remains in the distribution channel at the end of the reporting period that we expect will be sold to qualified healthcare providers in future periods. Our established reserve for chargebacks is included as an offset against our “Accounts receivable, net” balance on our consolidated balance sheets.
•Trade discounts and allowances: We provide customary invoice discounts on sales to our U.S. customers for prompt payment. The discounts are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue, and the establishment of a reserve that is offset against our “Accounts receivable, net” balance on our consolidated balance sheets.
•Distribution fees: We receive and pay for various distribution services provided by our customers. These fees are generally accounted for as a reduction of product revenue in the same period the related revenue is recognized, and the establishment of a reserve is offset against our “Accounts receivable, net” balance on our consolidated balance sheets. To the extent that the services received are distinct from the sale of products to our customers, we classify these payments as selling, general and administrative expenses.
•Government rebates: We are subject to discount obligations under government programs, including Medicare and Medicaid programs in the U.S. Rebates are amounts owed after the final dispensing of the product to a benefit plan participant and are based upon contractual agreements with payers or statutory requirements pertaining to Medicare and Medicaid benefit providers. The allowance for rebates is based on contractual or statutory discount rates, estimated payer mix, and expected utilization. Our estimates for the expected utilization of rebates are based on historical dispense data received from our customers and invoices received. We monitor sales trends and adjust the allowance on a quarterly basis to reflect the most recent rebate experience. Our reserve for these rebates is recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of the liability that is included in “Other current liabilities” on our consolidated balance sheets.
•Other incentives: Other incentives include co-payment assistance that we provide to patients with commercial insurance that have coverage and qualify for co-payment assistance. Co-payment assistance is accrued based on an estimate of the number of co-payment assistance claims and the cost per claim that we expect to receive associated with products that have been recognized as product revenue. The estimate is recorded as a reduction of product revenue in the same period that the related revenue is recognized and also results in the establishment of a liability which is included in “Other current liabilities” on our consolidated balance sheets.
•Product returns: Consistent with industry practice, we offer our customers limited product return rights for damages, shipment errors, and expiring product; provided that the return is within a specified period around the product expiration date as set forth in the applicable individual distribution or customer agreement. In estimating for product returns, we consider historical product returns, the underlying product demand, and industry specific data. We estimate the amount of product sales that may be returned and record the estimate as a reduction of revenue and a refund liability included in “Other current liabilities” on our consolidated balance sheets in the period the related product revenue is recognized.
During the years ended December 31, 2025 and 2024, we recognized net product revenue of $362.4 million and $2.9 million, respectively, related to product sales of Attruby. There were no significant changes in estimates of variable considerations during the years ended December 31, 2025 and 2024.
As of December 31, 2024, our variable consideration reserves under ASC 606 totaled $0.4 million, consisting of accrued rebates and other accruals of $0.2 million and reserves against accounts receivable of $0.2 million.
During the year ended December 31, 2025, we recorded $150.1 million of reductions to current-year product revenue, primarily related to chargebacks and government rebates determined largely based on mandated discount rates under government programs.
During the same period, we recorded $96.2 million of payments made or credits issued related to current-year product revenue, reflecting the utilization and settlement of previously recorded estimates of variable consideration.
As of December 31, 2025, our variable consideration reserves totaled $54.3 million, consisting of $46.0 million of accrued rebates and other accruals and $8.3 million of reserves against accounts receivable, all of which are expected to be settled within the normal course of business.
For revenue recognized under licensing and collaboration arrangements, we identify the performance obligations and allocate the total consideration we expect to receive on a relative standalone selling price basis to each performance obligation. Variable considerations, such as performance-based milestones, will be included in the total consideration if we expect to receive such consideration and if it is probable that the inclusion of the variable consideration will not result in a significant reversal in the cumulative amount of revenue recognized under the arrangement. Our estimate of the total consideration we expect to receive under each licensing and collaboration arrangement is updated for each reporting period, and any adjustments to revenue are recorded on a cumulative catch-up basis.
Accounts Receivable, net
Accounts receivable, net includes receivables from our product sales to customers, and from our collaboration partners as a result of licensing and collaboration agreements. Receivables from licensing and collaboration agreements represent valid claims against our collaboration partners, including unbilled receivables and royalty payments due from third parties for licensing our technology. Unbilled receivables include balances due from our collaboration partners related to development services and transition-related receivables that are recognized when the related costs are incurred 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, 2025 and 2024 are presented as “Accounts receivable, net” on 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, 2025 and 2024, we did not have an allowance for credit losses.
Inventories
Inventory is recorded at the lower of cost or net realizable value. The cost of raw materials, work in process and finished goods are determined using a standard cost approach, which approximates actual cost determined on a first-in, first-out basis. Raw and intermediate materials that may be used for either research and development or commercial purposes are classified as inventory until the material is consumed or otherwise allocated for research and development. If the material is used for research and development, it is expensed as research and development once that determination is made. We capitalize inventory costs that are expected to be sold commercially once we determine it is probable that the inventory costs will be recovered through commercial sales. Prior to regulatory approval of our product candidates, we record costs related to manufacturing and materials as “Research and development” expenses in the period incurred on the consolidated statements of operations, and therefore such costs are not included in cost of revenues. Subsequent to the FDA approval of Attruby in November 2024, the costs directly related to Attruby manufacturing were capitalized as inventory. We periodically review inventories to identify excess, dated, or obsolete inventory and record reserves and write-downs as necessary to reflect inventories at net realizable value. Provision for inventory reserves and write-downs are recorded within “Cost of revenues” on the consolidated statements of operations.
Inventories presented on the consolidated balance sheet consisted of the following balances:
December 31, 2025
(in thousands)
Raw materials$14,997 
Work in process6,104 
Finished goods6,509 
Inventory reserve(857)
   Total inventories$26,753 
Cost of Revenues
Cost of revenues consists of the following classifications, which are presented accordingly on our consolidated statements of operations:
•Cost of goods sold: Cost of goods sold consists of manufacturing costs, transportation and freight-in, indirect overhead costs (including salary related and stock-based compensation expenses) associated with the commercial manufacturing and distribution of Attruby, and third-party royalties payable on our net product revenue. Cost of goods sold may also include period costs related to excess, dated or obsolete inventory adjustment charges, unabsorbed manufacturing and overhead costs, and manufacturing variances.
•Cost of license, services, and royalty revenue: Cost of license, services, and royalty revenue consists of manufacturing costs relating to product supply of Beyonttra to our collaboration partners, royalties owed to a third party on the net sales of our licensed product, as well as amortization of intangible assets associated with our license and collaboration agreements, which are amortized over the life of the underlying intellectual property.
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” on the consolidated balance sheets and within “Research and development expenses” on 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 expenses.
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 In-licensing and Other Research & Development Agreements
Under our 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. 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, allocated facility costs, and depreciation and amortization expenses.
Advertising Expense
Advertising expenses include costs incurred to market the Company’s branded product. Advertising production costs, which include costs incurred during production rather than when the advertising takes place, are expensed as incurred. Advertising communication costs, which include costs to run the ad campaign on digital or traditional marketing channels, such as on third-party websites, television, and social and print media, are expensed over the period of the campaign run. Advertising costs amounted to $110.1 million and $21.5 million for the years ended December 31, 2025 and 2024, respectively, and are included in “Selling, general and administrative expenses” on the consolidated statements of operations. Advertising costs for the year ended December 31, 2023 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, 2025 and 2024, respectively.
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 (“RSAs”), and restricted stock units (“RSUs”) 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 consultants 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 recorded in cost of goods sold, research and development expense, and selling, general and administrative expense based on the function of the applicable employee and consultants.
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 RSUs and RSAs and performance-based milestone compensation awards, shares issuable under our ESPP and assumed conversion of our 2031 Notes, 2029 Notes, 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 Pronouncement
In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public companies on an annual basis to disclose specific categories in the income-tax rate reconciliation, provide information for reconciling items that meet a quantitative threshold, and disclose certain information about income taxes paid. We adopted this guidance for the year ended December 31, 2025, on a retrospective basis. There was no impact from the adoption of this ASU on our consolidated financial statements, however we included additional disclosures in our income tax disclosure. Refer to Note 17 for further discussions on income taxes.
New Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), which requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in notes to financial statements, including purchases of inventory, employee compensation, depreciation, amortization of intangible assets, and selling expenses. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. We plan to adopt this pronouncement and make the necessary updates to our disclosures for the year ending December 31, 2027, and, aside from these disclosure changes, we do not expect the amendments to have a material effect on our consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which seeks to clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. This ASU is effective for fiscal years beginning after December 15, 2025. Early adoption is permitted. The Company plans to adopt this standard effective January 1, 2026, and does not expect the adoption of this ASU to have a material impact on its consolidated financial statements and related disclosures.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides a practical expedient that all entities can use when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606. Under this practical expedient, an entity is allowed to assume that the current conditions it has applied in determining credit loss allowances for current accounts receivable and current contract assets remain unchanged for the remaining life of those assets. This ASU is effective for fiscal years beginning after December 15, 2025, and interim reporting periods in those years. Entities that elect the practical expedient and, if applicable, make the accounting policy election are required to apply the amendments prospectively. The Company plans to adopt this standard effective January 1, 2026, and does not expect the adoption of this ASU to have a material impact on its consolidated financial statements and related disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU makes targeted improvements to the accounting for internal-use software, and the ASU will be effective for the first quarter of 2029, with early adoption permitted. This ASU provides for adoption on a prospective basis, with retrospective or modified retrospective application permitted. The Company is currently evaluating the timing and effects of its adoption of this new guidance on its consolidated financial statements and related disclosures.
In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Non-cash Consideration from a Customer in a Revenue Contract. The guidance refines the scope of ASC 815 to clarify which contracts are subject to derivative accounting. The guidance also provides clarification under ASC 606 for share-based payments from a customer in a revenue contract. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026, and interim reporting periods, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this new guidance on its consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which provides updated guidance on how to recognize, measure, and present government grants. This ASU is effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years, and permits modified prospective, modified retrospective, or full retrospective adoption. The Company plans to adopt this guidance in fiscal year 2029, and does not expect the adoption of this ASU to have a material impact on its consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting: Narrow-Scope Improvements. This ASU improves clarity for interim financial reporting requirements under the existing guidance within ASC 270, Interim Reporting, by creating a comprehensive list of interim disclosure requirements, clarifying scope and applicability, along with adding a principle to disclose all material events that have occurred since the most recently filed Form 10-K. This ASU is effective for interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted. The Company plans to adopt this guidance for interim periods within its fiscal year beginning January 1, 2028, and does not expect the adoption of this ASU to have a material impact on its consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-12, Codification Improvements, to address suggestions received from stakeholders on the Accounting Standards Codification and to make other incremental improvements to U.S. GAAP. The update represents changes to the Accounting Standards Codification that (1) clarify, (2) correct errors, or (3) make minor improvements. The amendments make the Accounting Standards Codification easier to understand and apply. The guidance is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. The Company plans to adopt this guidance in fiscal year 2027, and does not expect the adoption of this ASU to have a material impact on its consolidated financial statements and related disclosures.
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements 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, 2025
TotalLevel 1Level 2Level 3
(in thousands)
Assets
Cash equivalents:
Money market funds$132,602 $132,602 $— $— 
Treasury bills11,960 — 11,960 — 
Agency discount notes25,938 — 25,938 — 
Total cash equivalents170,500 132,602 37,898 — 
Marketable securities:
Treasury bills9,421 — 9,421 — 
Agency discount notes7,942 — 7,942 — 
Total marketable securities17,363 — 17,363 — 
Total financial assets$187,863 $132,602 $55,261 $— 
Liability
Embedded derivative (included in “Deferred royalty obligations, net”)$21,439 $— $— $21,439 
December 31, 2024
TotalLevel 1Level 2Level 3
(in thousands)
Assets
Cash equivalents:
Money market funds$294,872 $294,872 $— $— 
Treasury bills20,714 — 20,714 — 
Agency discount notes44,205 — 44,205 — 
Total cash equivalents359,791 294,872 64,919 — 
Total financial assets$359,791 $294,872 $64,919 $— 
Liability
Embedded derivative (included in “Deferred royalty obligations, net”)$41,091 $— $— $41,091 
There were no transfers between Level 1, Level 2 or Level 3 during the periods presented.
There are uncertainties on the fair value measurement of the instruments classified under Level 3 due to the use of unobservable inputs and interrelationships between these unobservable inputs, which could result in higher or lower fair value measurements.
Marketable Securities
The fair value of our marketable securities classified within Level 2 is based upon observable inputs that may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications.
Investment in Equity Securities
Our investment in equity securities, which only consisted of an investment in LianBio, had an aggregate fair value of nil as of December 31, 2025 and 2024 (refer to Note 6).
For the year ended December 31, 2025, we did not recognize any realized or unrealized gains or losses associated with investment in equity securities. For the year ended December 31, 2024, we recognized realized gains of $8.1 million and no unrealized gains or losses associated with investment in equity securities. For the year ended December 31, 2023, we recognized realized gains of $8.7 million and unrealized gains of $9.6 million associated with investment in equity securities.
Notes
The fair values of our 1.75% convertible senior notes due 2031 (the “2031 Notes”), 2.25% convertible senior notes due 2029 (the “2029 Notes”) and our 2.50% convertible senior notes due 2027 (the “2027 Notes”) (collectively, the “Notes”, refer to Note 9), which differ from their respective carrying values, are determined by prices for the Notes observed in market trading. The market for trading of the Notes is not considered to be an active market and therefore the estimate of fair value is based on Level 2 inputs.
The following table presents the aggregate face values and the fair values of the Notes, based on their market prices on the last trading day for the periods presented:
December 31, 2025December 31, 2024
Aggregate Face ValuesEstimated Fair ValuesAggregate Face ValuesEstimated Fair Values
(in thousands)
2031 Convertible Notes$575,000 $1,003,783 $— $— 
2029 Convertible Notes$747,500 $833,625 $747,500 $640,708 
2027 Convertible Notes$550,000 $1,019,975 $550,000 $578,087 
Term Loan
The fair value of our outstanding term loan under the Amended Financing Agreement (as defined and discussed in Note 9) as of December 31, 2024 was estimated using the net present value of the payments, discounted at an interest rate that is consistent with a market interest rate, which is a Level 2 input. The estimated fair value of our outstanding term loan under the Amended Financing Agreement as of December 31, 2024 was $461.8 million. The Company fully repaid the term loan under the Amended Financing Agreement in February 2025.
Deferred royalty obligations and embedded derivative liability
The embedded derivative liability associated with our deferred royalty obligation under the Funding Agreement, as defined and discussed further in Note 10, is measured at fair value using an option pricing Monte Carlo simulation model and is included as a component of the “Deferred royalty obligations, net” on the consolidated balance sheets. The embedded derivative liability is subject to remeasurement at the end of each reporting period, with changes in fair value recognized as a component of “Other income (expense), net” on our consolidated statements of operations. The assumptions used in the option pricing Monte Carlo simulation model incorporates certain Level 3 inputs including: (1) our estimates of the probability and timing of related events; (2) the probability-weighted global net product sales of Attruby and Beyonttra; (3) our risk-adjusted discount rate; (4) volatility; and (5) the probability of a change in control occurring during the term of the instrument.
Under the Monte Carlo simulation model discussed above, the deferred royalty obligation under the Funding Agreement, net of the bifurcated embedded derivative liability, had an estimated fair value of $565.5 million and $446.0 million as of December 31, 2025 and 2024, respectively. For the year ended December 31, 2025 and for the period from November 22, 2024 through December 31, 2024, we recognized a $19.7 million and $1.6 million gain, respectively, for the change in fair value of the embedded derivative liability in “Other income (expense), net” on our consolidated statements of operations.
The deferred royalty obligation under the Royalty Purchase Agreement, as defined and discussed further in Note 10, had an estimated fair value of $343.0 million as of December 31, 2025 based on the Monte Carlo simulation model.
v3.25.4
Cash Equivalents and Marketable Securities
 12 Months Ended
Dec. 31, 2025
Cash Equivalents And Marketable Securities [Abstract]  
Cash Equivalents and Marketable Securities Cash Equivalents and Marketable Securities
We invest in certain U.S. government money market funds, treasury bills, agency discount notes, and commercial paper classified as cash equivalents. Our marketable securities consist of high investment grade fixed income securities that are invested in U.S. treasury bills.
Cash equivalents and marketable securities consisted of the following:
December 31, 2025
Amortized
Cost Basis		Unrealized
Gains		Unrealized
Losses		Estimated Fair
Value
(in thousands)
Cash equivalents:
Money market funds$132,602 $— $— $132,602 
Treasury bills11,957 3 — 11,960 
Agency discount notes25,933 5 — 25,938 
Total cash equivalents$170,492 $8 $— $170,500 
Marketable securities:
Treasury bills9,419 2 — 9,421 
Agency discount notes7,940 2 — 7,942 
Total marketable securities17,359 4 — 17,363 
Total cash equivalents and marketable
   securities		$187,851 $12 $— $187,863 
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 bills20,710 4 — 20,714 
Agency discount notes44,201 4 — 44,205 
Total cash equivalents$359,783 $8 $— $359,791 
There were no marketable securities as of December 31, 2024.
v3.25.4
Noncontrolling Interests
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Noncontrolling Interests Noncontrolling Interests
As of December 31, 2025 and 2024, we had both redeemable convertible noncontrolling interests and noncontrolling interests in consolidated partially-owned entities, for which BridgeBio is the primary beneficiary under the VIE model. These balances are reported as separate components outside stockholders’ deficit in “Redeemable convertible noncontrolling interests” and as part of stockholders’ deficit in “Noncontrolling interests” on the consolidated balance sheets.
We adjust the carrying value of noncontrolling interests to reflect the book value attributable to noncontrolling stockholders of consolidated partially-owned entities when there is a change in the ownership during the respective reporting period and such adjustments are recorded to additional paid-in capital. For the years ended December 31, 2025, 2024 and 2023, the adjustments in the aggregate amounted to $(5.6) million, $(5.8) million and $(10.5) million, respectively. All such adjustments are disclosed within the “Transfers from (to) noncontrolling interests” line item on the consolidated statements of redeemable convertible noncontrolling interests and stockholders’ deficit.
v3.25.4
Equity Method Investments and Other Equity Security Investment
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments and Other Equity Security Investment Equity Method Investments and Other Equity Security Investment
GondolaBio
Since inception through August 16, 2024, Portal Therapeutics, Inc. and Sub21, Inc. were majority-owned consolidated subsidiaries of the Company. On August 16, 2024, the Company contributed its equity ownership in these entities to GondolaBio, LLC (“GondolaBio”) and as a result, Portal Therapeutics, Inc. and Sub21, Inc. were deconsolidated in conjunction with the GondolaBio transaction, as further described below.
GondolaBio was formed on June 5, 2024 and the Company was the sole member. 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 committed $300.0 million of tranched financing to GondolaBio, of which $60.0 million had been contributed as of September 30, 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. As of December 31, 2025, the Company’s equity ownership percentage in GondolaBio was 27.5%.
On August 16, 2024, in conjunction with the Transaction Agreement, the limited liability company agreement of GondolaBio was amended and restated (the “A&R LLC Agreement”). The A&R LLC Agreement sets forth, among other things, the economic and governance rights of the members of GondolaBio, including governance rights, economic preferences, privileges, restrictions and obligations of the members. The change in governance structure and composition of the board of managers was deemed a VIE reconsideration event, and GondolaBio was deemed a VIE. As a result of the change in governance structure and composition of the board of managers, BridgeBio is no longer the primary beneficiary, as it no longer has the power over key decisions that significantly impact GondolaBio’s economic performance. Accordingly, BridgeBio deconsolidated GondolaBio, inclusive of Portal Therapeutics, Inc. and Sub21, Inc., on August 16, 2024. On August 16, 2024, we recognized a $52.0 million gain on deconsolidation, which is presented as part of “Gain on deconsolidation of subsidiaries” on our consolidated statements of operations.
Upon the deconsolidation of GondolaBio, BridgeBio accounted for its investment in GondolaBio, for which it has significant influence through its ownership interest, using the equity method of accounting under ASC 323. GondolaBio was also deemed a related party. 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 asset (“GondolaBio IPR&D asset”). The basis difference is amortized as a component of the net loss from equity method investment over the useful life of the GondolaBio IPR&D asset. The amortization of the GondolaBio IPR&D asset for the year ended December 31, 2025 was $1.2 million. The amortization of the Gondola IPR&D asset for the period from August 16, 2024 through December 31, 2024 was $0.4 million.
For the year ended December 31, 2025, the Company recognized a net loss from equity method investment of $35.1 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, 2025 and 2024, the aggregate carrying amount of the Company’s equity method investment in GondolaBio was $6.4 million and $41.5 million, respectively, and is presented as part of “Equity method investments” on the consolidated balance sheets.
In addition, on August 16, 2024, the Company and GondolaBio entered into a 24-month transition services agreement (the “GondolaBio Transition Services Agreement”) for the provision of certain transitionary consulting services to be provided by the Company and GondolaBio. On November 4, 2025, the Gondola Transition Services Agreement was amended mainly to reflect the assignment of the GondolaBio Transition Services Agreement to GondolaBio ServiceCo, Inc. (a wholly-owned subsidiary of GondolaBio), extend the term for an additional 14 months, revise cost calculation methodologies, and update quarterly service schedules and related operating expense estimates. All other terms of the original agreement remain substantially unchanged. In October 2024, the Company and GondolaBio entered into an agreement for a partial sublease of a facility which was amended and renewed in October 2025 (“sublease agreement”). Under the GondolaBio Transition Services Agreement and the sublease agreement, the Company recognized $11.7 million and $1.3 million, respectively, in other income and $5.1 million and $0.8 million, respectively, of pass-through costs and sublease income recorded as an offset against operating expenses for the years ended December 31, 2025 and 2024. As of December 31, 2025 and 2024, the Company had $4.5 million and $3.2 million, respectively, in prepaid expenses and other current assets for transitionary consulting services provided by BridgeBio to GondolaBio and for sublease income. The Company also recognized $1.5 million and $0.7 million in research and development expenses for the years ended December 31, 2025 and 2024, respectively, for transitionary consulting services provided by GondolaBio to BridgeBio. As of December 31, 2025 and 2024, the Company also had $1.5 million and $1.2 million, respectively, in other current liabilities for transitionary consulting services provided by GondolaBio to BridgeBio.
BridgeBio Oncology Therapeutics, Inc.
On April 30, 2024, TheRas, Inc., doing business as BridgeBio Oncology Therapeutics (“Legacy BBOT”), a majority-owned subsidiary of the Company, completed a $200.0 million private equity financing with external investors to accelerate the development of its oncology portfolio. Upon completion of the private equity financing, the Company’s ownership of Legacy BBOT’s equity was reduced to approximately 37.9%.
As part of the private equity financing transaction, Legacy BBOT’s Certificate of Incorporation and Investors’ Rights Agreement were amended and restated to reflect a change to BBOT’s governance structure and composition of the board of directors, which was determined to be a VIE reconsideration event. Based on the VIE reconsideration assessment, Legacy BBOT was deemed a VIE. As a result of the change in governance structure and composition of the board of directors, BridgeBio was no longer the primary beneficiary of BBOT, as it no longer had the power over key decisions that significantly impact Legacy BBOT’s economic performance. Accordingly, BridgeBio deconsolidated Legacy BBOT on April 30, 2024 and recognized a $126.3 million gain on deconsolidation, which is presented as part of “Gain on deconsolidation of subsidiaries” on our consolidated statements of operations. The gain on deconsolidation represents the difference between BridgeBio’s equity investment in Legacy BBOT, valued at $124.9 million upon deconsolidation and the carrying value of the net assets held by Legacy BBOT on April 30, 2024.
Upon the deconsolidation of Legacy BBOT, BridgeBio accounted for its retained investment in Legacy BBOT, for which it has significant influence through its ownership interest, using the equity method of accounting under ASC 323. Legacy BBOT was also deemed a related party. BridgeBio’s equity investment in Legacy BBOT, valued at $124.9 million upon deconsolidation, was compared to BridgeBio’s percentage of underlying equity in net assets of Legacy 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 Legacy BBOT (referred to as a “basis difference”). The basis difference was attributed to Legacy BBOT’s in-process research and development asset (“BBOT IPR&D asset”) and is amortized as a component of the net loss from equity method investment over the estimated useful life of the BBOT IPR&D asset. The amortization of the BBOT IPR&D asset for the year ended December 31, 2025 was $2.4 million. The amortization of the BBOT IPR&D asset for the period from May 1, 2024 through December 31, 2024 was $1.7 million.
On February 28, 2025, Legacy BBOT and Helix Acquisition Corp. II (“Helix”), a special purpose acquisition company, entered into a business combination agreement with Helix II Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Helix, and Legacy BBOT. On August 11, 2025, the business combination with Helix closed, and the combined company was renamed “BridgeBio Oncology Therapeutics, Inc.” BridgeBio Oncology Therapeutics, Inc. began publicly trading on the Nasdaq Global Market under the ticker symbol “BBOT” on August 12, 2025.
The Company’s equity ownership percentage in BBOT was 18.2% as of December 31, 2025. BridgeBio continues to account for its retained investment in BBOT, for which it has significant influence, using the equity method of accounting.
For the year ended December 31, 2025, we recognized a net loss from equity method investment of $37.5 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, 2025 and 2024, the aggregate carrying amount of our equity method investment in BBOT was $72.5 million and $102.2 million, respectively, and is presented as part of “Equity method investments” on our consolidated balance sheets. As of December 31, 2025, the Level 1 fair value of our investment in BBOT was $182.7 million based on the quoted market price for BBOT's common stock as of December 31, 2025.
In addition, on April 30, 2024, the Company and Legacy BBOT entered into an 18-month transition service agreement (the “BBOT Transition Services Agreement”) for the provision of certain transitionary consulting services to be provided by the Company and Legacy BBOT. Under the BBOT Transition Services Agreement, the Company recognized $1.1 million and $2.1 million, respectively, in other income and $0.5 million and $0.7 million, respectively, as an offset against operating expenses during the years ended December 31, 2025 and 2024. As of December 31, 2025 and 2024, the Company had $0.6 million and $0.5 million, respectively, in prepaid expenses and other current assets for transitionary consulting services provided by BridgeBio to BBOT. The Company recognized an immaterial amount and $0.8 million, respectively, in research and development expenses for the years ended December 31, 2025 and 2024 for transitionary consulting services provided by BBOT to BridgeBio. As of December 31, 2025 and 2024, the Company also had immaterial amounts in accrued research and development liabilities for transitionary consulting services provided by BBOT to BridgeBio.
In August 2025, the Company and BBOT entered into an amendment to the BBOT Transition Services Agreement, pursuant to which     BBOT agreed to issue 784,720 shares of its common stock to the Company by October 31, 2025. The shares were issued on October 10, 2025. We recorded $7.8 million as an increase to the value of our BBOT equity method investment on our consolidated balance sheets with a corresponding amount recognized in “Other income, net” on our consolidated statements of operations.
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 accounted for BBP LLC’s equity interest in LianBio under ASC 321 as an investment in equity securities.
Pursuant to a License Agreement entered into in October 2019 between QED Therapeutics, Inc. (“QED”) and LianBio (the “QED-LianBio License Agreement”), 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.
In October 2021, the warrants held by QED to purchase shares of one of the subsidiaries of LianBio were converted into a warrant (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.” On February 20, 2024, QED exercised the 347,569 shares of the LianBio Warrant it held for an immaterial amount. Changes in fair value of the LianBio Warrant were not material for the years ended December 31, 2024 and 2023. 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. In March 2024, we received net proceeds of $25.7 million in a special cash dividend and recognized net realized gains of $1.8 million from our investment in LianBio equity securities. In June 2025, LianBio’s Board of Directors declared a special cash dividend of $0.43 per ordinary share, net of applicable depositary fees of $0.05 per share held and applicable taxes. In July 2025, we received net proceeds of $2.3 million in a special cash dividend, which we recognized as other income in “Other income (expense), net” on our consolidated statements of operations. As of December 31, 2025, the Company held 5,350,361 shares of LianBio common stock.
For the year ended December 31, 2023, we recorded an unrealized gain of $14.2 million for the mark-to-market adjustments of our investment.
v3.25.4
Intangible Assets, net
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, net Intangible Assets, net
The following table summarizes our recognized intangible assets as a result of the arrangements described in the following sections:
December 31, 2025December 31, 2024
Weighted-average
Estimated Useful Lives		AmountWeighted-average
Estimated Useful Lives		Amount
(in thousands)(in thousands)
Gross amount13.7 years$39,400 10.0 years$32,500 
Less accumulated amortization(11,323)(8,574)
Total$28,077 $23,926 
The Company’s intangible assets primarily consist of acquired intellectual property rights, including patents and proprietary know-how, related to infigratinib, a compound targeting fibroblast growth factor receptor (“FGFR”). Following FDA approval of TRUSELTIQTM in May 2021, these assets were initially recognized in relation to milestone payments made totaling $32.5 million. While the FDA announced the withdrawal of the approval for TRUSELTIQTM in May 2023, the intellectual property is still being utilized by the Company in its ongoing clinical investigations involving other FGFR-related conditions.
