BRIDGEBIO PHARMA, INC., 10-Q filed on 10/29/2025
Quarterly Report
v3.25.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2025
Oct. 21, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 001-38959  
Entity Registrant Name BridgeBio Pharma, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 84-1850815  
Entity Address, Address Line One 3160 Porter Drive  
Entity Address, Address Line Two Suite 250  
Entity Address, City or Town Palo Alto  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94304  
City Area Code 650  
Local Phone Number 391-9740  
Title of 12(b) Security Common Stock, par value $0.001 per share  
Trading Symbol BBIO  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   192,708,813
Entity Central Index Key 0001743881  
Document Fiscal Year Focus 2025  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.25.3
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2025
Dec. 31, 2024
 [1]
Current assets:    
Cash and cash equivalents $ 642,951,000 $ 681,101,000
Marketable securities 2,991,000 0
Accounts receivable, net 116,518,000 4,722,000
Inventories 24,527,000 0
Prepaid expenses and other current assets 52,395,000 34,869,000
Total current assets 839,382,000 720,692,000
Investment in nonconsolidated entities 92,168,000 143,747,000
Property and equipment, net 5,830,000 7,011,000
Operating lease right-of-use assets 6,553,000 5,767,000
Intangible assets, net 28,795,000 23,926,000
Other assets 25,522,000 18,195,000
Total assets 998,250,000 919,338,000
Current liabilities:    
Accounts payable 18,702,000 9,618,000
Accrued compensation and benefits 56,155,000 58,329,000
Accrued research and development liabilities 34,619,000 34,272,000
Operating lease liabilities, current portion 5,294,000 4,506,000
Deferred revenue, current portion 9,087,000 14,604,000
Other current liabilities [2] 92,743,000 33,071,000
Total current liabilities 216,600,000 154,400,000
Deferred royalty obligations, net [3] 836,126,000 479,091,000
Operating lease liabilities, net of current portion 3,427,000 4,696,000
Deferred revenue, net of current portion 13,131,000 17,095,000
Other long-term liabilities 679,000 286,000
Total liabilities 2,920,979,000 2,376,950,000
Commitments and contingencies (Note 8)
Redeemable convertible noncontrolling interests 23,000 142,000
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 September 30, 2025, 196,236,234 shares issued and 190,044,473 shares outstanding as of December 31, 2024 200,000 196,000
Treasury stock, at cost; 7,597,172 shares as of September 30, 2025; 6,191,761 shares as of December 31, 2024 (323,276,000) (275,000,000)
Additional paid-in capital 2,018,335,000 1,903,155,000
Accumulated other comprehensive income 2,000 8,000
Accumulated deficit (3,628,331,000) (3,096,263,000)
Total BridgeBio stockholders’ deficit (1,933,070,000) (1,467,904,000)
Noncontrolling interests 10,318,000 10,150,000
Total stockholders’ deficit (1,922,752,000) (1,457,754,000) [4]
Total liabilities, redeemable convertible noncontrolling interests and stockholders’ deficit 998,250,000 919,338,000
2031 Notes, net    
Current liabilities:    
2031 Notes, 2029 Notes, 2027 Notes, and Term Loan, net 564,087,000 0
2029 Notes, net    
Current liabilities:    
2031 Notes, 2029 Notes, 2027 Notes, and Term Loan, net 740,380,000 738,872,000
2027 Notes, net    
Current liabilities:    
2031 Notes, 2029 Notes, 2027 Notes, and Term Loan, net 546,549,000 545,173,000
Term Loan    
Current liabilities:    
2031 Notes, 2029 Notes, 2027 Notes, and Term Loan, net $ 0 $ 437,337,000
[1] The condensed consolidated balance sheet as of December 31, 2024 is derived from the audited consolidated financial statements as of that date.
[2] Including a related party amount of $1,647 as of September 30, 2025 (as described in Note 10).
[3] Including a related party amount of $201,242 as of September 30, 2025 (as described in Note 10)
[4] The consolidated balances as of December 31, 2024 and 2023 are derived from the audited consolidated financial statements as of those dates
v3.25.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 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) 200,230,458 196,236,234
Common stock, outstanding (in shares) 192,633,286 190,044,473
Treasury stock (in shares) 7,597,172 6,191,761
Other current liabilities [1] $ 92,743 $ 33,071 [2]
Deferred royalty obligations, net [3] 836,126 $ 479,091 [2]
Related Party    
Other current liabilities 1,647  
Deferred royalty obligations, net $ 201,242  
[1] Including a related party amount of $1,647 as of September 30, 2025 (as described in Note 10).
[2] The condensed consolidated balance sheet as of December 31, 2024 is derived from the audited consolidated financial statements as of that date.
[3] Including a related party amount of $201,242 as of September 30, 2025 (as described in Note 10)
v3.25.3
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues:        
Total revenues, net $ 120,700 $ 2,732 $ 347,898 $ 216,020
Cost of revenues        
Total cost of revenues 6,563 598 12,855 1,794
Research and development 112,874 120,444 335,536 376,111
Selling, general and administrative 137,621 68,819 373,140 194,149
Restructuring, impairment and related charges 8,841 4,621 10,216 10,912
Total operating costs and expenses 265,899 194,482 731,747 582,966
Loss from operations (145,199) (191,750) (383,849) (366,946)
Other income (expense), net:        
Interest income 6,239 3,296 15,522 12,566
Interest expense (11,739) (23,061) (41,467) (69,469)
Noncash interest expense on deferred royalty obligations [1] (36,410) 0 (86,460) [2] 0 [2]
Gain on deconsolidation of subsidiaries 0 52,027 0 178,321
Loss on extinguishments of debt 0 0 (21,155) (26,590)
Net loss from equity method investments (15,834) (6,563) (51,579) (14,488)
Other income, net 16,461 1,797 31,240 10,648
Total other income (expense), net (41,283) 27,496 (153,899) 90,988
Loss before income taxes (186,482) (164,254) (537,748) (275,958)
Provision for (benefit from) income taxes (1,545) 0 555 0
Net loss (184,937) (164,254) (538,303) (275,958)
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests 2,194 2,214 6,235 5,246
Net loss attributable to common stockholders of BridgeBio $ (182,743) $ (162,040) $ (532,068) $ (270,712)
Net loss per share attributable to common stockholders of BridgeBio, basic (in dollars per share) $ (0.95) $ (0.86) $ (2.79) $ (1.46)
Net loss per share attributable to common stockholders of BridgeBio, diluted (in dollars per share) $ (0.95) $ (0.86) $ (2.79) $ (1.46)
Weighted-average shares used in computing net loss per share attributable to common stockholders of BridgeBio, basic (in shares) 191,854,152 188,510,372 190,845,133 184,947,173
Weighted-average shares used in computing net loss per share attributable to common stockholders of BridgeBio, diluted (in shares) 191,854,152 188,510,372 190,845,133 184,947,173
Net product revenue        
Revenues:        
Total revenues, net $ 108,111 $ 0 $ 216,351 $ 0
Cost of revenues        
Total cost of revenues 4,028 0 8,910 0
License and services revenue        
Revenues:        
Total revenues, net 8,311 2,732 125,441 216,020
Royalty revenue        
Revenues:        
Total revenues, net 4,278 0 6,106 0
Cost of license, services and royalty revenue        
Cost of revenues        
Total cost of revenues $ 2,535 $ 598 $ 3,945 $ 1,794
[1] Including related party amounts of $(5,383) and $(5,560) for the three and nine months ended September 30, 2025, respectively (as described in Note 10)
[2] Including a related party amount of $5,560 for the nine months ended September 30, 2025 (as described in Note 10).
v3.25.3
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
 [2]
Noncash interest expense on deferred royalty obligations [1] $ (36,410) $ 0 $ (86,460) [2] $ 0
Related Party        
Noncash interest expense on deferred royalty obligations $ (5,383)   $ (5,560)  
[1] Including related party amounts of $(5,383) and $(5,560) for the three and nine months ended September 30, 2025, respectively (as described in Note 10)
[2] Including a related party amount of $5,560 for the nine months ended September 30, 2025 (as described in Note 10).
v3.25.3
Condensed Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net loss $ (184,937) $ (164,254) $ (538,303) $ (275,958)
Other comprehensive loss:        
Unrealized gains (losses) on available-for-sale securities 1 9 (6) (26)
Comprehensive loss (184,936) (164,245) (538,309) (275,984)
Comprehensive loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests 2,194 2,214 6,235 5,246
Comprehensive loss attributable to common stockholders of BridgeBio $ (182,742) $ (162,031) $ (532,074) $ (270,738)
v3.25.3
Condensed 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, 2023 [1] $ 478              
Increase (Decrease) in Temporary Equity [Roll Forward]                
Transfers from (to) noncontrolling interests 1,278              
Net income (loss) (1,231)              
Temporary equity, ending balance at Mar. 31, 2024 525              
Beginning balance (in shares) at Dec. 31, 2023 [1]     175,082,951          
Beginning balance at Dec. 31, 2023 [1] (1,343,013) $ (1,354,257) $ 181 $ (275,000) $ 1,481,032 $ 31 $ (2,560,501) $ 11,244
Beginning balance (in shares) at Dec. 31, 2023 [1]       6,191,761        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares (in shares)     1,049,580          
Issuance of shares under equity compensation plans 537 537 $ 1   536      
Issuance of common stock under employee stock purchase plan ESPP (in shares)     93,344          
Issuance of common stock under employee stock purchase plan (ESPP) 2,364 2,364     2,364      
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding, (in shares)     (78,915)          
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding (2,936) (2,936)     (2,936)      
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      
Stock-based compensation 27,125 27,125     27,125      
Issuance of noncontrolling interests 35             35
Transfers from (to) noncontrolling interests (1,278) (1,857)     (1,857)     579
Unrealized gain (loss) on available-for-sale securities (29) (29)       (29)    
Net income (loss) (34,929) (35,216)         (35,216) 287
Ending balance (in shares) at Mar. 31, 2024     187,122,744          
Ending balance at Mar. 31, 2024 (1,037,383) (1,049,528) $ 193 $ (275,000) 1,820,994 2 (2,595,717) 12,145
Ending balance (in shares) at Mar. 31, 2024       6,191,761        
Temporary equity, beginning balance at Dec. 31, 2023 [1] 478              
Temporary equity, ending balance at Sep. 30, 2024 645              
Beginning balance (in shares) at Dec. 31, 2023 [1]     175,082,951          
Beginning balance at Dec. 31, 2023 [1] (1,343,013) (1,354,257) $ 181 $ (275,000) 1,481,032 31 (2,560,501) 11,244
Beginning balance (in shares) at Dec. 31, 2023 [1]       6,191,761        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Unrealized gain (loss) on available-for-sale securities (26)              
Ending balance (in shares) at Sep. 30, 2024     188,986,547          
Ending balance at Sep. 30, 2024 (1,219,037) (1,229,922) $ 195 $ (275,000) 1,876,091 5 (2,831,213) 10,885
Ending balance (in shares) at Sep. 30, 2024       6,191,761        
Temporary equity, beginning balance at Mar. 31, 2024 525              
Increase (Decrease) in Temporary Equity [Roll Forward]                
Transfers from (to) noncontrolling interests 106              
Net income (loss) (854)              
Temporary equity, ending balance at Jun. 30, 2024 (223)              
Beginning balance (in shares) at Mar. 31, 2024     187,122,744          
Beginning balance at Mar. 31, 2024 (1,037,383) (1,049,528) $ 193 $ (275,000) 1,820,994 2 (2,595,717) 12,145
Beginning balance (in shares) at Mar. 31, 2024       6,191,761        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares (in shares)     966,153          
Issuance of shares under equity compensation plans 241 241 $ 1   240      
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding, (in shares)     (56,159)          
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding (1,743) (1,743)     (1,743)      
Stock-based compensation 31,504 31,504     31,504      
Issuance of noncontrolling interests 164             164
Transfers from (to) noncontrolling interests (106) (72)     (72)     (34)
Deconsolidation of a subsidiaries 126,443 126,429     135   126,294 14
Unrealized gain (loss) on available-for-sale securities (6) (6)       (6)    
Net income (loss) (200,984) (199,750)         (199,750) (1,234)
Ending balance (in shares) at Jun. 30, 2024     188,032,738          
Ending balance at Jun. 30, 2024 (1,081,870) (1,092,925) $ 194 $ (275,000) 1,851,058 (4) (2,669,173) 11,055
Ending balance (in shares) at Jun. 30, 2024       6,191,761        
Increase (Decrease) in Temporary Equity [Roll Forward]                
Transfers from (to) noncontrolling interests 1,924              
Net income (loss) (1,056)              
Temporary equity, ending balance at Sep. 30, 2024 645              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares (in shares)     912,176          
Issuance of shares under equity compensation plans 30 30 $ 1   29      
Issuance of common stock under employee stock purchase plan ESPP (in shares)     100,794          
Issuance of common stock under employee stock purchase plan (ESPP) 2,138 2,138     2,138      
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding, (in shares)     (59,161)          
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding (1,443) (1,443)     (1,443)      
Stock-based compensation 26,647 26,647     26,647      
Transfers from (to) noncontrolling interests (1,924) (2,790)     (2,790)     866
Deconsolidation of a subsidiaries 52,601 52,479     452   52,027 122
Unrealized gain (loss) on available-for-sale securities 9 9       9    
Net income (loss) (215,225) (214,067)         (214,067) (1,158)
Ending balance (in shares) at Sep. 30, 2024     188,986,547          
Ending balance at Sep. 30, 2024 (1,219,037) (1,229,922) $ 195 $ (275,000) 1,876,091 5 (2,831,213) 10,885
Ending balance (in shares) at Sep. 30, 2024       6,191,761        
Temporary equity, beginning balance at Dec. 31, 2024 [2] 142              
Increase (Decrease) in Temporary Equity [Roll Forward]                
Issuance of noncontrolling interests 800              
Transfers from (to) noncontrolling interests 379              
Net income (loss) (1,548)              
Temporary equity, ending balance at Mar. 31, 2025 $ (227)              
Beginning balance (in shares) at Dec. 31, 2024 190,044,473   190,044,473 [2]          
Beginning balance at Dec. 31, 2024 [2] $ (1,457,754) [3] (1,467,904) $ 196 $ (275,000) 1,903,155 8 (3,096,263) 10,150
Beginning balance (in shares) at Dec. 31, 2024 6,191,761     6,191,761 [2]        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Repurchase of common stock (in shares)     1,405,411 1,405,411        
Repurchase of common stock $ (48,276) (48,276)   $ (48,276)        
Issuance of shares (in shares)     1,081,744          
Issuance of shares under equity compensation plans 2,521 2,521 $ 1   2,520      
Issuance of common stock under employee stock purchase plan ESPP (in shares)     156,097          
Issuance of common stock under employee stock purchase plan (ESPP) 3,237 3,237     3,237      
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding, (in shares)     (50,880)          
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding (1,776) (1,776)     (1,776)      
Stock-based compensation 32,057 32,057     32,057      
Transfers from (to) noncontrolling interests (379) (824)     (824)     445
Unrealized gain (loss) on available-for-sale securities (8) (8)       (8)    
Net income (loss) (168,060) (167,422)         (167,422) (638)
Ending balance (in shares) at Mar. 31, 2025     189,826,023          
Ending balance at Mar. 31, 2025 (1,638,438) (1,648,395) $ 197 $ (323,276) 1,938,369 0 (3,263,685) 9,957
Ending balance (in shares) at Mar. 31, 2025       7,597,172        
Temporary equity, beginning balance at Dec. 31, 2024 [2] 142              
Temporary equity, ending balance at Sep. 30, 2025 $ 23              
Beginning balance (in shares) at Dec. 31, 2024 190,044,473   190,044,473 [2]          
Beginning balance at Dec. 31, 2024 [2] $ (1,457,754) [3] (1,467,904) $ 196 $ (275,000) 1,903,155 8 (3,096,263) 10,150
Beginning balance (in shares) at Dec. 31, 2024 6,191,761     6,191,761 [2]        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Unrealized gain (loss) on available-for-sale securities $ (6)              
Ending balance (in shares) at Sep. 30, 2025 192,633,286   192,633,286          
Ending balance at Sep. 30, 2025 $ (1,922,752) (1,933,070) $ 200 $ (323,276) 2,018,335 2 (3,628,331) 10,318
Ending balance (in shares) at Sep. 30, 2025 7,597,172     7,597,172        
Temporary equity, beginning balance at Mar. 31, 2025 $ (227)              
Increase (Decrease) in Temporary Equity [Roll Forward]                
Issuance of noncontrolling interests 750              
Transfers from (to) noncontrolling interests 400              
Net income (loss) (1,368)              
Temporary equity, ending balance at Jun. 30, 2025 (445)              
Beginning balance (in shares) at Mar. 31, 2025     189,826,023          
Beginning balance at Mar. 31, 2025 (1,638,438) (1,648,395) $ 197 $ (323,276) 1,938,369 0 (3,263,685) 9,957
Beginning balance (in shares) at Mar. 31, 2025       7,597,172        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares (in shares)     1,395,587          
Issuance of shares under equity compensation plans 7,159 7,159 $ 1   7,158      
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding, (in shares)     (58,951)          
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding (1,995) (1,995)     (1,995)      
Stock-based compensation 38,089 38,089     38,089      
Transfers from (to) noncontrolling interests (400) (816)     (816)     416
Unrealized gain (loss) on available-for-sale securities 1 1       1    
Net income (loss) (182,390) (181,903)         (181,903) (487)
Ending balance (in shares) at Jun. 30, 2025     191,162,659          
Ending balance at Jun. 30, 2025 (1,777,974) (1,787,860) $ 198 $ (323,276) 1,980,805 1 (3,445,588) 9,886
Ending balance (in shares) at Jun. 30, 2025       7,597,172        
Increase (Decrease) in Temporary Equity [Roll Forward]                
Transfers from (to) noncontrolling interests 2,068              
Net income (loss) (1,600)              
Temporary equity, ending balance at Sep. 30, 2025 23              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of shares (in shares)     1,424,255          
Issuance of shares under equity compensation plans 4,843 4,843 $ 2   4,841      
Issuance of common stock under employee stock purchase plan ESPP (in shares)     105,325          
Issuance of common stock under employee stock purchase plan (ESPP) 3,177 3,177     3,177      
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding, (in shares)     (58,953)          
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding (3,025) (3,025)     (3,025)      
Stock-based compensation 35,631 35,631     35,631      
Transfers from (to) noncontrolling interests (2,068) (3,094)     (3,094)     1,026
Unrealized gain (loss) on available-for-sale securities 1 1       1    
Net income (loss) $ (183,337) (182,743)         (182,743) (594)
Ending balance (in shares) at Sep. 30, 2025 192,633,286   192,633,286          
Ending balance at Sep. 30, 2025 $ (1,922,752) $ (1,933,070) $ 200 $ (323,276) $ 2,018,335 $ 2 $ (3,628,331) $ 10,318
Ending balance (in shares) at Sep. 30, 2025 7,597,172     7,597,172        
[1] The consolidated balances as of December 31, 2024 and 2023 are derived from the audited consolidated financial statements as of those dates.
[2] The consolidated balances as of December 31, 2024 and 2023 are derived from the audited consolidated financial statements as of those dates
[3] The condensed consolidated balance sheet as of December 31, 2024 is derived from the audited consolidated financial statements as of that date.
v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities:    
Net loss $ (538,303) $ (275,958)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 98,385 65,673
Loss on extinguishments of debt 21,155 26,590
Noncash interest expense on deferred royalty obligations [1],[2] 86,460 0
Amortization of debt discount and issuance costs 4,515 5,399
Depreciation and amortization 3,999 4,708
Noncash lease expense 3,443 3,119
Net loss from equity method investments 51,579 14,488
Change in fair value of the embedded derivative associated with the deferred royalty obligation (11,062) 0
Noncash income from an equity method investment (7,769) 0
Gain on deconsolidation of subsidiaries 0 (178,321)
Gain from investment in equity securities, net 0 (8,136)
Other noncash adjustments, net (1,217) (2,059)
Changes in operating assets and liabilities:    
Accounts receivable, net (111,796) 1,273
Inventories (23,356) 0
Prepaid expenses and other current assets (17,527) (17,543)
Other assets 568 (428)
Accounts payable 9,084 5,257
Accrued compensation and benefits 3,212 5,580
Accrued research and development liabilities 347 15,454
Operating lease liabilities (4,757) (4,459)
Deferred revenue (9,480) 20,575
Other liabilities [3] 53,030 (6,612)
Net cash used in operating activities (389,490) (325,400)
Investing activities:    
Purchases of marketable securities (10,876) (93,811)
Maturities of marketable securities 8,000 95,000
Purchases of investments in equity securities 0 (20,271)
Proceeds from sales of investments in equity securities 0 63,229
Proceeds from special cash dividends received from an investment in equity securities 2,302 25,682
Payment for intangible assets (8,495) (4,785)
Purchases of property and equipment (1,064) (886)
Decrease in cash and cash equivalents resulting from deconsolidation of subsidiaries 0 (140)
Net cash provided by (used in) investing activities (10,133) 64,018
Financing activities:    
Repurchase of common stock (48,276) 0
Proceeds from a royalty obligation under the Royalty Purchase Agreement 300,000 0
Issuance costs associated with a royalty obligation under the Royalty Purchase Agreement (3,010) 0
Repayment of term loans (459,000) (473,417)
Repayments of deferred royalty obligations [4] (6,896) 0
Proceeds from issuance of common stock through public offerings, net 0 314,741
Proceeds from common stock issuances under ESPP 6,414 4,502
Proceeds from stock option exercises, net of repurchases 14,523 808
Transactions with noncontrolling interests 1,550 0
Repurchase of RSU shares to satisfy tax withholding (6,796) (6,122)
Net cash provided by financing activities 361,475 274,526
Net increase (decrease) in cash, cash equivalents and restricted cash (38,148) 13,144
Cash, cash equivalents and restricted cash at beginning of period 683,244 394,732
Cash, cash equivalents and restricted cash at end of period 645,096 407,876
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 43,670 78,236
Cash paid for income taxes 1,153 0
Supplemental Disclosures of Noncash Investing and Financing Information:    
Unpaid property and equipment 12 274
Transfers to noncontrolling interests (4,734) (4,719)
Reconciliation of Cash, Cash Equivalents and Restricted Cash:    
Cash and cash equivalents 642,951 266,324
Restricted cash — Included in “Prepaid expenses and other current assets” 126 139,409
Restricted cash — Included in “Other assets” 2,019 2,143
Total cash, cash equivalents and restricted cash at end of periods shown in the condensed consolidated statements of cash flows 645,096 407,876
Financing Agreement    
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of debt discount and issuance costs   2,200
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)
Proceeds from term loan under the Amended Financing Agreement 0 450,000
2031 Notes, net    
Financing activities:    
Proceeds from issuance of 2031 Notes 575,000 0
Issuance costs and discounts associated with 2031 Notes/ Issuance costs and discounts associated with term loan under Amended Financing Agreement $ (12,034) $ 0
[1] Including a related party amount of $5,560 for the nine months ended September 30, 2025 (as described in Note 10).
[2] Including related party amounts of $(5,383) and $(5,560) for the three and nine months ended September 30, 2025, respectively (as described in Note 10)
[3] Including a related party amount of $1,647 for the nine months ended September 30, 2025 (as described in Note 10).
[4] Including a related party amount of $(665) for the nine months ended September 30, 2025 (as described in Note 10).
v3.25.3
Condensed Consolidated Statements of Cash Flows (Parenthetical)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Noncash interest expense on deferred royalty obligations $ 86,460 [1],[2]
Other liabilities 53,030 [3]
Repayments of deferred royalty obligations (6,896) [4]
Related Party  
Noncash interest expense on deferred royalty obligations 5,560
Other liabilities 1,647
Repayments of deferred royalty obligations $ (665)
[1] Including a related party amount of $5,560 for the nine months ended September 30, 2025 (as described in Note 10).
