Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 09, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | BBIO | |
Entity Registrant Name | BridgeBio Pharma, Inc. | |
Entity Central Index Key | 0001743881 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | No | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity File Number | 001-38959 | |
Entity Tax Identification Number | 841850815 | |
Entity Address, Address Line One | 421 Kipling Street | |
Entity Address, City or Town | Palo Alto | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94301 | |
City Area Code | 650 | |
Local Phone Number | 391-9740 | |
Entity Common Stock, Shares Outstanding | 116,755,512 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | May 17, 2019 |
Liabilities | ||
Commitments and contingencies | ||
Stockholders’ Deficit | ||
Undesignated preferred stock, $0.001 par value; 25,000,000 and no shares authorized as of June 30, 2019 and May 17, 2019; no shares issued and outstanding as of June 30, 2019 and May 17, 2019 | ||
Common stock, $0.001 par value; 500,000,000 and 1,000 shares authorized as of June 30, 2019 and May 17, 2019; no shares issued and outstanding as of June 30, 2019 and May 17, 2019 | 0 | $ 0 |
Additional paid-in capital | 69 | |
Accumulated deficit | $ (69) |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2019 | Jun. 26, 2019 | May 17, 2019 |
Statement Of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | 0 |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 | 1,000 |
Common stock, shares issued | 0 | 0 | |
Common stock, shares outstanding | 0 | 0 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss (Unaudited) $ in Thousands | 1 Months Ended |
Jun. 30, 2019USD ($) | |
Operating expenses: | |
General and administrative | $ 69 |
Total operating expenses | 69 |
Net loss and comprehensive loss | $ (69) |
Condensed Statement of Changes
Condensed Statement of Changes in Stockholders' Deficit (Unaudited) - 1 months ended Jun. 30, 2019 - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Beginning balance at May. 17, 2019 | $ 0 | $ 0 | $ 0 | $ 0 |
Stock-based compensation | 69 | 0 | 69 | 0 |
Net loss | (69) | 0 | 0 | (69) |
Ending balance at Jun. 30, 2019 | $ 0 | $ 0 | $ 69 | $ (69) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 112,400 | $ 238,700 |
Current liabilities: | ||
Commitments and contingencies | ||
Members’ deficit: | ||
Accumulated deficit | (69) | |
BridgeBio Pharma LLC | ||
Current assets: | ||
Cash and cash equivalents | 293,803 | 436,086 |
Prepaid expenses and other current assets | 12,906 | 9,137 |
Total current assets | 306,709 | 445,223 |
Property and equipment, net | 1,865 | 1,575 |
PellePharm investment | 7,495 | 17,050 |
Other assets | 9,471 | 1,093 |
Total assets | 325,540 | 464,941 |
Current liabilities: | ||
Accounts payable | 16,065 | 13,509 |
Accrued compensation and benefits | 4,736 | 4,047 |
Accrued research and development liabilities | 9,419 | 8,915 |
Accrued distributions to unitholders | 997 | |
LEO call option liability | 4,297 | 3,009 |
Other accrued liabilities | 4,188 | 2,100 |
Total current liabilities | 38,705 | 32,577 |
Term loans, noncurrent | 74,997 | 54,507 |
Other liabilities | 347 | 495 |
Total liabilities | 114,049 | 87,579 |
Commitments and contingencies | ||
Members’ deficit: | ||
Accumulated deficit | (326,068) | (170,580) |
Total BridgeBio members’ deficit | (326,068) | (170,580) |
Noncontrolling interests | 48,391 | 62,361 |
Total members’ deficit | (277,677) | (108,219) |
Total liabilities and stockholders’ deficit | 325,540 | 464,941 |
BridgeBio Pharma LLC | Redeemable Convertible Preferred Units | ||
Current liabilities: | ||
Temporary equity | 479,044 | 478,865 |
BridgeBio Pharma LLC | Redeemable Founder Units | ||
Current liabilities: | ||
Temporary equity | 1,754 | 1,754 |
BridgeBio Pharma LLC | Redeemable Common Units | ||
Current liabilities: | ||
Temporary equity | 1,672 | 1,619 |
BridgeBio Pharma LLC | Management Incentive Units | ||
Current liabilities: | ||
Temporary equity | 6,523 | 3,221 |
BridgeBio Pharma LLC | Redeemable Convertible Noncontrolling Interests | ||
Current liabilities: | ||
Temporary equity | $ 175 | $ 122 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
BridgeBio Pharma LLC | ||||
Operating expenses: | ||||
Research and development | $ 52,331 | $ 23,892 | $ 97,184 | $ 57,723 |
General and administrative | 16,918 | 10,891 | 35,817 | 18,898 |
Total operating expenses | 69,249 | 34,783 | 133,001 | 76,621 |
Loss from operations | (69,249) | (34,783) | (133,001) | (76,621) |
Other income (expense), net: | ||||
Interest income | 1,662 | 2 | 3,769 | 3 |
Interest expense | (1,941) | (205) | (3,612) | (212) |
Loss from PellePharm | (4,956) | (9,555) | ||
LEO call option income (expense) | 226 | (1,288) | ||
Other income (expense) | (7) | (716) | (14) | (1,302) |
Total other income (expense), net | (5,016) | (919) | (10,700) | (1,511) |
Net loss and comprehensive loss | (74,265) | (35,702) | (143,701) | (78,132) |
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests | 8,370 | 9,151 | 16,621 | 17,425 |
Net loss and comprehensive loss attributable to BridgeBio | (65,895) | (26,551) | (127,080) | (60,707) |
Cumulative returns on redeemable convertible preferred units (Series A, Series B and Series C) | (3,854) | (6,975) | ||
Net loss attributable to redeemable founder units and redeemable common units | $ (65,895) | $ (30,405) | $ (127,080) | $ (67,682) |
Net loss per unit attributable to redeemable founder unitholders and redeemable common unitholders, basic and diluted | $ (3.46) | $ (1.71) | $ (6.69) | $ (3.83) |
Total weighted-average redeemable founder units and redeemable common units used in computing net loss per unit, basic and diluted | 19,033,838 | 17,821,117 | 18,995,957 | 17,654,249 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Redeemable Convertible Preferred, Redeemable Founder, Common, Management Incentive Units, Convertible Noncontrolling Interests and Members' Deficit Equity - BridgeBio Pharma LLC - USD ($) $ in Thousands | Total | Accumulated Deficit | Noncontrolling Interests | Redeemable Convertible Preferred Units | Redeemable Founder Units | Redeemable Common Units | Management Incentive Units | Redeemable Convertible Noncontrolling Interests |
Temporary equity, beginning balance at Dec. 31, 2017 | $ 143,867 | $ 1,754 | $ 1,431 | $ 226 | $ 833 | |||
Temporary equity, beginning balance, units at Dec. 31, 2017 | 219,406,923 | 11,420,741 | 5,856,075 | 9,835,925 | ||||
Issuance and vesting of associated with equity-based compensation | $ 47 | $ 275 | ||||||
Issuance and vesting of associated with equity-based compensation, units | 335,427 | 2,275,572 | ||||||
Issuance (repurchase) of noncontrolling interest | 15,617 | |||||||
Transfers to (from) noncontrolling interest | (11,286) | |||||||
Net loss and comprehensive loss | $ (38,816) | $ (34,156) | $ (4,660) | (3,614) | ||||
Temporary equity, ending balance at Mar. 31, 2018 | $ 143,867 | $ 1,754 | $ 1,478 | $ 501 | 1,550 | |||
Temporary equity, ending balance, units at Mar. 31, 2018 | 219,406,923 | 11,420,741 | 6,191,502 | 12,111,497 | ||||
Beginning balance at Dec. 31, 2017 | (58,929) | (61,427) | 2,498 | |||||
Issuance (repurchase) of noncontrolling interest | 553 | 553 | ||||||
Transfers to (from) noncontrolling interest | 11,286 | 3,876 | 7,410 | |||||
Ending balance at Mar. 31, 2018 | (85,906) | (91,707) | 5,801 | |||||
Issuance and vesting of associated with equity-based compensation | $ 48 | $ 277 | ||||||
Issuance and vesting of associated with equity-based compensation, units | 335,427 | 2,283,905 | ||||||
Issuance of Series C redeemable convertible preferred units | $ 36,300 | |||||||
Issuance of redeemable convertible preferred units, Shares | 37,593,206 | |||||||
Issuance (repurchase) of noncontrolling interest | 46,710 | |||||||
Transfers to (from) noncontrolling interest | (41,450) | |||||||
Net loss and comprehensive loss | (32,084) | (26,551) | (5,533) | (3,618) | ||||
Temporary equity, ending balance at Jun. 30, 2018 | $ 180,167 | $ 1,754 | $ 1,526 | $ 778 | 3,192 | |||
Temporary equity, ending balance, units at Jun. 30, 2018 | 257,000,129 | 11,420,741 | 6,526,929 | 14,395,402 | ||||
Issuance (repurchase) of noncontrolling interest | 96,689 | 96,689 | ||||||
Transfers to (from) noncontrolling interest | 41,450 | 56,182 | (14,732) | |||||
Ending balance at Jun. 30, 2018 | 20,149 | (62,076) | 82,225 | |||||
Temporary equity, beginning balance at Dec. 31, 2018 | $ 478,865 | $ 1,754 | $ 1,619 | $ 3,221 | 122 | |||
Temporary equity, beginning balance, units at Dec. 31, 2018 | 407,955,726 | 11,420,741 | 7,197,783 | 19,117,628 | ||||
Issuance and vesting of associated with equity-based compensation | $ 26 | $ 1,210 | ||||||
Issuance and vesting of associated with equity-based compensation, units | 335,427 | 2,831,171 | ||||||
Repayment of nonrecourse notes | $ 179 | |||||||
Transfers to (from) noncontrolling interest | 870 | |||||||
Net loss and comprehensive loss | (68,646) | (61,185) | (7,461) | (790) | ||||
Temporary equity, ending balance at Mar. 31, 2019 | $ 479,044 | $ 1,754 | $ 1,645 | $ 4,431 | 202 | |||
Temporary equity, ending balance, units at Mar. 31, 2019 | 407,955,726 | 11,420,741 | 7,533,210 | 21,948,799 | ||||
Beginning balance at Dec. 31, 2018 | (108,219) | (170,580) | 62,361 | |||||
Issuance (repurchase) of noncontrolling interest | 1,320 | 1,320 | ||||||
Transfers to (from) noncontrolling interest | (870) | (2,968) | 2,098 | |||||
Ending balance at Mar. 31, 2019 | (176,415) | (234,733) | 58,318 | |||||
Issuance and vesting of associated with equity-based compensation | $ 27 | $ 2,092 | ||||||
Issuance and vesting of associated with equity-based compensation, units | 335,427 | 3,629,209 | ||||||
Transfers to (from) noncontrolling interest | 658 | |||||||
Net loss and comprehensive loss | (73,580) | (65,895) | (7,685) | (685) | ||||
Temporary equity, ending balance at Jun. 30, 2019 | $ 479,044 | $ 1,754 | $ 1,672 | $ 6,523 | $ 175 | |||
Temporary equity, ending balance, units at Jun. 30, 2019 | 407,955,726 | 11,420,741 | 7,868,637 | 25,578,008 | ||||
Issuance (repurchase) of noncontrolling interest | (27,024) | (27,024) | ||||||
Transfers to (from) noncontrolling interest | (658) | (25,440) | 24,782 | |||||
Ending balance at Jun. 30, 2019 | $ (277,677) | $ (326,068) | $ 48,391 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Convertible Preferred, Redeemable Founder, Common, Management Incentive Units, Convertible Noncontrolling Interests and Members' Deficit Equity (Parenthetical) - BridgeBio Pharma LLC - Series C Redeemable Convertible Preferred Units $ in Thousands | 3 Months Ended |
Jun. 30, 2018USD ($)$ / shares | |
Issuance of redeemable convertible preferred stock per share | $ / shares | $ 0.9656 |
Issuance costs | $ | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - BridgeBio Pharma LLC - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities: | ||
Net loss | $ (143,701) | $ (78,132) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 244 | 68 |
Equity-based compensation | 5,521 | 1,768 |
Loss on disposal of property and equipment, net | 8 | 7 |
Loss from PellePharm | 9,555 | |
Accretion of term loans and convertible promissory notes | 702 | 264 |
Acquired in-process research and development assets | 2,500 | 17,886 |
Shares issued under license agreements | 220 | 134 |
LEO call option expense | 1,288 | |
Change in fair value of Eidos financial instruments | 1,146 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (3,345) | (8,118) |
Other assets | (2,077) | 133 |
Accounts payable | 146 | 8,856 |
Accrued compensation and benefits | 689 | 588 |
Accrued research and development liabilities | 505 | 3,097 |
Other accrued liabilities | 505 | 273 |
Other liabilities | (148) | 123 |
Net cash used in operating activities | (127,388) | (51,907) |
Investing activities | ||
Cash paid for in-process research and development assets acquired | (2,500) | (16,000) |
Purchases of property and equipment | (510) | (832) |
Net cash used in investing activities | (3,010) | (16,832) |
Financing activities | ||
Proceeds from the issuance of Series C preferred units, net of issuance costs | 36,300 | |
Proceeds from issuance of common stock in connection with the initial public offering of Eidos, net of underwriting discounts and commissions | 96,723 | |
Proceeds from issuance of promissory notes | 1,000 | |
Proceeds from repayment of nonrecourse notes | 179 | |
Proceeds from term loans, net of issuance costs | 19,787 | 36,590 |
Proceeds from third-party investors in redeemable convertible noncontrolling interests | 58,430 | |
MyoKardia distributions (Note 13) | (997) | |
Repurchase of noncontrolling interest | (28,628) | |
Proceeds from repayment of the loans received by noncontrolling interest shareholder | (17) | |
Payment of deferred offering costs | (2,499) | |
Proceeds from subsidiary stock option exercises | 538 | 75 |
Net cash provided by (used in) financing activities | (11,620) | 229,101 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (142,018) | 160,362 |
Cash, cash equivalents and restricted cash at beginning of period | 436,245 | 92,376 |
Cash, cash equivalents and restricted cash at end of period | 294,227 | 252,738 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid for interest | 2,583 | 19 |
Supplemental Disclosures of Non-Cash Investing and Financing Information: | ||
Transfers to (from) noncontrolling interest (Note 6) | 28,408 | 60,058 |
Deferred offering costs included in accounts payable and other accrued liabilities | $ 3,961 | 1,187 |
Conversion of redeemable noncontrolling interest into noncontrolling interest | 12,252 | |
Conversion of promissory note into redeemable convertible noncontrolling interest | 1,005 | |
Fair value of redeemable convertible noncontrolling interest issued for acquired in-process research and development assets | $ 1,886 |
Organization and Background
Organization and Background | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Background | 1. Organization and Background BridgeBio Pharma, Inc. (the “Corporation”) was formed as a Delaware corporation on May 17, 2019. The Corporation was formed for the purpose of completing an initial public offering of the Corporation’s common stock (the “IPO”) and related transactions in order to carry on the business of BridgeBio Pharma LLC (the “Reorganization”). From incorporation through June 30, 2019, the Corporation did not have any shares of common stock outstanding. Accordingly, basic and diluted net loss attributable to common stockholders has not been presented. Upon the closing of the IPO on July 1, 2019, all unitholders of BridgeBio Pharma LLC exchanged their units for shares of common stock of the Corporation, and BridgeBio Pharma LLC became a wholly-owned subsidiary of the Corporation as part of the Reorganization. As the sole managing member, the Corporation will operate and control all of BridgeBio Pharma LLC’s businesses and affairs after the Reorganization. As of June 30, 2019, these condensed financial statements, including share and per share amounts, do not give effect to the Reorganization or the IPO as these transactions were completed subsequent to June 30, 2019. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed balance sheets, condensed statement of operations and comprehensive loss and condensed statement of changes in stockholders’ deficit are presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”). A statement of cash flows has not been presented because there have been no cash activities in this entity from inception on May 17, 2019 and through June 30, 2019. The unaudited condensed financial statements have been prepared on the same basis that would be applied to the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Corporation’s financial position as of June 30, 2019 and the results of operations and comprehensive loss from inception on May 17, 2019 and through June 30, 2019. The results of operations for the period from May 17, 2019 through June 30, 2019 are not necessarily indicative of the results to be expected for the period from May 17, 2019 through December 31, 2019 or for any other future annual or interim period. Underwriting Commissions and Offering Costs Underwriting commissions and offering costs incurred in connection with the Corporation’s offering of its common stock will be reflected as a reduction of additional paid-in capital subsequent to June 30, 2019. Underwriting commissions and offering costs are not recorded in the Corporation’s balance sheet because such costs did not become the Corporation’s liability until the Corporation completed the Reorganization and the IPO subsequent to June 30, 2019. Organizational Costs Organizational costs are not recorded in the Corporation’s balance sheet as of June 30, 2019 because such costs are not the Corporation’s liability until the Corporation completes the Reorganization and the IPO. Thereafter, costs incurred to organize the Corporation will be expensed as incurred. Equity-Based Compensation Equity-based compensation is measured at the grant date for all equity-based awards made to employees and non-employees based on the fair value of the awards and is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period. The Corporation has elected to recognize the actual forfeitures by reducing the equity-based compensation in the same period as the forfeitures occur. The description of fair value measurement method for the awards is presented in Note 4. The Corporation granted stock options to employees and non-employees of BridgeBio Pharma LLC and its affiliates. These awards generally have only a service condition and vest over a period of four years. |
BridgeBio Pharma LLC | |
Summary of Significant Accounting Policies | 2. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of SEC regarding interim financial reporting. The interim condensed consolidated balance sheet as of June 30, 2019, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2019 and 2018, the condensed consolidated statements of redeemable convertible preferred units, redeemable founder units, redeemable common units, management incentive units, redeemable convertible noncontrolling interests and members’ deficit for the three and six months ended June 30, 2019 and 2018 and the statements of cash flows for the six months ended June 30, 2019 and 2018 are unaudited. 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 recurring adjustments, necessary for a fair statement of the Company’s financial position, its results of operations and comprehensive loss, and its cash flows for the periods presented. The financial data and the other financial information contained in these notes to the condensed consolidated financial statements related to the three and six-month periods are also unaudited. The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019 or for any other future annual or interim period. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in the prospectus dated June 26, 2019 (“Prospectus”) that forms a part of the Company's Registration Statements on Form S-1 (File Nos. 333-231759 and 333-232376), as filed with the SEC pursuant to Rule 424(b)(4) promulgated under the Securities Act of 1933, as amended. Variable Interest Entities and Voting Interest Entities BridgeBio consolidates those entities in which it has a direct or indirect controlling financial interest based on either the Variable Interest Entity (“VIE”) model or the Voting Interest Entity (“VOE”) model. At the VIE’s inception, BridgeBio determines whether it is the primary beneficiary and if the VIE should be consolidated based on the facts and circumstances. BridgeBio then performs on-going reassessments of the VIE based on reconsideration events and reevaluates whether a change to the consolidation conclusion is required each reporting period. Refer to Note 5. Entities that do not qualify as a VIE are assessed for consolidation under the VOE model. Under the VOE model, BridgeBio consolidates the entity if it determines that it, directly or indirectly, has greater than 50% of the voting shares and that other equity holders do not have substantive voting, participating or liquidation rights. Refer to Note 5. BridgeBio has either created or made investments in the following entities: Consolidated Entities Relationship as of June 30, 2019 Date Control First Acquired Ownership % as of June 30, 2019 Ownership % as of December 31, 2018 (unaudited) TheRas, Inc. Wholly-owned subsidiary August 2016 100 % 100 % BridgeBio Services, Inc. Wholly-owned subsidiary April 2017 100 % 100 % Fortify Therapeutics, Inc. Wholly-owned subsidiary June 2018 100 % 100 % Sub20, Inc. Wholly-owned subsidiary June 2018 100 % 100 % Unnamed Entity #1 Wholly-owned subsidiary December 2018 100 % 100 % Unnamed Entity #2 Wholly-owned subsidiary April 2019 100 % — Unnamed Entity #3 Wholly-owned subsidiary May 2019 100 % — Eidos Therapeutics, Inc. (1) Partially-owned subsidiary April 2016 65.1 % 62.5 % Molecular Skin Therapeutics, Inc. Controlled VIE July 2016 58.2 % 61.7 % Quartz Therapeutics, Inc. Controlled VIE October 2016 89.0 % 89.0 % PellePharm, Inc. (2) VIE December 2016 43.3 % 43.3 % Navire Pharma, Inc. Controlled VIE February 2017 78.9 % 78.8 % CoA Therapeutics, Inc. Controlled VIE February 2017 99.6 % 99.5 % Dermecular Therapeutics, Inc. Controlled VIE April 2017 87.6 % 87.6 % Phoenix Tissue Repair, Inc. Controlled VIE July 2017 56.4 % 56.7 % QED Therapeutics, Inc. Controlled VIE January 2018 96.6 % 94.4 % Adrenas Therapeutics, Inc. Controlled VIE January 2018 88.7 % 90.1 % Orfan Biotech, Inc. Controlled VIE January 2018 89.6 % 85.1 % Ferro Therapeutics, Inc. Controlled VIE March 2018 90.0 % 89.4 % Origin Biosciences, Inc. Controlled VIE April 2018 99.8 % 100 % Venthera, Inc. Controlled VIE April 2018 81.8 % 82.0 % Aspa Therapeutics, Inc. Controlled VIE June 2018 90.3 % 92.5 % ( 1) Subsequent to the Eidos Therapeutics, Inc. (“Eidos”) initial public offering in June 2018 and through June 30, 2019, BridgeBio has a majority voting interest in Eidos and consolidates Eidos under the VOE model. Refer to Note 5. (2) Subsequent to the execution of a series of agreements (the “LEO Agreement”) with LEO Pharma A/S and LEO Spiny Merger Sub, Inc. (“LEO”) in November 2018, BridgeBio determined that it is no longer the primary beneficiary of PellePharm, Inc. (“PellePharm”) and deconsolidated PellePharm. Refer to Note 7. Use of Estimates 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, the fair value of the Preferred Units, the fair value of the Founder Units, the fair value of the LEO Call Option liability, the valuation of equity-based awards, income tax uncertainties and accruals for research and development activities. The Company bases its 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 and Restricted Cash As of June 30, 2019 and December 31, 2018, the Company had restricted cash of $0.4 million and $0.2 million. Restricted cash is classified in prepaid expenses and other current assets and other assets in the accompanying condensed consolidated balance sheets as of June 30, 2019 and December 31, 2018, respectively. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows: June 30, 2019 June 30, 2018 (in thousands) Cash and cash equivalents $ 293,803 $ 252,379 Restricted cash 424 359 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 294,227 $ 252,738 As of June 30, 2019 and December 31, 2018, total cash and cash equivalents held by BridgeBio was $112.4 million and $238.7 million. The remaining cash and cash equivalents were held by the Company’s wholly-owned subsidiaries and controlled entities and these funds are designated for specific entity usage, except in limited circumstances. Fair Value Measurements Assets and liabilities recorded at fair value on a recurring basis in the 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 exercised by the Company 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 fair value of the Company’s outstanding term loans with Hercules Capital, Inc. (see Note 9) is 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 the Company’s outstanding term loans approximates the carrying amount, as the term loan bears a floating rate that approximates the market interest rate. Deferred Offering Costs The Company has deferred offering costs, consisting of legal, accounting, printer and filing fees related to the IPO, that were deferred and were offset against the offering proceeds upon the completion of the IPO on July 1, 2019. As of June 30, 2019, $6.5 million of deferred offering costs were recorded within other assets on the condensed consolidated balance sheet. As of December 31, 2018, no amounts were deferred. Net Loss per Unit The holders of the Company’s Preferred Units are entitled to receive distributions, including cumulative returns on their units outstanding, prior and in preference to any distributions on any of the Company’s Founder Units and Common Units, which are also entitled to cumulative returns. Cumulative returns for Preferred Units, Common Units and Founder Units no longer accumulate subsequent to the Series D Preferred Unit financing in November 2018. For the three and six months ended June 30, 2019 and 2018, the Company determined that its Founder Units and Common Units are common stock equivalents. Basic net loss per unit is the same as diluted net loss per unit as the inclusion of all potentially dilutive. Preferred Units, unvested Common Units, and Management Incentive Units would have been anti-dilutive. Recently Adopted Accounting Pronouncements ASU 2015-17 Income Taxes (Topic 740). In November 2015, the FASB issued ASU 2015-17 Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”) , which simplifies the presentation of deferred taxes in a classified balance sheet by eliminating the requirement to separate deferred income tax liabilities and assets into current and noncurrent amounts. Instead, ASU 2015-17 requires that all deferred tax liabilities and assets be shown as noncurrent in a classified balance sheet. ASU 2015-17 is effective for fiscal years beginning after December 15, 2017 and may be applied either prospectively or retrospectively to all periods presented. The Company adopted this guidance on January 1, 2018. The condensed consolidated balance sheets as of June 30, 2019 and December 31, 2018 are presented in accordance with this guidance. Recently Issued Accounting Pronouncements Not Yet Adopted ASU 2016-02 Leases (Topic 842). In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”) , which for operating leases requires the lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its balance sheet. The guidance also requires a lessee to recognize single lease costs, calculated so that the cost of the lease is allocated over the lease term, on a generally straight-line basis. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, including a number of optional practical expedients that entities may elect to apply. ASU 2016-02 is effective for fiscal years beginning after December 15, 2019 and interim periods within fiscal years beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the appropriate transition method and impact of this guidance on its consolidated financial statements and related disclosures. ASU 2016-15 Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”) . The areas affected by ASU 2016-15 are debt prepayment and debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies), distributions received from equity method investees, beneficial interests in securitization transactions and separately identifiable cash flows and application of the predominance principle. Specifically, under this guidance, cash payments for debt prepayment or debt extinguishment costs will be classified as cash outflows for financing activities. The amendments in ASU 2016-15 are effective for fiscal years beginning after December 15, 2018 and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments in ASU 2016-15 will be applied using a retrospective transition method to each period presented. The adoption of ASU 2016-15 is not expected to materially impact the Company’s consolidated financial statements. ASU 2018-13, Fair Value Measurement – Disclosure Framework (Topic 820) . In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework (Topic 820) (“ASU 2018-13”). The updated guidance improves the disclosure requirements on fair value measurements and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted upon issuance of the standard for disclosures modified or removed with a delay of adoption of the additional disclosures until their effective date. The adoption of ASU 2018-13 is not expected to materially impact the Company’s consolidated financial statements. |
Stockholders' Deficit
Stockholders' Deficit | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Deficit | 3. Stockholders’ Deficit On May 17, 2019, the Corporation was authorized to issue 1,000 shares of common stock, par value $0.001 per share. On June 26, 2019, the Corporation amended and restated its certificate of incorporation to increase the authorized capital stock to 500,000,000 shares of common stock with a par value of $0.001 and to 25,000,000 shares of undesignated preferred stock with a par value of $0.001. No shares of common stock or preferred stock had been issued or are outstanding as of June 30, 2019. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock/Equity-based Compensation | 4. Stock-based Compensation 2019 Stock Option and Incentive Plan On June 22, 2019, the Corporation adopted the 2019 Stock Option and Incentive Plan (the “2019 Plan”), which became effective on June 25, 2019. The 2019 Plan provides for the grant of equity-based incentive awards. The Corporation initially reserved 11,500,000 shares of common stock for issuance of awards under the 2019 Plan. The 2019 Plan provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2020, by 5% of the outstanding number of shares of common stock on the immediately preceding December 31, or such lesser number of shares as determined by the Compensation Committee of the Board of Directors. On June 21, 2019, the Board of Directors approved the grant of options to purchase 3,696,429 shares of common stock to certain employees and non-employees of BridgeBio Pharma LLC and its affiliates at an exercise price equal to the IPO price of its common stock, which was $17.00 per share. On June 26, 2019, the Board of Directors approved the grant of options to purchase an additional 48,200 shares of common stock to certain employees and non-employees of BridgeBio Pharma LLC and its affiliates at the same exercise price. The options granted have a service condition and vest over a period of four years. All expenses included in the Corporation’s statement of operations represent recorded stock-based compensation in relation to these June 2019 grants. The following table summarizes the Corporation’s stock option activity for the period from May 17, 2019 through June 30, 2019: Options Available for Grant Options Outstanding Weighted- Average Exercise Price per Option Weighted- Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands, except per share and per share data) Outstanding as of May 17, 2019 — — $ — — $ — Authorized 11,500,000 — $ — Granted (3,744,629 ) 3,744,629 $ 17.00 Outstanding as of June 30, 2019 7,755,371 3,744,629 $ 17.00 6.02 $ 37,334 Exercisable as of June 30, 2019 — $ — — $ — Determination of Fair Value The fair value of each stock option grant was determined by the Corporation at the grant date using a Black-Scholes option-pricing model with the following assumptions: May 17, 2019 – June 30, 2019 Expected term (in years) 6.02-6.08 Expected volatility 37.5 % Risk-free interest rate 1.86 % Dividend yield — Weighted average fair value of share-based awards granted $ 6.64 As of June 30, 2019, there was $24.8 million of total unrecognized compensation cost related to unvested equity-based compensation arrangements under the 2019 Plan. The unrecognized equity-based compensation cost is expected to be recognized over a weighted-average period of 4.0 years. 2019 Employee Stock Purchase Plan On June 22, 2019, the Corporation adopted the 2019 Employee Stock Purchase Plan (the “ESPP”) which became effective on June 25, 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. As of June 30, 2019, no shares were issued and outstanding under the ESPP. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events | 5 . Subsequent Events Initial Public Offering On July 1, 2019, the Corporation closed the IPO of its common stock. As part of the IPO, the Corporation issued and sold 23,575,000 shares of its common stock, which included 3,075,000 shares sold pursuant to the exercise of the underwriters’ over-allotment option, at a public offering price of $17.00 per share. The Corporation received net proceeds of approximately $366.3 million from the IPO, after deducting underwriters’ discounts and commissions of $28.0 million and offering costs of $6.5 million. Reorganization On June 13, 2019, the Corporation formed BridgeBio Pharma Merger Sub LLC (“Merger Sub LLC”), a Delaware limited liability company and direct wholly-owned subsidiary. On July 1, 2019, upon execution of the Reorganization, all outstanding units of BridgeBio Pharma, LLC were cancelled and exchanged for shares of common stock of the Corporation, as shown in the below table by unit class: BridgeBio Pharma, LLC unit class Number of BridgeBio Pharma, Inc. Shares Issued Series D Preferred Units 30,459,426 Series C Preferred Units 31,992,709 Series B Preferred Units 17,794,455 Series A Preferred Units 4,918,881 Founder Units 2,252,916 Common Units 1,794,823 Management Incentive Units 10,786,757 Total shares issued 99,999,967 The unvested outstanding management incentive units and common units of BridgeBio Pharma LLC were exchanged for shares of the Corporation’s restricted common stock. Such unvested restricted shares are subject to the same time-based vesting conditions as the original management incentive units and common units terms and conditions. On July 1, 2019, Merger Sub LLC was merged with and into BridgeBio Pharma LLC, the surviving entity, which became a wholly-owned subsidiary of the Corporation. At the conclusion of the Reorganization, the Corporation became the reporting entity. Non-Binding Proposal to Acquire Common Stock of Eidos On August 8, 2019, the Corporation submitted to the board of directors of Eidos Therapeutics, Inc. (“Eidos”), a subsidiary of BridgeBio Pharma LLC, a non-binding proposal to acquire the outstanding shares of common stock of Eidos that are not owned by BridgeBio Pharma LLC. The proposal includes a suggested fixed exchange ratio of 1.30 shares of the Corporation’s common stock for each share of common stock of Eidos. The proposal is subject to a number of contingencies, including the approval by the Board of Directors of Eidos and its special committee of independent directors. Additionally, the transaction will require an approval by a majority of the aggregate voting power represented by the shares of common stock of Eidos that are not owned by BridgeBio Pharma LLC. |
BridgeBio Pharma LLC | |
Subsequent Events | 17. Initial Public Offering On July 1, 2019, the Corporation completed the IPO of its common stock. As part of the IPO, the Corporation issued and sold 23,575,000 shares of its common stock, which included 3,075,000 shares sold pursuant to the exercise of the underwriters’ over-allotment option, at a public offering price of $17.00 per share. The Corporation received net proceeds of approximately $366.3 million from the IPO, after deducting underwriters’ discounts and commissions of $28.0 million and deferred offering costs of $6.5 million. Reorganization On June 13, 2019, the Corporation formed BridgeBio Pharma Merger Sub LLC (“Merger Sub LLC”), a Delaware limited liability company and direct wholly-owned subsidiary. On July 1, 2019, upon execution of the Reorganization, all outstanding units of BridgeBio Pharma, LLC were cancelled and exchanged for shares of common stock of the Corporation, as shown in the below table: BridgeBio Pharma, LLC unit class Number of BridgeBio Pharma, Inc. Shares Issued Series D Preferred Units 30,459,426 Series C Preferred Units 31,992,709 Series B Preferred Units 17,794,455 Series A Preferred Units 4,918,881 Founder Units 2,252,916 Common Units 1,794,823 Management Incentive Units 10,786,757 Total shares issued 99,999,967 The unvested outstanding Management Incentive Units and Common Units of BridgeBio Pharma LLC were exchanged for shares of the Corporation’s restricted common stock. Such unvested restricted shares are subject to the same time-based vesting conditions as the vesting terms and conditions of the original Management Incentive Units and Common Units. On July 1, 2019, Merger Sub LLC was merged with and into BridgeBio Pharma LLC, the surviving entity, which became a wholly-owned subsidiary of the Corporation. At the conclusion of the Reorganization, the Corporation became the reporting entity. Hercules Loan and Security Agreement Following the completion of the IPO on July 1, 2019, the terms of the Amended Hercules Term Loan were amended as follows: (i) a six month interest-only extension to July 1, 2021, (ii) a six month maturity extension to January 1, 2023, (iii) a reduction of 0.5% on the effective interest rate on Tranches I and II, and (iv) the option to pay up to 1.5% of scheduled cash pay interest on the entire facility as payment in kind, or PIK Interest, with such cash pay interest paid as PIK Interest at a 1:1.2 ratio. Significant financing events in relation to controlled VIEs Subsequent to June 30, 2019, BridgeBio made an additional investment in QED of $40.0 million, PTR of $7.0 million, Aspa of $3.6 million, Adrenas of $3.6 million and Fortify of $1.5 million. Other financing events In July 2019, BridgeBio purchased 882,353 shares of Eidos common stock from an existing Eidos investor for $26.4 million in a private purchase transaction. In July 2019, BridgeBio purchased preferred stock of a biopharmaceutical entity for $7.0 million. BridgeBio may be required to purchase additional shares of preferred stock of up to $24.5 million upon achievement of certain development milestones by the biopharmaceutical entity. |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2019 | |
BridgeBio Pharma LLC | |
Organization and Description of Business | 1. BridgeBio Pharma LLC (“BridgeBio”) 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’s pipeline of programs spans early discovery to late stage development. 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, the “Company”). BridgeBio is headquartered in Palo Alto, California. BridgeBio Pharma, Inc. (the “Corporation”) was formed as a Delaware corporation on May 17, 2019. The Corporation was formed for the purpose of completing an initial public offering of the Corporation’s common stock (the “IPO”) and related transactions in order to carry on the business of BridgeBio Pharma LLC (the “Reorganization”). Upon the closing of the Corporation’s IPO on July 1, 2019, all unitholders of BridgeBio Pharma LLC exchanged their units for shares of common stock of the Corporation, and BridgeBio Pharma LLC became a wholly-owned subsidiary of the Corporation. As the sole managing member, the Corporation will operate and control all of BridgeBio Pharma LLC businesses and affairs. These condensed consolidated financial statements as of June 30, 2019, including unit and per unit amounts, do not give effect to the Reorganization or the IPO as these transactions were completed subsequent to June 30, 2019. Liquidity The Company has incurred significant losses and negative cash flows from operations since its inception and has an accumulated deficit of $326.1 million as of June 30, 2019. The Company had cash and cash equivalents of $293.8 million as of June 30, 2019, of which $112.4 million was held by BridgeBio. The remaining cash and cash equivalents were held by the Company’s wholly-owned subsidiaries and controlled entities and these funds are designated for specific entity usage, except in limited circumstances. The Company has historically financed its operations primarily through the sale of its equity securities and, to a lesser extent, debt borrowings. To date, none of the Company’s product candidates have been approved for sale and therefore the Company has not generated any revenue from product sales. Management expects to incur additional losses in the future to fund its operations and conduct product research and development and recognizes the need to raise additional capital to fully implement its business plan. The Company intends to raise such additional capital through the issuance of equity securities, debt financings or other sources in order to further implement its business plan. However, if such financing is not available at adequate levels, the Company will need to reevaluate its operating plan and may be required to delay the development of its product candidates. The Company expects that its cash and cash equivalents, along with the $366.3 million of net proceeds received from the completion of the IPO in July 2019, will be sufficient to fund its operations for a period of at least one year from the date the condensed consolidated financial statements are filed with the Securities and Exchange Commission (“SEC”). |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2019 | |
BridgeBio Pharma LLC | |