In addition, as a result of the regulatory milestone achieved in February 2025 under the Bayer License Agreement (as defined below) and the regulatory milestone achieved in May 2025 under the Eidos-Alexion Agreement (as defined below), we paid regulatory milestone fees to Leland Stanford Junior University (“Stanford University”) in the aggregate amount of $6.9 million during the year ended December 31, 2025. We capitalized these license fees as finite-lived intangible assets and amortize them over their estimated useful lives on a straight-line basis. Refer to Notes 11 and 12 for definitions and details regarding the Bayer License Agreement, the Eidos-Alexion License Agreement, and the Stanford License Agreement.
Amortization expense, recorded as part of “Cost of license, services, and royalty revenue” on our consolidated statements of operations for the years ended December 31, 2025, 2024, and 2023, was $2.7 million, $2.4 million and $2.4 million, respectively. Estimated future amortization expense is $2.9 million for each of the years from 2026 to 2030 and $13.6 million thereafter.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Milestone Compensation Arrangements
We have performance-based milestone compensation arrangements with certain employees and consultants, whose vesting is contingent upon meeting various milestones, with fixed monetary amounts known at inception that can be settled in the form of cash or equity at our sole discretion. We also have performance-based milestone compensation arrangements with certain employees and consultants as part of the 2020 Stock and Equity Award Exchange Program (the “Exchange Program”, refer to Note 15). The compensation arrangements under the Exchange Program are to be settled in the form of equity only. Performance-based milestone awards that are settled in the form of equity are satisfied in the form of fully-vested 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, 2025.
Potential Fixed Monetary
Amount
Accrued
Amount (1)
Settlement Type(in thousands)
Cash$805 $78 
Stock (2)
14,432 — 
Cash or stock at our sole discretion53,763 1,003 
Total$69,000 $1,081 
(1)Amount recorded for performance-based milestone awards that are probable of achievement.
(2)Includes the performance-based milestone awards that were granted as part of the Exchange Program further discussed in Note 15.
Other Commercial and Research and Development Agreements
We may also enter into contracts in the normal course of business with various counterparties, including vendors for our commercial products, contract research organizations for services related to clinical trials, CMOs for clinical supplies, and other vendors for preclinical studies, supplies, and other operating purposes. These contracts generally provide for termination on notice with potential termination charges. As of December 31, 2025 and 2024, there were no material amounts accrued related to termination charges.
In the normal course of business, we have also entered into contracts which contain minimum noncancellable purchase commitments and obligations. These include commitments for the supply, manufacturing, and packaging of our commercial product as well as agreements to support the sales and marketing activities for Attruby. As of December 31, 2025, we have minimum noncancellable commitments in aggregate of $110.2 million.
Indemnification
In the ordinary course of business, we may provide indemnifications of varying scope and terms to vendors, lessors, business partners, board members, officers, and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by us, our negligence or willful misconduct, violations of law, or intellectual property infringement claims made by third-parties. In addition, we have entered into indemnification agreements with directors and certain officers and employees that will require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers, or employees. No material demands have been made upon us to provide indemnification under such agreements, and thus, there are no claims that we are aware of that could have a material effect on our consolidated financial statements.
We also maintain director and officer insurance, which may cover certain liabilities arising from our obligation to indemnify our directors and certain officers. To date, we have not paid any claims related to our indemnification obligations, incurred any material costs and have not accrued any material liabilities on the 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.
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Notes
2031 Notes, net
On February 28, 2025, we issued an aggregate of $575.0 million principal amount of our 2031 Notes pursuant to an Indenture dated February 28, 2025 (the “2031 Notes Indenture”), between us and U.S. Bank Trust Company, National Association, as trustee (the “2031 Notes Trustee”), in a private offering to qualified institutional buyers (the “2025 Note Offering”) pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The 2031 Notes issued in the 2025 Note Offering include $75.0 million aggregate principal amount of 2031 Notes sold to the initial purchasers of the 2031 Notes (the “2031 Notes Initial Purchasers”) pursuant to the exercise in full of the 2031 Notes Initial Purchasers’ option to purchase additional 2031 Notes.
The 2031 Notes are senior, unsecured obligations of BridgeBio and will accrue interest payable semiannually in arrears on March 1 and September 1 of each year, beginning on September 1, 2025, at a rate of 1.75% per year. The 2031 Notes will mature on March 1, 2031, unless earlier converted, redeemed or repurchased. The 2031 Notes are convertible into cash, shares of BridgeBio’s common stock or a combination of cash and shares of BridgeBio’s common stock, at our election.
We received net proceeds from the 2025 Note Offering of approximately $563.0 million, after deducting the 2031 Notes Initial Purchasers’ discount and offering costs. We used approximately $48.3 million of the net proceeds from the 2025 Note Offering to pay for the repurchase of shares of BridgeBio’s common stock as described below and used a portion of the net proceeds from the 2025 Note Offering to repay all outstanding borrowings under, and terminate, the Financing Agreement, as defined below, and pay any fees related thereto.
A holder of 2031 Notes may convert all or any portion of its 2031 Notes at its option at any time prior to the close of business on the business day immediately preceding December 2, 2030, in multiples of $1,000 only under the following circumstances:
•During any calendar quarter commencing after the calendar quarter ending on June 30, 2025 (and only during such calendar quarter), if the last reported sale price of BridgeBio’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
•During the five-business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined in the 2031 Notes Indenture) per $1,000 principal amount of 2031 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of BridgeBio’s common stock and the conversion rate on each such trading day;
•If we call such notes for redemption, at any time prior to the close of business on the second business day immediately preceding the redemption date; or
•Upon the occurrence of specified corporate events, as defined in the 2031 Notes Indenture.
On or after December 2, 2030 until the close of business on the second scheduled trading day immediately preceding the maturity date, a holder may convert all or any portion of its 2031 Notes at any time, regardless of the foregoing.
The conversion rate will initially be 20.0773 shares of BridgeBio’s common stock per $1,000 principal amount of 2031 Notes (equivalent to an initial conversion price of approximately $49.81 per share of BridgeBio’s common stock, for a total of approximately 11,544,448 shares).
The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2031 Notes in connection with such a corporate event. The maximum number of shares issuable should there be an increase in the conversion rate is 16,739,400 shares of BridgeBio’s common stock.
We may not redeem the 2031 Notes prior to March 6, 2028. We may redeem for cash all or any portion of the 2031 Notes, at our option, on a redemption date occurring on or after March 6, 2028 and on or before the 41st scheduled trading day immediately before the maturity date, under certain circumstances. No sinking fund is provided for the 2031 Notes. If we undergo a fundamental change (as defined in the 2031 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2031 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2031 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 2031 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2031 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the 2031 Notes then outstanding may declare the entire principal amount of all the Notes plus accrued special interest, if any, to be immediately due and payable. The 2031 Notes are our general unsecured obligations and rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2031 Notes; equal in right of payment with all of our liabilities that are not so subordinated, including our 2029 Notes and 2027 Notes; effectively junior to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries.
In connection with the issuance of the 2031 Notes, we incurred approximately $12.0 million of debt issuance costs, which consisted of initial purchasers’ discounts, legal and professional fees. This was recorded as a reduction in the carrying value of the debt on the consolidated balance sheets and is amortized to interest expense using the effective interest method over the expected life of the 2031 Notes, which is approximately six years.
2029 Notes, net
On January 28, 2021, we issued an aggregate of $717.5 million principal amount of our 2029 Notes pursuant to an Indenture dated January 28, 2021 (the “2029 Notes Indenture”), between us and U.S. Bank National Association, as trustee (the “2029 Notes Trustee”), in a private offering to qualified institutional buyers (the “2021 Note Offering”) pursuant to Rule 144A under the Securities Act. The 2029 Notes issued in the 2021 Note Offering include $67.5 million aggregate principal amount of 2029 Notes sold to the initial purchasers (the “2029 Notes Initial Purchasers”) pursuant to the exercise in part of the 2029 Notes Initial Purchasers’ option to purchase $97.5 million principal amount of additional 2029 Notes. On January 28, 2021, the 2029 Notes Initial Purchasers exercised the remaining portion of their option to purchase $30.0 million principal amount of additional 2029 Notes. The sale of those additional 2029 Notes closed on February 2, 2021, which resulted in the total aggregate principal amount of $747.5 million.
The 2029 Notes are senior, unsecured obligations of BridgeBio and will accrue interest payable semiannually in arrears on February 1 and August 1 of each year, beginning on August 1, 2021, at a rate of 2.25% per year. The 2029 Notes will mature on February 1, 2029, unless earlier converted, redeemed or repurchased. The 2029 Notes are convertible into cash, shares of BridgeBio’s common stock or a combination of cash and shares of BridgeBio’s common stock, at our election.
We received net proceeds from the 2021 Note Offering of approximately $731.4 million, after deducting the 2029 Notes Initial Purchasers’ discount (there were no direct offering expenses borne by us for the 2029 Notes). We used approximately $61.3 million of the net proceeds from the 2021 Note Offering to pay for the cost of the 2021 Capped Call Transactions described below and approximately $50.0 million to pay for the repurchase of shares of BridgeBio’s common stock described below.
A holder of 2029 Notes may convert all or any portion of its 2029 Notes at its option at any time prior to the close of business on the business day immediately preceding November 1, 2028 in multiples of $1,000 only under the following circumstances:
•During any calendar quarter commencing after the calendar quarter ending on June 30, 2021 (and only during such calendar quarter), if the last reported sale price of BridgeBio’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
•During the five-business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined in the 2029 Notes Indenture) per $1,000 principal amount of 2029 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of BridgeBio’s common stock and the conversion rate on each such trading day;
•If we call such notes for redemption, at any time prior to the close of business on the second business day immediately preceding the redemption date; or
•Upon the occurrence of specified corporate events, as defined in the 2029 Notes Indenture.
On or after November 1, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date, a holder may convert all or any portion of its 2029 Notes at any time, regardless of the foregoing.
The conversion rate will initially be 10.3050 shares of BridgeBio’s common stock per $1,000 principal amount of 2029 Notes (equivalent to an initial conversion price of approximately $97.04 per share of BridgeBio’s common stock, for a total of approximately 7,702,988 shares).
The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2029 Notes in connection with such a corporate event. The maximum number of shares issuable should there be an increase in the conversion rate is 11,361,851 shares of BridgeBio’s common stock.
We may not redeem the 2029 Notes prior to February 6, 2026. We may redeem for cash all or any portion of the 2029 Notes, at our option, on a redemption date occurring on or after February 6, 2026 and on or before the 41st scheduled trading day immediately before the maturity date, under certain circumstances. No sinking fund is provided for the 2029 Notes. If we undergo a fundamental change (as defined in the 2029 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2029 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2029 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 2029 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2029 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the 2029 Notes then outstanding may declare the entire principal amount of all the Notes plus accrued special interest, if any, to be immediately due and payable. The 2029 Notes are our general unsecured obligations and rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2029 Notes; equal in right of payment with all of our liabilities that are not so subordinated, including our 2027 Notes; effectively junior to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries.
In connection with the issuance of the 2029 Notes, we incurred approximately $16.1 million of debt issuance costs, which consisted of initial purchasers’ discounts. This was recorded as a reduction in the carrying value of the debt on the consolidated balance sheets and is amortized to interest expense using the effective interest method over the expected life of the 2029 Notes, which is approximately eight years.
2027 Notes, net
On March 9, 2020, we issued an aggregate principal amount of $550.0 million of our 2027 Notes, pursuant to an Indenture dated March 9, 2020 (the “2027 Notes Indenture”), between us and U.S. Bank National Association, as trustee (the “2027 Notes Trustee”), in a private offering to qualified institutional buyers (the “2020 Note Offering”) pursuant to Rule 144A under the Securities Act. The 2027 Notes issued in the 2020 Note Offering include $75.0 million in aggregate principal amount of 2027 Notes sold to the initial purchasers (the “2027 Notes Initial Purchasers”) resulting from the exercise in full of their option to purchase additional 2027 Notes.
The 2027 Notes will accrue interest payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2020, at a rate of 2.50% per year. The 2027 Notes will mature on March 15, 2027, unless earlier converted or repurchased. The 2027 Notes are convertible into cash, shares of BridgeBio’s common stock or a combination of cash and shares of BridgeBio’s common stock, at our election.
We received net proceeds from the 2020 Note Offering of approximately $537.0 million, after deducting the 2027 Notes Initial Purchasers’ discount and offering expenses. We used approximately $49.3 million of the net proceeds from the 2020 Note Offering to pay for the cost of the 2020 Capped Call Transactions described below, and approximately $75.0 million to pay for the repurchase of shares of BridgeBio’s common stock described below.
A holder of 2027 Notes may convert all or any portion of its 2027 Notes at its option at any time prior to the close of business on the business day immediately preceding December 15, 2026 in multiples of $1,000 only under the following circumstances:
•During any calendar quarter commencing after the calendar quarter ending on June 30, 2020 (and only during such calendar quarter), if the last reported sale price of BridgeBio’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
•During the five-business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined in the 2027 Notes Indenture) per $1,000 principal amount of 2027 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of BridgeBio’s common stock and the conversion rate on each such trading day; or
•Upon the occurrence of specified corporate events, as defined in the 2027 Notes Indenture.
On or after December 15, 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date, a holder may convert all or any portion of its 2027 Notes at any time, regardless of the foregoing.
The conversion rate will initially be 23.4151 shares of BridgeBio’s common stock per $1,000 principal amount of 2027 Notes (equivalent to an initial conversion price of approximately $42.71 per share of BridgeBio’s common stock, for a total of approximately 12,878,305 shares).
The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2027 Notes in connection with such a corporate event. The maximum number of shares issuable should there be an increase in the conversion rate is 17,707,635 shares of BridgeBio’s common stock.
We may not redeem the 2027 Notes prior to the maturity date, and no sinking fund is provided for the 2027 Notes. If we undergo a fundamental change (as defined in the 2027 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2027 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2027 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 2027 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2027 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the 2027 Notes then outstanding may declare the entire principal amount of all the 2027 Notes plus accrued special interest, if any, to be immediately due and payable. The 2027 Notes are our general unsecured obligations and rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2027 Notes; equal in right of payment with all of BridgeBio’s liabilities that are not so subordinated, including our 2029 Notes; effectively junior to any of BridgeBio’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries.
In connection with the issuance of the 2027 Notes, we incurred approximately $13.0 million of debt issuance costs, which primarily consisted of initial purchasers’ discounts and legal and other professional fees. This was recorded as a reduction in the carrying value of the debt on the consolidated balance sheets and was amortized to interest expense using the effective interest method over the expected life of the 2027 Notes, which is approximately seven years.
As of December 31, 2025, the 2029 Notes were not convertible. The holders of the 2027 Notes and 2031 Notes, however, have the right to convert their notes during the period from January 1, 2026 through March 31, 2026 because an early conversion condition relating to the price of BridgeBio’s common stock, as discussed above, was met, which resulted in the 2027 Notes and 2031 Notes becoming convertible for a limited period beginning January 1, 2026. Notwithstanding the satisfaction of this conversion condition, the 2027 Notes and 2031 Notes were classified as noncurrent liabilities as of December 31, 2025 because the Company has the ability to settle any conversions in shares of BridgeBio’s common stock, as permitted under the terms of the 2027 Notes Indenture and 2031 Notes Indenture, respectively.
Additional Information Related to the Notes
The outstanding Notes’ balances consisted of the following:
December 31, 2025December 31, 2024
2031 Notes2029 Notes2027 Notes2029 Notes2027 Notes
(in thousands)(in thousands)
Principal$575,000 $747,500 $550,000 $747,500 $550,000 
Unamortized debt discount and
   issuance costs		(10,435)(6,610)(2,985)(8,628)(4,827)
Net carrying amount$564,565 $740,890 $547,015 $738,872 $545,173 
The following table sets forth the total interest expense recognized and effective interest rates related to the Notes for the periods presented:
Year Ended December 31, 2025
2031 Notes2029 Notes2027 NotesTotal
(in thousands)
Contractual interest expense$8,469 $16,819 $13,750 $39,038 
Amortization of debt discount and issuance costs1,599 2,018 1,842 5,459 
Total interest and amortization expense$10,068 $18,837 $15,592 $44,497 
Effective interest rate2.1%2.6%2.8%
Year Ended December 31, 2024
2029 Notes2027 NotesTotal
(in thousands)
Contractual interest expense$16,819 $13,750 $30,569 
Amortization of debt discount and issuance costs1,967 1,794 3,761 
Total interest and amortization expense$18,786 $15,544 $34,330 
Effective interest rate2.6%2.8%
Year Ended December 31, 2023
2029 Notes2027 NotesTotal
(in thousands)
Contractual interest expense$16,819 $13,750 $30,569 
Amortization of debt discount and issuance costs1,917 1,745 3,662 
Total interest and amortization expense$18,736 $15,495 $34,231 
Effective interest rate2.6 %2.8 %
As of December 31, 2025, interest payable on the 2031 Notes, 2029 Notes, and 2027 Notes amounted to $3.4 million, $7.0 million and $4.0 million, respectively. As of December 31, 2024, interest payable on the 2029 Notes and 2027 Notes amounted to $7.0 million and $4.0 million, respectively. Such amounts are included in “Other current liabilities” on our consolidated balance sheets.
Future minimum payments under the Notes as of December 31, 2025 are as follows:
2031 Notes2029 Notes2027 NotesTotal
(in thousands)
Year ending December 31:
2026$10,063 $16,819 $13,750 $40,632 
202710,063 16,819 556,875 583,757 
202810,063 16,819 — 26,882 
202910,063 755,909 — 765,972 
203010,063 — — 10,063 
Thereafter580,031 — — 580,031 
Total future payments630,346 806,366 570,625 2,007,337 
Less amounts representing interest(55,346)(58,866)(20,625)(134,837)
Total principal amount$575,000 $747,500 $550,000 $1,872,500 
Capped Call and Share Repurchase Transactions with Respect to the Notes
On each of January 25, 2021 and March 4, 2020, concurrently with the pricing of the 2029 Notes and 2027 Notes, respectively, we entered into separate privately negotiated capped call transactions (the “2021 Capped Call Transactions” and the “2020 Capped Call Transactions”, respectively), or, together, the Capped Call Transactions, with certain financial institutions (the “Capped Call Counterparties”). We used approximately $61.3 million and $49.3 million of the net proceeds from the 2021 Note Offering and 2020 Note Offering, respectively, to pay for the cost of the respective Capped Call Transactions. The Capped Call Transactions are expected generally to reduce the potential dilution to BridgeBio’s common stock upon any conversion of Notes and/or offset any cash payments we are required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap initially equal to $131.58 for the 2021 Capped Call Transactions and $62.12 for the 2020 Capped Call Transactions (both of which represented a premium of 100% over the last reported sale price of BridgeBio’s common stock on the date of the Capped Call Transactions) and are subject to certain adjustments under the terms of the Capped Call Transactions. The 2021 Capped Calls and 2020 Capped Calls cover 7,702,988 shares and 12,878,305 shares, respectively, of our common stock (subject to anti-dilution and certain other adjustments), which are the same number of shares of common stock that initially underlie the Notes. The 2021 Capped Calls have an initial strike price of approximately $97.04 per share, which corresponds to the initial conversion price of the 2029 Notes. The 2020 Capped Calls have an initial strike price of approximately $42.71 per share, which corresponds to the initial conversion price of the 2027 Notes. The Capped Call Transactions are separate transactions, entered into by us with the Capped Call Counterparties, and are not part of the terms of the Notes.
These Capped Call instruments meet the conditions outlined in ASC 815-40, to be classified in stockholders’ deficit and are not subsequently remeasured as long as the conditions for equity classification continue to be met. We recorded a total reduction to additional paid-in capital of approximately $110.6 million related to the premium payments for the Capped Call Transactions.
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, on January 25, 2021 and March 4, 2020, respectively. The shares repurchased were recorded as “Treasury stock” on our consolidated balance sheets and statements of redeemable convertible noncontrolling interests and stockholders’ deficit.
In February 2025, we used approximately $48.3 million of the net proceeds from the 2025 Note Offering to repurchase 1,405,411 shares of our common stock concurrently with the closing of the 2025 Note Offering from certain of the 2031 Notes’ Initial Purchasers in privately negotiated transactions. The agreed purchase price per share of common stock in the repurchase was $34.35, which was the last reported sale price per share of our common stock on the Nasdaq Global Select Market, on February 25, 2025. The shares repurchased were recorded as “Treasury stock” on our consolidated balance sheets and statements of redeemable convertible noncontrolling interests and stockholders’ deficit.
2033 Notes, net
On January 21, 2026, we issued an aggregate of $632.5 million principal amount of our 0.75% Convertible Senior Notes due 2033. Refer to Note 19 for further details.
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), collectively the “Amended Loan Agreement”), by and among (i) U.S. Bank National Association, in its capacity as administrative agent and collateral agent, (ii) certain lenders, (iii) BridgeBio, as a borrower, and (iv) certain subsidiaries of BridgeBio, as guarantors. In May 2022, we entered into the First Amendment to the Loan Agreement (the “First Amendment”) and in November 2022, we entered into the Second Amendment to the Loan Agreement (the “Second Amendment”).
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, consisted 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, 2023, which was available at our election after the occurrence of certain milestone events relating to data from our clinical trials. 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 was $450.0 million before any mandatory prepayment.
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 related to debt issuance costs.
Any outstanding principal on the Term Loan Advances accrued interest at a fixed rate equal to 9.0% per annum. 3.0% of which was eligible to be a payment-in-kind (“PIK”) until January 1, 2025. 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 for the year ended December 31, 2023.
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 (see below) and cash on hand, and recognized a loss on extinguishment of debt of $26.6 million. For the period from January 1, 2024 through January 17, 2024, we recognized interest expense related to the Amended Loan Agreement of $3.0 million, of which $0.4 million related to amortization of debt discount and issuance costs. For the year ended December 31, 2023, we recognized interest expense related to the Amended Loan Agreement of $46.3 million, of which $5.2 million related to amortization of debt discount and issuance costs.
Financing Agreement
On January 17, 2024, the Company and each of the guarantors entered into a Financing Agreement, which was amended on February 12, 2024 (the “Financing Agreement”), with the lenders party thereto (the “Lenders”) and Blue Owl Capital Corporation, as administrative agent for the Lenders (the “Administrative Agent”). On June 20, 2024, the Company and each of the guarantors entered into the Second Amendment to the Financing Agreement (the Financing Agreement, as amended by the Second Amendment, the “Amended Financing Agreement”).
Pursuant to the terms and conditions of the Financing Agreement, the Lenders agreed to extend a senior secured credit facility to the Company in an aggregate principal amount of up to $750.0 million, composed 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.
In January 2024, we received net proceeds from the Initial Term Loan of $434.0 million, after deducting debt discount and issuance costs of $16.0 million.
On February 28, 2025, the Company fully repaid the Amended Financing Agreement for $467.0 million, which consisted of $450.0 million for the outstanding principal of the Initial Term Loan, $9.0 million for the prepayment fee, and $8.0 million in accrued interest using the proceeds from the 2031 Notes and recognized a loss on extinguishment of debt of $21.2 million.
The balances of our borrowing under the Amended Financing Agreement consisted of the following:
December 31, 2024
(in thousands)
Principal value of term loan under the Amended Financing Agreement$450,000 
Debt discount and issuance costs(12,663)
Term loan, net$437,337 
From January 1, 2025 to February 28, 2025, we recognized interest expense related to the Amended Financing Agreement of $8.5 million of which $0.5 million relates to amortization of debt discount and issuance costs. For the year ended December 31, 2024, we recognized interest expense related to the Amended Financing Agreement of $54.8 million, of which $3.3 million relates to amortization of debt discount and issuance costs.
v3.25.4
Deferred Royalty Obligations, Net
 12 Months Ended
Dec. 31, 2025
Deferred Royalty Obligations [Abstract]  
Deferred Royalty Obligations, Net Deferred Royalty Obligations, net
Royalty Interest Purchase and Sale Agreement
On June 27, 2025 (the “Closing Date”), the Company and its subsidiary, Eidos Therapeutics, Inc. (“Eidos”), entered into a Royalty Interest Purchase and Sale Agreement (the “Royalty Purchase Agreement”) with Acoramidis Royalty SPV, LP (“ARS”), an affiliate of HealthCare Royalty Management, LLC (“HCRx”), as a purchaser and the purchaser representative (in such capacity, the “Purchaser Representative”), and LSI Financing Fund, LP, an affiliate of Blue Owl Capital Corporation, as a purchaser (together with ARS as a purchaser and any future permitted assignees of a purchaser, the “Royalty Agreement Purchasers”). Subsequent to the Closing Date, on July 30, 2025, KKR & Co. Inc., a beneficial holder of the Company’s common equity and a related party, acquired a majority ownership interest in HCRx. Accordingly, HCRx became a related party of the Company following KKR & Co. Inc.’s acquisition of HCRx.
Pursuant to the Royalty Purchase Agreement, Eidos sold to the Royalty Agreement Purchasers certain of Eidos’ right to receive certain royalty payments (“Purchased Royalty Payment”) on net sales of certain products containing acoramidis (the “Licensed Products”) made in the EU and all member and extension states of the European Patent Organization (the “Licensed Territory”) under (i) an exclusive license agreement, dated as of March 1, 2024, by and among Bayer (as described in Note 11), Eidos and the other subsidiaries of the Company party thereto, as amended from time to time (the “Bayer License Agreement”) and (ii) an amended and restated license agreement, effective as of June 30, 2023, by and between Eidos and one of the other Company’s subsidiaries, BridgeBio International GmbH. As consideration for the sale of the Purchased Royalty Payment, the Royalty Agreement Purchasers agreed to pay Eidos $300.0 million in cash (the “Purchase Price”), which was funded in full on the Closing Date. The Royalty Agreement Purchasers’ rights to the Purchased Royalty Payment are subject to (a) an annual cap equal to 60% of all royalty payments paid by Bayer to Eidos and its affiliates under the Bayer License Agreement on the first $500.0 million of annual net sales of Licensed Products in the Licensed Territory under the Bayer License Agreement and (b) an initial hard cap equal to 145% of the Purchase Price.
In addition, the Company and Eidos granted the Purchaser Representative, for the benefit of the Royalty Agreement Purchasers, a security interest in specific assets related to the Purchased Royalty Payment. The Royalty Purchase Agreement also contains certain representations and warranties, indemnification obligations, events of default and other provisions that are customary for transactions of this nature.
Upon the occurrence of a change of control of the Company, the successor entity has an option to either (a) assume the obligations of the Company and/or Eidos under the Royalty Purchase Agreement or (b) pay the Royalty Agreement Purchasers an amount equal to the then-applicable hard cap, less total payments already made to the Royalty Agreement Purchasers, plus any other amounts payable under the Royalty Purchase Agreement (the “Change of Control Payment”), upon payment of which no further payments will be due to the Royalty Agreement Purchasers or the Purchaser Representative under the Royalty Purchase Agreement.
If an event of default occurs and is continuing, Eidos is required to immediately pay the Change of Control Payment to the Royalty Agreement Purchasers.
We have evaluated the terms of the Royalty Purchase Agreement and concluded that the features are similar to those of a debt instrument. Accordingly, we have accounted for the transaction as long-term debt, with the short-term portion presented as part of “Other current liabilities” and the long-term portion presented as part of “Deferred royalty obligation, net” on our consolidated balance sheets. We recognized net cash proceeds of $297.0 million in June 2025, after deducting debt issuance costs of $3.0 million.
Funding Agreement
On January 17, 2024, the Company and its subsidiaries, Eidos, BridgeBio Europe B.V. and BridgeBio International GmbH (collectively, the “Seller Parties”), entered into a Funding Agreement (the “Funding Agreement”) with LSI Financing 1 Designated Activity Company and CPPIB Credit Europe S.à r.l. (together and with any future permitted assignees of a seller party, the “Funding Agreement Purchasers”), and Alter Domus (US) LLC, as the collateral agent.
Pursuant to the Funding Agreement, the Funding Agreement Purchasers agreed to pay to the Company $500.0 million (net of certain transaction expenses) (the “Investment Amount”) upon the first FDA approval of acoramidis, subject to certain conditions relating to the FDA approval and other customary conditions (such date of payment, the “Funding Date”).
In return, the Company granted the Funding Agreement Purchasers the right to receive payments (the “Royalty Interest Payments”) equal to 5% of the global net sales of acoramidis (the “Net Sales”). Under certain conditions relating to the sales performance of acoramidis, the rate of the Royalty Interest Payments may adjust to a maximum rate of 10% in 2027. Each Royalty Interest Payment will become payable to the Funding Agreement Purchasers on a quarterly basis after the Funding Date. In addition, the Seller Parties granted the collateral agent, for the benefit of the Funding Agreement Purchasers, a security interest in specific assets related to acoramidis.