[2] Including related party amounts of $(5,383) and $(5,560) for the three and nine months ended September 30, 2025, respectively (as described in Note 10)
[3] Including a related party amount of $1,647 for the nine months ended September 30, 2025 (as described in Note 10).
[4] Including a related party amount of $(665) for the nine months ended September 30, 2025 (as described in Note 10).
v3.25.3
Organization and Description of Business
 9 Months Ended
Sep. 30, 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 new type of biopharmaceutical company founded to discover, create, test and deliver transformative medicines to treat patients who suffer from genetic diseases. BridgeBio’s pipeline of development programs ranges from early science to advanced clinical trials. BridgeBio was founded in 2015, and its team of experienced drug discoverers, developers and innovators are committed to applying advances in genetic medicine to help patients as quickly as possible. On November 22, 2024, the Company received approval from the United States Food and Drug Administration (“FDA”) for AttrubyTM (acoramidis) and began to generate product revenue from the commercialization of Attruby in the U.S. On February 10, 2025, the European Commission (“EC”) approved BeyonttraTM (acoramidis) for the treatment of transthyretin amyloid cardiomyopathy (ATTR-CM) in the EU. On March 27, 2025, the Japanese Ministry of Health, Labour and Welfare approved Beyonttra for the treatment of ATTR-CM in Japan, and on May 21, 2025, the National Health Insurance in Japan approved the pricing of Beyonttra. In April 2025, the United Kingdom Medicines and Healthcare Products Regulatory Agency approved Beyonttra for the treatment of ATTR-CM in the UK. In addition, we have three product candidates (low-dose infigratinib for achondroplasia, encaleret for ADH1, and BBP-418 for limb-girdle muscular dystrophy type 2I/R9, or LGMD2I/R9) in our late-stage development pipeline.
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.
v3.25.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation
The condensed consolidated financial statements include the accounts of BridgeBio and its wholly-owned subsidiaries and controlled entities, substantially all of which are denominated in U.S. dollars. All intercompany balances and transactions have been eliminated in consolidation. For consolidated entities where we own or are exposed to less than 100% of the economics, we record “Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests” on our condensed consolidated statements of operations equal to the percentage of the economic or ownership interest retained in such entities by the respective noncontrolling parties.
In determining whether an entity is considered a controlled entity, we applied the VIE and Voting Interest Entity (“VOE”) models. We assess whether we are the primary beneficiary of a VIE based on our power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and our obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Entities that do not qualify as a VIE are assessed for consolidation under the VOE model. Under the VOE model, BridgeBio consolidates the entity if it determines that it has a controlling financial interest in the entity through its ownership of greater than 50% of the outstanding voting shares of the entity and that other equity holders do not have substantive voting, participating or liquidation rights. We assess whether we are the primary beneficiary of a VIE or whether we have a majority voting interest for entities consolidated under the VOE model at the inception of the arrangement and at each reporting date.
The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Certain reclassifications have been made to prior period amounts to conform to current period presentations. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC.
The condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal and recurring adjustments, necessary for a fair statement of our financial position, our results of operations and comprehensive loss, stockholders’ deficit and our cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for any other future annual or interim periods.
Concentration of Credit Risk and Other Risks and Uncertainties
Financial instruments that subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities, accounts receivable, and restricted cash. Amounts on deposit may at times exceed federally insured limits. Although management currently believes that the financial institutions with whom 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 September 30, 2025 and December 31, 2024.
During the three and nine months ended September 30, 2025 and 2024, our revenues were generated primarily from product sales to customers and from license and collaboration agreements with strategic partners.
The following table summarizes customers that represent 10% or greater of our condensed consolidated total gross revenues:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Bayer (as described in Note 11)*13.2%20.5%60.7%
Kyowa Kirin Co., Ltd (as described in Note 11)*75.0%*34.3%
Customer A20.6%*17.3%*
Customer B22.5%*17.1%*
Customer C17.4%*12.7%*
Customer D17.4%*12.9%*
Customer E14.4%***
*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 September 30, 2025, five customers each accounted for more than 10% of our consolidated gross accounts receivable balance, at 23.6%, 20.3%, 18.5%, 17.4% and 13.9%. 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, and in some cases a single source manufacturer, to supply us with our requirements for the active pharmaceutical ingredients and formulated drugs related to the sale of our commercial product and the research and development of our other clinical product candidates. 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 condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to:
•revenue recognition for transactions accounted for under ASC 606, Revenue from Contracts with Customers (“ASC 606”), including estimating the impact of 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 and asset acquisitions,
•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 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. 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”. 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, and marketable securities are exposed to credit risk in the event of default by the third parties that hold or issue such assets. Our cash, cash equivalents, and marketable securities are held by financial institutions that management believes are of high credit quality. Our investment policy limits investments to fixed income securities denominated and payable in U.S. dollars such as commercial paper, U.S. government obligations, treasury bills, and money market funds, and places restrictions on maturities and concentrations by type and issuer.
Cash as reported in the accompanying condensed consolidated statements of cash flows includes the aggregate amounts of cash, cash equivalents and restricted cash as presented on the accompanying condensed consolidated balance sheets as follows:
September 30, 2025December 31, 2024
(in thousands)
Cash and cash equivalents$642,951 $681,101 
Restricted cash — included in “Prepaid expenses and other current assets”126 126 
Restricted cash, non-current — included in “Other assets”2,019 2,017 
Total cash, cash equivalents and restricted cash$645,096 $683,244 
Restricted cash primarily represents certain letters of credit for lease agreements, of which we have pledged cash and cash equivalents as collateral.
Other Current Liabilities
Other current liabilities presented on the condensed consolidated balance sheets consisted of the following balances:
September 30, 2025December 31, 2024
(in thousands)
Accrued rebates and other related costs$47,444 $210 
Accrued commercial23,165 11,267 
Deferred royalty obligations, current portion (1)8,601 144 
Accrued professional services4,986 3,673 
Accrued interest4,253 11,056 
Milestone-based liabilities— 1,595 
Other accrued liabilities4,294 5,126 
Total other current liabilities$92,743 $33,071 
(1)Including a related party amount of $1,647 as of September 30, 2025 (as described in Note 10).
Segments
We are a single operating and reportable segment, which is in the business of identifying and advancing transformative medicines to treat patients. We operate in one segment because our business offerings have similar economics and other characteristics, including the nature of products, clinical and manufacturing processes, types of customers, distribution methods, and regulatory environments. We are managed in the aggregate as one business segment by the Chief Operating Decision Maker (“CODM”), which is our Chief Executive Officer.
While we operate as a single reportable segment, our research and development expenses for our significant programs are tracked and regularly reported to our CODM. Research and development costs consist primarily of external costs, such as fees paid to consultants, contractors, CMOs, and contract research organizations (“CROs”), and purchase of active pharmaceutical ingredients (“APIs”), in connection with our preclinical, contract manufacturing and clinical development activities; as well as internal costs, such as personnel and facility costs, and are tracked on a program-by-program basis. License fees and other costs incurred after a product candidate has been designated and that are directly related to the product candidate are included in the specific program expense. License fees and other costs incurred prior to designating a product candidate are included in early-stage development and research programs, which are presented in the following table in “Other development programs” and “Other research programs,” respectively.
The following table summarizes our segment information for significant operating expenses:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)(in thousands)
Revenues:
Net product revenue$108,111 $— $216,351 $— 
License and services revenue8,311 2,732 125,441 216,020 
Royalty revenue4,278 — 6,106 — 
Total revenues, net120,700 2,732 347,898 216,020 
Operating costs and expenses:
Cost of revenues:
Cost of goods sold4,028 — 8,910 — 
Cost of license, services and royalty revenue2,535 598 3,945 1,794 
Total cost of revenues6,563 598 12,855 1,794 
Research and development by significant program:
Acoramidis for the treatment and primary prevention
   of ATTR-CM		31,978 40,306 84,639 116,846 
Infigratinib for achondroplasia and hypochondroplasia30,756 22,230 88,881 65,513 
BBP-418 for LGMD2I/R914,253 9,073 39,705 29,864 
Encaleret for ADH116,046 12,145 44,633 35,297 
Other development programs357 17,625 22,323 59,602 
Other research programs19,484 19,065 55,355 68,989 
Total segment research and development112,874 120,444 335,536 376,111 
Selling, general and administrative137,621 68,819 373,140 194,149 
Restructuring, impairment and related charges8,841 4,621 10,216 10,912 
Total operating costs and expenses265,899 194,482 731,747 582,966 
Loss from operations(145,199)(191,750)(383,849)(366,946)
Other income (expense), net:
Interest income6,239 3,296 15,522 12,566 
Interest expense(11,739)(23,061)(41,467)(69,469)
Noncash interest expense on deferred royalty obligations (1)(36,410)— (86,460)— 
Gain on deconsolidation of subsidiaries— 52,027 — 178,321 
Loss on extinguishments of debt— — (21,155)(26,590)
Net loss from equity method investments(15,834)(6,563)(51,579)(14,488)
Other income, net16,461 1797 31,240 10,648 
Total other income (expense), net(41,283)27,496 (153,899)90,988 
Loss before income taxes(186,482)(164,254)(537,748)(275,958)
Provision for (benefit from) income taxes(1,545)— 555 — 
Net loss(184,937)(164,254)(538,303)(275,958)
Net loss attributable to redeemable convertible noncontrolling
   interests and noncontrolling interests		2,194 2,214 6,235 5,246 
Segment net loss attributable to common stockholders of BridgeBio$(182,743)$(162,040)$(532,068)$(270,712)
(1)Including related party amounts of $(5,383) and $(5,560) for the three and nine months ended September 30, 2025, respectively (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 condensed consolidated “Total revenues, net” and “Net loss attributable to common stockholders of BridgeBio”.
Total revenues, net is attributed to regions based on the location of our customers or license and collaboration partners.
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
U.S.89.6 %1.8 %62.2 %4.8 %
Europe, Middle East, and Africa (EMEA)7.7 %13.2 %34.9 %60.8 %
Asia-Pacific (APAC)2.7 %85.0 %2.9 %34.4 %
100.0 %100.0 %100.0 %100.0 %
The CODM does not review assets at a different asset level or category than the amounts disclosed in the condensed consolidated balance sheets. As of September 30, 2025, our capitalized property and equipment located in the U.S., Canada and the rest of the world are approximately 43.5%, 52.2%, and 4.3%, 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.
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. In addition, we offer a program that provides free drug products for a limited period of time or in perpetuity, which is based on specific patient eligibility criteria. We recognize the costs of the program, including the cost of the product, as “Selling, general, and administrative” expenses on our condensed consolidated statements of operations upon delivery to the specialty pharmacy.
•License fees: For arrangements that include a grant of a license to our intellectual property, we consider whether the license grant is distinct from the other performance obligations included in the arrangement. Generally, we would conclude that the license is distinct if the customer is able to benefit from the license with the resources available to it. For licenses that are distinct, we recognize revenues from nonrefundable, upfront license fees and other consideration allocated to the license when the license term has begun and we have provided all necessary information regarding the underlying intellectual property to the customer, which generally occurs at or near the inception of the arrangement. For licenses that are bundled with other promises, we determine whether the combined performance obligation is satisfied over time or at a point in time. If the combined performance obligation is satisfied over time, we use judgment in determining the appropriate method of measuring progress for purposes of recognizing revenue from the up-front license fees. We evaluate the measure of progress for each reporting period and, if necessary, adjust the measure of performance and related revenue recognition.
•Development and regulatory milestone payments: At the inception of each arrangement that includes development and regulatory milestone payments, we evaluate whether the milestones are considered probable of being achieved and estimate the amount to be included in the transaction price using the most likely amount method. We generally include these milestone payments in the transaction price when they are achieved because there is considerable uncertainty in the research and development processes that trigger these payments under our agreements. Similarly, we include approval milestone payments in the transaction price once the product is approved by the applicable regulatory agency. At the end of each subsequent reporting period, we re-evaluate the probability of achieving such development and regulatory milestones and any related constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis.
•Sales-based milestone payments and royalties: For arrangements that include sales-based royalties, including milestone payments based on the volume of sales, we will determine whether the license is deemed to be the predominant item to which the royalties or sales-based milestones relate and if such is the case, we will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). 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, returns, chargebacks, rebates, co-pay assistance and other allowances that are offered within contracts between us and our customers, health care providers and other indirect customers relating to the sale of Attruby. These reserves are based on amounts earned or to be claimed on the related sale and are classified as reductions of accounts receivable (if the amount is payable to the customer) or 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”:
•Trade discounts and allowances: We provide customary invoice discounts on sales to our U.S. customers for prompt payment. The discounts are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue, and the establishment of a reserve that is offset against our accounts receivable balance on our condensed consolidated balance sheets.
•Distribution fees: We receive and pay for various distribution services provided by our customers. These fees are generally accounted for as a reduction of revenue in the same period the related revenue is recognized, and the establishment of a reserve is offset against our accounts receivable balance on our condensed consolidated balance sheets. To the extent that the services received are distinct from the sale of products to our customers, we classify these payments as selling, general and administrative expenses.
•Product returns: Consistent with industry practice, we offer our customers limited product return rights for damages, shipment errors, and expiring product; provided that the return is within a specified period around the product expiration date as set forth in the applicable individual distribution or customer agreement. In estimating for product returns, we consider historical product returns, the underlying product demand, and industry specific data. We estimate the amount of product sales that may be returned and record the estimate as a reduction of revenue and a refund liability included in other current liabilities on our condensed consolidated balance sheets in the period the related product revenue is recognized.
•Chargebacks: Chargebacks result from contractual commitments with the government and other entities to sell products to qualified healthcare providers at prices lower than the list prices charged to our customers. Our customers charge us for the difference between what they pay for the product and the selling price to the qualified healthcare providers. We record reserves and reduce our product revenue for these chargebacks related to product sold to our customers during the reporting period as well as our estimate of product that remains in the distribution channel at the end of the reporting period that we expect will be sold to qualified healthcare providers in future periods. Our established reserve for chargebacks is included as an offset against our accounts receivable balance on our condensed consolidated balance sheets.
•Government rebates: We are subject to discount obligations under government programs, including Medicare and Medicaid programs in the U.S. Rebates are amounts owed after the final dispensing of the product to a benefit plan participant and are based upon contractual agreements with payers or statutory requirements pertaining to Medicare and Medicaid benefit providers. The allowance for rebates is based on contractual or statutory discount rates, estimated payer mix, and expected utilization. Our estimates for the expected utilization of rebates are based on historical dispense data received from our customers and invoices received. We monitor sales trends and adjust the allowance on a quarterly basis to reflect the most recent rebate experience. Our reserve for these rebates is recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of the liability that is included in other current liabilities on our condensed consolidated balance sheets.
•Other incentives: Other incentives include co-payment assistance that we provide to patients with commercial insurance that have coverage and qualify for co-payment assistance. Co-payment assistance is accrued based on an estimate of the number of co-payment assistance claims and the cost per claim that we expect to receive associated with products that have been recognized as revenue. The estimate is recorded as a reduction of revenue in the same period that the related revenue is recognized and also results in the establishment of a liability which is included in other current liabilities on our condensed consolidated balance sheets.
During the three and nine months ended September 30, 2025, we recorded “Net product revenue” of $108.1 million and $216.4 million, respectively, related to product sales of Attruby. There were no significant changes in estimates of variable considerations during the three and nine months ended September 30, 2025.
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 consideration, such as performance-based milestones, will be included in the total consideration if we expect to receive such consideration and if it is probable that the inclusion of the variable consideration will not result in a significant reversal in the cumulative amount of revenue recognized under the arrangement. Our estimate of the total consideration we expect to receive under each licensing and collaboration arrangement is updated for each reporting period, and any adjustments to revenue are recorded on a cumulative catch-up basis.
Inventories
Inventory is recorded at the lower of cost or net realizable value. The cost of raw materials, work in process and finished goods are determined using a standard cost approach, which approximates actual cost determined on a first-in, first-out basis. Raw and intermediate materials that may be used for either research and development or commercial purposes are classified as inventory until the material is consumed or otherwise allocated for research and development. If the material is used for research and development, it is expensed as research and development once that determination is made. We capitalize inventory costs that are expected to be sold commercially once we determine it is probable that the inventory costs will be recovered through commercial sales. Prior to regulatory approval of our product candidates, we record costs related to manufacturing and materials as “Research and development” expenses in the period incurred on the condensed consolidated statements of operations, and therefore such costs are not included in cost of revenue. Subsequent to the FDA approval of Attruby in November 2024, the costs directly related to Attruby manufacturing were capitalized as inventory. We reduce our inventory to net realizable value for potentially excess, dated or obsolete inventory based on our periodic assessment of the recoverability of our capitalized inventory. We periodically review inventory levels to identify what may expire prior to expected sale or have a cost basis in excess of its estimated realizable value and write-down of such inventories are charged to cost of revenues as appropriate. We regularly review our inventories for impairment and reserves are established when necessary. As of September 30, 2025, our inventory reserve was $1.1 million.
Inventories presented on the condensed consolidated balance sheet as of September 30, 2025 consisted of the following balances:
September 30, 2025
(in thousands)
Raw materials$16,506 
Work in progress4,132 
Finished goods4,969 
Inventory reserve(1,080)
Total inventories$24,527 
Cost of Revenues
Cost of revenues consists of the following classifications, which are presented accordingly on our condensed consolidated statements of operations:
•Cost of goods sold: Cost of goods sold consists of manufacturing costs, transportation and freight-in, indirect overhead costs (including salary related and stock-based compensation expenses) associated with the commercial manufacturing and distribution of Attruby, and third-party royalties payable on our net product revenue. Cost of goods sold may also include period costs related to excess, dated or obsolete inventory adjustment charges, unabsorbed manufacturing and overhead costs, and manufacturing variances.
•Cost of license, services and royalty revenue: Cost of license, services and royalty revenue consists of manufacturing costs relating to product supply of Beyonttra to our collaboration partners, royalties owed to a third party on the net sales of our licensed product, as well as amortization of intangible assets associated with our license and collaboration agreements, which are amortized over the life of the underlying intellectual property.
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. 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.
New Accounting Pronouncements Not Yet Adopted
In December 2023, the Financial Standards Accounting Board (“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. The update will be effective for annual periods beginning after December 15, 2024. We will first apply this guidance, on an annual basis, for the year ending December 31, 2025. While this ASU will expand our income tax disclosures, it is not expected to have a material impact on our consolidated financial statements.
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 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, Revenue from Contracts with Customers. 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 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.
v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Assets and liabilities recorded at fair value on a recurring basis in the condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:
Level 1 — Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2 — Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment we exercise in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
The carrying amounts reflected in the accompanying condensed consolidated balance sheets for cash and cash equivalents, marketable securities, accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued expenses approximate their fair values, due to their short-term nature.
The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation:
September 30, 2025
TotalLevel 1Level 2Level 3
(in thousands)
Assets
Cash equivalents:
Money market funds$231,516 $231,516 $— $— 
Treasury bills39,872 — 39,872 — 
Agency discount notes11,956 — 11,956 — 
Total cash equivalents283,344 231,516 51,828 — 
Marketable securities:
Treasury bills2,991 — 2,991 — 
Total marketable securities2,991 — 2,991 — 
Total financial assets$286,335 $231,516 $54,819 $— 
Liability
Embedded derivative (included in “Deferred royalty obligations, net”)$30,029 $— $— $30,029 
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.
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:
September 30, 2025December 31, 2024
Aggregate Face ValuesEstimated Fair ValuesAggregate Face ValuesEstimated Fair Values
(in thousands)(in thousands)
2031 Convertible Notes$575,000 $742,818 $— $— 
2029 Convertible Notes$747,500 $737,842 $747,500 $640,708 
2027 Convertible Notes$550,000 $767,525 $550,000 $578,087 
Term Loan
The fair value of our outstanding term loan under the Amended Financing Agreement (as defined and discussed in Note 9) as of December 31, 2024 was estimated using the net present value of the payments, discounted at an interest rate that is consistent with a market interest rate, which is a Level 2 input. The estimated fair value of our outstanding term loan as of December 31, 2024 was $461.8 million. The 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 condensed consolidated balance sheets. The embedded derivative liability is subject to remeasurement at the end of each reporting period, with changes in fair value recognized as a component of “Other income (expense), net”. The assumptions used in the option pricing Monte Carlo simulation model incorporates certain Level 3 inputs including: (1) our estimates of the probability and timing of related events; (2) the probability-weighted global net product revenue of Attruby 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 $523.2 million and $446.0 million as of September 30, 2025 and December 31, 2024, respectively. For the three and nine months ended September 30, 2025, we recognized a $5.6 million and $11.1 million gain, respectively, for the change in fair value of the embedded derivative liability in “Other income (expense), net” on our condensed consolidated statements of operations.
The deferred royalty obligation under the Royalty Purchase Agreement, as defined and discussed further in Note 10, had an estimated fair value of $319.5 million as of September 30, 2025 based on the Monte Carlo simulation model.
v3.25.3
Cash Equivalents and Marketable Securities
 9 Months Ended
Sep. 30, 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 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:
September 30, 2025
Amortized
Cost Basis		Unrealized
Gains		Unrealized
Losses		Estimated Fair
Value
(in thousands)
Cash equivalents:
Money market funds$231,516 $— $— $231,516 
Treasury bills39,872 1 (1)39,872 
Agency discount notes11,954 2 — 11,956 
Total cash equivalents$283,342 $3 $(1)$283,344 
Marketable securities:
Treasury bills2,991 — — 2,991 
Total marketable securities2,991 — — 2,991 
Total cash equivalents and marketable securities$286,333 $3 $(1)$286,335 
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.
v3.25.3
Noncontrolling Interests
 9 Months Ended
Sep. 30, 2025
Noncontrolling Interest [Abstract]  
Noncontrolling Interests Noncontrolling Interests
As of September 30, 2025 and December 31, 2024, we had both redeemable convertible noncontrolling interests and noncontrolling interests in consolidated partially-owned entities, for which BridgeBio is the primary beneficiary under the VIE model. These balances are reported as separate components outside stockholders’ deficit in “Redeemable convertible noncontrolling interests” and as part of stockholders’ deficit in “Noncontrolling interests” on the condensed consolidated balance sheets.
We adjust the carrying value of noncontrolling interests to reflect the book value attributable to noncontrolling stockholders of consolidated partially-owned entities when there is a change in the ownership during the respective reporting period and such adjustments are recorded to “Additional paid-in capital.” For the three and nine months ended September 30, 2025, the adjustments in the aggregate amounted to $(3.1) million and $(4.7) million, respectively. For the three and nine months ended September 30, 2024, the adjustments in the aggregate amounted to $(2.8) million and $(4.7) million, respectively. All such adjustments are disclosed within the “Transfers from (to) noncontrolling interests” line item on the condensed consolidated statements of redeemable convertible noncontrolling interests and stockholders’ deficit.
v3.25.3
Equity Method Investments and Other Equity Security Investment
 9 Months Ended
Sep. 30, 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 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 September 30, 2025, the Company’s equity ownership percentage in GondolaBio is 29.2%.
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 a subsidiary” on our condensed 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 Investments — Equity Method and Joint Ventures. GondolaBio was also deemed a related party. BridgeBio’s equity investment in GondolaBio, valued at $50.0 million upon deconsolidation, includes an implied difference of $23.9 million between the fair value of the equity investment and the underlying equity in the net assets of GondolaBio (referred to as a “basis difference”) which was allocated to GondolaBio’s in-process research and development (“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 three and nine months ended September 30, 2025 was $0.3 million and $0.9 million, respectively. The amortization of the IPR&D asset for the period from August 16, 2024 through September 30, 2024 was $0.1 million.
