$BBIO
BridgeBio Pharma, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020051460 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q4 2019 Q3
Revenue $8.127M $13.82M $26.74M
YoY Change -69.61%
Cost Of Revenue $0.00 $0.00 $2.500M
YoY Change -100.0%
Gross Profit $8.127M $13.82M $24.24M
YoY Change -66.47%
Gross Profit Margin 100.0% 100.0% 90.65%
Selling, General & Admin $36.02M $34.97M $23.50M
YoY Change 53.26% 143.18% 127.93%
% of Gross Profit 443.16% 253.04% 96.95%
Research & Development $92.05M $57.49M $55.28M
YoY Change 66.52% 12.29% 77.47%
% of Gross Profit 1132.64% 415.99% 228.04%
Depreciation & Amortization $380.0K
YoY Change
% of Gross Profit 1.57%
Operating Expenses $128.1M $92.46M $81.27M
YoY Change 57.58% 40.97% 160.93%
Operating Profit -$119.9M -$78.64M -$54.53M
YoY Change 119.94% 19.9% 75.07%
Interest Expense $10.93M -$5.360M $2.113M
YoY Change 417.23% -26900.0% 82.79%
% of Operating Profit
Other Income/Expense, Net -$10.23M -$160.0K -$6.132M
YoY Change 66.8% -94.67% 885.85%
Pretax Income -$130.2M -$84.15M -$60.66M
YoY Change 114.59% 70.9% 44.15%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$130.2M -$73.46M -$60.66M
YoY Change 114.57% 90.11% 44.17%
Net Earnings / Revenue -1601.66% -531.55% -226.86%
Basic Earnings Per Share
Diluted Earnings Per Share -$980.5K -$623.4K -$512.3K
COMMON SHARES
Basic Shares Outstanding 116.8M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $710.7M $546.0M $536.1M
YoY Change 32.57% 25.2%
Cash & Equivalents $367.0M $363.8M $414.0M
Short-Term Investments $343.7M $182.2M $122.1M
Other Short-Term Assets $26.70M $22.60M $13.35M
YoY Change 99.97% 1002.44%
Inventory
Prepaid Expenses $8.750M
Receivables
Other Receivables
Total Short-Term Assets $745.4M $568.6M $558.2M
YoY Change 33.55% 27.72%
LONG-TERM ASSETS
Property, Plant & Equipment $25.80M $5.625M $2.984M
YoY Change 764.61% 257.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $31.10M $76.80M
YoY Change
Other Assets $16.50M $26.29M $2.598M
YoY Change 535.1% 2305.12%
Total Long-Term Assets $42.30M $63.06M $82.38M
YoY Change -48.65% 219.79%
TOTAL ASSETS
Total Short-Term Assets $745.4M $568.6M $558.2M
Total Long-Term Assets $42.30M $63.06M $82.38M
Total Assets $787.7M $631.7M $640.5M
YoY Change 22.98% 35.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.800M $8.852M $10.27M
YoY Change -4.58% -34.47%
Accrued Expenses $60.70M $3.020M $4.789M
YoY Change 1167.49% 43.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $75.70M $60.39M $39.86M
YoY Change 89.92% 85.36%
LONG-TERM LIABILITIES
Long-Term Debt $471.9M $91.79M $75.02M
YoY Change 529.06% 68.4%
Other Long-Term Liabilities $21.70M $3.527M $1.388M
YoY Change 1463.4% 612.53%
Total Long-Term Liabilities $493.6M $95.32M $76.41M
YoY Change 546.03% 73.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $75.70M $60.39M $39.86M
Total Long-Term Liabilities $493.6M $95.32M $76.41M
Total Liabilities $623.9M $155.7M $116.3M
YoY Change 436.63% 77.79%
SHAREHOLDERS EQUITY
Retained Earnings -$440.0M -$366.6M
YoY Change 145.22%
Common Stock $848.2M $826.2M
YoY Change 71.59%
Preferred Stock
YoY Change
Treasury Stock (at cost) $75.00M
YoY Change
Treasury Stock Shares $2.415M $0.00
Shareholders Equity $163.8M $408.5M $459.8M
YoY Change
Total Liabilities & Shareholders Equity $787.7M $631.7M $640.5M
YoY Change 22.98% 35.86%

Cashflow Statement

Concept 2020 Q3 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income -$130.2M -$73.46M -$60.66M
YoY Change 114.57% 90.11% 44.17%
Depreciation, Depletion And Amortization $380.0K
YoY Change
Cash From Operating Activities -$131.7M -$76.21M -$49.99M
YoY Change 163.41% -35.79%
INVESTING ACTIVITIES
Capital Expenditures -$550.0K -$1.750M -$380.0K
YoY Change 44.74% -41.67%
Acquisitions
YoY Change
Other Investing Activities -$44.50M -$15.16M -$197.0M
YoY Change -77.41% 430.07%
Cash From Investing Activities -$45.05M -$16.90M -$197.3M
YoY Change -77.17% 188.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.780M 42.90M 367.5M
YoY Change -99.24% -91.17%
NET CHANGE
Cash From Operating Activities -131.7M -76.21M -49.99M
Cash From Investing Activities -45.05M -16.90M -197.3M
Cash From Financing Activities 2.780M 42.90M 367.5M
Net Change In Cash -173.9M -50.21M 120.2M
YoY Change -244.74% -113.9%
FREE CASH FLOW
Cash From Operating Activities -$131.7M -$76.21M -$49.99M
Capital Expenditures -$550.0K -$1.750M -$380.0K
Free Cash Flow -$131.1M -$74.46M -$49.61M
YoY Change 164.32% -35.64%