The Funding Agreement Purchasers’ rights to the Royalty Interest Payments and ownership interest in Net Sales will terminate upon the earlier of the Funding Agreement Purchasers’ receipt of (a) Royalty Interest Payments equal to $950.0 million (the “Cap Amount”) and (b) a buy-out payment (the “Buy-Out Payment”) in an amount determined in accordance with the Funding Agreement but that will not exceed the Cap Amount. In the event that a change of control (as customarily defined in the Funding Agreement) occurs on or after the effective date of the Funding Agreement, the Purchasers may elect to require the Seller Parties to make the Buy-Out Payment and the Funding Agreement will be terminated upon payment in-full of the Seller Parties’ obligations under the Funding Agreement (including the Buy-Out Payment and all reimbursable expenses). The Funding Agreement will also terminate upon customary events.
Under the Funding Agreement, the Seller Parties are required to comply with various covenants, including using commercially reasonable efforts to obtain regulatory approval for and commercialize acoramidis, providing the Funding Agreement Purchasers with certain clinical, commercial, regulatory and intellectual property updates and certain financial statements, and providing notices upon the occurrence of certain events, each as agreed under the Funding Agreement. The Funding Agreement also contains certain representations and warranties, indemnification obligations, put-option events and other provisions that are customary for transactions of this nature.
Following the FDA approval of Attruby 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 part of “Deferred royalty obligations, net” 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, less any payments made to date, upon a change of control is an embedded derivative that requires bifurcation from the debt instrument and fair value recognition. We determined the fair value of the derivative using an option pricing Monte Carlo simulation model taking into account the probability of change of control occurring and potential repayment amounts and timing of such payments would result under various scenarios as further described in Note 3. The aggregate fair value of the embedded derivative liability was $21.4 million and $41.1 million as of December 31, 2025 and 2024, respectively. We remeasure the embedded derivative to fair value each reporting period until the time the features lapse and/or termination of the deferred royalty obligation.
In connection with the Royalty Purchase Agreement described above, the Funding Agreement was amended on June 27, 2025. All terms and conditions of the Funding Agreement remain substantially unchanged.
Additional Information Related to the Deferred Royalty Obligations, net
The carrying value balances of our deferred royalty obligations, net under the Funding Agreement and the Royalty Purchase Agreement consisted of the following:
December 31, 2025
Funding AgreementRoyalty Purchase
Agreement (1)		Total
(in thousands)
Carrying value of deferred royalty obligations, net$581,759 $309,629 $891,388 
Fair value of embedded derivative liability21,439 — 21,439 
Unamortized debt discount and issuance costs(55,143)(2,654)(57,797)
Deferred royalty obligations, net$548,055 $306,975 $855,030 
(1)Including related party amounts of $206,419 for the carrying value of deferred royalty obligations, net and $(1,769) for the unamortized debt discount and issuance costs as of December 31, 2025.

December 31, 2024
Funding Agreement
(in thousands)
Carrying value of deferred royalty obligation, net$507,114 
Fair value of embedded derivative liability41,091 
Unamortized debt discount and issuance costs(69,114)
Deferred royalty obligation, net$479,091 
The effective interest rate as of December 31, 2025 and 2024 was 22.2% and 19.3%, respectively, for the Funding Agreement. For the years ended December 31, 2025 and 2024, we recognized noncash interest expense related to the Funding Agreement of $108.7 million and $8.3 million, respectively, of which $14.0 million and $1.0 million, respectively, relates to amortization of debt discount and issuance costs. As of December 31, 2025 and 2024, the current portion of the deferred royalty obligation related to the Funding Agreement of $8.2 million and $0.1 million, respectively, is presented within “Other current liabilities” on our consolidated balance sheets.
The effective interest rate as of December 31, 2025 was 10.4% for Royalty Purchase Agreement. For the year ended December 31, 2025, we recognized noncash interest expense related to the Royalty Purchase Agreement of $16.4 million, of which $0.4 million relates to amortization of debt discount and issuance costs. As of December 31, 2025, the current portion of the deferred royalty obligation related to the Royalty Purchase Agreement of $3.0 million is presented within “Other current liabilities” on our consolidated balance sheets.
v3.25.4
License and Collaboration Agreements
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
License and Collaboration Agreements License and Collaboration Agreements
Bayer Exclusive License
On March 1, 2024, certain subsidiaries of the Company, including Eidos, BridgeBio International GmbH and BridgeBio Europe B.V. (collectively, the “Seller Parties”), entered into an exclusive license agreement (the “Bayer License Agreement”) with Bayer Consumer Care AG, a wholly-owned subsidiary of Bayer AG (“Bayer”), to develop and commercialize acoramidis as a treatment for transthyretin amyloidosis in the EU and all member and extension states of the European Patent Organization (the “Licensed Territory”).
Under the terms of the Bayer License Agreement, the Seller Parties granted Bayer an exclusive license on March 26, 2024 to certain of the Seller Parties’ intellectual property rights to develop, manufacture and commercialize acoramidis (previously known as AG10) in the Licensed Territory. In consideration for the license grant, the Seller Parties are entitled to receive an upfront payment of $135.0 million, which was received in full in May 2024, and will be eligible to receive up to $150.0 million in regulatory and sales milestone payments through 2026 (of which a regulatory milestone of $75.0 million was achieved in February 2025 upon EC approval of acoramidis under the brand name Beyonttra and received in April 2025), and additional payments up to $450.0 million subject to the achievement of certain sales milestones. In addition, the Seller Parties are entitled to receive royalties according to a tiered structure starting in the low-thirties percent on net sales by Bayer of acoramidis in the Licensed Territory, subject to reduction under certain circumstances as provided in the Bayer License Agreement.
Unless earlier terminated, the Bayer License Agreement will expire at the end of the royalty term for a licensed product, provided that the licenses granted to Bayer for such licensed product survive such expiration on a non-exclusive basis. Either party may terminate the Bayer License Agreement in the event of a material breach or insolvency of the other party or in the event merger control proceedings are started and clearances are not obtained. Additionally, Bayer may terminate the Bayer License Agreement for convenience upon at least 270 days prior written notice, and the Seller Parties may terminate the Bayer License Agreement in the event Bayer ceases exploitation of acoramidis under certain circumstances or challenges the validity or enforceability of the Seller Parties’ patent rights.
We determined that the Bayer License Agreement falls within the scope of ASC 606 as Bayer is a customer in this arrangement, and we identified the following performance obligations in the agreement:
•an exclusive license to develop and commercialize acoramidis in the Licensed Territory and the related know-how; and
•research and development services to conduct ongoing clinical trials.
We determined that the performance obligations outlined above are capable of being distinct and distinct with the context of the contract given such rights and activities are independent of each other. The license can be used by Bayer without the development services. Similarly, those services provide a distinct benefit to Bayer within the context of the contract, separate from the license, as the services could be provided by Bayer or another third-party without our assistance.
We determined the initial transaction price at inception of the Bayer License Agreement to be $135.0 million, which is composed of the fixed and non-refundable upfront payment. The remaining future potential regulatory and sales milestone payments were not included in the initial transaction price as they were determined to be fully constrained under ASC 606. We include variable consideration in our transaction price to the extent that it is probable that it will not result in a significant revenue reversal when the uncertainty associated with the variable consideration is subsequently resolved. As part of management’s evaluation of the variable consideration, we considered numerous factors, including the fact that achievement of the milestones is outside of our control, contingent upon the success of our existing clinical trials, Bayer’s efforts, and receipt of regulatory approval that is subject to scientific risks of success. Royalty arrangements and commercial-based milestones will be recognized when the sales occur or the milestones are achieved pursuant to the sales-based royalty exception under ASC 606 because the license is the predominant item to which the royalties or commercial-based milestones relate. In February 2025, the EC granted marketing authorization in the EU for acoramidis, under the brand name Beyonttra. Since the uncertainty of the variable consideration related to the regulatory milestone was resolved, we updated the transaction price to include this consideration, and accordingly, we recognized $75.0 million as license and services revenue during the year ended December 31, 2025. We will continue to re-evaluate the transaction price at each reporting period and as uncertain events are resolved or other changes in circumstances occur. Upon receiving marketing authorization in the EU, Bayer began selling Beyonttra, of which we are entitled to royalties on net product revenue.
We allocated the initial transaction price of $135.0 million based on the stand-alone selling prices (“SSP”) of each of the performance obligations as follows:
•$130.5 million for the upfront transfer of the license; and
•$4.5 million for the research and development services to conduct the ongoing clinical trials.
The SSP for the license was determined using an approach that considered discounted, probability-weighted cash flows related to the license transferred. The SSP for the ongoing research and development services were based on estimates of the associated effort and cost of these services, adjusted for a reasonable gross profit margin that would be expected to be realized under similar contracts.
We recognize revenue for each of the two performance obligations as follows:
•We recognize revenue related to the license at a point in time upon transfer of the rights and control of the license to Bayer. The transfer of the rights and control of the license occurred in March 2024; thus, we recognized the full amount allocated to the license and related know-how in 2024.
•We recognize revenue related to the research and development services for the ongoing clinical trials over time using an input method to measure progress by utilizing costs incurred to date relative to total expected costs. We expect the research and development services for ongoing clinical trials to extend through 2029. We recognized $0.6 million and $1.0 million, respectively, of license and services revenue relating to this performance obligation during the years ended December 31, 2025 and 2024.
Under certain commercial and API supply agreements with an initial term ending in December 2026, we supplied $7.6 million of product to Bayer during the year ended December 31, 2025, which are recorded in “License and services revenue” on our consolidated statements of operations. We did not supply any product under the Bayer Supply Agreements during the year ended December 31, 2024.
As of December 31, 2025 and 2024, there were $5.0 million and nil, respectively, of outstanding receivables relating to the Bayer License Agreement on our consolidated balance sheets. During the years ended December 31, 2025 and 2024, we recognized license and services revenue and royalty revenue of $93.8 million and $131.5 million, respectively, under the Bayer License Agreement. Our consolidated balance sheet as of December 31, 2025 includes a deferred revenue balance of $2.9 million ($0.8 million presented as “Deferred revenue, current portion” and $2.1 million as “Deferred revenue, net of current portion”) related to our research and development services obligations. 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 as “Deferred revenue, net of current portion”) related to our research and development services obligations.
Kyowa Kirin Exclusive License
On February 7, 2024, the Company’s subsidiary, QED, and Kyowa Kirin Co., Ltd (“Kyowa Kirin” or “KKC”) entered into a license and collaboration agreement pursuant to which QED granted Kyowa Kirin an exclusive license to develop, manufacture, and commercialize infigratinib for achondroplasia, hypochondroplasia, and other skeletal dysplasias in Japan, in accordance with the terms therein (the “KKC License Agreement”). In consideration for the license grant, QED is entitled to receive an upfront payment of $100.0 million, which was received in full in June 2024, and will be eligible to receive development and sales milestone payments up to $81.4 million. In addition, QED is entitled to receive royalties up to the mid-twenties percent on net sales of infigratinib in Japan.
Unless earlier terminated, the KKC License Agreement will expire at the end of the royalty term for a licensed product, provided that the licenses granted to Kyowa Kirin for such licensed product survive such expiration on a non-exclusive basis. Either party may terminate the KKC License Agreement in the event of a material breach or insolvency of the other party. Additionally, Kyowa Kirin may terminate the KKC License Agreement for convenience upon at least 180 days’ prior written notice, and QED may terminate the KKC License Agreement in the event Kyowa Kirin ceases exploitation of infigratinib under certain circumstances or challenges the validity or enforceability of Kyowa Kirin’s patent rights.
We determined that the KKC License Agreement falls within the scope of ASC 606 as Kyowa Kirin is a customer in this arrangement, and we identified the following performance obligations in the agreement:
•an exclusive license to develop and commercialize infigratinib for achondroplasia, hypochondroplasia and other skeletal dysplasias in Japan and the related know-how; and
•research and development services to conduct ongoing clinical trials.
We determined that the performance obligations outlined above are capable of being distinct and distinct with the context of the contract given such rights and activities are independent of each other. The license can be used by Kyowa Kirin without any development activities. Similarly, those services provide a distinct benefit to Kyowa Kirin within the context of the contract, separate from the license, as the services could be provided by Kyowa Kirin or another third-party without our assistance.
We determined the initial transaction price at inception of the KKC License Agreement to be $100.0 million, which consisted of the fixed and non-refundable upfront payment. No additional development or sales milestone payments are included in the transaction price, as all such payments are variable consideration that are fully constrained as of December 31, 2025. We include variable consideration in our transaction price to the extent that it is probable that it will not result in a significant revenue reversal when the uncertainty associated with the variable consideration is subsequently resolved. As part of management’s evaluation of the variable consideration, we considered numerous factors, including the fact that achievement of the milestones is outside of our control, contingent upon the success of our existing and future clinical trials, Kyowa Kirin’s efforts, and receipt of regulatory approval that is subject to scientific risks of success. Royalty arrangements and commercial-based milestones will be recognized when the sales occur or the milestones are achieved pursuant to the sales-based royalty exception under ASC 606 because the license is the predominant item to which the royalties or commercial-based milestones relate. We will re-evaluate the transaction price at each reporting period and as uncertain events are resolved or other changes in circumstances occur.
We allocated the transaction price of $100.0 million based on the SSP of each of the performance obligations as follows:
•$69.1 million for the upfront transfer of the license; and
•$30.9 million for research and development services to conduct the ongoing clinical trials.
The SSP for the license was determined using an approach that considered discounted, probability-weighted cash flows related to the license transferred. The SSP for the ongoing research and development services were based on estimates of the associated effort and cost of these services, adjusted for a reasonable gross profit margin that would be expected to be realized under similar contracts.
We recognize revenue for each of the two performance obligations as follows:
•We recognize revenue related to the license at a point in time upon transfer of the rights and control of the license to KKC. The transfer of the rights and control of the license occurred in February 2024; thus, we recognized the full amount allocated to the license and related know-how in 2024.
•We recognize revenue relating to the research and development services for the ongoing clinical trials over time using an input method to measure progress by utilizing costs incurred to date relative to total expected costs. We expect the development services to extend through 2030. We recognized $10.7 million and $5.7 million of license and services revenue relating to this performance obligation during the years ended December 31, 2025 and 2024, respectively.
As of December 31, 2025 and 2024, there were immaterial amounts of outstanding receivables relating to the KKC License Agreement on our consolidated balance sheets. During the years ended December 31, 2025 and 2024, we recognized license and services revenue of $12.3 million and $76.2 million, respectively, under the KKC License Agreement. Our consolidated balance sheet as of December 31, 2025 includes a deferred revenue balance of $14.6 million ($5.4 million presented as “Deferred revenue, current portion” and $9.2 million as “Deferred revenue, net of current portion”) related to our research and development services obligation and clinical supply. 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 as “Deferred revenue, net of current portion”) related to our research and development services obligation.
License, Development and Commercialization Agreement with BMS
On May 12, 2022, BridgeBio and our subsidiary, Navire Pharma, Inc. (“Navire”), entered into an exclusive license, development and commercialization agreement with Bristol-Meyers Squibb Company (“BMS”) (the “Navire-BMS License Agreement”), pursuant to which Navire granted BMS exclusive rights to develop and commercialize Navire’s product candidate, BBP-398, in all indications worldwide, except for the People’s Republic of China, Macau, Hong Kong, Taiwan, Thailand, Singapore, and South Korea (collectively, the “Asia Region”). The Navire-BMS License Agreement expands an earlier agreement between Navire and BMS that was executed in July 2021 to study BBP-398 in a combination therapy trial to treat advanced solid tumors with KRAS mutations (the “2021 Navire-BMS Agreement”). The Navire-BMS License Agreement does not alter the terms of the 2021 Navire-BMS Agreement.
In 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. In November 2025, the Navire-BMS License Agreement was formally terminated.
For the years ended December 31, 2024 and 2023, we recognized $9.9 million and $7.4 million, respectively, in license and services revenue relating to the Navire-BMS License Agreement. As of December 31, 2024, there were no remaining balances in deferred revenue on our consolidated balance sheets.
License Agreement with Alexion
In September 2019, Eidos entered into an exclusive license agreement with Alexion Pharma International Operations Limited Company, a subsidiary of Alexion Pharmaceuticals, Inc. (together, “Alexion”) (the “Eidos-Alexion License Agreement”), to develop, manufacture, and commercialize in Japan the compound known as acoramidis (previously known as AG10) and any of its various chemical forms and any pharmaceutical products containing acoramidis. Under the Eidos-Alexion License Agreement, Eidos received an upfront nonrefundable payment of $25.0 million and became eligible to receive a regulatory milestone payment of $30.0 million. Following pricing approval from the National Health Insurance in Japan in May 2025, the regulatory milestone was fully achieved and recognized as license and services revenue, and in June 2025, Eidos received the $30.0 million regulatory milestone payment. Under the Eidos-Alexion License Agreement, Eidos is eligible to receive 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 accounted for the Eidos-Alexion License Agreement under ASC 606 and identified the exclusive license as a distinct performance obligation since Alexion can benefit from the license on its own by developing and commercializing the underlying product using its own resources.
In October 2024, Alexion initiated the ACT-EARLY clinical trial in Japan under the Eidos-Alexion License Agreement for an upfront payment of $3.0 million. This initial payment was deferred upon receipt, and revenue is recognized over time relating to the research and development services for the ongoing clinical trial. During the years ended December 31, 2025 and 2024, we recognized $0.2 million and nil, respectively, under the ACT-EARLY clinical trial in Japan.
As of December 31, 2025 and 2024, the receivables relating to the Eidos-Alexion License Agreement on our consolidated balance sheets were $0.2 million and $0.6 million, respectively. During the years ended December 31, 2025 and 2024, we recognized license and services and royalty revenue of $33.3 million and $0.6 million, respectively, under the Eidos-Alexion License Agreement. Our consolidated balance sheet as of December 31, 2025 includes a deferred balance of $2.8 million ($1.0 million presented as “Deferred revenue, current portion” and $1.8 million presented as “Deferred revenue, net of current portion”) related to the ACT-EARLY clinical trial. Our consolidated balance sheet as of December 31, 2024 includes $3.0 million presented as “Deferred revenue, current portion” related to the ACT-EARLY clinical trial as it was determined at that time the expenses would be incurred within a year.
v3.25.4
In-licensing and Other Research and Development Agreements
 12 Months Ended
Dec. 31, 2025
In-Licensing And Other Research And Development Agreements [Abstract]  
In-licensing and Other Research and Development Agreements In-licensing and Other Research and Development Agreements
Stanford License Agreement
In April 2016, Eidos entered into a license agreement with the Board of Trustees of the Stanford University, relating to Eidos’ drug discovery and development initiatives. Under this agreement and its amendments, Eidos has been granted certain worldwide exclusive licenses to make, use, and sell products that are covered by licensed patent rights. Eidos may also be required to make future payments of up to approximately $1.0 million to Stanford University upon achievement of specific intellectual property, clinical and regulatory milestone events, and pay royalties of up to low single-digit percentages on future net sales, if any. In addition, Eidos is obligated to pay Stanford University a percentage of non-royalty revenue received by Eidos from its sublicensees, with the amount owed decreasing annually for three years based on when the applicable sublicense agreement is executed.
Additionally, under the license agreement with Stanford University, we will pay Stanford University a portion of all nonroyalty sublicensing consideration attributable to the sublicense of the licensed compounds. For the year ended December 31, 2025, we incurred $6.9 million of license fees due to Stanford University, which were related to the regulatory milestone achieved in February 2025 under the Bayer License Agreement (refer to Note 11) as well as the regulatory milestone achieved in May 2025 under the Eidos-Alexion License Agreement (refer to Note 11). These license fees were capitalized as finite-lived intangible assets (refer to Note 7). In addition, during the year ended December 31, 2025, we incurred $6.8 million in royalties related to commercial sales of Attruby and Beyonttra. For the year ended December 31, 2024, we incurred $8.1 million of license fees due to Stanford University related to the Company entering into an exclusive license agreement with Bayer in March 2024 and an immaterial amount in royalties related to commercial sales of Attruby. For the year ended December 31, 2023, license fees incurred and due to Stanford University were immaterial.
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 Adeno-associated virus serotype 9 (“AAV9”) investigational drug product intended for the treatment of children with Canavan Disease, under the age of five years. BBP-631 is an intravenous adeno-associated virus 5 gene (“AAV5”) investigational drug product intended for the treatment of adults and children with congenital adrenal hyperplasia. The Resilience DMSAs have 10-year terms and may each be extended for additional two-year periods. Under the Resilience PAs, Resilience will provide BBGT with a cost-sharing credit of the lesser of a fixed percentage of certain agreed upon service costs or $15.5 million. Under the Resilience PAs, Resilience will provide Adrenas with a cost-sharing credit of the lesser of a fixed percentage of certain agreed upon service costs or $29.3 million. In addition to the payments for their share of services performed by Resilience, BBGT and Adrenas may each be required to make future payments of up to $10.0 million upon achievement of certain development and approval milestone events, and royalty payments (mid-single digits for BBP-812 and low-single digits for BBP-631) based on achievement of certain net sales metrics.
In September 2024, we announced our decision to cease pursuing development of BBP-631, the Company’s investigational AAV5 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.
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.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
We have operating leases for our corporate headquarters, office spaces and laboratory facilities. One of our office space leases has a finance lease component representing lessor provided furniture and office equipment. Our finance lease, which is presented as part of “Property and equipment, net” on our 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:
Years Ended December 31,
202520242023
(in thousands)
Straight-line operating lease costs$4,902 $4,110 $4,032 
Finance lease costs367 395 420 
Variable lease costs4,417 6,305 6,844 
Total lease cost$9,686 $10,810 $11,296 
Supplemental cash flow information related to leases are as follows:
Years Ended December 31,
202520242023
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$6,547 $5,092 $4,829 
Operating cash flows for finance lease$460 $445 $397 
Operating lease right-of-use assets obtained in exchange for
   operating lease obligations		$6,567 $1,591 $1,179 
Supplemental information related to the remaining lease term and discount rate are as follows:
December 31,
202520242023
Weighted-average remaining lease term (in years)
Operating leases2.93.64.7
Finance lease0.11.12.1
Weighted-average discount rate
Operating leases6.8%6.0%6.0%
Finance lease6.6%6.6%6.6%
As of December 31, 2025, future minimum lease payments for our noncancelable operating leases are as follows. Future minimum lease payments under our finance lease are not material.
Amount
(in thousands)
Year ending December 31:
2026$6,642 
20271,320 
2028976 
2029494 
2030494 
Thereafter947 
Total future minimum lease payments10,873 
Imputed interest(870)
Total$10,003 
Reported as of December 31, 2025
Operating lease liabilities, current portion$6,192 
Operating lease liabilities, net of current portion3,811 
Total operating lease liabilities$10,003 
No impairment loss was recognized for the year ended December 31, 2025. The impairment loss recognized was immaterial for the years ended December 31, 2024 and 2023, respectively.
Leases Leases
We have operating leases for our corporate headquarters, office spaces and laboratory facilities. One of our office space leases has a finance lease component representing lessor provided furniture and office equipment. Our finance lease, which is presented as part of “Property and equipment, net” on our 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:
Years Ended December 31,
202520242023
(in thousands)
Straight-line operating lease costs$4,902 $4,110 $4,032 
Finance lease costs367 395 420 
Variable lease costs4,417 6,305 6,844 
Total lease cost$9,686 $10,810 $11,296 
Supplemental cash flow information related to leases are as follows:
Years Ended December 31,
202520242023
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$6,547 $5,092 $4,829 
Operating cash flows for finance lease$460 $445 $397 
Operating lease right-of-use assets obtained in exchange for
   operating lease obligations		$6,567 $1,591 $1,179 
Supplemental information related to the remaining lease term and discount rate are as follows:
December 31,
202520242023
Weighted-average remaining lease term (in years)
Operating leases2.93.64.7
Finance lease0.11.12.1
Weighted-average discount rate
Operating leases6.8%6.0%6.0%
Finance lease6.6%6.6%6.6%
As of December 31, 2025, future minimum lease payments for our noncancelable operating leases are as follows. Future minimum lease payments under our finance lease are not material.
Amount
(in thousands)
Year ending December 31:
2026$6,642 
20271,320 
2028976 
2029494 
2030494 
Thereafter947 
Total future minimum lease payments10,873 
Imputed interest(870)
Total$10,003 
Reported as of December 31, 2025
Operating lease liabilities, current portion$6,192 
Operating lease liabilities, net of current portion3,811 
Total operating lease liabilities$10,003 
No impairment loss was recognized for the year ended December 31, 2025. The impairment loss recognized was immaterial for the years ended December 31, 2024 and 2023, respectively.
v3.25.4
Public Offerings
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Public Offerings Public Offerings
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. In 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. In 2024, 1,061,991 shares were issued under the ATM Agreement, for net proceeds of $38.1 million, after deducting sales agent fees and commissions of $0.6 million. As of December 31, 2025, we are still eligible to sell up to $345.3 million of our common stock pursuant to the ATM Agreement under the 2023 Shelf.
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, 2024, 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.
v3.25.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement, Disclosure [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Under each of the legal entity’s equity plans, we recorded stock-based compensation in the following expense categories on our consolidated statements of operations for employees and non-employees:
Years Ended December 31,
202520242023
(in thousands)
Cost of goods sold$1,265 $— $— 
Research and development49,267 49,844 61,647 
Selling, general and administrative84,656 63,862 53,369 
Restructuring, impairment, and related charges1,694 160 — 
Total stock-based compensation$136,882 $113,866 $115,016 
We recorded $3.9 million, $18.1 million, and $6.3 million of stock-based compensation expense for the years ended December 31, 2025, 2024 and 2023, respectively, for performance-based milestone awards that were achieved during the periods and were settled in cash. During the years ended December 31, 2025 and 2024, $3.6 million, and an immaterial amount, respectively, of stock-based compensation expense were capitalized to inventories.
Equity-Based Awards of BridgeBio
In December 2023, the Amended and Restated 2019 Inducement Equity Plan (the “A&R 2019 Inducement Plan”) was amended and restated to increase the number of shares authorized for issuance from 2,000,000 shares to 3,750,000 shares. In June 2024, our stockholders approved an amendment and restatement of our 2021 Amended and Restated Stock Option and Incentive Plan (the “2021 A&R Plan”) to, among other things, increase the number of shares of common stock authorized for issuance by 6,500,000 shares. In June 2025, our stockholders further approved an amendment and restatement of the 2021 A&R Plan to, among other things, increase the number of shares of common stock authorized for issuance by 5,000,000 shares. As of December 31, 2025, 10,563,629 shares and 747,576 shares were reserved for future issuances under the 2021 A&R Plan and the A&R 2019 Inducement Plan, respectively. We also reserved 2,802,644 shares 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
On April 22, 2020, we completed our Exchange Program for certain subsidiaries, which was an opportunity for eligible controlled entities’ employees and consultants to exchange their subsidiary equity (including common stock, vested and unvested stock options and RSAs) for BridgeBio equity (including common stock, vested and unvested stock options and RSAs) and/or performance-based milestone awards tied to the achievement of certain development and regulatory milestones. The Exchange Program aligns our incentive compensation structure for employees and consultants across the BridgeBio group of companies to be consistent with the achievement of our overall corporate goals. In connection with the Exchange Program, we issued awards of BridgeBio equity under the 2019 Amended and Restated Stock Option and Incentive Plan (the “2019 A&R Plan”), which was amended and restated in December 2021 into the 2021 A&R Plan and further amended and restated in June 2024 and in June 2025, respectively, as mentioned above, to 149 grantees covering 554,064 shares of common stock, 1,268,110 stock options to purchase common stock, 50,145 shares of RSAs and 22,611 shares of performance-based RSAs. The exchange also included performance-based milestone awards of up to $183.4 million to be settled in fully-vested RSAs in the future upon achievement of the milestones. In consideration for all the subsidiaries’ shares tendered, BridgeBio increased its ownership in controlled entities included in the Exchange Program and the corresponding noncontrolling interest decreased.
On November 18, 2020, we completed a stock and equity award under our Exchange Program for a subsidiary. We issued awards of BridgeBio equity under the 2019 A&R Plan to 16 grantees covering 24,924 shares of common stock, 70,436 stock options to purchase common stock, and 10,772 shares of performance-based stock options to purchase common stock. The exchange also included performance-based milestone awards of up to $11.7 million to be settled in fully-vested RSAs in the future upon achievement of the milestones.
We evaluated the exchange of the controlled entities’ outstanding common stock and equity awards for BridgeBio awards as a modification under ASC 718, Share Based Payments. Under ASC 718, a modification is a change in the terms or conditions of a stock-based compensation award. In assessing the accounting treatment, we consider the fair value, vesting conditions and classification as an equity or liability award of the controlled entity equity before the exchange, compared to the BridgeBio equity received as part of the exchange to determine whether modification accounting must be applied. When applying modification accounting, we considered the type of modification to determine the appropriate stock-based compensation cost to be recognized on April 22 and November 18, 2020, (each the “Modification Date”), and subsequent to the Modification Date.
We considered the total shares of common stock and equity awards, whether vested or unvested, held by each participant in each controlled entity as the unit of account. The controlled entity’s common stock and equity awards in each unit of account was exchanged for a combination of BridgeBio’s common stock, time-based vesting equity awards and/or performance-based milestone awards. Other than the exchange of the controlled entity equity awards for performance-based milestone awards, all other exchanged BridgeBio equity awards retained the original vesting conditions. As a result, there was no incremental stock-based compensation expense resulting from the exchange of time-based equity awards.