Fair Value Measurement | 3. The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation: June 30, 2019 Total Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds $ 249,138 $ 249,138 $ — $ — Total assets $ 249,138 $ 249,138 $ — $ — Liabilities: LEO Call Option liability $ 4,297 $ — $ — $ 4,297 Total liabilities $ 4,297 $ — $ — $ 4,297 December 31, 2018 Total Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds $ 395,780 $ 395,780 $ — $ — Total assets $ 395,780 $ 395,780 $ — $ — Liabilities: LEO Call Option liability $ 3,009 $ — $ — $ 3,009 Total liabilities $ 3,009 $ — $ — $ 3,009 There were no financial assets outside of cash and cash equivalents as of June 30, 2019 and December 31, 2018. There were no transfers between Level 1, Level 2 or Level 3 during the periods presented. LEO Call Option Liability The valuation of the LEO Call Option (see Note 7) contains unobservable inputs that reflect management’s own assumptions for which there is little, if any, market activity at the measurement date. Accordingly, the LEO Call Option liability is remeasured to fair value on a recurring basis using unobservable inputs that are classified as Level 3 inputs. The Company estimated the fair value of the LEO Call Option by estimating the fair value of various clinical, regulatory, and sales milestones based on the estimated risk and probability of achievement of each milestone, and allocated the value using a Black-Scholes option pricing model with the following assumptions: June 30, 2019 December 31, 2018 Probability of milestone achievement 12.0%-84.0% 12.0%-84.0% Discount rate 1.8%-15.3% 2.7%-11.0% Expected term (in years) 0.75-4.37 0.58-4.38 Expected volatility 67.5%-78.0% 67.0%-79.0% Risk-free interest rate 2.92%-3.20% 2.51%-2.78% Dividend yield — — The following table sets forth a summary of the changes in the estimated fair value of the LEO Call Option: Total (in thousands) Balance as of December 31, 2018 $ 3,009 Change in fair value upon remeasurement recognized in other (income) expense 1,288 Balance as of June 30, 2019 $ 4,297 |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2019 | |
BridgeBio Pharma LLC | |
Balance Sheet Components | 4. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following: June 30, 2019 December 31, 2018 (in thousands) Prepaid clinical and research related expenses $ 7,532 $ 7,087 Other current assets 5,374 2,050 Total prepaid expenses and other current assets $ 12,906 $ 9,137 Other Accrued Liabilities Other accrued liabilities consist of the following: June 30, 2019 December 31, 2018 (in thousands) Accrued professional services $ 3,320 $ 772 Accrued other liabilities 868 1,328 Total other accrued liabilities $ 4,188 $ 2,100 |
Variable Interest Entities and
Variable Interest Entities and Voting Interest Model | 6 Months Ended |
Jun. 30, 2019 | |
BridgeBio Pharma LLC | |
Variable Interest Entities and Voting Interest Model | 5. The entities consolidated by BridgeBio are comprised of wholly-owned subsidiaries and partially-owned entities consolidated under the VOE model and VIEs for which BridgeBio is the primary beneficiary under the VIE model. The results of operations of the consolidated entities are included within the BridgeBio condensed consolidated financial statements for the three and six months ended June 30, 2019 and 2018. As of June 30, 2019, there were no significant restrictions on the VIE assets or liabilities except for the cash held by its VIEs presented below. For VIEs, BridgeBio calculates the maximum exposure to loss to be equal to the amount invested in the equity of the VIE and the amount of outstanding convertible notes. Included within Note 2 is a list of partially-owned entities that were determined to be under BridgeBio’s control as of June 30, 2019 and December 31, 2018. At each reporting period, the Company reassesses whether it has a majority voting interest for entities consolidated under the VOE model and whether it remains the primary beneficiary for VIEs consolidated under the VIE model. Eidos From the date of BridgeBio’s initial investment until June 22, 2018, the Eidos IPO closing date, Eidos was determined to be a VIE and BridgeBio consolidated Eidos as the primary beneficiary. Subsequent to the Eidos IPO, BridgeBio determined that Eidos was no longer a VIE due to it having sufficient equity at risk to finance its activities without additional subordinated financial support. From June 22, 2018 through June 30, 2019, BridgeBio determined that it held greater than 50% of the voting shares of Eidos and there were no other parties with substantive participating, liquidation or kick-out rights. BridgeBio consolidated Eidos under the VOE model as of June 30, 2019 and December 31, 2018. In May 2019, the Company purchased 1,103,848 shares of Eidos common stock from an existing Eidos stockholder for $28.6 million in a private purchase transaction. Consolidated VIEs The entities identified as a “Controlled VIE” in Note 2 are VIEs for which BridgeBio was determined to be the primary beneficiary as of June 30, 2019. BridgeBio also had a majority ownership interest in these entities as of June 30, 2019 and December 31, 2018. During the six months ended June 30, 2019, BridgeBio made investments in QED of $40.0 million, Quartz of $0.4 million, CoA of $5.1 million, Orfan of $3.5 million, Ferro of $4.5 million, Aspa of $8.0 million, Adrenas of $8.0 million, Origin of $10.0 million, Venthera of $1.5 million and Navire of $4.5 million in exchange for shares of redeemable convertible preferred stock of the respective entities. Based on the above noted equity financing transactions, BridgeBio concluded that there was no change in the consolidation conclusion during the period ended June 30, 2019. The following table provides the assets and liabilities for all consolidated VIEs as of June 30, 2019: Adrenas Aspa PTR QED Venthera All Other Total (in thousands) Assets: Current assets: Cash and cash equivalents $ 1,912 $ 3,697 $ 1,704 $ 5,579 $ 1,957 $ 19,364 $ 34,213 Prepaid expenses and other current assets 820 843 451 4,502 — 383 6,999 Total current assets 2,732 4,540 2,155 10,081 1,957 19,747 41,212 Property and equipment, net 566 310 76 321 — 290 1,563 Other assets 8 — 1 348 — — 357 Total assets $ 3,306 $ 4,850 $ 2,232 $ 10,750 $ 1,957 $ 20,037 $ 43,132 Liabilities: Current liabilities: Accounts payable $ 1,338 $ 1,814 $ 420 $ 2,625 $ 836 $ 2,621 $ 9,654 Accrued compensation and benefits 278 31 247 1,204 — 750 2,510 Accrued research and development liabilities 82 99 145 3,151 32 2,469 5,978 Other accrued liabilities 171 10 134 267 — 117 699 Total current liabilities 1,869 1,954 946 7,247 868 5,957 18,841 Other liabilities — — — 159 — 24 183 Total liabilities $ 1,869 $ 1,954 $ 946 $ 7,406 $ 868 $ 5,981 $ 19,024 The following table provides the assets and liabilities for all consolidated VIEs as of December 31, 2018: Adrenas Aspa PTR QED Venthera All Other Total (in thousands) Assets: Current assets: Cash and cash equivalents $ 3,046 $ 4,259 $ 6,934 $ 8,630 $ 2,913 $ 6,713 $ 32,495 Prepaid expenses and other current assets 665 1,722 28 3,240 — 321 5,976 Total current assets 3,711 5,981 6,962 11,870 2,913 7,034 38,471 Property and equipment, net 584 129 88 181 — 277 1,259 Other assets 7 — 41 — — 28 76 Total assets $ 4,302 $ 6,110 $ 7,091 $ 12,051 $ 2,913 $ 7,339 $ 39,806 Liabilities: Current liabilities: Accounts payable $ 1,876 $ 1,187 $ 621 $ 3,537 $ 333 $ 1,737 $ 9,291 Accrued compensation and benefits 377 30 287 1,392 — 467 2,553 Accrued research and development liabilities 227 728 — 4,390 — 1,251 6,596 Other accrued liabilities 28 32 8 229 9 82 388 Total current liabilities 2,508 1,977 916 9,548 342 3,537 18,828 Other liabilities — — — 150 — 29 179 Total liabilities $ 2,508 $ 1,977 $ 916 $ 9,698 $ 342 $ 3,566 $ 19,007 VIEs included in the “All Other” category of the above table are not significant individually for separate presentation. Going forward, BridgeBio may not provide any further investment in certain of these VIEs. |
Noncontrolling Interests
Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2019 | |
BridgeBio Pharma LLC | |
Noncontrolling Interests | 6. As of June 30, 2019, the Company has both redeemable convertible noncontrolling interests and noncontrolling interests in consolidated partially-owned entities, for which BridgeBio has a majority voting interest under the VOE model and for which BridgeBio is the primary beneficiary under the VIE model. These balances are reported as separate components outside members’ deficit and as part of members’ deficit, respectively, in “Redeemable convertible noncontrolling interests” and “Noncontrolling interests” in the condensed consolidated balance sheets. The Company adjusts the carrying value of noncontrolling interest to reflect the book value attributable to noncontrolling shareholders of consolidated partially-owned entities when there is a change in the ownership during the respective reporting period. During the three and six months ended June 30, 2019, such adjustments in the aggregate amounts of $25.4 million and $28.4 million are recorded to accumulated deficit. During the three and six months ended June 30, 2018, such adjustments in the aggregate amounts of $56.2 million and $60.1 million are recorded to accumulated deficit. All such adjustments are disclosed within the “Transfers to (from) noncontrolling interest” line item in the Condensed Consolidated Statements of Redeemable Convertible Preferred Units, Redeemable Founder Units, Redeemable Common Units, Management Incentive Units, Redeemable Convertible Noncontrolling Interests and Members’ Deficit. The following table provides a rollforward of the redeemable convertible noncontrolling interests balance, as follows: Orfan QED Total (in thousands) Balance as of December 31, 2018 $ 8 $ 114 $ 122 Net loss attributable to redeemable convertible noncontrolling interest (34 ) (756 ) (790 ) Transfers to redeemable convertible noncontrolling interest 57 813 870 Balance as of March 31, 2019 31 171 202 Net loss attributable to redeemable convertible noncontrolling interest (23 ) (662 ) (685 ) Transfers to redeemable convertible noncontrolling interest 47 611 658 Balance as of June 30, 2019 $ 55 $ 120 $ 175 The following table provides a rollforward of the noncontrolling interests balance: Adrenas Aspa Eidos PTR Venthera All Other Total (in thousands) Balance as of December 31, 2018 $ 217 $ 245 $ 58,185 $ 2,728 $ 449 $ 537 $ 62,361 Issuance of noncontrolling interest 2 2 1,027 34 1 254 1,320 Transfers to (from) noncontrolling interest 874 472 (337 ) (10 ) (1 ) 1,100 2,098 Net loss attributable to noncontrolling interest (451 ) (222 ) (4,365 ) (1,580 ) (192 ) (651 ) (7,461 ) Balance as of March 31, 2019 642 497 54,510 1,172 257 1,240 58,318 Issuance (repurchase) of noncontrolling interest 3 2 (27,030 ) — — 1 (27,024 ) Transfers to (from) noncontrolling interest 32 208 23,751 4 273 514 24,782 Net loss attributable to noncontrolling interest (554 ) (471 ) (5,200 ) (552 ) (353 ) (555 ) (7,685 ) Balance as of June 30, 2019 $ 123 $ 236 $ 46,031 $ 624 $ 177 $ 1,200 $ 48,391 |
PellePharm Investment
PellePharm Investment | 6 Months Ended |
Jun. 30, 2019 | |
BridgeBio Pharma LLC | |
PellePharm Investment | 7. PellePharm is a clinical stage biopharmaceutical company developing BBP-009, a topical gel formulation of patidegib, a hedgehog inhibitor, for the treatment of Gorlin Syndrome and High-Frequency Basal Cell Carcinoma. In July 2015, BridgeBio made an initial investment of $4.5 million in PellePharm and in a series of transactions through December 2016, the Company increased its ownership interest to greater than 50%. BridgeBio determined that its initial investment in PellePharm represented a variable interest, but that BridgeBio was not the primary beneficiary until December 2016. On November 19, 2018, PellePharm entered into the LEO Agreement with LEO, pursuant to which LEO was granted an exclusive, irrevocable option to acquire PellePharm. The LEO Call Option is exercisable by LEO on or before the occurrence of certain events relating to PellePharm’s clinical development programs and no later than July 30, 2021. The Company accounts for the LEO Call Option as a current liability in its condensed consolidated financial statements because BridgeBio is obligated to sell its shares in PellePharm to LEO at a pre-determined price, if the option is exercised. The Company will remeasure the LEO Call Option to fair value at each subsequent condensed consolidated balance sheet date until the LEO Call Option is either exercised or expires. The date the LEO Agreement was entered into was determined to be a VIE reconsideration event. Based on the Company’s assessment, BridgeBio concluded that PellePharm remains a VIE after the reconsideration event as it does not have sufficient equity at risk to finance its activities without additional subordinated financial support. However, based on changes to PellePharm’s governance structure and Board of Directors composition as a result of the LEO Agreement, BridgeBio is no longer the primary beneficiary as it no longer has the power over the key decisions that most significantly impact PellePharm’s economic performance. Accordingly, BridgeBio deconsolidated PellePharm on November 19, 2018. After the deconsolidation in November 2018, PellePharm is considered a related party of BridgeBio. Subsequent to the deconsolidation of PellePharm, BridgeBio accounted for its retained common stock investment as an equity method investment and its retained preferred stock investment as a cost method investment. As of June 30, 2019 and December 31, 2018, the aggregate carrying amount of the Company’s equity method investment in PellePharm was zero and $0.2 million. As of June 30, 2019 and December 31, 2018, the aggregate carrying amount for the Company’s cost method investment in PellePharm was $7.5 million and $16.8 million. After the equity method investment was reduced to zero during the three months ended March 31, 2019, BridgeBio has subsequently recorded its percentage of net losses consistent with its preferred stock ownership percentage of 62%. The carrying amount of BridgeBio’s investment in PellePharm in the condensed consolidated balance sheets represents its maximum loss exposure related to its VIE investment in PellePharm. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
BridgeBio Pharma LLC | |
Commitments and Contingencies | 8. On December 31, 2018, Children Hospital Research Center at Oakland (“CHRCO”) filed, but did not serve, a civil complaint against Dr. Ervin Epstein, Co-Founder and Chief Medical Officer of PellePharm and PellePharm in the Northern District of California. CHRCO asserts four causes of action against Dr. Epstein (conversion, breach of contract, breach of the implied covenant of good faith and fair dealing, and specific performance), and one related cause of action against PellePharm (constructive trust). All five causes of action are generally directed to a set of accusations relating to Dr. Epstein’s prior employment at CHRCO. In its complaint, CHRCO seeks monetary damages as well as equitable relief in the form of a constructive trust and an injunction. CHRCO has since withdrawn its complaint in the Northern District of California and filed, and as of May 16, 2019, has not yet served a revised civil complaint against PellePharm and Dr. Epstein in the Superior Court of the State of California, County of San Francisco, asserting the same five causes of action. On April 11, 2019, CHRCO filed an unopposed ex parte application with the Court to extend the deadline to serve the complaint to June 11, 2019. Dr. Epstein and PellePharm dispute all of CHRCO’s allegations and believe they lack merit and they intend to contest the case vigorously. No responsive pleading is required at this time, nor has Dr. Epstein or PellePharm provided one. From time to time, the Company may become involved in legal proceedings arising in the ordinary course of business. The Company is unable to predict the outcome of these matters or the ultimate legal and financial liability, and at this time cannot reasonably estimate the possible loss or range of loss and accordingly has not accrued a related liability. |
Hercules Term loan
Hercules Term loan | 6 Months Ended |
Jun. 30, 2019 | |
BridgeBio Pharma LLC | |
Hercules Term Loan | 9. Hercules Loan and Security Agreement In June 2018, the Company executed a Loan and Security Agreement with Hercules Capital, Inc. (“Hercules”), under which the Company borrowed $35.0 million (“Tranche I”). The term of the loan was approximately 42 months, with a maturity date of January 1, 2022 (the “Maturity Date”). No principal payments were due during an interest-only period, commencing on the initial borrowing date and continuing through July 1, 2020 (the “Amortization Date”). The outstanding balance of the loan was to be repaid monthly beginning on the Amortization Date and extending through the Maturity Date. Tranche I bears interest at a floating rate equal to the greater of: (i) the prime rate as reported in the Wall Street Journal plus 4.35% and (ii) 9.35% (9.85% as of June 30, 2019 based on the prime rate as of that date), payable monthly. In December 2018, the Company executed the First Amendment to the Loan and Security Agreement, whereby the Company borrowed an additional $20.0 million (“Tranche II”) to increase the total principal balance outstanding to $55.0 million. Upon draw of the additional $20.0 million, the interest-only period on the entire facility was extended until January 1, 2021 (the “Amended Amortization Date”) and the maturity date for the entire facility was July 1, 2022 (the “Amended Maturity Date”). Tranche II bears interest at a floating rate equal to the greater of: (i) the prime rate as reported in the Wall Street Journal plus 3.35% and (ii) 9.10% (9.10% as of June 30, 2019), payable monthly. In May 2019, the Company executed the Second Amendment to the Loan and Security Agreement whereby the Company borrowed an additional $20.0 million (“Tranche III”) to increase the total principal balance outstanding to $75.0 million (the “Amended Hercules Term Loan”). Tranche III bears interest at a floating rate equal to the greater of: (i) the prime rate as reported in the Wall Street Journal plus 3.10% and (ii) 9.10% (9.10% as of June 30, 2019), payable monthly. The outstanding balance of the Amended Hercules Term Loan is to be repaid monthly beginning on the Amended Amortization Date and extending through the Amended Maturity Date. During the three and six months ended June 30, 2019, the Company recognized interest expense related to the Amended Hercules Term Loan of $1.9 million and $3.6 million, of which $0.3 million and $0.7 million relate to amortization of debt discount. No material interest expense was recognized in relation to Hercules Term Loan during the six months ended June 30, 2018. |
License Agreements
License Agreements | 6 Months Ended |
Jun. 30, 2019 | |
BridgeBio Pharma LLC | |
