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PALO ALTO, Calif., Nov. 07, 2019 (GLOBE NEWSWIRE) -- BridgeBio Pharma, Inc. (NASDAQ: BBIO) today reported financial results for the third quarter, which ended September 30, 2019, and provided recent highlights across the company’s research and development portfolio.
“We continue to make progress towards achieving our goals, which ultimately is the delivery of meaningful medicines to patients with genetic diseases,” said Neil Kumar, Ph.D., founder and chief executive officer of BridgeBio. “We will present new data from our TTR stabilizer program this month at the American Heart Association (AHA). We are also on track to begin filing this year our rolling new drug application for BBP-870, a treatment for the often-fatal genetic disease molybdenum cofactor deficiency type A. We are growing our pipeline as well, adding BBP-418, a novel treatment for the neuromuscular disorder limb-girdle muscular dystrophy type 2i. We remain on track to put five or more programs into the clinic next year on a risk-adjusted basis.”
Third Quarter 2019 Financial Results:
Cash, Cash Equivalents and Marketable securities
|BBIO excluding Eidos||Eidos||BBIO Consolidated|
|(Unaudited, in thousands)||Q3'19||Q2'19||Q3'19||Q2'19||Q3'19||Q2'19|
|Cash and cash equivalents||$||248,151||$||162,403||$||165,822||$||131,400||$||413,973||$||293,803|
Consolidated cash, cash equivalents and marketable securities, excluding restricted cash, totaled $611.9 million as of September 30, 2019. Excluding Eidos, BridgeBio’s cash balance as of September 30, 2019 was $446.1 million compared to $162.4 million as of June 30, 2019. The net change in cash balance of $283.7 million reflects net proceeds received from BridgeBio’s initial public offering of $368.7 million, offset by the repurchase of a non-controlling interest for $26.4 million and approximately $58.6 million primarily for operating expenses.
Operating expenses for the three months that ended September 30, 2019 were $81.3 million, as compared to $41.5 million for the same period in the prior year. The increase in operating expenses of approximately $39.8 million was mainly attributable to increased research and development expenses related to the progression of our programs.
BRIDGEBIO PHARMA, INC.
Condensed Consolidated Statements of Operations
(in thousands, except shares and per share amounts)
Three Months Ended
Nine Months Ended
|Cost of license revenue||2,500||—||2,500||—|
|Research and development||55,278||31,148||152,462||88,871|
|General and administrative||23,495||10,308||59,381||29,206|
|Total operating expenses||81,273||41,456||214,343||118,077|
|Loss from operations||(54,532||)||(41,456||)||(187,602||)||(118,077||)|
|Other income (expense), net:|
|Loss from ML Bio asset acquisition||(416||)||—||(416||)||—|
|Loss from PellePharm||(6,589||)||—||(16,144||)||—|
|LEO call option income (expense)||276||—||(1,012||)||—|
|Other income (expense)||(26||)||6||(40||)||(1,296||)|
|Total other income (expense), net||(6,132||)||(622||)||(16,832||)||(2,133||)|
|Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests||684||10,677||17,305||28,102|
|Net loss attributable to common stockholders of BridgeBio||$||(59,980||)||$||(31,401||)||$||(187,129||)||$||(92,108||)|
|Net loss per share, basic and diluted||$||(0.51||)||$||(0.52||)||$||(1.86||)||$||(1.60||)|
|Weighted-average shares used in computing net loss per share, basic and diluted||117,071,188||60,950,572||100,855,481||57,437,408|
BRIDGEBIO PHARMA, INC.
Condensed Consolidated Balance Sheets
(in thousands, except shares and per share amounts)
|Cash and cash equivalents||$||413,973||$||436,086|
|Short-term marketable securities||122,080||—|
|Prepaid expenses and other current assets||22,102||9,137|
|Total current assets||558,155||445,223|
|Property and equipment, net||2,984||1,575|
|Long-term marketable securities||75,886||—|
|Liabilities, Redeemable Convertible Noncontrolling Interests and Stockholders’ Equity|
|Accrued compensation and benefits||7,580||4,047|
|Accrued research and development liabilities||13,198||8,915|
|Accrued distributions to stockholders||—||997|
|LEO call option liability||4,021||3,009|
|Other accrued liabilities||4,789||2,100|
|Total current liabilities||39,858||32,577|
|Term loans, noncurrent||75,017||54,507|
|Commitments and contingencies (Note 10)|
|Redeemable convertible noncontrolling interests||2,570||122|
|Undesignated preferred stock, $0.001 par value; 25,000,000 and no shares authorized as of September 30, 2019 and December 31, 2018; no shares issued and outstanding as of September 30, 2019 and December 31, 2018||—||—|
|Common stock, $0.001 par value; 500,000,000 and 97,412,870 shares authorized as of September 30, 2019 and December 31, 2018; 117,359,502 and 92,057,704 shares issued and outstanding as of September 30, 2019 and December 31, 2018||117||92|
|Additional paid-in capital||826,062||494,231|
|Accumulated other comprehensive income||152||—|
|Total BridgeBio stockholders' equity||459,758||314,879|
|Total stockholders' equity||521,697||377,240|
|Total liabilities, redeemable convertible noncontrolling interests and stockholders’ equity||$||640,530||$||464,941|
(1) The consolidated balance sheet as of December 31, 2018 is derived from the audited consolidated financial statements included in the Form S-1 filed on June 26, 2019 (File Nos. 333-231759 and 333-232376).
About BridgeBio Pharma
BridgeBio is a team of experienced drug discoverers, developers and innovators working to create life-altering medicines that target well-characterized genetic diseases at their source. BridgeBio was founded in 2015 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's pipeline of over 15 development programs includes product candidates ranging from early discovery to late-stage development. For more information, please visit www.bridgebio.com.
BridgeBio Pharma Forward-Looking Statements
This press release contains forward-looking statements. Statements we make in this press release may include statements which are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are usually identified by the use of words such as "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "seeks," "should," "will," and variations of such words or similar expressions. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act and are making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements, including statements relating to the clinical and therapeutic benefits of our product candidates, our ability to initiate additional preclinical studies and clinical trials, our ability to submit planned regulatory filings for our product candidates, our ability to generate data from our ongoing and planned preclinical studies and clinical trials, and the timing of these events, reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, our ability to continue our planned research and development activities and complete our planned regulatory submissions, as well as those set forth in the Risk Factors section of BridgeBio Pharma Inc.'s most recent Quarterly Report on Form 10-Q and our other SEC filings. Except as required by law, we assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.