2020 Q1 Form 10-Q Financial Statement

#000156459020025197 Filed on May 14, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $34.26M $18.90M
YoY Change 81.27% 135.96%
% of Gross Profit
Research & Development $68.23M $2.000M
YoY Change 3311.25% -94.09%
% of Gross Profit
Depreciation & Amortization $110.0K
YoY Change 266.67%
% of Gross Profit
Operating Expenses $102.5M $2.000M
YoY Change 5024.35% -95.22%
Operating Profit -$102.5M -$63.75M
YoY Change 60.76%
Interest Expense $4.010M $1.671M
YoY Change 139.98% -16810.0%
% of Operating Profit
Other Income/Expense, Net -$1.595M -$5.684M
YoY Change -71.94% 863.39%
Pretax Income -$104.1M -$69.44M
YoY Change 49.88% 63.66%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$104.1M -$69.44M
YoY Change 49.9% 52.44%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$779.7K -$532.1K
COMMON SHARES
Basic Shares Outstanding 123.8M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $905.2M $373.0M
YoY Change 142.68%
Cash & Equivalents $757.0M $373.0M
Short-Term Investments $148.1M
Other Short-Term Assets $19.80M $9.500M
YoY Change 108.42%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $925.0M $382.5M
YoY Change 141.83%
LONG-TERM ASSETS
Property, Plant & Equipment $24.60M $1.900M
YoY Change 1194.74%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $23.20M $12.50M
YoY Change 85.6%
Other Assets $17.00M $4.600M
YoY Change 269.57%
Total Long-Term Assets $64.80M $18.90M
YoY Change 242.86%
TOTAL ASSETS
Total Short-Term Assets $925.0M $382.5M
Total Long-Term Assets $64.80M $18.90M
Total Assets $989.8M $401.4M
YoY Change 146.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.10M $12.30M
YoY Change 6.5%
Accrued Expenses $48.30M $18.60M
YoY Change 159.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $64.90M $35.50M
YoY Change 82.82%
LONG-TERM LIABILITIES
Long-Term Debt $461.3M $54.90M
YoY Change 740.26%
Other Long-Term Liabilities $11.50M $400.0K
YoY Change 2775.0%
Total Long-Term Liabilities $472.8M $55.30M
YoY Change 754.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $64.90M $35.50M
Total Long-Term Liabilities $472.8M $55.30M
Total Liabilities $609.1M $149.2M
YoY Change 308.24%
SHAREHOLDERS EQUITY
Retained Earnings -$240.6M
YoY Change
Common Stock $492.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $75.00M
YoY Change
Treasury Stock Shares $2.415M
Shareholders Equity $380.7M $252.1M
YoY Change
Total Liabilities & Shareholders Equity $989.8M $401.4M
YoY Change 146.59%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$104.1M -$69.44M
YoY Change 49.9% 52.44%
Depreciation, Depletion And Amortization $110.0K
YoY Change 266.67%
Cash From Operating Activities -$83.92M -$59.14M
YoY Change 41.9% 229.47%
INVESTING ACTIVITIES
Capital Expenditures $4.477M $427.0K
YoY Change 948.48% -102.81%
Acquisitions
YoY Change
Other Investing Activities $42.50M
YoY Change
Cash From Investing Activities $38.02M -$2.427M
YoY Change -1666.67% -84.01%
FINANCING ACTIVITIES
Cash Dividend Paid $997.0K
YoY Change
Common Stock Issuance & Retirement, Net $75.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 439.2M -1.651M
YoY Change -26700.42% -110.52%
NET CHANGE
Cash From Operating Activities -83.92M -59.14M
Cash From Investing Activities 38.02M -2.427M
Cash From Financing Activities 439.2M -1.651M
Net Change In Cash 393.3M -63.22M
YoY Change -722.09% 262.49%
FREE CASH FLOW
Cash From Operating Activities -$83.92M -$59.14M
Capital Expenditures $4.477M $427.0K
Free Cash Flow -$88.40M -$59.57M
YoY Change 48.4% 2050.43%