License Agreements | 10. Stanford License Agreement In April 2016, Eidos entered into a license agreement with the Board of Trustees of the Leland Stanford Junior University (“Stanford University”) relating to Eidos’ drug discovery and development initiatives. Under this agreement, Eidos has been granted certain worldwide exclusive licenses to make, use and sell products that are covered by licensed patent rights. During the three and six months ended June 30, 2019, Eidos recognized research and development expense of zero and $0.2 million in connection with this agreement. The University of Texas License Agreement In March 2017, Navire entered into a collaboration and license agreement with The Board of Regents of The University of Texas System (“Board of Regents”) and The University of Texas M.D. Anderson Cancer Center (“MD Anderson” and collectively “University of Texas”) relating to Navire’s drug discovery and development initiatives. Under this agreement, Navire and the University of Texas will carry out the development, manufacture and commercialization of licensed product under exclusive licenses granted by the University of Texas. The Company issued the Board of Regents shares of common stock of Navire valued at zero and $0.2 million during the three and six months ended June 30, 2019 that was recognized as research and development expense. During the three and six months ended June 30, 2019, Navire recognized additional research and development expense of $0.5 million and $1.0 million in connection with this agreement. The Regents of the University of California License Agreement In September 2016, TheRas, Inc. (“TheRas”) entered into a license agreement with The Regents of the University of California (“UCSF”) relating to TheRas’ drug discovery and development initiatives. Under this agreement, TheRas has been granted certain worldwide exclusive licenses to use the licensed compounds (the “UCSF License”). Nominal expense was recognized in connection with this agreement during the three and six months ended June 30, 2019. Leidos Biomedical Research License and Cooperative Research and Development Agreements In March 2017, TheRas entered into a cooperative research and development agreement (“Leidos CRADA”) with Leidos Biomedical Research, Inc. (“Leidos”). In December 2018, TheRas and Leidos entered into a license agreement (“Leidos License,” and together with the Leidos CRADA, the “Leidos Agreements”) under which TheRas has been granted certain worldwide exclusive licenses to use the licensed compounds. The Leidos Agreements are related to TheRas’ drug discovery and development initiatives. During the three and six months ended June 30, 2019, TheRas recognized research and development expenses of $0.4 million and $0.6 million in connection with the Leidos Agreements. St. Jude License Agreement In April 2017, CoA entered into a license agreement with St. Jude Children’s Research Hospital, Inc., (“St. Jude”) relating to CoA’s drug discovery and development initiatives. Under this agreement, CoA has been granted a worldwide exclusive license to use a licensed compound. During the three and six months ended June 30, 2019, CoA recognized research and development expense of $0.2 million and $0.3 million in connection with this agreement. K-Gen License Agreement In March 2018, Ferro entered into a license agreement with K-Gen, Inc. (“K-Gen”) relating to Ferro’s drug discovery and development initiatives. Under this agreement, Ferro has been granted certain worldwide exclusive licenses to use the licensed compounds. Nominal expense was recognized in connection with this agreement during the three and six months ended June 30, 2019. Memorial Sloan Kettering Cancer Center License Agreement In April 2018, Venthera Inc. (“Venthera”) entered into a license agreement with Memorial Sloan Kettering Cancer Center (“MSK”) relating to Venthera’s drug discovery and development initiatives. Under this agreement, Venthera has been granted certain worldwide exclusive licenses to use the licensed products. No expense was recognized in connection with this agreement during the three and six months ended June 30, 2019. University of Massachusetts License Agreement In April 2018, Aspa entered into a license agreement with the University of Massachusetts (“UM”) relating to Aspa’s drug discovery and development initiatives. Under this agreement, Aspa has been granted certain worldwide exclusive licenses to use the licensed compounds. During the three and six months ended June 30, 2019, Aspa recognized nominal research and development expense in connection with this agreement. NeuroVive License Agreement In June 2018, Fortify Therapeutics, Inc. (“Fortify”) entered into a license agreement with NeuroVive Pharmaceutical AB (“NeuroVive”) relating to Fortify’s drug discovery and development initiatives. Under this agreement, Fortify has been granted certain worldwide exclusive licenses to use the licensed compounds. During the three and six months ended June 30, 2019, Fortify recognized nominal research and development expense in connection with this agreement. Life License Agreement In August 2018, BridgeBio entered into a license agreement with Life Technologies Corporation (“Life”) relating to Adrenas’ and Aspa’s drug discovery and development initiatives. Under this agreement, BridgeBio, Adrenas and Aspa have been granted certain worldwide non-exclusive licenses to use the licensed compounds. During the three and six months ended June 30, 2019, Aspa recognized research and development expense of $0.4 million and $0.4 million in connection with this agreement. Unnamed Entity #1 License Agreement In December 2018, Unnamed Entity #1 entered into a license agreement relating to its drug discovery and development initiatives. Under this agreement, Unnamed Entity #1 has been granted certain worldwide exclusive licenses to use the licensed compounds. No expense was recognized in connection with this agreement during the three and six months ended June 30, 2019. Foundation Medicine Diagnostics Agreement In November 2018, QED and Foundation Medicine, Inc. (“FMI”) entered into a diagnostics agreement relating to QED’s drug discovery and development initiatives. During the three and six months ended June 30, 2019, QED recognized research and development expenses of $0.3 million and $0.3 million in connection with this agreement. Other License and Collaboration Agreements In addition to the agreements described above, the Company has 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. |
Asset Acquisitions
Asset Acquisitions | 6 Months Ended |
Jun. 30, 2019 | |
BridgeBio Pharma LLC | |
Asset Acquisitions | 11. Unnamed Entity #2 Asset Acquisition In June 2019, Unnamed Entity #2 entered into a Unit Purchase and Sale Agreement with the owners of a biopharmaceutical entity to acquire 100% of the outstanding equity of the entity. Unnamed Entity #2 accounted for the transaction as an asset acquisition as substantially all of the estimated fair value of the gross assets acquired were concentrated in a group of similar identified assets, in-process research and development (“IPR&D”), thus satisfying the requirements of the screen test in ASU 2017-01. The assets acquired and liabilities assumed in the transaction were measured based on their fair values. The fair value of the IPR&D acquired was $0.5 million and was charged to research and development expense as it had no alternative future use at the time of the acquisition. If certain substantive milestones are met in the future, Unnamed Entity #2 could be required to pay up to $7.0 million in regulatory milestone payments, $65.0 million in sales milestone payments, and pay royalties of up to low single-digit percentages on future net sales. Royalties may increase to up to mid single-digit percentages in certain circumstances. Phoenix Tissue Repair, Inc. (“PTR”) Asset Acquisition In July 2017, PTR entered into the Contribution Agreement and Asset Purchase Agreement with Shire Human Genetic Therapies, Inc. and its subsidiary Lotus Tissue Repair, Inc. to acquire the right, title, and interest in certain intellectual property, research program assets, and contracts relating to recombinant human collagen type VII. As consideration, in 2017, PTR made an upfront cash payment of $1.5 million and issued 10,019,900 shares of PTR common stock valued at a nominal fair value at issuance. There were no material direct transaction costs related to the transaction. During the three and six months ended June 30, 2019, PTR made a milestone payment of zero and $2.0 million in connection with this agreement related to the Phase I initiation milestone being met. This amount was charged to research and development expense as the underlying in-process research and development asset has no alternative future use. If certain substantive milestones are met in the future, PTR could be required to pay up to $25.0 million in regulatory milestone payments, $60.0 million in sales milestone payments, and pay royalties of up to low single-digit percentages on future net sales, if any. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
BridgeBio Pharma LLC | |
Related Party Transactions | 12. Nonrecourse Notes In 2016 and 2017 the Company entered into nonrecourse notes (the “Notes”) with two founders. The Notes were issued to facilitate the purchase of Series B Preferred Units by two founders. The principal amount of the Notes was $0.3 million and mature in May 2021. The Notes were accounted for as an option for which the Company recognized equity-based compensation expense on issuance. The repayment of the Notes is recorded as an addition to the Series B Preferred Units balance as payments are received and the Notes were paid in full in February 2019. PellePharm During the three and six months ended June 30, 2019, the Company provided nominal services to PellePharm. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Units, Founder Units, Common Units and Management Incentive Units | 6 Months Ended |
Jun. 30, 2019 | |
BridgeBio Pharma LLC | |
Temporary Equity [Line Items] | |
Redeemable Convertible Preferred Units, Founder Units, Common Units and Management Incentive Units | 13. As of June 30, 2019, the Fourth Amended and Restated Limited Liability Company Agreement provided for the issuance of Series A Preferred Units, Series B Preferred Units, Series C Preferred Units, Series D Preferred Units, Founder Units, Common Units and Management Incentive Units. Outstanding Preferred Units, Founder Units and Common Units consist of the following: Units Issued and Outstanding Original Issue Price Per Unit Carrying Value Liquidation Preference (in thousands, except unit and per unit amounts) Series A Preferred Units 24,935,281 $ 0.2627 $ 4,919 $ 13,542 Series B Preferred Units 90,909,090 $ 0.4400 39,945 47,096 Series C Preferred Units 141,155,758 $ 0.9656 135,482 147,155 Series D Preferred Units 150,955,597 $ 1.9823 298,698 299,239 Total Preferred Units as of June 30, 2019 407,955,726 479,044 507,032 Founder Units 11,420,741 $ — 1,754 6,202 Common Units 7,868,637 $ — 1,672 4,274 Total outstanding units as of June 30, 2019 427,245,104 $ 482,470 $ 517,508 Units Issued and Outstanding Original Issue Price Per Unit Carrying Value Liquidation Preference (in thousands, except unit and per unit amounts) Series A Preferred Units 24,935,281 $ 0.2627 $ 4,919 $ 13,542 Series B Preferred Units 90,909,090 $ 0.4400 39,766 47,096 Series C Preferred Units 141,155,758 $ 0.9656 135,482 147,155 Series D Preferred Units 150,955,597 $ 1.9823 298,698 299,239 Total Preferred Units as of December 31, 2018 407,955,726 478,865 507,032 Founder Units 11,420,741 $ — 1,754 6,202 Common Units 7,197,783 $ — 1,619 3,910 Total outstanding units as of December 31, 2018 426,574,250 $ 482,238 $ 517,144 As of June 30, 2019 and December 31, 2018, BridgeBio has classified all of its outstanding Preferred Units, Founder Units, Common Units, and Management Incentive Units outside of members’ deficit in the accompanying condensed consolidated financial statements because these units contain certain redemption features that are not solely within the control of BridgeBio. Specifically, in the event an IPO does not take place by a pre-defined date, the majority preferred unitholders could force a “liquidation event” that is not solely within BridgeBio’s control. The Company did not adjust the carrying values of the Preferred Units, Founder Units and Common Units to their deemed liquidation values of such units since a liquidation event was not probable as of June 30, 2019 and December 31, 2018. As discussed in Note 17, immediately prior to the closing of the IPO on July 1, 2019, holders of units of BridgeBio Pharma LLC exchanged all such units for an aggregate of 99,999,967 shares of common stock of the Corporation. At the completion of the Reorganization, there were no units outstanding. MyoKardia Distribution In April 2015, the Company acquired an interest in MyoKardia, Inc. for $1.0 million. This investment was subsequently disposed of in 2016 and the Company recognized a gain on disposal of $1.2 million in the year ended December 31, 2016. Prior to the execution of the merger of BridgeBio and BridgeBio LLC in June 2017, the Company distributed $1.2 million to its members in proportion to the number of units then outstanding and was required to distribute the remaining proceeds of $1.0 million. This liability is included in accrued distributions to unitholders in the condensed consolidated balance sheet as of December 31, 2018. The accrued distributions of $1.0 million were paid to unitholders in February 2019. |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock/Equity-based Compensation | 4. Stock-based Compensation 2019 Stock Option and Incentive Plan On June 22, 2019, the Corporation adopted the 2019 Stock Option and Incentive Plan (the “2019 Plan”), which became effective on June 25, 2019. The 2019 Plan provides for the grant of equity-based incentive awards. The Corporation initially reserved 11,500,000 shares of common stock for issuance of awards under the 2019 Plan. The 2019 Plan provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2020, by 5% of the outstanding number of shares of common stock on the immediately preceding December 31, or such lesser number of shares as determined by the Compensation Committee of the Board of Directors. On June 21, 2019, the Board of Directors approved the grant of options to purchase 3,696,429 shares of common stock to certain employees and non-employees of BridgeBio Pharma LLC and its affiliates at an exercise price equal to the IPO price of its common stock, which was $17.00 per share. On June 26, 2019, the Board of Directors approved the grant of options to purchase an additional 48,200 shares of common stock to certain employees and non-employees of BridgeBio Pharma LLC and its affiliates at the same exercise price. The options granted have a service condition and vest over a period of four years. All expenses included in the Corporation’s statement of operations represent recorded stock-based compensation in relation to these June 2019 grants. The following table summarizes the Corporation’s stock option activity for the period from May 17, 2019 through June 30, 2019: Options Available for Grant Options Outstanding Weighted- Average Exercise Price per Option Weighted- Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands, except per share and per share data) Outstanding as of May 17, 2019 — — $ — — $ — Authorized 11,500,000 — $ — Granted (3,744,629 ) 3,744,629 $ 17.00 Outstanding as of June 30, 2019 7,755,371 3,744,629 $ 17.00 6.02 $ 37,334 Exercisable as of June 30, 2019 — $ — — $ — Determination of Fair Value The fair value of each stock option grant was determined by the Corporation at the grant date using a Black-Scholes option-pricing model with the following assumptions: May 17, 2019 – June 30, 2019 Expected term (in years) 6.02-6.08 Expected volatility 37.5 % Risk-free interest rate 1.86 % Dividend yield — Weighted average fair value of share-based awards granted $ 6.64 As of June 30, 2019, there was $24.8 million of total unrecognized compensation cost related to unvested equity-based compensation arrangements under the 2019 Plan. The unrecognized equity-based compensation cost is expected to be recognized over a weighted-average period of 4.0 years. 2019 Employee Stock Purchase Plan On June 22, 2019, the Corporation adopted the 2019 Employee Stock Purchase Plan (the “ESPP”) which became effective on June 25, 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. As of June 30, 2019, no shares were issued and outstanding under the ESPP. |
BridgeBio Pharma LLC | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock/Equity-based Compensation | 14. The Company recorded equity-based compensation in the following expense categories in its condensed consolidated statements of operations for employees and non-employees: Six Months Ended June 30, 2019 BridgeBio Eidos Other Total (in thousands) Research and development $ — $ 1,004 $ 19 $ 1,023 General and administrative 3,355 1,126 17 4,498 Total equity-based compensation $ 3,355 $ 2,130 $ 36 $ 5,521 Six Months Ended June 30, 2018 BridgeBio Eidos Other Total (in thousands) Research and development $ — $ 620 $ 62 $ 682 General and administrative 646 386 54 1,086 Total equity-based compensation $ 646 $ 1,006 $ 116 $ 1,768 For the three and six months ended June 30, 2019, total BridgeBio equity-based compensation from Common Units was less than $0.1 million and $0.1 million, and from Management Incentive Units was $2.1 million and $3.3 million. For the three and six months ended June 30, 2018, total BridgeBio equity-based compensation from Common Units was less than $0.1 million and $0.1 million, and from Management Incentive Units was $0.3 million and $0.6 million. The estimated grant-date fair value of each Common Unit and Management Incentive Unit award was calculated using the Black-Scholes option pricing model, based on assumptions as follows: Six Months Ended June 30, 2019 2018 Expected term (in years) 1.50 0.75-1.50 Expected volatility 48.0%-49.0% 40.0%-45.0% Risk-free interest rate 2.34%-2.56% 1.70%-2.22% Dividend yield — — BridgeBio had 9,098,522 authorized Common Units at June 30, 2019 and December 31, 2018. The following table summarizes BridgeBio’s Common Units activity: Number of Common Units Outstanding Weighted- Average Grant Date Fair Value Balance as of December 31, 2018 7,197,783 $ 0.08 Vested 670,854 $ 0.08 Balance as of June 30, 2019 7,868,637 $ 0.08 As of June 30, 2019, there were 1,229,885 unvested Common Units and total unrecognized compensation related to the unvested Common Units was $0.1 million, which the Company expects to be recognized over a weighted-average period of 0.9 years. All unvested Common Units as of June 30, 2019 will vest through May 2020. The following table summarizes BridgeBio’s authorized Management Incentive Units activity: Number of Authorized Units Balance as of December 31, 2018 48,695,602 Authorized and granted 24,111,064 Cancelled (5,000 ) Balance as of June 30, 2019 72,801,666 The following table summarizes BridgeBio’s vested Management Incentive Units activity: Number of Management Incentive Units Outstanding Weighted- Average Grant Date Fair Value Balance as of December 31, 2018 19,117,628 $ 0.08 Vested 6,460,380 $ 0.36 Balance as of June 30, 2019 25,578,008 $ 0.14 As of June 30, 2019, there were 47,223,658 unvested Management Incentive Units and unrecognized compensation related to the unvested Management Incentive Units was $30.1 million, which the Company expects to recognize over a weighted-average period of 4.0 years. All unvested Management Incentive Units as of June 30, 2019 will vest through February 2024. Eidos Common stock Eidos has reserved shares of common stock for issuance as follows: As of June 30, 2019 2018 Options issued and outstanding 1,454,461 881,612 Options available for future grants 537,345 490,360 Eidos ESPP shares available for future grants 104,540 143,520 Total 2,096,346 1,515,492 Stock options The following table summarizes Eidos’s stock option activity for the six months ended June 30, 2019: Options Available for Grant Options Outstanding Weighted- Average Exercise Price per Option Weighted- Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands, except per share and per share data) Outstanding as of December 31, 2018 747,057 1,329,762 $ 8.55 9.40 $ 6,928 Granted (209,712 ) 209,712 $ 27.22 Exercised — (85,013 ) $ 1.32 Outstanding as of June 30, 2019 537,345 1,454,461 $ 11.66 9.07 $ 28,246 Vested and expected to vest as of June 30, 2019 251,447 $ 6.26 8.69 $ 6,240 Exercisable as of June 30, 2019 1,454,461 $ 11.66 9.07 $ 28,246 Employee stock options valuation The fair value of employee and non-employee director stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Six Months Ended June 30, 2019 2018 Expected term (in years) 6.07 6.08 Expected volatility 72.31 % 69.59 % Risk-free interest rate 2.10 % 2.78 % Dividend yield — — Weighted average fair value of share-based awards granted $ 18.22 $ 7.50 Stock options granted to non-employees Stock-based compensation related to stock options granted to non-employees is recognized as the stock options are earned. The fair value of the stock options granted to non-employees was calculated at each reporting date using the Black-Scholes option-pricing model with the following assumptions: Six Months Ended June 30, 2019 2018 Expected term (in years) 6.08 9.70 Expected volatility 73.54 % 68.31 % Risk-free interest rate 2.74 % 2.84 % Dividend yield — — During the three and six months ended June 30, 2019 and 2018, Eidos granted 0, 18,500, 35,880 and 35,880 shares, respectively, to non-employee consultants. Eidos recognized stock-based compensation expense for non-employee awards during the three and six months ended June 30, 2019 and 2018 of $0.1 million and $0.1 million, and $0.1 million and $0.2 million, respectively. Stock-based compensation As of June 30, 2019, there was $12.5 million of total unrecognized compensation cost related to unvested equity-based compensation arrangements under the Eidos 2016 Equity Incentive Plan and Eidos 2018 Stock Option and Incentive Plan. The unrecognized equity-based compensation cost is expected to be recognized over a weighted-average period of 2.66 years. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
BridgeBio Pharma LLC | |
Income Taxes | 15. BridgeBio is a “pass-through” entity under the Internal Revenue Code of 1986, as amended (the “Code”) and the members are taxed directly on their respective ownership interests in the condensed consolidated income. Therefore, no provision or liability for federal income tax has been included in the accompanying condensed consolidated financial statements related to BridgeBio. Upon conversion to a corporation, the Company will become subject to U.S. federal and state income taxes. The Company’s tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual effective tax rate adjusted for the effect of discrete items arising in that quarter. The Company’s 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 consolidated balance sheet. To date, the Company has not recognized any interest and penalties in its consolidated statements of operations, nor has it accrued for or made payments for interest and penalties. The Company’s unrecognized gross tax benefits would not reduce the estimated annual effective tax rate if recognized because it has recorded a full valuation allowance on its deferred tax assets. |