For the three and nine months ended September 30, 2025, the Company recognized a net loss from equity method investment of $7.1 million and $23.0 million, respectively. For the period from August 16, 2024 through September 30, 2024, the Company recognized a net loss from equity method investment of $1.4 million. As of September 30, 2025 and December 31, 2024, the aggregate carrying amount of the Company’s equity method investment in GondolaBio was $18.5 million and $41.5 million, respectively, and is presented as part of “Investment in nonconsolidated entities” on the condensed consolidated balance sheets.
In addition, on August 16, 2024, the Company and GondolaBio entered into a 24-month transition service agreement (the “GondolaBio Transition Service Agreement”) for the provision of certain transitionary consulting services to be provided by the Company and GondolaBio. In October 2024, the Company and GondolaBio entered into a one-year agreement for a partial sublease of a facility (“sublease agreement”). Under the GondolaBio Transition Service Agreement and sublease agreement, the Company recognized $3.2 million and $8.6 million, respectively, in other income, and $1.4 million and $4.1 million, respectively, of pass-through costs and sublease income recorded as an offset against operating expenses, during the three and nine months ended September 30, 2025. Under the GondolaBio Transition Service Agreement and sublease agreement, the Company recognized $0.4 million in other income and $0.4 million of pass-through costs and sublease income recorded as an offset against operating expenses for the period from August 16, 2024 through September 30, 2024. As of September 30, 2025 and December 31, 2024, the Company had $4.1 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 an immaterial amount and $1.2 million, respectively, in “Research and development” expenses for the three and nine months ended September 30, 2025 for transitionary consulting services provided by GondolaBio to BridgeBio. As of September 30, 2025 and December 31, 2024, the Company also had $1.3 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. On April 30, 2024, we recognized a $126.3 million gain on deconsolidation, which is presented as part of “Gain on deconsolidation of a subsidiary” on our condensed 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 Investments — Equity Method and Joint Ventures. 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 (“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 three and nine months ended September 30, 2025 was $0.6 million and $1.8 million, respectively. The amortization of the BBOT IPR&D asset for the period from May 1, 2024 through September 30, 2024 was $1.0 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. Following the consummation of the business combination, the Company’s equity ownership percentage in BBOT was reduced to 17.4% as of September 30, 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 three and nine months ended September 30, 2025, we recognized a net loss from equity method investment of $8.7 million and $28.6 million, respectively. For the three and nine months ended September 30, 2024, we recognized a net loss from equity method investment of $5.2 million and $13.1 million, respectively. As of September 30, 2025 and December 31, 2024, the aggregate carrying amount of our equity method investment in BBOT was $73.7 million and $102.2 million, respectively, and is presented as part of “Investment in nonconsolidated entities” on our condensed consolidated balance sheets.
In addition, on April 30, 2024, the Company and Legacy BBOT entered into an 18-month transition service agreement (the “BBOT Transition Service Agreement”) for the provision of certain transitionary consulting services to be provided by the Company and Legacy BBOT. Under the BBOT Transition Service Agreement, the Company recognized $0.2 million and $0.9 million, respectively, in other income and $0.2 million and $0.3 million, respectively, as an offset against operating expenses during the three and nine months ended September 30, 2025. Under the BBOT Transition Service Agreement, the Company recognized $0.8 million and $1.6 million, respectively, in other income, and $0.6 million and $0.7 million, respectively, as an offset against operating expenses during the three and nine months ended September 30, 2024. As of September 30, 2025 and December 31, 2024, the Company had $0.8 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 in “Research and development” expenses for the three and nine months ended September 30, 2025 for transitionary consulting services provided by BBOT to BridgeBio. The Company recognized $0.4 million and $0.7 million, respectively, in “Research and development” expenses for the three and nine months ended September 30, 2024. As of September 30, 2025 and December 31, 2024, the Company also had immaterial amounts in “Accrued research and development liabilities” for transitionary consulting services provided by BBOT to BridgeBio.
In August 2025, the Company and BBOT entered into an amendment to the BBOT Transition Service Agreement, pursuant to which     BBOT agreed to issue 784,720 shares of its common stock to the Company by October 31, 2025. As of September 30, 2025, the shares had not yet been issued, and we recorded $7.8 million within “Other assets” on our condensed consolidated balance sheets with a corresponding amount recognized in “Other income, net” on our condensed consolidated statements of operations. The shares were subsequently issued on October 10, 2025.
LianBio
On February 13, 2024, LianBio announced plans to wind down its operations, including the sale of its remaining assets, delisting of its American Depository Shares from the Nasdaq Global Market, deregistration under Section 12(b) of the Securities Act of 1934, and workforce reductions. LianBio's Board of Directors declared a special cash dividend of $4.80 per ordinary share, net of applicable depositary fees of $0.05 per share held and applicable taxes. On February 20, 2024, QED Therapeutics, Inc. (“QED”) exercised the 347,569 shares of LianBio warrants it held for an immaterial amount. 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. As of September 30, 2025, the Company held 5,350,361 shares of LianBio common stock. 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 during the three months ended September 30, 2025 as other income in “Other income (expense), net” on our condensed consolidated statements of operations
v3.25.3
Intangible Assets, net
 9 Months Ended
Sep. 30, 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:
September 30, 2025December 31, 2024
Weighted-average
Estimated Useful Lives		AmountWeighted-average
Estimated Useful Lives		Amount
(in thousands)(in thousands)
Gross amount13.7$39,400 10.0 years$32,500 
Less: accumulated amortization(10,605)(8,574)
Total$28,795 $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 nine months ended September 30, 2025. We capitalized these license fees as finite-lived intangible assets and are amortizing 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” for the three and nine months ended September 30, 2025 was $0.7 million and $2.0 million, respectively. Amortization expense, recorded as part of “Cost of license, services and royalty revenue” for the three and nine months ended September 30, 2024 was $0.6 million and $1.8 million, respectively. Future amortization expense is $0.7 million for the remainder of 2025, $2.9 million for each of the years from 2026 to 2030 and $13.6 million thereafter.
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 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 restricted stock awards (“RSAs”). We accrue for such contingent compensation when the related milestone is probable of achievement and is recorded in “Accrued compensation and benefits” for the current portion and in “Other long-term liabilities” for the noncurrent portion on the condensed consolidated balance sheets. There is no accrued compensation expense for performance-based milestone awards that are assessed to be not probable of achievement. The table below shows our commitment for the potential milestone amounts and the accruals for milestones deemed probable of achievement as of September 30, 2025.
Potential Fixed Monetary
Amount
Accrued
Amount (1)
Settlement Type(in thousands)
Cash$805 $52 
Stock (2)
14,432 — 
Cash or stock at our sole discretion54,504 651 
Total$69,741 $703 
(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 September 30, 2025 and December 31, 2024, there were no material amounts accrued related to termination charges.
In the normal course of business, we have also entered into contracts which contain minimum 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 September 30, 2025, we have minimum noncancellable commitments in aggregate of $64.3 million.
Indemnification
In the ordinary course of business, we may provide indemnifications of varying scope and terms to vendors, lessors, business partners, board members, officers, and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by us, our negligence or willful misconduct, violations of law, or intellectual property infringement claims made by third-parties. In addition, we have entered into indemnification agreements with directors and certain officers and employees that will require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers, or employees. No material demands have been made upon us to provide indemnification under such agreements, and thus, there are no claims that we are aware of that could have a material effect on our condensed consolidated financial statements.
We also maintain director and officer insurance, which may cover certain liabilities arising from our obligation to indemnify our directors and certain officers. To date, we have not paid any claims related to our indemnification obligations, incurred any material costs and have not accrued any material liabilities on the condensed consolidated financial statements as a result of these provisions.
Contingencies
From time to time, we may become involved in legal proceedings arising in the ordinary course of business. We are not currently a party to any material legal proceedings.
v3.25.3
Debt
 9 Months Ended
Sep. 30, 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 Notes. If we undergo a fundamental change (as defined in the 2031 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2031 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2031 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 2031 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2031 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the 2031 Notes then outstanding may declare the entire principal amount of all the Notes plus accrued special interest, if any, to be immediately due and payable. The 2031 Notes are our general unsecured obligations and rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2031 Notes; equal in right of payment with all of our liabilities that are not so subordinated, including our 2029 Notes and 2027 Notes; effectively junior to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries.
In connection with the issuance of the 2031 Notes, we incurred approximately $12.0 million of debt issuance costs, which consisted of initial purchasers’ discounts, legal and professional fees. This was recorded as a reduction in the carrying value of the debt on the condensed consolidated balance sheets and is amortized to interest expense using the effective interest method over the expected life of the 2031 Notes, which is approximately six years.
2029 Notes, net
On January 28, 2021, we issued an aggregate of $717.5 million principal amount of our 2029 Notes pursuant to an Indenture dated January 28, 2021 (the “2029 Notes Indenture”), between us and U.S. Bank National Association, as trustee (the “2029 Notes Trustee”), in a private offering to qualified institutional buyers (the “2021 Note Offering”) pursuant to Rule 144A under the Securities Act. The 2029 Notes issued in the 2021 Note Offering include $67.5 million aggregate principal amount of 2029 Notes sold to the initial purchasers (the “2029 Notes Initial Purchasers”) pursuant to the exercise in part of the 2029 Notes Initial Purchasers’ option to purchase $97.5 million principal amount of additional 2029 Notes. On January 28, 2021, the 2029 Notes Initial Purchasers exercised the remaining portion of their option to purchase $30.0 million principal amount of additional 2029 Notes. The sale of those additional 2029 Notes closed on February 2, 2021, which resulted in the total aggregate principal amount of $747.5 million.
The 2029 Notes are senior, unsecured obligations of BridgeBio and will accrue interest payable semiannually in arrears on February 1 and August 1 of each year, beginning on August 1, 2021, at a rate of 2.25% per year. The 2029 Notes will mature on February 1, 2029, unless earlier converted, redeemed or repurchased. The 2029 Notes are convertible into cash, shares of BridgeBio’s common stock or a combination of cash and shares of BridgeBio’s common stock, at our election.
We received net proceeds from the 2021 Note Offering of approximately $731.4 million, after deducting the 2029 Notes Initial Purchasers’ discount (there were no direct offering expenses borne by us for the 2029 Notes). We used approximately $61.3 million of the net proceeds from the 2021 Note Offering to pay for the cost of the 2021 Capped Call Transactions described below and approximately $50.0 million to pay for the repurchase of shares of BridgeBio’s common stock described below.
A holder of 2029 Notes may convert all or any portion of its 2029 Notes at its option at any time prior to the close of business on the business day immediately preceding November 1, 2028 in multiples of $1,000 only under the following circumstances:
•During any calendar quarter commencing after the calendar quarter ending on June 30, 2021 (and only during such calendar quarter), if the last reported sale price of BridgeBio’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
•During the five-business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined in the 2029 Notes Indenture) per $1,000 principal amount of 2029 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of BridgeBio’s common stock and the conversion rate on each such trading day;
•If we call such notes for redemption, at any time prior to the close of business on the second business day immediately preceding the redemption date; or
•Upon the occurrence of specified corporate events, as defined in the 2029 Notes Indenture.
On or after November 1, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date, a holder may convert all or any portion of its 2029 Notes at any time, regardless of the foregoing.
The conversion rate will initially be 10.3050 shares of BridgeBio’s common stock per $1,000 principal amount of 2029 Notes (equivalent to an initial conversion price of approximately $97.04 per share of BridgeBio’s common stock, for a total of approximately 7,702,988 shares).
The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2029 Notes in connection with such a corporate event. The maximum number of shares issuable should there be an increase in the conversion rate is 11,361,851 shares of BridgeBio’s common stock.
We may not redeem the 2029 Notes prior to February 6, 2026. We may redeem for cash all or any portion of the 2029 Notes, at our option, on a redemption date occurring on or after February 6, 2026 and on or before the 41st scheduled trading day immediately before the maturity date, under certain circumstances. No sinking fund is provided for the Notes. If we undergo a fundamental change (as defined in the 2029 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2029 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2029 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 2029 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2029 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the 2029 Notes then outstanding may declare the entire principal amount of all the Notes plus accrued special interest, if any, to be immediately due and payable. The 2029 Notes are our general unsecured obligations and rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2029 Notes; equal in right of payment with all of our liabilities that are not so subordinated, including our 2027 Notes; effectively junior to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries.
In connection with the issuance of the 2029 Notes, we incurred approximately $16.1 million of debt issuance costs, which consisted of initial purchasers’ discounts. This was recorded as a reduction in the carrying value of the debt on the condensed consolidated balance sheets and is amortized to interest expense using the effective interest method over the expected life of the 2029 Notes, 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 condensed consolidated balance sheets and was amortized to interest expense using the effective interest method over the expected life of the 2027 Notes, which is approximately seven years.
Additional Information Related to the Notes
The outstanding Notes’ balances consisted of the following:
September 30, 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		(10,913)(7,120)(3,451)(8,628)(4,827)
Net carrying amount$564,087 $740,380 $546,549 $738,872 $545,173 
The following table sets forth the total interest expense recognized and effective interest rates related to the Notes for the periods presented:
Three Months Ended September 30, 2025
2031 Notes2029 Notes2027 NotesTotal
(in thousands)
Contractual interest expense$2,600 $4,205 $3,438 $10,243 
Amortization of debt discount and issuance costs490 506 462 1,458 
Total interest and amortization expense$3,090 $4,711 $3,900 $11,701 
Effective interest rate2.1%2.6%2.8%
Three Months Ended September 30, 2024
2029 Notes2027 NotesTotal
(in thousands)
Contractual interest expense$4,205 $3,438 $7,643 
Amortization of debt discount and issuance costs494 449 943 
Total interest and amortization expense$4,699 $3,887 $8,586 
Effective interest rate2.6%2.8%
Nine Months Ended September 30, 2025
2031 Notes2029 Notes2027 NotesTotal
(in thousands)
Contractual interest expense$5,954 $12,614 $10,313 $28,881 
Amortization of debt discount and issuance costs1,121 1,508 1,377 4,006 
Total interest and amortization expense$7,075 $14,122 $11,690 $32,887 
Effective interest rate2.1%2.6%2.8%
Nine Months Ended September 30, 2024
2029 Notes2027 NotesTotal
(in thousands)
Contractual interest expense$12,614 $10,313 $22,927 
Amortization of debt discount and issuance costs1,471 1,340 2,811 
Total interest and amortization expense$14,085 $11,653 $25,738 
Effective interest rate2.6%2.8%
As of September 30, 2025, interest payable on the 2031 Notes, 2029 Notes and 2027 Notes amounted to $0.8 million, $2.8 million and $0.6 million, respectively. As of December 31, 2024, interest payable on the 2029 Notes and 2027 Notes amounted to $7.0 million and $4.0 million, respectively. Such amounts are included in “Other current liabilities” in our condensed consolidated balance sheets.
Future minimum payments under the Notes as of September 30, 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, Derivatives and Hedging, 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 reduction to additional paid-in capital of approximately $61.3 million and $49.3 million for the years ended December 31, 2021 and 2020, respectively, related to the premium payments for the Capped Call Transactions.
Additionally, we used approximately $50.0 million and $75.0 million of the net proceeds from the 2021 Note Offering and 2020 Note Offering to repurchase 759,993 shares and 2,414,681 shares, respectively, of our common stock concurrently with the closing of the Note Offerings from certain of the Notes’ Initial Purchasers in privately negotiated transactions. The agreed purchase price per share of common stock in the repurchases were $65.79 and $31.06, which were the last reported sale prices per share of our common stock on The Nasdaq Global Select Market (“Nasdaq”), on January 25, 2021 and March 4, 2020, respectively. The shares repurchased were recorded as “Treasury stock” on our condensed consolidated balance sheets and statements of redeemable convertible noncontrolling interests and stockholders’ deficit.
In February 2025, we used approximately $48.3 million of the net proceeds from the 2025 Note Offering to repurchase 1,405,411 shares of our common stock concurrently with the closing of the 2025 Note Offering from certain of the 2031 Notes’ Initial Purchasers in privately negotiated transactions. The agreed purchase price per share of common stock in the repurchase was $34.35, which was the last reported sale price per share of our common stock on the Nasdaq Global Select Market, on February 25, 2025. The shares repurchased were recorded as “Treasury stock” on our condensed consolidated balance sheets and statements of redeemable convertible noncontrolling interests and stockholders’ deficit.
Term Loan, net
Loan and Security Agreement
In November 2021, we entered into a Loan and Security Agreement (as amended by the First Amendment and the Second Amendment (the “Amended Loan Agreement”), by and among (i) U.S. Bank National Association, in its capacity as administrative agent and collateral agent, (ii) certain lenders, (iii) BridgeBio, as a borrower, and (iv) certain subsidiaries of BridgeBio, as guarantors. In May 2022, we entered into the First Amendment and in November 2022, we entered into the Second Agreement.
For the period January 1, 2024 through January 17, 2024, we recognized interest expense related to the Amended Loan Agreement of $3.0 million, of which $0.4 million relates to amortization of debt discount and issuance costs. On January 17, 2024, the Company fully repaid the Amended Loan Agreement for $475.8 million, which consisted of $455.4 million for the outstanding principal, $9.1 million for the prepayment fee, $8.6 million for the exit cost, $2.4 million in accrued interest and $0.3 million for transaction-related fees using the proceeds from the Financing Agreement and cash on hand, and recognized a loss on extinguishment of debt of $26.6 million.
Financing Agreement
On January 17, 2024, the Company and each of the guarantors entered into a Financing Agreement, which was amended on February 12, 2024 (the “Financing Agreement”), with the lenders party thereto (the “Lenders”) and Blue Owl Capital Corporation, as administrative agent for the Lenders (the “Administrative Agent”). On June 20, 2024, the Company and each of the guarantors entered into the Second Amendment to the Financing Agreement (the Financing Agreement, as amended by the Second Amendment, the “Amended Financing Agreement”).
Pursuant to the terms and conditions of the Financing Agreement, the Lenders agreed to extend a senior secured credit facility to the Company in an aggregate principal amount of up to $750.0 million, 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. The Initial Term Loan was funded on January 17, 2024.
Any outstanding principal on the Term Loans will initially bear interest at a rate per annum equal to (A) in the case of Term Loans bearing interest based on the base rate defined in the Financing Agreement (and which base rate will not be less than 2.00%), the sum of (i) the base rate plus (ii) 5.75% and (B) in the case of Term Loans bearing interest based on the three-month forward-looking term secured overnight financing rate administered by the Federal Reserve Bank of New York (“Term SOFR”), the sum of (i) three-month Term SOFR (subject to 1.00% per annum floor), plus (ii) 6.75%. Accrued interest is payable quarterly following the funding of the Initial Term Loan on January 17, 2024, on any date of prepayment or repayment of the Term Loans and at maturity.
The Company may prepay the Term Loans at any time (in whole or in part) or be required to make mandatory prepayments upon the occurrence of certain customary prepayment events. In certain instances and during certain time periods, prepayments will be subject to customary prepayment fees. The amount of any prepayment fee may vary, but the maximum amount that may be due with any such prepayment would be an amount equal to 3.00% of the Term Loans being prepaid at such time, plus a customary make whole amount.
In January 2024, we received net proceeds from the Initial Term Loan of $434.0 million, after deducting debt discount and issuance costs of $16.0 million.
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 three and nine months ended September 30, 2024, we recognized interest expense related to the Amended Financing Agreement of $14.4 million and $40.6 million, respectively, of which $0.8 million and $2.2 million, respectively, relates to amortization of debt discount and issuance costs.
v3.25.3
Deferred Royalty Obligations, Net
 9 Months Ended
Sep. 30, 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, 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 condensed consolidated balance sheets. We recognized net cash proceeds of $297.0 million in June 2025, after deducting debt issuance costs of $3.0 million.
Funding Agreement
On January 17, 2024, the Company and its subsidiaries, Eidos, BridgeBio Europe B.V. and BridgeBio International GmbH (collectively, the “Seller Parties”), entered into a Funding Agreement (the “Funding Agreement”) with LSI Financing 1 Designated Activity Company and CPPIB Credit Europe S.à r.l. (together, 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 condensed consolidated balance sheets. The Company recognized net cash proceeds of $472.5 million in December 2024, after deducting debt discount and issuance costs paid in cash of $27.5 million.
We have further evaluated the terms of the Funding Agreement and determined that the repayment of the Cap Amount of $950.0 million, less any payments made to date, upon a change of control is an embedded derivative that requires bifurcation from the debt instrument and fair value recognition. We determined the fair value of the derivative using an option pricing Monte Carlo simulation model taking into account the probability of change of control occurring and potential repayment amounts and timing of such payments would result under various scenarios as further described in Note 3. The aggregate fair value of the embedded derivative liability was $30.0 million and $41.1 million as of September 30, 2025 and December 31, 2024, respectively. We remeasure the embedded derivative to fair value each reporting period until the time the features lapse and/or termination of the deferred royalty obligation.
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:
September 30, 2025
Funding AgreementRoyalty Purchase
Agreement (1)		Total
(in thousands)
Carrying value of deferred royalty obligations, net$563,367 $304,692 $868,059 
Fair value of embedded derivative liability30,029 — 30,029 
Unamortized debt discount and issuance costs(59,133)(2,829)(61,962)
Deferred royalty obligations, net$534,263 $301,863 $836,126 
(1)Including related party amounts of $203,128 for the carrying value of deferred royalty obligations, net and $(1,886) for unamortized debt discount and issuance costs as of September 30, 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 September 30, 2025 was 21.3% for the Funding Agreement. For the three and nine months ended September 30, 2025, we recognized noncash interest expense related to the Funding Agreement of $28.3 million and $78.2 million, respectively, of which $3.7 million and $10.0 million, respectively, relates to amortization of debt discount and issuance costs. As of September 30, 2025 and December 31, 2024, we recognized royalty interest payable related to the Funding Agreement of $6.1 million and $0.1 million, respectively, in “Other current liabilities” on our condensed consolidated balance sheets.
The effective interest rate as of September 30, 2025 was 10.5% for Royalty Purchase Agreement. For the three and nine months ended September 30, 2025, we recognized noncash interest expense related to the Royalty Purchase Agreement of $8.1 million and $8.3 million, respectively, of which $0.2 million and $0.2 million, respectively, relates to amortization of debt discount and issuance costs. As of September 30, 2025, we recognized royalty interest payable related to the Royalty Purchase Agreement of $2.5 million in “Other current liabilities” on our condensed consolidated balance sheets.
v3.25.3
License and Collaboration Agreements
 9 Months Ended
Sep. 30, 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, effective upon the date that certain antitrust clearances have been obtained, or March 26, 2024, to certain of the Seller Parties’ intellectual property rights to develop, manufacture and commercialize acoramidis (previously known as AG10) in the Licensed Territory. In consideration for the license grant, the Seller Parties are entitled to receive an upfront payment of $135.0 million, which was received in full in May 2024, and will be eligible to receive up to $150.0 million in regulatory and sales milestone payments through 2026 (of which a regulatory milestone of $75.0 million was achieved in February 2025 upon EC approval of acoramidis under the brand name Beyonttra and received in April 2025), and additional payments up to $450.0 million subject to the achievement of certain sales milestones. In addition, the Seller Parties are entitled to receive royalties according to a tiered structure starting in the low-thirties percent on net sales by Bayer of acoramidis in the Licensed Territory, subject to reduction under certain circumstances as provided in the Bayer License Agreement.
