Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
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 | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 001-38959 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 84-1850815 | |
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 | 149,765,414 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | ||
Current assets: | ||||
Cash and cash equivalents | $ 378,420 | $ 356,082 | [1] | |
Short-term marketable securities | 459,243 | 251,011 | [1] | |
Accounts receivable | 1,213 | |||
Receivable from licensing and collaboration agreements | 35,363 | |||
Receivable from a related party | 8,962 | |||
Prepaid expenses and other current assets | 26,670 | 35,731 | [1] | |
Total current assets | 909,871 | 642,824 | [1] | |
Property and equipment, net | 26,272 | 20,325 | [1] | |
Operating lease right-of-use assets, net | 15,964 | 16,508 | [1] | |
Long-term marketable securities | 60,688 | |||
Investment in equity securities | 18,894 | |||
Other assets | 49,797 | 23,931 | [1] | |
Total assets | 1,081,486 | 703,588 | [1] | |
Current liabilities: | ||||
Accounts payable | 22,329 | 8,945 | [1] | |
Accrued compensation and benefits | 21,865 | 29,682 | [1] | |
Accrued research and development liabilities | 55,620 | 27,290 | [1] | |
Accrued professional services | 6,378 | 5,579 | [1] | |
LEO call option liability | [1] | 5,550 | ||
Operating lease liabilities, current portion | 4,540 | 3,795 | [1] | |
Term loans, current portion | [1] | 1,458 | ||
Other accrued liabilities | 21,177 | 13,349 | [1] | |
Total current liabilities | 131,909 | 95,648 | [1] | |
Term loans, net of current portion | 102,611 | 92,421 | [1] | |
Operating lease liabilities, net of current portion | 18,022 | 14,677 | [1] | |
Other liabilities | 13,265 | 9,520 | [1] | |
Total liabilities | 1,537,111 | 595,702 | [1] | |
Commitments and contingencies (Note 8) | [1] | |||
Redeemable convertible noncontrolling interests | 1,865 | 1,630 | [1] | |
Stockholders’ equity (deficit): | ||||
Undesignated preferred stock, $0.001 par value; 25,000,000 shares authorized; no shares issued and outstanding | [1] | |||
Common stock, $0.001 par value; 500,000,000 shares authorized; 152,894,108 shares issued and 149,614,740 shares outstanding as of June 30, 2021, 125,264,070 shares issued and 122,849,389 shares outstanding as of December 31, 2020 | 153 | 125 | [1] | |
Treasury stock, at cost; 3,279,368 shares as of June 30, 2021, 2,414,681 shares as of December 31, 2020 | (130,308) | (75,000) | [1] | |
Additional paid-in capital | 799,679 | 1,021,344 | [1] | |
Accumulated other comprehensive income (loss) | 36 | 192 | [1] | |
Accumulated deficit | (1,133,854) | (888,755) | [1] | |
Total BridgeBio stockholders’ equity (deficit) | (464,294) | 57,906 | [1] | |
Noncontrolling interests | 6,804 | 48,350 | [1] | |
Total stockholders’ equity (deficit) | (457,490) | 106,256 | [1],[2] | |
Total liabilities, redeemable convertible noncontrolling interests and stockholders’ equity (deficit) | 1,081,486 | 703,588 | [1] | |
2029 Notes | ||||
Current liabilities: | ||||
Term loans, net of current portion | 732,202 | |||
Notes, net | 732,202 | |||
2027 Notes | ||||
Current liabilities: | ||||
Term loans, net of current portion | 539,102 | 383,436 | ||
Notes, net | $ 539,102 | $ 383,436 | [1] | |
[1] | The condensed consolidated balance sheet as of December 31, 2020 is derived from the audited consolidated financial statements as of that date. | |||
[2] | The consolidated balances as of December 31, 2020 and 2019 are derived from the audited consolidated financial statements as of those dates. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 152,894,108 | 125,264,070 |
Common stock, shares outstanding | 149,614,740 | 122,849,389 |
Treasury stock, shares | 3,279,368 | 2,414,681 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue: | ||||
Total revenue | $ 54,024 | $ 54,486 | ||
Operating costs and expenses: | ||||
Cost of products sold | 109 | 109 | ||
Research and development | 101,960 | $ 86,598 | 224,519 | $ 154,823 |
Selling, general and administrative | 45,970 | 37,969 | 91,377 | 72,231 |
Total operating costs and expenses | 148,039 | 124,567 | 316,005 | 227,054 |
Loss from operations | (94,015) | (124,567) | (261,519) | (227,054) |
Other income (expense), net: | ||||
Interest income | 323 | 934 | 717 | 2,875 |
Interest expense | (10,839) | (10,754) | (20,577) | (14,764) |
Other income (expense), net | 2,457 | (1,827) | 8,223 | (1,353) |
Total other income (expense), net | (8,059) | (11,647) | (11,637) | (13,242) |
Net loss | (102,074) | (136,214) | (273,156) | (240,296) |
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests | 5,726 | 15,180 | 13,729 | 27,412 |
Net loss attributable to common stockholders of BridgeBio | $ (96,348) | $ (121,034) | $ (259,427) | $ (212,884) |
Net loss per share, basic and diluted | $ (0.66) | $ (1.03) | $ (1.82) | $ (1.81) |
Weighted-average shares used in computing net loss per share, basic and diluted | 146,754,299 | 117,012,062 | 142,713,463 | 117,407,750 |
License Revenue | ||||
Revenue: | ||||
Total revenue | $ 53,037 | $ 53,499 | ||
Product Sales | ||||
Revenue: | ||||
Total revenue | $ 987 | $ 987 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (102,074) | $ (136,214) | $ (273,156) | $ (240,296) |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on available-for-sale securities | 93 | 132 | (156) | 604 |
Comprehensive loss | (101,981) | (136,082) | (273,312) | (239,692) |
Comprehensive loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests | 5,726 | 15,180 | 13,729 | 27,412 |
Comprehensive loss attributable to common stockholders of BridgeBio | $ (96,255) | $ (120,902) | $ (259,583) | $ (212,280) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Convertible Noncontrolling Interests and Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjusted Balance | Equity Compensation Plans | Employee Stock Purchase Plan | Satisfy Tax Withholding | Redeemable Convertible Noncontrolling Interests | Common Stock | Common StockEquity Compensation Plans | Common Stock2020 Stock and Equity Exchange Program | Common StockEmployee Stock Purchase Plan | Common StockSatisfy Tax Withholding | Treasury Stock | Additional Paid-in Capital | Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjusted Balance | Additional Paid-in CapitalEquity Compensation Plans | Additional Paid-in Capital2020 Stock and Equity Exchange Program | Additional Paid-in CapitalEmployee Stock Purchase Plan | Additional Paid-in CapitalSatisfy Tax Withholding | Accumulated Other Comprehensive Income | Accumulated Deficit | Accumulated DeficitCumulative Effect, Period of Adoption, Adjusted Balance | Parent | ParentCumulative Effect, Period of Adoption, Adjusted Balance | ParentEquity Compensation Plans | Parent2020 Stock and Equity Exchange Program | ParentEmployee Stock Purchase Plan | ParentSatisfy Tax Withholding | Noncontrolling Interests | Noncontrolling Interests2020 Stock and Equity Exchange Program | |||
Beginning balance at Dec. 31, 2019 | [1] | $ 473,733 | $ 124 | $ 848,107 | $ 254 | $ (440,031) | $ 408,454 | $ 65,279 | ||||||||||||||||||||||||
Temporary equity, beginning balance at Dec. 31, 2019 | [1] | $ 2,243 | ||||||||||||||||||||||||||||||
Beginning balance, shares at Dec. 31, 2019 | [1] | 123,658,287 | ||||||||||||||||||||||||||||||
Issuance of shares | $ 529 | $ 529 | $ 529 | |||||||||||||||||||||||||||||
Issuance of shares, shares | 116,249 | |||||||||||||||||||||||||||||||
Stock-based compensation | 8,063 | 8,063 | 8,063 | |||||||||||||||||||||||||||||
Equity component of 2027 Notes, net of issuance costs and deferred tax liability | 167,726 | 167,726 | 167,726 | |||||||||||||||||||||||||||||
Purchase of capped calls | (49,280) | (49,280) | (49,280) | |||||||||||||||||||||||||||||
Repurchase of common stock | (75,000) | $ (75,000) | (75,000) | |||||||||||||||||||||||||||||
Repurchase of common stock, shares | (2,414,681) | 2,414,681 | ||||||||||||||||||||||||||||||
Issuance of noncontrolling interests | 26,565 | 26,565 | ||||||||||||||||||||||||||||||
Temporary Equity, issuance (repurchase) of noncontrolling interest | 1,102 | |||||||||||||||||||||||||||||||
Transfers from (to) noncontrolling interests | (574) | 11,601 | 11,601 | (12,175) | ||||||||||||||||||||||||||||
Temporary Equity, transfers from (to) noncontrolling interest | 574 | |||||||||||||||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities | 472 | 472 | 472 | |||||||||||||||||||||||||||||
Net loss | (103,216) | (91,850) | (91,850) | (11,366) | ||||||||||||||||||||||||||||
Temporary Equity, net loss | (866) | |||||||||||||||||||||||||||||||
Ending balance at Mar. 31, 2020 | 449,018 | $ 124 | $ (75,000) | 986,746 | 726 | (531,881) | 380,715 | 68,303 | ||||||||||||||||||||||||
Temporary equity, ending balance at Mar. 31, 2020 | 3,053 | |||||||||||||||||||||||||||||||
Ending balance, shares at Mar. 31, 2020 | 121,359,855 | 2,414,681 | ||||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2019 | [1] | 473,733 | $ 124 | 848,107 | 254 | (440,031) | 408,454 | 65,279 | ||||||||||||||||||||||||
Temporary equity, beginning balance at Dec. 31, 2019 | [1] | 2,243 | ||||||||||||||||||||||||||||||
Beginning balance, shares at Dec. 31, 2019 | [1] | 123,658,287 | ||||||||||||||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities | 604 | |||||||||||||||||||||||||||||||
Ending balance at Jun. 30, 2020 | 325,606 | $ 125 | $ (75,000) | 992,691 | 858 | (652,915) | 265,759 | 59,847 | ||||||||||||||||||||||||
Temporary equity, ending balance at Jun. 30, 2020 | 1,906 | |||||||||||||||||||||||||||||||
Ending balance, shares at Jun. 30, 2020 | 122,251,258 | 2,414,681 | ||||||||||||||||||||||||||||||
Beginning balance at Mar. 31, 2020 | 449,018 | $ 124 | $ (75,000) | 986,746 | 726 | (531,881) | 380,715 | 68,303 | ||||||||||||||||||||||||
Temporary equity, beginning balance at Mar. 31, 2020 | 3,053 | |||||||||||||||||||||||||||||||
Beginning balance, shares at Mar. 31, 2020 | 121,359,855 | 2,414,681 | ||||||||||||||||||||||||||||||
Issuance of shares | 691 | $ 1 | 691 | $ 1,069 | 691 | $ 1,070 | $ (1,070) | |||||||||||||||||||||||||
Issuance of shares, shares | 264,583 | 626,820 | ||||||||||||||||||||||||||||||
Stock-based compensation | 7,295 | 7,295 | 7,295 | |||||||||||||||||||||||||||||
Issuance of noncontrolling interests | 3,537 | 3,537 | ||||||||||||||||||||||||||||||
Transfers from (to) noncontrolling interests | (431) | (3,110) | (3,110) | 2,679 | ||||||||||||||||||||||||||||
Temporary Equity, transfers from (to) noncontrolling interest | 431 | |||||||||||||||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities | 132 | 132 | 132 | |||||||||||||||||||||||||||||
Net loss | (134,636) | (121,034) | (121,034) | (13,602) | ||||||||||||||||||||||||||||
Temporary Equity, net loss | (1,578) | |||||||||||||||||||||||||||||||
Ending balance at Jun. 30, 2020 | 325,606 | $ 125 | $ (75,000) | 992,691 | 858 | (652,915) | 265,759 | 59,847 | ||||||||||||||||||||||||
Temporary equity, ending balance at Jun. 30, 2020 | 1,906 | |||||||||||||||||||||||||||||||
Ending balance, shares at Jun. 30, 2020 | 122,251,258 | 2,414,681 | ||||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2020 | [1] | 106,256 | [2] | $ 125 | $ (75,000) | 1,021,344 | 192 | (888,755) | 57,906 | 48,350 | ||||||||||||||||||||||
Beginning balance (ASU 2020 06) at Dec. 31, 2020 | $ (153,750) | $ (168,078) | $ 14,328 | $ (153,750) | ||||||||||||||||||||||||||||
Temporary equity, beginning balance at Dec. 31, 2020 | 1,630 | [2] | 1,630 | [1] | ||||||||||||||||||||||||||||
Beginning balance, shares at Dec. 31, 2020 | [1] | 122,849,389 | 2,414,681 | |||||||||||||||||||||||||||||
Issuance of shares | 6,842 | $ 1,651 | $ 1 | 6,841 | $ 1,651 | 6,842 | $ 1,651 | |||||||||||||||||||||||||