Facts In Submission

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CY2020Q1 us-gaap Nature Of Operations
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<div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-top:12pt;margin-bottom:0pt;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td> <td valign="top"> <p style="margin-top:12pt;margin-bottom:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><a name="OrganizationandDescription"></a><a name="N1_ORGANIZATION_DESCRIPTION_BUSINESS"></a><font style="font-weight:normal;"><a name="OrganizationandDescription"></a></font><a name="N1_ORGANIZATION_DESCRIPTION_BUSINESS"></a>Organization and Description of Business </p></td></tr></table></div> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">BridgeBio Pharma, Inc. (&#8220;BridgeBio&#8221;) was established to identify and advance transformative medicines to treat patients who suffer from Mendelian diseases, which are diseases that arise from defects in a single gene, and cancers with clear genetic drivers. BridgeBio&#8217;s pipeline of programs spans early discovery to late-stage development. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On July 1, 2019, BridgeBio completed the 2019 Reorganization and closed the Initial Public Offering (&#8220;IPO&#8221;) of its common stock (see Note 13).<font style="font-size:12pt;"> </font>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 (&#8220;VIEs&#8221;) for which BridgeBio is the primary beneficiary (collectively, &#8220;we&#8221;, &#8220;our&#8221;, &#8220;us&#8221;). Our condensed consolidated financial statements include the accounts of our majority-owned affiliate, Eidos Therapeutics, Inc. (&#8220;Eidos&#8221;), which completed an IPO in June 2018. BridgeBio is headquartered in Palo Alto, California. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The results of operations and cash flows prior to the IPO closing on July 1, 2019 relate to BridgeBio Pharma LLC (&#8220;BBP LLC&#8221;), its subsidiaries and controlled entities. Subsequent to the IPO closing, the information relates to BridgeBio, its subsidiaries and controlled entities. All share and per share amounts in these condensed consolidated financial statements and related notes have been retroactively adjusted, where applicable, for the comparable periods presented to give effect to the exchange ratio applied in connection with the 2019 Reorganization. </p>
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, fair value of the liability component of our 2.50% convertible senior notes due 2027 (the &#8220;2027 Notes&#8221;, see Note 9), the fair value of the LEO Call Option liability (see Note 7), the present value of lease payments of our leases on lease commencement date, the valuation of our stock-based awards, accruals for certain employees&#8217; performance-based milestones, accruals for research and development activities, accruals for contingent milestone payments in our license agreements and income tax uncertainties. 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. </p>
CY2020Q1 us-gaap Derivatives Embedded Derivatives
DerivativesEmbeddedDerivatives
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Capped Call Transactions </p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2020, in connection with the issuance of the 2027 Notes <font style="color:#000000;">(see Note 9)</font>, BridgeBio entered into Capped Call Transactions. The Capped Call Transactions are expected generally to reduce the potential dilution to the holders of BridgeBio&#8217;s common stock upon any conversion of the 2027 Notes and/or offset any cash payments BridgeBio is required to make in excess of the principal amount of converted 2027 Notes, with such reduction and/or offset subject to a cap based on the cap price (see Note 9). The capped calls meet the conditions outlined in Accounting Standards Codification (&#8220;ASC&#8221;) 815-40, <font style="font-style:italic;">Derivatives and Hedging</font>, to be classified in stockholders&#8217; equity as a reduction to additional paid-in capital and are not subsequently remeasured as long as the conditions for equity classification continue to be met.</p>
CY2020Q1 bbio Cash Cash Equivalents And Restricted Cash Maturity Period
CashCashEquivalentsAndRestrictedCashMaturityPeriod
P90D
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
373027000
CY2020Q1 us-gaap Restricted Cash
RestrictedCash
424000
CY2020Q1 bbio Fair Value Assets Transfers Between Level One Level Two Or Level Three Amount
FairValueAssetsTransfersBetweenLevelOneLevelTwoOrLevelThreeAmount
0
CY2019Q4 bbio Fair Value Assets Transfers Between Level One Level Two Or Level Three Amount
FairValueAssetsTransfersBetweenLevelOneLevelTwoOrLevelThreeAmount
0
CY2020Q1 bbio Fair Value Liabilities Transfers Between Level One Level Two Or Level Three Amount
FairValueLiabilitiesTransfersBetweenLevelOneLevelTwoOrLevelThreeAmount
0
CY2020Q1 bbio Securities Collateral By Deposits Percentage Maintained By Third Party Custodian
SecuritiesCollateralByDepositsPercentageMaintainedByThirdPartyCustodian
1.02
CY2020Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
841525000
CY2020Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
792000
CY2020Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
66000
CY2020Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
842251000
CY2019Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
307736000
CY2019Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
307736000
CY2019Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
520846000
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
254000
CY2019Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
521100000
CY2020Q1 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2020Q1 bbio Short Term Marketable Securities Contractual Maturities
ShortTermMarketableSecuritiesContractualMaturities
P7M
CY2020Q1 bbio Long Term Marketable Securities Contractual Maturities
LongTermMarketableSecuritiesContractualMaturities
P14M
CY2019Q1 bbio Adjustments Of Carrying Value Of Noncontrolling Interest Additional Paid In Capital
AdjustmentsOfCarryingValueOfNoncontrollingInterestAdditionalPaidInCapital
-3000000
CY2020Q1 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
26565000
CY2020Q1 bbio Transfers To From Non Controlling Interest
TransfersToFromNonControllingInterest
-12175000
CY2020Q1 us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
-11366000
CY2020Q1 bbio Potential Milestone Compensation
PotentialMilestoneCompensation
23600000
CY2020Q1 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
0
CY2020Q1 bbio Accrued Termination Charges
AccruedTerminationCharges
0
CY2019Q4 bbio Accrued Termination Charges
AccruedTerminationCharges
0
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y1M6D
CY2020Q1 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.062
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
700000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
694000
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
159000
CY2020Q1 us-gaap Lease Cost
LeaseCost
853000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2340000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2724000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1902000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1485000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1224000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
3798000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
13473000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2285000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
11188000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
2811000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
2515000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1812000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1485000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1272000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1816000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
11711000
CY2019Q4 bbio One Time Fees Receivable Noncurrent
OneTimeFeesReceivableNoncurrent
10000000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
us-gaap:AssetsNoncurrent
CY2020Q1 bbio Payable Related To Manufacturing Suite
PayableRelatedToManufacturingSuite
4000000
CY2019Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q1 us-gaap Common Stock Value
CommonStockValue
92000
CY2019Q1 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
492678000
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-240629000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
252141000
CY2019Q1 us-gaap Minority Interest
MinorityInterest
58318000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10222000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2232000
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
23130938
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7423752

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