Unless earlier terminated, the Bayer License Agreement will expire at the end of the royalty term for a licensed product, provided that the licenses granted to Bayer for such licensed product survive such expiration on a non-exclusive basis. Either party may terminate the 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 revenue during the nine months ended September 30, 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 during the three months ended March 31, 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 2028. We recognized $0.3 million and $1.0 million, respectively, of license and services revenue relating to this performance obligation during the three and nine months ended September 30, 2025. We recognized $0.3 million and $0.7 million, respectively, of license and services revenue relating to this performance obligation during the three and nine months ended September 30, 2024.
In June 2024, BridgeBio Europe B.V. (“BridgeBio B.V.”) entered into a commercial supply agreement with Bayer (“Bayer Commercial Supply Agreement”) with an initial 30-month term ending in December 2026, for which BridgeBio B.V. will manufacture and supply to Bayer the commercial product ordered by Bayer solely for use in the commercialization in the Licensed Territory under the Bayer License Agreement. In March 2025, BridgeBio B.V. and Bayer entered into an agreement (“Bayer API Supply Agreement”) for the manufacture and supply by BridgeBio B.V. to Bayer of API solely for the use in the commercialization in the Licensed Territory. The Bayer API Supply Agreement has an initial term ending in December 2026, which is consistent with the Bayer Commercial Supply Agreement. The Bayer Commercial Supply Agreement and the Bayer API Supply Agreement are collectively referred to as the “Bayer Supply Agreements”. Under the Bayer Supply Agreements, Bayer shall pay to BridgeBio B.V. a per unit price equal to the applicable fully burdened manufacturing cost per unit of the product.
We supplied $4.6 million and $7.6 million of product to Bayer under the Bayer Supply Agreements during the three and nine months ended September 30, 2025, which are recorded in “License and services revenue” on our condensed consolidated statements of operations. We did not supply any product under the Bayer Supply Agreements during the three and nine months ended September 30, 2024.
As of September 30, 2025 and December 31, 2024, there were $7.2 million and nil, respectively, of outstanding receivables relating to the Bayer License Agreement on our condensed consolidated balance sheet. During the three and nine months ended September 30, 2025, we recognized license and services revenue and royalty revenue of $9.1 million and $89.4 million, respectively, under the Bayer License Agreement. During the three and nine months ended September 30, 2024, we recognized license and services revenue of $0.3 million and $131.2 million, respectively, under the Bayer License Agreement. Our condensed consolidated balance sheet as of September 30, 2025 includes a deferred revenue balance of $2.5 million ($0.9 million presented as “Deferred revenue, current portion” and $1.6 million as “Deferred revenue, net of current portion”) related to our research and development services obligations. Our condensed consolidated balance sheet as of December 31, 2024, includes a deferred revenue balance of $3.5 million ($1.3 million presented as “Deferred revenue, current portion” and $2.2 million as “Deferred revenue, net of current portion”) related to our research and development services obligations.
Kyowa Kirin Exclusive License
On February 7, 2024, the Company’s subsidiary, QED, and Kyowa Kirin Co., Ltd (“Kyowa Kirin” or “KKC”) entered into a partnership wherein QED granted Kyowa Kirin an exclusive license to develop, manufacture, and commercialize infigratinib for achondroplasia, hypochondroplasia, and other skeletal dysplasias in Japan, in accordance with the terms therein (the “KKC Agreement”). In consideration for the license grant, QED is entitled to receive an upfront payment of $100.0 million, which was received in full in June 2024, and will be eligible to receive 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 sales of infigratinib in Japan.
Unless earlier terminated, the KKC Agreement will expire at the end of the royalty term for a licensed product, provided that the licenses granted to Kyowa Kirin for such licensed product survive such expiration on a non-exclusive basis. Either party may terminate the KKC Agreement in the event of a material breach or insolvency of the other party. Additionally, Kyowa Kirin may terminate the KKC Agreement for convenience upon at least 180 days’ prior written notice, and QED may terminate the KKC Agreement in the event Kyowa Kirin ceases exploitation of infigratinib under certain circumstances or challenges the validity or enforceability of Kyowa Kirin’s patent rights.
We determined that the KKC Agreement falls within the scope of ASC 606 as Kyowa Kirin is a customer in this arrangement, and we identified the following performance obligations in the agreement:
•an exclusive license to develop and commercialize infigratinib for achondroplasia, hypochondroplasia and other skeletal dysplasias in Japan and the related know-how; and
•research and development services to conduct ongoing clinical trials.
We determined that the performance obligations outlined above are capable of being distinct and distinct with the context of the contract given such rights and activities are independent of each other. The license can be used by Kyowa Kirin without any development activities. Similarly, those services provide a distinct benefit to Kyowa Kirin within the context of the contract, separate from the license, as the services could be provided by Kyowa Kirin or another third-party without our assistance.
We determined the initial transaction price at inception of the KKC Agreement to be $100.0 million, which 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 September 30, 2025. We include variable consideration in our transaction price to the extent that it is probable that it will not result in a significant revenue reversal when the uncertainty associated with the variable consideration is subsequently resolved. As part of management’s evaluation of the variable consideration, we considered numerous factors, including the fact that achievement of the milestones is outside of our control, contingent upon the success of our existing and future clinical trials, Kyowa Kirin’s efforts, and receipt of regulatory approval that is subject to scientific risks of success. Royalty arrangements and commercial-based milestones will be recognized when the sales occur or the milestones are achieved pursuant to the sales-based royalty exception under ASC 606 because the license is the predominant item to which the royalties or commercial-based milestones relate. We will re-evaluate the transaction price at each reporting period and as uncertain events are resolved or other changes in circumstances occur.
We allocated the transaction price of $100.0 million based on the SSP of each of the performance obligations as follows:
•$69.1 million for the upfront transfer of the license; and
•$30.9 million for research and development services to conduct the ongoing clinical trials.
The SSP for the license was determined using an approach that considered discounted, probability-weighted cash flows related to the license transferred. The SSP for the ongoing research and development services were based on estimates of the associated effort and cost of these services, adjusted for a reasonable gross profit margin that would be expected to be realized under similar contracts.
We recognize revenue for each of the two performance obligations as follows:
•We recognize revenue related to the license at a point in time upon transfer of the rights and control of the license to KKC. The transfer of the rights and control of the license occurred in February 2024; thus, we recognized the full amount allocated to the license and related know-how during the three months ended March 31, 2024.
•We 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 2029. We recognized $2.7 million and $8.5 million of license and services revenue relating to this performance obligation during the three and nine months ended September 30, 2025, respectively. We recognized $1.4 million and $4.3 million of license and services revenue relating to this performance obligation during the three and nine months ended September 30, 2024, respectively.
In May 2024, QED and KKC negotiated a letter of agreement to commence manufacturing while a clinical supply agreement was in negotiation, and KKC agreed to reimburse QED the full cost incurred for manufacturing. On January 3, 2025, QED and KKC entered into a clinical supply agreement, which replaced the aforementioned letter of agreement. Under the clinical supply agreement, QED will manufacture and supply to KKC the clinical quantities of the Licensed Product, for development, including any and all clinical and non-clinical studies necessary for the filing of a New Drug Application, in the Field in the Territory. KKC shall pay QED a per unit price as defined in the clinical supply agreement. For the three and nine months ended September 30, 2025, QED supplied $0.5 million and $1.0 million, respectively, as part of the clinical supply agreement, which are recorded in “License and services revenue” on our condensed consolidated statements of operations. For the three and nine months ended September 30, 2024, QED supplied $0.7 million as part of the clinical supply agreement.
As of September 30, 2025 and December 31, 2024, there were $0.6 million and an immaterial amount, respectively, of outstanding receivables relating to the KKC Agreement on our condensed consolidated balance sheets. During the three and nine months ended September 30, 2025, we recognized license and services revenue of $3.3 million and $9.9 million, respectively, under the KKC Agreement. During the three and nine months ended September 30, 2024, we recognized license and services revenue of $2.1 million and $74.1 million, respectively, under the KKC Agreement. Our condensed consolidated balance sheet as of September 30, 2025 includes a deferred revenue balance of $16.7 million ($7.2 million presented as “Deferred revenue, current portion” and $9.5 million as “Deferred revenue, net of current portion”) related to our research and development services obligation. Our condensed consolidated balance sheet as of December 31, 2024 includes a deferred revenue balance of $25.2 million ($10.3 million presented as “Deferred revenue, current portion” and $14.9 million as “Deferred revenue, net of current portion”) related to our research and development services obligation.
License, Development and Commercialization Agreement with BMS
On May 12, 2022, BridgeBio and our subsidiary, Navire Pharma, Inc. (“Navire”), entered into an exclusive license, development and commercialization agreement with 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 development and commercialization of BBP-398 within the Asia Region was governed under the Navire-LianBio License Agreement until the effective termination date of the Navire-LianBio License Agreement which occurred in June 2024. The Navire-BMS License Agreement expands an earlier agreement between Navire and BMS that was executed in July 2021 to study BBP-398 in a combination therapy trial to treat advanced solid tumors with KRAS mutations (the “2021 Navire-BMS Agreement”). The Navire-BMS License Agreement does not alter the terms of the 2021 Navire-BMS Agreement.
In March 2024, we received written notice from BMS for the termination of the Navire-BMS License Agreement effective June 2024, and all rights and obligations thereunder. In April 2024, Navire and BMS entered into a Clinical Collaboration Termination Agreement which terminated the 2021 Navire-BMS Agreement. Navire and BMS agreed to pursue reasonable efforts to wind down activities under both the Navire-BMS License Agreement and the 2021 Navire-BMS Agreement. As a result of the termination, Navire is no longer entitled to any future unearned development, regulatory or sales-based milestone and royalty payments. However, we may in the future be eligible to receive earned payments for any milestones already achieved prior to termination, as well as for achieving any milestones while closing out the remaining services.
Under the terms of the Navire-BMS License Agreement, Navire was entitled to receive a non-refundable, upfront payment of $90.0 million, which Navire received in full in June 2022. Based on the terms of the Navire-BMS License Agreement, Navire was to continue to lead its ongoing Phase 1 monotherapy and combination therapy trials (collectively, the “Phase 1 Trials”), and BMS was to lead and fund all other development and commercialization activities. Navire was fully funding the Phase 1 trials with the exception of the combination therapy governed under the 2021 Navire-BMS Agreement. In accordance with the 2021 Navire-BMS Agreement, both parties shared all research and development costs equally for this trial until activities were completed. We recorded all research and development costs for the Phase 1 Trials, as well as the reimbursement for the costs associated with the trial governed by the 2021 Navire-BMS Agreement within “Research and development” expenses until the date of termination and subsequently within “Restructuring, impairment and related charges” on our condensed consolidated statements of operations.
In 2022, we determined that the Navire-BMS License Agreement was within the scope of ASC 606 as BMS is a customer in this arrangement, and we identified the following distinct performance obligations in the agreement:
•an exclusive license to develop and commercialize BBP-398 and the related know-how; and
•research and development services to complete the Phase 1 Trials for BBP-398.
The initial transaction price of $90.0 million was allocated to the above performance obligations, of which $70.2 million was recognized in 2022 for the upfront transfer of the license; and the remaining $19.8 million was recognized over time using an input method to measure progress by utilizing costs incurred to date relative to total expected research and development costs to complete the Phase 1 Trials of BBP-398 through the termination of the Navire-BMS License Agreement, effective in June 2024.
For the nine months ended September 30, 2024, we recognized $9.9 million 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 condensed 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 November 2024, BridgeBio and Alexion entered into a commercial supply agreement for the manufacture and supply of the Licensed Product for commercial use in the Territory. BridgeBio entered into the agreement as BridgeBio is the entity responsible for the commercialization of the Licensed Product. Under the commercial supply agreement, Alexion shall pay to BridgeBio a commercial product per unit price equal to the applicable fully burdened manufacturing cost per unit of product. BridgeBio supplied nil and $1.8 million of commercial product to Alexion during the three and nine months ended September 30, 2025, which are recorded in “License and services revenue” on our condensed consolidated statements of operations.
Additionally, in October 2024, Alexion initiated the ACT-EARLY clinical trial in Japan under the Eidos-Alexion License Agreement for an upfront payment received of $3.0 million, to be used by Eidos to cover any out-of-pocket costs and employee costs incurred by Eidos. This initial payment was deferred upon receipt, and revenue is recognized over time relating to the research and development services for the ongoing clinical trial. During the three and nine months ended September 30, 2025, there were immaterial costs incurred under the ACT-EARLY clinical trial in Japan.
As of September 30, 2025 and December 31, 2024, the receivables relating to the Eidos-Alexion License Agreement on our condensed consolidated balance sheets were immaterial and $0.6 million, respectively. During the three and nine months ended September 30, 2025, we recognized license and services and royalty revenue of $0.1 million and $32.1 million, respectively, under the Eidos-Alexion License Agreement. During the three and nine months ended September 30, 2024, we recognized an immaterial amount of license and services revenue under the Eidos-Alexion License Agreement. Our condensed consolidated balance sheet as of September 30, 2025 includes a deferred balance of $3.0 million ($1.0 million presented as “Deferred revenue, current portion” and $2.0 million presented as “Deferred revenue, net of current portion”) related to the ACT-EARLY clinical trial. Our condensed consolidated balance sheet as of December 31, 2024 includes $3.0 million presented as “Deferred revenue, current portion” as it was determined at that time the expenses would be incurred within a year.
v3.25.3
In-licensing and Other Research and Development Agreements
 9 Months Ended
Sep. 30, 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 three and nine months ended September 30, 2025, we incurred nil and $6.9 million, respectively, 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 three and nine months ended September 30, 2025, we incurred $1.9 million and $3.6 million, respectively, in royalties related to commercial sales of Attruby and Beyonttra. For the nine months ended September 30, 2024, we incurred and paid $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.
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.
v3.25.3
Leases
 9 Months Ended
Sep. 30, 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 condensed consolidated balance sheets, is not material.
Certain leases include renewal options at our election and we include the renewal options when we are reasonably certain that the renewal option will be exercised. The lease liabilities were measured using a weighted-average discount rate based on the most recent borrowing rate as of the calculation of the respective lease liability, adjusted for the remaining lease term and aggregate amount of the lease.
The components of lease cost are as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)(in thousands)
Straight-line operating lease costs$1,213 $1,026 $3,443 $3,119 
Finance lease costs91 98 278 299 
Variable lease costs1,342 1,484 3,822 4,974 
Total lease cost$2,646 $2,608 $7,543 $8,392 
Supplemental cash flow information related to leases are as follows:
Nine Months Ended September 30,
20252024
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$4,757 $4,459 
Operating cash flows for finance lease344 334 
Operating lease right-of-use assets obtained in exchange for
   operating lease obligations		3,714 1,292 
Supplemental information related to the remaining lease term and discount rate are as follows:
September 30,
20252024
Weighted-average remaining lease term (in years)
Operating leases3.14.0
Finance lease0.31.3
Weighted-average discount rate
Operating leases6.7%6.2%
Finance lease6.6%6.6%
As of September 30, 2025, future minimum lease payments for our noncancelable operating leases are as follows. Future minimum lease payments under our finance lease are not material.
Amount
(in thousands)
Remainder of 2025$1,147 
Year ending December 31:
20265,375 
2027582 
2028454 
2029487 
2030487 
Thereafter934 
Total future minimum lease payments9,466 
Imputed interest(745)
Total$8,721 
Reported as of September 30, 2025
Operating lease liabilities, current portion$5,294 
Operating lease liabilities, net of current portion3,427 
Total operating lease liabilities$8,721 
No impairment loss was recognized during the three and nine months ended September 30, 2025. The impairment loss recognized was not material for the three and nine months ended September 30, 2024.
Leases Leases
We have operating leases for our corporate headquarters, office spaces and laboratory facilities. One of our office space leases has a finance lease component representing lessor provided furniture and office equipment. Our finance lease, which is presented as part of “Property and equipment, net” on our condensed consolidated balance sheets, is not material.
Certain leases include renewal options at our election and we include the renewal options when we are reasonably certain that the renewal option will be exercised. The lease liabilities were measured using a weighted-average discount rate based on the most recent borrowing rate as of the calculation of the respective lease liability, adjusted for the remaining lease term and aggregate amount of the lease.
The components of lease cost are as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)(in thousands)
Straight-line operating lease costs$1,213 $1,026 $3,443 $3,119 
Finance lease costs91 98 278 299 
Variable lease costs1,342 1,484 3,822 4,974 
Total lease cost$2,646 $2,608 $7,543 $8,392 
Supplemental cash flow information related to leases are as follows:
Nine Months Ended September 30,
20252024
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$4,757 $4,459 
Operating cash flows for finance lease344 334 
Operating lease right-of-use assets obtained in exchange for
   operating lease obligations		3,714 1,292 
Supplemental information related to the remaining lease term and discount rate are as follows:
September 30,
20252024
Weighted-average remaining lease term (in years)
Operating leases3.14.0
Finance lease0.31.3
Weighted-average discount rate
Operating leases6.7%6.2%
Finance lease6.6%6.6%
As of September 30, 2025, future minimum lease payments for our noncancelable operating leases are as follows. Future minimum lease payments under our finance lease are not material.
Amount
(in thousands)
Remainder of 2025$1,147 
Year ending December 31:
20265,375 
2027582 
2028454 
2029487 
2030487 
Thereafter934 
Total future minimum lease payments9,466 
Imputed interest(745)
Total$8,721 
Reported as of September 30, 2025
Operating lease liabilities, current portion$5,294 
Operating lease liabilities, net of current portion3,427 
Total operating lease liabilities$8,721 
No impairment loss was recognized during the three and nine months ended September 30, 2025. The impairment loss recognized was not material for the three and nine months ended September 30, 2024.
v3.25.3
Public Offerings
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Public Offerings Public Offerings
2023 Shelf Registration Statement and ATM Agreement
In May 2023, we filed a shelf registration statement on Form S-3 (the “2023 Shelf”) with the SEC in relation to the registration of common stock, preferred stock, debt securities, warrants and units or any combination thereof. We also concurrently entered into an Equity Distribution Agreement (the “ATM Agreement”) with Goldman Sachs & Co. LLC and SVB Securities LLC (collectively, the “ATM Sales Agents”), with respect to an “at-the-market” offering program under which we may issue and sell, from time to time at our sole discretion and pursuant to a prospectus supplement, shares of our common stock, par value $0.001 per share, having an aggregate offering price of up to $450.0 million through the ATM Sales Agents. We 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 September 30, 2025, we are still eligible to sell up to $345.3 million of our common stock pursuant to the ATM Agreement under the 2023 Shelf.
2024 Follow-on Offering
In March 2024, we entered into an Underwriting Agreement (the “2024 Follow-on Agreement”) with J.P. Morgan Securities LLC, Cantor Fitzgerald & Co. and Mizuho Securities USA LLC, as representatives of several underwriters (collectively, the “2024 Underwriters”), relating to an underwritten public offering (the “2024 Follow-on offering”) of 8,620,690 shares of the Company’s common stock, $0.001 par value per share, at a public offering price of $29.00 per share. The Company also granted the 2024 Underwriters a 30-day option to purchase, at the public offering price less underwriting discounts and commissions, up to an additional 1,293,103 shares of Common Stock, which the 2024 Underwriters exercised in full on the closing of the 2024 Follow-on offering. The Company paid the Underwriters a commission of 3.6% of the aggregate gross proceeds received from all sales of the common stock under the Follow-on Agreement. In March 2024, 9,913,793 shares (including the 1,293,103 shares issued upon exercise of the 2024 Underwriters’ option to purchase additional shares) were issued under the 2024 Follow-on Agreement, for net proceeds of $276.6 million, after deducting underwriting fees and commissions of $10.3 million and offering costs of $0.6 million.
v3.25.3
Stock-Based Compensation
 9 Months Ended
Sep. 30, 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 condensed consolidated statements of operations for employees and non-employees:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)(in thousands)
Cost of goods sold$361 $— $578 $— 
Research and development12,328 12,124 37,582 29,840 
Selling, general and administrative21,866 14,969 63,077 47,511 
Restructuring, impairment and related charges709 38 755 81 
Total stock-based compensation$35,264 $27,131 $101,992 $77,432 
We recorded nil and $3.6 million of stock-based compensation expense for the three and nine months ended September 30, 2025, respectively, for performance-based milestone awards that were achieved during the periods and were settled in cash. We recorded nil and $11.8 million of stock-based compensation expense for the three and nine months ended September 30, 2024, respectively, for performance-based milestone awards that were achieved during the periods and were settled in cash. During the three and nine months ended September 30, 2025, $0.9 million and $2.8 million, respectively, of stock-based compensation expense was capitalized to inventories.
Equity-Based Awards of BridgeBio
In December 2023, the 2019 Inducement Equity Plan was amended and restated to increase the number of shares authorized for issuance from 2,000,000 shares to 3,750,000 shares. In June 2024, our stockholders approved an amendment and restatement of our 2021 Amended and Restated Stock Option and Incentive Plan (the “2021 A&R Plan”) to, among other things, increase the number of shares 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 September 30, 2025, 10,350,398 shares and 783,507 shares were reserved for future issuances under the 2021 A&R Plan and the Amended and Restated 2019 Inducement Equity Plan (the “A&R 2019 Inducement Plan”), respectively. 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 (Exchange Program)
On April 22, 2020, we completed our 2020 Stock and Equity Award Exchange Program (the “Exchange Program”) for certain subsidiaries, which was an opportunity for eligible controlled entities’ employees and consultants to exchange their subsidiary equity (including common stock, vested and unvested stock options and RSAs) for BridgeBio equity (including common stock, vested and unvested stock options and RSAs) and/or performance-based milestone awards tied to the achievement of certain development and regulatory milestones. The Exchange Program aligns our incentive compensation structure for employees and consultants across the BridgeBio group of companies to be consistent with the achievement of our overall corporate goals. In connection with the Exchange Program, we issued awards of BridgeBio equity under the 2019 Amended and Restated Stock Option and Incentive Plan (the “2019 A&R Plan”), which was amended and restated in December 2021 into the 2021 A&R Plan and further amended and restated in June 2024 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 condensed consolidated balance sheets due to the fixed milestone amount that will be converted into a variable number of shares of BridgeBio common stock to be granted upon the achievement date.
For the three and nine months ended September 30, 2025, we recognized an immaterial amount of stock-based compensation cost associated with performance-based milestone awards whereby the milestones were determined to be probable of achievement as of September 30, 2025. For the three and nine months ended September 30, 2024, we recognized reversals of nil and $8.7 million, respectively, of stock-based compensation cost associated with performance-based milestone awards as of September 30, 2024 as the obligation was no longer determined to be probable. Refer to Note 8 for contingent compensation accrued associated with performance-based milestones that are determined to be probable as of September 30, 2025.
Stock Option Grants
The following table summarizes BridgeBio’s stock option activity under the Plans for the nine months ended September 30, 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(763,439)
Regular equity program(532,293)$22.61 
Eidos Awards Exchange(206,360)$11.91 
Exchange Program(24,786)$1.31 
Cancelled(7,183)
Regular equity program(7,183)$36.37 
Outstanding as of September 30, 202511,909,994
Regular equity program10,813,884$26.12 5.6$289,158 
Eidos Awards Exchange807,815$14.76 3.5$30,034 
Exchange Program288,295$2.28 3.6$14,316 
Exercisable as of September 30, 202510,783,067
Regular equity program9,689,377$26.52 5.3$256,260 
Eidos Awards Exchange807,815$14.76 3.5$30,034 
Exchange Program285,875$2.28 3.6$14,198 
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 nine months ended September 30, 2025 was $30.15.
The aggregate intrinsic value of options outstanding and exercisable as of September 30, 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 nine months ended September 30, 2025 was $18.2 million.
For the three and nine months ended September 30, 2025, we recognized stock-based compensation expense of $3.9 million and $12.5 million, respectively, related to stock options under the Plans. For the three and nine months ended September 30, 2024, we recognized stock-based compensation expense of $5.2 million and $17.4 million, respectively, related to stock options under the Plans. As of September 30, 2025, there was $15.1 million of total unrecognized compensation cost related to stock options under the Plans that is expected to be recognized over a weighted-average period of 1.5 years.
Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs)
The following table summarizes BridgeBio’s RSU activity under the Plans for the nine months ended September 30, 2025:
Unvested
Shares of
RSUs
Outstanding		Weighted-
Average
Grant Date
Fair Value
Balance as of December 31, 202410,272,798$21.91 
Granted4,295,784$34.58 
Vested(3,075,143)$22.75 
Cancelled(798,470)$22.51 
Balance as of September 30, 202510,694,969$26.72 
The RSUs have a service condition and generally vest over a period of two to four 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. For the three and nine months ended September 30, 2025, we recognized $0.3 million and $0.7 million, respectively, of stock-based compensation cost associated with performance-based milestone awards whereby the milestones were determined to be probable of achievement as of September 30, 2025. For the three and nine months ended September 30, 2024, we recognized $0.5 million and $1.4 million, respectively, of stock-based compensation cost associated with performance-based milestone awards whereby the milestones were determined to be probable of achievement as of September 30, 2024. The $1.4 million in stock-based compensation associated with performance-based milestone awards during the nine months ended September 30, 2024 includes reversals totaling $1.6 million as the obligation was no longer determined to be probable. Refer to Note 8 for contingent compensation accrued associated with performance-based milestone awards that are determined to be probable as of September 30, 2025.
Performance-Based RSUs
In March 2025, the Company approved and granted performance restricted stock units under the 2021 A&R Plan to certain officers and employees with vesting based on achievement of positive top-line readout targets (“performance-based RSUs”), 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. We recognize such contingent stock-based compensation expense when the top-line readout targets are probable of achievement. For the three and nine months ended September 30, 2025, we recognized stock-based compensation cost of $0.7 million and $1.5 million, respectively, associated with performance-based RSUs whereby the top-line readout targets are probable of achievement as of September 30, 2025. As of September 30, 2025, 194,943 performance-based RSUs were outstanding with a weighted average grant date fair value of $33.75. As of September 30, 2025, there was $5.1 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 1.9 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 4.22% - 4.35%, no expected dividend yield, expected term of three to six years and possible future market capitalization over the derived service period based on historical stock prices and market capitalization.
For the three and nine months ended September 30, 2025, we recognized $0.5 million and $2.5 million, respectively, of stock-based compensation expense related to market-based RSU awards. For the three and nine months ended September 30, 2024, we recognized $1.7 million and $6.5 million, respectively, of stock-based compensation expense related to market-based RSU awards. As of September 30, 2025, 375,000 market-based RSUs were outstanding with a weighted average grant date fair value of $28.73. As of September 30, 2025, there was no unrecognized compensation cost related to market-based RSUs under the Plans.
2019 Employee Stock Purchase Plan
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 nine months ended September 30, 2025 and 2024, employees purchased 261,422 shares and 194,138 shares, respectively, for $6.4 million and $4.5 million, respectively, under our ESPP. For the three and nine months ended September 30, 2025, stock-based compensation expense related to our ESPP was $0.9 million and $2.3 million, respectively. For the three and nine months ended September 30, 2024, stock-based compensation expense related to our ESPP was $0.6 million and $1.7 million, respectively. As of September 30, 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. For the nine months ended September 30, 2025, we used the following weighted-average assumptions in the Black-Scholes calculations:
Stock OptionsESPP
Expected term (in years)6.00.5
Expected volatility
94.0% - 94.7%
46.7% - 60.9%
Risk-free interest rate4.1%
4.1% - 5.0%
Dividend yield— — 
Weighted-average fair value of stock-based awards
   granted		$30.15$13.04 
v3.25.3
Restructuring, Impairment and Related Charges
 9 Months Ended
Sep. 30, 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 are committed to restructuring plans to reprioritize and advance our corporate strategy and development programs. The restructuring plans included, among other components, consolidation and rationalization of our facilities, reprioritization of development programs and the reduction in our workforce. Our estimate of the costs is subject to certain assumptions and actual results may differ from those estimates or assumptions. We may also incur additional costs that are not currently foreseeable as we continue to evaluate our restructuring alternatives to drive operational changes in business processes, efficiencies and cost savings.
“Restructuring, impairment and related charges” included on our condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024 consisted of the following:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)
Winding down, exit and other related costs$5,899 $2,885 $7,045 $6,402 
Severance and employee-related costs2,942 1,736 3,171 4,239 
Long-lived assets impairments and write-offs— — — 271 
Total$8,841 $4,621 $10,216 $10,912 
The following table summarizes the activity related to the restructuring liabilities associated with our restructuring plans for the nine months ended September 30, 2025 and 2024:
Nine Months Ended September 30,
20252024
(in thousands)
Beginning balance$1,848 $55 
Restructuring, impairment and related charges10,216 10,912 
Cash payments(7,958)(8,240)
Noncash activities(758)(359)
Ending balance$3,348 $2,368 
Restructuring liabilities are presented on our condensed consolidated balance sheets as follows:
September 30, 2025December 31, 2024
(in thousands)
Accounts payable$508 $330 
Accrued compensation and benefits1,603 332 
Accrued research and development liabilities1,176 1,020 
Other current liabilities61 166 
Total$3,348 $1,848 
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
BridgeBio is subject to U.S. federal, state and foreign income taxes as a corporation. BridgeBio’s tax provision and the resulting effective tax rate for interim periods are determined based upon its estimated annual effective tax rate adjusted for the effect of discrete items arising in that quarter.
Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax basis of assets and liabilities using statutory rates. A valuation allowance is recorded against deferred tax assets if it is more likely than not that some or all of the deferred tax assets will not be realized. Due to the uncertainty surrounding the realization of the favorable tax attributes in future tax returns, we have recorded a full valuation allowance against our otherwise recognizable net deferred tax assets.
Our policy is to recognize interest and penalties associated with uncertain tax benefits as part of the income tax provision and include accrued interest and penalties with the related income tax liability on the condensed consolidated balance sheets. To date, we have not recognized any interest and penalties on our condensed consolidated statements of operations, nor have we accrued for or made payments for interest and penalties. Our unrecognized gross tax benefits would not reduce the estimated annual effective tax rate if recognized because we have recorded a full valuation allowance on its deferred tax assets.
On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (“OBBB”), which includes comprehensive U.S. corporate tax legislation. The legislation includes the modification and permanent extension of prior tax law under the Tax Cuts and Jobs Act and the introduction of new provisions. Examples include permanently reinstating the immediate deduction of domestic specified research and experimental expenditures, permanent changes in the limitations for deducting business interest expense, and permanently restoring bonus depreciation allowances. The impact on current and deferred taxes for tax law changes, if any, will be reported in continuing operations in the third quarter which includes the enactment date.
Following the enactment of the OBBB in July 2025, the Company is no longer capitalizing domestic research and experimental expenditures as of September 30, 2025. As a result, the Company reversed the previously recognized domestic current tax during the three months ended September 30, 2025.
The Company’s provision for (benefit from) income tax for the three and nine months ended September 30, 2025 was $(1.5) million and $0.6 million, respectively, primarily related to current foreign income tax expense. Due to the Company’s valuation allowance on deferred tax assets, the related tax adjustments did not have an impact on deferred taxes.
v3.25.3
Net Loss Per Share
 9 Months Ended
Sep. 30, 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 three and nine months ended September 30, 2025 and 2024, diluted and basic net loss per share attributable to common stockholders of BridgeBio were identical since potential common shares were excluded from the calculation, as their effect was anti-dilutive.
The following common stock equivalents were excluded from the computation of diluted net loss per share attributable to common stockholders of BridgeBio, because including them would have been antidilutive:
As of September 30,
20252024
Unvested RSUs10,694,9699,953,125
Unvested performance-based RSUs194,9433,326
Unvested market-based RSUs375,000375,000
Common stock options issued and outstanding11,909,99412,678,490
Estimated shares issuable under performance-based milestone compensation arrangements1,330,3412,845,476
Estimated shares issuable under the ESPP42,84250,969
Assumed conversion of 2027 Notes12,878,30512,878,305
Assumed conversion of 2029 Notes7,702,9887,702,988
Assumed conversion of 2031 Notes11,544,448—
56,673,83046,487,679
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.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 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
Maricel M. Apuli [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On September 8, 2025, Maricel M. Apuli, our Chief Accounting Officer, adopted a trading plan (the “Trading Plan”), intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c). The Trading Plan provides for the potential sale of a maximum of (i) 10,000 vested shares of our restricted stock held by Ms. Apuli, and (ii) 100% of net purchased shares of our common stock to be purchased by Ms. Apuli under the ESPP on February 13, 2026,
and August 15, 2026, respectively. On the date when the Trading Plan was adopted, Ms. Apuli did not hold any such shares to be purchased under the ESPP. The aggregate number of net purchased shares of common stock under the ESPP that will be available for sale by Ms. Apuli is not yet determinable because the number of shares purchased will be based on the applicable per share purchase price under the ESPP on the purchasing date. Ms. Apuli is not permitted to transfer, sell or otherwise dispose of any shares under the Trading Plan until the later of (i) the 91st day after the adoption date of the Trading Plan (i.e. December 8, 2025), 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 Trading Plan is adopted (estimated October 29, 2025); or (b) the 121st day after the adoption date of the Trading Plan (estimated January 7, 2026). The Trading Plan is expected to remain in effect until the earlier of (a) November 17, 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 Trading Plan have expired; (c) as soon as practicable following the date on which Ms. Apuli gives written notice to Morgan Stanley Smith Barney LLC (“MSSB”) to terminate the 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 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 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. Apuli that would result in a modification or change to the amount, price or timing of the sale of shares under the Trading Plan but the requirements for a modification of the 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 Maricel M. Apuli
Title Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date September 8, 2025
Expiration Date November 17, 2026
Arrangement Duration 435 days
Aggregate Available 10,000
v3.25.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Principles of Consolidation
Basis of Presentation and Principles of Consolidation
The condensed consolidated financial statements include the accounts of BridgeBio and its wholly-owned subsidiaries and controlled entities, substantially all of which are denominated in U.S. dollars. All intercompany balances and transactions have been eliminated in consolidation. For consolidated entities where we own or are exposed to less than 100% of the economics, we record “Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests” on our condensed consolidated statements of operations equal to the percentage of the economic or ownership interest retained in such entities by the respective noncontrolling parties.
In determining whether an entity is considered a controlled entity, we applied the VIE and Voting Interest Entity (“VOE”) models. We assess whether we are the primary beneficiary of a VIE based on our power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and our obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Entities that do not qualify as a VIE are assessed for consolidation under the VOE model. Under the VOE model, BridgeBio consolidates the entity if it determines that it has a controlling financial interest in the entity through its ownership of greater than 50% of the outstanding voting shares of the entity and that other equity holders do not have substantive voting, participating or liquidation rights. We assess whether we are the primary beneficiary of a VIE or whether we have a majority voting interest for entities consolidated under the VOE model at the inception of the arrangement and at each reporting date.
Basis of Presentation
The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Certain reclassifications have been made to prior period amounts to conform to current period presentations. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC.
The condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal and recurring adjustments, necessary for a fair statement of our financial position, our results of operations and comprehensive loss, stockholders’ deficit and our cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for any other future annual or interim periods.
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration of Credit Risk and Other Risks and Uncertainties
Financial instruments that subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities, accounts receivable, and restricted cash. Amounts on deposit may at times exceed federally insured limits. Although management currently believes that the financial institutions with whom 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 September 30, 2025 and December 31, 2024.
During the three and nine months ended September 30, 2025 and 2024, our revenues were generated primarily from product sales to customers and from license and collaboration agreements with strategic partners.
The following table summarizes customers that represent 10% or greater of our condensed consolidated total gross revenues:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Bayer (as described in Note 11)*13.2%20.5%60.7%
Kyowa Kirin Co., Ltd (as described in Note 11)*75.0%*34.3%
Customer A20.6%*17.3%*
Customer B22.5%*17.1%*
Customer C17.4%*12.7%*
Customer D17.4%*12.9%*
Customer E14.4%***
*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 September 30, 2025, five customers each accounted for more than 10% of our consolidated gross accounts receivable balance, at 23.6%, 20.3%, 18.5%, 17.4% and 13.9%. 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, and in some cases a single source manufacturer, to supply us with our requirements for the active pharmaceutical ingredients and formulated drugs related to the sale of our commercial product and the research and development of our other clinical product candidates. 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 condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to:
•revenue recognition for transactions accounted for under ASC 606, Revenue from Contracts with Customers (“ASC 606”), including estimating the impact of 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 and asset acquisitions,
•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 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. 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”. 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, and marketable securities are exposed to credit risk in the event of default by the third parties that hold or issue such assets. Our cash, cash equivalents, and marketable securities 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.
Segments
Segments
We are a single operating and reportable segment, which is in the business of identifying and advancing transformative medicines to treat patients. We operate in one segment because our business offerings have similar economics and other characteristics, including the nature of products, clinical and manufacturing processes, types of customers, distribution methods, and regulatory environments. We are managed in the aggregate as one business segment by the Chief Operating Decision Maker (“CODM”), which is our Chief Executive Officer.
While we operate as a single reportable segment, our research and development expenses for our significant programs are tracked and regularly reported to our CODM. Research and development costs consist primarily of external costs, such as fees paid to consultants, contractors, CMOs, and contract research organizations (“CROs”), and purchase of active pharmaceutical ingredients (“APIs”), in connection with our preclinical, contract manufacturing and clinical development activities; as well as internal costs, such as personnel and facility costs, and are tracked on a program-by-program basis. License fees and other costs incurred after a product candidate has been designated and that are directly related to the product candidate are included in the specific program expense. License fees and other costs incurred prior to designating a product candidate are included in early-stage development and research programs, which are presented in the following table in “Other development programs” and “Other research programs,” respectively.
The following table summarizes our segment information for significant operating expenses:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)(in thousands)
Revenues:
Net product revenue$108,111 $— $216,351 $— 
License and services revenue8,311 2,732 125,441 216,020 
Royalty revenue4,278 — 6,106 — 
Total revenues, net120,700 2,732 347,898 216,020 
Operating costs and expenses:
Cost of revenues:
Cost of goods sold4,028 — 8,910 — 
Cost of license, services and royalty revenue2,535 598 3,945 1,794 
Total cost of revenues6,563 598 12,855 1,794 
Research and development by significant program:
Acoramidis for the treatment and primary prevention
   of ATTR-CM		31,978 40,306 84,639 116,846 
Infigratinib for achondroplasia and hypochondroplasia30,756 22,230 88,881 65,513 
BBP-418 for LGMD2I/R914,253 9,073 39,705 29,864 
Encaleret for ADH116,046 12,145 44,633 35,297 
Other development programs357 17,625 22,323 59,602 
Other research programs19,484 19,065 55,355 68,989 
Total segment research and development112,874 120,444 335,536 376,111 
Selling, general and administrative137,621 68,819 373,140 194,149 
Restructuring, impairment and related charges8,841 4,621 10,216 10,912 
Total operating costs and expenses265,899 194,482 731,747 582,966 
Loss from operations(145,199)(191,750)(383,849)(366,946)
Other income (expense), net:
Interest income6,239 3,296 15,522 12,566 
Interest expense(11,739)(23,061)(41,467)(69,469)
Noncash interest expense on deferred royalty obligations (1)(36,410)— (86,460)— 
Gain on deconsolidation of subsidiaries— 52,027 — 178,321 
Loss on extinguishments of debt— — (21,155)(26,590)
Net loss from equity method investments(15,834)(6,563)(51,579)(14,488)
Other income, net16,461 1797 31,240 10,648 
Total other income (expense), net(41,283)27,496 (153,899)90,988 
Loss before income taxes(186,482)(164,254)(537,748)(275,958)
Provision for (benefit from) income taxes(1,545)— 555 — 
Net loss(184,937)(164,254)(538,303)(275,958)
Net loss attributable to redeemable convertible noncontrolling
   interests and noncontrolling interests		2,194 2,214 6,235 5,246 
Segment net loss attributable to common stockholders of BridgeBio$(182,743)$(162,040)$(532,068)$(270,712)
(1)Including related party amounts of $(5,383) and $(5,560) for the three and nine months ended September 30, 2025, respectively (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 condensed consolidated “Total revenues, net” and “Net loss attributable to common stockholders of BridgeBio”.
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. In addition, we offer a program that provides free drug products for a limited period of time or in perpetuity, which is based on specific patient eligibility criteria. We recognize the costs of the program, including the cost of the product, as “Selling, general, and administrative” expenses on our condensed consolidated statements of operations upon delivery to the specialty pharmacy.
•License fees: For arrangements that include a grant of a license to our intellectual property, we consider whether the license grant is distinct from the other performance obligations included in the arrangement. Generally, we would conclude that the license is distinct if the customer is able to benefit from the license with the resources available to it. For licenses that are distinct, we recognize revenues from nonrefundable, upfront license fees and other consideration allocated to the license when the license term has begun and we have provided all necessary information regarding the underlying intellectual property to the customer, which generally occurs at or near the inception of the arrangement. For licenses that are bundled with other promises, we determine whether the combined performance obligation is satisfied over time or at a point in time. If the combined performance obligation is satisfied over time, we use judgment in determining the appropriate method of measuring progress for purposes of recognizing revenue from the up-front license fees. We evaluate the measure of progress for each reporting period and, if necessary, adjust the measure of performance and related revenue recognition.
•Development and regulatory milestone payments: At the inception of each arrangement that includes development and regulatory milestone payments, we evaluate whether the milestones are considered probable of being achieved and estimate the amount to be included in the transaction price using the most likely amount method. We generally include these milestone payments in the transaction price when they are achieved because there is considerable uncertainty in the research and development processes that trigger these payments under our agreements. Similarly, we include approval milestone payments in the transaction price once the product is approved by the applicable regulatory agency. At the end of each subsequent reporting period, we re-evaluate the probability of achieving such development and regulatory milestones and any related constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis.
•Sales-based milestone payments and royalties: For arrangements that include sales-based royalties, including milestone payments based on the volume of sales, we will determine whether the license is deemed to be the predominant item to which the royalties or sales-based milestones relate and if such is the case, we will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). 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, returns, chargebacks, rebates, co-pay assistance and other allowances that are offered within contracts between us and our customers, health care providers and other indirect customers relating to the sale of Attruby. These reserves are based on amounts earned or to be claimed on the related sale and are classified as reductions of accounts receivable (if the amount is payable to the customer) or 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”:
•Trade discounts and allowances: We provide customary invoice discounts on sales to our U.S. customers for prompt payment. The discounts are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue, and the establishment of a reserve that is offset against our accounts receivable balance on our condensed consolidated balance sheets.
•Distribution fees: We receive and pay for various distribution services provided by our customers. These fees are generally accounted for as a reduction of revenue in the same period the related revenue is recognized, and the establishment of a reserve is offset against our accounts receivable balance on our condensed consolidated balance sheets. To the extent that the services received are distinct from the sale of products to our customers, we classify these payments as selling, general and administrative expenses.
•Product returns: Consistent with industry practice, we offer our customers limited product return rights for damages, shipment errors, and expiring product; provided that the return is within a specified period around the product expiration date as set forth in the applicable individual distribution or customer agreement. In estimating for product returns, we consider historical product returns, the underlying product demand, and industry specific data. We estimate the amount of product sales that may be returned and record the estimate as a reduction of revenue and a refund liability included in other current liabilities on our condensed consolidated balance sheets in the period the related product revenue is recognized.
•Chargebacks: Chargebacks result from contractual commitments with the government and other entities to sell products to qualified healthcare providers at prices lower than the list prices charged to our customers. Our customers charge us for the difference between what they pay for the product and the selling price to the qualified healthcare providers. We record reserves and reduce our product revenue for these chargebacks related to product sold to our customers during the reporting period as well as our estimate of product that remains in the distribution channel at the end of the reporting period that we expect will be sold to qualified healthcare providers in future periods. Our established reserve for chargebacks is included as an offset against our accounts receivable balance on our condensed consolidated balance sheets.
•Government rebates: We are subject to discount obligations under government programs, including Medicare and Medicaid programs in the U.S. Rebates are amounts owed after the final dispensing of the product to a benefit plan participant and are based upon contractual agreements with payers or statutory requirements pertaining to Medicare and Medicaid benefit providers. The allowance for rebates is based on contractual or statutory discount rates, estimated payer mix, and expected utilization. Our estimates for the expected utilization of rebates are based on historical dispense data received from our customers and invoices received. We monitor sales trends and adjust the allowance on a quarterly basis to reflect the most recent rebate experience. Our reserve for these rebates is recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of the liability that is included in other current liabilities on our condensed consolidated balance sheets.
•Other incentives: Other incentives include co-payment assistance that we provide to patients with commercial insurance that have coverage and qualify for co-payment assistance. Co-payment assistance is accrued based on an estimate of the number of co-payment assistance claims and the cost per claim that we expect to receive associated with products that have been recognized as revenue. The estimate is recorded as a reduction of revenue in the same period that the related revenue is recognized and also results in the establishment of a liability which is included in other current liabilities on our condensed consolidated balance sheets.
During the three and nine months ended September 30, 2025, we recorded “Net product revenue” of $108.1 million and $216.4 million, respectively, related to product sales of Attruby. There were no significant changes in estimates of variable considerations during the three and nine months ended September 30, 2025.
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 consideration, such as performance-based milestones, will be included in the total consideration if we expect to receive such consideration and if it is probable that the inclusion of the variable consideration will not result in a significant reversal in the cumulative amount of revenue recognized under the arrangement. Our estimate of the total consideration we expect to receive under each licensing and collaboration arrangement is updated for each reporting period, and any adjustments to revenue are recorded on a cumulative catch-up basis.
Inventories
Inventories
Inventory is recorded at the lower of cost or net realizable value. The cost of raw materials, work in process and finished goods are determined using a standard cost approach, which approximates actual cost determined on a first-in, first-out basis. Raw and intermediate materials that may be used for either research and development or commercial purposes are classified as inventory until the material is consumed or otherwise allocated for research and development. If the material is used for research and development, it is expensed as research and development once that determination is made. We capitalize inventory costs that are expected to be sold commercially once we determine it is probable that the inventory costs will be recovered through commercial sales. Prior to regulatory approval of our product candidates, we record costs related to manufacturing and materials as “Research and development” expenses in the period incurred on the condensed consolidated statements of operations, and therefore such costs are not included in cost of revenue. Subsequent to the FDA approval of Attruby in November 2024, the costs directly related to Attruby manufacturing were capitalized as inventory. We reduce our inventory to net realizable value for potentially excess, dated or obsolete inventory based on our periodic assessment of the recoverability of our capitalized inventory. We periodically review inventory levels to identify what may expire prior to expected sale or have a cost basis in excess of its estimated realizable value and write-down of such inventories are charged to cost of revenues as appropriate. We regularly review our inventories for impairment and reserves are established when necessary.
Cost of Revenues
Cost of Revenues
Cost of revenues consists of the following classifications, which are presented accordingly on our condensed consolidated statements of operations:
•Cost of goods sold: Cost of goods sold consists of manufacturing costs, transportation and freight-in, indirect overhead costs (including salary related and stock-based compensation expenses) associated with the commercial manufacturing and distribution of Attruby, and third-party royalties payable on our net product revenue. Cost of goods sold may also include period costs related to excess, dated or obsolete inventory adjustment charges, unabsorbed manufacturing and overhead costs, and manufacturing variances.
•Cost of license, services and royalty revenue: Cost of license, services and royalty revenue consists of manufacturing costs relating to product supply of Beyonttra to our collaboration partners, royalties owed to a third party on the net sales of our licensed product, as well as amortization of intangible assets associated with our license and collaboration agreements, which are amortized over the life of the underlying intellectual property.