At the completion of the Exchange Program, we determined $17.4 million of the performance-based milestone awards were probable of achievement and represented the incremental stock-based compensation cost resulting from the modification of time-based equity awards to performance-based milestone awards. These performance-based milestone awards were to be recognized over a period ranging from 0.7 years to 1.7 years. There was no incremental stock-based compensation cost arising from the completion of the Exchange Program on November 18, 2020. Under ASC 718, we account for such performance-based milestone awards as a liability in “Accrued compensation and benefits” and in “Other long-term liabilities” on the 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.
Stock Option Grants
The following table summarizes BridgeBio’s stock option activity under the Plans for the year ended December 31, 2025:
Options
Outstanding		Weighted-Average
Exercise Price
per Option		Weighted-Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic
Value
(in thousands)
Outstanding as of December 31, 202412,499,883
Regular equity program11,172,627$25.76 6.2$78,764 
Eidos Awards Exchange1,014,175$14.18 4.3$13,734 
Exchange Program313,081$2.20 4.3$7,995 
Granted180,733
Regular equity program180,733$38.59 
Exercised(1,180,825)
Regular equity program(835,876)$28.46 
Eidos Awards Exchange(279,359)$13.96 
Exchange Program(65,590)$0.68 
Cancelled(7,583)
Regular equity program(7,583)$35.35 
Outstanding as of December 31, 202511,492,208
Regular equity program10,509,901$25.76 5.3$533,163 
Eidos Awards Exchange734,816$14.26 3.2$45,726 
Exchange Program247,491$2.61 3.5$18,285 
Exercisable as of December 31, 202510,527,845
Regular equity program9,545,538$26.17 5.1$480,355 
Eidos Awards Exchange734,816$14.26 3.2$45,726 
Exchange Program247,491$2.61 3.5$18,285 
The options granted to employees and non-employees are exercisable at the closing price as reported on the Nasdaq Global Select Market 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, 2025 was $30.15.
The aggregate intrinsic value of options outstanding and exercisable as of December 31, 2025 in the table above are calculated based on the difference between the exercise price and the current fair value of BridgeBio’s common stock. The total intrinsic value of options exercised for the years ended December 31, 2025, 2024 and 2023, was $32.2 million, $2.9 million and $5.3 million, respectively.
As of December 31, 2025, there was $11.7 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 1.3 years.
Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs)
Time-Based RSUs
The following table summarizes BridgeBio’s time-based RSU activity under the Plans for the year ended December 31, 2025:
Unvested
Shares of
RSUs
Outstanding		Weighted-
Average
Grant Date
Fair Value
Balance as of December 31, 202410,272,798$21.91 
Granted4,383,339$35.20 
Vested(4,758,614)$23.64 
Cancelled(957,588)$23.77 
Balance as of December 31, 20258,939,935$27.31 
The time-based RSUs have a service condition and generally vest over a period of two to four years. As of December 31, 2025, there was $229.0 million of total unrecognized compensation cost related to time-based RSUs under the Plans that is expected to be recognized over a weighted-average period of 2.2 years.
Performance-Based Milestone Awards
Apart from the milestone awards under the Exchange Program described above, we also 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. Refer to Note 8 for contingent compensation accrued associated with performance-based milestone awards that are determined to be probable as of December 31, 2025.
Performance-Based RSUs
The following table summarizes BridgeBio’s performance-based RSU activity under the Plans for the year ended December 31, 2025:
Unvested
Shares of
RSUs
Outstanding		Weighted-
Average
Grant Date
Fair Value
Balance as of December 31, 20243,326$18.71 
Granted194,650$33.75 
Vested(3,326)$18.71 
Cancelled—$— 
Balance as of December 31, 2025194,650$33.75 
In March 2025, the Company approved and granted RSUs under the 2021 A&R Plan to certain officers and employees with vesting based on achievement of positive top-line readout targets, which are subject to the continued service of the officers and employees through the applicable vesting date and are subject to accelerated vesting upon a change in control event (“performance-based RSUs”). We recognize such contingent stock-based compensation expense when the top-line readout targets are probable of achievement. As of the date of this report, the top-line readout targets were all achieved. As of December 31, 2025, there was $6.5 million of total unrecognized compensation cost related to performance-based RSUs under the Plans that is expected to be recognized over a weighted-average period of 1.6 years.
Market-Based RSUs
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 4.2% - 4.4%, 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, 2025, 232,142 market-based RSUs were outstanding with a weighted average grant date fair value of $28.97. As of December 31, 2025, there was no unrecognized compensation cost related to market-based RSUs under the Plans.
2019 Employee Stock Purchase Plan (ESPP)
On June 22, 2019, we adopted the 2019 Employee Stock Purchase Plan, 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 year ended December 31, 2025, employees purchased 261,422 shares for $6.4 million under our ESPP. As of December 31, 2025, 3,100,352 shares were reserved for future issuance under the ESPP.
Valuation Assumptions
We used the Black-Scholes model to estimate the fair value of stock options and stock purchase rights under the ESPP. The following table presents the weighted-average assumptions used in the Black-Scholes calculations:
Years Ended December 31,
202520242023
Stock OptionsESPPStock OptionsESPPStock OptionsESPP
Expected term (in years)6.00.56.00.56.00.5
Expected volatility
94.0% - 94.7%
46.7% - 60.9%
92.0% - 93.1%
52.0% - 122.1%
66.2% - 67.5%
86.1% - 122.1%
Risk-free interest rate4.1%
4.1% - 5.0%
3.8% - 4.3%
5.0% - 5.5%
3.9% - 4.1%
3.1% - 5.5%
Dividend yield— — — — — — 
Weighted-average fair value of stock-based awards
   granted		$30.15$14.09 $21.28$11.34 $8.48$8.22 
v3.25.4
Restructuring, Impairment and Related Charges
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring, Impairment and Related Charges Restructuring, Impairment, and Related Charges
From time to time management may decide to restructure our business to streamline costs and expenses. We also continue to explore business opportunities to partner, divest or delay certain research and development programs to drive operational changes in our business processes, efficiencies and cost savings to advance our corporate strategy and development programs. We expect that these initiatives, including restructuring, will reduce our operating expenses.
We continuously evaluate our restructuring initiatives to streamline our operations and are committed to a restructuring program designed to drive operational changes, improve efficiencies and achieve cost savings to advance our corporate strategy and development programs. Our restructuring initiatives could include, among other components, consolidation and rationalization of our facilities, reprioritization of development programs and the reduction in our workforce. Our estimate of the costs is subject to certain assumptions and actual results may differ from those estimates or assumptions. We may also incur additional costs that are not currently foreseeable as we continue to evaluate our restructuring alternatives to drive operational changes in business processes, efficiencies and cost savings.
“Restructuring, impairment, and related charges” included on our consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023 consisted of the following:
Years Ended December 31,
202520242023
(in thousands)
Winding down, exit and other related costs$16,680 $10,255 $7,211 
Severance and employee-related costs4,667 5,079 715 
Long-lived assets impairments and write-offs— 271 — 
Total$21,347 $15,605 $7,926 
The following table summarizes the activity related to the restructuring liabilities associated with our restructuring plans for the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31,
202520242023
(in thousands)
Beginning balance$1,848 $55 $6,826 
Restructuring, impairment, and related charges21,347 15,605 7,926 
Cash payments(14,478)(13,374)(14,697)
Noncash activities(1,728)(438)— 
Ending balance$6,989 $1,848 $55 
Restructuring liabilities are presented on our consolidated balance sheets as follows:
December 31, 2025December 31, 2024
(in thousands)
Accounts payable$1,270 $330 
Accrued compensation and benefits2,045 332 
Accrued research and development liabilities3,584 1,020 
Other current liabilities90 166 
Total$6,989 $1,848 
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The following table presents the components of net loss before income taxes for the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31,
202520242023
(in thousands)
Domestic$437,614 $207,795 $565,840 
Foreign294,889 334,399 87,411 
Total loss before income taxes$732,503 $542,194 $653,251 
The following table presents the provision of income taxes for the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31,
202520242023
(in thousands)
Current:
U.S. federal$(78)$811 $— 
State— — — 
Foreign513 342 — 
Total current435 1,153 — 
Deferred— — — 
Total provision for income taxes$435 $1,153 $— 
The following table presents a reconciliation of the statutory federal rate and our effective tax rate (after the adoption of ASU 2023-09, on a retrospective basis) for the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31,
202520242023
AmountPercentageAmountPercentageAmountPercentage
(in thousands, except percentage data)
U.S. federal statutory tax rate$(153,830)21.0 %$(113,860)21.0 %$(137,110)21.0 %
Foreign tax effects
Switzerland
Changes in valuation allowances58,930 (8.1)%39,800 (7.3)%10,230 (1.6)%
Foreign rate differential3,890 (0.5)%30,300 (5.6)%7,970 (1.2)%
Nontaxable or nondeductible items— — %(170)— %200 — %
Other foreign jurisdictions(380)— %630 (0.1)%(40)— %
Effect of cross-border tax laws
Global intangible low-taxed income
   (GILTI)
— — %52,790 (9.7)%— — %
Other— — %1,700 (0.3)%— — %
Tax credits
Research and development tax credit(15,880)2.2 %(14,780)2.7 %(13,230)2.0 %
Orphan drug credit(5,030)0.7 %(7,720)1.4 %(7,290)1.1 %
Changes in valuation allowances125,510 (17.1)%(170)— %120,440 (18.4)%
Nontaxable or nondeductible items
Disallowed executive compensation9,120 (1.3)%6,320 (1.2)%5,130 (0.8)%
Excess tax benefit on stock awards(30,850)4.2 %(7,350)1.4 %(3,590)0.5 %
Other(555)0.1 %1,693 (0.3)%790 (0.1)%
Changes in unrecognized tax benefits4,980 (0.7)%4,020 (0.7)%4,760 (0.7)%
Other adjustments
Deconsolidation of subsidiaries3,770 (0.5)%7,630 (1.4)%9,120 (1.4)%
Other760 (0.1)%320 (0.1)%2,620 (0.4)%
Effective tax rate$435 (0.1)%$1,153 (0.2)%$— — %
The following table presents the income taxes paid for the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31,
202520242023
(in thousands)
Federal$1,000 $— $— 
State— — — 
Foreign:
   UK198 — — 
      Foreign subtotal198 — — 
Total cash paid for income taxes (net of refunds)$1,198 $— $— 
Significant components of our deferred tax assets and liabilities are as follows:
December 31, 2025December 31, 2024
(in thousands)
Deferred tax assets:
Net operating loss carryforwards$490,732 $379,019 
Amortization9,948 10,188 
Accruals and reserves11,251 7,787 
Deferred revenue3,856 — 
Stock-based compensation20,621 21,109 
Equity method investments16,110 2,998 
Tax credits139,489 117,020 
Operating lease liabilities1,944 2,200 
Deferred income from asset sale2,312 2,242 
Capitalized research and experimental expenditures157,931 150,520 
Deferred interest expense45,192 30,747 
Property and equipment712 918 
Unrealized gains and losses47 3,336 
Deferred royalty obligations69,427 — 
Other— 554 
Gross deferred tax assets969,572 728,638 
Less valuation allowance(968,021)(727,326)
Deferred tax assets, net of valuation allowance1,551 1,312 
Deferred tax liabilities:
Operating lease right-of-use assets(1,465)(1,312)
Other(86)— 
Deferred tax liabilities(1,551)(1,312)
Net deferred tax assets (liabilities)$— $— 
As of December 31, 2025, we have net operating loss carryforwards available to reduce future taxable income, if any, for federal and state income tax purposes of approximately $1.7 billion and $462.2 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 $1.6 billion will carry over indefinitely and will 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 $543.0 million available to reduce future taxable income, if any, which will begin to expire in 2030.
As of December 31, 2025, we have federal research and development and orphan drug credit carryforwards of approximately $141.3 million, which will expire beginning in 2038 if not utilized.
As of December 31, 2025, we have California and other state research and development tax credit carryforwards of $37.4 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 of the Internal Revenue Code of 1986, as amended, 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 U.S.). The Company generated a deferred tax asset for capitalized R&E expenditures for the year ended December 31, 2024 which was fully offset by a valuation allowance. On July 4, 2025, the current administration signed the One Big Beautiful Bill Act (“OBBBA”), which includes comprehensive U.S. corporate tax legislation. The OBBBA permanently reinstates the immediate deduction of domestic specified research and experimental expenditures. The Company continues to generate a deferred tax asset for foreign capitalized R&E expenditures for the year ended December 31, 2025 which is fully offset by 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 losses and credits carried forward.
The valuation allowance increased by $240.7 million, $55.2 million and $138.2 million for the years ended December 31, 2025, 2024 and 2023, 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 have a change of ownership, utilization of the net operating loss and tax credit carryforwards may be restricted.
As of December 31, 2025, we have 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:
Years Ended December 31,
20252024
(in thousands)
Beginning balance$36,866 $30,856 
Additions of prior year positions318 99 
Reductions of prior year positions— (520)
Additions based on tax positions related to current year6,795 6,431 
Ending balance$43,979 $36,866 
As of December 31, 2025 and 2024, 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 “Provision for income taxes” on our consolidated statements of operations.
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 or state tax examinations in progress. All years are open for examination by federal, state and foreign authorities.
v3.25.4
Net Loss Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Net Loss Per Share Net Loss Per Share
Basic net loss per share attributable to common stockholders of BridgeBio is computed by dividing net loss attributable to common stockholders of BridgeBio by the weighted-average number of shares of common stock outstanding. Diluted net loss per share attributable to common stockholders of BridgeBio is computed by dividing net loss by the weighted-average number of shares of common stock outstanding, plus all additional common shares that would have been outstanding, assuming dilutive potential common shares had been issued for other dilutive securities. For the years ended December 31, 2025, 2024 and 2023 diluted and basic net loss per share attributable to common stockholders of BridgeBio were identical since potential common shares were excluded from the calculation, as their effect was anti-dilutive.
The following common stock equivalents were excluded from the computation of diluted net loss per share attributable to common stockholders of BridgeBio, because including them would have been antidilutive:
As of December 31,
202520242023
Unvested RSAs——85,453
Unvested RSUs8,939,93510,272,7988,942,813
Unvested performance-based RSUs194,6503,3263,326
Unvested market-based RSUs232,142375,000375,000
Common stock options issued and outstanding11,492,20812,499,88312,332,442
Estimated shares issuable under performance-based milestone
  compensation arrangements		913,1762,558,2954,865,250
Estimated shares issuable under the ESPP105,232122,26875,889
Assumed conversion of 2027 Notes12,878,30512,878,30512,878,305
Assumed conversion of 2029 Notes7,702,9887,702,9887,702,988
Assumed conversion of 2031 Notes11,544,448——
54,003,08446,412,86347,261,466
Our 2031 Notes, 2029 Notes, and 2027 Notes are convertible, based on the applicable conversion rate, into cash, shares of our common stock or a combination thereof, at our election.
As discussed in Notes 8 and 15, we have performance-based milestone compensation arrangements, whose vesting is contingent upon meeting various regulatory and development milestones, with fixed monetary amounts known at inception that can be settled in the form of cash or equity at our sole election, upon achievement of each contingent milestone. The common stock equivalents of such arrangements were estimated as if the contingent milestones were achieved as of the reporting date and the arrangements were all settled in equity.
v3.25.4
Subsequent Event
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Event Subsequent Event
On January 21, 2026, we issued an aggregate of $632.5 million principal amount of our 0.75% Convertible Senior Notes due 2033 (the “2033 Notes”), pursuant to an Indenture dated January 21, 2026 (the “2033 Notes Indenture”), between us and U.S. Bank Trust Company, National Association, as trustee (the “2033 Notes Trustee”), in a private offering to qualified institutional buyers (the “2026 Note Offering”) pursuant to Rule 144A under the Securities Act. The 2033 Notes issued in the 2026 Note Offering include $82.5 million aggregate principal amount of 2033 Notes sold to the initial purchasers of the 2033 Notes (the “2033 Notes Initial Purchasers”) pursuant to the exercise in full of the 2033 Notes Initial Purchasers’ option to purchase additional 2033 Notes.
The 2033 Notes are senior, unsecured obligations of BridgeBio and will accrue interest payable semiannually in arrears on February 1 and August 1 of each year, beginning on August 1, 2026, at a rate of 0.75% per year. The 2033 Notes will mature on February 1, 2033, unless earlier converted, redeemed or repurchased. The 2033 Notes are convertible into cash, shares of BridgeBio’s common stock or a combination of cash and shares of BridgeBio’s common stock, at our election.
We received net proceeds from the 2033 Note Offering of approximately $619.3 million, after deducting the 2033 Notes Initial Purchasers’ discount and offering costs. We used approximately $82.5 million of the net proceeds from the 2026 Note Offering to pay for the repurchase of 1,081,825 shares of BridgeBio’s common stock from certain purchasers of the 2033 Notes in privately negotiated transactions. We intend to use the remainder of the net proceeds from the 2026 Note Offering to settle future conversion obligations in respect of or repay at maturity a portion of our 2027 Notes, on or before the maturity date of the 2027 Notes and for general corporate purposes, which may include working capital, capital expenditures and/or debt repayment.
The 2033 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2033 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the 2033 Notes then outstanding may declare the entire principal amount of all the 2033 Notes plus accrued special interest, if any, to be immediately due and payable.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Hannah A. Valantine [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On November 14, 2025, Dr. Hannah A. Valantine, a member of our Board of Directors, adopted a trading plan (the “Valantine Trading Plan”) intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c). The Valantine Trading Plan provides for the potential sale of a maximum of (i) 36,963 shares of our common stock underlying the stock options held by Dr. Valantine and (ii) 100% of net vested shares of our common stock to be issued to Dr. Valantine upon vesting of her restricted stock units (“RSUs”) on June 20, 2026. On the date when the Valantine Trading Plan was adopted, Dr. Valantine held no such net vested shares. Dr. Valantine’s net vested share amount will change as additional RSUs vest on the applicable vesting date. The aggregate number of net vested shares of common stock that will be available for sale by Dr. Valantine is not yet determinable because the shares available will be net of shares to be withheld to satisfy tax obligations in connection with the vesting of her RSUs on the vesting date. Dr. Valantine is not permitted to transfer, sell or otherwise dispose of any shares under the Valantine Trading Plan until the Earliest Sell Date, which is the later of (i) the 91st day after the adoption date of the Valantine Trading Plan; or (ii) the earlier of: (a) the third business day following the disclosure of the Company’s financial results in a Form 10-Q or Form 10-K for the completed fiscal quarter in which the Valantine Trading Plan is adopted; or (b) the 121st day after the adoption date. The Valantine Trading Plan is expected to remain in effect until the earlier of (a) December 31, 2026; (b) the first date on which all trades have been executed or all trading orders relating to such trades set forth on Addendum A of the Valantine Trading Plan have expired; (c) as soon as practicable following the date on which Dr. Valantine gives written notice to Morgan Stanley Smith Barney LLC (“MSSB”) to terminate the Valantine Trading Plan; (d) as soon as practicable following the date on which MSSB receives written notice of a termination of an additional contract, instruction or plan that is being treated as a single “plan” with the Valantine Trading Plan (or MSSB receives written notice of a modification of such additional contract, instruction or plan and the requirements for a modification of the Valantine Trading Plan are not or cannot be satisfied); (e) as soon as practicable following the date on which MSSB receives written notice of a legal, regulatory or contractual restriction applicable to the Company or to Dr. Valantine that would result in a modification or change to the amount, price or timing of the sale of shares under the Valantine Trading Plan but the requirements for a modification of the Valantine Trading Plan are not or cannot be satisfied; and (f) as soon as practicable following the date on which MSSB receives notice of certain events, including the public announcement of a tender or exchange offer with respect to the Company’s common stock or that the Company is the target of a merger, acquisition, reorganization, recapitalization or comparable transaction as a result of which the Company’s common stock will be converted into shares of another company, or the commencement of bankruptcy or insolvency proceeding with respect to the Company.
Name Dr. Hannah A. Valantine
Title member of our Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date November 14, 2025
Expiration Date December 31, 2026
Arrangement Duration 412 days
Aggregate Available 36,963
Andrea J. Ellis [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On December 3, 2025, Ms. Andrea J. Ellis, a member of our Board of Directors, adopted a trading plan (the “Ellis Trading Plan”) intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c). The Ellis Trading Plan provides for the potential sale of an aggregate of 82,088 shares of our common stock underlying the stock options held by Ms. Ellis. Ms. Ellis is not permitted to transfer, sell or otherwise dispose of any shares under the Ellis Trading Plan until the Earliest Sell Date, which is the later of (i) the 91st day after the adoption date of the Ellis Trading Plan; or (ii) the earlier of: (a) the third business day following the disclosure of the Company’s financial results in a Form 10-Q or Form 10-K for the completed fiscal quarter in which the Ellis Trading Plan is adopted; or (b) the 121st day after the adoption date. The Ellis Trading Plan is expected to remain in effect until the earlier of (a) November 30, 2026; (b) the first date on which all trades have been executed or all trading orders relating to such trades set forth on Addendum A of the Ellis Trading Plan have expired; (c) as soon as practicable following the date on which Ms. Ellis gives written notice to MSSB to terminate the Ellis Trading Plan; (d) as soon as practicable following the date on which MSSB receives written notice of a termination of an additional contract, instruction or plan that is being treated as a single “plan” with the Ellis Trading Plan (or MSSB receives written notice of a modification of such additional contract, instruction or plan and the requirements for a modification of the Ellis Trading Plan are not or cannot be satisfied); (e) as soon as practicable following the date on which MSSB receives written notice of a legal, regulatory or contractual restriction applicable to the Company or to Ms. Ellis that would result in a modification or change to the amount, price or timing of the sale of shares under the Ellis Trading Plan but the requirements for a modification of the Ellis Trading Plan are not or cannot be satisfied; and (f) as soon as practicable following the date on which MSSB receives notice of certain events, including the public announcement of a tender or exchange offer with respect to the Company’s common stock or that the Company is the target of a merger, acquisition, reorganization, recapitalization or comparable transaction as a result of which the Company’s common stock will be converted into shares of another company, or the commencement of bankruptcy or insolvency proceeding with respect to the Company.
Name Ms. Andrea J. Ellis
Title member of our Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 3, 2025
Expiration Date November 30, 2026
Arrangement Duration 362 days
Aggregate Available 82,088
Frank McCormick [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On December 4, 2025, Dr. Frank McCormick, a member of our Board of Directors, adopted a trading plan on behalf of the Francis P. McCormick Revocable Trust U/A DTD 1/27/2017, of which Dr. McCormick is a trustee, for the sale of a maximum of 200,000 shares of our common stock (the “McCormick Trading Plan”). The McCormick Trading Plan is intended to satisfy the affirmative defense conditions of the Securities and Exchange Act Rule 10b5-1(c) and is expected to take effect on March 6, 2026 and remain in effect until the earlier of (1) March 5, 2027 and (2) the date on which an aggregate of 200,000 shares of our common stock have been sold under such McCormick Trading Plan.
Name Dr. Frank McCormick
Title member of our Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 4, 2025
Expiration Date March 5, 2027
Arrangement Duration 456 days
Aggregate Available 200,000
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
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.
Cybersecurity Risk Management Processes Integrated [Flag] true
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] false
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] 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.
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 periodically on a quarterly 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] 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.
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
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Principles of Consolidation
Basis of Presentation and Principles of Consolidation
The consolidated financial statements include the accounts of BridgeBio and its wholly-owned subsidiaries and controlled entities, substantially all of which are denominated in U.S. dollars. All intercompany balances and transactions have been eliminated in consolidation. For consolidated entities where we own or are exposed to less than 100% of the economics, we record “Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests” on our consolidated statements of operations equal to the percentage of the economic or ownership interest retained in such entities by the respective noncontrolling parties.
In determining whether an entity is considered a controlled entity, we applied the VIE and Voting Interest Entity (“VOE”) models. We assess whether we are the primary beneficiary of a VIE based on our power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and our obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Entities that do not qualify as a VIE are assessed for consolidation under the VOE model. Under the VOE model, BridgeBio consolidates the entity if it determines that it has a controlling financial interest in the entity through its ownership of greater than 50% of the outstanding voting shares of the entity and that other equity holders do not have substantive voting, participating or liquidation rights. We assess whether we are the primary beneficiary of a VIE or whether we have a majority voting interest for entities consolidated under the VOE model at the inception of the arrangement and at each reporting date.
Basis of Presentation
The 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 and recurring adjustments, necessary for a fair statement of our financial position, our results of operations and comprehensive loss, stockholders’ deficit and our cash flows for the periods presented. Certain reclassifications have been made to prior period amounts to conform to current period presentations. The results of operations for the years ended December 31, 2025, 2024 and 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other future annual or interim 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.
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 Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 323 Investments - Equity Method and Joint Ventures (“ASC 323”), where we may not be the primary beneficiary, but may still exercise significant influence over the financial and operating policies 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 asset (“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.
We measure the fair value of our investment in equity securities at each reporting period in accordance with ASC 321, Investments - Equity Securities (“ASC 321”). Changes in fair value resulting from observable price changes are included in “Other income (expense), net” on 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.
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration of Credit Risk and Other Risks and Uncertainties
Financial instruments that subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities, and accounts receivable. Amounts on deposit may at times exceed federally insured limits. Although management currently believes that the financial institutions with whom the Company does business will be able to fulfill their commitments to the Company, there is no assurance that those institutions will be able to continue to do so. The Company has not experienced any credit losses associated with its balances as of December 31, 2025 and 2024.
During the year ended December 31, 2025, our revenues were generated primarily from product sales to customers and from license and collaboration agreements with strategic partners. During the years ended December 31, 2024 and 2023, our revenues were generated primarily from license and collaboration agreements with strategic partners.
The following table summarizes customers that represent 10% or greater of our consolidated total gross revenues:
Years Ended December 31,
202520242023
Bayer (as described in Note 11)14.4%59.3%*
Kyowa Kirin Co., Ltd (as described in Note 11)*34.3%*
Bristol-Myers Squibb Company (as described in Note 11)**80.6%
LianBio (as described in Note 6)**14.5%
Customer A18.5%**
Customer B19.8%**
Customer C14.5%**
Customer D14.5%**
Customer E11.1%**
*Represents less than 10% and/or not a customer in the applicable period.
We are subject to credit risk from our accounts receivable which primarily consist of amounts due from product sales to customers and from license and collaboration agreements with strategic partners. We have not experienced any material losses related to receivables from individual customers or groups of customers. We also do not require any collateral. Accounts receivable are recorded net of allowance for credit losses, if any. As of December 31, 2025, five customers each accounted for more than 10% of our consolidated gross accounts receivable balance, at 27.0%, 20.3%, 19.1%, 15.0% and 14.9%. As of December 31, 2024, five customers each accounted for more than 10% of our consolidated gross accounts receivable balance, at 17.3%, 17.3%, 16.9%, 12.0% and 11.9%.
We are subject to certain risks and uncertainties and we believe that changes in any of the following areas could have a material adverse effect on future financial position or results of operations: ability to obtain future financing, regulatory approval and market acceptance of, and reimbursement for, product candidates, performance of third-party contract research organizations and manufacturers upon which we rely, development of sales channels, protection of our intellectual property, litigation or claims against us based on intellectual property, patent, product, regulatory, clinical or other factors, and our ability to attract and retain employees necessary to support our growth.
We are dependent on third-party contract manufacturing organizations (“CMOs”) to supply Attruby and Beyonttra and for research and development activities in our programs. In particular, we rely and expect to continue to rely on a small number of manufacturers to supply us with our requirements for the active pharmaceutical ingredients and formulated drugs related to the sale of our commercial product and the research and development of our other clinical product candidates. For certain clinical product candidates, we rely on a single source manufacturer. The sale of our commercial product and development of our other clinical product candidates could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs.
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 periods. Significant estimates and assumptions made in the accompanying consolidated financial statements include, but are not limited to:
•revenue recognition for transactions accounted for under ASC 606, Revenue from Contracts with Customers (“ASC 606”), including estimating the impact of the variable consideration and determining and allocating the transaction price to performance obligations,
•accruals for research and development activities, such as clinical, development, regulatory, and sales-based milestone payments in our in-licensing agreements,
•deferred royalty obligations, related embedded derivative liability and underlying assumptions,
•accruals for performance-based milestone compensation arrangements,
•the expected recoverability and estimated useful lives of our long-lived assets,
•additional charges as a result of, or that are associated with, any restructuring initiative as well as impairment and related charges,
•inventory valuation and related reserves, 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, Cash Equivalents, Marketable Securities, and Restricted Cash
Cash, Cash Equivalents, Marketable Securities, and Restricted Cash
We consider all highly liquid investments purchased with original maturities of 90 days or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market instruments, such as money market funds, U.S. treasury bills, agency discount notes, and securities issued by the U.S. government or its agencies.