Issuance of shares, shares | 819,113 | 65,298 | ||||||||||||||||||||||||||||||
Stock-based compensation | 19,841 | 19,841 | 19,841 | |||||||||||||||||||||||||||||
Purchase of capped calls | (61,295) | (61,295) | (61,295) | |||||||||||||||||||||||||||||
Repurchase of common stock | (50,000) | $ (50,000) | (50,000) | |||||||||||||||||||||||||||||
Repurchase of common stock, shares | (759,993) | 759,993 | ||||||||||||||||||||||||||||||
Repurchase of common stock to satisfy tax withholding | $ (1,021) | $ (1,021) | $ (1,021) | |||||||||||||||||||||||||||||
Repurchase of shares to satisfy tax withholding, shares | (15,653) | |||||||||||||||||||||||||||||||
Repurchase of Eidos noncontrolling interests for cash and shares, including transaction costs of $70,734 | (91,997) | $ 26 | (53,856) | (53,830) | (38,167) | |||||||||||||||||||||||||||
Repurchase of noncontrolling interests for cash and shares, including transaction costs shares | 26,156,446 | |||||||||||||||||||||||||||||||
Issuance of noncontrolling interests | 5,080 | 5,080 | ||||||||||||||||||||||||||||||
Transfers from (to) noncontrolling interests | (517) | 1,690 | 1,690 | (2,207) | ||||||||||||||||||||||||||||
Temporary Equity, transfers from (to) noncontrolling interest | 517 | |||||||||||||||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities | (249) | (249) | (249) | |||||||||||||||||||||||||||||
Net loss | (170,206) | (163,079) | (163,079) | (7,127) | ||||||||||||||||||||||||||||
Temporary Equity, net loss | (876) | |||||||||||||||||||||||||||||||
Ending balance at Mar. 31, 2021 | (389,365) | $ (125,000) | 767,117 | (57) | (1,037,506) | (395,294) | 5,929 | |||||||||||||||||||||||||
Temporary equity, ending balance at Mar. 31, 2021 | 1,271 | $ 152 | ||||||||||||||||||||||||||||||
Ending balance, shares at Mar. 31, 2021 | 149,114,600 | 3,174,674 | ||||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2020 | [1] | 106,256 | [2] | $ 125 | $ (75,000) | 1,021,344 | 192 | (888,755) | 57,906 | 48,350 | ||||||||||||||||||||||
Beginning balance (ASU 2020 06) at Dec. 31, 2020 | $ (153,750) | $ (168,078) | $ 14,328 | $ (153,750) | ||||||||||||||||||||||||||||
Temporary equity, beginning balance at Dec. 31, 2020 | 1,630 | [2] | 1,630 | [1] | ||||||||||||||||||||||||||||
Beginning balance, shares at Dec. 31, 2020 | [1] | 122,849,389 | 2,414,681 | |||||||||||||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities | (156) | |||||||||||||||||||||||||||||||
Ending balance at Jun. 30, 2021 | (457,490) | $ 153 | $ (130,308) | 799,679 | 36 | (1,133,854) | (464,294) | 6,804 | ||||||||||||||||||||||||
Temporary equity, ending balance at Jun. 30, 2021 | 1,865 | 1,865 | ||||||||||||||||||||||||||||||
Ending balance, shares at Jun. 30, 2021 | 149,614,740 | 3,279,368 | ||||||||||||||||||||||||||||||
Beginning balance at Mar. 31, 2021 | (389,365) | $ (125,000) | 767,117 | (57) | (1,037,506) | (395,294) | 5,929 | |||||||||||||||||||||||||
Temporary equity, beginning balance at Mar. 31, 2021 | 1,271 | $ 152 | ||||||||||||||||||||||||||||||
Beginning balance, shares at Mar. 31, 2021 | 149,114,600 | 3,174,674 | ||||||||||||||||||||||||||||||
Issuance of shares | $ 3,751 | $ 1 | $ 3,750 | $ 3,751 | ||||||||||||||||||||||||||||
Issuance of shares, shares | 646,250 | |||||||||||||||||||||||||||||||
Stock-based compensation | 32,509 | 32,509 | 32,509 | |||||||||||||||||||||||||||||
Repurchase of common stock | (5,308) | $ (5,308) | (5,308) | |||||||||||||||||||||||||||||
Repurchase of common stock, shares | (104,694) | 104,694 | ||||||||||||||||||||||||||||||
Repurchase of common stock to satisfy tax withholding | $ (2,281) | $ (2,281) | $ (2,281) | |||||||||||||||||||||||||||||
Repurchase of shares to satisfy tax withholding, shares | (41,416) | |||||||||||||||||||||||||||||||
Fair value of PellePharm noncontrolling interest on consolidation | 5,074 | |||||||||||||||||||||||||||||||
Issuance of noncontrolling interests | 5 | 5 | ||||||||||||||||||||||||||||||
Temporary Equity, issuance (repurchase) of noncontrolling interest | 700 | |||||||||||||||||||||||||||||||
Transfers from (to) noncontrolling interests | 3,618 | (1,416) | (1,416) | 5,034 | ||||||||||||||||||||||||||||
Temporary Equity, transfers from (to) noncontrolling interest | (3,618) | |||||||||||||||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities | 93 | 93 | 93 | |||||||||||||||||||||||||||||
Net loss | (100,512) | (96,348) | (96,348) | (4,164) | ||||||||||||||||||||||||||||
Temporary Equity, net loss | (1,562) | |||||||||||||||||||||||||||||||
Ending balance at Jun. 30, 2021 | (457,490) | $ 153 | $ (130,308) | $ 799,679 | $ 36 | $ (1,133,854) | $ (464,294) | $ 6,804 | ||||||||||||||||||||||||
Temporary equity, ending balance at Jun. 30, 2021 | $ 1,865 | $ 1,865 | ||||||||||||||||||||||||||||||
Ending balance, shares at Jun. 30, 2021 | 149,614,740 | 3,279,368 | ||||||||||||||||||||||||||||||
[1] | The consolidated balances as of December 31, 2020 and 2019 are derived from the audited consolidated financial statements as of those dates. | |||||||||||||||||||||||||||||||
[2] | The condensed consolidated balance sheet as of December 31, 2020 is derived from the audited consolidated financial statements as of that date. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Redeemable Convertible Noncontrolling Interests and Stockholders' Equity (Parenthetical) $ in Thousands | Mar. 31, 2021USD ($) |
Statement Of Stockholders Equity [Abstract] | |
Repurchase of Eidos noncontrolling interests for cash and shares, transaction costs | $ 70,734 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities: | ||
Net loss | $ (273,156) | $ (240,296) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 63,689 | 28,614 |
Depreciation and amortization | 4,052 | 2,036 |
Accretion of debt | 2,653 | 6,980 |
LEO call option expense (income) | (5,550) | 1,198 |
Other noncash adjustments | 7,206 | 444 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,040) | |
Receivable from licensing and collaboration agreements | (35,363) | |
Receivable from a related party | (8,962) | |
Prepaid expenses and other current assets | 1,400 | 1,634 |
Other assets | (5,723) | (965) |
Accounts payable | 13,025 | 3,983 |
Accrued compensation and benefits | (8,494) | (2,051) |
Accrued research and development liabilities | 2,463 | 16,345 |
Accrued professional services | 1,499 | 6,388 |
Operating lease liabilities | (2,776) | (1,418) |
Other accrued and other liabilities | 2,599 | 5,339 |
Net cash used in operating activities | (242,478) | (171,769) |
Investing activities | ||
Purchases of marketable securities | (509,934) | (168,801) |
Maturities of marketable securities | 238,934 | 82,516 |
Investment in equity securities | (20,000) | |
Increase in cash and cash equivalents from consolidation of PellePharm | 13,654 | |
Proceeds from disposal of property and equipment | 147 | |
Purchases of property and equipment | (4,248) | (4,823) |
Net cash used in investing activities | (281,594) | (90,961) |
Financing activities | ||
Proceeds from issuance of 2029 Notes in 2021 and 2027 Notes in 2020 | 747,500 | 550,000 |
Issuance costs and discounts associated with issuance of 2029 Notes and 2027 Notes | (16,064) | (13,039) |
Purchase of capped calls | (61,295) | (49,280) |
Repurchase of common stock | (55,308) | (75,000) |
Proceeds from at-the-market issuance of noncontrolling interest by Eidos, net | 24,094 | |
Transactions with noncontrolling interests | 70 | 1,000 |
Repurchase of Eidos noncontrolling interest, including direct transaction costs | (84,840) | |
Proceeds from term loan | 25,000 | |
Repayment of term loan | (18,108) | |
Proceeds from BridgeBio common stock issuances under ESPP | 1,652 | |
Repurchase of shares to satisfy tax withholding | (3,302) | |
Proceeds from stock option exercises, net of repurchases | 11,216 | 2,101 |
Net cash provided by financing activities | 546,521 | 439,876 |
Net increase in cash, cash equivalents and restricted cash | 22,449 | 177,146 |
Cash, cash equivalents and restricted cash at beginning of period | 358,679 | 364,197 |
Cash, cash equivalents and restricted cash at end of period | 381,128 | 541,343 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid for interest | 10,814 | 4,122 |
Supplemental Disclosures of Noncash Investing and Financing Information: | ||
Net noncash portion of repurchase of Eidos noncontrolling interests | 38,167 | |
Direct transaction costs in the repurchase of Eidos recorded in Additional paid-in capital previously classified in prepaid expenses and other current assets | 8,749 | |
Noncash contribution by an NCI | 21,600 | |
Recognized intangible asset recorded in Accrued research and development liabilities | 20,000 | |
Leasehold improvement paid by landlord | 2,136 | |
Recognition of property and equipment previously classified in other assets | 10,000 | |
Transfers from noncontrolling interests (Note 6) | $ 274 | $ 8,491 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Description of Business | 1. BridgeBio Pharma, Inc. (“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, “we”, “our”, “us”). BridgeBio is headquartered in Palo Alto, California. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements include the accounts of BridgeBio Pharma, Inc., its wholly-owned subsidiaries and controlled entities, all of which are denominated in U.S. dollars. All intercompany balances and transactions have been eliminated in consolidation. For consolidated entities where we own or are exposed to less than 100% of the economics, we record net loss attributable to noncontrolling interests in our condensed consolidated statements of operations equal to the percentage of the economic or ownership interest retained in such entities by the respective noncontrolling parties. In determining whether an entity is considered a controlled entity, we apply the VIE and Voting Interest Entity (“VOE”) models. We assess whether we are the primary beneficiary of a VIE based on our power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and our obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Entities that do not qualify as a VIE are assessed for consolidation under the VOE model. Under the VOE model, BridgeBio consolidates the entity if it determines that it has a controlling financial interest in the entity through its ownership of greater than 50% of the outstanding voting shares of the entity and that other equity holders do not have substantive voting, participating or liquidation rights. We assess whether we are the primary beneficiary of a VIE or whether we have a majority voting interest for entities consolidated under the VOE model at the inception of the arrangement and at each reporting date. The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC. The condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of our financial position, our results of operations and comprehensive loss, and our cash flows for the periods presented. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any other future annual or interim periods. Risks and Uncertainties In March 2020, the World Health Organization declared the outbreak of SARS-CoV-2, the novel strain of coronavirus that causes Coronavirus disease 19 (“COVID-19”) a global pandemic. Since then, the resources of healthcare providers and hospitals have been focused on fighting the virus, and we have experienced delays in or temporary suspension of the enrollment of patients in our subsidiaries’ ongoing clinical trials. We additionally may experience delays in certain ongoing key program activities, including commencement of planned clinical trials, as well as non-clinical experiments and investigational new drug application-enabling good laboratory practice toxicology studies. The exact timing of delays and their overall impact on our business are currently unknown, and we are monitoring the COVID-19 pandemic as it continues to evolve. We are continuing to actively monitor the situation and may take further precautionary and preemptive actions as may be required by federal, state or local authorities or that we determine are in the best interests of public health and safety and that of our patient community, employees, partners, suppliers and stockholders. We cannot predict the effects that such actions, or the impact of COVID-19 on global business operations and economic conditions, may have on our business or strategy, including the effects on our ongoing and planned clinical development activities and prospects, or on our financial and operating results. Cash, Cash Equivalents and Restricted Cash We consider all highly liquid investments purchased with original maturities of 90 days or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market instruments, such as money market funds and repurchase agreements collateralized with securities issued by the U.S. government or its agencies. Our restricted cash balance relates to cash and cash equivalents that we have pledged as collateral under certain lease agreements and letters of credit. 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, 2021 June 30, 2020 (in thousands) Cash and cash equivalents $ 378,420 $ 540,919 Restricted cash — Included in "Prepaid expenses and other current assets" 176 — Restricted cash — Included in "Other assets" 2,532 424 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 381,128 $ 541,343 Investment in Equity Securities Our investment in equity securities consists of equity securities of publicly held companies. We measure the fair value of our investment in equity securities at each reporting period in accordance with Accounting Standards Codification (“ASC”) 321, Investments — Equity Securities License Arrangements and Multiple-Element Arrangements Revenue from non-refundable, up-front license or technology access payments under license arrangements that are not dependent on any future performance by us is recognized when control of the license is transferred to our customer and our customer is able to benefit from the license . If we have continuing obligations to perform under the arrangement, such fees are recognized over the estimated period of continuing performance obligation. When we enter into license agreements, we assess whether the arrangements fall within the scope of ASC 808, Collaborative Arrangements Revenue from Contracts with Customers If our collaborative arrangement provides for the sharing of profits and losses with our partner for commercialization activities, the treatment of our share in the profit-sharing structure depends on who the selling party is. If we are the selling party and the deemed principal, we record our collaboration partner's share of profits as an addition in selling, general and administrative expenses and our collaboration partner's share of loss as a reduction in selling, general and administrative expenses. If our partner is the selling party and the deemed principal, we record our share of profits as collaboration revenue and our share of losses as addition to selling, general and administrative expenses. Revenue Recognition For elements of those arrangements that we determine should be accounted for under ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy our performance obligation. We apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer. At inception of the arrangement, once it is determined to be within the scope of ASC 606, we assess the goods or services promised within each contract and then identify the performance obligations and assess whether each promised good or service is distinct. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation, on a relative standalone selling price basis, when (or as) the performance obligation is satisfied. As part of the accounting for these arrangements, we develop assumptions that require judgment to determine the standalone selling price for each performance obligation identified in the contract. These key assumptions may include forecasted revenue or costs, development timelines, discount rates and probabilities of clinical and regulatory success. License Fees : For arrangements that include a grant of a license to our intellectual property, we consider whether the license grant is distinct from the other performance obligations included in the arrangement. Generally, we would conclude that the license is distinct if the customer is able to benefit from the license with the resources available to it. For licenses that are distinct, we recognize revenues from nonrefundable, upfront license fees and other consideration allocated to the license when the license term has begun and we have provided all necessary information regarding the underlying intellectual property to the customer, which generally occurs at or near the inception of the arrangement. For licenses that are bundled with other promises, we determine whether the combined performance obligation is satisfied over time or at a point in time. If the combined performance obligation is satisfied over time, we use judgment in determining the appropriate method of measuring progress for purposes of recognizing revenue from the allocated transaction price. We evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and related revenue recognition. Development and Regulatory Milestone Payments : At the inception of each arrangement that includes development and regulatory milestone payments, we evaluate whether the milestones are considered probable of being reached and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within our or our collaboration partners control, such as non-operational developmental and regulatory approvals, are generally not considered probable of being achieved until those approvals are received. At the end of each subsequent reporting period, we re-evaluate the probability of achieving such development and regulatory milestones and any related constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis. Sales-based Milestone Payments and Royalties : For arrangements that include sales-based royalties, including milestone payments based on the volume of sales, we will determine whether the license is deemed to be the predominant item to which the royalties or sales-based milestones relate and if such is the case, we will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Product supply services : Arrangements that include a promise for the future supply of drug product for either clinical development or commercial supply at the licensee’s discretion are generally considered as options. We will assess if these options provide a material right to the licensee and if so, they are accounted for as separate performance obligations and recognized when the future goods or services related to the option are provided or the option expires. Product Sales: Revenue is recognized when our distributors obtain control of the product and revenue is adjusted to reflect discounts, chargebacks, rebates, returns and other allowances associated to the respective sales. Milestone and Royalty Payments Under In-licensing Agreements and Asset Acquisitions Under our in-licensing agreements and asset acquisitions, we could be required to pay development, regulatory and sales-based milestone payments if certain substantive milestones are met. We generally expense development milestones as incurred. For regulatory or sales-based milestone that is associated to an approved asset, we capitalize the milestone payments related to the asset purchase as an intangible asset with a finite life provided that the milestone payment is recoverable based on our estimated projected cash flows. Such intangible asset is amortized over its estimated useful life beginning on the date the asset is available for its intended use, which would generally be the regulatory approval date. We assess the carrying value of any capitalized intangible asset for impairment at every reporting period. We could also be required to pay royalties based on actual net sales under in-licensing agreements and asset acquisitions. Such royalties are expensed in the period of sale of the product. 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 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 LEO call option liability (see Note 7), the fair value of the LianBio Warrants (see Note 7), the fair value of Eidos’ derivative liability (see Note 3), the present value of lease payments of our leases on the respective lease commencement dates, the impairment of certain of our asset groups, the expected recoverability and estimated useful lives of our assets, the valuation of our stock-based awards, accounting for stock-based award modifications, accruals for performance-based milestone compensation arrangements, accruals for research and development activities and accruals for contingent intellectual property, clinical, regulatory and sales milestones payments in our in-licensing agreements. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable. Actual results may differ from those estimates or assumptions. Recently Adopted Accounting Pronouncements Accounting Standards Update (“ASU”) 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . The guidance simplifies the complexity associated with applying U.S. GAAP for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options , that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share , to require entities to calculate diluted earnings per share for convertible instruments by using the if-converted method. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Adoption is either through a modified retrospective method or a full retrospective method of transition. Effective January 1, 2021, we early adopted ASU 2020-06 using the modified retrospective method with respect to our 2027 Notes, which is our convertible debt that existed at that date. As a result of the adoption, we no longer separately account for the liability and equity components of the 2027 Notes by allocating the proceeds between the liability component and the embedded conversion options, or equity component; and, instead, account for our 2027 Notes wholly as debt. This also resulted in the derecognition of a deferred tax liability, which represented a basis difference in the face value of the 2027 Notes due to the previous allocation of portion of the proceeds to the equity component. Additionally, we recorded a cumulative adjustment to decrease our opening accumulated deficit balance as of January 1, 2021, representing a reduction in previously recorded interest expense accretion to the principal amount of our 2027 Notes through December 31, 2020. The following table summarizes the adjustments made to our condensed consolidated balance sheet as of January 1, 2021 as a result of applying the modified retrospective method in adopting ASU 2020-06: As Reported Adjustments As Adjusted December 31, 2020 Account 2027 Notes wholly as debt Cumulative impact on interest expense January 1, 2021 (in thousands) 2027 Notes, net $ 383,436 $ 169,173 $ (14,328 ) $ 538,281 Other liabilities (1) 9,520 (1,095 ) $ — 8,425 Additional paid-in capital 1,021,344 (168,078 ) — 853,266 Accumulated deficit (888,755 ) — 14,328 (874,427 ) (1) Related deferred tax liability was recorded as part of “Other liabilities”. Under this transition method, we do not need to restate the comparative periods in transition and will continue to present financial information and disclosures for periods before January 1, 2021 in accordance with the pre-ASU 2020-06 guidance under ASC 470-20, Debt: Debt with Conversion and Other Options (ASC 470-20) The adoption did not impact previously reported amounts in our condensed consolidated statements of operations and cash flows and our basic and diluted net loss per share amounts. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 3 . The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation: June 30, 2021 Total Level 1 Level 2 Level 3 (in thousands) Assets Cash equivalents: Money market funds $ 255,663 $ 255,663 $ — $ — Short-term marketable securities: Commercial paper 263,013 — 263,013 — Corporate debt securities 120,940 — 120,940 — Supranational debt securities 75,290 — 75,290 — Total short-term marketable securities 459,243 — 459,243 — Long-term marketable securities: U.S. treasury notes 60,688 — 60,688 — Investment in equity securities 18,894 18,894 — — LianBio Warrants 2,878 — — 2,878 Total financial assets $ 797,366 $ 274,557 $ 519,931 $ 2,878 Liability Embedded derivative $ 1,366 $ — $ — 1,366 December 31, 2020 Total Level 1 Level 2 Level 3 (in thousands) Assets Cash equivalents: Money market funds $ 266,437 $ 266,437 $ — $ — Short-term marketable securities: U.S. treasury bills 14,999 — 14,999 — U.S. treasury notes 45,391 — 45,391 — Commercial paper 144,851 — 144,851 Corporate debt securities 45,770 — 45,770 — Total short-term marketable securities 251,011 — 251,011 — LianBio Warrants 3,338 — — 3,338 Total financial assets $ 520,786 $ 266,437 $ 251,011 $ 3,338 Liabilities LEO call option liability $ 5,550 $ — $ — 5,550 Embedded derivative 1,340 — — 1,340 Total financial liabilities $ 6,890 $ — $ — $ 6,890 There were no transfers between Level 1, Level 2 or Level 3 during the periods presented. There are uncertainties on the fair value measurement of the instruments classified under Level 3 due to the use of unobservable inputs and interrelationships between these unobservable inputs, which could result in higher or lower fair value measurements. Marketable Securities The fair value of our marketable securities classified within Level 2 is based upon observable inputs that may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications. Investment in Equity Securities We classify our investment in equity securities, which are currently equity securities of publicly held companies, within Level 1 as the fair values of these equity securities are derived from observable inputs such as quoted prices in active markets. LEO Call Option Liability The valuation of the LEO call option contained unobservable inputs that reflected our own assumptions for which there was little, if any, market activity at the measurement date. Accordingly, the LEO call option liability was remeasured to fair value on a recurring basis using unobservable inputs that were classified as Level 3 inputs. The uncertainty of the fair value measurement due to the use of unobservable inputs and interrelationships between these unobservable inputs could have resulted in higher or lower fair value measurement. On March 30, 2021, LEO provided a notice of termination of the LEO call option effective April 15, 2021. As a result and based on the facts and circumstances that existed as of March 31, 2021, we evaluated that the likelihood of LEO exercising said option is remote and we derecognized the LEO call option liability for the three months ended March 31, 2021. The following table sets forth a summary of the change in the estimated fair value of the LEO call option recorded in “Other income”: Total (in thousands) Balance as of December 31, 2020 $ 5,550 Change in fair value upon notice of termination of the LEO call option (5,550 ) Balance as of March 31, 2021 $ — Historically, we 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 as of December 31, 2020: December 31, 2020 Probability of milestone achievement 12.0%-84.0% Discount rate 0.1%-14.3% Expected term (in years) 1.25-6.25 Expected volatility 80.0%-95.0% Risk-free interest rate 1.16%-1.53% Dividend yield — Eidos Embedded Derivative Liability in Loan Agreement For the SVB and Hercules Loan entered into in November 2019 and prepaid in April 2021 (see Note 9), Eidos determined that the requirement to pay a fee upon certain events (“Success Fee”) is an embedded derivative liability to be measured at fair value. The fair value of the derivative was determined based on an income approach that identified the cash flows using a “with-and-without” valuation methodology. The inputs used to determine the estimated fair value of the derivative instrument were based primarily on the probability of an underlying event triggering the embedded derivative occurring and the timing of such event. The Success Fee survives the prepayment of the SVB and Hercules Loan per the terms of the contract; and, therefore, we continue to carry the embedded derivative liability at its fair value until it is settled or it expires. Notes The fair values of our 2.25% convertible senior notes due 2029 (the “2029 Notes”) and our 2.50% convertible senior notes due 2027 (the “2027 Notes”) (collectively, the “Notes”, see Note 9), which differ from their respective carrying values, are determined by prices for the Notes observed in market trading. The market for trading of the Notes is not considered to be an active market and therefore the estimate of fair value is based on Level 2 inputs. As of June 30, 2021, the estimated fair value of our 2029 Notes and 2027 Notes, which have aggregate face values of $747.5 million and $550.0 million, respectively, were $717.8 million and $880.0 million, respectively, based on their market prices on the last trading day for the period. As of December 31, 2020, the estimated fair value of the 2027 Notes was $997.9 million based on the market price on the last trading day for the period. Term Loans The fair value of our outstanding term loans (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 our outstanding term loans approximates the carrying amount, as the term loans bear a floating rate that approximates the market interest rate. |
Cash Equivalents and Marketable
Cash Equivalents and Marketable Securities | 6 Months Ended |
Jun. 30, 2021 | |
Cash Equivalents And Marketable Securities [Abstract] | |
Cash Equivalents and Marketable Securities | 4 . We invest in certain money market funds classified as cash equivalents, which are collateralized by deposits in the form of U.S. treasury securities for an amount no less than 102% of their value. We do not record an asset or liability for the collateral as we do not intend to sell or re-pledge the collateral. The collateral has the prevailing credit rating of at least the U.S. government treasuries and agencies. We utilize a third-party custodian to manage the exchange of funds and ensure that collateral received is maintained at 102% of the value of the reverse repurchase agreements on a daily basis. Cash equivalents and marketable securities classified as available-for-sale consisted of the following: June 30, 2021 Amortized Cost Basis Unrealized Gains Unrealized Losses Estimated Fair Value (in thousands) Cash equivalents: Money market funds $ 255,663 $ — $ — $ 255,663 Short-term marketable securities: Commercial paper 262,995 22 (4 ) 263,013 Corporate debt securities 120,929 23 (12 ) 120,940 Supranational debt securities 75,298 — (8 ) 75,290 Total short-term marketable securities 459,222 45 (24 ) 459,243 Long-term marketable securities: U.S. treasury notes 60,673 15 — 60,688 Total cash equivalents and marketable securities $ 775,558 $ 60 $ (24 ) $ 775,594 December 31, 2020 Amortized Cost Basis Unrealized Gains Unrealized Losses Estimated Fair Value (in thousands) Cash equivalents: Money market funds $ 266,437 $ — $ — $ 266,437 Short-term marketable securities: U.S. treasury bills 14,996 3 — 14,999 U.S. treasury notes 45,292 100 (1 ) 45,391 Commercial paper 144,851 — — 144,851 Corporate debt securities 45,680 93 (3 ) 45,770 Total short-term marketable securities 250,819 196 (4 ) 251,011 Total cash equivalents and marketable securities $ 517,256 $ 196 $ (4 ) $ 517,448 There have been no significant realized gains or losses on available-for-sale securities for the periods presented. As of June 30, 2021, our short-term and long-term marketable securities have average contractual maturities of approximately seven months and 14 months, respectively. We do not intend to sell our marketable securities and it is not more likely than not that we will be required to sell these securities before recovery of their amortized cost bases. |
Eidos
Eidos | 6 Months Ended |
Jun. 30, 2021 | |
Wholly Owned Subsidiary Disclosure [Abstract] | |
Eidos | 5 . 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 January 26, 2021, 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 until January 26, 2021, the date on which the Merger Transactions were consummated. On August 2, 2019, Eidos filed a shelf registration statement on Form S-3 (the “2019 Shelf”) with the SEC in relation to the registration of common stock, preferred stock, warrants and units of any combination thereof. Eidos also simultaneously entered into an Open Market Sale Agreement with Jefferies LLC and SVB Leerink LLC (collectively, the “Eidos Sales Agents”), to provide for the offering, issuance and sale by Eidos of up to an aggregate offering price of $100.0 million of its common stock from time to time in “at-the-market” offerings under the 2019 Shelf and subject to the limitations thereof (the “2019 Sales Agreement”). Eidos would pay to the applicable Eidos Sales Agent cash commissions of up to 3.0 percent of the gross proceeds of sales of common stock under the 2019 Sales Agreement. Eidos issued 448,755 shares under this offering and received $24.1 million of net proceeds in February 2020. On October 5, 2020, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Eidos, Globe Merger Sub I, Inc. (“Merger Sub”) and Globe Merger Sub II, Inc. (the two latter companies being our indirect wholly-owned subsidiaries), providing for, in a series of merger transactions (the “Merger Transactions”), the acquisition by us of all of the outstanding shares of common stock of Eidos (the “Eidos Common Stock”) other than shares of Eidos Common Stock that (i) were owned by Eidos as treasury stock, (ii) were owned by us and our subsidiaries and, in each case, not owned on behalf of third parties and (iii) were subject to an Eidos Restricted Share Award (as defined below). Under the Merger Agreement, the stockholders of Eidos had the right to receive, at their election, either 1.85 shares of our common stock or $73.26 in cash per Eidos share in the transaction, subject to proration as necessary to ensure that the aggregate amount of cash consideration was no greater than $175.0 million. In addition, immediately prior to the effective time of the merger of Merger Sub with and into Eidos (the “Effective Time”), (i) each option to purchase Eidos Common Stock (an “Eidos Option”) were to be converted into an option, on the same terms and conditions applicable to such Eidos Option immediately prior to the Effective Time, to purchase a specified number of shares of BridgeBio common stock, calculated pursuant to the terms of the Merger Agreement, and (ii) each outstanding award of shares of Eidos Common Stock that was subject to forfeiture conditions (subject to certain exceptions) (each, an “Eidos Restricted Share Award”) was to be converted into an award, on the same terms and conditions applicable to such Eidos Restricted Share Award immediately prior to the Effective Time, covering a number of whole restricted shares of BridgeBio common stock, calculated pursuant to the terms of the Merger Agreement, with any fractional shares being paid out to the holder of such Eidos Restricted Share Award in cash (conversion of the Eidos Option and the Eidos Restricted Share Awards collectively referred to as the “Eidos Awards Exchange”). On January 19, 2021, the stockholders of each of BridgeBio and Eidos voted to approve all proposals related to the Merger Transactions and on January 26, 2021, we closed and completed the Merger Transactions. The acquisition of the Eidos Common Stock was settled through an aggregate consideration of $1,651.6 million, which was comprised of cash payments of $21.3 million and the issuance of approximately 26,156,446 shares of our common stock, with a total fair value of $1,630.3 million. We accounted for the purchase of the outstanding Eidos Common Stock as acquisition of noncontrolling interest in accordance with ASC 810, Consolidation Through the closing of the Merger Transactions, we have incurred transaction costs aggregating $70.7 million that were recorded in “Additional paid-in capital” during the six months ended June 30, 2021. Upon closing and completion of the Merger Transactions with Eidos, Eidos became our wholly-owned subsidiary. Eidos’ common stock ceased to trade on the Nasdaq Global Select Market prior to the opening of business on January 26, 2021 and Eidos’ Certification and Notice of Termination of Registration under Section 12(g) of the Exchange Act was filed with the SEC on February 5, 2021. |