Net loss per Unit
Net loss per Unit | 6 Months Ended |
Jun. 30, 2019 | |
BridgeBio Pharma LLC | |
Net loss per Unit | 16. The following outstanding units were excluded from the computation of the diluted net loss per unit for the periods presented because their effect would have been anti-dilutive. June 30, 2019 2018 Preferred Units 407,955,726 257,000,129 Management Incentive Units 72,801,666 45,678,102 Unvested Common Units 1,229,885 2,571,593 Total 481,987,277 305,249,824 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Basis of Presentation | Basis of Presentation The unaudited condensed balance sheets, condensed statement of operations and comprehensive loss and condensed statement of changes in stockholders’ deficit are presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”). A statement of cash flows has not been presented because there have been no cash activities in this entity from inception on May 17, 2019 and through June 30, 2019. The unaudited condensed financial statements have been prepared on the same basis that would be applied to the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Corporation’s financial position as of June 30, 2019 and the results of operations and comprehensive loss from inception on May 17, 2019 and through June 30, 2019. The results of operations for the period from May 17, 2019 through June 30, 2019 are not necessarily indicative of the results to be expected for the period from May 17, 2019 through December 31, 2019 or for any other future annual or interim period. |
Underwriting Commissions and Offering Costs | Underwriting Commissions and Offering Costs Underwriting commissions and offering costs incurred in connection with the Corporation’s offering of its common stock will be reflected as a reduction of additional paid-in capital subsequent to June 30, 2019. Underwriting commissions and offering costs are not recorded in the Corporation’s balance sheet because such costs did not become the Corporation’s liability until the Corporation completed the Reorganization and the IPO subsequent to June 30, 2019. |
Organizational Costs | Organizational Costs Organizational costs are not recorded in the Corporation’s balance sheet as of June 30, 2019 because such costs are not the Corporation’s liability until the Corporation completes the Reorganization and the IPO. Thereafter, costs incurred to organize the Corporation will be expensed as incurred. |
Equity-Based Compensation | Equity-Based Compensation Equity-based compensation is measured at the grant date for all equity-based awards made to employees and non-employees based on the fair value of the awards and is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period. The Corporation has elected to recognize the actual forfeitures by reducing the equity-based compensation in the same period as the forfeitures occur. The description of fair value measurement method for the awards is presented in Note 4. The Corporation granted stock options to employees and non-employees of BridgeBio Pharma LLC and its affiliates. These awards generally have only a service condition and vest over a period of four years. |
BridgeBio Pharma LLC | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of SEC regarding interim financial reporting. The interim condensed consolidated balance sheet as of June 30, 2019, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2019 and 2018, the condensed consolidated statements of redeemable convertible preferred units, redeemable founder units, redeemable common units, management incentive units, redeemable convertible noncontrolling interests and members’ deficit for the three and six months ended June 30, 2019 and 2018 and the statements of cash flows for the six months ended June 30, 2019 and 2018 are unaudited. 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 recurring adjustments, necessary for a fair statement of the Company’s financial position, its results of operations and comprehensive loss, and its cash flows for the periods presented. The financial data and the other financial information contained in these notes to the condensed consolidated financial statements related to the three and six-month periods are also unaudited. The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019 or for any other future annual or interim period. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in the prospectus dated June 26, 2019 (“Prospectus”) that forms a part of the Company's Registration Statements on Form S-1 (File Nos. 333-231759 and 333-232376), as filed with the SEC pursuant to Rule 424(b)(4) promulgated under the Securities Act of 1933, as amended. |
Variable Interest Entities and Voting Interest Entities | Variable Interest Entities and Voting Interest Entities BridgeBio consolidates those entities in which it has a direct or indirect controlling financial interest based on either the Variable Interest Entity (“VIE”) model or the Voting Interest Entity (“VOE”) model. At the VIE’s inception, BridgeBio determines whether it is the primary beneficiary and if the VIE should be consolidated based on the facts and circumstances. BridgeBio then performs on-going reassessments of the VIE based on reconsideration events and reevaluates whether a change to the consolidation conclusion is required each reporting period. Refer to Note 5. Entities that do not qualify as a VIE are assessed for consolidation under the VOE model. Under the VOE model, BridgeBio consolidates the entity if it determines that it, directly or indirectly, has greater than 50% of the voting shares and that other equity holders do not have substantive voting, participating or liquidation rights. Refer to Note 5. BridgeBio has either created or made investments in the following entities: Consolidated Entities Relationship as of June 30, 2019 Date Control First Acquired Ownership % as of June 30, 2019 Ownership % as of December 31, 2018 (unaudited) TheRas, Inc. Wholly-owned subsidiary August 2016 100 % 100 % BridgeBio Services, Inc. Wholly-owned subsidiary April 2017 100 % 100 % Fortify Therapeutics, Inc. Wholly-owned subsidiary June 2018 100 % 100 % Sub20, Inc. Wholly-owned subsidiary June 2018 100 % 100 % Unnamed Entity #1 Wholly-owned subsidiary December 2018 100 % 100 % Unnamed Entity #2 Wholly-owned subsidiary April 2019 100 % — Unnamed Entity #3 Wholly-owned subsidiary May 2019 100 % — Eidos Therapeutics, Inc. (1) Partially-owned subsidiary April 2016 65.1 % 62.5 % Molecular Skin Therapeutics, Inc. Controlled VIE July 2016 58.2 % 61.7 % Quartz Therapeutics, Inc. Controlled VIE October 2016 89.0 % 89.0 % PellePharm, Inc. (2) VIE December 2016 43.3 % 43.3 % Navire Pharma, Inc. Controlled VIE February 2017 78.9 % 78.8 % CoA Therapeutics, Inc. Controlled VIE February 2017 99.6 % 99.5 % Dermecular Therapeutics, Inc. Controlled VIE April 2017 87.6 % 87.6 % Phoenix Tissue Repair, Inc. Controlled VIE July 2017 56.4 % 56.7 % QED Therapeutics, Inc. Controlled VIE January 2018 96.6 % 94.4 % Adrenas Therapeutics, Inc. Controlled VIE January 2018 88.7 % 90.1 % Orfan Biotech, Inc. Controlled VIE January 2018 89.6 % 85.1 % Ferro Therapeutics, Inc. Controlled VIE March 2018 90.0 % 89.4 % Origin Biosciences, Inc. Controlled VIE April 2018 99.8 % 100 % Venthera, Inc. Controlled VIE April 2018 81.8 % 82.0 % Aspa Therapeutics, Inc. Controlled VIE June 2018 90.3 % 92.5 % ( 1) Subsequent to the Eidos Therapeutics, Inc. (“Eidos”) initial public offering in June 2018 and through June 30, 2019, BridgeBio has a majority voting interest in Eidos and consolidates Eidos under the VOE model. Refer to Note 5. (2) Subsequent to the execution of a series of agreements (the “LEO Agreement”) with LEO Pharma A/S and LEO Spiny Merger Sub, Inc. (“LEO”) in November 2018, BridgeBio determined that it is no longer the primary beneficiary of PellePharm, Inc. (“PellePharm”) and deconsolidated PellePharm. Refer to Note 7. |
Use of Estimates | Use of Estimates 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, the fair value of the Preferred Units, the fair value of the Founder Units, the fair value of the LEO Call Option liability, the valuation of equity-based awards, income tax uncertainties and accruals for research and development activities. The Company bases its 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 and Restricted Cash | Cash, Cash Equivalents and Restricted Cash As of June 30, 2019 and December 31, 2018, the Company had restricted cash of $0.4 million and $0.2 million. Restricted cash is classified in prepaid expenses and other current assets and other assets in the accompanying condensed consolidated balance sheets as of June 30, 2019 and December 31, 2018, respectively. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows: June 30, 2019 June 30, 2018 (in thousands) Cash and cash equivalents $ 293,803 $ 252,379 Restricted cash 424 359 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 294,227 $ 252,738 As of June 30, 2019 and December 31, 2018, total cash and cash equivalents held by BridgeBio was $112.4 million and $238.7 million. The remaining cash and cash equivalents were held by the Company’s wholly-owned subsidiaries and controlled entities and these funds are designated for specific entity usage, except in limited circumstances. |
Fair Value Measurements | Fair Value Measurements Assets and liabilities recorded at fair value on a recurring basis in the 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 exercised by the Company 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 fair value of the Company’s outstanding term loans with Hercules Capital, Inc. (see Note 9) is 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 the Company’s outstanding term loans approximates the carrying amount, as the term loan bears a floating rate that approximates the market interest rate. |
Deferred Offering Costs | Deferred Offering Costs The Company has deferred offering costs, consisting of legal, accounting, printer and filing fees related to the IPO, that were deferred and were offset against the offering proceeds upon the completion of the IPO on July 1, 2019. As of June 30, 2019, $6.5 million of deferred offering costs were recorded within other assets on the condensed consolidated balance sheet. As of December 31, 2018, no amounts were deferred. |
Net Loss per Share | Net Loss per Unit The holders of the Company’s Preferred Units are entitled to receive distributions, including cumulative returns on their units outstanding, prior and in preference to any distributions on any of the Company’s Founder Units and Common Units, which are also entitled to cumulative returns. Cumulative returns for Preferred Units, Common Units and Founder Units no longer accumulate subsequent to the Series D Preferred Unit financing in November 2018. For the three and six months ended June 30, 2019 and 2018, the Company determined that its Founder Units and Common Units are common stock equivalents. Basic net loss per unit is the same as diluted net loss per unit as the inclusion of all potentially dilutive. Preferred Units, unvested Common Units, and Management Incentive Units would have been anti-dilutive. |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements ASU 2015-17 Income Taxes (Topic 740). In November 2015, the FASB issued ASU 2015-17 Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”) , which simplifies the presentation of deferred taxes in a classified balance sheet by eliminating the requirement to separate deferred income tax liabilities and assets into current and noncurrent amounts. Instead, ASU 2015-17 requires that all deferred tax liabilities and assets be shown as noncurrent in a classified balance sheet. ASU 2015-17 is effective for fiscal years beginning after December 15, 2017 and may be applied either prospectively or retrospectively to all periods presented. The Company adopted this guidance on January 1, 2018. The condensed consolidated balance sheets as of June 30, 2019 and December 31, 2018 are presented in accordance with this guidance. Recently Issued Accounting Pronouncements Not Yet Adopted ASU 2016-02 Leases (Topic 842). In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”) , which for operating leases requires the lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its balance sheet. The guidance also requires a lessee to recognize single lease costs, calculated so that the cost of the lease is allocated over the lease term, on a generally straight-line basis. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, including a number of optional practical expedients that entities may elect to apply. ASU 2016-02 is effective for fiscal years beginning after December 15, 2019 and interim periods within fiscal years beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the appropriate transition method and impact of this guidance on its consolidated financial statements and related disclosures. ASU 2016-15 Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”) . The areas affected by ASU 2016-15 are debt prepayment and debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies), distributions received from equity method investees, beneficial interests in securitization transactions and separately identifiable cash flows and application of the predominance principle. Specifically, under this guidance, cash payments for debt prepayment or debt extinguishment costs will be classified as cash outflows for financing activities. The amendments in ASU 2016-15 are effective for fiscal years beginning after December 15, 2018 and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments in ASU 2016-15 will be applied using a retrospective transition method to each period presented. The adoption of ASU 2016-15 is not expected to materially impact the Company’s consolidated financial statements. ASU 2018-13, Fair Value Measurement – Disclosure Framework (Topic 820) . In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework (Topic 820) (“ASU 2018-13”). The updated guidance improves the disclosure requirements on fair value measurements and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted upon issuance of the standard for disclosures modified or removed with a delay of adoption of the additional disclosures until their effective date. The adoption of ASU 2018-13 is not expected to materially impact the Company’s consolidated financial statements. |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | The following table summarizes the Corporation’s stock option activity for the period from May 17, 2019 through June 30, 2019: Options Available for Grant Options Outstanding Weighted- Average Exercise Price per Option Weighted- Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands, except per share and per share data) Outstanding as of May 17, 2019 — — $ — — $ — Authorized 11,500,000 — $ — Granted (3,744,629 ) 3,744,629 $ 17.00 Outstanding as of June 30, 2019 7,755,371 3,744,629 $ 17.00 6.02 $ 37,334 Exercisable as of June 30, 2019 — $ — — $ — |
Summary of Assumptions used to Determine Fair Value of Stock Option Awards Granted to Employees, Directors and Nonemployees | The fair value of each stock option grant was determined by the Corporation at the grant date using a Black-Scholes option-pricing model with the following assumptions: May 17, 2019 – June 30, 2019 Expected term (in years) 6.02-6.08 Expected volatility 37.5 % Risk-free interest rate 1.86 % Dividend yield — Weighted average fair value of share-based awards granted $ 6.64 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Summary of Outstanding Units Class of BridgeBio Pharma, LLC Cancelled and Exchanged for Shares of Common Stock Upon Reorganization | On July 1, 2019, upon execution of the Reorganization, all outstanding units of BridgeBio Pharma, LLC were cancelled and exchanged for shares of common stock of the Corporation, as shown in the below table by unit class: BridgeBio Pharma, LLC unit class Number of BridgeBio Pharma, Inc. Shares Issued Series D Preferred Units 30,459,426 Series C Preferred Units 31,992,709 Series B Preferred Units 17,794,455 Series A Preferred Units 4,918,881 Founder Units 2,252,916 Common Units 1,794,823 Management Incentive Units 10,786,757 Total shares issued 99,999,967 |
BridgeBio Pharma LLC | |
Summary of Outstanding Units Class of BridgeBio Pharma, LLC Cancelled and Exchanged for Shares of Common Stock Upon Reorganization | On July 1, 2019, upon execution of the Reorganization, all outstanding units of BridgeBio Pharma, LLC were cancelled and exchanged for shares of common stock of the Corporation, as shown in the below table: BridgeBio Pharma, LLC unit class Number of BridgeBio Pharma, Inc. Shares Issued Series D Preferred Units 30,459,426 Series C Preferred Units 31,992,709 Series B Preferred Units 17,794,455 Series A Preferred Units 4,918,881 Founder Units 2,252,916 Common Units 1,794,823 Management Incentive Units 10,786,757 Total shares issued 99,999,967 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) - BridgeBio Pharma LLC | 6 Months Ended |
Jun. 30, 2019 | |
Summary of Investments | BridgeBio has either created or made investments in the following entities: Consolidated Entities Relationship as of June 30, 2019 Date Control First Acquired Ownership % as of June 30, 2019 Ownership % as of December 31, 2018 (unaudited) TheRas, Inc. Wholly-owned subsidiary August 2016 100 % 100 % BridgeBio Services, Inc. Wholly-owned subsidiary April 2017 100 % 100 % Fortify Therapeutics, Inc. Wholly-owned subsidiary June 2018 100 % 100 % Sub20, Inc. Wholly-owned subsidiary June 2018 100 % 100 % Unnamed Entity #1 Wholly-owned subsidiary December 2018 100 % 100 % Unnamed Entity #2 Wholly-owned subsidiary April 2019 100 % — Unnamed Entity #3 Wholly-owned subsidiary May 2019 100 % — Eidos Therapeutics, Inc. (1) Partially-owned subsidiary April 2016 65.1 % 62.5 % Molecular Skin Therapeutics, Inc. Controlled VIE July 2016 58.2 % 61.7 % Quartz Therapeutics, Inc. Controlled VIE October 2016 89.0 % 89.0 % PellePharm, Inc. (2) VIE December 2016 43.3 % 43.3 % Navire Pharma, Inc. Controlled VIE February 2017 78.9 % 78.8 % CoA Therapeutics, Inc. Controlled VIE February 2017 99.6 % 99.5 % Dermecular Therapeutics, Inc. Controlled VIE April 2017 87.6 % 87.6 % Phoenix Tissue Repair, Inc. Controlled VIE July 2017 56.4 % 56.7 % QED Therapeutics, Inc. Controlled VIE January 2018 96.6 % 94.4 % Adrenas Therapeutics, Inc. Controlled VIE January 2018 88.7 % 90.1 % Orfan Biotech, Inc. Controlled VIE January 2018 89.6 % 85.1 % Ferro Therapeutics, Inc. Controlled VIE March 2018 90.0 % 89.4 % Origin Biosciences, Inc. Controlled VIE April 2018 99.8 % 100 % Venthera, Inc. Controlled VIE April 2018 81.8 % 82.0 % Aspa Therapeutics, Inc. Controlled VIE June 2018 90.3 % 92.5 % ( 1) Subsequent to the Eidos Therapeutics, Inc. (“Eidos”) initial public offering in June 2018 and through June 30, 2019, BridgeBio has a majority voting interest in Eidos and consolidates Eidos under the VOE model. Refer to Note 5. (2) Subsequent to the execution of a series of agreements (the “LEO Agreement”) with LEO Pharma A/S and LEO Spiny Merger Sub, Inc. (“LEO”) in November 2018, BridgeBio determined that it is no longer the primary beneficiary of PellePharm, Inc. (“PellePharm”) and deconsolidated PellePharm. Refer to Note 7. |
Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows: June 30, 2019 June 30, 2018 (in thousands) Cash and cash equivalents $ 293,803 $ 252,379 Restricted cash 424 359 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 294,227 $ 252,738 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) - BridgeBio Pharma LLC | 6 Months Ended |
Jun. 30, 2019 | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation: June 30, 2019 Total Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds $ 249,138 $ 249,138 $ — $ — Total assets $ 249,138 $ 249,138 $ — $ — Liabilities: LEO Call Option liability $ 4,297 $ — $ — $ 4,297 Total liabilities $ 4,297 $ — $ — $ 4,297 December 31, 2018 Total Level 1 Level 2 Level 3 (in thousands) Assets: Money market funds $ 395,780 $ 395,780 $ — $ — Total assets $ 395,780 $ 395,780 $ — $ — Liabilities: LEO Call Option liability $ 3,009 $ — $ — $ 3,009 Total liabilities $ 3,009 $ — $ — $ 3,009 |