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. 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.
New Accounting Pronouncements Not Yet Adopted
New Accounting Pronouncements Not Yet Adopted
In December 2023, the Financial Standards Accounting Board (“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. The update will be effective for annual periods beginning after December 15, 2024. We will first apply this guidance, on an annual basis, for the year ending December 31, 2025. While this ASU will expand our income tax disclosures, it is not expected to have a material impact on our consolidated financial statements.
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 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, Revenue from Contracts with Customers. 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 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.
Stock-Based Compensation
We evaluated the exchange of the controlled entities’ outstanding common stock and equity awards for BridgeBio awards as a modification under ASC 718, Share Based Payments. Under ASC 718, a modification is a change in the terms or conditions of a stock-based compensation award. In assessing the accounting treatment, we consider the fair value, vesting conditions and classification as an equity or liability award of the controlled entity equity before the exchange, compared to the BridgeBio equity received as part of the exchange to determine whether modification accounting must be applied. When applying modification accounting, we considered the type of modification to determine the appropriate stock-based compensation cost to be recognized on April 22 and November 18, 2020, (each the “Modification Date”), and subsequent to the Modification Date.
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.
v3.25.3
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Schedule of Concentration, Percentage of Gross Revenues
The following table summarizes customers that represent 10% or greater of our condensed consolidated total gross revenues:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Bayer (as described in Note 11)*13.2%20.5%60.7%
Kyowa Kirin Co., Ltd (as described in Note 11)*75.0%*34.3%
Customer A20.6%*17.3%*
Customer B22.5%*17.1%*
Customer C17.4%*12.7%*
Customer D17.4%*12.9%*
Customer E14.4%***
*Represents less than 10% and/or not a customer in the applicable period.
Total revenues, net is attributed to regions based on the location of our customers or license and collaboration partners.
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
U.S.89.6 %1.8 %62.2 %4.8 %
Europe, Middle East, and Africa (EMEA)7.7 %13.2 %34.9 %60.8 %
Asia-Pacific (APAC)2.7 %85.0 %2.9 %34.4 %
100.0 %100.0 %100.0 %100.0 %
Schedule of Cash and Cash Equivalents
Cash as reported in the accompanying condensed consolidated statements of cash flows includes the aggregate amounts of cash, cash equivalents and restricted cash as presented on the accompanying condensed consolidated balance sheets as follows:
September 30, 2025December 31, 2024
(in thousands)
Cash and cash equivalents$642,951 $681,101 
Restricted cash — included in “Prepaid expenses and other current assets”126 126 
Restricted cash, non-current — included in “Other assets”2,019 2,017 
Total cash, cash equivalents and restricted cash$645,096 $683,244 
Restrictions on Cash and Cash Equivalents
Cash as reported in the accompanying condensed consolidated statements of cash flows includes the aggregate amounts of cash, cash equivalents and restricted cash as presented on the accompanying condensed consolidated balance sheets as follows:
September 30, 2025December 31, 2024
(in thousands)
Cash and cash equivalents$642,951 $681,101 
Restricted cash — included in “Prepaid expenses and other current assets”126 126 
Restricted cash, non-current — included in “Other assets”2,019 2,017 
Total cash, cash equivalents and restricted cash$645,096 $683,244 
Summary of Other Current Liabilities
Other current liabilities presented on the condensed consolidated balance sheets consisted of the following balances:
September 30, 2025December 31, 2024
(in thousands)
Accrued rebates and other related costs$47,444 $210 
Accrued commercial23,165 11,267 
Deferred royalty obligations, current portion (1)8,601 144 
Accrued professional services4,986 3,673 
Accrued interest4,253 11,056 
Milestone-based liabilities— 1,595 
Other accrued liabilities4,294 5,126 
Total other current liabilities$92,743 $33,071 
(1)Including a related party amount of $1,647 as of September 30, 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:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)(in thousands)
Revenues:
Net product revenue$108,111 $— $216,351 $— 
License and services revenue8,311 2,732 125,441 216,020 
Royalty revenue4,278 — 6,106 — 
Total revenues, net120,700 2,732 347,898 216,020 
Operating costs and expenses:
Cost of revenues:
Cost of goods sold4,028 — 8,910 — 
Cost of license, services and royalty revenue2,535 598 3,945 1,794 
Total cost of revenues6,563 598 12,855 1,794 
Research and development by significant program:
Acoramidis for the treatment and primary prevention
   of ATTR-CM		31,978 40,306 84,639 116,846 
Infigratinib for achondroplasia and hypochondroplasia30,756 22,230 88,881 65,513 
BBP-418 for LGMD2I/R914,253 9,073 39,705 29,864 
Encaleret for ADH116,046 12,145 44,633 35,297 
Other development programs357 17,625 22,323 59,602 
Other research programs19,484 19,065 55,355 68,989 
Total segment research and development112,874 120,444 335,536 376,111 
Selling, general and administrative137,621 68,819 373,140 194,149 
Restructuring, impairment and related charges8,841 4,621 10,216 10,912 
Total operating costs and expenses265,899 194,482 731,747 582,966 
Loss from operations(145,199)(191,750)(383,849)(366,946)
Other income (expense), net:
Interest income6,239 3,296 15,522 12,566 
Interest expense(11,739)(23,061)(41,467)(69,469)
Noncash interest expense on deferred royalty obligations (1)(36,410)— (86,460)— 
Gain on deconsolidation of subsidiaries— 52,027 — 178,321 
Loss on extinguishments of debt— — (21,155)(26,590)
Net loss from equity method investments(15,834)(6,563)(51,579)(14,488)
Other income, net16,461 1797 31,240 10,648 
Total other income (expense), net(41,283)27,496 (153,899)90,988 
Loss before income taxes(186,482)(164,254)(537,748)(275,958)
Provision for (benefit from) income taxes(1,545)— 555 — 
Net loss(184,937)(164,254)(538,303)(275,958)
Net loss attributable to redeemable convertible noncontrolling
   interests and noncontrolling interests		2,194 2,214 6,235 5,246 
Segment net loss attributable to common stockholders of BridgeBio$(182,743)$(162,040)$(532,068)$(270,712)
(1)Including related party amounts of $(5,383) and $(5,560) for the three and nine months ended September 30, 2025, respectively (as described in Note 10).
Schedule of Inventories Presented on Condensed Consolidated Balance Sheet
Inventories presented on the condensed consolidated balance sheet as of September 30, 2025 consisted of the following balances:
September 30, 2025
(in thousands)
Raw materials$16,506 
Work in progress4,132 
Finished goods4,969 
Inventory reserve(1,080)
Total inventories$24,527 
v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 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:
September 30, 2025
TotalLevel 1Level 2Level 3
(in thousands)
Assets
Cash equivalents:
Money market funds$231,516 $231,516 $— $— 
Treasury bills39,872 — 39,872 — 
Agency discount notes11,956 — 11,956 — 
Total cash equivalents283,344 231,516 51,828 — 
Marketable securities:
Treasury bills2,991 — 2,991 — 
Total marketable securities2,991 — 2,991 — 
Total financial assets$286,335 $231,516 $54,819 $— 
Liability
Embedded derivative (included in “Deferred royalty obligations, net”)$30,029 $— $— $30,029 
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:
September 30, 2025December 31, 2024
Aggregate Face ValuesEstimated Fair ValuesAggregate Face ValuesEstimated Fair Values
(in thousands)(in thousands)
2031 Convertible Notes$575,000 $742,818 $— $— 
2029 Convertible Notes$747,500 $737,842 $747,500 $640,708 
2027 Convertible Notes$550,000 $767,525 $550,000 $578,087 
v3.25.3
Cash Equivalents and Marketable Securities (Tables)
 9 Months Ended
Sep. 30, 2025
Cash Equivalents And Marketable Securities [Abstract]  
Schedule of Cash Equivalent and Marketable Securities
Cash equivalents and marketable securities consisted of the following:
September 30, 2025
Amortized
Cost Basis		Unrealized
Gains		Unrealized
Losses		Estimated Fair
Value
(in thousands)
Cash equivalents:
Money market funds$231,516 $— $— $231,516 
Treasury bills39,872 1 (1)39,872 
Agency discount notes11,954 2 — 11,956 
Total cash equivalents$283,342 $3 $(1)$283,344 
Marketable securities:
Treasury bills2,991 — — 2,991 
Total marketable securities2,991 — — 2,991 
Total cash equivalents and marketable securities$286,333 $3 $(1)$286,335 
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 
v3.25.3
Intangible Assets, net (Tables)
 9 Months Ended
Sep. 30, 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:
September 30, 2025December 31, 2024
Weighted-average
Estimated Useful Lives		AmountWeighted-average
Estimated Useful Lives		Amount
(in thousands)(in thousands)
Gross amount13.7$39,400 10.0 years$32,500 
Less: accumulated amortization(10,605)(8,574)
Total$28,795 $23,926 
v3.25.3
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2025.
Potential Fixed Monetary
Amount
Accrued
Amount (1)
Settlement Type(in thousands)
Cash$805 $52 
Stock (2)
14,432 — 
Cash or stock at our sole discretion54,504 651 
Total$69,741 $703 
(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.
v3.25.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Loans Balances
The outstanding Notes’ balances consisted of the following:
September 30, 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		(10,913)(7,120)(3,451)(8,628)(4,827)
Net carrying amount$564,087 $740,380 $546,549 $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:
Three Months Ended September 30, 2025
2031 Notes2029 Notes2027 NotesTotal
(in thousands)
Contractual interest expense$2,600 $4,205 $3,438 $10,243 
Amortization of debt discount and issuance costs490 506 462 1,458 
Total interest and amortization expense$3,090 $4,711 $3,900 $11,701 
Effective interest rate2.1%2.6%2.8%
Three Months Ended September 30, 2024
2029 Notes2027 NotesTotal
(in thousands)
Contractual interest expense$4,205 $3,438 $7,643 
Amortization of debt discount and issuance costs494 449 943 
Total interest and amortization expense$4,699 $3,887 $8,586 
Effective interest rate2.6%2.8%
Nine Months Ended September 30, 2025
2031 Notes2029 Notes2027 NotesTotal
(in thousands)
Contractual interest expense$5,954 $12,614 $10,313 $28,881 
Amortization of debt discount and issuance costs1,121 1,508 1,377 4,006 
Total interest and amortization expense$7,075 $14,122 $11,690 $32,887 
Effective interest rate2.1%2.6%2.8%
Nine Months Ended September 30, 2024
2029 Notes2027 NotesTotal
(in thousands)
Contractual interest expense$12,614 $10,313 $22,927 
Amortization of debt discount and issuance costs1,471 1,340 2,811 
Total interest and amortization expense$14,085 $11,653 $25,738 
Effective interest rate2.6%2.8%
Schedule of Maturities of Long-Term Debt
Future minimum payments under the Notes as of September 30, 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 
v3.25.3
Deferred Royalty Obligations, Net (Tables)
 9 Months Ended
Sep. 30, 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:
September 30, 2025
Funding AgreementRoyalty Purchase
Agreement (1)		Total
(in thousands)
Carrying value of deferred royalty obligations, net$563,367 $304,692 $868,059 
Fair value of embedded derivative liability30,029 — 30,029 
Unamortized debt discount and issuance costs(59,133)(2,829)(61,962)
Deferred royalty obligations, net$534,263 $301,863 $836,126 
(1)Including related party amounts of $203,128 for the carrying value of deferred royalty obligations, net and $(1,886) for unamortized debt discount and issuance costs as of September 30, 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 
v3.25.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Schedule of Components of Lease Cost
The components of lease cost are as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)(in thousands)
Straight-line operating lease costs$1,213 $1,026 $3,443 $3,119 
Finance lease costs91 98 278 299 
Variable lease costs1,342 1,484 3,822 4,974 
Total lease cost$2,646 $2,608 $7,543 $8,392 
Supplemental cash flow information related to leases are as follows:
Nine Months Ended September 30,
20252024
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$4,757 $4,459 
Operating cash flows for finance lease344 334 
Operating lease right-of-use assets obtained in exchange for
   operating lease obligations		3,714 1,292 
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:
September 30,
20252024
Weighted-average remaining lease term (in years)
Operating leases3.14.0
Finance lease0.31.3
Weighted-average discount rate
Operating leases6.7%6.2%
Finance lease6.6%6.6%
Schedule of Future Minimum Lease Payments for Noncancelable Leases
As of September 30, 2025, future minimum lease payments for our noncancelable operating leases are as follows. Future minimum lease payments under our finance lease are not material.
Amount
(in thousands)
Remainder of 2025$1,147 
Year ending December 31:
20265,375 
2027582 
2028454 
2029487 
2030487 
Thereafter934 
Total future minimum lease payments9,466 
Imputed interest(745)
Total$8,721 
Reported as of September 30, 2025
Operating lease liabilities, current portion$5,294 
Operating lease liabilities, net of current portion3,427 
Total operating lease liabilities$8,721 
v3.25.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 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 condensed consolidated statements of operations for employees and non-employees:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)(in thousands)
Cost of goods sold$361 $— $578 $— 
Research and development12,328 12,124 37,582 29,840 
Selling, general and administrative21,866 14,969 63,077 47,511 
Restructuring, impairment and related charges709 38 755 81 
Total stock-based compensation$35,264 $27,131 $101,992 $77,432 
Summary of Stock Option Activity
The following table summarizes BridgeBio’s stock option activity under the Plans for the nine months ended September 30, 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(763,439)
Regular equity program(532,293)$22.61 
Eidos Awards Exchange(206,360)$11.91 
Exchange Program(24,786)$1.31 
Cancelled(7,183)
Regular equity program(7,183)$36.37 
Outstanding as of September 30, 202511,909,994
Regular equity program10,813,884$26.12 5.6$289,158 
Eidos Awards Exchange807,815$14.76 3.5$30,034 
Exchange Program288,295$2.28 3.6$14,316 
Exercisable as of September 30, 202510,783,067
Regular equity program9,689,377$26.52 5.3$256,260 
Eidos Awards Exchange807,815$14.76 3.5$30,034 
Exchange Program285,875$2.28 3.6$14,198 
Summary of Restricted Stock Award Activity
The following table summarizes BridgeBio’s RSU activity under the Plans for the nine months ended September 30, 2025:
Unvested
Shares of
RSUs
Outstanding		Weighted-
Average
Grant Date
Fair Value
Balance as of December 31, 202410,272,798$21.91 
Granted4,295,784$34.58 
Vested(3,075,143)$22.75 
Cancelled(798,470)$22.51 
Balance as of September 30, 202510,694,969$26.72 
Schedule of Assumptions Used to Determine Fair Value of Stock Purchase Rights
We used the Black-Scholes model to estimate the fair value of stock options and stock purchase rights under the ESPP. For the nine months ended September 30, 2025, we used the following weighted-average assumptions in the Black-Scholes calculations:
Stock OptionsESPP
Expected term (in years)6.00.5
Expected volatility
94.0% - 94.7%
46.7% - 60.9%
Risk-free interest rate4.1%
4.1% - 5.0%
Dividend yield— — 
Weighted-average fair value of stock-based awards
   granted		$30.15$13.04 
v3.25.3
Restructuring, Impairment and Related Charges (Tables)
 9 Months Ended
Sep. 30, 2025
Restructuring and Related Activities [Abstract]  
Summary of Restructuring, Impairment and Related Charges
“Restructuring, impairment and related charges” included on our condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024 consisted of the following:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)
Winding down, exit and other related costs$5,899 $2,885 $7,045 $6,402 
Severance and employee-related costs2,942 1,736 3,171 4,239 
Long-lived assets impairments and write-offs— — — 271 
Total$8,841 $4,621 $10,216 $10,912 
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 nine months ended September 30, 2025 and 2024:
Nine Months Ended September 30,
20252024
(in thousands)
Beginning balance$1,848 $55 
Restructuring, impairment and related charges10,216 10,912 
Cash payments(7,958)(8,240)
Noncash activities(758)(359)
Ending balance$3,348 $2,368 
Restructuring liabilities are presented on our condensed consolidated balance sheets as follows:
September 30, 2025December 31, 2024
(in thousands)
Accounts payable$508 $330 
Accrued compensation and benefits1,603 332 
Accrued research and development liabilities1,176 1,020 
Other current liabilities61 166 
Total$3,348 $1,848 
v3.25.3
Net Loss Per Share (Tables)
 9 Months Ended
Sep. 30, 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 September 30,
20252024
Unvested RSUs10,694,9699,953,125
Unvested performance-based RSUs194,9433,326
Unvested market-based RSUs375,000375,000
Common stock options issued and outstanding11,909,99412,678,490
Estimated shares issuable under performance-based milestone compensation arrangements1,330,3412,845,476
Estimated shares issuable under the ESPP42,84250,969
Assumed conversion of 2027 Notes12,878,30512,878,305
Assumed conversion of 2029 Notes7,702,9887,702,988
Assumed conversion of 2031 Notes11,544,448—
56,673,83046,487,679
v3.25.3
Organization and Description of Business (Details)
 9 Months Ended
Sep. 30, 2025
product_candidate
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of product candidates in late development 3
v3.25.3
Summary of Significant Accounting Policies - Additional Information (Details)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
USD ($)
customer
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
customer
segment
Sep. 30, 2024
USD ($)
Dec. 31, 2024
customer
Summary Of Significant Accounting Policies [Line Items]          
Number of operating segments | segment     1    
Number of reportable segments | segment     1    
Number of business segments | segment     1    
Revenue | $ $ 120,700 $ 2,732 $ 347,898 $ 216,020  
Inventory reserve | $ $ 1,080   $ 1,080    
Customer Concentration Risk | Accounts Receivable          
Summary Of Significant Accounting Policies [Line Items]          
Number of customers accounted for more than 10% of concentration risk | customer 5   5   5
Customer Concentration Risk | Accounts Receivable | Customer A          
Summary Of Significant Accounting Policies [Line Items]          
Percentage of concentration risk     23.60%   17.30%
Customer Concentration Risk | Accounts Receivable | Customer B          
Summary Of Significant Accounting Policies [Line Items]          
Percentage of concentration risk     20.30%   17.30%
Customer Concentration Risk | Accounts Receivable | Customer C          
Summary Of Significant Accounting Policies [Line Items]          
Percentage of concentration risk     18.50%   16.90%
Customer Concentration Risk | Accounts Receivable | Customer D          
Summary Of Significant Accounting Policies [Line Items]          
Percentage of concentration risk     17.40%   12.00%
Customer Concentration Risk | Accounts Receivable | Customer E          
Summary Of Significant Accounting Policies [Line Items]          
Percentage of concentration risk     13.90%   11.90%
U.S.          
Summary Of Significant Accounting Policies [Line Items]          
Percentage of capitalized property and equipment 43.50%   43.50%   51.60%
Canada          
Summary Of Significant Accounting Policies [Line Items]          
Percentage of capitalized property and equipment 52.20%   52.20%   44.70%
Rest of World          
Summary Of Significant Accounting Policies [Line Items]          
Percentage of capitalized property and equipment 4.30%   4.30%   3.70%
Attruby          
Summary Of Significant Accounting Policies [Line Items]          
Revenue | $ $ 108,100   $ 216,400    
v3.25.3
Summary of Significant Accounting Policies - Schedule of Concentration, Percentage of Gross Revenues (Details) - Revenue Benchmark
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Geographical Risk        
Concentration Risk [Line Items]        
Percentage of concentration risk 100.00% 100.00% 100.00% 100.00%
Geographical Risk | U.S.        
Concentration Risk [Line Items]        
Percentage of concentration risk 89.60% 1.80% 62.20% 4.80%
Geographical Risk | EMEA        
Concentration Risk [Line Items]        
Percentage of concentration risk 7.70% 13.20% 34.90% 60.80%
Geographical Risk | APAC        
Concentration Risk [Line Items]        
Percentage of concentration risk 2.70% 85.00% 2.90% 34.40%
Bayer | Customer Concentration Risk        
Concentration Risk [Line Items]        
Percentage of concentration risk   13.20% 20.50% 60.70%
Kyowa Kirin Co., Ltd | Customer Concentration Risk        
Concentration Risk [Line Items]        
Percentage of concentration risk   75.00%   34.30%
Customer A | Customer Concentration Risk        
Concentration Risk [Line Items]        
Percentage of concentration risk 20.60%   17.30%  
Customer B | Customer Concentration Risk        
Concentration Risk [Line Items]        
Percentage of concentration risk 22.50%   17.10%  
Customer C | Customer Concentration Risk        
Concentration Risk [Line Items]        
Percentage of concentration risk 17.40%   12.70%  
Customer D | Customer Concentration Risk        
Concentration Risk [Line Items]        
Percentage of concentration risk 17.40%   12.90%  
Customer E | Customer Concentration Risk        
Concentration Risk [Line Items]        
Percentage of concentration risk 14.40%      
v3.25.3
Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Accounting Policies [Abstract]      
Cash and cash equivalents $ 642,951 $ 681,101 [1] $ 266,324
Restricted cash — Included in “Prepaid expenses and other current assets” 126 126 139,409
Restricted cash, non-current - included in "Other assets" 2,019 2,017 2,143
Total cash, cash equivalents and restricted cash at end of periods shown in the condensed consolidated statements of cash flows $ 645,096 $ 683,244 $ 407,876
[1] The condensed consolidated balance sheet as of December 31, 2024 is derived from the audited consolidated financial statements as of that date.
v3.25.3
Summary of Significant Accounting Policies - Summary of Other Current Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Summary Of Significant Accounting Policies [Line Items]    
Accrued rebates and other related costs $ 47,444 $ 210
Accrued commercial 23,165 11,267
Deferred royalty obligations, current portion 8,601 144
Accrued professional services 4,986 3,673
Accrued interest 4,253 11,056
Milestone-based liabilities 0 1,595
Other accrued liabilities 4,294 5,126
Total other current liabilities [1] 92,743 $ 33,071 [2]
Related Party    
Summary Of Significant Accounting Policies [Line Items]    
Deferred royalty obligations, current portion 1,647  
Total other current liabilities $ 1,647  
[1] Including a related party amount of $1,647 as of September 30, 2025 (as described in Note 10).