Noncontrolling Interests
Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2021 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | 6 . As of June 30, 2021 and December 31, 2020, we had 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 stockholders’ equity (deficit) in “Redeemable convertible noncontrolling interests” and as part of stockholders’ equity (deficit) in “Noncontrolling interests” in the condensed consolidated balance sheets. We adjust the carrying value of noncontrolling interests 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 and such adjustments are recorded to additional paid-in capital. During the three and six months ended June 30, 2021, the adjustments in the aggregate amounted to $(1.4) million and $0.3 million, respectively. During the three and six months ended June 30, 2020, the adjustments in the aggregate amounted to $(3.1) million and $8.5 million, respectively. All such adjustments are disclosed within the “Transfers from (to) noncontrolling interests” line item in the condensed consolidated statements of redeemable convertible noncontrolling interests and stockholders’ equity (deficit). As of December 31, 2020, the significant components of the noncontrolling interest balances pertained mainly to Eidos, which amounted to $40.2 million. Upon closing and completion of the Merger Transactions with Eidos on January 26, 2021 (see Note 5), the balance of the noncontrolling interest in Eidos was reduced to zero. |
Equity Method and Other Investm
Equity Method and Other Investments in Equity Method Investees | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method And Cost Method Investment [Abstract] | |
Equity Method and Other Investments in Equity Method Investees | 7 . LianBio LianBio, a related party, is a clinical-stage biopharmaceutical company founded by Perceptive Advisors. LianBio is focused on sourcing the best opportunities and creating new therapeutic paradigms for first-in-class programs to bring the world’s leading science to China and major Asian markets. In October 2019, BBP LLC entered into an exclusivity agreement with LianBio, pursuant to which BBP LLC received equity in LianBio representing a 10% ownership interest, valued at approximately $3.8 million at the time of the transaction. The equity interest was issued in consideration for certain rights of first negotiation and rights of first offer granted by BBP LLC to LianBio with respect to specified transactions covering intellectual property rights owned or controlled by BBP LLC or its affiliates in certain territories outside the United States. The amount of our 10% ownership interest was reduced to zero as of December 31, 2019 after recognizing our equity share in the net losses of LianBio for the year ended December 31, 2019. As of June 30, 2021 and December 31, 2020, our equity method investment in LianBio represented 6% Pursuant to a License Agreement entered into in October 2019 between QED and LianBio, QED also received warrants which entitles QED to purchase 10% of the then-fully diluted shares of one of the subsidiaries of LianBio upon achievement of certain contingent development milestones (the “LianBio Warrants”, see Note 3). PellePharm On November 19, 2018, PellePharm entered into the LEO Agreement, pursuant to which LEO Pharma (“LEO”) was granted an exclusive, irrevocable option to acquire PellePharm. The LEO call option was 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. We accounted for the LEO call option as a current liability (the “LEO Call Option Liability”, see Note 3) in our condensed consolidated financial statements because BridgeBio was obligated to sell its shares in PellePharm to LEO at a pre-determined price, if the option were to be exercised. We remeasured the LEO call option to fair value at each subsequent balance sheet date until the LEO call option either was exercised, terminated or had expired. Prior to the LEO Agreement, BridgeBio consolidated PellePharm under the VIE model. The date the LEO Agreement was entered into was determined to be a VIE reconsideration event. Based on our assessment, we had concluded that PellePharm remained a VIE after the reconsideration event as it did not have sufficient equity at risk to finance its activities without additional subordinated financial support. However, based on the then changes to PellePharm’s governance structure and Board of Directors composition as a result of the LEO Agreement, BridgeBio was no longer the primary beneficiary as it no longer had 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 was considered a related party of BridgeBio. Subsequent to the deconsolidation of PellePharm in 2018 , we accounted for our retained common stock investment as an equity method investment and our retained preferred stock investment as a cost method investment. W e account ed for the investment in PellePharm preferred stock as an equity security without a readily determinable fair value. As of December 31, 20 20 , the aggregate carrying amount of our investments in PellePharm was zero . After the equity method investment was reduced to zero during the three months ended March 31, 2019, BridgeBio subsequently recorded its percentage of net losses consistent with its preferred stock ownership percentage of 61.9 % until the equity security investment was also reduced to zero during the remaining period of 2019. The carrying amount of BridgeBio’s investment in PellePharm in the condensed consolidated balance sheets through March 31, 2021 represent ed its maximum loss exposure related to its VIE investment in PellePharm . There were no impairment s related to our PellePharm investment for the three months ended June 30 , 2021 and 2020 . LEO terminated the LEO Agreement effective April 15, 2021. The date the LEO Agreement was terminated was determined to be a VIE reconsideration event. Based on our assessment, we continue to conclude 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. Based on the changes to PellePharm’s Board of Directors composition as a result of the termination of the LEO Agreement, BridgeBio became the primary beneficiary as it has the power over the key decisions that most significantly impact PellePharm’s economic performance and it has the obligation to absorb losses or the right to receive benefits from PellePharm that could potentially be significant to PellePharm through its common and preferred stock interest in PellePharm. Accordingly, BridgeBio consolidated PellePharm effective on April 15, 2021. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8 . Milestone Compensation Arrangements We have performance-based milestone compensation arrangements with certain employees and consultants, whose vesting is contingent upon meeting various milestones, with fixed monetary amounts known at inception that can be settled in the form of cash or equity at our sole discretion. We also have performance-based milestone compensation arrangements with certain employees and consultants as part of the 2020 Stock and Equity Award Exchange Program (the “Exchange Program”, see Note 15). The compensation arrangements under the Exchange Program are to be settled in the form of equity only. Performance-based milestone awards that are settled in the form of equity are satisfied in the form of fully-vested restricted stock awards (“RSAs”). We accrue for such contingent compensation when the related milestone is probable of achievement and is recorded in “Accrued compensation and benefits” for the current portion and “Other liabilities” for the non-current portion in the condensed consolidated balance sheet. There is no accrued compensation expense for performance milestones assessed to be not probable of achievement. The table below shows our commitment for the potential milestone amounts and the accruals for milestones deemed probable of achievement as of June 30, 2021. Potential Fixed Monetary Amount Accrued Amount (1) Settlement Type (in thousands) Cash $ 11,307 $ 1,176 Stock (2) 136,027 13,936 Cash or stock at our sole discretion 96,473 3,419 Total $ 243,807 $ 18,531 (1) Amount recorded for performance-based milestone awards that are probable of achievement. (2) Includes the performance-based milestone awards that were granted as part of the Exchange Program further discussed in Note 15. Other Research and Development Agreements We may also enter into contracts in the normal course of business with clinical research organizations for clinical trials, with contract manufacturing organizations for clinical supplies and with other vendors for preclinical studies, supplies and other services and products for operating purposes. These contracts generally provide for termination on notice with potential termination charges. As of June 30, 2021 and December 31, 2020, there were no amounts accrued related to termination charges. Indemnification In the ordinary course of business, we may provide indemnifications of varying scope and terms to vendors, lessors, business partners, board members, officers and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by us, our negligence or willful misconduct, violations of law, or intellectual property infringement claims made by third parties. In addition, we have entered into indemnification agreements with directors and certain officers and employees that will require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. No material demands have been made upon us to provide indemnification under such agreements, and thus, there are no claims that we are aware of that could have a material effect on our condensed consolidated balance sheets, statements of operations and comprehensive loss, or statements of cash flows. We also maintain director and officer insurance, which may cover certain liabilities arising from our obligation to indemnify our directors. To date, we have not incurred any material costs and have not accrued any liabilities in the condensed consolidated financial statements as a result of these provisions. Contingencies From time to time, we may become involved in legal proceedings arising in the ordinary course of business. We are not currently a party to any material legal proceedings. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 9. Notes 2029 Notes On January 28, 2021, we issued an aggregate of $717.5 million principal amount of our 2029 Notes, pursuant to an Indenture dated January 28, 2021 (the “2029 Notes Indenture”), between us and U.S. Bank National Association, as trustee (the “2029 Notes Trustee”), in a private offering to qualified institutional buyers (the “2021 Note Offering”) pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The 2029 Notes issued in the 2021 Note Offering include $67.5 million aggregate principal amount of 2029 Notes sold to the initial purchasers (the “2029 Notes Initial Purchasers”) pursuant to the exercise in part of the 2029 Notes Initial Purchasers’ option to purchase $97.5 million principal amount of additional 2029 Notes. On January 28, 2021, the 2029 Notes Initial Purchasers exercised the remaining portion of their option to purchase $30.0 million principal amount of additional 2029 Notes. The sale of those additional 2029 Notes closed on February 2, 2021. The 2029 Notes will accrue interest payable semiannually in arrears on February 1 and August 1 of each year, beginning on August 1, 2021, at a rate of 2.25% per year. The 2029 Notes will mature on February 1, 2029, unless earlier converted, redeemed or repurchased. The 2029 Notes are convertible into cash, shares of BridgeBio’s common stock or a combination of cash and shares of BridgeBio’s common stock, at our election. We received net proceeds from the 2021 Note Offering of approximately $731.4 million, after deducting the 2029 Notes Initial Purchasers’ discount (there were no direct offering expenses borne by us for the 2029 Notes). We used approximately $61.3 million of the net proceeds from the 2021 Note Offering to pay for the cost of the 2021 Capped Call Transactions described below and approximately $50.0 million to pay for the repurchase of shares of BridgeBio common stock described below. We intend to use the remainder of the net proceeds from the 2021 Note Offering for general corporate purposes, which may include research and development and clinical development costs to support the advancement of our drug candidates, including the continued growth of our commercial and medical affairs capabilities, the conduct of clinical trials and preclinical research and development activities; working capital; capital expenditures; repayment of outstanding indebtedness; general and administrative expenses; and other general corporate purposes. A holder of 2029 Notes may convert all or any portion of its 2029 Notes at its option at any time prior to the close of business on the business day immediately preceding November 1, 2028 in multiples of $1,000 only under the following circumstances: • During any calendar quarter commencing after the calendar quarter ending on June 30, 2021 (and only during such calendar quarter), if the last reported sale price of BridgeBio’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day • During the five business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined in the 2029 Notes Indenture) per $1,000 principal amount of 2029 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of BridgeBio’s common stock and the conversion rate on each such trading day • If we call such notes for redemption, at any time prior to the close of business on the second business day immediately preceding the redemption date; or • Upon the occurrence of specified corporate events, as defined in the 2029 Notes Indenture. On or after November 1, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date, a holder may convert all or any portion of its 2029 Notes at any time, regardless of the foregoing. The conversion rate will initially be 10.3050 shares of BridgeBio’s common stock per $1,000 principal amount of 2029 Notes (equivalent to an initial conversion price of approximately $97.04 per share of BridgeBio’s common stock, for a total of approximately 7,702,988 shares). The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date We may not redeem the 2029 Notes prior to February 6, 2026. We may redeem for cash all or any portion of the 2029 Notes, at our option, on a redemption date occurring on or after February 6, 2026 and on or before the 41st scheduled trading day immediately before the maturity date, under certain circumstances. No sinking fund is provided for the Notes. If we undergo a fundamental change (as defined in the 2029 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2029 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2029 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 2029 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2029 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the 2029 Notes then outstanding may declare the entire principal amount of all the Notes plus accrued special interest, if any, to be immediately due and payable. The 2029 Notes are our general unsecured obligations and rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2029 Notes; equal in right of payment with all of our liabilities that are not so subordinated, including our 2027 Notes; effectively junior to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries. In connection with the issuance of the 2029 Notes, we incurred approximately $16.1 million of debt issuance costs, which consisted of initial purchasers’ discounts. This was recorded as a reduction in the carrying value of the debt on the condensed consolidated balance sheet and is amortized to interest expense using the effective interest method over the expected life of the 2029 Notes or approximately their eight-year 2027 Notes On March 9, 2020, we issued an aggregate principal amount of $550.0 million of our 2.50% Convertible Senior Notes due 2027 (the “2027 Notes”), pursuant to an Indenture dated March 9, 2020 (the “2027 Notes Indenture”), between us and U.S. Bank National Association, as trustee (the “2027 Notes Trustee”), in a private offering to qualified institutional buyers (the “2020 Note Offering”) pursuant to Rule 144A under the Securities Act. The 2027 Notes issued in the 2020 Note Offering include $75.0 million in aggregate principal amount of 2027 Notes sold to the initial purchasers (the “2027 Notes Initial Purchasers”) resulting from the exercise in full of their option to purchase additional 2027 Notes. The 2027 Notes will accrue interest payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2020, at a rate of 2.50% per year. The 2027 Notes will mature on March 15, 2027, unless earlier converted or repurchased. The 2027 Notes are convertible into cash, shares of BridgeBio’s common stock or a combination of cash and shares of BridgeBio’s common stock, at our election. We received net proceeds from the 2020 Note Offering of approximately $537.0 million, after deducting the 2027 Notes Initial Purchasers’ discount and offering expenses. We used approximately $49.3 million of the net proceeds from the 2020 Note Offering to pay for the cost of the 2020 Capped Call Transactions described below, and approximately $75.0 million to pay for the repurchase of shares of BridgeBio common stock described below. We intend to use the remainder of the net proceeds from the 2020 Note Offering for working capital and other general corporate purposes, including for its commercial organization and launch preparations. We may also use any remaining net proceeds to fund possible acquisitions of, or investments in, complementary businesses, products, services and technologies. A holder of 2027 Notes may convert all or any portion of its 2027 Notes at its option at any time prior to the close of business on the business day immediately preceding December 15, 2026 in multiples of $1,000 only under the following circumstances: • During any calendar quarter commencing after the calendar quarter ending on June 30, 2020 (and only during such calendar quarter), if the last reported sale price of BridgeBio’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day (the “Conversion Price Condition”); • During the five business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined in the 2027 Notes Indenture) per $1,000 principal amount of 2027 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of BridgeBio’s common stock and the conversion rate on each such trading day (the “Conversion Rate Condition”); or • Upon the occurrence of specified corporate events, as defined in the 2027 Notes Indenture. On or after December 15, 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date, a holder may convert all or any portion of its 2027 Notes at any time, regardless of the foregoing. During each of the calendar quarters ending March 31 and June 30, 2021, the 2027 Notes were eligible for conversion at the option of the holders as the Conversion Price Condition was met during the period. The conversion rate will initially be 23.4151 shares of BridgeBio’s common stock per $1,000 principal amount of 2027 Notes (equivalent to an initial conversion price of approximately $42.71 per share of BridgeBio’s common stock, for a total of approximately 12,878,305 shares). Based on the closing price of our common stock on June 30, 2021, the if-converted value of the 2027 Notes exceeded its principal amount by approximately $235.1 million. The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2027 Notes in connection with such a corporate event. The maximum number of shares issuable should there be an increase in the conversion rate is 17,707,635 shares of BridgeBio’s common stock. We may not redeem the 2027 Notes prior to the maturity date, and no sinking fund is provided for the 2027 Notes. If we undergo a fundamental change (as defined in the 2027 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2027 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2027 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 2027 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2027 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the 2027 Notes then outstanding may declare the entire principal amount of all the 2027 Notes plus accrued special interest, if any, to be immediately due and payable. The 2027 Notes are our general unsecured obligations and rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2027 Notes; equal in right of payment with all of BridgeBio’s liabilities that are not so subordinated, including our 2029 Notes; effectively junior to any of BridgeBio’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries. In accounting for the issuance of the 2027 Notes in 2020 under ASC 470-20, we separately accounted for the liability and equity components of the 2027 Notes by allocating the proceeds between the liability component and the embedded conversion options, or equity component, due to our ability to settle the 2027 Notes in cash, BridgeBio common stock, or a combination of cash and BridgeBio common stock at our option. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. The allocation was performed in a manner that reflected BridgeBio’s non-convertible debt borrowing rate for similar debt. The equity component of the 2027 Notes was recognized as a debt discount and represents the difference between the gross proceeds from the issuance of the 2027 Notes and the fair value of the liability of the 2027 Notes on the date of issuance. The equity component would not be remeasured as long as it continues to meet the conditions for equity classification. In connection with the issuance of the 2027 Notes, we incurred approximately $13.0 million of debt issuance costs, which primarily consisted of initial purchasers’ discounts and legal and other professional fees. We allocated these costs to the liability and equity components based on the allocation of the proceeds. The portion of these costs allocated to the equity component totaling approximately $4.1 million was recorded as a reduction to additional paid-in capital in 2020. The portion of these costs allocated to the liability component totaling approximately $8.9 million was recorded as a reduction in the carrying value of the debt on the condensed consolidated balance sheet and was amortized to interest expense using the effective interest method over the expected life of the 2027 Notes or approximately their seven-year As discussed in Note 2, effective January 1, 2021, we early adopted ASU 2020-06 using the modified retrospective method and, as a result, we are no longer required to separately account for the liability and equity components of the 2027 Notes, and, instead, account for our 2027 Notes wholly as debt. Comparative information with respect to our 2027 Notes disclosed below continue to be presented in accordance with the pre-ASU 2020-06 guidance under ASC 470-20. Additional Information Related to the Notes The outstanding Notes’ balances consisted of the following: June 30, 2021 December 31, 2020 2029 Notes 2027 Notes 2027 Notes (in thousands) Liability component Principal $ 747,500 $ 550,000 $ 550,000 Unamortized debt discount (15,298 ) (10,356 ) (158,404 ) Unamortized debt issuance costs — (542 ) (8,160 ) Net carrying amount $ 732,202 $ 539,102 $ 383,436 Equity component, net of issuance costs $ 169,173 The following table sets forth the total interest expense recognized and effective interest rates related to the Notes for the current period: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 2029 Notes 2027 Notes Total 2029 Notes 2027 Notes Total (in thousands) (in thousands) Contractual interest expense $ 4,205 $ 3,437 $ 7,642 $ 7,148 $ 6,875 $ 14,023 Amortization of debt discount 454 389 843 765 775 1,540 Amortization of debt issuance costs — 24 24 — 47 47 Total interest and amortization expense $ 4,659 $ 3,850 $ 8,509 $ 7,913 $ 7,697 $ 15,610 Effective interest rate 2.6 % 2.8 % 2.6 % 2.8 % The following table sets forth the total interest expense recognized and effective interest rates related to the 2027 Notes for the comparative period: Three Months Ended March 9, 2020 Through June 30, 2020 June 30, 2020 (in thousands) Contractual interest expense $ 3,475 $ 4,354 Amortization of debt discount 4,495 5,574 Amortization of debt issuance costs 233 289 Total interest and amortization expense $ 8,203 $ 10,217 Effective interest rate 8.8 % 8.8 % Future minimum payments under the Notes as of June 30, 2021 are as follows: 2029 Notes 2027 Notes (in thousands) Remainder of 2021 $ 8,550 $ 6,875 Year ending December 31: 2022 16,819 13,750 2023 16,819 13,750 2024 16,819 13,750 2025 16,819 13,750 Thereafter 806,366 570,625 Total future payments 882,192 632,500 Less amounts representing interest (134,692 ) (82,500 ) Total principal amount $ 747,500 $ 550,000 Capped Call and Share Repurchase Transactions with Respect to the Notes On January 25, 2021 and March 4, 2020, concurrently with the pricing of the 2029 Notes and 2027 Notes, respectively, we entered into separate privately negotiated capped call transactions (the “2021 Capped Call Transactions” and the “2020 Capped Call Transactions”, respectively, together the “Capped Call Transactions”) with certain financial institutions (the “Capped Call Counterparties”). We used approximately $61.3 million and $49.3 million of the net proceeds from the 2021 Note Offering and 2020 Note Offering, respectively, to pay for the cost of the respective Capped Call Transactions. The Capped Call Transactions are expected generally to reduce the potential dilution to BridgeBio’s common stock upon any conversion of Notes and/or offset any cash payments we are required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap initially equal to $131.58 for the 2021 Capped Call Transactions and $62.12 for the 2020 Capped Call Transactions (both of which represented a premium of 100% over the last reported sale price of BridgeBio’s common stock on the date of the Capped Call Transactions) These Capped Call instruments meet the conditions outlined in ASC 815-40 to be classified in stockholders’ equity and are not subsequently remeasured as long as the conditions for equity classification continue to be met. We recorded a reduction to additional paid-in capital of approximately $61.3 million and $49.3 million during the three months ended March 31, 2021 and 2020, respectively, related to the premium payments for the Capped Call Transactions. Additionally, we used approximately $50.0 million and $75.0 million of the net proceeds from the 2021 Note Offering and 2020 Note Offering to repurchase 759,993 shares and 2,414,681 shares, respectively, of our common stock concurrently with the closing of the Note Offerings from certain of the Notes’ Initial Purchasers in privately negotiated transactions. The agreed purchase price per share of common stock in the repurchases were $65.79 and $31.06, which were the last reported sale prices per share of our common stock on The Nasdaq Global Select Market (“Nasdaq”) on January 25, 2021 and March 4, 2020, respectively. The shares repurchased were recorded as treasury stock. Term Loans Hercules Loan and Security Agreement We have a Loan and Security Agreement with Hercules Capital, Inc. (“Hercules”) under which we borrowed principal amounts of $35.0 million (“Tranche I”), $20.0 million (“Tranche II”), $20.0 million (“Tranche III”) and $25.0 million (“Tranche IV”), all of which remain outstanding. The Loan and Security Agreement has been amended from time to time. In March 2020, we executed the Third Amendment to the Loan and Security Agreement primarily to allow us to issue our 2027 Notes and to enter into the Capped Call and Share Repurchase Transactions. In April 2020, we entered into the Fourth Amendment to the Loan and Security Agreement, which among other things, extended the interest-only period and maturity date of the term loans, provided for certain interest rate reduction and increased the available loan facilities under the Loan and Security Agreement. There were no gains or losses arising from the amendment, which is considered a debt modification. In January 2021, we executed the Fifth Amendment to the Loan and Security Agreement primarily to allow us to issue our 2029 Notes and to enter into the related 2021 Capped Call and share repurchase transactions. In April 2021, we executed the Sixth Amendment to the Loan and Security Agreement (the “Amended Hercules Term Loan”), which among other things: (1) provided for an additional principal borrowing amounting to $25.0 million (the proceeds of which were received by us as the Tranche IV upon the execution of the Amended Hercules Term Loan), ( 2 ) extended the interest-only period under the Loan and Security Agreement to J une 1, 202 4 (the “Amended Amortization Date”) which may be further extended to J une 1, 202 5 , subject to certain conditions set forth in the Amended Hercules Term Loan, ( 3 ) extended the maturity date for the term loans under the Loan and Security Agreement to May 1, 2025, which may be further extended to May 1, 2026, subject to certain conditions set forth in the Amended Hercules Term Loan, ( 4 ) provided for an interest rate on the outstanding principal balance equal to the greater of (x) a floating interest rate linked to the prime rate as reported in the Wall Street Journal plus 4.40% and (y) 7.65% (7.65% as of June 30, 2021), payable monthly, and ( 5 ) provided for additional available facilities aggregating to $185.0 million, which comprises of: (a) an additional incremental loan in the amount of $70.0 million, available no later than June 15, 2022, (b) an additional incremental loan following the achievement of certain performance milestones in the amount of $40.0 million, available no later than September 15, 2022, and (c) an additional $75.0 million discretionary incremental tranche, subject to Hercules’ approval in its sole and absolute discretion, available no later than December 15, 2023. The Amended Hercules Term Loan also provides us with greater flexibility to incur additional convertible debt and repurchase and/or redeem convertible debt, each subject to certain conditions set forth in the Amended Hercules Term Loan. There have not been any additional draws on the $185.0 million additional available facilities as of June 30, 2021. There were no gains or losses arising from the Amended Hercules Term Loan, which is considered a debt modification. During the three and six months ended June 30, 2021, we recognized interest expense related to the Amended Hercules Term Loan of $2.4 million and $4.4 million, respectively, of which $0.5 million and $0.8 million, respectively, relate to amortization of debt discount and issuance costs. During the three and six months ended June 30, 2020, we recognized interest expense related to the Hercules Term Loan of $3.9 million and $5.4 million, respectively, of which $0.3 million and $0.7 million, respectively, relate to amortization of debt discount and issuance costs. Silicon Valley Bank and Hercules Loan Agreement Eidos entered into a Loan and Security Agreement with Silicon Valley Bank (“SVB”) and Hercules Capital, Inc. (the “SVB and Hercules Loan Agreement”), under which Eidos borrowed a principal amount of $17.5 million (the “Tranche A loan”) in November 2019. The Tranche A loan was subject to an interest rate equal to the greater of either (i) 8.50% or (ii) 3.25% plus the prime rate as reported in The Wall Street Journal (8.50% during the relevant period in 2021) and had an original maturity date of October 2, 2023. The Tranche A loan also provided for a final payment charge equal to 5.95% multiplied by the amount funded to be paid when the loan becomes due or upon prepayment of the facility. If Eidos elected to prepay the Tranche A loan, there was also a prepayment fee of between 0.75% and 2.50% of the principal amount being prepaid depending on the timing and circumstances of prepayment. The Tranche A loan was secured by substantially all of Eidos’ assets, except Eidos’ intellectual property, which was the subject of a negative pledge. In January 2021, Eidos entered into an amendment to the SVB and Hercules Loan Agreement primarily to allow Eidos to enter into the Merger Transactions. The amendment also required Eidos to maintain a certain amount of cash and cash equivalents with SVB. The Tranche A loan was prepaid in full in April 2021 using a portion of the proceeds from Tranche IV under the Amended Hercules Term Loan discussed above. Loss on prepayment of the Tranche A loan recognized by Eidos was immaterial. |
License and Collaboration Agree
License and Collaboration Agreement with Helsinn | 6 Months Ended |
Jun. 30, 2021 | |
License And Collaboration Agreement [Abstract] | |