Our marketable securities consist of high investment grade fixed income securities invested in U.S. treasury bills and agency discount notes. We classify our marketable securities as available-for-sale securities and report them at fair value in cash equivalents or marketable securities on the consolidated balance sheets with related unrealized gains and losses included as a component of stockholders’ deficit. We classify our marketable securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity which is included in interest income on the consolidated statements of operations. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are included in “Other income (expense), net” on our consolidated statements of operations. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income.
Our cash, cash equivalents, marketable securities, and restricted cash are exposed to credit risk in the event of default by the third parties that hold or issue such assets. Our cash, cash equivalents, marketable securities, and restricted cash are held by financial institutions that management believes are of high credit quality. Our investment policy limits investments to fixed income securities denominated and payable in U.S. dollars such as commercial paper, U.S. government obligations, treasury bills, and money market funds, and places restrictions on maturities and concentrations by type and issuer.
Restricted cash primarily represents certain letters of credit for lease agreements, of which we have pledged cash and cash equivalents as collateral.
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 statements 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 improvementsShorter of remaining lease term or estimated useful life of the related asset
Depreciation expense of property and equipment was $2.5 million, $3.7 million and $4.1 million for the years ended December 31, 2025, 2024 and 2023, 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” on 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 “Other current liabilities” and “Other long-term liabilities”, respectively, on 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.
Segments
Segments
We are a single operating and reportable segment, which is in the business of identifying, advancing and commercializing transformative medicines to treat patients. We operate in one segment because our business offerings have similar economics and other characteristics, including the nature of products, clinical and manufacturing processes, types of customers, distribution methods, and regulatory environments. We are managed in the aggregate as one business segment by the Chief Operating Decision Maker (“CODM”), which is our Chief Executive Officer.
While we operate as a single reportable segment, our research and development expenses for our significant programs are tracked and regularly reported to our CODM. Research and development costs consist primarily of external costs, such as fees paid to consultants, contractors, CMOs, and contract research organizations (“CROs”), and purchase of active pharmaceutical ingredients (“APIs”), in connection with our preclinical, contract manufacturing and clinical development activities; as well as internal costs, such as personnel and facility costs, and are tracked on a program-by-program basis. License fees and other costs incurred after a product candidate has been designated and that are directly related to the product candidate are included in the specific program expense. License fees and other costs incurred prior to designating a product candidate are included in early-stage development and research programs, which are presented in the following table in “Other development programs” and “Other research programs,” respectively.
Capped Call Transactions
Capped Call Transactions
In connection with the issuance of the 2029 Notes and the 2027 Notes (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 2029 Notes and the 2027 Notes and/or offset any cash payments BridgeBio is required to make in excess of the principal amount of converted 2029 Notes and 2027 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 Obligations, net
Deferred Royalty Obligations, net
We treat the debt obligations to the Royalty Agreement Purchasers and Funding Agreement Purchasers as defined and discussed further in Note 10 as deferred royalty obligations, 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 net sales over the life of the related arrangements. In connection therewith, we periodically assess our expected net sales using internal projections, impute interest on the carrying value of the deferred royalty obligations, and record interest expense using the imputed effective interest rate. To the extent our estimates of future net sales 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 obligations. The assumptions used in determining the expected repayment terms of the deferred royalty obligations and amortization period of the debt discount and 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 ASC 815, Derivatives and Hedging and ASC 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 in “Deferred royalty obligations, net” on our consolidated balance sheets. The change in fair value is recorded in the accompanying consolidated statements of operations as a component of “Other income, net”.
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.
•Net product revenue: Revenue is recognized when our customers, primarily specialty pharmacies and specialty distributors, obtain control of the product and revenue is adjusted to reflect discounts, chargebacks, rebates, returns and other allowances associated with the respective sales as further described below.
•License fees: For arrangements that include a grant of a license to our intellectual property, we consider whether the license grant is distinct from the other performance obligations included in the arrangement. We determine the license to be distinct if the customer is able to benefit from the license with the resources available to it. For licenses that are distinct, we recognize revenues from nonrefundable, upfront license fees and other consideration allocated to the license when the license term has begun and we have provided all necessary information regarding the underlying intellectual property to the customer, which generally occurs at or near the inception of the arrangement. For licenses that are bundled with other promises, we determine whether the combined performance obligation is satisfied over time or at a point in time. If the combined performance obligation is satisfied over time, we use judgment in determining the appropriate method of measuring progress for purposes of recognizing revenue from the upfront license fees. We evaluate the measure of progress for each reporting period and, if necessary, adjust the measure of performance and related revenue recognition.
•Development and regulatory milestone payments: At the inception of each arrangement that includes development and regulatory milestone payments, we evaluate whether the milestones are considered probable of being achieved and estimate the amount to be included in the transaction price using the most likely amount method. We generally include these milestone payments in the transaction price when they are achieved because there is considerable uncertainty in the research and development processes that trigger these payments under our agreements. Similarly, we include approval milestone payments in the transaction price once the product is approved by the applicable regulatory agency. At the end of each subsequent reporting period, we re-evaluate the probability of achieving such development and regulatory milestones and any related constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis.
•Sales-based milestone payments and royalties: For arrangements that include sales-based royalties, including milestone payments based on the volume of sales, we will determine whether the license is deemed to be the predominant item to which the royalties or sales-based milestones relate and if such is the case, we will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Our partners generally report sales information with a time lag. Thus, we estimate the expected royalty proceeds based on an analysis of historical experience and interim data provided by our partners. Differences between actual and estimated royalty revenues are adjusted in the period in which they become known, typically the following quarter.
•Product supply services: Arrangements that include a promise for the future supply of drug product for either clinical development or commercial supply at the licensee’s discretion are generally considered as options. We will assess if these options provide a material right to the licensee and if so, they are accounted for as separate performance obligations and recognized when the future goods or services related to the option are provided or the option expires.
•Research and development services: For arrangements that include research and development services, we will recognize revenue over time using an input method, representing the transfer of goods or services as we perform activities over the term of the arrangement.
Revenues from product sales are recorded at the net sales price, or “transaction price”, which includes estimates of variable consideration for which reserves are established that result from discounts and fees, chargebacks, rebates, returns, co-pay assistance and other allowances that are offered within contracts between us and our customers, health care providers and other indirect customers relating to the sale of Attruby. These reserves are based on amounts earned or to be claimed on the related sale and are classified as reductions of accounts receivable (if the amount is payable to the customer) or other current liabilities (if the amount is payable to a third party other than a customer). We use the expected value method, which is the sum of probability-weighted amounts in a range of possible consideration amounts, or the most likely amount method, which is the single most likely amount in a range of possible considerations, to estimate variable consideration related to our product revenue. The estimates of reserves established for variable consideration reflect current contractual and statutory requirements, our historical experience, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The amount of variable consideration that is included in the transaction price may be constrained and is included in net product revenue only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from our estimates. If actual results vary from our estimates, we will adjust these estimates prospectively in the period such change in estimate becomes known, which could affect net product revenue and earnings in the period of adjustment.
The following are the components of variable consideration related to net product revenue:
•Chargebacks: Chargebacks result from contractual commitments with the government and other entities to sell products to qualified healthcare providers at prices lower than the list prices charged to our customers. Our customers charge us for the difference between what they pay for the product and the selling price to the qualified healthcare providers. We record reserves and reduce our product revenue for these chargebacks related to product sold to our customers during the reporting period as well as our estimate of product that remains in the distribution channel at the end of the reporting period that we expect will be sold to qualified healthcare providers in future periods. Our established reserve for chargebacks is included as an offset against our “Accounts receivable, net” balance on our consolidated balance sheets.
•Trade discounts and allowances: We provide customary invoice discounts on sales to our U.S. customers for prompt payment. The discounts are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue, and the establishment of a reserve that is offset against our “Accounts receivable, net” balance on our consolidated balance sheets.
•Distribution fees: We receive and pay for various distribution services provided by our customers. These fees are generally accounted for as a reduction of product revenue in the same period the related revenue is recognized, and the establishment of a reserve is offset against our “Accounts receivable, net” balance on our consolidated balance sheets. To the extent that the services received are distinct from the sale of products to our customers, we classify these payments as selling, general and administrative expenses.
•Government rebates: We are subject to discount obligations under government programs, including Medicare and Medicaid programs in the U.S. Rebates are amounts owed after the final dispensing of the product to a benefit plan participant and are based upon contractual agreements with payers or statutory requirements pertaining to Medicare and Medicaid benefit providers. The allowance for rebates is based on contractual or statutory discount rates, estimated payer mix, and expected utilization. Our estimates for the expected utilization of rebates are based on historical dispense data received from our customers and invoices received. We monitor sales trends and adjust the allowance on a quarterly basis to reflect the most recent rebate experience. Our reserve for these rebates is recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of the liability that is included in “Other current liabilities” on our consolidated balance sheets.
•Other incentives: Other incentives include co-payment assistance that we provide to patients with commercial insurance that have coverage and qualify for co-payment assistance. Co-payment assistance is accrued based on an estimate of the number of co-payment assistance claims and the cost per claim that we expect to receive associated with products that have been recognized as product revenue. The estimate is recorded as a reduction of product revenue in the same period that the related revenue is recognized and also results in the establishment of a liability which is included in “Other current liabilities” on our consolidated balance sheets.
•Product returns: Consistent with industry practice, we offer our customers limited product return rights for damages, shipment errors, and expiring product; provided that the return is within a specified period around the product expiration date as set forth in the applicable individual distribution or customer agreement. In estimating for product returns, we consider historical product returns, the underlying product demand, and industry specific data. We estimate the amount of product sales that may be returned and record the estimate as a reduction of revenue and a refund liability included in “Other current liabilities” on our consolidated balance sheets in the period the related product revenue is recognized.
For revenue recognized under licensing and collaboration arrangements, we identify the performance obligations and allocate the total consideration we expect to receive on a relative standalone selling price basis to each performance obligation. Variable considerations, such as performance-based milestones, will be included in the total consideration if we expect to receive such consideration and if it is probable that the inclusion of the variable consideration will not result in a significant reversal in the cumulative amount of revenue recognized under the arrangement. Our estimate of the total consideration we expect to receive under each licensing and collaboration arrangement is updated for each reporting period, and any adjustments to revenue are recorded on a cumulative catch-up basis.
Accounts Receivable, net
Accounts Receivable, net
Accounts receivable, net includes receivables from our product sales to customers, and from our collaboration partners as a result of licensing and collaboration agreements. Receivables from licensing and collaboration agreements represent valid claims against our collaboration partners, including unbilled receivables and royalty payments due from third parties for licensing our technology. Unbilled receivables include balances due from our collaboration partners related to development services and transition-related receivables that are recognized when the related costs are incurred 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, 2025 and 2024 are presented as “Accounts receivable, net” on 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.
Inventories
Inventories
Inventory is recorded at the lower of cost or net realizable value. The cost of raw materials, work in process and finished goods are determined using a standard cost approach, which approximates actual cost determined on a first-in, first-out basis. Raw and intermediate materials that may be used for either research and development or commercial purposes are classified as inventory until the material is consumed or otherwise allocated for research and development. If the material is used for research and development, it is expensed as research and development once that determination is made. We capitalize inventory costs that are expected to be sold commercially once we determine it is probable that the inventory costs will be recovered through commercial sales. Prior to regulatory approval of our product candidates, we record costs related to manufacturing and materials as “Research and development” expenses in the period incurred on the consolidated statements of operations, and therefore such costs are not included in cost of revenues. Subsequent to the FDA approval of Attruby in November 2024, the costs directly related to Attruby manufacturing were capitalized as inventory. We periodically review inventories to identify excess, dated, or obsolete inventory and record reserves and write-downs as necessary to reflect inventories at net realizable value. Provision for inventory reserves and write-downs are recorded within “Cost of revenues” on the consolidated statements of operations.
Cost of Revenues
Cost of Revenues
Cost of revenues consists of the following classifications, which are presented accordingly on our consolidated statements of operations:
•Cost of goods sold: Cost of goods sold consists of manufacturing costs, transportation and freight-in, indirect overhead costs (including salary related and stock-based compensation expenses) associated with the commercial manufacturing and distribution of Attruby, and third-party royalties payable on our net product revenue. Cost of goods sold may also include period costs related to excess, dated or obsolete inventory adjustment charges, unabsorbed manufacturing and overhead costs, and manufacturing variances.
•Cost of license, services, and royalty revenue: Cost of license, services, and royalty revenue consists of manufacturing costs relating to product supply of Beyonttra to our collaboration partners, royalties owed to a third party on the net sales of our licensed product, as well as amortization of intangible assets associated with our license and collaboration agreements, which are amortized over the life of the underlying intellectual property.
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” on the consolidated balance sheets and within “Research and development expenses” on 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 expenses.
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 In-licensing and Other Research & Development Agreements
Milestone and Royalty Payments Under In-licensing and Other Research & Development Agreements
Under our 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. 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, allocated facility costs, and depreciation and amortization expenses.
Advertising Expense
Advertising Expense
Advertising expenses include costs incurred to market the Company’s branded product. Advertising production costs, which include costs incurred during production rather than when the advertising takes place, are expensed as incurred. Advertising communication costs, which include costs to run the ad campaign on digital or traditional marketing channels, such as on third-party websites, television, and social and print media, are expensed over the period of the campaign run. Advertising costs amounted to $110.1 million and $21.5 million for the years ended December 31, 2025 and 2024, respectively, and are included in “Selling, general and administrative expenses” on the consolidated statements of operations. Advertising costs for the year ended December 31, 2023 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.
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 (“RSAs”), and restricted stock units (“RSUs”) 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 consultants 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 recorded in cost of goods sold, research and development expense, and selling, general and administrative expense based on the function of the applicable employee and consultants.
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.
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 RSUs and RSAs and performance-based milestone compensation awards, shares issuable under our ESPP and assumed conversion of our 2031 Notes, 2029 Notes, 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 Pronouncement and New Accounting Pronouncements Not Yet Adopted
Recently Adopted Accounting Pronouncement
In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public companies on an annual basis to disclose specific categories in the income-tax rate reconciliation, provide information for reconciling items that meet a quantitative threshold, and disclose certain information about income taxes paid. We adopted this guidance for the year ended December 31, 2025, on a retrospective basis. There was no impact from the adoption of this ASU on our consolidated financial statements, however we included additional disclosures in our income tax disclosure. Refer to Note 17 for further discussions on income taxes.
New Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), which requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in notes to financial statements, including purchases of inventory, employee compensation, depreciation, amortization of intangible assets, and selling expenses. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. We plan to adopt this pronouncement and make the necessary updates to our disclosures for the year ending December 31, 2027, and, aside from these disclosure changes, we do not expect the amendments to have a material effect on our consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which seeks to clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. This ASU is effective for fiscal years beginning after December 15, 2025. Early adoption is permitted. The Company plans to adopt this standard effective January 1, 2026, and does not expect the adoption of this ASU to have a material impact on its consolidated financial statements and related disclosures.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides a practical expedient that all entities can use when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606. Under this practical expedient, an entity is allowed to assume that the current conditions it has applied in determining credit loss allowances for current accounts receivable and current contract assets remain unchanged for the remaining life of those assets. This ASU is effective for fiscal years beginning after December 15, 2025, and interim reporting periods in those years. Entities that elect the practical expedient and, if applicable, make the accounting policy election are required to apply the amendments prospectively. The Company plans to adopt this standard effective January 1, 2026, and does not expect the adoption of this ASU to have a material impact on its consolidated financial statements and related disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU makes targeted improvements to the accounting for internal-use software, and the ASU will be effective for the first quarter of 2029, with early adoption permitted. This ASU provides for adoption on a prospective basis, with retrospective or modified retrospective application permitted. The Company is currently evaluating the timing and effects of its adoption of this new guidance on its consolidated financial statements and related disclosures.
In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Non-cash Consideration from a Customer in a Revenue Contract. The guidance refines the scope of ASC 815 to clarify which contracts are subject to derivative accounting. The guidance also provides clarification under ASC 606 for share-based payments from a customer in a revenue contract. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026, and interim reporting periods, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this new guidance on its consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which provides updated guidance on how to recognize, measure, and present government grants. This ASU is effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years, and permits modified prospective, modified retrospective, or full retrospective adoption. The Company plans to adopt this guidance in fiscal year 2029, and does not expect the adoption of this ASU to have a material impact on its consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting: Narrow-Scope Improvements. This ASU improves clarity for interim financial reporting requirements under the existing guidance within ASC 270, Interim Reporting, by creating a comprehensive list of interim disclosure requirements, clarifying scope and applicability, along with adding a principle to disclose all material events that have occurred since the most recently filed Form 10-K. This ASU is effective for interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted. The Company plans to adopt this guidance for interim periods within its fiscal year beginning January 1, 2028, and does not expect the adoption of this ASU to have a material impact on its consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-12, Codification Improvements, to address suggestions received from stakeholders on the Accounting Standards Codification and to make other incremental improvements to U.S. GAAP. The update represents changes to the Accounting Standards Codification that (1) clarify, (2) correct errors, or (3) make minor improvements. The amendments make the Accounting Standards Codification easier to understand and apply. The guidance is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. The Company plans to adopt this guidance in fiscal year 2027, and does not expect the adoption of this ASU to have a material impact on its consolidated financial statements and related disclosures.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Concentration, Percentage of Gross Revenues
The following table summarizes customers that represent 10% or greater of our consolidated total gross revenues:
Years Ended December 31,
202520242023
Bayer (as described in Note 11)14.4%59.3%*
Kyowa Kirin Co., Ltd (as described in Note 11)*34.3%*
Bristol-Myers Squibb Company (as described in Note 11)**80.6%
LianBio (as described in Note 6)**14.5%
Customer A18.5%**
Customer B19.8%**
Customer C14.5%**
Customer D14.5%**
Customer E11.1%**
*Represents less than 10% and/or not a customer in the applicable period.
Total revenues, net is attributed to regions based on the location of our customers or license and collaboration partners.
Years Ended December 31,
202520242023
U.S.72.2 %6.0 %84.9 %
Europe, Middle East, and Africa (EMEA)25.3 %59.5 %0.6 %
Asia-Pacific (APAC)2.5 %34.5 %14.5 %
   Total100.0 %100.0 %100.0 %
Property, Plant 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 improvementsShorter of remaining lease term or estimated useful life of the related asset
Summary of Other Current Liabilities
Other current liabilities presented on the consolidated balance sheets consisted of the following balances:
December 31, 2025December 31, 2024
(in thousands)
Accrued rebates and other related costs$45,909 $210 
Accrued commercial35,773 11,267 
Accrued interest14,411 11,056 
Deferred royalty obligations, current portion (1)11,221 144 
Accrued professional services3,665 3,673 
Milestone-based liabilities— 1,595 
Other accrued liabilities9,243 5,126 
Total other current liabilities$120,222 $33,071 
(1)Including a related party amount of $2,003 as of December 31, 2025 (as described in Note 10).
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:
Years Ended December 31,
202520242023
(in thousands)
Revenues:
Net product revenue$362,368 $2,884 $— 
License and services revenue128,322 218,849 9,303 
Royalty revenue11,386 169 — 
Total revenues, net502,076 221,902 9,303 
Operating costs and expenses:
Cost of revenues:
Cost of goods sold15,687 1,442 — 
Cost of license, services, and royalty revenue5,275 2,436 2,446 
Total cost of revenues20,962 3,878 2,446 
Research and development by significant program:
Acoramidis for the treatment of ATTR-CM and primary prevention in
   asymptomatic carriers of a pathogenic TTR variant		116,844 164,782 101,041 
Infigratinib for achondroplasia and hypochondroplasia122,685 91,869 63,239 
BBP-418 for LGMD2I/R956,008 40,220 33,903 
Encaleret for ADH159,955 49,091 44,773 
Other development programs22,703 71,732 82,165 
Other research programs73,758 88,767 130,590 
Total segment research and development451,953 506,461 455,711 
Selling, general and administrative531,225 288,931 150,590 
Restructuring, impairment, and related charges21,347 15,605 7,926 
Total operating costs and expenses1,025,487 814,875 616,673 
Loss from operations(523,411)(592,973)(607,370)
Other income (expense), net:
Interest income19,854 17,249 18,038 
Interest expense(53,103)(90,991)(81,289)
Noncash interest expense on deferred royalty obligations (1)(125,138)(8,299)— 
Gain on deconsolidation of subsidiaries— 178,321 — 
Loss on extinguishments of debt(21,155)(26,590)— 
Net loss from equity method investments(72,608)(31,183)— 
Other income, net43,058 12,272 17,370 
Total other income (expense), net(209,092)50,779 (45,881)
Loss before income taxes(732,503)(542,194)(653,251)
Provision for income taxes435 1,153 — 
Net loss(732,938)(543,347)(653,251)
Net loss attributable to redeemable convertible noncontrolling
   interests and noncontrolling interests		8,007 7,585 10,049 
Segment net loss attributable to common stockholders of BridgeBio$(724,931)$(535,762)$(643,202)
(1)Including a related party amount of $(10,944) for the year ended December 31, 2025 (as described in Note 10).
Schedule of Inventories Presented on Condensed Consolidated Balance Sheet
Inventories presented on the consolidated balance sheet consisted of the following balances:
December 31, 2025
(in thousands)
Raw materials$14,997 
Work in process6,104 
Finished goods6,509 
Inventory reserve(857)
   Total inventories$26,753 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation:
December 31, 2025
TotalLevel 1Level 2Level 3
(in thousands)
Assets
Cash equivalents:
Money market funds$132,602 $132,602 $— $— 
Treasury bills11,960 — 11,960 — 
Agency discount notes25,938 — 25,938 — 
Total cash equivalents170,500 132,602 37,898 — 
Marketable securities:
Treasury bills9,421 — 9,421 — 
Agency discount notes7,942 — 7,942 — 
Total marketable securities17,363 — 17,363 — 
Total financial assets$187,863 $132,602 $55,261 $— 
Liability
Embedded derivative (included in “Deferred royalty obligations, net”)$21,439 $— $— $21,439 
December 31, 2024
TotalLevel 1Level 2Level 3
(in thousands)
Assets
Cash equivalents:
Money market funds$294,872 $294,872 $— $— 
Treasury bills20,714 — 20,714 — 
Agency discount notes44,205 — 44,205 — 
Total cash equivalents359,791 294,872 64,919 — 
Total financial assets$359,791 $294,872 $64,919 $— 
Liability
Embedded derivative (included in “Deferred royalty obligations, net”)$41,091 $— $— $41,091 
Schedule of Aggregate Face Values and Fair Values of Notes
The following table presents the aggregate face values and the fair values of the Notes, based on their market prices on the last trading day for the periods presented:
December 31, 2025December 31, 2024
Aggregate Face ValuesEstimated Fair ValuesAggregate Face ValuesEstimated Fair Values
(in thousands)
2031 Convertible Notes$575,000 $1,003,783 $— $— 
2029 Convertible Notes$747,500 $833,625 $747,500 $640,708 
2027 Convertible Notes$550,000 $1,019,975 $550,000 $578,087 
v3.25.4
Cash Equivalents and Marketable Securities (Tables)
 12 Months Ended
Dec. 31, 2025
Cash Equivalents And Marketable Securities [Abstract]  
Schedule of Cash Equivalent and Marketable Securities
Cash equivalents and marketable securities consisted of the following:
December 31, 2025
Amortized
Cost Basis		Unrealized
Gains		Unrealized
Losses		Estimated Fair
Value
(in thousands)
Cash equivalents:
Money market funds$132,602 $— $— $132,602 
Treasury bills11,957 3 — 11,960 
Agency discount notes25,933 5 — 25,938 
Total cash equivalents$170,492 $8 $— $170,500 
Marketable securities:
Treasury bills9,419 2 — 9,421 
Agency discount notes7,940 2 — 7,942 
Total marketable securities17,359 4 — 17,363 
Total cash equivalents and marketable
   securities		$187,851 $12 $— $187,863 
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 bills20,710 4 — 20,714 
Agency discount notes44,201 4 — 44,205 
Total cash equivalents$359,783 $8 $— $359,791 
v3.25.4
Intangible Assets, net (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Recognized Intangible Assets
The following table summarizes our recognized intangible assets as a result of the arrangements described in the following sections:
December 31, 2025December 31, 2024
Weighted-average
Estimated Useful Lives		AmountWeighted-average
Estimated Useful Lives		Amount
(in thousands)(in thousands)
Gross amount13.7 years$39,400 10.0 years$32,500 
Less accumulated amortization(11,323)(8,574)
Total$28,077 $23,926 
v3.25.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Potential Milestone Amounts and Accruals The table below shows our commitment for the potential milestone amounts and the accruals for milestones deemed probable of achievement as of December 31, 2025.
Potential Fixed Monetary
Amount
Accrued
Amount (1)
Settlement Type(in thousands)
Cash$805 $78 
Stock (2)
14,432 — 
Cash or stock at our sole discretion53,763 1,003 
Total$69,000 $1,081 
(1)Amount recorded for performance-based milestone awards that are probable of achievement.
(2)Includes the performance-based milestone awards that were granted as part of the Exchange Program further discussed in Note 15.
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Loans Balances
The outstanding Notes’ balances consisted of the following:
December 31, 2025December 31, 2024
2031 Notes2029 Notes2027 Notes2029 Notes2027 Notes
(in thousands)(in thousands)
Principal$575,000 $747,500 $550,000 $747,500 $550,000 
Unamortized debt discount and
   issuance costs		(10,435)(6,610)(2,985)(8,628)(4,827)
Net carrying amount$564,565 $740,890 $547,015 $738,872 $545,173 
The balances of our borrowing under the Amended Financing Agreement consisted of the following:
December 31, 2024
(in thousands)
Principal value of term loan under the Amended Financing Agreement$450,000 
Debt discount and issuance costs(12,663)
Term loan, net$437,337 
Schedule of Total Interest Expense Recognized and Effective Interest Related to Notes
The following table sets forth the total interest expense recognized and effective interest rates related to the Notes for the periods presented:
Year Ended December 31, 2025
2031 Notes2029 Notes2027 NotesTotal
(in thousands)
Contractual interest expense$8,469 $16,819 $13,750 $39,038 
Amortization of debt discount and issuance costs1,599 2,018 1,842 5,459 
Total interest and amortization expense$10,068 $18,837 $15,592 $44,497 
Effective interest rate2.1%2.6%2.8%
Year Ended December 31, 2024
2029 Notes2027 NotesTotal
(in thousands)
Contractual interest expense$16,819 $13,750 $30,569 
Amortization of debt discount and issuance costs1,967 1,794 3,761 
Total interest and amortization expense$18,786 $15,544 $34,330 
Effective interest rate2.6%2.8%
Year Ended December 31, 2023
2029 Notes2027 NotesTotal
(in thousands)
Contractual interest expense$16,819 $13,750 $30,569 
Amortization of debt discount and issuance costs1,917 1,745 3,662 
Total interest and amortization expense$18,736 $15,495 $34,231 
Effective interest rate2.6 %2.8 %
Schedule of Maturities of Long-Term Debt
Future minimum payments under the Notes as of December 31, 2025 are as follows:
2031 Notes2029 Notes2027 NotesTotal
(in thousands)
Year ending December 31:
2026$10,063 $16,819 $13,750 $40,632 
202710,063 16,819 556,875 583,757 
202810,063 16,819 — 26,882 
202910,063 755,909 — 765,972 
203010,063 — — 10,063 
Thereafter580,031 — — 580,031 
Total future payments630,346 806,366 570,625 2,007,337 
Less amounts representing interest(55,346)(58,866)(20,625)(134,837)
Total principal amount$575,000 $747,500 $550,000 $1,872,500 
v3.25.4
Deferred Royalty Obligations, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Deferred Royalty Obligations [Abstract]  
Schedule of Deferred Royalty Obligations, Net
The carrying value balances of our deferred royalty obligations, net under the Funding Agreement and the Royalty Purchase Agreement consisted of the following:
December 31, 2025
Funding AgreementRoyalty Purchase
Agreement (1)		Total
(in thousands)
Carrying value of deferred royalty obligations, net$581,759 $309,629 $891,388 
Fair value of embedded derivative liability21,439 — 21,439 
Unamortized debt discount and issuance costs(55,143)(2,654)(57,797)
Deferred royalty obligations, net$548,055 $306,975 $855,030 
(1)Including related party amounts of $206,419 for the carrying value of deferred royalty obligations, net and $(1,769) for the unamortized debt discount and issuance costs as of December 31, 2025.

December 31, 2024
Funding Agreement
(in thousands)
Carrying value of deferred royalty obligation, net$507,114 
Fair value of embedded derivative liability41,091 
Unamortized debt discount and issuance costs(69,114)
Deferred royalty obligation, net$479,091 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Components of Lease Cost
The components of lease cost are as follows:
Years Ended December 31,
202520242023
(in thousands)
Straight-line operating lease costs$4,902 $4,110 $4,032 
Finance lease costs367 395 420 
Variable lease costs4,417 6,305 6,844 
Total lease cost$9,686 $10,810 $11,296 
Supplemental cash flow information related to leases are as follows:
Years Ended December 31,
202520242023
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$6,547 $5,092 $4,829 
Operating cash flows for finance lease$460 $445 $397 
Operating lease right-of-use assets obtained in exchange for
   operating lease obligations		$6,567 $1,591 $1,179 
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,
202520242023
Weighted-average remaining lease term (in years)
Operating leases2.93.64.7
Finance lease0.11.12.1
Weighted-average discount rate
Operating leases6.8%6.0%6.0%
Finance lease6.6%6.6%6.6%
Schedule of Future Minimum Lease Payments for Noncancelable Leases
As of December 31, 2025, future minimum lease payments for our noncancelable operating leases are as follows. Future minimum lease payments under our finance lease are not material.