Schedule of Estimated Fair Value of LEO Call Option | The Company estimated the fair value of the LEO Call Option by estimating the fair value of various clinical, regulatory, and sales milestones based on the estimated risk and probability of achievement of each milestone, and allocated the value using a Black-Scholes option pricing model with the following assumptions: June 30, 2019 December 31, 2018 Probability of milestone achievement 12.0%-84.0% 12.0%-84.0% Discount rate 1.8%-15.3% 2.7%-11.0% Expected term (in years) 0.75-4.37 0.58-4.38 Expected volatility 67.5%-78.0% 67.0%-79.0% Risk-free interest rate 2.92%-3.20% 2.51%-2.78% Dividend yield — — |
Summary of Changes in Estimated Fair Value of LEO Call Option | The following table sets forth a summary of the changes in the estimated fair value of the LEO Call Option: Total (in thousands) Balance as of December 31, 2018 $ 3,009 Change in fair value upon remeasurement recognized in other (income) expense 1,288 Balance as of June 30, 2019 $ 4,297 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) - BridgeBio Pharma LLC | 6 Months Ended |
Jun. 30, 2019 | |
Summary of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following: June 30, 2019 December 31, 2018 (in thousands) Prepaid clinical and research related expenses $ 7,532 $ 7,087 Other current assets 5,374 2,050 Total prepaid expenses and other current assets $ 12,906 $ 9,137 |
Summary of Other Accrued Liabilities | Other accrued liabilities consist of the following: June 30, 2019 December 31, 2018 (in thousands) Accrued professional services $ 3,320 $ 772 Accrued other liabilities 868 1,328 Total other accrued liabilities $ 4,188 $ 2,100 |
Variable Interest Entities an_2
Variable Interest Entities and Voting Interest Model (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
BridgeBio Pharma LLC | |
Summary of Assets and Liabilities for Consolidated VIEs | The following table provides the assets and liabilities for all consolidated VIEs as of June 30, 2019: Adrenas Aspa PTR QED Venthera All Other Total (in thousands) Assets: Current assets: Cash and cash equivalents $ 1,912 $ 3,697 $ 1,704 $ 5,579 $ 1,957 $ 19,364 $ 34,213 Prepaid expenses and other current assets 820 843 451 4,502 — 383 6,999 Total current assets 2,732 4,540 2,155 10,081 1,957 19,747 41,212 Property and equipment, net 566 310 76 321 — 290 1,563 Other assets 8 — 1 348 — — 357 Total assets $ 3,306 $ 4,850 $ 2,232 $ 10,750 $ 1,957 $ 20,037 $ 43,132 Liabilities: Current liabilities: Accounts payable $ 1,338 $ 1,814 $ 420 $ 2,625 $ 836 $ 2,621 $ 9,654 Accrued compensation and benefits 278 31 247 1,204 — 750 2,510 Accrued research and development liabilities 82 99 145 3,151 32 2,469 5,978 Other accrued liabilities 171 10 134 267 — 117 699 Total current liabilities 1,869 1,954 946 7,247 868 5,957 18,841 Other liabilities — — — 159 — 24 183 Total liabilities $ 1,869 $ 1,954 $ 946 $ 7,406 $ 868 $ 5,981 $ 19,024 The following table provides the assets and liabilities for all consolidated VIEs as of December 31, 2018: Adrenas Aspa PTR QED Venthera All Other Total (in thousands) Assets: Current assets: Cash and cash equivalents $ 3,046 $ 4,259 $ 6,934 $ 8,630 $ 2,913 $ 6,713 $ 32,495 Prepaid expenses and other current assets 665 1,722 28 3,240 — 321 5,976 Total current assets 3,711 5,981 6,962 11,870 2,913 7,034 38,471 Property and equipment, net 584 129 88 181 — 277 1,259 Other assets 7 — 41 — — 28 76 Total assets $ 4,302 $ 6,110 $ 7,091 $ 12,051 $ 2,913 $ 7,339 $ 39,806 Liabilities: Current liabilities: Accounts payable $ 1,876 $ 1,187 $ 621 $ 3,537 $ 333 $ 1,737 $ 9,291 Accrued compensation and benefits 377 30 287 1,392 — 467 2,553 Accrued research and development liabilities 227 728 — 4,390 — 1,251 6,596 Other accrued liabilities 28 32 8 229 9 82 388 Total current liabilities 2,508 1,977 916 9,548 342 3,537 18,828 Other liabilities — — — 150 — 29 179 Total liabilities $ 2,508 $ 1,977 $ 916 $ 9,698 $ 342 $ 3,566 $ 19,007 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) - BridgeBio Pharma LLC | 6 Months Ended |
Jun. 30, 2019 | |
Schedule of Noncontrolling Interests Balance | The following table provides a rollforward of the noncontrolling interests balance: Adrenas Aspa Eidos PTR Venthera All Other Total (in thousands) Balance as of December 31, 2018 $ 217 $ 245 $ 58,185 $ 2,728 $ 449 $ 537 $ 62,361 Issuance of noncontrolling interest 2 2 1,027 34 1 254 1,320 Transfers to (from) noncontrolling interest 874 472 (337 ) (10 ) (1 ) 1,100 2,098 Net loss attributable to noncontrolling interest (451 ) (222 ) (4,365 ) (1,580 ) (192 ) (651 ) (7,461 ) Balance as of March 31, 2019 642 497 54,510 1,172 257 1,240 58,318 Issuance (repurchase) of noncontrolling interest 3 2 (27,030 ) — — 1 (27,024 ) Transfers to (from) noncontrolling interest 32 208 23,751 4 273 514 24,782 Net loss attributable to noncontrolling interest (554 ) (471 ) (5,200 ) (552 ) (353 ) (555 ) (7,685 ) Balance as of June 30, 2019 $ 123 $ 236 $ 46,031 $ 624 $ 177 $ 1,200 $ 48,391 |
Redeemable Convertible Noncontrolling Interests | |
Schedule of Redeemable Convertible Noncontrolling Interests Balance | The following table provides a rollforward of the redeemable convertible noncontrolling interests balance, as follows: Orfan QED Total (in thousands) Balance as of December 31, 2018 $ 8 $ 114 $ 122 Net loss attributable to redeemable convertible noncontrolling interest (34 ) (756 ) (790 ) Transfers to redeemable convertible noncontrolling interest 57 813 870 Balance as of March 31, 2019 31 171 202 Net loss attributable to redeemable convertible noncontrolling interest (23 ) (662 ) (685 ) Transfers to redeemable convertible noncontrolling interest 47 611 658 Balance as of June 30, 2019 $ 55 $ 120 $ 175 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Units, Founder Units, Common Units and Management Incentive Units (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
BridgeBio Pharma LLC | |
Temporary Equity [Line Items] | |
Schedule of Outstanding Preferred Units, Founder Units and Common Units | Outstanding Preferred Units, Founder Units and Common Units consist of the following: Units Issued and Outstanding Original Issue Price Per Unit Carrying Value Liquidation Preference (in thousands, except unit and per unit amounts) Series A Preferred Units 24,935,281 $ 0.2627 $ 4,919 $ 13,542 Series B Preferred Units 90,909,090 $ 0.4400 39,945 47,096 Series C Preferred Units 141,155,758 $ 0.9656 135,482 147,155 Series D Preferred Units 150,955,597 $ 1.9823 298,698 299,239 Total Preferred Units as of June 30, 2019 407,955,726 479,044 507,032 Founder Units 11,420,741 $ — 1,754 6,202 Common Units 7,868,637 $ — 1,672 4,274 Total outstanding units as of June 30, 2019 427,245,104 $ 482,470 $ 517,508 Units Issued and Outstanding Original Issue Price Per Unit Carrying Value Liquidation Preference (in thousands, except unit and per unit amounts) Series A Preferred Units 24,935,281 $ 0.2627 $ 4,919 $ 13,542 Series B Preferred Units 90,909,090 $ 0.4400 39,766 47,096 Series C Preferred Units 141,155,758 $ 0.9656 135,482 147,155 Series D Preferred Units 150,955,597 $ 1.9823 298,698 299,239 Total Preferred Units as of December 31, 2018 407,955,726 478,865 507,032 Founder Units 11,420,741 $ — 1,754 6,202 Common Units 7,197,783 $ — 1,619 3,910 Total outstanding units as of December 31, 2018 426,574,250 $ 482,238 $ 517,144 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Stock Option Activity | The following table summarizes the Corporation’s stock option activity for the period from May 17, 2019 through June 30, 2019: Options Available for Grant Options Outstanding Weighted- Average Exercise Price per Option Weighted- Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands, except per share and per share data) Outstanding as of May 17, 2019 — — $ — — $ — Authorized 11,500,000 — $ — Granted (3,744,629 ) 3,744,629 $ 17.00 Outstanding as of June 30, 2019 7,755,371 3,744,629 $ 17.00 6.02 $ 37,334 Exercisable as of June 30, 2019 — $ — — $ — |
Summary of Assumptions used to Determine Fair Value of Stock Option Awards Granted to Employees, Directors and Nonemployees | The fair value of each stock option grant was determined by the Corporation at the grant date using a Black-Scholes option-pricing model with the following assumptions: May 17, 2019 – June 30, 2019 Expected term (in years) 6.02-6.08 Expected volatility 37.5 % Risk-free interest rate 1.86 % Dividend yield — Weighted average fair value of share-based awards granted $ 6.64 |
BridgeBio Pharma LLC | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Equity Based Compensation for Employees and Non Employees | The Company recorded equity-based compensation in the following expense categories in its condensed consolidated statements of operations for employees and non-employees: Six Months Ended June 30, 2019 BridgeBio Eidos Other Total (in thousands) Research and development $ — $ 1,004 $ 19 $ 1,023 General and administrative 3,355 1,126 17 4,498 Total equity-based compensation $ 3,355 $ 2,130 $ 36 $ 5,521 Six Months Ended June 30, 2018 BridgeBio Eidos Other Total (in thousands) Research and development $ — $ 620 $ 62 $ 682 General and administrative 646 386 54 1,086 Total equity-based compensation $ 646 $ 1,006 $ 116 $ 1,768 |
Summary of Estimated Grant Date Fair Value of Each Common Unit and Management Incentive Unit | The estimated grant-date fair value of each Common Unit and Management Incentive Unit award was calculated using the Black-Scholes option pricing model, based on assumptions as follows: Six Months Ended June 30, 2019 2018 Expected term (in years) 1.50 0.75-1.50 Expected volatility 48.0%-49.0% 40.0%-45.0% Risk-free interest rate 2.34%-2.56% 1.70%-2.22% Dividend yield — — |
Summary of Common Units Activity | The following table summarizes BridgeBio’s Common Units activity: Number of Common Units Outstanding Weighted- Average Grant Date Fair Value Balance as of December 31, 2018 7,197,783 $ 0.08 Vested 670,854 $ 0.08 Balance as of June 30, 2019 7,868,637 $ 0.08 |
Summary of Authorized Management Incentive Units Activity | The following table summarizes BridgeBio’s authorized Management Incentive Units activity: Number of Authorized Units Balance as of December 31, 2018 48,695,602 Authorized and granted 24,111,064 Cancelled (5,000 ) Balance as of June 30, 2019 72,801,666 |
Summary of Vested Management Incentive Units Activity | The following table summarizes BridgeBio’s vested Management Incentive Units activity: Number of Management Incentive Units Outstanding Weighted- Average Grant Date Fair Value Balance as of December 31, 2018 19,117,628 $ 0.08 Vested 6,460,380 $ 0.36 Balance as of June 30, 2019 25,578,008 $ 0.14 |
Eidos Therapeutics, Inc | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Reserved Shares of Common Stock for Issuance | Eidos has reserved shares of common stock for issuance as follows: As of June 30, 2019 2018 Options issued and outstanding 1,454,461 881,612 Options available for future grants 537,345 490,360 Eidos ESPP shares available for future grants 104,540 143,520 Total 2,096,346 1,515,492 |
Summary of Stock Option Activity | The following table summarizes Eidos’s stock option activity for the six months ended June 30, 2019: Options Available for Grant Options Outstanding Weighted- Average Exercise Price per Option Weighted- Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands, except per share and per share data) Outstanding as of December 31, 2018 747,057 1,329,762 $ 8.55 9.40 $ 6,928 Granted (209,712 ) 209,712 $ 27.22 Exercised — (85,013 ) $ 1.32 Outstanding as of June 30, 2019 537,345 1,454,461 $ 11.66 9.07 $ 28,246 Vested and expected to vest as of June 30, 2019 251,447 $ 6.26 8.69 $ 6,240 Exercisable as of June 30, 2019 1,454,461 $ 11.66 9.07 $ 28,246 |
Eidos Therapeutics, Inc | Employee Stock Options Valuation | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Assumptions used to Determine Fair Value of Stock Option Awards Granted to Employees, Directors and Nonemployees | The fair value of employee and non-employee director stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Six Months Ended June 30, 2019 2018 Expected term (in years) 6.07 6.08 Expected volatility 72.31 % 69.59 % Risk-free interest rate 2.10 % 2.78 % Dividend yield — — Weighted average fair value of share-based awards granted $ 18.22 $ 7.50 |
Eidos Therapeutics, Inc | Stock Options Granted To Non-Employees | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Assumptions used to Determine Fair Value of Stock Option Awards Granted to Employees, Directors and Nonemployees | The fair value of the stock options granted to non-employees was calculated at each reporting date using the Black-Scholes option-pricing model with the following assumptions: Six Months Ended June 30, 2019 2018 Expected term (in years) 6.08 9.70 Expected volatility 73.54 % 68.31 % Risk-free interest rate 2.74 % 2.84 % Dividend yield — — |
Net loss per Unit (Tables)
Net loss per Unit (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
BridgeBio Pharma LLC | |
Schedule of Outstanding Units Excluded from Computation of Diluted Net Loss Per Unit | The following outstanding units were excluded from the computation of the diluted net loss per unit for the periods presented because their effect would have been anti-dilutive. June 30, 2019 2018 Preferred Units 407,955,726 257,000,129 Management Incentive Units 72,801,666 45,678,102 Unvested Common Units 1,229,885 2,571,593 Total 481,987,277 305,249,824 |
Organization and Background - A
Organization and Background - Additional Information (Details) - shares | 6 Months Ended | |
Jun. 30, 2019 | May 17, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Entity date of incorporation | May 17, 2019 | |
Entity incorporation, state | Delaware | |
Common stock, outstanding | 0 | 0 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Stock awards, vesting period | 4 years | ||
Cash and cash equivalents | $ 112,400,000 | $ 238,700,000 | |
BridgeBio Pharma LLC | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Restricted cash | $ 400,000 | $ 200,000 | |
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherNoncurrentAssetsMember | us-gaap:OtherNoncurrentAssetsMember | |
Cash and cash equivalents | $ 293,803,000 | $ 436,086,000 | $ 252,379,000 |
BridgeBio Pharma LLC | Other Assets | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Deferred offering costs | $ 6,500,000 | $ 0 | |
Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of voting shares | 50.00% |
Stockholders' Deficit - Additio
Stockholders' Deficit - Additional Information (Details) - $ / shares | Jun. 30, 2019 | Jun. 26, 2019 | May 17, 2019 |
Equity [Abstract] | |||
Common stock, shares authorized | 500,000,000 | 500,000,000 | 1,000 |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | 0 |
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares issued | 0 | 0 | |
Common stock, outstanding | 0 | 0 | |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 26, 2019 | Jun. 25, 2019 | Jun. 22, 2019 | Jun. 21, 2019 | Jun. 30, 2019 | Jun. 30, 2019 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period of options | 4 years | |||||
2019 Employee Stock Purchase Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of common shares initially reserved for issuance of awards | 2,000,000 | |||||
Employee stock purchase plan effective date | Jun. 25, 2019 | |||||
Effective date from which automatic annual increase in number of shares reserved for future issuance | Jan. 1, 2020 | |||||
Percentage of automatic annual increase in number of shares reserved for future issuance | 1.00% | |||||
Shares issued | 0 | |||||
Shares outstanding | 0 | 0 | ||||
2019 Employee Stock Purchase Plan | Maximum | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of common shares initially reserved for issuance of awards | 2,000,000 | |||||
2019 Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Increase in number of shares reserved and available for issuance in proportion to common stock outstanding, annual increase date | --01-01 | |||||
Increase in number of shares reserved and available for issuance in proportion to common stock outstanding, starting date | Jan. 1, 2020 | |||||
Percentage of increase in number of shares reserved and available for issuance in proportion to common stock outstanding | 5.00% | |||||
Grant of options to purchase shares | 48,200 | 3,696,429 | 3,744,629 | |||
Exercise price on grant of options to purchase shares | $ 17 | $ 17 | ||||
Vesting period of options | 4 years | |||||
Unrecognized compensation cost related to unvested equity-based compensation arrangements | $ 24.8 | $ 24.8 | ||||
Unrecognized compensation cost related to unvested equity-based compensation arrangements, period for recognition | 4 years | |||||
2019 Plan | Common Stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of common shares initially reserved for issuance of awards | 11,500,000 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Stock Option Activity (Details) - 2019 Plan $ / shares in Units, $ in Thousands | Jun. 26, 2019shares | Jun. 21, 2019$ / sharesshares | Jun. 30, 2019USD ($)$ / sharesshares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options Available for Grant, Authorized | 11,500,000 | ||
Options Available for Grant, Granted | (3,744,629) | ||
Options Available for Grant, Outstanding, Ending balance | 7,755,371 | ||
Options Outstanding, Granted | 48,200 | 3,696,429 | 3,744,629 |
Options Outstanding, Outstanding, Ending balance | 3,744,629 | ||
Weighted-Average Exercise Price per Option, Granted | $ / shares | $ 17 | $ 17 | |
Weighted-Average Exercise Price per Option, Outstanding, Ending balance | $ / shares | $ 17 | ||
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance | 6 years 7 days | ||
Weighted-Average Remaining Contractual Life (years), Exercisable as of June 30, 2019 | 0 years | ||
Aggregate Intrinsic Value, Outstanding, Ending balance | $ | $ 37,334 |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of Assumptions used to Determine the Fair Value of Stock Option Awards Granted to Employees, Directors and Nonemployees (Details) | 1 Months Ended |
Jun. 30, 2019$ / shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected volatility | 37.50% |
Risk-free interest rate | 1.86% |
Weighted average fair value of share-based awards granted | $ 6.64 |
Minimum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected term (in years) | 6 years 7 days |
Maximum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected term (in years) | 6 years 29 days |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 13, 2019 | Jul. 01, 2019 | Jul. 31, 2019 | Jun. 30, 2019 | Aug. 08, 2019 | May 17, 2019 |
Subsequent Event [Line Items] | ||||||
Purchase of common stock, shares | 0 | 0 | ||||
Common stock, value | $ 0 | $ 0 | ||||
BridgeBio Pharma LLC | ||||||
Subsequent Event [Line Items] | ||||||
Debt instrument interest only extension date | Jul. 1, 2021 | |||||
Debt instrument maturity date extension | Jan. 1, 2023 | |||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Net proceeds from IPO, after deducting underwriters’ discounts and commissions | $ 366,300 | |||||
Subsequent Event | BridgeBio Pharma LLC | ||||||
Subsequent Event [Line Items] | ||||||
Payment in kind, interest rate | 83.33% | |||||
Subsequent Event | BridgeBio Pharma LLC | Maximum | Payment in Kind | ||||||
Subsequent Event [Line Items] | ||||||
Cash payment interest | 1.50% | |||||
Subsequent Event | BridgeBio Pharma LLC | Tranches I | ||||||
Subsequent Event [Line Items] | ||||||
Reduction on the effective interest rate | 0.50% | |||||
Subsequent Event | BridgeBio Pharma LLC | Tranches II | ||||||
Subsequent Event [Line Items] | ||||||
Reduction on the effective interest rate | 0.50% | |||||
Subsequent Event | QED Therapeutics, Inc | ||||||
Subsequent Event [Line Items] | ||||||
Investments | $ 40,000 | |||||
Subsequent Event | Phoenix Tissue Repair, Inc (“PTR”) | ||||||
Subsequent Event [Line Items] | ||||||
Investments | 7,000 | |||||
Subsequent Event | Aspa Therapeutics, Inc | ||||||
Subsequent Event [Line Items] | ||||||
Investments | 3,600 | |||||
Subsequent Event | Adrenas Therapeutics, Inc | ||||||
Subsequent Event [Line Items] | ||||||
Investments | 3,600 | |||||
Subsequent Event | Fortify Therapeutics Inc | ||||||
Subsequent Event [Line Items] | ||||||
Investments | $ 1,500 | |||||
Subsequent Event | Eidos | BridgeBio Pharma LLC | ||||||
Subsequent Event [Line Items] | ||||||
Purchase of common stock, shares | 882,353 | |||||
Common stock, value | $ 26,400 | |||||
Subsequent Event | Biopharmaceutical Entity | ||||||
Subsequent Event [Line Items] | ||||||
Purchase of preferred stock | 7,000 | |||||
Subsequent Event | Biopharmaceutical Entity | Maximum | ||||||
Subsequent Event [Line Items] | ||||||
Preferred stock option to purchase additional shares | $ 24,500 | |||||
Subsequent Event | Common Stock | ||||||
Subsequent Event [Line Items] | ||||||
Net proceeds from IPO, after deducting underwriters’ discounts and commissions | $ 366,300 | |||||
Underwriters' discounts and commissions | 28,000 | |||||