[2] The condensed consolidated balance sheet as of December 31, 2024 is derived from the audited consolidated financial statements as of that date.
v3.25.3
Summary of Significant Accounting Policies - Summary of Segment Information for Revenue, Significant Operating Expenses and Other Income (Expense), and Net Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues:        
Total revenues, net $ 120,700 $ 2,732 $ 347,898 $ 216,020
Cost of revenues        
Total cost of revenues 6,563 598 12,855 1,794
Total segment research and development 112,874 120,444 335,536 376,111
Selling, general and administrative 137,621 68,819 373,140 194,149
Restructuring, impairment and related charges 8,841 4,621 10,216 10,912
Total operating costs and expenses 265,899 194,482 731,747 582,966
Loss from operations (145,199) (191,750) (383,849) (366,946)
Other income (expense), net:        
Interest income 6,239 3,296 15,522 12,566
Interest expense (11,739) (23,061) (41,467) (69,469)
Noncash interest expense on deferred royalty obligations [1] (36,410) 0 (86,460) [2] 0 [2]
Gain on deconsolidation of subsidiaries 0 52,027 0 178,321
Loss on extinguishments of debt 0 0 (21,155) (26,590)
Net loss from equity method investments (15,834) (6,563) (51,579) (14,488)
Other income, net 16,461 1,797 31,240 10,648
Total other income (expense), net (41,283) 27,496 (153,899) 90,988
Loss before income taxes (186,482) (164,254) (537,748) (275,958)
Provision for (benefit from) income taxes (1,545) 0 555 0
Net loss (184,937) (164,254) (538,303) (275,958)
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests 2,194 2,214 6,235 5,246
Net loss attributable to common stockholders of BridgeBio (182,743) (162,040) (532,068) (270,712)
Related Party        
Other income (expense), net:        
Noncash interest expense on deferred royalty obligations (5,383)   (5,560)  
Net product revenue        
Revenues:        
Total revenues, net 108,111 0 216,351 0
Cost of revenues        
Total cost of revenues 4,028 0 8,910 0
License and services revenue        
Revenues:        
Total revenues, net 8,311 2,732 125,441 216,020
Royalty revenue        
Revenues:        
Total revenues, net 4,278 0 6,106 0
Cost of license, services and royalty revenue        
Cost of revenues        
Total cost of revenues 2,535 598 3,945 1,794
Reportable Segment        
Revenues:        
Total revenues, net 120,700 2,732 347,898 216,020
Cost of revenues        
Total cost of revenues 6,563 598 12,855 1,794
Total segment research and development 112,874 120,444 335,536 376,111
Selling, general and administrative 137,621 68,819 373,140 194,149
Restructuring, impairment and related charges 8,841 4,621 10,216 10,912
Total operating costs and expenses 265,899 194,482 731,747 582,966
Loss from operations (145,199) (191,750) (383,849) (366,946)
Other income (expense), net:        
Interest income 6,239 3,296 15,522 12,566
Interest expense (11,739) (23,061) (41,467) (69,469)
Noncash interest expense on deferred royalty obligations (36,410) 0 (86,460) 0
Gain on deconsolidation of subsidiaries 0 52,027 0 178,321
Loss on extinguishments of debt 0 0 (21,155) (26,590)
Net loss from equity method investments (15,834) (6,563) (51,579) (14,488)
Other income, net 16,461 1,797 31,240 10,648
Total other income (expense), net (41,283) 27,496 (153,899) 90,988
Loss before income taxes (186,482) (164,254) (537,748) (275,958)
Provision for (benefit from) income taxes (1,545) 0 555 0
Net loss (184,937) (164,254) (538,303) (275,958)
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests 2,194 2,214 6,235 5,246
Net loss attributable to common stockholders of BridgeBio (182,743) (162,040) (532,068) (270,712)
Reportable Segment | Related Party        
Other income (expense), net:        
Noncash interest expense on deferred royalty obligations (5,383)   (5,560)  
Reportable Segment | Acoramidis for the treatment and primary prevention of ATTR-CM        
Cost of revenues        
Total segment research and development 31,978 40,306 84,639 116,846
Reportable Segment | Infigratinib for achondroplasia and hypochondroplasia        
Cost of revenues        
Total segment research and development 30,756 22,230 88,881 65,513
Reportable Segment | BBP-418 for LGMD2I/R9        
Cost of revenues        
Total segment research and development 14,253 9,073 39,705 29,864
Reportable Segment | Encaleret for ADH1        
Cost of revenues        
Total segment research and development 16,046 12,145 44,633 35,297
Reportable Segment | Other development programs        
Cost of revenues        
Total segment research and development 357 17,625 22,323 59,602
Reportable Segment | Other research programs        
Cost of revenues        
Total segment research and development 19,484 19,065 55,355 68,989
Reportable Segment | Net product revenue        
Revenues:        
Total revenues, net 108,111 0 216,351 0
Cost of revenues        
Total cost of revenues 4,028 0 8,910 0
Reportable Segment | License and services revenue        
Revenues:        
Total revenues, net 8,311 2,732 125,441 216,020
Reportable Segment | Royalty revenue        
Revenues:        
Total revenues, net 4,278 0 6,106 0
Reportable Segment | Cost of license, services and royalty revenue        
Cost of revenues        
Total cost of revenues $ 2,535 $ 598 $ 3,945 $ 1,794
[1] Including related party amounts of $(5,383) and $(5,560) for the three and nine months ended September 30, 2025, respectively (as described in Note 10)
[2] Including a related party amount of $5,560 for the nine months ended September 30, 2025 (as described in Note 10).
v3.25.3
Summary of Significant Accounting Policies - Schedule of Inventories Presented on Condensed Consolidated Balance Sheet (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
 [1]
Accounting Policies [Abstract]    
Raw materials $ 16,506  
Work in progress 4,132  
Finished goods 4,969  
Inventory reserve (1,080)  
Total inventories $ 24,527 $ 0
[1] The condensed consolidated balance sheet as of December 31, 2024 is derived from the audited consolidated financial statements as of that date.
v3.25.3
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Cash equivalents:    
Estimated Fair Value $ 283,344 $ 359,791
Marketable securities:    
Total marketable securities 2,991  
Liability    
Embedded derivative (included in “Deferred royalty obligations, net”) 30,029  
Treasury bills    
Marketable securities:    
Total marketable securities 2,991  
Money market funds    
Cash equivalents:    
Estimated Fair Value 231,516 294,872
Treasury bills    
Cash equivalents:    
Estimated Fair Value 39,872 20,714
Agency discount notes    
Cash equivalents:    
Estimated Fair Value 11,956 44,205
Recurring    
Cash equivalents:    
Estimated Fair Value 283,344 359,791
Marketable securities:    
Total marketable securities 2,991  
Total financial assets 286,335 359,791
Liability    
Embedded derivative (included in “Deferred royalty obligations, net”) 30,029 41,091
Recurring | Treasury bills    
Marketable securities:    
Total marketable securities 2,991  
Recurring | Money market funds    
Cash equivalents:    
Estimated Fair Value 231,516 294,872
Recurring | Treasury bills    
Cash equivalents:    
Estimated Fair Value 39,872 20,714
Recurring | Agency discount notes    
Cash equivalents:    
Estimated Fair Value 11,956 44,205
Recurring | Level 1    
Cash equivalents:    
Estimated Fair Value 231,516 294,872
Marketable securities:    
Total marketable securities 0  
Total financial assets 231,516 294,872
Liability    
Embedded derivative (included in “Deferred royalty obligations, net”) 0 0
Recurring | Level 1 | Treasury bills    
Marketable securities:    
Total marketable securities 0  
Recurring | Level 1 | Money market funds    
Cash equivalents:    
Estimated Fair Value 231,516 294,872
Recurring | Level 1 | Treasury bills    
Cash equivalents:    
Estimated Fair Value 0 0
Recurring | Level 1 | Agency discount notes    
Cash equivalents:    
Estimated Fair Value 0 0
Recurring | Level 2    
Cash equivalents:    
Estimated Fair Value 51,828 64,919
Marketable securities:    
Total marketable securities 2,991  
Total financial assets 54,819 64,919
Liability    
Embedded derivative (included in “Deferred royalty obligations, net”) 0 0
Recurring | Level 2 | Treasury bills    
Marketable securities:    
Total marketable securities 2,991  
Recurring | Level 2 | Money market funds    
Cash equivalents:    
Estimated Fair Value 0 0
Recurring | Level 2 | Treasury bills    
Cash equivalents:    
Estimated Fair Value 39,872 20,714
Recurring | Level 2 | Agency discount notes    
Cash equivalents:    
Estimated Fair Value 11,956 44,205
Recurring | Level 3    
Cash equivalents:    
Estimated Fair Value 0 0
Marketable securities:    
Total marketable securities 0  
Total financial assets 0 0
Liability    
Embedded derivative (included in “Deferred royalty obligations, net”) 30,029 41,091
Recurring | Level 3 | Treasury bills    
Marketable securities:    
Total marketable securities 0  
Recurring | Level 3 | Money market funds    
Cash equivalents:    
Estimated Fair Value 0 0
Recurring | Level 3 | Treasury bills    
Cash equivalents:    
Estimated Fair Value 0 0
Recurring | Level 3 | Agency discount notes    
Cash equivalents:    
Estimated Fair Value $ 0 $ 0
v3.25.3
Fair Value Measurements - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2025
Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Estimated fair value of deferred royalty obligation under funding agreement, net embedded derivative liability $ 523.2 $ 523.2 $ 446.0
Gain for change in fair value of embedded derivative liability $ 5.6 $ 11.1  
2031 Notes, net      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Stated interest rate 1.75% 1.75%  
2029 Notes, net      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Stated interest rate 2.25% 2.25%  
2027 Notes, net      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Stated interest rate 2.50% 2.50%  
Amended Loan Agreement      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Fair value of amount outstanding $ 319.5 $ 319.5 $ 461.8
v3.25.3
Fair Value Measurements - Schedule of Aggregate Face Values and Fair Values of Notes (Details) - USD ($)
$ in Thousands
Sep. 30, 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 742,818 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 737,842 640,708
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 $ 767,525 $ 578,087
v3.25.3
Cash Equivalents and Marketable Securities - Schedule of Cash Equivalent and Marketable Securities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis $ 283,342 $ 359,783
Unrealized Gains 3 8
Unrealized Losses (1) 0
Estimated Fair Value 283,344 359,791
Amortized Cost Basis 2,991  
Unrealized Gains 0  
Unrealized Losses 0  
Estimated Fair Value 2,991  
Total cash equivalents and marketable securities, amortized cost basis 286,333  
Total cash equivalents and marketable securities, unrealized gains 3  
Total cash equivalents and marketable securities , unrealized losses (1)  
Total cash equivalents and marketable securities, estimated fair value 286,335  
Treasury bills    
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis 2,991  
Unrealized Gains 0  
Unrealized Losses 0  
Estimated Fair Value 2,991  
Money market funds    
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis 231,516 294,872
Unrealized Gains 0 0
Unrealized Losses 0 0
Estimated Fair Value 231,516 294,872
Treasury bills    
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis 39,872 20,710
Unrealized Gains 1 4
Unrealized Losses (1) 0
Estimated Fair Value 39,872 20,714
Agency discount notes    
Cash And Cash Equivalents [Line Items]    
Amortized Cost Basis 11,954 44,201
Unrealized Gains 2 4
Unrealized Losses 0 0
Estimated Fair Value $ 11,956 $ 44,205
v3.25.3
Cash Equivalents and Marketable Securities - Additional Information (Details) - USD ($)
Sep. 30, 2025
Dec. 31, 2024
Cash Equivalents And Marketable Securities [Abstract]    
Marketable securities $ 2,991,000 $ 0 [1]
[1] The condensed consolidated balance sheet as of December 31, 2024 is derived from the audited consolidated financial statements as of that date.
v3.25.3
Noncontrolling Interests (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Noncontrolling Interest [Abstract]        
Adjustments to additional paid in capital, noncontrolling interest $ (3.1) $ (2.8) $ (4.7) $ (4.7)
v3.25.3
Equity Method Investments and Other Equity Security Investment (Details) - USD ($)
 1 Months Ended 2 Months Ended 3 Months Ended 5 Months Ended 9 Months Ended
Aug. 16, 2024
Apr. 30, 2024
Feb. 20, 2024
Feb. 13, 2024
Jul. 31, 2025
Jun. 30, 2025
Oct. 31, 2024
Mar. 31, 2024
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Aug. 31, 2025
Dec. 31, 2024
Schedule Of Equity Method Investments [Line Items]                                
Gain on deconsolidation                   $ 0 $ 52,027,000   $ 0 $ 178,321,000    
Amortization of asset                   700,000 600,000   2,000,000.0 1,800,000    
Net loss from equity method investments                   (15,834,000) (6,563,000)   (51,579,000) (14,488,000)    
Prepaid expenses and other current assets                   52,395,000     52,395,000     $ 34,869,000 [1]
Research and development                   112,874,000 120,444,000   335,536,000 376,111,000    
Other liabilities current [2]                   $ 92,743,000     $ 92,743,000     $ 33,071,000 [1]
Common stock, issued (in shares)                   200,230,458     200,230,458     196,236,234
Other assets                   $ 25,522,000     $ 25,522,000     $ 18,195,000 [1]
Transition Service Agreement And Sublease Agreement | Gondola Bio, LLC                                
Schedule Of Equity Method Investments [Line Items]                                
Service agreement period 24 months                              
Service agreement, sublease term             1 year                  
Operating expenses                 $ 400,000 1,400,000     4,100,000      
Prepaid expenses and other current assets                   4,100,000     4,100,000     3,200,000
Transition Service Aggrement | Gondola Bio, LLC                                
Schedule Of Equity Method Investments [Line Items]                                
Research and development                   0     1,200,000      
Other liabilities current                   1,300,000     1,300,000     1,200,000
Transition Service Aggrement | BridgeBio Oncology Therapeutics, Inc.                                
Schedule Of Equity Method Investments [Line Items]                                
Service agreement period   18 months                            
Other income                   200,000 800,000   900,000 1,600,000    
Operating expenses                   200,000 600,000   300,000 700,000    
Prepaid expenses and other current assets                   800,000     800,000     500,000
Research and development                   0 400,000   0 700,000    
Common stock, issued (in shares)                             784,720  
Other assets                   $ 7,800,000     $ 7,800,000      
Gondola Bio, LLC                                
Schedule Of Equity Method Investments [Line Items]                                
Investors committed amount $ 300,000,000.0                              
Investments contributed                 60,000,000.0   60,000,000.0 $ 60,000,000.0   60,000,000.0    
Equity ownership percentage approximately 45.50%                 29.20%     29.20%      
Investors contribution fair value $ 50,000,000.0                              
Gain on deconsolidation 52,000,000.0                              
Equity investment 50,000,000.0                 $ 18,500,000     $ 18,500,000     41,500,000
Difference of between fair value of equity investment and underlying equity in net assets $ 23,900,000                              
Net loss from equity method investments                 (1,400,000) (7,100,000)     (23,000,000.0)      
Gondola Bio, LLC | Transition Service Agreement And Sublease Agreement                                
Schedule Of Equity Method Investments [Line Items]                                
Other income                 400,000 3,200,000     8,600,000      
Gondola Bio, LLC | IPR&D                                
Schedule Of Equity Method Investments [Line Items]                                
Amortization of asset                 $ 100,000 $ 300,000     $ 900,000      
BridgeBio Oncology Therapeutics, Inc.                                
Schedule Of Equity Method Investments [Line Items]                                
Equity ownership percentage approximately                   17.40%     17.40%      
Gain on deconsolidation   $ 126,300,000                            
Equity investment   124,900,000               $ 73,700,000     $ 73,700,000     $ 102,200,000
Difference of between fair value of equity investment and underlying equity in net assets   49,600,000                            
Net loss from equity method investments                   (8,700,000) $ (5,200,000)   (28,600,000) $ (13,100,000)    
Payment for private equity financing with external investors   $ 200,000,000.0                            
Percentage of ownership reduced for private equity financing   37.90%                            
BridgeBio Oncology Therapeutics, Inc. | IPR&D                                
Schedule Of Equity Method Investments [Line Items]                                
Amortization of asset                   $ 600,000   $ 1,000,000 $ 1,800,000      
LianBio | BridgeBio Pharma, LLC                                
Schedule Of Equity Method Investments [Line Items]                                
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         $ 2,300,000     $ 25,700,000                
Realized net gains from investment               $ 1,800,000                
Common stock held (in shares)                         5,350,361      
[1] The condensed consolidated balance sheet as of December 31, 2024 is derived from the audited consolidated financial statements as of that date.
[2] Including a related party amount of $1,647 as of September 30, 2025 (as described in Note 10).
v3.25.3
Intangible Assets, net - Summary of Recognized Intangible Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 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 (10,605) (8,574)
Total $ 28,795 $ 23,926
v3.25.3
Intangible Assets, net - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
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 $ 0.7 $ 0.6 2.0 $ 1.8  
Amortization expenses, remainder period of 2025 0.7   0.7    
Finite-lived intangible asset, expected amortization, year one 2.9   2.9    
Finite-lived intangible asset, expected amortization, year two 2.9   2.9    
Finite-lived intangible asset, expected amortization, year three 2.9   2.9    
Finite-lived intangible asset, expected amortization, year four 2.9   2.9    
Finite-lived intangible asset, expected amortization, year five 2.9   2.9    
Finite-lived intangible asset, expected amortization, thereafter $ 13.6   $ 13.6    
v3.25.3
Commitments and Contingencies - Schedule of Potential Milestone Amounts and Accruals (Details)
$ in Thousands
Sep. 30, 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 54,504
Potential Fixed Monetary Amount, Total 69,741
Accrued Amount, Cash 52
Accrued Amount, Stock 0
Accrued Amount, Cash or stock at our sole discretion 651
Accrued Amount, Total $ 703
v3.25.3
Commitments and Contingencies - Additional Information (Details)
$ in Millions
Sep. 30, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Aggregate minimum commitment $ 64.3
v3.25.3
Debt - 2031 Notes Narrative (Details)
$ / shares in Units, $ in Thousands
 9 Months Ended
Feb. 28, 2025
USD ($)
shares
trading_day
$ / shares
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]        
Repurchase of common stock   $ 48,276 $ 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%      
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      
Conversion rate (in shares) 0.0200773      
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      
v3.25.3
Debt - 2029 Notes Narrative (Details)
$ / shares in Units, $ in Thousands
 9 Months Ended
Jan. 28, 2021
USD ($)
trading_day
shares
$ / shares
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Feb. 02, 2021
USD ($)
Debt Instrument [Line Items]          
Repurchase of common stock   $ 48,276 $ 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        
v3.25.3
Debt - 2027 Notes Narrative (Details)
$ / shares in Units, $ in Thousands
 9 Months Ended
Mar. 09, 2020
USD ($)
trading_day
shares
$ / shares
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]        
Repurchase of common stock   $ 48,276 $ 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      
v3.25.3
Debt - Schedule of Outstanding Notes Balances (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Unamortized debt discount and issuance costs $ (61,962)  
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 (10,913)  
Net carrying amount 564,087  
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 (7,120) (8,628)
Net carrying amount 740,380 738,872
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 (3,451) (4,827)
Net carrying amount $ 546,549 $ 545,173
v3.25.3
Debt - Schedule of Total Interest Expense Recognized Related to Notes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Debt Instrument [Line Items]        
Amortization of debt discount and issuance costs     $ 4,515 $ 5,399
Convertible Debt        
Debt Instrument [Line Items]        
Contractual interest expense $ 10,243 $ 7,643 28,881 22,927
Amortization of debt discount and issuance costs 1,458 943 4,006 2,811
Total interest and amortization expense 11,701 8,586 32,887 25,738
2031 Notes, net | Convertible Debt        
Debt Instrument [Line Items]        
Contractual interest expense 2,600   5,954  
Amortization of debt discount and issuance costs 490   1,121  
Total interest and amortization expense $ 3,090   $ 7,075  
Effective interest rate 2.10%   2.10%  
2029 Notes, net | Convertible Debt        
Debt Instrument [Line Items]        
Contractual interest expense $ 4,205 4,205 $ 12,614 12,614
Amortization of debt discount and issuance costs 506 494 1,508 1,471
Total interest and amortization expense $ 4,711 $ 4,699 $ 14,122 $ 14,085
Effective interest rate 2.60% 2.60% 2.60% 2.60%
2027 Notes, net | Convertible Debt        
Debt Instrument [Line Items]        
Contractual interest expense $ 3,438 $ 3,438 $ 10,313 $ 10,313
Amortization of debt discount and issuance costs 462 449 1,377 1,340
Total interest and amortization expense $ 3,900 $ 3,887 $ 11,690 $ 11,653
Effective interest rate 2.80% 2.80% 2.80% 2.80%
v3.25.3
Debt - Schedule of Future Minimum Payments under Notes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Debt Instrument [Line Items]          
2026 $ 40,632   $ 40,632    
2027 583,757   583,757    
2028 26,882   26,882    
2029 765,972   765,972    
2030 10,063   10,063    
Thereafter 580,031   580,031    
Net carrying amount 2,007,337   2,007,337    
Less amounts representing interest (134,837)   (134,837)    
Total principal amount 1,872,500   1,872,500    
Amortization of debt discount and issuance costs     4,515 $ 5,399  
Convertible Debt          
Debt Instrument [Line Items]          
Contractual interest expense 10,243 $ 7,643 28,881 22,927  
Amortization of debt discount and issuance costs 1,458 943 4,006 2,811  
Interest expense 11,701 8,586 32,887 25,738  
2031 Notes, net          
Debt Instrument [Line Items]          
2026 10,063   10,063    
2027 10,063   10,063    
2028 10,063   10,063    
2029 10,063   10,063    
2030 10,063   10,063    
Thereafter 580,031   580,031    
Net carrying amount 630,346   630,346    
Less amounts representing interest (55,346)   (55,346)    
Total principal amount 575,000   575,000    
2031 Notes, net | Convertible Debt          
Debt Instrument [Line Items]          
Net carrying amount 564,087   564,087    
Contractual interest expense 2,600   5,954    
Amortization of debt discount and issuance costs 490   1,121    
Interest expense $ 3,090   $ 7,075    
Effective interest rate 2.10%   2.10%    
2029 Notes, net          
Debt Instrument [Line Items]          
2026 $ 16,819   $ 16,819    
2027 16,819   16,819    
2028 16,819   16,819    
2029 755,909   755,909    
2030 0   0    
Thereafter 0   0    
Net carrying amount 806,366   806,366    
Less amounts representing interest (58,866)   (58,866)    
Total principal amount 747,500   747,500    
2029 Notes, net | Convertible Debt          
Debt Instrument [Line Items]          
Net carrying amount 740,380   740,380   $ 738,872
Contractual interest expense 4,205 4,205 12,614 12,614  
Amortization of debt discount and issuance costs 506 494 1,508 1,471  
Interest expense $ 4,711 $ 4,699 $ 14,122 $ 14,085  
Effective interest rate 2.60% 2.60% 2.60% 2.60%  
2027 Notes, net          
Debt Instrument [Line Items]          
2026 $ 13,750   $ 13,750    
2027 556,875   556,875    
2028 0   0    
2029 0   0    
2030 0   0    
Thereafter 0   0    
Net carrying amount 570,625   570,625    
Less amounts representing interest (20,625)   (20,625)    
Total principal amount 550,000   550,000    
2027 Notes, net | Convertible Debt          
Debt Instrument [Line Items]          
Net carrying amount 546,549   546,549   $ 545,173
Contractual interest expense 3,438 $ 3,438 10,313 $ 10,313  
Amortization of debt discount and issuance costs 462 449 1,377 1,340  
Interest expense $ 3,900 $ 3,887 $ 11,690 $ 11,653  
Effective interest rate 2.80% 2.80% 2.80% 2.80%  
v3.25.3
Debt - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Feb. 28, 2025
Feb. 25, 2025
Jan. 17, 2024
Jan. 25, 2021
Mar. 04, 2020
Feb. 28, 2025
Jan. 31, 2024
Jan. 17, 2024
Feb. 28, 2025
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2024
Debt Instrument [Line Items]                                
Interest payable                   $ 4,253   $ 4,253       $ 11,056
Treasury stock (in shares)                   7,597,172   7,597,172       6,191,761
Amortization of debt discount and issuance costs                       $ 4,515 $ 5,399      
Loss on extinguishment of debt                   $ 0 $ 0 21,155 26,590      
Financing Agreement                                
Debt Instrument [Line Items]                                
Interest expense                 $ 8,500   14,400   40,600      
Amortization of debt discount and issuance costs                 $ 500   $ 800   $ 2,200      
Aggregate Face Values     $ 750,000         $ 750,000                
2021 Note Offering                                
Debt Instrument [Line Items]                                
Treasury stock, value, acquired, cost method       $ 50,000                        
Treasury stock (in shares)       759,993                        
Shares acquired, average cost per share (in dollars per share)       $ 65.79                        
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                        
Premium over last reported sale price percentage         100.00%                      
Option indexed to issuer's equity, indexed shares (in shares)       7,702,988                        
Option indexed to issuer's equity, strike price (in dollars per share)       $ 97.04                        
Adjustments to additional paid in capital related to premium payments                           $ 61,300    
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                      
Adjustments to additional paid in capital related to premium payments                             $ 49,300  
2031 Notes, net                                
Debt Instrument [Line Items]                                
Interest payable                   800   800        
Aggregate Face Values                   575,000   575,000       $ 0
2029 Notes, net                                
Debt Instrument [Line Items]                                
Interest payable                   2,800   2,800       7,000
Aggregate Face Values                   747,500   747,500       747,500
2027 Notes, net                                
Debt Instrument [Line Items]                                
Interest payable                   600   600       4,000
Aggregate Face Values                   $ 550,000   $ 550,000       $ 550,000
Amended Loan Agreement                                
Debt Instrument [Line Items]                                
Interest payable     2,400         2,400                
Interest expense               3,000                
Amortization of debt discount and issuance costs               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                          
Initial Term Loan | Secured Debt                                
Debt Instrument [Line Items]                                
Principal payments $ 450,000                              
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                  
Incremental Term Loan | Secured Debt                                
Debt Instrument [Line Items]                                
Aggregate Face Values     $ 300,000         $ 300,000                
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                              
Prepayment percentage     3.00%                          
Financing Agreement | Secured Debt | Base Rate                                
Debt Instrument [Line Items]                                
Interest rate     2.00%                          
Financing Agreement | Secured Debt | Base Rate plus Interest                                
Debt Instrument [Line Items]                                
Interest rate     5.75%                          
Financing Agreement | Secured Debt | Secured Overnight Financing Rate (SOFR)                                
Debt Instrument [Line Items]                                
Interest rate     1.00%                          
Financing Agreement | Secured Debt | SOFR plus Interest                                
Debt Instrument [Line Items]                                
Interest rate     6.75%                          
v3.25.3
Debt - Schedule of Balances of Borrowing under Financing Agreement (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Debt discount and issuance costs $ (61,962)  
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
v3.25.3
Deferred Royalty Obligations, Net - Additional Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended
Jan. 17, 2024
Jun. 30, 2023
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2025
Sep. 30, 2025
Deferred Royalty Obligations [Line Items]            
Fair value of embedded derivative liability         $ 30,029 $ 30,029
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          
Net cash proceeds       472,500    
Royalty obligation debt discount and issuance costs paid in cash       27,500    
Fair value of embedded derivative liability       41,091 $ 30,029 $ 30,029
Royalty agreement, interest rate, effective percentage         21.30% 21.30%
Royalty agreement, interest expense         $ 28,300 $ 78,200
Royalty agreement, amortization of debt issuance costs and discounts         3,700 10,000
Royalty interest payable       $ 100 6,100 6,100
Royalty Purchase Agreement            
Deferred Royalty Obligations [Line Items]            
Fair value of embedded derivative liability         $ 0 $ 0
Royalty agreement, interest rate, effective percentage         10.50% 10.50%
Royalty agreement, interest expense         $ 8,100 $ 8,300
Royalty agreement, amortization of debt issuance costs and discounts         200 200
Royalty interest payable         $ 2,500 $ 2,500
v3.25.3
Deferred Royalty Obligations, Net - Schedule of Deferred Royalty Obligations, Net (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Deferred Royalty Obligations [Line Items]    
Carrying value of deferred royalty obligations, net $ 868,059  
Fair value of embedded derivative liability 30,029  
Unamortized debt discount and issuance costs (61,962)  
Deferred royalty obligations, net [1] 836,126 $ 479,091 [2]
Related Party    
Deferred Royalty Obligations [Line Items]    
Deferred royalty obligations, net 201,242  
Funding Agreement    
Deferred Royalty Obligations [Line Items]    
Carrying value of deferred royalty obligations, net 563,367 507,114
Fair value of embedded derivative liability 30,029 41,091
Unamortized debt discount and issuance costs (59,133) (69,114)
Deferred royalty obligations, net 534,263 $ 479,091
Royalty Purchase Agreement    
Deferred Royalty Obligations [Line Items]    
Carrying value of deferred royalty obligations, net 304,692  
Fair value of embedded derivative liability 0  
Unamortized debt discount and issuance costs (2,829)  
Deferred royalty obligations, net 301,863  
Royalty Purchase Agreement | Related Party    
Deferred Royalty Obligations [Line Items]    
Carrying value of deferred royalty obligations, net 203,128  
Unamortized debt discount and issuance costs $ (1,886)  
[1] Including a related party amount of $201,242 as of September 30, 2025 (as described in Note 10)
[2] The condensed consolidated balance sheet as of December 31, 2024 is derived from the audited consolidated financial statements as of that date.