Amount
(in thousands)
Year ending December 31:
2026$6,642 
20271,320 
2028976 
2029494 
2030494 
Thereafter947 
Total future minimum lease payments10,873 
Imputed interest(870)
Total$10,003 
Reported as of December 31, 2025
Operating lease liabilities, current portion$6,192 
Operating lease liabilities, net of current portion3,811 
Total operating lease liabilities$10,003 
v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement, Disclosure [Abstract]  
Summary of Stock Based Compensation for Employees and Non Employees
Under each of the legal entity’s equity plans, we recorded stock-based compensation in the following expense categories on our consolidated statements of operations for employees and non-employees:
Years Ended December 31,
202520242023
(in thousands)
Cost of goods sold$1,265 $— $— 
Research and development49,267 49,844 61,647 
Selling, general and administrative84,656 63,862 53,369 
Restructuring, impairment, and related charges1,694 160 — 
Total stock-based compensation$136,882 $113,866 $115,016 
Summary of Stock Option Activity
The following table summarizes BridgeBio’s stock option activity under the Plans for the year ended December 31, 2025:
Options
Outstanding		Weighted-Average
Exercise Price
per Option		Weighted-Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic
Value
(in thousands)
Outstanding as of December 31, 202412,499,883
Regular equity program11,172,627$25.76 6.2$78,764 
Eidos Awards Exchange1,014,175$14.18 4.3$13,734 
Exchange Program313,081$2.20 4.3$7,995 
Granted180,733
Regular equity program180,733$38.59 
Exercised(1,180,825)
Regular equity program(835,876)$28.46 
Eidos Awards Exchange(279,359)$13.96 
Exchange Program(65,590)$0.68 
Cancelled(7,583)
Regular equity program(7,583)$35.35 
Outstanding as of December 31, 202511,492,208
Regular equity program10,509,901$25.76 5.3$533,163 
Eidos Awards Exchange734,816$14.26 3.2$45,726 
Exchange Program247,491$2.61 3.5$18,285 
Exercisable as of December 31, 202510,527,845
Regular equity program9,545,538$26.17 5.1$480,355 
Eidos Awards Exchange734,816$14.26 3.2$45,726 
Exchange Program247,491$2.61 3.5$18,285 
Summary of Restricted Stock Award Activity
The following table summarizes BridgeBio’s time-based RSU activity under the Plans for the year ended December 31, 2025:
Unvested
Shares of
RSUs
Outstanding		Weighted-
Average
Grant Date
Fair Value
Balance as of December 31, 202410,272,798$21.91 
Granted4,383,339$35.20 
Vested(4,758,614)$23.64 
Cancelled(957,588)$23.77 
Balance as of December 31, 20258,939,935$27.31 
The following table summarizes BridgeBio’s performance-based RSU activity under the Plans for the year ended December 31, 2025:
Unvested
Shares of
RSUs
Outstanding		Weighted-
Average
Grant Date
Fair Value
Balance as of December 31, 20243,326$18.71 
Granted194,650$33.75 
Vested(3,326)$18.71 
Cancelled—$— 
Balance as of December 31, 2025194,650$33.75 
Schedule of Assumptions Used to Determine Fair Value of Stock Purchase Rights
We used the Black-Scholes model to estimate the fair value of stock options and stock purchase rights under the ESPP. The following table presents the weighted-average assumptions used in the Black-Scholes calculations:
Years Ended December 31,
202520242023
Stock OptionsESPPStock OptionsESPPStock OptionsESPP
Expected term (in years)6.00.56.00.56.00.5
Expected volatility
94.0% - 94.7%
46.7% - 60.9%
92.0% - 93.1%
52.0% - 122.1%
66.2% - 67.5%
86.1% - 122.1%
Risk-free interest rate4.1%
4.1% - 5.0%
3.8% - 4.3%
5.0% - 5.5%
3.9% - 4.1%
3.1% - 5.5%
Dividend yield— — — — — — 
Weighted-average fair value of stock-based awards
   granted		$30.15$14.09 $21.28$11.34 $8.48$8.22 
v3.25.4
Restructuring, Impairment and Related Charges (Tables)
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Summary of Restructuring, Impairment and Related Charges
“Restructuring, impairment, and related charges” included on our consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023 consisted of the following:
Years Ended December 31,
202520242023
(in thousands)
Winding down, exit and other related costs$16,680 $10,255 $7,211 
Severance and employee-related costs4,667 5,079 715 
Long-lived assets impairments and write-offs— 271 — 
Total$21,347 $15,605 $7,926 
Schedule of Activity Related to Restructuring Liabilities Associated to Restructuring Plans
The following table summarizes the activity related to the restructuring liabilities associated with our restructuring plans for the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31,
202520242023
(in thousands)
Beginning balance$1,848 $55 $6,826 
Restructuring, impairment, and related charges21,347 15,605 7,926 
Cash payments(14,478)(13,374)(14,697)
Noncash activities(1,728)(438)— 
Ending balance$6,989 $1,848 $55 
Restructuring liabilities are presented on our consolidated balance sheets as follows:
December 31, 2025December 31, 2024
(in thousands)
Accounts payable$1,270 $330 
Accrued compensation and benefits2,045 332 
Accrued research and development liabilities3,584 1,020 
Other current liabilities90 166 
Total$6,989 $1,848 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Net Loss Before Income Taxes
The following table presents the components of net loss before income taxes for the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31,
202520242023
(in thousands)
Domestic$437,614 $207,795 $565,840 
Foreign294,889 334,399 87,411 
Total loss before income taxes$732,503 $542,194 $653,251 
Schedule of Provision of Income Tax Expense
The following table presents the provision of income taxes for the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31,
202520242023
(in thousands)
Current:
U.S. federal$(78)$811 $— 
State— — — 
Foreign513 342 — 
Total current435 1,153 — 
Deferred— — — 
Total provision for income taxes$435 $1,153 $— 
Schedule of Effective Income Tax Rate Reconciliation
The following table presents a reconciliation of the statutory federal rate and our effective tax rate (after the adoption of ASU 2023-09, on a retrospective basis) for the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31,
202520242023
AmountPercentageAmountPercentageAmountPercentage
(in thousands, except percentage data)
U.S. federal statutory tax rate$(153,830)21.0 %$(113,860)21.0 %$(137,110)21.0 %
Foreign tax effects
Switzerland
Changes in valuation allowances58,930 (8.1)%39,800 (7.3)%10,230 (1.6)%
Foreign rate differential3,890 (0.5)%30,300 (5.6)%7,970 (1.2)%
Nontaxable or nondeductible items— — %(170)— %200 — %
Other foreign jurisdictions(380)— %630 (0.1)%(40)— %
Effect of cross-border tax laws
Global intangible low-taxed income
   (GILTI)
— — %52,790 (9.7)%— — %
Other— — %1,700 (0.3)%— — %
Tax credits
Research and development tax credit(15,880)2.2 %(14,780)2.7 %(13,230)2.0 %
Orphan drug credit(5,030)0.7 %(7,720)1.4 %(7,290)1.1 %
Changes in valuation allowances125,510 (17.1)%(170)— %120,440 (18.4)%
Nontaxable or nondeductible items
Disallowed executive compensation9,120 (1.3)%6,320 (1.2)%5,130 (0.8)%
Excess tax benefit on stock awards(30,850)4.2 %(7,350)1.4 %(3,590)0.5 %
Other(555)0.1 %1,693 (0.3)%790 (0.1)%
Changes in unrecognized tax benefits4,980 (0.7)%4,020 (0.7)%4,760 (0.7)%
Other adjustments
Deconsolidation of subsidiaries3,770 (0.5)%7,630 (1.4)%9,120 (1.4)%
Other760 (0.1)%320 (0.1)%2,620 (0.4)%
Effective tax rate$435 (0.1)%$1,153 (0.2)%$— — %
Schedule of Income Taxes Paid
The following table presents the income taxes paid for the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31,
202520242023
(in thousands)
Federal$1,000 $— $— 
State— — — 
Foreign:
   UK198 — — 
      Foreign subtotal198 — — 
Total cash paid for income taxes (net of refunds)$1,198 $— $— 
Schedule of Deferred Tax Assets and Liabilities
Significant components of our deferred tax assets and liabilities are as follows:
December 31, 2025December 31, 2024
(in thousands)
Deferred tax assets:
Net operating loss carryforwards$490,732 $379,019 
Amortization9,948 10,188 
Accruals and reserves11,251 7,787 
Deferred revenue3,856 — 
Stock-based compensation20,621 21,109 
Equity method investments16,110 2,998 
Tax credits139,489 117,020 
Operating lease liabilities1,944 2,200 
Deferred income from asset sale2,312 2,242 
Capitalized research and experimental expenditures157,931 150,520 
Deferred interest expense45,192 30,747 
Property and equipment712 918 
Unrealized gains and losses47 3,336 
Deferred royalty obligations69,427 — 
Other— 554 
Gross deferred tax assets969,572 728,638 
Less valuation allowance(968,021)(727,326)
Deferred tax assets, net of valuation allowance1,551 1,312 
Deferred tax liabilities:
Operating lease right-of-use assets(1,465)(1,312)
Other(86)— 
Deferred tax liabilities(1,551)(1,312)
Net deferred tax assets (liabilities)$— $— 
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Years Ended December 31,
20252024
(in thousands)
Beginning balance$36,866 $30,856 
Additions of prior year positions318 99 
Reductions of prior year positions— (520)
Additions based on tax positions related to current year6,795 6,431 
Ending balance$43,979 $36,866 
v3.25.4
Net Loss Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Common Stock Equivalents were Excluded from Computation of Diluted Net Loss per Share
The following common stock equivalents were excluded from the computation of diluted net loss per share attributable to common stockholders of BridgeBio, because including them would have been antidilutive:
As of December 31,
202520242023
Unvested RSAs——85,453
Unvested RSUs8,939,93510,272,7988,942,813
Unvested performance-based RSUs194,6503,3263,326
Unvested market-based RSUs232,142375,000375,000
Common stock options issued and outstanding11,492,20812,499,88312,332,442
Estimated shares issuable under performance-based milestone
  compensation arrangements		913,1762,558,2954,865,250
Estimated shares issuable under the ESPP105,232122,26875,889
Assumed conversion of 2027 Notes12,878,30512,878,30512,878,305
Assumed conversion of 2029 Notes7,702,9887,702,9887,702,988
Assumed conversion of 2031 Notes11,544,448——
54,003,08446,412,86347,261,466
v3.25.4
Organization and Description of Business (Details)
 12 Months Ended
Dec. 31, 2025
product_candidate
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of product candidates in late development 3
v3.25.4
Summary of Significant Accounting Policies - Additional Information (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
customer
Dec. 31, 2024
USD ($)
customer
Dec. 31, 2023
USD ($)
Summary Of Significant Accounting Policies [Line Items]      
Depreciation $ 2,500 $ 3,700 $ 4,100
Number of operating segments | segment 1    
Number of reportable segments | segment 1    
Number of business segments | segment 1    
Embedded derivative (included in “Deferred royalty obligations, net”) $ 21,439 41,091  
Revenue 502,076 221,902 9,303
Contract with customer, liability 54,300 400  
Contract with customer, refund liability 46,000 200  
Accounts receivable, allowance for credit loss, current 8,300 200  
Increase (decrease) in contract with customer, liability 150,100    
Contract with customer, liability, revenue recognized, including opening balance 96,200    
Advertising expense 110,100 21,500 0
Deferred costs 0 0  
Net product revenue      
Summary Of Significant Accounting Policies [Line Items]      
Revenue $ 362,368 $ 2,884 $ 0
U.S.      
Summary Of Significant Accounting Policies [Line Items]      
Percentage of capitalized property and equipment 44.20% 51.60%  
Canada      
Summary Of Significant Accounting Policies [Line Items]      
Percentage of capitalized property and equipment 51.60% 44.70%  
Rest of World      
Summary Of Significant Accounting Policies [Line Items]      
Percentage of capitalized property and equipment 4.20% 3.70%  
Accounts Receivable | Customer Concentration Risk      
Summary Of Significant Accounting Policies [Line Items]      
Number of customers accounted for more than 10% of concentration risk | customer 5 5  
Accounts Receivable | Customer Concentration Risk | Customer A      
Summary Of Significant Accounting Policies [Line Items]      
Percentage of concentration risk 27.00% 17.30%  
Accounts Receivable | Customer Concentration Risk | Customer B      
Summary Of Significant Accounting Policies [Line Items]      
Percentage of concentration risk 20.30% 17.30%  
Accounts Receivable | Customer Concentration Risk | Customer C      
Summary Of Significant Accounting Policies [Line Items]      
Percentage of concentration risk 19.10% 16.90%  
Accounts Receivable | Customer Concentration Risk | Customer D      
Summary Of Significant Accounting Policies [Line Items]      
Percentage of concentration risk 15.00% 12.00%  
Accounts Receivable | Customer Concentration Risk | Customer E      
Summary Of Significant Accounting Policies [Line Items]      
Percentage of concentration risk 14.90% 11.90%  
v3.25.4
Summary of Significant Accounting Policies - Schedule of Concentration, Percentage of Gross Revenues (Details) - Revenue Benchmark
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Geographical Risk      
Concentration Risk [Line Items]      
Percentage of concentration risk 100.00% 100.00% 100.00%
Geographical Risk | U.S.      
Concentration Risk [Line Items]      
Percentage of concentration risk 72.20% 6.00% 84.90%
Geographical Risk | EMEA      
Concentration Risk [Line Items]      
Percentage of concentration risk 25.30% 59.50% 0.60%
Geographical Risk | APAC      
Concentration Risk [Line Items]      
Percentage of concentration risk 2.50% 34.50% 14.50%
Bayer | Customer Concentration Risk      
Concentration Risk [Line Items]      
Percentage of concentration risk 14.40% 59.30%  
Kyowa Kirin Co., Ltd | Customer Concentration Risk      
Concentration Risk [Line Items]      
Percentage of concentration risk   34.30%  
BMS | Customer Concentration Risk      
Concentration Risk [Line Items]      
Percentage of concentration risk     80.60%
LianBio | Customer Concentration Risk      
Concentration Risk [Line Items]      
Percentage of concentration risk     14.50%
Customer A | Customer Concentration Risk      
Concentration Risk [Line Items]      
Percentage of concentration risk 18.50%    
Customer B | Customer Concentration Risk      
Concentration Risk [Line Items]      
Percentage of concentration risk 19.80%    
Customer C | Customer Concentration Risk      
Concentration Risk [Line Items]      
Percentage of concentration risk 14.50%    
Customer D | Customer Concentration Risk      
Concentration Risk [Line Items]      
Percentage of concentration risk 14.50%    
Customer E | Customer Concentration Risk      
Concentration Risk [Line Items]      
Percentage of concentration risk 11.10%    
v3.25.4
Summary of Significant Accounting Policies -Schedule of Property Plant And Equipment Estimated Useful Lives (Details)
Dec. 31, 2025
Minimum | Furniture and office equipment  
Property, Plant and Equipment [Line Items]  
Estimated useful life 3 years
Minimum | Laboratory and machinery equipment  
Property, Plant and Equipment [Line Items]  
Estimated useful life 5 years
Maximum | Furniture and office equipment  
Property, Plant and Equipment [Line Items]  
Estimated useful life 5 years
Maximum | Laboratory and machinery equipment  
Property, Plant and Equipment [Line Items]  
Estimated useful life 15 years
v3.25.4
Summary of Significant Accounting Policies - Summary of Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Summary Of Significant Accounting Policies [Line Items]    
Accrued rebates and other related costs $ 45,909 $ 210
Accrued commercial 35,773 11,267
Accrued interest 14,411 11,056
Deferred royalty obligations, current portion 11,221 144
Accrued professional services 3,665 3,673
Milestone-based liabilities 0 1,595
Other accrued liabilities 9,243 5,126
Total other current liabilities [1] 120,222 $ 33,071
Related Party    
Summary Of Significant Accounting Policies [Line Items]    
Deferred royalty obligations, current portion 2,003  
Total other current liabilities $ 2,003  
[1] Including a related party amount of $2,003 as of December 31, 2025 (as described in Note 10).
v3.25.4
Summary of Significant Accounting Policies - Summary of Segment Information for Revenue, Significant Operating Expenses and Other Income (Expense), and Net Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Total revenues, net $ 502,076 $ 221,902 $ 9,303
Cost of revenues      
Total cost of revenues 20,962 3,878 2,446
Total segment research and development 451,953 506,461 455,711
Selling, general and administrative 531,225 288,931 150,590
Restructuring, impairment, and related charges 21,347 15,605 7,926
Total operating costs and expenses 1,025,487 814,875 616,673
Loss from operations (523,411) (592,973) (607,370)
Other income (expense), net:      
Interest income 19,854 17,249 18,038
Interest expense (53,103) (90,991) (81,289)
Noncash interest expense on deferred royalty obligations [1],[2] (125,138) (8,299) 0
Gain on deconsolidation of subsidiaries 0 178,321 0
Loss on extinguishments of debt (21,155) (26,590) 0
Net loss from equity method investments (72,608) (31,183) 0
Other income, net 43,058 12,272 17,370
Total other income (expense), net (209,092) 50,779 (45,881)
Loss before income taxes (732,503) (542,194) (653,251)
Provision for income taxes 435 1,153 0
Net loss (732,938) (543,347) (653,251)
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests 8,007 7,585 10,049
Net loss attributable to common stockholders of BridgeBio (724,931) (535,762) (643,202)
Related Party      
Other income (expense), net:      
Noncash interest expense on deferred royalty obligations (10,944)    
Net product revenue      
Revenues:      
Total revenues, net 362,368 2,884 0
Cost of revenues      
Total cost of revenues 15,687 1,442 0
License and services revenue      
Revenues:      
Total revenues, net 128,322 218,849 9,303
Royalty revenue      
Revenues:      
Total revenues, net 11,386 169 0
Cost of license, services, and royalty revenue      
Cost of revenues      
Total cost of revenues 5,275 2,436 2,446
Reportable Segment      
Revenues:      
Total revenues, net 502,076 221,902 9,303
Cost of revenues      
Total cost of revenues 20,962 3,878 2,446
Total segment research and development 451,953 506,461 455,711
Selling, general and administrative 531,225 288,931 150,590
Restructuring, impairment, and related charges 21,347 15,605 7,926
Total operating costs and expenses 1,025,487 814,875 616,673
Loss from operations (523,411) (592,973) (607,370)
Other income (expense), net:      
Interest income 19,854 17,249 18,038
Interest expense (53,103) (90,991) (81,289)
Noncash interest expense on deferred royalty obligations (125,138) (8,299) 0
Gain on deconsolidation of subsidiaries 0 178,321 0
Loss on extinguishments of debt (21,155) (26,590) 0
Net loss from equity method investments (72,608) (31,183) 0
Other income, net 43,058 12,272 17,370
Total other income (expense), net (209,092) 50,779 (45,881)
Loss before income taxes (732,503) (542,194) (653,251)
Provision for income taxes 435 1,153 0
Net loss (732,938) (543,347) (653,251)
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests 8,007 7,585 10,049
Net loss attributable to common stockholders of BridgeBio (724,931) (535,762) (643,202)
Reportable Segment | Related Party      
Other income (expense), net:      
Noncash interest expense on deferred royalty obligations (10,944)    
Reportable Segment | Acoramidis for the treatment of ATTR-CM and primary prevention in asymptomatic carriers of a pathogenic TTR variant      
Cost of revenues      
Total segment research and development 116,844 164,782 101,041
Reportable Segment | Infigratinib for achondroplasia and hypochondroplasia      
Cost of revenues      
Total segment research and development 122,685 91,869 63,239
Reportable Segment | BBP-418 for LGMD2I/R9      
Cost of revenues      
Total segment research and development 56,008 40,220 33,903
Reportable Segment | Encaleret for ADH1      
Cost of revenues      
Total segment research and development 59,955 49,091 44,773
Reportable Segment | Other development programs      
Cost of revenues      
Total segment research and development 22,703 71,732 82,165
Reportable Segment | Other research programs      
Cost of revenues      
Total segment research and development 73,758 88,767 130,590
Reportable Segment | Net product revenue      
Revenues:      
Total revenues, net 362,368 2,884 0
Cost of revenues      
Total cost of revenues 15,687 1,442 0
Reportable Segment | License and services revenue      
Revenues:      
Total revenues, net 128,322 218,849 9,303
Reportable Segment | Royalty revenue      
Revenues:      
Total revenues, net 11,386 169 0
Reportable Segment | Cost of license, services, and royalty revenue      
Cost of revenues      
Total cost of revenues $ 5,275 $ 2,436 $ 2,446
[1] Including a related party amount of $(10,944) for the year ended December 31, 2025 (as described in Note 10)
[2] Including a related party amount of $10,944 for the year ended December 31, 2025 (as described in Note 10).
v3.25.4
Summary of Significant Accounting Policies - Schedule of Inventories Presented on Condensed Consolidated Balance Sheet (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Raw materials $ 14,997  
Work in process 6,104  
Finished goods 6,509  
Inventory reserve (857)  
Total inventories $ 26,753 $ 0
v3.25.4
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Cash equivalents:    
Total cash equivalents $ 170,500 $ 359,791
Marketable securities:    
Total marketable securities 17,363  
Total financial assets 187,863 359,791
Liability    
Embedded derivative (included in “Deferred royalty obligations, net”) 21,439 41,091
Treasury bills    
Marketable securities:    
Total marketable securities 9,421  
Money market funds    
Cash equivalents:    
Total cash equivalents 132,602 294,872
Treasury bills    
Cash equivalents:    
Total cash equivalents 11,960 20,714
Agency discount notes    
Cash equivalents:    
Total cash equivalents 25,938 44,205
Marketable securities:    
Total marketable securities 7,942  
Level 1    
Cash equivalents:    
Total cash equivalents 132,602 294,872
Marketable securities:    
Total marketable securities 0  
Total financial assets 132,602 294,872
Liability    
Embedded derivative (included in “Deferred royalty obligations, net”) 0 0
Level 1 | Treasury bills    
Marketable securities:    
Total marketable securities 0  
Level 1 | Money market funds    
Cash equivalents:    
Total cash equivalents 132,602 294,872
Level 1 | Treasury bills    
Cash equivalents:    
Total cash equivalents 0 0
Level 1 | Agency discount notes    
Cash equivalents:    
Total cash equivalents 0 0
Marketable securities:    
Total marketable securities 0  
Level 2    
Cash equivalents:    
Total cash equivalents 37,898 64,919
Marketable securities:    
Total marketable securities 17,363  
Total financial assets 55,261 64,919
Liability    
Embedded derivative (included in “Deferred royalty obligations, net”) 0 0
Level 2 | Treasury bills    
Marketable securities:    
Total marketable securities 9,421  
Level 2 | Money market funds    
Cash equivalents:    
Total cash equivalents 0 0
Level 2 | Treasury bills    
Cash equivalents:    
Total cash equivalents 11,960 20,714
Level 2 | Agency discount notes    
Cash equivalents:    
Total cash equivalents 25,938 44,205
Marketable securities:    
Total marketable securities 7,942  
Level 3    
Cash equivalents:    
Total cash equivalents 0 0
Marketable securities:    
Total marketable securities 0  
Total financial assets 0 0
Liability    
Embedded derivative (included in “Deferred royalty obligations, net”) 21,439 41,091
Level 3 | Treasury bills    
Marketable securities:    
Total marketable securities 0  
Level 3 | Money market funds    
Cash equivalents:    
Total cash equivalents 0 0
Level 3 | Treasury bills    
Cash equivalents:    
Total cash equivalents 0 0
Level 3 | Agency discount notes    
Cash equivalents:    
Total cash equivalents 0 $ 0
Marketable securities:    
Total marketable securities $ 0  
v3.25.4
Fair Value Measurements - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Realized gain recognized on investment in equity securities   $ 0.0 $ 8.1 $ 8.7
Unrealized gain recognized on investment in equity securities     0.0 $ 9.6
Estimated fair value of deferred royalty obligation under funding agreement, net embedded derivative liability $ 446.0 565.5 446.0  
Gain for change in fair value of embedded derivative liability 1.6 $ 19.7    
2031 Notes, net        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Stated interest rate   1.75%    
2029 Notes, net        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Stated interest rate   2.25%    
2027 Notes, net        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Stated interest rate   2.50%    
Amended Loan Agreement        
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]        
Fair value of amount outstanding $ 461.8 $ 343.0 $ 461.8  
v3.25.4
Fair Value Measurements - Schedule of Aggregate Face Values and Fair Values of Notes (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
2031 Notes, net    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Aggregate Face Values $ 575,000 $ 0
Estimated Fair Values 1,003,783 0
2029 Convertible Notes    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Aggregate Face Values 747,500 747,500
Estimated Fair Values 833,625 640,708
2027 Convertible Notes    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Aggregate Face Values 550,000 550,000
Estimated Fair Values $ 1,019,975 $ 578,087
v3.25.4
Cash Equivalents and Marketable Securities - Schedule of Cash Equivalent and Marketable Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis $ 170,492 $ 359,783
Unrealized Gains 8 8
Unrealized Losses 0 0
Total cash equivalents 170,500 359,791
Amortized Cost Basis 17,359  
Unrealized Gains 4  
Unrealized Losses 0  
Estimated Fair Value 17,363  
Total cash equivalents and marketable securities, amortized cost basis 187,851  
Total cash equivalents and marketable securities, unrealized gains 12  
Total cash equivalents and marketable securities , unrealized losses 0  
Total cash equivalents and marketable securities, estimated fair value 187,863  
Treasury bills    
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis 9,419  
Unrealized Gains 2  
Unrealized Losses 0  
Estimated Fair Value 9,421  
Agency discount notes    
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis 7,940  
Unrealized Gains 2  
Unrealized Losses 0  
Estimated Fair Value 7,942  
Money market funds    
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis 132,602 294,872
Unrealized Gains 0 0
Unrealized Losses 0 0
Total cash equivalents 132,602 294,872
Treasury bills    
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis 11,957 20,710
Unrealized Gains 3 4
Unrealized Losses 0 0
Total cash equivalents 11,960 20,714
Agency discount notes    
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis 25,933 44,201
Unrealized Gains 5 4
Unrealized Losses 0 0
Total cash equivalents 25,938 $ 44,205
Estimated Fair Value $ 7,942  
v3.25.4
Cash Equivalents and Marketable Securities - Additional Information (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Cash Equivalents And Marketable Securities [Abstract]    
Marketable securities $ 17,363,000 $ 0
v3.25.4
Noncontrolling Interests (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Noncontrolling Interest [Abstract]      
Adjustments to additional paid in capital, noncontrolling interest $ (5.6) $ (5.8) $ (10.5)
v3.25.4
Equity Method Investments and Other Equity Security Investment (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 5 Months Ended 8 Months Ended 12 Months Ended
Nov. 04, 2025
Aug. 16, 2024
Apr. 30, 2024
Feb. 20, 2024
Feb. 13, 2024
Jul. 31, 2025
Jun. 30, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Aug. 31, 2025
Sep. 30, 2024
Oct. 31, 2021
Schedule Of Equity Method Investments [Line Items]                                
Gain on deconsolidation                     $ 0 $ 178,321 $ 0      
Equity method investments                 $ 143,747 $ 143,747 79,972 143,747        
Amortization of asset                     2,700 2,400 2,400      
Loss from equity method investment                     72,608 31,183 0      
Prepaid expenses and other current assets                 34,869 34,869 44,070 34,869        
Research and development                     451,953 506,461 455,711      
Other current liabilities [1]                 $ 33,071 $ 33,071 $ 120,222 $ 33,071        
Common stock, issued (in shares)                 196,236,234 196,236,234 202,369,129 196,236,234        
Other assets                 $ 18,195 $ 18,195 $ 16,712 $ 18,195        
Warrants, fair value disclosure                         1,600      
Gondola Bio, LLC | Transition Service Agreement And Sublease Agreement                                
Schedule Of Equity Method Investments [Line Items]                                
Service agreement period   24 months                            
Service agreement period, additional term 14 months                              
Operating expenses                     5,100 800        
Prepaid expenses and other current assets                 3,200 3,200 4,500 3,200        
Gondola Bio, LLC | Transition Service Aggrement                                
Schedule Of Equity Method Investments [Line Items]                                
Research and development                     1,500 700        
Other current liabilities                 1,200 1,200 1,500 1,200        
BridgeBio Oncology Therapeutics, Inc. | Transition Service Aggrement                                
Schedule Of Equity Method Investments [Line Items]                                
Service agreement period     18 months                          
Other income                     1,100 2,100        
Operating expenses                     500 700        
Prepaid expenses and other current assets                 500 500 600 500        
Research and development                     0 800        
Common stock, issued (in shares)                           784,720    
Other assets                     $ 7,800          
Gondola Bio, LLC                                
Schedule Of Equity Method Investments [Line Items]                                
Investors committed amount   $ 300,000                            
Investments contributed                             $ 60,000  
Equity ownership percentage approximately   45.50%                 27.50%          
Investors contribution fair value   $ 50,000                            
Gain on deconsolidation   52,000                            
Equity method investments   50,000             41,500 41,500 $ 6,400 41,500        
Difference of between fair value of equity investment and underlying equity in net assets   $ 23,900                            
Loss from equity method investment                 8,500   35,100          
Gondola Bio, LLC | Transition Service Agreement And Sublease Agreement                                
Schedule Of Equity Method Investments [Line Items]                                
Other income                     11,700 1,300        
Gondola Bio, LLC | IPR&D                                
Schedule Of Equity Method Investments [Line Items]                                
Amortization of asset                 400   $ 1,200          
BridgeBio Oncology Therapeutics, Inc.                                