Deferred offering costs | 6,500 | |||||
Subsequent Event | Common Stock | BridgeBio Pharma LLC | ||||||
Subsequent Event [Line Items] | ||||||
Deferred offering costs | $ 6,500 | |||||
Subsequent Event | Common Stock | Eidos | ||||||
Subsequent Event [Line Items] | ||||||
Fixed exchange ratio | 1.30% | |||||
Subsequent Event | Initial Public Offering | Common Stock | ||||||
Subsequent Event [Line Items] | ||||||
Sale of stock, number of shares issued and sold | 23,575,000 | |||||
Sale of stock, public offering price per share | $ 17 | |||||
Subsequent Event | Initial Public Offering | Common Stock | BridgeBio Pharma LLC | ||||||
Subsequent Event [Line Items] | ||||||
Sale of stock, number of shares issued and sold | 23,575,000 | |||||
Sale of stock, public offering price per share | $ 17 | |||||
Underwriters' discounts and commissions | $ 28,000 | |||||
Net proceeds from issuance initial public offering after deducting underwriters' discounts and commissions and offering costs | $ 366,300 | |||||
Subsequent Event | Over-Allotment Option | Common Stock | ||||||
Subsequent Event [Line Items] | ||||||
Sale of stock, number of shares issued and sold | 3,075,000 | |||||
Subsequent Event | Over-Allotment Option | Common Stock | BridgeBio Pharma LLC | ||||||
Subsequent Event [Line Items] | ||||||
Sale of stock, number of shares issued and sold | 3,075,000 |
Subsequent Events - Summary of
Subsequent Events - Summary of Outstanding Units Class of BridgeBio Pharma, LLC Cancelled and Exchanged for Shares of Common Stock Upon Reorganization (Details) - BridgeBio Pharma LLC - Subsequent Event | Jul. 01, 2019shares |
Subsequent Event [Line Items] | |
Number of BridgeBio Pharma, Inc. shares issued | 99,999,967 |
Series D Preferred Units | |
Subsequent Event [Line Items] | |
Number of BridgeBio Pharma, Inc. shares issued | 30,459,426 |
Series C Preferred Units | |
Subsequent Event [Line Items] | |
Number of BridgeBio Pharma, Inc. shares issued | 31,992,709 |
Series B Preferred Units | |
Subsequent Event [Line Items] | |
Number of BridgeBio Pharma, Inc. shares issued | 17,794,455 |
Series A Preferred Units | |
Subsequent Event [Line Items] | |
Number of BridgeBio Pharma, Inc. shares issued | 4,918,881 |
Founder Units | |
Subsequent Event [Line Items] | |
Number of BridgeBio Pharma, Inc. shares issued | 2,252,916 |
Common Units | |
Subsequent Event [Line Items] | |
Number of BridgeBio Pharma, Inc. shares issued | 1,794,823 |
Management Incentive Units | |
Subsequent Event [Line Items] | |
Number of BridgeBio Pharma, Inc. shares issued | 10,786,757 |
Organization and Description _2
Organization and Description of Business - Additional Information (Details) - USD ($) $ in Thousands | Jul. 01, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Organization And Description Of Business [Line Items] | ||||
Accumulated deficit | $ 69 | |||
Cash and cash equivalents | 112,400 | $ 238,700 | ||
Subsequent Event | ||||
Organization And Description Of Business [Line Items] | ||||
Net proceeds received from the completion of the IPO | $ 366,300 | |||
BridgeBio Pharma LLC | ||||
Organization And Description Of Business [Line Items] | ||||
Accumulated deficit | 326,068 | 170,580 | ||
Cash and cash equivalents | $ 293,803 | $ 436,086 | $ 252,379 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Investments (Details) - BridgeBio Pharma LLC | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
TheRas, Inc | Wholly-owned Subsidiary | ||
Variable Interest Entity [Line Items] | ||
Date Control First Acquired | 2016-08 | |
Ownership % | 100.00% | 100.00% |
BridgeBio Services, Inc | Wholly-owned Subsidiary | ||
Variable Interest Entity [Line Items] | ||
Date Control First Acquired | 2017-04 | |
Ownership % | 100.00% | 100.00% |
Origin Biosciences, Inc. | Controlled VIE | ||
Variable Interest Entity [Line Items] | ||
Date Control First Acquired | 2018-04 | |
Ownership % | 99.80% | 100.00% |
Fortify Therapeutics Inc | Wholly-owned Subsidiary | ||
Variable Interest Entity [Line Items] | ||
Date Control First Acquired | 2018-06 | |
Ownership % | 100.00% | 100.00% |
Sub20, Inc | Wholly-owned Subsidiary | ||
Variable Interest Entity [Line Items] | ||
Date Control First Acquired | 2018-06 | |
Ownership % | 100.00% | 100.00% |
Unnamed Entity 1 | Wholly-owned Subsidiary | ||
Variable Interest Entity [Line Items] | ||
Date Control First Acquired | 2018-12 | |
Ownership % | 100.00% | 100.00% |
Unnamed Entity 2 | Wholly-owned Subsidiary | ||
Variable Interest Entity [Line Items] | ||
Date Control First Acquired | 2019-04 | |
Ownership % | 100.00% | |
Unnamed Entity 3 | Wholly-owned Subsidiary | ||
Variable Interest Entity [Line Items] | ||
Date Control First Acquired | 2019-05 | |
Ownership % | 100.00% | |
Eidos Therapeutics, Inc | Partially-owned Subsidiary | ||
Variable Interest Entity [Line Items] | ||
Date Control First Acquired | 2016-04 | |
Ownership % | 65.10% | 62.50% |
Molecular Skin Therapeutics, Inc | Controlled VIE | ||
Variable Interest Entity [Line Items] | ||
Date Control First Acquired | 2016-07 | |
Ownership % | 58.20% | 61.70% |
Quartz Therapeutics, Inc | Controlled VIE | ||
Variable Interest Entity [Line Items] | ||
Date Control First Acquired | 2016-10 | |
Ownership % | 89.00% | 89.00% |
PellePharm, Inc | VIE | ||
Variable Interest Entity [Line Items] | ||
Date Control First Acquired | 2016-12 | |
Ownership % | 43.30% | 43.30% |
Navire Pharma, Inc | Controlled VIE | ||
Variable Interest Entity [Line Items] | ||
Date Control First Acquired | 2017-02 | |
Ownership % | 78.90% | 78.80% |
CoA Therapeutics, Inc | Controlled VIE | ||
Variable Interest Entity [Line Items] | ||
Date Control First Acquired | 2017-02 | |
Ownership % | 99.60% | 99.50% |
Dermecular Therapeutics, Inc | Controlled VIE | ||
Variable Interest Entity [Line Items] | ||
Date Control First Acquired | 2017-04 | |
Ownership % | 87.60% | 87.60% |
Phoenix Tissue Repair, Inc (“PTR”) | Controlled VIE | ||
Variable Interest Entity [Line Items] | ||
Date Control First Acquired | 2017-07 | |
Ownership % | 56.40% | 56.70% |
QED Therapeutics, Inc | Controlled VIE | ||
Variable Interest Entity [Line Items] | ||
Date Control First Acquired | 2018-01 | |
Ownership % | 96.60% | 94.40% |
Adrenas Therapeutics, Inc | Controlled VIE | ||
Variable Interest Entity [Line Items] | ||
Date Control First Acquired | 2018-01 | |
Ownership % | 88.70% | 90.10% |
Orfan Biotech, Inc | Controlled VIE | ||
Variable Interest Entity [Line Items] | ||
Date Control First Acquired | 2018-01 | |
Ownership % | 89.60% | 85.10% |
Ferro Therapeutics, Inc. | Controlled VIE | ||
Variable Interest Entity [Line Items] | ||
Date Control First Acquired | 2018-03 | |
Ownership % | 90.00% | 89.40% |
Aspa Therapeutics, Inc | Controlled VIE | ||
Variable Interest Entity [Line Items] | ||
Date Control First Acquired | 2018-06 | |
Ownership % | 90.30% | 92.50% |
Venthera, Inc. | Controlled VIE | ||
Variable Interest Entity [Line Items] | ||
Date Control First Acquired | 2018-04 | |
Ownership % | 81.80% | 82.00% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 112,400 | $ 238,700 | ||
BridgeBio Pharma LLC | ||||
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 293,803 | 436,086 | $ 252,379 | |
Restricted cash | 424 | 359 | ||
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $ 294,227 | $ 436,245 | $ 252,738 | $ 92,376 |
Fair Value Measurement - Financ
Fair Value Measurement - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - BridgeBio Pharma LLC - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Liabilities: | ||
LEO Call Option liability | $ 4,297 | $ 3,009 |
Recurring | ||
Assets: | ||
Money market funds | 249,138 | 395,780 |
Total assets | 249,138 | 395,780 |
Liabilities: | ||
LEO Call Option liability | 4,297 | 3,009 |
Total liabilities | 4,297 | 3,009 |
Recurring | Level 1 | ||
Assets: | ||
Money market funds | 249,138 | 395,780 |
Total assets | 249,138 | 395,780 |
Recurring | Level 3 | ||
Liabilities: | ||
LEO Call Option liability | 4,297 | 3,009 |
Total liabilities | $ 4,297 | $ 3,009 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - BridgeBio Pharma LLC - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value financial assets, outside of cash and cash equivalents | $ 0 | $ 0 |
Fair value assets, transfers between Level 1, Level 2 or Level 3 | 0 | 0 |
Fair value liabilities, transfers between Level 1, Level 2 or Level 3 | $ 0 | $ 0 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Estimated Fair Value of LEO Call Option (Details) - BridgeBio Pharma LLC | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Expected term (in years) | 9 months | 6 months 29 days |
Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Expected term (in years) | 4 years 4 months 13 days | 4 years 4 months 17 days |
Probability of Milestone Achievement | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Measurement input | 12 | 12 |
Probability of Milestone Achievement | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Measurement input | 84 | 84 |
Discount Rate | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Measurement input | 1.8 | 2.7 |
Discount Rate | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Measurement input | 15.3 | 11 |
Expected Volatility | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Measurement input | 67.5 | 67 |
Expected Volatility | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Measurement input | 78 | 79 |
Risk-Free Interest Rate | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Measurement input | 2.92 | 2.51 |
Risk-Free Interest Rate | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Measurement input | 3.20 | 2.78 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Changes in Estimated Fair Value of LEO Call Option (Details) - BridgeBio Pharma LLC $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Beginning balance | $ 3,009 |
Change in fair value upon remeasurement recognized in other (income) expense | 1,288 |
Ending balance | $ 4,297 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Prepaid Expenses and Other Current Assets (Details) - BridgeBio Pharma LLC - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Balance Sheet Components [Line Items] | ||
Prepaid clinical and research related expenses | $ 7,532 | $ 7,087 |
Other current assets | 5,374 | 2,050 |
Total prepaid expenses and other current assets | $ 12,906 | $ 9,137 |
Balance Sheet Components - Su_2
Balance Sheet Components - Summary of Other Accrued Liabilities (Details) - BridgeBio Pharma LLC - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Balance Sheet Components [Line Items] | ||
Accrued professional services | $ 3,320 | $ 772 |
Accrued other liabilities | 868 | 1,328 |
Total other accrued liabilities | $ 4,188 | $ 2,100 |
Variable Interest Entities an_3
Variable Interest Entities and Voting Interest Model - Additional Information (Details) - BridgeBio Pharma LLC - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended |
May 31, 2019 | Jun. 30, 2019 | |
Eidos | ||
Variable Interest Entity [Line Items] | ||
Voting shares | 50.00% | |
Purchase of common stock, shares | 1,103,848 | |
Common stock, value | $ 28.6 | |
QED Therapeutics, Inc | ||
Variable Interest Entity [Line Items] | ||
Investments | $ 40 | |
Quartz Therapeutics, Inc | ||
Variable Interest Entity [Line Items] | ||
Investments | 0.4 | |
CoA Therapeutics, Inc | ||
Variable Interest Entity [Line Items] | ||
Investments | 5.1 | |
Orfan Biotech, Inc | ||
Variable Interest Entity [Line Items] | ||
Investments | 3.5 | |
Ferro Therapeutics, Inc. | ||
Variable Interest Entity [Line Items] | ||
Investments | 4.5 | |
Aspa Therapeutics, Inc | ||
Variable Interest Entity [Line Items] | ||
Investments | 8 | |
Adrenas Therapeutics, Inc | ||
Variable Interest Entity [Line Items] | ||
Investments | 8 | |
Origin Biosciences, Inc. | ||
Variable Interest Entity [Line Items] | ||
Investments | 10 | |
Venthera, Inc. | ||
Variable Interest Entity [Line Items] | ||
Investments | 1.5 | |
Navire Pharma, Inc | ||
Variable Interest Entity [Line Items] | ||
Investments | $ 4.5 |
Variable Interest Entities an_4
Variable Interest Entities and Voting Interest Model - Summary of Assets and Liabilities for Consolidated VIEs (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Current assets: | |||
Cash and cash equivalents | $ 112,400 | $ 238,700 | |
BridgeBio Pharma LLC | |||
Current assets: | |||
Cash and cash equivalents | 293,803 | 436,086 | $ 252,379 |
Prepaid expenses and other current assets | 12,906 | 9,137 | |
Total current assets | 306,709 | 445,223 | |
Property and equipment, net | 1,865 | 1,575 | |
Other assets | 9,471 | 1,093 | |
Total assets | 325,540 | 464,941 | |
Current liabilities: | |||
Accounts payable | 16,065 | 13,509 | |
Accrued research and development liabilities | 9,419 | 8,915 | |
Accrued other liabilities | 868 | 1,328 | |
Total current liabilities | 38,705 | 32,577 | |
Other liabilities | 347 | 495 | |
Total liabilities | 114,049 | 87,579 | |
BridgeBio Pharma LLC | Variable Interest Entity, Primary Beneficiary | |||
Current assets: | |||
Cash and cash equivalents | 34,213 | 32,495 | |
Prepaid expenses and other current assets | 6,999 | 5,976 | |
Total current assets | 41,212 | 38,471 | |
Property and equipment, net | 1,563 | 1,259 | |
Other assets | 357 | 76 | |
Total assets | 43,132 | 39,806 | |
Current liabilities: | |||
Accounts payable | 9,654 | 9,291 | |
Accrued compensation and benefits | 2,510 | 2,553 | |
Accrued research and development liabilities | 5,978 | 6,596 | |
Accrued other liabilities | 699 | 388 | |
Total current liabilities | 18,841 | 18,828 | |
Other liabilities | 183 | 179 | |
Total liabilities | 19,024 | 19,007 | |
BridgeBio Pharma LLC | Adrenas | Variable Interest Entity, Primary Beneficiary | |||
Current assets: | |||
Cash and cash equivalents | 1,912 | 3,046 | |
Prepaid expenses and other current assets | 820 | 665 | |
Total current assets | 2,732 | 3,711 | |
Property and equipment, net | 566 | 584 | |
Other assets | 8 | 7 | |
Total assets | 3,306 | 4,302 | |
Current liabilities: | |||
Accounts payable | 1,338 | 1,876 | |
Accrued compensation and benefits | 278 | 377 | |
Accrued research and development liabilities | 82 | 227 | |
Accrued other liabilities | 171 | 28 | |
Total current liabilities | 1,869 | 2,508 | |
Total liabilities | 1,869 | 2,508 | |
BridgeBio Pharma LLC | Aspa | Variable Interest Entity, Primary Beneficiary | |||
Current assets: | |||
Cash and cash equivalents | 3,697 | 4,259 | |
Prepaid expenses and other current assets | 843 | 1,722 | |
Total current assets | 4,540 | 5,981 | |
Property and equipment, net | 310 | 129 | |
Total assets | 4,850 | 6,110 | |
Current liabilities: | |||
Accounts payable | 1,814 | 1,187 | |
Accrued compensation and benefits | 31 | 30 | |
Accrued research and development liabilities | 99 | 728 | |
Accrued other liabilities | 10 | 32 | |
Total current liabilities | 1,954 | 1,977 | |
Total liabilities | 1,954 | 1,977 | |
BridgeBio Pharma LLC | PTR | Variable Interest Entity, Primary Beneficiary | |||
Current assets: | |||
Cash and cash equivalents | 1,704 | 6,934 | |
Prepaid expenses and other current assets | 451 | 28 | |
Total current assets | 2,155 | 6,962 | |
Property and equipment, net | 76 | 88 | |
Other assets | 1 | 41 | |
Total assets | 2,232 | 7,091 | |
Current liabilities: | |||
Accounts payable | 420 | 621 | |
Accrued compensation and benefits | 247 | 287 | |
Accrued research and development liabilities | 145 | ||
Accrued other liabilities | 134 | 8 | |
Total current liabilities | 946 | 916 | |
Total liabilities | 946 | 916 | |
BridgeBio Pharma LLC | QED | Variable Interest Entity, Primary Beneficiary | |||
Current assets: | |||
Cash and cash equivalents | 5,579 | 8,630 | |
Prepaid expenses and other current assets | 4,502 | 3,240 | |
Total current assets | 10,081 | 11,870 | |
Property and equipment, net | 321 | 181 | |
Other assets | 348 | ||
Total assets | 10,750 | 12,051 | |
Current liabilities: | |||
Accounts payable | 2,625 | 3,537 | |
Accrued compensation and benefits | 1,204 | 1,392 | |
Accrued research and development liabilities | 3,151 | 4,390 | |
Accrued other liabilities | 267 | 229 | |
Total current liabilities | 7,247 | 9,548 | |
Other liabilities | 159 | 150 | |
Total liabilities | 7,406 | 9,698 | |
BridgeBio Pharma LLC | Venthera | Variable Interest Entity, Primary Beneficiary | |||
Current assets: | |||
Cash and cash equivalents | 1,957 | 2,913 | |
Total current assets | 1,957 | 2,913 | |
Total assets | 1,957 | 2,913 | |
Current liabilities: | |||
Accounts payable | 836 | 333 | |
Accrued research and development liabilities | 32 | ||
Accrued other liabilities | 9 | ||
Total current liabilities | 868 | 342 | |
Total liabilities | 868 | 342 | |
BridgeBio Pharma LLC | All Other | Variable Interest Entity, Primary Beneficiary | |||
Current assets: | |||
Cash and cash equivalents | 19,364 | 6,713 | |
Prepaid expenses and other current assets | 383 | 321 | |
Total current assets | 19,747 | 7,034 | |
Property and equipment, net | 290 | 277 | |
Other assets | 28 | ||
Total assets | 20,037 | 7,339 | |
Current liabilities: | |||
Accounts payable | 2,621 | 1,737 | |
Accrued compensation and benefits | 750 | 467 | |
Accrued research and development liabilities | 2,469 | 1,251 | |
Accrued other liabilities | 117 | 82 | |
Total current liabilities | 5,957 | 3,537 | |
Other liabilities | 24 | 29 | |
Total liabilities | $ 5,981 | $ 3,566 |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
BridgeBio Pharma LLC | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Adjustments of Carrying Value of Noncontrolling Interest to Accumulated Deficit | $ 25.4 | $ 56.2 | $ 28.4 | $ 60.1 |
Noncontrolling Interests - Sche
Noncontrolling Interests - Schedule of Redeemable Convertible Noncontrolling Interests Balance (Details) - Redeemable Convertible Noncontrolling Interests - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
Orfan Biotech, Inc | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Temporary equity, beginning balance | $ 31 | $ 8 | ||
Net loss attributable to redeemable convertible noncontrolling interest | (23) | (34) | ||
Transfers to (from) noncontrolling interest | 47 | 57 | ||
Temporary equity, ending balance | 55 | 31 | ||
QED Therapeutics, Inc | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Temporary equity, beginning balance | 171 | 114 | ||
Net loss attributable to redeemable convertible noncontrolling interest | (662) | (756) | ||
Transfers to (from) noncontrolling interest | 611 | 813 | ||
Temporary equity, ending balance | 120 | 171 | ||
BridgeBio Pharma LLC | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Temporary equity, beginning balance | 202 | 122 | $ 1,550 | $ 833 |
Net loss attributable to redeemable convertible noncontrolling interest | (685) | (790) | ||
Transfers to (from) noncontrolling interest | 658 | 870 | (41,450) | (11,286) |
Temporary equity, ending balance | $ 175 | $ 202 | $ 3,192 | $ 1,550 |
Noncontrolling Interests - Sc_2
Noncontrolling Interests - Schedule of Noncontrolling Interests Balance (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Adrenas Therapeutics, Inc | ||||||
Minority Interest [Line Items] | ||||||
Noncontrolling interests, beginning balance | $ 217 | $ 217 | ||||
Issuance of noncontrolling interest | 2 | |||||
Issuance (repurchase) of noncontrolling interest | $ 3 | |||||
Transfers to (from) noncontrolling interest (Note 6) | 32 | 874 | ||||
Net loss attributable to noncontrolling interest | (554) | (451) | ||||
Noncontrolling interests, ending balance | 642 | |||||
Noncontrolling interests, ending balance | 123 | 123 | ||||
Aspa Therapeutics, Inc | ||||||
Minority Interest [Line Items] | ||||||
Noncontrolling interests, beginning balance | 245 | 245 | ||||
Issuance of noncontrolling interest | 2 | |||||
Issuance (repurchase) of noncontrolling interest | 2 | |||||
Transfers to (from) noncontrolling interest (Note 6) | 208 | 472 | ||||
Net loss attributable to noncontrolling interest | (471) | (222) | ||||
Noncontrolling interests, ending balance | 497 | |||||
Noncontrolling interests, ending balance | 236 | 236 | ||||
Eidos Therapeutics, Inc | ||||||
Minority Interest [Line Items] | ||||||
Noncontrolling interests, beginning balance | 58,185 | 58,185 | ||||
Issuance of noncontrolling interest | 1,027 | |||||
Issuance (repurchase) of noncontrolling interest | (27,030) | |||||
Transfers to (from) noncontrolling interest (Note 6) | 23,751 | (337) | ||||
Net loss attributable to noncontrolling interest | (5,200) | (4,365) | ||||
Noncontrolling interests, ending balance | 54,510 | |||||
Noncontrolling interests, ending balance | 46,031 | 46,031 | ||||
Phoenix Tissue Repair, Inc (“PTR”) | ||||||
Minority Interest [Line Items] | ||||||
Noncontrolling interests, beginning balance | 2,728 | 2,728 | ||||
Issuance of noncontrolling interest | 34 | |||||
Transfers to (from) noncontrolling interest (Note 6) | 4 | (10) | ||||
Net loss attributable to noncontrolling interest | (552) | (1,580) | ||||