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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>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Reclassifications</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;">Certain reclassifications have been made to the 2019 condensed consolidated financial statements to conform to the 2020 condensed financial statements presentation. These reclassifications had no effect on net loss or cash flows as previously reported.</p>
us-gaap Use Of Estimates
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<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 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 fair value of Eidos&#8217; derivative liability, the present value of lease payments of our leases on the respective lease commencement dates, the valuation of our stock-based awards, accounting for stock-based award modifications, accruals for certain employees&#8217; performance-based milestone awards, accruals for research and development activities and accruals for contingent milestone payments in our license agreements. 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>
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 certain capped call transactions (the &#8220;Capped Call Transactions&#8221;). 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>
bbio Adjustments Of Carrying Value Of Noncontrolling Interest Additional Paid In Capital
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bbio Cash Cash Equivalents And Restricted Cash Maturity Period
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bbio Aggregate Market Value Of Voting And Non Voting Common Equity Held By Non Affiliates
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CY2020Q3 bbio Fair Value Assets Transfers Between Level One Level Two Or Level Three Amount
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CY2020Q3 bbio Securities Collateral By Deposits Percentage Maintained By Third Party Custodian
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CY2020Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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bbio Short Term Marketable Securities Contractual Maturities
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-1100000
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AdjustmentsOfCarryingValueOfNoncontrollingInterestAdditionalPaidInCapital
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CY2020Q1 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
26565000
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TransfersToFromNonControllingInterest
-12175000
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CY2020Q1 us-gaap Minority Interest
MinorityInterest
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NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
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CY2020Q2 us-gaap Minority Interest
MinorityInterest
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CY2020Q3 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
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CY2020Q3 bbio Transfers To From Non Controlling Interest
TransfersToFromNonControllingInterest
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CY2020Q3 us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
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CY2020Q3 bbio Compensation Expense To Be Settled In Cash
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bbio Compensation Expense To Be Settled In Cash
CompensationExpenseToBeSettledInCash
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CY2019Q3 bbio Compensation Expense To Be Settled In Cash
CompensationExpenseToBeSettledInCash
0
bbio Compensation Expense To Be Settled In Cash
CompensationExpenseToBeSettledInCash
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CY2020Q3 bbio Compensation Expense Performance Based Milestone Awards Settled In Cash Upon Achievement Of Regulatory Milestones
CompensationExpensePerformanceBasedMilestoneAwardsSettledInCashUponAchievementOfRegulatoryMilestones
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bbio Compensation Expense Performance Based Milestone Awards Settled In Cash Upon Achievement Of Regulatory Milestones
CompensationExpensePerformanceBasedMilestoneAwardsSettledInCashUponAchievementOfRegulatoryMilestones
1700000
CY2019Q3 bbio Compensation Expense Performance Based Milestone Awards Settled In Cash Upon Achievement Of Regulatory Milestones
CompensationExpensePerformanceBasedMilestoneAwardsSettledInCashUponAchievementOfRegulatoryMilestones
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bbio Compensation Expense Performance Based Milestone Awards Settled In Cash Upon Achievement Of Regulatory Milestones
CompensationExpensePerformanceBasedMilestoneAwardsSettledInCashUponAchievementOfRegulatoryMilestones
0
CY2020Q3 bbio Stock Based Compensation Expense To Be Settled In Either Cash Or Equity
StockBasedCompensationExpenseToBeSettledInEitherCashOrEquity
300000
bbio Stock Based Compensation Expense To Be Settled In Either Cash Or Equity
StockBasedCompensationExpenseToBeSettledInEitherCashOrEquity
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CY2019Q3 bbio Stock Based Compensation Expense To Be Settled In Either Cash Or Equity
StockBasedCompensationExpenseToBeSettledInEitherCashOrEquity
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bbio Stock Based Compensation Expense To Be Settled In Either Cash Or Equity
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us-gaap Employee Benefits And Share Based Compensation
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CY2020Q3 bbio Accrued Termination Charges
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AccruedTerminationCharges
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CY2019 bbio Upfront Payment Received
UpfrontPaymentReceived
10000000
CY2019 bbio Fair Value Of Ordinary Shares Received
FairValueOfOrdinarySharesReceived
3800000
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
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us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
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us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2020Q3 us-gaap Variable Lease Cost
VariableLeaseCost
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us-gaap Variable Lease Cost
VariableLeaseCost
558000
CY2020Q3 us-gaap Lease Cost
LeaseCost
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us-gaap Lease Cost
LeaseCost
3242000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1075000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3895000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2399000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1224000
CY2020Q3 bbio Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
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CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
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CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
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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
CY2020Q3 bbio Payable Related To Manufacturing Suite
PayableRelatedToManufacturingSuite
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CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17699000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
46313000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5777000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
26180686
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10018004

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