Schedule Of Equity Method Investments [Line Items]                                
Equity ownership percentage approximately                     18.20%          
Gain on deconsolidation     $ 126,300                          
Equity method investments     124,900           $ 102,200 102,200 $ 72,500 $ 102,200        
Difference of between fair value of equity investment and underlying equity in net assets     49,600                          
Loss from equity method investment                   22,700 37,500          
Payment for private equity financing with external investors     $ 200,000                          
Percentage of ownership reduced for private equity financing     37.90%                          
BridgeBio Oncology Therapeutics, Inc. | Level 1                                
Schedule Of Equity Method Investments [Line Items]                                
Investors contribution fair value                     182,700          
BridgeBio Oncology Therapeutics, Inc. | IPR&D                                
Schedule Of Equity Method Investments [Line Items]                                
Amortization of asset                   $ 1,700 $ 2,400          
LianBio | BridgeBio Pharma, LLC                                
Schedule Of Equity Method Investments [Line Items]                                
Warrant , percent of fully diluted shares                     10.00%          
Warrants to purchase common stock (in shares)                               347,569
Special cash dividend declared per share (in dollars per share)         $ 4.80   $ 0.43                  
Depositary fees per share (in dollars per share)         $ 0.05   $ 0.05                  
Warrants exercised (in shares)       347,569                        
Net proceeds received as special cash dividends           $ 2,300   $ 25,700                
Realized net gains from investment               $ 1,800         $ 14,200      
Common stock held (in shares)                     5,350,361          
[1] Including a related party amount of $2,003 as of December 31, 2025 (as described in Note 10).
v3.25.4
Intangible Assets, net - Summary of Recognized Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Weighted-average Estimated Useful Lives 13 years 8 months 12 days 10 years
Gross amount $ 39,400 $ 32,500
Less accumulated amortization (11,323) (8,574)
Total $ 28,077 $ 23,926
v3.25.4
Intangible Assets, net - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
May 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]        
Assets initially recognized in relation to milestone payments       $ 32.5
Regulatory milestone payments $ 6.9      
Amortization expenses 2.7 $ 2.4 $ 2.4  
Finite-lived intangible asset, expected amortization, year one 2.9      
Finite-lived intangible asset, expected amortization, year two 2.9      
Finite-lived intangible asset, expected amortization, year three 2.9      
Finite-lived intangible asset, expected amortization, year four 2.9      
Finite-lived intangible asset, expected amortization, year five 2.9      
Finite-lived intangible asset, expected amortization, thereafter $ 13.6      
v3.25.4
Commitments and Contingencies - Schedule of Potential Milestone Amounts and Accruals (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Potential Fixed Monetary Amount, Cash $ 805
Potential Fixed Monetary Amount, Stock 14,432
Potential Fixed Monetary Amount, Cash or stock at our sole discretion 53,763
Potential Fixed Monetary Amount, Total 69,000
Accrued Amount, Cash 78
Accrued Amount, Stock 0
Accrued Amount, Cash or stock at our sole discretion 1,003
Accrued Amount, Total $ 1,081
v3.25.4
Commitments and Contingencies - Additional Information (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Aggregate minimum commitment $ 110.2
v3.25.4
Debt - 2031 Notes Narrative (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Feb. 28, 2025
USD ($)
trading_day
shares
$ / shares
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]        
Repurchase of common stock   $ 48,276 $ 0 $ 0
2031 Notes, net        
Debt Instrument [Line Items]        
Aggregate Face Values   $ 575,000 $ 0  
Stated interest rate   1.75%    
2031 Notes, net | Convertible Debt        
Debt Instrument [Line Items]        
Aggregate Face Values $ 575,000      
Stated interest rate 1.75%      
Conversion rate (in shares) 0.0200773      
Initial conversion (in dollars per share) | $ / shares $ 49.81      
Debt instrument, conversion, equivalent (in shares) | shares 11,544,448      
Debt instrument, increase in conversion rate, number of shares issuable (in shares) | shares 16,739,400      
Percentage of principal amount to be repurchased in fundamental change 100.00%      
Minimum threshold percentage of aggregate principal by trustee or holders 25.00%      
Debt issuance costs including initial purchasers discounts, legal and other professional fees $ 12,000      
Expected life of notes 6 years      
2031 Notes, net | Convertible Debt | Debt Conversion Terms One        
Debt Instrument [Line Items]        
Debt instrument, convertible, threshold trading days | trading_day 20      
Debt instrument, convertible, threshold consecutive trading days | trading_day 30      
Debt instrument, convertible, threshold percentage of stock price trigger 130.00%      
2031 Notes, net | Convertible Debt | Debt Conversion Terms Two        
Debt Instrument [Line Items]        
Debt instrument, convertible, threshold trading days | trading_day 5      
Debt instrument, convertible, threshold consecutive trading days | trading_day 5      
Debt instrument, convertible, threshold percentage of stock price trigger 98.00%      
2031 Notes Initial Purchasers | Convertible Debt        
Debt Instrument [Line Items]        
Aggregate Face Values $ 75,000      
2025 Note Offering | Senior Notes        
Debt Instrument [Line Items]        
Proceeds from debt, net of issuance costs 563,000      
Repurchase of common stock $ 48,300      
v3.25.4
Debt - 2029 Notes Narrative (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jan. 28, 2021
USD ($)
trading_day
shares
$ / shares
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Feb. 02, 2021
USD ($)
Debt Instrument [Line Items]          
Repurchase of common stock   $ 48,276 $ 0 $ 0  
2029 Notes, net          
Debt Instrument [Line Items]          
Aggregate Face Values   $ 747,500 $ 747,500    
Stated interest rate   2.25%      
2029 Notes, net | Convertible Debt          
Debt Instrument [Line Items]          
Aggregate Face Values $ 717,500       $ 747,500
Debt instrument option to purchase additional notes 97,500        
Proceeds from exercise of remaining portion of option to purchase additional notes $ 30,000        
Stated interest rate 2.25%        
Proceeds from debt, net of issuance costs $ 731,400        
Payments for option indexed to issuer's equity 61,300        
Repurchase of common stock $ 50,000        
Conversion rate (in shares) 0.010305        
Initial conversion (in dollars per share) | $ / shares $ 97.04        
Debt instrument, conversion, equivalent (in shares) | shares 7,702,988        
Debt instrument, increase in conversion rate, number of shares issuable (in shares) | shares 11,361,851        
Percentage of principal amount to be repurchased in fundamental change 100.00%        
Minimum threshold percentage of aggregate principal by trustee or holders 25.00%        
Debt issuance costs including initial purchasers discounts, legal and other professional fees $ 16,100        
Expected life of notes 8 years        
2029 Notes, net | Convertible Debt | Debt Conversion Terms One          
Debt Instrument [Line Items]          
Debt instrument, convertible, threshold trading days | trading_day 20        
Debt instrument, convertible, threshold consecutive trading days | trading_day 30        
Debt instrument, convertible, threshold percentage of stock price trigger 130.00%        
2029 Notes, net | Convertible Debt | Debt Conversion Terms Two          
Debt Instrument [Line Items]          
Debt instrument, convertible, threshold trading days | trading_day 5        
Debt instrument, convertible, threshold consecutive trading days | trading_day 5        
Debt instrument, convertible, threshold percentage of stock price trigger 98.00%        
2029 Notes Initial Purchasers | Convertible Debt          
Debt Instrument [Line Items]          
Aggregate Face Values $ 67,500        
v3.25.4
Debt - 2027 Notes Narrative (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Mar. 09, 2020
USD ($)
trading_day
shares
$ / shares
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]        
Repurchase of common stock   $ 48,276 $ 0 $ 0
2027 Notes, net        
Debt Instrument [Line Items]        
Aggregate Face Values   $ 550,000 $ 550,000  
Stated interest rate   2.50%    
2027 Notes, net | Convertible Debt        
Debt Instrument [Line Items]        
Aggregate Face Values $ 550,000      
Stated interest rate 2.50%      
Proceeds from debt, net of issuance costs $ 537,000      
Payments for option indexed to issuer's equity 49,300      
Repurchase of common stock $ 75,000      
Conversion rate (in shares) 0.0234151      
Initial conversion (in dollars per share) | $ / shares $ 42.71      
Debt instrument, conversion, equivalent (in shares) | shares 12,878,305      
Debt instrument, increase in conversion rate, number of shares issuable (in shares) | shares 17,707,635      
Percentage of principal amount to be repurchased in fundamental change 100.00%      
Minimum threshold percentage of aggregate principal by trustee or holders 25.00%      
Debt issuance costs including initial purchasers discounts, legal and other professional fees $ 13,000      
Expected life of notes 7 years      
2027 Notes, net | Convertible Debt | Debt Conversion Terms One        
Debt Instrument [Line Items]        
Debt instrument, convertible, threshold trading days | trading_day 20      
Debt instrument, convertible, threshold consecutive trading days | trading_day 30      
Debt instrument, convertible, threshold percentage of stock price trigger 130.00%      
2027 Notes, net | Convertible Debt | Debt Conversion Terms Two        
Debt Instrument [Line Items]        
Debt instrument, convertible, threshold trading days | trading_day 5      
Debt instrument, convertible, threshold consecutive trading days | trading_day 5      
Debt instrument, convertible, threshold percentage of stock price trigger 98.00%      
2027 Notes Initial Purchasers | Convertible Debt        
Debt Instrument [Line Items]        
Aggregate Face Values $ 75,000      
v3.25.4
Debt - Schedule of Outstanding Notes Balances (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Unamortized debt discount and issuance costs $ (57,797)  
Net carrying amount 2,007,337  
2031 Notes, net    
Debt Instrument [Line Items]    
Net carrying amount 630,346  
2031 Notes, net | Convertible Debt    
Debt Instrument [Line Items]    
Principal 575,000  
Unamortized debt discount and issuance costs (10,435)  
Net carrying amount 564,565  
2029 Notes, net    
Debt Instrument [Line Items]    
Net carrying amount 806,366  
2029 Notes, net | Convertible Debt    
Debt Instrument [Line Items]    
Principal 747,500 $ 747,500
Unamortized debt discount and issuance costs (6,610) (8,628)
Net carrying amount 740,890 738,872
2027 Notes, net    
Debt Instrument [Line Items]    
Net carrying amount 570,625  
2027 Notes, net | Convertible Debt    
Debt Instrument [Line Items]    
Principal 550,000 550,000
Unamortized debt discount and issuance costs (2,985) (4,827)
Net carrying amount $ 547,015 $ 545,173
v3.25.4
Debt - Schedule of Total Interest Expense Recognized Related to Notes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Amortization of debt discount and issuance costs $ 5,967 $ 7,464 $ 8,907
Convertible Debt      
Debt Instrument [Line Items]      
Contractual interest expense 39,038 30,569 30,569
Amortization of debt discount and issuance costs 5,459 3,761 3,662
Total interest and amortization expense 44,497 34,330 34,231
2031 Notes, net | Convertible Debt      
Debt Instrument [Line Items]      
Contractual interest expense 8,469    
Amortization of debt discount and issuance costs 1,599    
Total interest and amortization expense $ 10,068    
Effective interest rate 2.10%    
2029 Notes, net | Convertible Debt      
Debt Instrument [Line Items]      
Contractual interest expense $ 16,819 16,819 16,819
Amortization of debt discount and issuance costs 2,018 1,967 1,917
Total interest and amortization expense $ 18,837 $ 18,786 $ 18,736
Effective interest rate 2.60% 2.60% 2.60%
2027 Notes, net | Convertible Debt      
Debt Instrument [Line Items]      
Contractual interest expense $ 13,750 $ 13,750 $ 13,750
Amortization of debt discount and issuance costs 1,842 1,794 1,745
Total interest and amortization expense $ 15,592 $ 15,544 $ 15,495
Effective interest rate 2.80% 2.80% 2.80%
v3.25.4
Debt - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 2 Months Ended 11 Months Ended 12 Months Ended
Feb. 28, 2025
Feb. 25, 2025
Jan. 17, 2024
Jan. 28, 2021
Jan. 25, 2021
Mar. 09, 2020
Mar. 04, 2020
Feb. 28, 2025
Jan. 31, 2024
Jan. 17, 2024
Nov. 30, 2021
Feb. 28, 2025
Jan. 25, 2021
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jan. 21, 2026
Nov. 30, 2022
May 31, 2022
Feb. 02, 2021
Debt Instrument [Line Items]                                        
Interest payable                           $ 14,411 $ 11,056          
Treasury stock (in shares)                           7,597,172 6,191,761          
Loss on extinguishment of debt                           $ 21,155 $ 26,590 $ 0        
Amortization of debt discount and issuance costs                           5,967 7,464 8,907        
Convertible Debt                                        
Debt Instrument [Line Items]                                        
Interest expense                           44,497 34,330 34,231        
Amortization of debt discount and issuance costs                           5,459 3,761 3,662        
Financing Agreement                                        
Debt Instrument [Line Items]                                        
Aggregate Face Values     $ 750,000             $ 750,000                    
Interest expense                       $ 8,500     54,800          
Amortization of debt discount and issuance costs                       $ 500     3,300          
2021 Note Offering                                        
Debt Instrument [Line Items]                                        
Treasury stock, value, acquired, cost method         $ 50,000                              
Treasury stock (in shares)         759,993               759,993              
Shares acquired, average cost per share (in dollars per share)         $ 65.79                              
2020 Note Offering                                        
Debt Instrument [Line Items]                                        
Treasury stock, value, acquired, cost method             $ 75,000                          
Treasury stock (in shares)             2,414,681                          
Shares acquired, average cost per share (in dollars per share)             $ 31.06                          
2025 Note Offering                                        
Debt Instrument [Line Items]                                        
Treasury stock, value, acquired, cost method               $ 48,300                        
Treasury stock (in shares) 1,405,411             1,405,411       1,405,411                
Shares acquired, average cost per share (in dollars per share)   $ 34.35                                    
2021 Capped Call Transactions                                        
Debt Instrument [Line Items]                                        
Payments for option indexed to issuer's equity         $ 61,300                              
Option indexed to issuer's equity, cap price per share (in dollars per share)         $ 131.58               $ 131.58              
Premium over last reported sale price percentage         100.00%                              
Option indexed to issuer's equity, indexed shares (in shares)         7,702,988               7,702,988              
Option indexed to issuer's equity, strike price (in dollars per share)         $ 97.04                              
2020 Capped Call Transactions                                        
Debt Instrument [Line Items]                                        
Payments for option indexed to issuer's equity             $ 49,300                          
Option indexed to issuer's equity, cap price per share (in dollars per share)             $ 62.12                          
Premium over last reported sale price percentage         100.00%                              
Option indexed to issuer's equity, indexed shares (in shares)             12,878,305                          
Option indexed to issuer's equity, strike price (in dollars per share)             $ 42.71                          
2021 And 2020 Capped Call Transactions                                        
Debt Instrument [Line Items]                                        
Adjustments to additional paid in capital related to premium payments                         $ 110,600              
2031 Notes, net                                        
Debt Instrument [Line Items]                                        
Interest payable                           3,400            
Aggregate Face Values                           $ 575,000 0          
Stated interest rate                           1.75%            
2031 Notes, net | Convertible Debt                                        
Debt Instrument [Line Items]                                        
Aggregate Face Values $ 575,000             $ 575,000       $ 575,000                
Stated interest rate 1.75%             1.75%       1.75%                
Debt issuance costs including initial purchasers discounts, legal and other professional fees $ 12,000             $ 12,000       $ 12,000                
Interest expense                           $ 10,068            
Amortization of debt discount and issuance costs                           1,599            
2029 Notes, net                                        
Debt Instrument [Line Items]                                        
Interest payable                           7,000 7,000          
Aggregate Face Values                           $ 747,500 747,500          
Stated interest rate                           2.25%            
2029 Notes, net | Convertible Debt                                        
Debt Instrument [Line Items]                                        
Payments for option indexed to issuer's equity       $ 61,300                                
Aggregate Face Values       $ 717,500                               $ 747,500
Stated interest rate       2.25%                                
Debt issuance costs including initial purchasers discounts, legal and other professional fees       $ 16,100                                
Interest expense                           $ 18,837 18,786 18,736        
Amortization of debt discount and issuance costs                           2,018 1,967 1,917        
2027 Notes, net                                        
Debt Instrument [Line Items]                                        
Interest payable                           4,000 4,000          
Aggregate Face Values                           $ 550,000 550,000          
Stated interest rate                           2.50%            
2027 Notes, net | Convertible Debt                                        
Debt Instrument [Line Items]                                        
Payments for option indexed to issuer's equity           $ 49,300                            
Aggregate Face Values           $ 550,000                            
Stated interest rate           2.50%                            
Debt issuance costs including initial purchasers discounts, legal and other professional fees           $ 13,000                            
Interest expense                           $ 15,592 15,544 15,495        
Amortization of debt discount and issuance costs                           $ 1,842 $ 1,794 1,745        
Amended Loan Agreement                                        
Debt Instrument [Line Items]                                        
Interest payable     2,400             2,400                    
Repayment of term loans     475,800                                  
Principal payments     455,400                                  
Payment for debt extinguishment or debt prepayment cost     9,100                                  
Exit cost     8,600                                  
Transaction-related fees     300             300                    
Loss on extinguishment of debt     26,600                                  
Interest expense                   3,000           46,300        
Amortization of debt discount and issuance costs                   400           5,200        
Initial Term Loan | Secured Debt                                        
Debt Instrument [Line Items]                                        
Aggregate Face Values     450,000             450,000                    
Proceeds from issuance of term loans after deducting debt discount and issuance costs                 $ 434,000                      
Payment of debt discount and issuance costs                 $ 16,000                      
Principal payments 450,000                                      
Incremental Term Loan | Secured Debt                                        
Debt Instrument [Line Items]                                        
Aggregate Face Values     $ 300,000             $ 300,000                    
2033 Convertible Senior Notes | Convertible Debt | Subsequent Event                                        
Debt Instrument [Line Items]                                        
Aggregate Face Values                                 $ 632,500      
Stated interest rate                                 0.75%      
Financing Agreement | Secured Debt                                        
Debt Instrument [Line Items]                                        
Interest payable 8,000             $ 8,000       $ 8,000                
Repayment of term loans 467,000                                      
Payment for debt extinguishment or debt prepayment cost 9,000                                      
Loss on extinguishment of debt $ 21,200                                      
Tranche One Advance | Secured Debt                                        
Debt Instrument [Line Items]                                        
Aggregate Face Values                     $ 450,000                  
Proceeds from issuance of term loans after deducting debt discount and issuance costs                     431,300                  
Payment of debt discount and issuance costs                     18,700                  
Debt issuance costs including initial purchasers discounts, legal and other professional fees                     1,100                  
Tranche Two Advance | Secured Debt                                        
Debt Instrument [Line Items]                                        
Aggregate Face Values                     300,000             $ 100,000 $ 300,000  
Loan Agreement | Secured Debt                                        
Debt Instrument [Line Items]                                        
Aggregate Face Values                     $ 750,000             $ 450,000    
Stated interest rate                                   9.00%    
Debt instrument, accrued interest convertible into principal                               $ 10,200        
Loan Agreement | Secured Debt | Payment in Kind (PIK) Note                                        
Debt Instrument [Line Items]                                        
Stated interest rate                                   3.00%    
v3.25.4
Debt - Schedule of Future Minimum Payments under Notes (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]  
2026 $ 40,632
2027 583,757
2028 26,882
2029 765,972
2030 10,063
Thereafter 580,031
Net carrying amount 2,007,337
Less amounts representing interest (134,837)
Total principal amount 1,872,500
2031 Notes, net  
Debt Instrument [Line Items]  
2026 10,063
2027 10,063
2028 10,063
2029 10,063
2030 10,063
Thereafter 580,031
Net carrying amount 630,346
Less amounts representing interest (55,346)
Total principal amount 575,000
2029 Notes, net  
Debt Instrument [Line Items]  
2026 16,819
2027 16,819
2028 16,819
2029 755,909
2030 0
Thereafter 0
Net carrying amount 806,366
Less amounts representing interest (58,866)
Total principal amount 747,500
2027 Notes, net  
Debt Instrument [Line Items]  
2026 13,750
2027 556,875
2028 0
2029 0
2030 0
Thereafter 0
Net carrying amount 570,625
Less amounts representing interest (20,625)
Total principal amount $ 550,000
v3.25.4
Debt - Schedule of Balances of Borrowing under Financing Agreement (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Debt discount and issuance costs $ (57,797)  
Net carrying amount $ 2,007,337  
Financing Agreement    
Debt Instrument [Line Items]    
Principal value of term loan under the Amended Financing Agreement   $ 450,000
Debt discount and issuance costs   (12,663)
Net carrying amount   $ 437,337
v3.25.4
Deferred Royalty Obligations, Net - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Jan. 17, 2024
Jun. 30, 2023
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Deferred Royalty Obligations [Line Items]            
Fair value of embedded derivative liability       $ 41,091 $ 21,439 $ 41,091
Royalty Interest Purchase and Sale Agreement            
Deferred Royalty Obligations [Line Items]            
Percentage of royalty payment equal to annual cap   60.00%        
Annual net sales   $ 500,000        
Percentage of purchase price equal to hard cap   145.00%        
Proceeds from royalty obligation under interest purchase and sale agreement     $ 297,000      
Royalty obligation debt issuance costs     $ 3,000      
Royalty Interest Purchase and Sale Agreement | Eidos            
Deferred Royalty Obligations [Line Items]            
Royalty purchase agreement, proceeds from sale   $ 300,000        
Funding Agreement            
Deferred Royalty Obligations [Line Items]            
Funding payment received, net of certain transaction expenses $ 500,000     500,000    
Percentage of royalty interest payments on net sales 5.00%          
Royalty interest payments may adjust to maximum rate 10.00%          
Royalty interest payments equal to cap amount $ 950,000          
Proceeds from royalty obligation under Funding Agreement       472,500    
Royalty obligation debt discount and issuance costs paid in cash       27,500    
Fair value of embedded derivative liability       $ 41,091 $ 21,439 $ 41,091
Royalty agreement, interest rate, effective percentage       19.30% 22.20% 19.30%
Royalty agreement, interest expense         $ 108,700 $ 8,300
Royalty agreement, amortization of debt issuance costs and discounts         14,000 1,000
Deferred royalty obligation, current       $ 100 8,200 $ 100
Royalty Purchase Agreement            
Deferred Royalty Obligations [Line Items]            
Fair value of embedded derivative liability         $ 0  
Royalty agreement, interest rate, effective percentage         10.40%  
Royalty agreement, interest expense         $ 16,400  
Royalty agreement, amortization of debt issuance costs and discounts         400  
Deferred royalty obligation, current         $ 3,000  
v3.25.4
Deferred Royalty Obligations, Net - Schedule of Deferred Royalty Obligations, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred Royalty Obligations [Line Items]    
Carrying value of deferred royalty obligations, net $ 891,388  
Fair value of embedded derivative liability 21,439 $ 41,091
Unamortized debt discount and issuance costs (57,797)  
Deferred royalty obligations, net [1] 855,030 479,091
Related Party    
Deferred Royalty Obligations [Line Items]    
Deferred royalty obligations, net 204,650  
Funding Agreement    
Deferred Royalty Obligations [Line Items]    
Carrying value of deferred royalty obligations, net 581,759 507,114
Fair value of embedded derivative liability 21,439 41,091
Unamortized debt discount and issuance costs (55,143) (69,114)
Deferred royalty obligations, net 548,055 $ 479,091
Royalty Purchase Agreement    
Deferred Royalty Obligations [Line Items]    
Carrying value of deferred royalty obligations, net 309,629  
Fair value of embedded derivative liability 0  
Unamortized debt discount and issuance costs (2,654)  
Deferred royalty obligations, net 306,975  
Royalty Purchase Agreement | Related Party    
Deferred Royalty Obligations [Line Items]    
Carrying value of deferred royalty obligations, net 206,419  
Unamortized debt discount and issuance costs $ (1,769)  
[1] Including a related party amount of $204,650 as of December 31, 2025 (as described in Note 10).
v3.25.4
License and Collaboration Agreements - Additional Information (Details)
 1 Months Ended 12 Months Ended
Mar. 01, 2024
USD ($)
Feb. 07, 2024
USD ($)
Jun. 30, 2025
USD ($)
Sep. 30, 2019
USD ($)
Dec. 31, 2025
USD ($)
performance_obligation
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Oct. 31, 2024
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Feb. 27, 2024
USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Contract with customer, liability         $ 54,300,000 $ 400,000          
Revenue         502,076,000 221,902,000 $ 9,303,000        
Accounts receivable, net         139,444,000 4,722,000          
Deferred revenue, current portion         7,190,000 14,604,000          
Deferred revenue, net of current portion         13,080,000 17,095,000          
License and services revenue                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Revenue         128,322,000 218,849,000 9,303,000        
Net product revenue                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Revenue         $ 362,368,000 2,884,000 0        
Bayer                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Revenue, remaining performance obligation, amount                   $ 135,000,000.0  
Number of performance obligations | performance_obligation         2            
Accounts receivable, net         $ 5,000,000.0 0          
Bayer | Seller Parties                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Regulatory and sales milestone payments eligible to receive $ 150,000,000.0                    
Revenue, remaining performance obligation, sales milestone payment $ 450,000,000.0                    
Bayer | License and services revenue                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Notice period for termination of agreement 270 days                    
Contract with customer, liability, change in timeframe, performance obligation satisfied, revenue recognized         75,000,000.0            
Contract with customer, liability, revenue recognized         600,000 1,000,000.0          
Revenue           131,500,000          
Bayer | License and services revenue | Seller Parties                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Contract with customer, liability $ 135,000,000.0                    
Revenue, remaining performance obligation, regulatory milestone payment $ 75,000,000.0                    
Bayer | License                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Revenue, remaining performance obligation, amount                   130,500,000  
Bayer | Research and Development Services                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Contract with customer, liability         2,900,000 3,500,000          
Revenue, remaining performance obligation, amount                   $ 4,500,000  
Deferred revenue, current portion         800,000 1,300,000          
Deferred revenue, net of current portion         2,100,000 2,200,000          
Bayer | Net product revenue                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Revenue         7,600,000 0          
Bayer | Cost of license, services, and royalty revenue                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Revenue         93,800,000            
Kyowa Kirin Co., Ltd                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Contract with customer, liability         $ 14,600,000 25,200,000          
Notice period for termination of agreement   180 days                  
Revenue, remaining performance obligation, amount                     $ 100,000,000.0
Number of performance obligations | performance_obligation         2            
Accounts receivable, net         $ 0 0          
Deferred revenue, current portion         5,400,000 10,300,000          
Deferred revenue, net of current portion         9,200,000 14,900,000          
Kyowa Kirin Co., Ltd | QED Therapeutics, Inc                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Contract with customer, liability                 $ 100,000,000.0    
Regulatory and sales milestone payments eligible to receive   $ 81,400,000                  
Royalty percentage, maximum   25.00%                  
Kyowa Kirin Co., Ltd | License and services revenue                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Contract with customer, liability, revenue recognized         10,700,000 5,700,000          
Revenue         12,300,000 76,200,000          
Kyowa Kirin Co., Ltd | License                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Revenue, remaining performance obligation, amount                     69,100,000
Kyowa Kirin Co., Ltd | Research and Development Services                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Revenue, remaining performance obligation, amount                     $ 30,900,000
BMS                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Contract with customer, liability           0          
BMS | License and services revenue                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Revenue           9,900,000 $ 7,400,000        
Alexion License Agreements                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Contract with customer, liability         2,800,000            
Accounts receivable, net         200,000 600,000          
Deferred revenue, current portion         1,000,000.0 3,000,000.0          
Deferred revenue, net of current portion         1,800,000            
Alexion License Agreements | Eidos                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Contract with customer, liability       $ 25,000,000.0       $ 3,000,000.0      
Contract with customer, liability, revenue recognized         200,000 0          
Alexion License Agreements | License and services revenue                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Revenue         $ 33,300,000 $ 600,000          
Alexion License Agreements | License and services revenue | Eidos                      
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                      
Revenue, remaining performance obligation, regulatory milestone payment       $ 30,000,000.0              
Regulatory milestone payments received     $ 30,000,000.0                
v3.25.4
In-licensing and Other Research and Development Agreements (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Apr. 30, 2016
Research and Development Arrangement, Contract to Perform for Others [Line Items]          
Children intended for treatment with Canavan Disease, under the age 5 years        
Bridge Bio Gene Therapy LLC And Adrenas Therapeutics Inc.          