Noncontrolling interests, ending balance | 1,172 | |||||
Noncontrolling interests, ending balance | 624 | 624 | ||||
Venthera, Inc. | ||||||
Minority Interest [Line Items] | ||||||
Noncontrolling interests, beginning balance | 449 | 449 | ||||
Issuance of noncontrolling interest | 1 | |||||
Transfers to (from) noncontrolling interest (Note 6) | 273 | (1) | ||||
Net loss attributable to noncontrolling interest | (353) | (192) | ||||
Noncontrolling interests, ending balance | 257 | |||||
Noncontrolling interests, ending balance | 177 | 177 | ||||
All Other | ||||||
Minority Interest [Line Items] | ||||||
Noncontrolling interests, beginning balance | 537 | 537 | ||||
Issuance of noncontrolling interest | 254 | |||||
Issuance (repurchase) of noncontrolling interest | 1 | |||||
Transfers to (from) noncontrolling interest (Note 6) | 514 | 1,100 | ||||
Net loss attributable to noncontrolling interest | (555) | (651) | ||||
Noncontrolling interests, ending balance | 1,240 | |||||
Noncontrolling interests, ending balance | 1,200 | 1,200 | ||||
BridgeBio Pharma LLC | ||||||
Minority Interest [Line Items] | ||||||
Noncontrolling interests, beginning balance | 62,361 | 62,361 | ||||
Issuance of noncontrolling interest | 1,320 | |||||
Issuance (repurchase) of noncontrolling interest | (27,024) | 1,320 | $ 96,689 | $ 553 | ||
Transfers to (from) noncontrolling interest (Note 6) | 24,782 | 2,098 | 28,408 | $ 60,058 | ||
Net loss attributable to noncontrolling interest | (7,685) | (7,461) | ||||
Noncontrolling interests, ending balance | $ 58,318 | |||||
Noncontrolling interests, ending balance | $ 48,391 | $ 48,391 |
PellePharm Investment - Additio
PellePharm Investment - Additional Information (Detail) - PellePharm, Inc - USD ($) $ in Thousands | 6 Months Ended | 18 Months Ended | |||
Jun. 30, 2019 | Dec. 31, 2016 | Mar. 31, 2019 | Dec. 31, 2018 | Jul. 31, 2015 | |
Schedule Of Investments [Line Items] | |||||
Initial investment | $ 4,500 | ||||
Equity method investment | $ 0 | $ 0 | $ 200 | ||
Cost method investment | $ 7,500 | $ 16,800 | |||
Preferred stock ownership percentage | 62.00% | ||||
Minimum | |||||
Schedule Of Investments [Line Items] | |||||
Ownership interest percentage | 50.00% |
Hercules Term Loan - Additional
Hercules Term Loan - Additional Information (Details) - Hercules Capital, Inc - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2019 | May 31, 2019 | |
Debt Instrument [Line Items] | |||||
Interest expense | $ 1,900 | $ 3,600 | |||
Amortization of debt discount | $ 300 | $ 700 | |||
Tranche II | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument face amount | $ 20,000 | ||||
Maturity date | Jul. 1, 2022 | ||||
Debt instrument, frequency of interest payment | payable monthly | ||||
Debt instrument, principal outstanding | $ 55,000 | ||||
Tranche III | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument face amount | $ 20,000 | ||||
Debt instrument, frequency of interest payment | payable monthly | ||||
Debt instrument, principal outstanding | $ 75,000 | ||||
Prime Rate | Tranche II | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 3.35% | ||||
Effective interest rate | 9.10% | 9.10% | |||
Prime Rate | Tranche III | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 3.10% | ||||
Effective interest rate | 9.10% | 9.10% | |||
BridgeBio Pharma LLC | Tranche I | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument face amount | $ 35,000 | ||||
Maturity period | 42 months | ||||
Maturity date | Jan. 1, 2022 | ||||
Debt instrument, principal payments | $ 0 | ||||
Effective interest rate | 9.35% | 9.35% | |||
Debt instrument, frequency of interest payment | payable monthly | ||||
BridgeBio Pharma LLC | Prime Rate | Tranche I | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.35% | ||||
Effective interest rate | 9.85% | 9.85% |
License Agreements - Additional
License Agreements - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
The University of Texas License Agreement | Board of Regents | Navire Pharma, Inc | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Research and development expense | $ 0 | $ 200,000 |
Additional research and development expense | 500,000 | 1,000,000 |
Leidos Biomedical Research License and Cooperative Research and Development Agreements | Leidos Biomedical Research, Inc | TheRas, Inc | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Research and development expense | 400,000 | 600,000 |
St Jude License Agreement | St. Jude Children’s Research Hospital, Inc | CoA Therapeutics, Inc | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Research and development expense | 200,000 | 300,000 |
Memorial Sloan Kettering Cancer License Agreement | Memorial Sloan Kettering Cancer Center | Venthera, Inc. | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
License agreement expense | 0 | 0 |
Life License Agreement | Life Technologies Corporation | Aspa | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
License agreement expense | 400,000 | 400,000 |
Eidos Therapeutics, Inc | Stanford License Agreement | Leland Stanford Junior University | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Research and development expense | 0 | 200,000 |
Unnamed Entity | Unnamed Entity License Agreement | Unnamed Entitys Drug Discovery And Development Initiatives | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
License agreement expense | 0 | 0 |
QED Therapeutics, Inc | Foundation Medicine Diagnostics Agreement | Foundation Medicine, Inc | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Research and development expense | $ 300,000 | $ 300,000 |
Asset Acquisitions - Additional
Asset Acquisitions - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2019 | |
Unnamed Entity 2 | ||||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | ||||
Percentage of equity acquired | 100.00% | |||
Unnamed Entity 2 | In Process Research and Development | ||||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | ||||
Milestone payment method | $ 500,000 | |||
Unnamed Entity 2 | Maximum | ||||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | ||||
Regulatory milestone payments | 7,000,000 | |||
Sales milestone payments | $ 65,000,000 | |||
Phoenix Tissue Repair, Inc (“PTR”) | ||||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | ||||
Regulatory milestone payments | $ 25,000,000 | |||
Sales milestone payments | 60,000,000 | |||
Asset acquisition cash payment | $ 1,500,000 | |||
Asset acquisition issuance of share | 10,019,900 | |||
Phoenix Tissue Repair, Inc (“PTR”) | In Process Research and Development | ||||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | ||||
Milestone payment method | $ 0 | $ 2,000,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - BridgeBio Pharma LLC - Nonrecourse Notes - Two Founders $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Related Party Transaction [Line Items] | |
Debt Instrument face amount | $ 0.3 |
Maturity date | May 31, 2021 |
Repayment date | Feb. 28, 2019 |
Redeemable Convertible Prefer_3
Redeemable Convertible Preferred Units, Founder Units, Common Units and Management Incentive Units - Schedule of Outstanding Preferred Units, Founder Units and Common Units (Details) - BridgeBio Pharma LLC - USD ($) $ / shares in Units, $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Temporary Equity [Line Items] | ||
Temporary equity, units issued and outstanding | 427,245,104 | 426,574,250 |
Temporary equity, carrying value | $ 482,470 | $ 482,238 |
Temporary equity, liquidation preference | $ 517,508 | $ 517,144 |
Series A Preferred Units | ||
Temporary Equity [Line Items] | ||
Temporary equity, units issued and outstanding | 24,935,281 | 24,935,281 |
Temporary equity, original issue price per unit | $ 0.2627 | $ 0.2627 |
Temporary equity, carrying value | $ 4,919 | $ 4,919 |
Temporary equity, liquidation preference | $ 13,542 | $ 13,542 |
Series B Preferred Units | ||
Temporary Equity [Line Items] | ||
Temporary equity, units issued and outstanding | 90,909,090 | 90,909,090 |
Temporary equity, original issue price per unit | $ 0.4400 | $ 0.4400 |
Temporary equity, carrying value | $ 39,945 | $ 39,766 |
Temporary equity, liquidation preference | $ 47,096 | $ 47,096 |
Series C Preferred Units | ||
Temporary Equity [Line Items] | ||
Temporary equity, units issued and outstanding | 141,155,758 | 141,155,758 |
Temporary equity, original issue price per unit | $ 0.9656 | $ 0.9656 |
Temporary equity, carrying value | $ 135,482 | $ 135,482 |
Temporary equity, liquidation preference | $ 147,155 | $ 147,155 |
Series D Preferred Units | ||
Temporary Equity [Line Items] | ||
Temporary equity, units issued and outstanding | 150,955,597 | 150,955,597 |
Temporary equity, original issue price per unit | $ 1.9823 | $ 1.9823 |
Temporary equity, carrying value | $ 298,698 | $ 298,698 |
Temporary equity, liquidation preference | $ 299,239 | $ 299,239 |
Preferred Units | ||
Temporary Equity [Line Items] | ||
Temporary equity, units issued and outstanding | 407,955,726 | 407,955,726 |
Temporary equity, carrying value | $ 479,044 | $ 478,865 |
Temporary equity, liquidation preference | $ 507,032 | $ 507,032 |
Founder Units | ||
Temporary Equity [Line Items] | ||
Temporary equity, units issued and outstanding | 11,420,741 | 11,420,741 |
Temporary equity, carrying value | $ 1,754 | $ 1,754 |
Temporary equity, liquidation preference | $ 6,202 | $ 6,202 |
Common Units | ||
Temporary Equity [Line Items] | ||
Temporary equity, units issued and outstanding | 7,868,637 | 7,197,783 |
Temporary equity, carrying value | $ 1,672 | $ 1,619 |
Temporary equity, liquidation preference | $ 4,274 | $ 3,910 |
Redeemable Convertible Prefer_4
Redeemable Convertible Preferred Units, Founder Units, Common Units and Management Incentive Units - Additional Information (Details) - BridgeBio Pharma LLC - USD ($) $ in Millions | Jul. 01, 2019 | Jun. 30, 2017 | Apr. 30, 2015 | Feb. 28, 2019 | Dec. 31, 2016 |
Temporary Equity [Line Items] | |||||
Payments to acquired equity interest | $ 1 | ||||
Gain on disposal recognized | $ 1.2 | ||||
Distribution to members | $ 1.2 | ||||
Accrued distributions | $ 1 | ||||
Accrued distributions paid to unit holders | $ 1 | ||||
Subsequent Event | |||||
Temporary Equity [Line Items] | |||||
Number of BridgeBio Pharma, Inc. shares issued | 99,999,967 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Equity Based Compensation for Employees and Non Employees (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Employee And Non Employee Service Share Based Compensation [Line Items] | ||
Total equity-based compensation | $ 5,521 | $ 1,768 |
BridgeBio Pharma LLC | ||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||
Total equity-based compensation | 3,355 | 646 |
Eidos | ||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||
Total equity-based compensation | 2,130 | 1,006 |
Other | ||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||
Total equity-based compensation | 36 | 116 |
Research and Development Expense | ||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||
Total equity-based compensation | 1,023 | 682 |
Research and Development Expense | Eidos | ||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||
Total equity-based compensation | 1,004 | 620 |
Research and Development Expense | Other | ||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||
Total equity-based compensation | 19 | 62 |
General and Administrative | ||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||
Total equity-based compensation | 4,498 | 1,086 |
General and Administrative | BridgeBio Pharma LLC | ||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||
Total equity-based compensation | 3,355 | 646 |
General and Administrative | Eidos | ||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||
Total equity-based compensation | 1,126 | 386 |
General and Administrative | Other | ||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||
Total equity-based compensation | $ 17 | $ 54 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Equity-based compensation | $ 5,521,000 | $ 1,768,000 | |||
2016 and 2018 Plans | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized stock-based compensation cost related to unvested stock | $ 12,500,000 | $ 12,500,000 | |||
Unrecognized compensation cost related to unvested equity-based compensation arrangements, period for recognition | 2 years 7 months 28 days | ||||
BridgeBio Pharma LLC | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Equity-based compensation | $ 3,355,000 | 646,000 | |||
Eidos Therapeutics, Inc | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Equity-based compensation | $ 2,130,000 | 1,006,000 | |||
Options Outstanding, Granted | 209,712 | ||||
Eidos Therapeutics, Inc | Stock Options Granted To Non-Employees | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Equity-based compensation | $ 100,000 | $ 100,000 | $ 100,000 | $ 200,000 | |
Options Outstanding, Granted | 0 | 35,880 | 18,500 | 35,880 | |
Common Units | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unvested units | 1,229,885 | 1,229,885 | |||
Unrecognized compensation cost related to unvested equity-based compensation arrangements | $ 100,000 | $ 100,000 | |||
Weighted average period of unvested units expected to be recognized | 10 months 24 days | ||||
Unvested units vesting month and year | 2020-05 | ||||
Common Units | BridgeBio Pharma LLC | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares authorized | 9,098,522 | 9,098,522 | 9,098,522 | ||
Common Units | BridgeBio Pharma LLC | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Equity-based compensation | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | |
Management Incentive Units | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unvested units | 47,223,658 | 47,223,658 | |||
Unrecognized compensation cost related to unvested equity-based compensation arrangements | $ 30,100,000 | $ 30,100,000 | |||
Weighted average period of unvested units expected to be recognized | 4 years | ||||
Unvested units vesting month and year | 2024-02 | ||||
Management Incentive Units | BridgeBio Pharma LLC | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Equity-based compensation | $ 2,100,000 | $ 300,000 | $ 3,300,000 | $ 600,000 |
Equity-Based Compensation - S_2
Equity-Based Compensation - Summary of Estimated Grant Date Fair Value of Each Common Unit and Management Incentive Unit (Details) | 1 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | |
Common Unit and Management Incentive Unit Award | BridgeBio Pharma LLC | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 1 year 6 months | ||
Expected volatility, Minimum | 48.00% | 40.00% | |
Expected volatility, Maximum | 49.00% | 45.00% | |
Risk-free interest rate, Minimum | 2.34% | 1.70% | |
Risk-free interest rate, Maximum | 2.56% | 2.22% | |
Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 6 years 7 days | ||
Minimum | Common Unit and Management Incentive Unit Award | BridgeBio Pharma LLC | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 9 months | ||
Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 6 years 29 days | ||
Maximum | Common Unit and Management Incentive Unit Award | BridgeBio Pharma LLC | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 1 year 6 months |
Equity-Based Compensation - S_3
Equity-Based Compensation - Summary of Common Units Activity (Details) - Common Units - BridgeBio Pharma LLC | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning balance, Number of units outstanding | shares | 7,197,783 |
Vested, Number of units outstanding | shares | 670,854 |
Ending balance, Number of units outstanding | shares | 7,868,637 |
Beginning balance, Weighted average grant date fair value | $ / shares | $ 0.08 |
Vested, Weighted average grant date fair value | $ / shares | 0.08 |
Ending balance, weighted average grant date fair value | $ / shares | $ 0.08 |
Equity-Based Compensation - S_4
Equity-Based Compensation - Summary of Authorized Management Incentive Units Activity (Details) - Management Incentive Units - BridgeBio Pharma LLC | 6 Months Ended |
Jun. 30, 2019shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning balance, Number of authorized units | 48,695,602 |
Authorized and granted, Number of authorized units | 24,111,064 |
Cancelled, Number of authorized units | (5,000) |
Ending balance, Number of authorized units | 72,801,666 |
Equity-Based Compensation - S_5
Equity-Based Compensation - Summary of Vested Management Incentive Units Activity (Details) - Management Incentive Units - BridgeBio Pharma LLC | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning balance, Number of units outstanding | shares | 19,117,628 |
Vested, Number of units outstanding | shares | 6,460,380 |
Ending balance, Number of units outstanding | shares | 25,578,008 |
Beginning balance, Weighted average grant date fair value | $ / shares | $ 0.08 |
Vested, Weighted average grant date fair value | $ / shares | 0.36 |
Ending balance, weighted average grant date fair value | $ / shares | $ 0.14 |
Equity-Based Compensation - S_6
Equity-Based Compensation - Summary of Reserved Shares of Common Stock for Issuance (Details) - Eidos Therapeutics, Inc - shares | Jun. 30, 2019 | Jun. 30, 2018 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for issuance | 2,096,346 | 1,515,492 |
Eidos ESPP shares available for future grants | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for issuance | 104,540 | 143,520 |
Options Issued and Outstanding | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for issuance | 1,454,461 | 881,612 |
Options Available for Future Grants | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for issuance | 537,345 | 490,360 |
Equity-Based Compensation - S_7
Equity-Based Compensation - Summary of Stock Option Activity (Details) - Eidos Therapeutics, Inc - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options Available for Grant, Outstanding, Beginning balance | 747,057 | |
Options Available for Grant, Granted | (209,712) | |
Options Available for Grant, Outstanding, Ending balance | 537,345 | 747,057 |
Options Outstanding, Outstanding, Beginning balance | 1,329,762 | |
Options Outstanding, Granted | 209,712 | |
Options Outstanding, Exercised | (85,013) | |
Options Outstanding, Outstanding, Ending balance | 1,454,461 | 1,329,762 |
Options Outstanding, Vested and expected to vest | 251,447 | |
Options Outstanding, Exercisable as of June 30, 2019 | 1,454,461 | |
Weighted-Average Exercise Price per Option, Outstanding, Beginning balance | $ 8.55 | |
Weighted-Average Exercise Price per Option, Granted | 27.22 | |
Weighted-Average Exercise Price per Option, Exercised | 1.32 | |
Weighted-Average Exercise Price per Option, Outstanding, Ending balance | 11.66 | $ 8.55 |
Weighted-Average Exercise Price per Option, Vested and expected to vest | 6.26 | |
Weighted-Average Exercise Price per Option, Exercisable | $ 11.66 | |
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance | 9 years 25 days | 9 years 4 months 24 days |
Weighted-Average Remaining Contractual Life (years), Exercisable as of June 30, 2019 | 8 years 8 months 8 days | |
Weighted-Average Remaining Contractual Life (years), Exercisable | 9 years 25 days | |
Aggregate Intrinsic Value, Outstanding, Ending balance | $ 28,246 | $ 6,928 |
Aggregate Intrinsic Value, Exercisable as of June 30, 2019 | 6,240 | |
Aggregate Intrinsic Value, Exercisable | $ 28,246 |
Equity-Based Compensation - S_8
Equity-Based Compensation - Summary of Fair Value of Employee and Non-employee Stock Options Granted (Details) - $ / shares | 1 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility | 37.50% | ||
Risk-free interest rate | 1.86% | ||
Weighted average fair value of share-based awards granted | $ 6.64 | ||
Eidos Therapeutics, Inc | Employee Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 6 years 21 days | 6 years 29 days | |
Expected volatility | 72.31% | 69.59% | |
Risk-free interest rate | 2.10% | 2.78% | |
Weighted average fair value of share-based awards granted | $ 18.22 | $ 7.50 | |
Eidos Therapeutics, Inc | Stock Options Granted To Non-Employees | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (in years) | 6 years 29 days | 9 years 8 months 12 days | |
Expected volatility | 73.54% | 68.31% | |
Risk-free interest rate | 2.74% | 2.84% |
Net loss per Unit - Schedule of
Net loss per Unit - Schedule of Outstanding Units Excluded from Computation of Diluted Net Loss Per Unit (Detail) - BridgeBio Pharma LLC - shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Preferred Units | 481,987,277 | 305,249,824 |
Preferred Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Preferred Units | 407,955,726 | 257,000,129 |
Management Incentive Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Preferred Units | 72,801,666 | 45,678,102 |
Unvested Common Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Preferred Units | 1,229,885 | 2,571,593 |