v3.25.3
License and Collaboration Agreements - Additional Information (Details)
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Mar. 01, 2024
USD ($)
Feb. 07, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
performance_obligation
Sep. 30, 2024
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
Oct. 31, 2024
USD ($)
Mar. 31, 2024
USD ($)
Feb. 27, 2024
USD ($)
Jun. 30, 2022
USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Revenue           $ 120,700,000 $ 2,732,000 $ 347,898,000 $ 216,020,000            
Accounts receivable, net           116,518,000   116,518,000     $ 4,722,000 [1]        
Contract with customer, liability, current           9,087,000   9,087,000     14,604,000 [1]        
Contract with customer, liability, noncurrent           13,131,000   13,131,000     17,095,000 [1]        
License and services revenue                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Revenue           8,311,000 2,732,000 125,441,000 216,020,000            
Net product revenue                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Revenue           108,111,000 0 $ 216,351,000 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           7,200,000   $ 7,200,000     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 | Cost of license, services and royalty revenue                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Revenue           9,100,000   89,400,000              
Bayer | License and services revenue                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Notice period for termination of agreement 270 days                            
Contract with customer, liability, change in timeframe, performance obligation satisfied, revenue recognized               75,000,000.0              
Contract with customer, liability, revenue recognized           300,000 300,000 1,000,000.0 700,000            
Revenue             300,000   131,200,000            
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 | Net product revenue                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Contract with customer, initial term       30 months                      
Revenue           4,600,000 0 7,600,000 0            
Bayer | Research and Development Services                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Contract with customer, liability           2,500,000   2,500,000     3,500,000        
Revenue, remaining performance obligation, amount                         $ 4,500,000    
Contract with customer, liability, current           900,000   900,000     1,300,000        
Contract with customer, liability, noncurrent           1,600,000   1,600,000     2,200,000        
Kyowa Kirin Co., Ltd                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Contract with customer, liability           16,700,000   $ 16,700,000     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           600,000   $ 600,000     0        
Contract with customer, liability, current           7,200,000   7,200,000     10,300,000        
Contract with customer, liability, noncurrent           9,500,000   9,500,000     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%                          
Revenue           500,000 700,000 1,000,000.0 700,000            
Kyowa Kirin Co., Ltd | License and services revenue                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Contract with customer, liability, revenue recognized           2,700,000 1,400,000 8,500,000 4,300,000            
Revenue           3,300,000 2,100,000 9,900,000 74,100,000            
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]                              
Contract with customer, liability                   $ 19,800,000          
Revenue, remaining performance obligation, amount                   90,000,000.0          
Contract with customer, liability, revenue recognized                   $ 70,200,000          
Revenue                 9,900,000            
BMS | License and services revenue | Navire Pharma, Inc                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Contract with customer, liability                             $ 90,000,000.0
Alexion License Agreements                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Contract with customer, liability           3,000,000.0   3,000,000.0              
Accounts receivable, net           0   0     600,000        
Contract with customer, liability, current           1,000,000.0   1,000,000.0     $ 3,000,000.0        
Contract with customer, liability, noncurrent           2,000,000.0   2,000,000.0              
Alexion License Agreements | Eidos                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Contract with customer, liability         $ 25,000,000.0             $ 3,000,000.0      
Alexion License Agreements | License and services revenue                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Revenue           100,000 $ 0 32,100,000 $ 0            
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                        
Alexion License Agreements | Net product revenue                              
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]                              
Revenue           $ 0   $ 1,800,000              
[1] The condensed consolidated balance sheet as of December 31, 2024 is derived from the audited consolidated financial statements as of that date.
v3.25.3
In-licensing and Other Research and Development Agreements - Additional Information (Details) - Eidos - Stanford License Agreement - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2025
Sep. 30, 2024
Apr. 30, 2016
Research and Development Arrangement, Contract to Perform for Others [Line Items]        
Milestone payments       $ 1.0
Non-royalty revenue, percentage of revenue from sublicensees, term   3 years    
License fees $ 0.0 $ 6.9 $ 8.1  
Royalties on net product revenue $ 1.9 $ 3.6    
v3.25.3
Leases - Components of Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Leases [Abstract]        
Straight-line operating lease costs $ 1,213 $ 1,026 $ 3,443 $ 3,119
Finance lease costs 91 98 278 299
Variable lease costs 1,342 1,484 3,822 4,974
Total lease cost $ 2,646 $ 2,608 $ 7,543 $ 8,392
v3.25.3
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows for operating leases $ 4,757 $ 4,459
Operating cash flows for finance lease 344 334
Operating lease right-of-use assets obtained in exchange for operating lease obligations $ 3,714 $ 1,292
v3.25.3
Leases - Schedule of Supplemental Information Related to Remaining Lease Term and Discount Rate (Details)
Sep. 30, 2025
Sep. 30, 2024
Weighted-average remaining lease term (in years)    
Operating leases 3 years 1 month 6 days 4 years
Finance lease 3 months 18 days 1 year 3 months 18 days
Weighted-average discount rate    
Operating leases 6.70% 6.20%
Finance lease 6.60% 6.60%
v3.25.3
Leases - Schedule of Future Minimum Lease Payments for Noncancelable Leases (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
 [1]
Leases [Abstract]    
Remainder of 2025 $ 1,147  
2026 5,375  
2027 582  
2028 454  
2029 487  
2030 487  
Thereafter 934  
Total future minimum lease payments 9,466  
Imputed interest (745)  
Total 8,721  
Operating lease liabilities, current portion 5,294 $ 4,506
Operating lease liabilities, net of current portion $ 3,427 $ 4,696
[1] The condensed consolidated balance sheet as of December 31, 2024 is derived from the audited consolidated financial statements as of that date.
v3.25.3
Leases - Additional Information (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Leases [Abstract]        
Operating lease, impairment loss $ 0 $ 0 $ 0 $ 0
Finance lease, impairment loss $ 0 $ 0 $ 0 $ 0
v3.25.3
Public Offerings (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Mar. 31, 2024
May 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Sep. 30, 2025
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]          
Common stock, par value (in dollars per share)     $ 0.001   $ 0.001
Maximum amount of stock remaining eligible to be sold         $ 345.3
At-the-Market Offerings          
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]          
Common stock, par value (in dollars per share)   $ 0.001      
Sale of stock, aggregate offering amount   $ 450.0      
Percentage of underwriters commissions   3.00%      
Sale of stock, number of shares issued in transaction (in shares)     1,061,991 2,171,217  
Sale of stock, consideration received on transaction     $ 38.1 $ 65.0  
Underwriting fees and commissions     $ 0.6 $ 1.0  
2024 Follow-on Offering          
Public Offerings, Share Repurchase Program And Securities Purchase Agreement [Line Items]          
Common stock, par value (in dollars per share) $ 0.001        
Sale of stock, number of shares issued in transaction (in shares) 8,620,690        
Sale of stock, consideration received on transaction $ 276.6        
Underwriting fees and commissions $ 10.3        
Sale of stock, price per share (in dollars per share) $ 29.00        
Deferred offering costs $ 0.6        
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) 1,293,103        
Sale of stock, duration 30 days        
Payments for commissions, percentage of gross proceeds 3.60%        
Issuance of common stock under public offerings, net (in shares) 9,913,793        
Underwriting discounts and commissions (in shares) 1,293,103        
v3.25.3
Stock-Based Compensation - Summary of Stock Based Compensation for Employees and Non Employees (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Employee And Non Employee Service Share Based Compensation [Line Items]        
Total stock-based compensation $ 35,264 $ 27,131 $ 101,992 $ 77,432
Cost of goods sold        
Employee And Non Employee Service Share Based Compensation [Line Items]        
Total stock-based compensation 361 0 578 0
Research and development        
Employee And Non Employee Service Share Based Compensation [Line Items]        
Total stock-based compensation 12,328 12,124 37,582 29,840
Selling, general and administrative        
Employee And Non Employee Service Share Based Compensation [Line Items]        
Total stock-based compensation 21,866 14,969 63,077 47,511
Restructuring, impairment and related charges        
Employee And Non Employee Service Share Based Compensation [Line Items]        
Total stock-based compensation $ 709 $ 38 $ 755 $ 81
v3.25.3
Stock-Based Compensation - Additional Information (Details)
 1 Months Ended 3 Months Ended 9 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 ($)
trading_day
shares
Sep. 30, 2025
USD ($)
$ / shares
shares
Mar. 31, 2025
USD ($)
shares
Sep. 30, 2024
USD ($)
shares
Mar. 31, 2024
USD ($)
shares
Sep. 30, 2025
USD ($)
$ / shares
shares
Sep. 30, 2024
USD ($)
shares
Dec. 31, 2024
$ / 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             $ 35,264,000   $ 27,131,000   $ 101,992,000 $ 77,432,000      
Stock-based compensation expense, capitalized to inventory             900,000       $ 2,800,000        
Weighted-average grand date fair value of options granted (in dollars per share) | $ / shares                     $ 30.15        
Total intrinsic value of options exercised                     $ 18,200,000        
Issuance of common stock under employee stock purchase plan (ESPP)             $ 3,177,000 $ 3,237,000 $ 2,138,000 $ 2,364,000          
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) | shares             105,325 156,097 100,794 93,344          
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) | shares           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) | shares             10,350,398       10,350,398        
Increase (decrease) in common shares reserved for future issuance (in shares) | 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) | shares             783,507       783,507        
Eidos Awards Exchange | Common Stock                              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Common shares reserved for future issuance (in shares) | 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                          
Share-based payment arrangement, expensed and capitalized (reversals)             $ 0   $ 0   $ 0 (8,700,000)      
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) | shares 24,924 554,064                          
2019 Employee Stock Purchase Plan                              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Total stock-based compensation             $ 900,000   600,000   $ 2,300,000 $ 1,700,000      
Common shares reserved for future issuance (in shares) | shares             3,100,352       3,100,352        
Weighted-average grand date fair value of options granted (in dollars per share) | $ / shares                     $ 13.04        
Expected volatility, minimum                     46.70%        
Expected volatility, maximum                     60.90%        
Risk-free interest rate, minimum                     4.10%        
Risk-free interest rate, maximum                     5.00%        
Dividend yield                     0.00%        
Expected term (in years)                     6 months        
Number of common shares authorized to issue for issuance of awards (in shares) | 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) | shares     3,500                        
Issuance of common stock under employee stock purchase plan ESPP (in shares) | shares                     261,422 194,138      
Issuance of common stock under employee stock purchase plan (ESPP)                     $ 6,400,000 $ 4,500,000      
Performance-Based Milestone Awards                              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Total stock-based compensation             $ 0   0   3,600,000 11,800,000      
Share-based payment arrangement, expense, probable achievement of milestones             300,000   500,000   700,000 1,400,000      
Share-based payment arrangement, expense, probable achievement of milestones, reversal                       1,600,000      
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]                              
Total stock-based compensation             3,900,000   5,200,000   $ 12,500,000 17,400,000      
Unrecognized compensation cost, period for recognition                     1 year 6 months        
Weighted-average grand date fair value of options granted (in dollars per share) | $ / shares                     $ 30.15        
Unrecognized compensation cost             $ 15,100,000       $ 15,100,000        
Expected volatility, minimum                     94.00%        
Expected volatility, maximum                     94.70%        
Dividend yield                     0.00%        
Expected term (in 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) | 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) | 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) | 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) | shares 10,772                            
Restricted Stock Units (RSUs)                              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Unvested shares of restricted stock outstanding (in shares) | shares             10,694,969       10,694,969   10,272,798    
Weighted average grant date fair value (in dollars per share) | $ / shares             $ 26.72       $ 26.72   $ 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]                              
Total stock-based compensation             $ 700,000       $ 1,500,000        
Unrecognized compensation cost, period for recognition                     1 year 10 months 24 days        
Unvested shares of restricted stock outstanding (in shares) | shares             194,943       194,943        
Weighted average grant date fair value (in dollars per share) | $ / shares             $ 33.75       $ 33.75        
Unrecognized compensation cost             $ 5,100,000       $ 5,100,000        
Market-Based Restricted Stock Units (RSUs)                              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Total stock-based compensation             $ 500,000   $ 1,700,000   $ 2,500,000 $ 6,500,000      
Unvested shares of restricted stock outstanding (in shares) | shares             375,000       375,000        
Weighted average grant date fair value (in dollars per share) | $ / shares             $ 28.73       $ 28.73        
Unrecognized compensation cost             $ 0       $ 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           4.22%                  
Risk-free interest rate, maximum           4.35%                  
Dividend yield           0.00%                  
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                  
v3.25.3
Stock-Based Compensation - Summary of Stock Option Activity under Plans (Details) - USD ($)
$ / shares in Units, $ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 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) (763,439)  
Options Outstanding, Cancelled (in shares) (7,183)  
Options Outstanding, Outstanding, Ending balance (in shares) 11,909,994 12,499,883
Options Outstanding, Exercisable (in shares) 10,783,067  
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) (532,293)  
Options Outstanding, Cancelled (in shares) (7,183)  
Options Outstanding, Outstanding, Ending balance (in shares) 10,813,884 11,172,627
Options Outstanding, Exercisable (in shares) 9,689,377  
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) 22.61  
Weighted-Average Exercise Price per Option, Cancelled (in dollars per share) 36.37  
Weighted-Average Exercise Price per Option, Outstanding, Ending balance (in dollars per share) 26.12 $ 25.76
Weighted-Average Exercise Price per Option, Exercisable (in dollars per share) $ 26.52  
Weighted-Average Remaining Contractual Life    
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance 5 years 7 months 6 days 6 years 2 months 12 days
Weighted-Average Remaining Contractual Life (years), Exercisable 5 years 3 months 18 days  
Aggregate Intrinsic Value    
Aggregate Intrinsic Value, Outstanding, Ending balance $ 289,158 $ 78,764
Aggregate Intrinsic Value, Exercisable $ 256,260  
Eidos Awards Exchange    
Options Outstanding    
Options Outstanding, Outstanding, Beginning balance (in shares) 1,014,175  
Options Outstanding, Exercised (in shares) (206,360)  
Options Outstanding, Outstanding, Ending balance (in shares) 807,815 1,014,175
Options Outstanding, Exercisable (in shares) 807,815  
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) 11.91  
Weighted-Average Exercise Price per Option, Outstanding, Ending balance (in dollars per share) 14.76 $ 14.18
Weighted-Average Exercise Price per Option, Exercisable (in dollars per share) $ 14.76  
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 $ 30,034 $ 13,734
Aggregate Intrinsic Value, Exercisable $ 30,034  
2020 Stock and Equity Award Exchange Program    
Options Outstanding    
Options Outstanding, Outstanding, Beginning balance (in shares) 313,081  
Options Outstanding, Exercised (in shares) (24,786)  
Options Outstanding, Outstanding, Ending balance (in shares) 288,295 313,081
Options Outstanding, Exercisable (in shares) 285,875  
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) 1.31  
Weighted-Average Exercise Price per Option, Outstanding, Ending balance (in dollars per share) 2.28 $ 2.20
Weighted-Average Exercise Price per Option, Exercisable (in dollars per share) $ 2.28  
Weighted-Average Remaining Contractual Life    
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance 3 years 7 months 6 days 4 years 3 months 18 days
Weighted-Average Remaining Contractual Life (years), Exercisable 3 years 7 months 6 days  
Aggregate Intrinsic Value    
Aggregate Intrinsic Value, Outstanding, Ending balance $ 14,316 $ 7,995
Aggregate Intrinsic Value, Exercisable $ 14,198  
v3.25.3
Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs)
 9 Months Ended
Sep. 30, 2025
$ / shares
shares
Unvested Shares of RSUs Outstanding  
Beginning balance, outstanding (in shares) | shares 10,272,798
Granted (in shares) | shares 4,295,784
Vested (in shares) | shares (3,075,143)
Cancelled (in shares) | shares (798,470)
Ending balance, outstanding (in shares) | shares 10,694,969
Weighted- Average Grant Date Fair Value  
Beginning balance, outstanding (in dollars per share) | $ / shares $ 21.91
Granted (in dollars per share) | $ / shares 34.58
Vested (in dollars per share) | $ / shares 22.75
Cancelled (in dollars per share) | $ / shares 22.51
Ending balance, outstanding (in dollars per share) | $ / shares $ 26.72
v3.25.3
Stock-Based Compensation - Schedule of Assumptions Used to Determine Fair Value of Stock Options and Stock Purchase Rights under ESPP (Details)
 9 Months Ended
Sep. 30, 2025
$ / shares
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
2019 Employee Stock Purchase Plan  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Expected term (in years) 6 months
Expected volatility, minimum 46.70%
Expected volatility, maximum 60.90%
Risk-free interest rate, minimum 4.10%
Risk-free interest rate, maximum 5.00%
Dividend yield 0.00%
Weighted-average fair value of stock-based awards granted (in dollars per share) $ 13.04
Employee Stock Option  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Expected term (in years) 6 years
Expected volatility, minimum 94.00%
Expected volatility, maximum 94.70%
Risk-free interest rate 4.10%
Dividend yield 0.00%
Weighted-average fair value of stock-based awards granted (in dollars per share) $ 30.15
v3.25.3
Restructuring, Impairment and Related Charges - Summary of Restructuring, Impairment and Related Charges (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Restructuring and Related Activities [Abstract]        
Winding down, exit and other related costs $ 5,899 $ 2,885 $ 7,045 $ 6,402
Severance and employee-related costs 2,942 1,736 3,171 4,239
Long-lived assets impairments and write-offs 0 0 0 271
Total $ 8,841 $ 4,621 $ 10,216 $ 10,912
v3.25.3
Restructuring, Impairment and Related Charges - Schedule of Activity Related to Restructuring Liabilities Associated to Restructuring Plans (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Restructuring Reserve [Roll Forward]        
Restructuring liabilities, balance     $ 1,848 $ 55
Restructuring, impairment and related charges $ 8,841 $ 4,621 10,216 10,912
Cash payments     (7,958) (8,240)
Noncash activities     (758) (359)
Restructuring liabilities, balance 3,348 $ 2,368 3,348 $ 2,368
Accounts payable        
Restructuring Reserve [Roll Forward]        
Restructuring liabilities, balance     330  
Restructuring liabilities, balance 508   508  
Accrued compensation and benefits        
Restructuring Reserve [Roll Forward]        
Restructuring liabilities, balance     332  
Restructuring liabilities, balance 1,603   1,603  
Accrued research and development liabilities        
Restructuring Reserve [Roll Forward]        
Restructuring liabilities, balance     1,020  
Restructuring liabilities, balance 1,176   1,176  
Other current liabilities        
Restructuring Reserve [Roll Forward]        
Restructuring liabilities, balance     166  
Restructuring liabilities, balance $ 61   $ 61  
v3.25.3
Income Taxes - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Disclosure [Abstract]        
Provision for income tax expense $ (1,545) $ 0 $ 555 $ 0
v3.25.3
Net Loss Per Share - Schedule of Common Stock Equivalents were Excluded from Computation of Diluted Net Loss per Share (Details) - shares
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 56,673,830 46,487,679
Unvested RSUs    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 10,694,969 9,953,125
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) 194,943 3,326
Unvested market-based RSUs    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 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) 11,909,994 12,678,490
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) 1,330,341 2,845,476
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) 42,842 50,969
Assumed conversion of 2027 Notes    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 12,878,305 12,878,305
Assumed conversion of 2029 Notes    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 7,702,988 7,702,988
Assumed conversion of 2031 Notes    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of diluted net loss per share (in shares) 11,544,448 0