Research and Development Arrangement, Contract to Perform for Others [Line Items]          
Maximum required future payment upon achievement of certain development and milestone events net sales metrics $ 10.0        
Resilience DMSAs          
Research and Development Arrangement, Contract to Perform for Others [Line Items]          
Agreement term 10 years        
Agreement additional extension period 2 years        
Project Agreement | BridgeBio Gene Therapy, LLC          
Research and Development Arrangement, Contract to Perform for Others [Line Items]          
Cost sharing credit of the lesser of a fixed percentage of certain agreed upon service costs $ 15.5        
Project Agreement | Adrenas Therapeutics, Inc          
Research and Development Arrangement, Contract to Perform for Others [Line Items]          
Cost sharing credit of the lesser of a fixed percentage of certain agreed upon service costs $ 29.3        
Eidos | Stanford License Agreement          
Research and Development Arrangement, Contract to Perform for Others [Line Items]          
Milestone payments         $ 1.0
Non-royalty revenue, percentage of revenue from sublicensees, term   3 years      
License fees   $ 6.9 $ 8.1 $ 0.0  
Royalties on net product revenue   $ 6.8      
v3.25.4
Leases - Components of Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Straight-line operating lease costs $ 4,902 $ 4,110 $ 4,032
Finance lease costs 367 395 420
Variable lease costs 4,417 6,305 6,844
Total lease cost $ 9,686 $ 10,810 $ 11,296
v3.25.4
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows for operating leases $ 6,547 $ 5,092 $ 4,829
Operating cash flows for finance lease 460 445 397
Operating lease right-of-use assets obtained in exchange for operating lease obligations $ 6,567 $ 1,591 $ 1,179
v3.25.4
Leases - Schedule of Supplemental Information Related to Remaining Lease Term and Discount Rate (Details)
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Weighted-average remaining lease term (in years)      
Operating leases 2 years 10 months 24 days 3 years 7 months 6 days 4 years 8 months 12 days
Finance lease 1 month 6 days 1 year 1 month 6 days 2 years 1 month 6 days
Weighted-average discount rate      
Operating leases 6.80% 6.00% 6.00%
Finance lease 6.60% 6.60% 6.60%
v3.25.4
Leases - Schedule of Future Minimum Lease Payments for Noncancelable Leases (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2026 $ 6,642  
2027 1,320  
2028 976  
2029 494  
2030 494  
Thereafter 947  
Total future minimum lease payments 10,873  
Imputed interest (870)  
Total 10,003  
Operating lease liabilities, current portion 6,192 $ 4,506
Operating lease liabilities, net of current portion $ 3,811 $ 4,696
v3.25.4
Leases - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease, impairment loss $ 0 $ 0 $ 0
Finance lease, impairment loss $ 0 $ 0 $ 0
v3.25.4
Public Offerings (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Apr. 03, 2023
Mar. 10, 2023
Mar. 31, 2024
Sep. 30, 2023
May 31, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]                  
Common stock, par value (in dollars per share)             $ 0.001   $ 0.001
Maximum amount of stock remaining eligible to be sold                 $ 345.3
Two Thousand Twenty Three Follow on Offering                  
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]                  
Sale of stock, number of shares issued in transaction (in shares)   8,823,530       8,823,530      
Common stock, par value (in dollars per share)           $ 0.001      
Sale of stock, price per share (in dollars per share)           $ 17.00      
Percentage of cash commission           0.315%      
Sale of stock, consideration received on transaction   $ 143.0              
Underwriting fees and commissions   6.5              
Deferred offering costs   0.5              
Two Thousand Twenty Three Follow on Offering | KKR Capital Markets LLC                  
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]                  
Payments for commissions   $ 0.5              
Over Allotment Option                  
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]                  
Sale of stock, number of shares issued in transaction (in shares) 63,470   1,293,103     1,323,529      
Sale of stock, duration 30 days   30 days     30 days      
Payments for commissions, percentage of gross proceeds     3.60%     4.30%      
Sale of stock, percentage of ownership after transaction           5.00%      
Sale of stock, consideration received on transaction $ 1.0                
Underwriting fees and commissions $ 0.1                
Issuance of common stock under public offerings, net (in shares)     9,913,793            
Underwriting discounts and commissions (in shares)     1,293,103            
At-the-Market Offerings                  
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]                  
Sale of stock, number of shares issued in transaction (in shares)             1,061,991 2,171,217  
Common stock, par value (in dollars per share)         $ 0.001        
Sale of stock, consideration received on transaction             $ 38.1 $ 65.0  
Underwriting fees and commissions             0.6 $ 1.0  
Sale of stock, aggregate offering amount         $ 450.0        
Percentage of underwriters commissions         3.00%        
Private Placement                  
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]                  
Sale of stock, number of shares issued in transaction (in shares)       9,167,723          
Common stock, par value (in dollars per share)       $ 0.001          
Sale of stock, price per share (in dollars per share)       $ 27.27          
Sale of stock, percentage of ownership after transaction       5.00%          
Sale of stock, consideration received on transaction             240.8    
Underwriting fees and commissions             8.7    
Deferred offering costs             $ 0.5    
Commissions of the aggregate gross       $ 1.8          
2024 Follow-on Offering                  
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]                  
Sale of stock, number of shares issued in transaction (in shares)     8,620,690            
Common stock, par value (in dollars per share)     $ 0.001            
Sale of stock, price per share (in dollars per share)     $ 29.00            
Sale of stock, consideration received on transaction     $ 276.6            
Underwriting fees and commissions     10.3            
Deferred offering costs     $ 0.6            
v3.25.4
Stock-Based Compensation - Summary of Stock Based Compensation for Employees and Non Employees (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Employee And Non Employee Service Share Based Compensation [Line Items]      
Total stock-based compensation $ 136,882 $ 113,866 $ 115,016
Cost of goods sold      
Employee And Non Employee Service Share Based Compensation [Line Items]      
Total stock-based compensation 1,265 0 0
Research and development      
Employee And Non Employee Service Share Based Compensation [Line Items]      
Total stock-based compensation 49,267 49,844 61,647
Selling, general and administrative      
Employee And Non Employee Service Share Based Compensation [Line Items]      
Total stock-based compensation 84,656 63,862 53,369
Restructuring, impairment, and related charges      
Employee And Non Employee Service Share Based Compensation [Line Items]      
Total stock-based compensation $ 1,694 $ 160 $ 0
v3.25.4
Stock-Based Compensation - Additional Information (Details)
 1 Months Ended 12 Months Ended
Nov. 18, 2020
USD ($)
grantee
shares
Apr. 22, 2020
USD ($)
grantee
shares
Jun. 22, 2019
shares
Jun. 30, 2025
shares
Jun. 30, 2024
shares
Dec. 31, 2023
USD ($)
trading_day
shares
Dec. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Nov. 30, 2023
shares
Dec. 31, 2021
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Total stock-based compensation | $             $ 136,882,000 $ 113,866,000 $ 115,016,000    
Stock-based compensation expense, capitalized to inventory | $             $ 3,600,000 0      
Weighted-average grand date fair value of options granted (in dollars per share) | $ / shares             $ 30.15        
Total intrinsic value of options exercised | $             $ 32,200,000 2,900,000 5,300,000    
Issuance of common stock under employee stock purchase plan (ESPP) | $             $ 6,414,000 $ 4,502,000 $ 3,398,000    
Common Stock                      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Issuance of common stock under employee stock purchase plan ESPP (in shares)             261,422 194,138 339,979    
A&R 2019 Plan | Common Stock                      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Common shares reserved for future issuance (in shares)           3,750,000     3,750,000 2,000,000  
2021 A&R Plan | Common Stock                      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Common shares reserved for future issuance (in shares)             10,563,629        
Increase (decrease) in common shares reserved for future issuance (in shares)       5,000,000 6,500,000            
A&R 2019 Inducement Plan | Common Stock                      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Common shares reserved for future issuance (in shares)             747,576        
Eidos Awards Exchange | Common Stock                      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Common shares reserved for future issuance (in shares)                     2,802,644
2020 Stock and Equity Award Exchange Program                      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Number of grantees | grantee 16 149                  
Maximum potential milestone performance-based awards to be settled in fully-vested RSA | $ $ 11,700,000 $ 183,400,000                  
2020 Stock and Equity Award Exchange Program | Common Stock                      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Share-based compensation arrangement by share-based payment award, shares issued in period (in shares) 24,924 554,064                  
ESPP                      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Common shares reserved for future issuance (in shares)             3,100,352        
Weighted-average grand date fair value of options granted (in dollars per share) | $ / shares             $ 14.09 $ 11.34 $ 8.22    
Expected volatility, minimum             46.70% 52.00% 86.10%    
Expected volatility, maximum             60.90% 122.10% 122.10%    
Risk-free interest rate, minimum             4.10% 5.00% 3.10%    
Risk-free interest rate, maximum             5.00% 5.50% 5.50%    
Dividend yield             0.00% 0.00% 0.00%    
Expected term (in years)             6 months 6 months 6 months    
Number of common shares authorized to issue for issuance of awards (in shares)     2,000,000                
Percentage of automatic annual increase in number of shares reserved for future issuance     1.00%                
Purchase price as percentage of lower of fair market value as of beginning or end of offering period     85.00%                
Offering period     6 months                
Maximum percentage of employee payroll deduction for stock purchase     15.00%                
Maximum number of shares eligible to purchase during offering period (in shares)     3,500                
Issuance of common stock under employee stock purchase plan ESPP (in shares)             261,422        
Issuance of common stock under employee stock purchase plan (ESPP) | $             $ 6,400,000        
Performance-Based Milestone Awards                      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Total stock-based compensation | $             $ 3,900,000 $ 18,100,000 $ 6,300,000    
Performance-Based Milestone Awards | 2020 Stock and Equity Award Exchange Program                      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Share-based payment arrangement, nonvested award, cost not yet recognized, amount | $ $ 0 $ 17,400,000                  
Performance-Based Milestone Awards | 2020 Stock and Equity Award Exchange Program | Minimum                      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Unrecognized compensation cost, period for recognition   8 months 12 days                  
Performance-Based Milestone Awards | 2020 Stock and Equity Award Exchange Program | Maximum                      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Unrecognized compensation cost, period for recognition   1 year 8 months 12 days                  
Share-Based Payment Arrangement, Option                      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Unrecognized compensation cost, period for recognition             1 year 3 months 18 days        
Weighted-average grand date fair value of options granted (in dollars per share) | $ / shares             $ 30.15 $ 21.28 $ 8.48    
Unrecognized compensation cost | $             $ 11,700,000        
Expected volatility, minimum             94.00% 92.00% 66.20%    
Expected volatility, maximum             94.70% 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    
Share-Based Payment Arrangement, Option | Minimum                      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Share-based compensation arrangement by share-based payment award, award vesting period             3 years        
Share-Based Payment Arrangement, Option | Maximum                      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Share-based compensation arrangement by share-based payment award, award vesting period             4 years        
Share-Based Payment Arrangement, Option | 2020 Stock and Equity Award Exchange Program                      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Share-based compensation arrangement by share-based payment award, shares issued in period (in 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]                      
Share-based compensation arrangement by share-based payment award, shares issued in period (in shares)   50,145                  
Performance Based Restricted Stock Awards | 2020 Stock and Equity Award Exchange Program                      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Share-based compensation arrangement by share-based payment award, shares issued in period (in 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]                      
Share-based compensation arrangement by share-based payment award, shares issued in period (in shares) 10,772                    
Restricted Stock Units (RSUs)                      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Unrecognized compensation cost, period for recognition             2 years 2 months 12 days        
Unrecognized compensation cost | $             $ 229,000,000.0        
Unvested shares of restricted stock outstanding (in shares)             8,939,935 10,272,798      
Weighted average grant date fair value (in dollars per share) | $ / shares             $ 27.31 $ 21.91      
Restricted Stock Units (RSUs) | Minimum                      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Share-based compensation arrangement by share-based payment award, award vesting period             2 years        
Restricted Stock Units (RSUs) | Maximum                      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Share-based compensation arrangement by share-based payment award, award vesting period             4 years        
Performance-Based RSUs                      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Unrecognized compensation cost, period for recognition             1 year 7 months 6 days        
Unrecognized compensation cost | $             $ 6,500,000        
Unvested shares of restricted stock outstanding (in shares)             194,650 3,326      
Weighted average grant date fair value (in dollars per share) | $ / shares             $ 33.75 $ 18.71      
Market-Based Restricted Stock Units (RSUs)                      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Unrecognized compensation cost | $             $ 0        
Share-based payment arrangement, consecutive trading days | trading_day           20          
Share-based payment arrangement, performance period from date of grant           6 years          
Grant-date fair value of RSUs | $           $ 10,800,000          
Expected volatility, minimum           96.80%          
Expected volatility, maximum           113.70%          
Risk-free interest rate, minimum           4.20%          
Risk-free interest rate, maximum           4.40%          
Dividend yield           0.00%          
Unvested shares of restricted stock outstanding (in shares)             232,142        
Weighted average grant date fair value (in dollars per share) | $ / shares             $ 28.97        
Market-Based Restricted Stock Units (RSUs) | Minimum                      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Expected term (in years)           3 years          
Market-Based Restricted Stock Units (RSUs) | Maximum                      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                      
Expected term (in years)           6 years          
v3.25.4
Stock-Based Compensation - Summary of Stock Option Activity under Plans (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
A&R 2019 Plan and 2019 Inducement Plan    
Options Outstanding    
Options Outstanding, Outstanding, Beginning balance (in shares) 12,499,883  
Options Outstanding, Granted (in shares) 180,733  
Options Outstanding, Exercised (in shares) (1,180,825)  
Options Outstanding, Cancelled (in shares) (7,583)  
Options Outstanding, Outstanding, Ending balance (in shares) 11,492,208 12,499,883
Options Outstanding, Exercisable (in shares) 10,527,845  
Regular Equity Program    
Options Outstanding    
Options Outstanding, Outstanding, Beginning balance (in shares) 11,172,627  
Options Outstanding, Granted (in shares) 180,733  
Options Outstanding, Exercised (in shares) (835,876)  
Options Outstanding, Cancelled (in shares) (7,583)  
Options Outstanding, Outstanding, Ending balance (in shares) 10,509,901 11,172,627
Options Outstanding, Exercisable (in shares) 9,545,538  
Weighted-Average Exercise Price per Option    
Weighted-Average Exercise Price per Option, Outstanding, Beginning balance (in dollars per share) $ 25.76  
Weighted-Average Exercise Price per Option, Granted (in dollars per share) 38.59  
Weighted-Average Exercise Price per Option, Exercised (in dollars per share) 28.46  
Weighted-Average Exercise Price per Option, Cancelled (in dollars per share) 35.35  
Weighted-Average Exercise Price per Option, Outstanding, Ending balance (in dollars per share) 25.76 $ 25.76
Weighted-Average Exercise Price per Option, Exercisable (in dollars per share) $ 26.17  
Weighted-Average Remaining Contractual Life    
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance 5 years 3 months 18 days 6 years 2 months 12 days
Weighted-Average Remaining Contractual Life (years), Exercisable 5 years 1 month 6 days  
Aggregate Intrinsic Value    
Aggregate Intrinsic Value, Outstanding, Ending balance $ 533,163 $ 78,764
Aggregate Intrinsic Value, Exercisable $ 480,355  
Eidos Awards Exchange    
Options Outstanding    
Options Outstanding, Outstanding, Beginning balance (in shares) 1,014,175  
Options Outstanding, Exercised (in shares) (279,359)  
Options Outstanding, Outstanding, Ending balance (in shares) 734,816 1,014,175
Options Outstanding, Exercisable (in shares) 734,816  
Weighted-Average Exercise Price per Option    
Weighted-Average Exercise Price per Option, Outstanding, Beginning balance (in dollars per share) $ 14.18  
Weighted-Average Exercise Price per Option, Exercised (in dollars per share) 13.96  
Weighted-Average Exercise Price per Option, Outstanding, Ending balance (in dollars per share) 14.26 $ 14.18
Weighted-Average Exercise Price per Option, Exercisable (in dollars per share) $ 14.26  
Weighted-Average Remaining Contractual Life    
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance 3 years 2 months 12 days 4 years 3 months 18 days
Weighted-Average Remaining Contractual Life (years), Exercisable 3 years 2 months 12 days  
Aggregate Intrinsic Value    
Aggregate Intrinsic Value, Outstanding, Ending balance $ 45,726 $ 13,734
Aggregate Intrinsic Value, Exercisable $ 45,726  
2020 Stock and Equity Award Exchange Program    
Options Outstanding    
Options Outstanding, Outstanding, Beginning balance (in shares) 313,081  
Options Outstanding, Exercised (in shares) (65,590)  
Options Outstanding, Outstanding, Ending balance (in shares) 247,491 313,081
Options Outstanding, Exercisable (in shares) 247,491  
Weighted-Average Exercise Price per Option    
Weighted-Average Exercise Price per Option, Outstanding, Beginning balance (in dollars per share) $ 2.20  
Weighted-Average Exercise Price per Option, Exercised (in dollars per share) 0.68  
Weighted-Average Exercise Price per Option, Outstanding, Ending balance (in dollars per share) 2.61 $ 2.20
Weighted-Average Exercise Price per Option, Exercisable (in dollars per share) $ 2.61  
Weighted-Average Remaining Contractual Life    
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance 3 years 6 months 4 years 3 months 18 days
Weighted-Average Remaining Contractual Life (years), Exercisable 3 years 6 months  
Aggregate Intrinsic Value    
Aggregate Intrinsic Value, Outstanding, Ending balance $ 18,285 $ 7,995
Aggregate Intrinsic Value, Exercisable $ 18,285  
v3.25.4
Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details)
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Restricted Stock Units (RSUs)  
Unvested Shares of RSUs Outstanding  
Beginning balance, outstanding (in shares) | shares 10,272,798
Granted (in shares) | shares 4,383,339
Vested (in shares) | shares (4,758,614)
Cancelled (in shares) | shares (957,588)
Ending balance, outstanding (in shares) | shares 8,939,935
Weighted- Average Grant Date Fair Value  
Beginning balance, outstanding (in dollars per share) | $ / shares $ 21.91
Granted (in dollars per share) | $ / shares 35.20
Vested (in dollars per share) | $ / shares 23.64
Cancelled (in dollars per share) | $ / shares 23.77
Ending balance, outstanding (in dollars per share) | $ / shares $ 27.31
Performance-Based RSUs  
Unvested Shares of RSUs Outstanding  
Beginning balance, outstanding (in shares) | shares 3,326
Granted (in shares) | shares 194,650
Vested (in shares) | shares (3,326)
Cancelled (in shares) | shares 0
Ending balance, outstanding (in shares) | shares 194,650
Weighted- Average Grant Date Fair Value  
Beginning balance, outstanding (in dollars per share) | $ / shares $ 18.71
Granted (in dollars per share) | $ / shares 33.75
Vested (in dollars per share) | $ / shares 18.71
Cancelled (in dollars per share) | $ / shares 0
Ending balance, outstanding (in dollars per share) | $ / shares $ 33.75
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Weighted-average fair value of stock-based awards granted (in dollars per share) $ 30.15    
ESPP      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Expected term (in years) 6 months 6 months 6 months
Expected volatility, minimum 46.70% 52.00% 86.10%
Expected volatility, maximum 60.90% 122.10% 122.10%
Risk-free interest rate, minimum 4.10% 5.00% 3.10%
Risk-free interest rate, maximum 5.00% 5.50% 5.50%
Dividend yield 0.00% 0.00% 0.00%
Weighted-average fair value of stock-based awards granted (in dollars per share) $ 14.09 $ 11.34 $ 8.22
Stock Options      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Expected term (in years) 6 years 6 years 6 years
Expected volatility, minimum 94.00% 92.00% 66.20%
Expected volatility, maximum 94.70% 93.10% 67.50%
Risk-free interest rate 4.10%    
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 (in dollars per share) $ 30.15 $ 21.28 $ 8.48
v3.25.4
Restructuring, Impairment and Related Charges - Summary of Restructuring, Impairment and Related Charges (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring and Related Activities [Abstract]      
Winding down, exit and other related costs $ 16,680 $ 10,255 $ 7,211
Severance and employee-related costs 4,667 5,079 715
Long-lived assets impairments and write-offs 0 271 0
Total $ 21,347 $ 15,605 $ 7,926
v3.25.4
Restructuring, Impairment and Related Charges - Schedule of Activity Related to Restructuring Liabilities Associated to Restructuring Plans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Reserve [Roll Forward]      
Restructuring liabilities, balance $ 1,848 $ 55 $ 6,826
Restructuring, impairment, and related charges 21,347 15,605 7,926
Cash payments (14,478) (13,374) (14,697)
Noncash activities (1,728) (438) 0
Restructuring liabilities, balance 6,989 1,848 $ 55
Accounts payable      
Restructuring Reserve [Roll Forward]      
Restructuring liabilities, balance 330    
Restructuring liabilities, balance 1,270 330  
Accrued compensation and benefits      
Restructuring Reserve [Roll Forward]      
Restructuring liabilities, balance 332    
Restructuring liabilities, balance 2,045 332  
Accrued research and development liabilities      
Restructuring Reserve [Roll Forward]      
Restructuring liabilities, balance 1,020    
Restructuring liabilities, balance 3,584 1,020  
Other current liabilities      
Restructuring Reserve [Roll Forward]      
Restructuring liabilities, balance 166    
Restructuring liabilities, balance $ 90 $ 166  
v3.25.4
Income Taxes - Schedule of Net Loss Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Domestic $ 437,614 $ 207,795 $ 565,840
Foreign 294,889 334,399 87,411
Loss before income taxes $ 732,503 $ 542,194 $ 653,251
v3.25.4
Income Taxes - Schedule of Provision of Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
U.S. federal $ (78) $ 811 $ 0
State 0 0 0
Foreign 513 342 0
Total current 435 1,153 0
Deferred 0 0 0
Total provision for income taxes $ 435 $ 1,153 $ 0
v3.25.4
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
U.S. federal statutory tax rate $ (153,830) $ (113,860) $ (137,110)
Foreign tax effects      
Other, tax exempt income (555)    
Effect of cross-border tax laws      
Global intangible low-taxed income (GILTI) 0 52,790 0
Other 0 1,700 0
Tax credits      
Research and development tax credit (15,880) (14,780) (13,230)
Orphan drug credit (5,030) (7,720) (7,290)
Nontaxable or nondeductible items      
Disallowed executive compensation 9,120 6,320 5,130
Excess tax benefit on stock awards (30,850) (7,350) (3,590)
Other, nondeductible expense   1,693 790
Changes in unrecognized tax benefits 4,980 4,020 4,760
Other adjustments      
Deconsolidation of subsidiaries 3,770 7,630 9,120
Total provision for income taxes $ 435 $ 1,153 $ 0
Percentage      
U.S. federal statutory tax rate 21.00% 21.00% 21.00%
Effect of cross-border tax laws      
Global intangible low-taxed income (GILTI) 0.00% (9.70%) 0.00%
Other 0.00% (0.30%) 0.00%
Tax credits      
Research and development tax credit 2.20% 2.70% 2.00%
Orphan drug credit 0.007 0.014 0.011
Nontaxable or nondeductible items      
Disallowed executive compensation (1.30%) (1.20%) (0.80%)
Excess tax benefit on stock awards 4.20% 1.40% 0.50%
Other, tax exempt income 0.10%    
Other, nondeductible expense   (0.30%) (0.10%)
Changes in unrecognized tax benefits (0.70%) (0.70%) (0.70%)
Other adjustments      
Deconsolidation of subsidiaries (0.005) (0.014) (0.014)
Effective tax rate (0.10%) (0.20%) 0.00%
Switzerland      
Foreign tax effects      
Changes in valuation allowances $ 58,930 $ 39,800 $ 10,230
Foreign rate differential 3,890 30,300 7,970
Nontaxable or nondeductible items $ 0   $ 200
Other, tax exempt income   $ (170)  
Foreign tax effects      
Changes in valuation allowances (8.10%) (7.30%) (1.60%)
Foreign rate differential (0.50%) (5.60%) (1.20%)
Nontaxable or nondeductible items 0.00%   0.00%
Nontaxable or nondeductible items      
Other, tax exempt income   0.00%  
Other foreign jurisdictions      
Foreign tax effects      
Foreign rate differential $ (380) $ 630 $ (40)
Foreign tax effects      
Foreign rate differential 0.00% (0.10%) 0.00%
U.S.      
Foreign tax effects      
Changes in valuation allowances $ 125,510 $ (170) $ 120,440
Other adjustments      
Other $ 760 $ 320 $ 2,620
Foreign tax effects      
Changes in valuation allowances (17.10%) 0.00% (18.40%)
Other adjustments      
Other (0.10%) (0.10%) (0.40%)
v3.25.4
Income Taxes - Income Taxes Paid (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Federal $ 1,000 $ 0 $ 0
State 0 0 0
Foreign subtotal 198 0 0
Total cash paid for income taxes (net of refunds) 1,198 0 0
UK      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign subtotal $ 198 $ 0 $ 0
v3.25.4
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Net operating loss carryforwards $ 490,732 $ 379,019
Amortization 9,948 10,188
Accruals and reserves 11,251 7,787
Deferred revenue 3,856 0
Stock-based compensation 20,621 21,109
Equity method investments 16,110 2,998
Tax credits 139,489 117,020
Operating lease liabilities 1,944 2,200
Deferred income from asset sale 2,312 2,242
Capitalized research and experimental expenditures 157,931 150,520
Deferred interest expense 45,192 30,747
Property and equipment 712 918
Unrealized gains and losses 47 3,336
Deferred royalty obligations 69,427 0
Other 0 554
Gross deferred tax assets 969,572 728,638
Less valuation allowance (968,021) (727,326)
Deferred tax assets, net of valuation allowance 1,551 1,312
Deferred tax liabilities:    
Operating lease right-of-use assets (1,465) (1,312)
Other (86) 0
Deferred tax liabilities (1,551) (1,312)
Net deferred tax assets (liabilities) $ 0 $ 0
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Loss Carryforwards [Line Items]      
Deferred tax assets, operating loss carryforwards, domestic $ 1,700.0    
Deferred tax assets, operating loss carryforwards, state and local 462.2    
Deferred tax assets, operating loss carryforwards, foreign 543.0    
Increase in valuation allowance 240.7 $ 55.2 $ 138.2
U.S.      
Operating Loss Carryforwards [Line Items]      
Deferred tax assets, operating loss carryforwards, not subject to expiration 1,600.0    
Deferred tax assets, operating loss carryforwards, subject to expiration 10.8    
Deferred tax assets, tax credit carryforwards, research 141.3    
State and Local Jurisdiction      
Operating Loss Carryforwards [Line Items]      
Deferred tax assets, tax credit carryforwards, research $ 37.4    
v3.25.4
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]    
Beginning balance $ 36,866 $ 30,856
Additions of prior year positions 318 99
Reductions of prior year positions 0 (520)
Additions based on tax positions related to current year 6,795 6,431
Ending balance $ 43,979 $ 36,866
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 54,003,084 46,412,863 47,261,466
Unvested RSAs      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 0 0 85,453
Unvested RSUs      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 8,939,935 10,272,798 8,942,813
Unvested performance-based RSUs      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 194,650 3,326 3,326
Unvested market-based RSUs      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 232,142 375,000 375,000
Common stock options issued and outstanding      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 11,492,208 12,499,883 12,332,442
Estimated shares issuable under performance-based milestone compensation arrangements      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 913,176 2,558,295 4,865,250
Estimated shares issuable under the ESPP      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 105,232 122,268 75,889
Assumed conversion of 2027 Notes      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 12,878,305 12,878,305 12,878,305
Assumed conversion of 2029 Notes      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 7,702,988 7,702,988 7,702,988
Assumed conversion of 2031 Notes      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 11,544,448 0 0
v3.25.4
Subsequent Event (Details) - USD ($)
$ in Millions
Jan. 21, 2026
Dec. 31, 2025
Dec. 31, 2024
Subsequent Event [Line Items]      
Treasury stock (in shares)   7,597,172 6,191,761
Subsequent Event | 2026 Note Offering      
Subsequent Event [Line Items]      
Treasury stock, value, acquired, cost method $ 82.5    
Treasury stock (in shares) 1,081,825    
Subsequent Event | 2033 Convertible Senior Notes | Convertible Debt      
Subsequent Event [Line Items]      
Aggregate Face Values $ 632.5    
Stated interest rate 0.75%    
Proceeds from debt, net of issuance costs $ 619.3    
Minimum threshold percentage of aggregate principal by trustee or holders 25.00%    
Subsequent Event | 2033 Notes Initial Purchasers | Convertible Debt      
Subsequent Event [Line Items]      
Aggregate Face Values $ 82.5