License and Collaboration Agreement with Helsinn | 10. On March 29, 2021, QED entered into a license and collaboration agreement with Helsinn Healthcare S.A. (“HHC”) and Helsinn Therapeutics (U.S.), Inc. (“HTU”, collectively with HHC, “Helsinn,” and together with QED, the “Parties”) (the “QED-Helsinn License and Collaboration Agreement”), pursuant to which QED has agreed to grant HHC exclusive licenses to develop, manufacture and commercialize QED’s product candidate, infigratinib, in oncology and all other indications except achondroplasia or any other skeletal dysplasias, worldwide, except for the People’s Republic of China, Hong Kong and Macau (“Greater China”), and under which QED will receive a co-exclusive license to co-commercialize infigratinib in the United States in the licensed indications. Under this agreement, Helsinn is likewise entitled to a right of first negotiation with respect to specific territories subject to occurrence of a contingent event. As part of this agreement, QED is also required to transfer certain existing inventory within the transitional period, as described in the agreement. The effectiveness of the transactions contemplated under this agreement was subject to specified conditions, including the expiration or early termination of any waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). The waiting period under the HSR Act ended on April 16, 2021 and the QED-Helsinn License and Collaboration Agreement became effective as of that date. Under the terms of the QED-Helsinn License and Collaboration Agreement, QED is eligible to receive payments totaling up to approximately $2.45 billion in the aggregate, including over $100.0 million in upfront, regulatory and launch milestone payments, and the remainder subject to the achievement of specified commercial milestones, as well as tiered royalties in the high teens as a percentage of adjusted net sales by Helsinn of the licensed products sold worldwide, outside of the United States and Greater China. Upon approval by the FDA, QED and HTU will co-commercialize infigratinib in the licensed indications in the United States and will share profits and losses on a 50:50 basis. In May 2021, we received such FDA approval for an oncology indication in the United States and effective that date, sharing of profits and losses has commenced. QED and Helsinn will share global, excluding Greater China, research and development costs for infigratinib in the licensed indications at a rate of 40% for QED and 60% for Helsinn. The QED-Helsinn License and Collaboration Agreement is considered to be within the scope of ASC 808 as the parties are active participants and are exposed to the risks and rewards of the collaborative activity and partially within the scope of ASC 606, for the units of account that Helsinn is identified as a customer. For the units of account in the collaboration arrangement that do not represent a vendor-customer relationship, including the performance of research and development and commercialization services, we determined that ASC 606 is not appropriate to apply by analogy and applied a reasonable and rational accounting policy election that faithfully depicts the transfer of services to the collaboration partner over the estimated performance period. Reimbursement payments from Helsinn associated with profit and cost sharing provisions are recognized as the related expense is incurred and classified as an offset to the underlying expense and excluded from the transaction price. We evaluated the terms of the QED-Helsinn License and Collaboration Agreement and identified Helsinn as a customer with the following two distinct performance obligations: (1) exclusive licenses to develop, manufacture, and commercialize the underlying product, and (2) transfer of certain existing inventory within the transitional supply period. We consider the future potential regulatory and launch milestones to be variable consideration. We constrain variable consideration to the extent that it is not probable that it will result in a significant revenue reversal when the uncertainty associated with the variable consideration is subsequently resolved. We recognize consideration relating to sales-based milestones and royalties when the subsequent sales occur. We determined the initial transaction price for the QED-Helsinn License and Collaboration Agreement to be $46.0 million, comprising of $20.0 million nonrefundable upfront license fee, $1.0 million for sale of certain existing inventory, and $25.0 million milestone for the first launch of the first indication of infigratinib in the U.S. The remaining future potential milestone payments were not included in the transaction price as they were determined to be fully constrained under ASC 606. We determined that the achievement of such regulatory and launch milestones are contingent upon success in future clinical trials and regulatory approvals, which are not within our control and are uncertain at this stage. We expect that the royalty arrangements and commercial-based milestones will be recognized when the sales occur or the milestones are achieved pursuant to the sales-based royalty exception under ASC 606-10-55-65 because the license is the predominant item to which the royalties or commercial-based milestones relate. We will re-evaluate the transaction price at each reporting period and as uncertain events are resolved or other changes in circumstances occur. Based on the distinct performance obligations under the QED-Helsinn License and Collaboration Agreement, we allocated the $46.0 million transaction price based on relative stand-alone selling prices of each of our performance obligations as $44.4 million for the licenses and $1.6 million for the transfer of certain existing inventory. For the delivery of the licenses, we based the stand-alone selling price on a discounted cash flow approach and considered several factors including, but not limited to, forecasted revenue and costs, development timelines, discount rate and probabilities of clinical and regulatory success. For the transfer of certain existing inventory, we based the stand-alone selling price on the actual costs incurred by us to purchase or manufacture the inventory as well as the average compensation of employees estimated to be incurred over the performance period. During the six months ended June 30, 2021, we recognized $44.4 million in license revenue relating to the delivery of licenses. We determined that the license was a right to use the intellectual property of QED and as of June 30, 2021, we had provided all necessary information to Helsinn for it to benefit from the license under the license term. The remaining $1.6 million relating to the transfer of certain existing inventory is recorded as deferred revenue in ‘Other accrued liabilities’ as of June 30, 2021 and is expected to be recognized in the second half of 2021 when the inventory is delivered. Total receivables from Helsinn under these units of account accounted for under ASC 606 amounted to $26.0 million as of June 30, 2021 and are shown as part of “Receivable from licensing and collaboration agreements” in the condensed consolidated balance sheet. For the unit of account that is within the scope of ASC 808 relating to research and development costs, we have recognized Helsinn’s share of research and development expenses of $19.5 million as a reduction of research and development expenses for the three and six months ended June 30, 2021. Following the FDA approval of Truseltiq TM |
License Agreement Between Navir
License Agreement Between Navire and Lian Bio | 6 Months Ended |
Jun. 30, 2021 | |
Out Licensing Agreements [Abstract] | |
Licensing Agreements Between Navire and LianBio | 11. License Agreement Between Navire and LianBio In August 2020, our subsidiary, Navire Pharma, Inc. (“Navire”) entered into an exclusive license agreement with LianBio (the “Navire-LianBio License Agreement”). Pursuant to the Navire-LianBio License Agreement, Navire granted to LianBio an exclusive, sublicensable license under the licensed patent rights and know-how to develop, manufacture and commercialize SHP2 inhibitor BBP-398 (“BBP-398”), for tumors driven by RAS and receptor tyrosine kinase mutations. Under the terms of the Navire-LianBio License Agreement, LianBio will receive commercial rights in China and selected Asian markets and participate in clinical development activities for BBP-398. In consideration for the rights granted to LianBio, we received a nonrefundable $8.0 million upfront payment in 2020. We will also receive future development and sales milestone payments of up to $382.1 million, and tiered royalty payments from single-digit to low-teens on net sales of the product in licensed territories. We recognized $8.5 million in license revenue, representing a regulatory milestone payment, for the three and six months ended June 30, 2021. Such amount is recorded as “Receivable from a related party” in our condensed consolidated balance sheet as of June 30, 2021. |
Asset Acquisitions
Asset Acquisitions | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Asset Acquisitions | 12. Asset Acquisitions Novartis License Agreement In January 2018, QED entered into a License Agreement with Novartis International Pharmaceutical, Inc. (“Novartis”), pursuant to which QED acquired certain intellectual property rights, including patents and know-how, related to infigratinib for the treatment of patients with FGFR-driven diseases. QED accounted for the transaction as an asset acquisition as substantially all of the estimated fair value of the gross assets acquired was concentrated in a single identified asset, 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 charged to research and development expense as it had no alternative future use at the time of the acquisition. If certain substantial milestones are met, QED could be required to pay up to $60.0 million in regulatory milestone payments, $35.0 million in sales-based milestone payments, and pay royalties of up to low double-digit percentages on net sales. Following the FDA approval of Truseltiq TM As of June 30, 2021 the intangible asset had a net carrying value of $20.0 million, which is recorded as part of “Other assets” in our condensed consolidated balance sheet, and had a remaining useful life of 13.5 years. Future amortization expense is $0.9 million for the remainder of 2021, $1.5 million for each of the years from 2022 to 2025 and $13.1 million thereafter. Asset Purchase Agreement with Alexion In June 2018, our subsidiary, Origin, entered into an Asset Purchase Agreement with Alexion Pharma Holding Unlimited Company (“Alexion”) to acquire intellectually property rights, including patent rights, know-how, and contracts, related to the ALXN1101 molecule. Origin accounted for the transaction as an asset acquisition as substantially all of the estimated fair value of the gross assets acquired was concentrated in a single identified asset, 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 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, Origin could be required to pay up to $18.8 million under a certain condition laid out in the Asset Purchase Agreement, $3.0 million in regulatory milestone payments, $17.0 million in sales-based milestone payments, and pay royalties of up to low double-digit percentages on net sales. We recognized $2.0 million in research and development expense, representing a regulatory milestone payment upon FDA approval of Nulibry TM |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | 1 3 . Operating and Finance Leases We have operating leases for our corporate headquarters, office spaces and a laboratory facility. One of our office space leases has a finance lease component representing lessor provided furniture and office equipment. Certain leases include renewal options at our discretion and we include the extension options when we are reasonably certain that the extension option will be exercised. The lease liabilities were measured using a weighted-average discount rate based on the most recent borrowing rate as of the calculation of the respective lease liability, adjusted for the remaining lease term and aggregate amount of the lease. The components of lease cost are as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) (in thousands) Straight line operating lease costs $ 1,256 $ 995 $ 2,621 $ 1,689 Finance lease costs Straight line finance lease costs 88 — 117 — Interest on finance lease liability 28 — 56 — Variable lease costs 969 142 1,720 301 Total lease cost $ 2,341 $ 1,137 $ 4,514 $ 1,990 Supplemental cash flow information related to leases are as follows: Six Months Ended June 30, 2021 2020 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,858 $ 1,684 Operating cash flows for finance lease — cash paid for interest 63 — Financing cash flows for finance lease — cash paid for principal 22 — Operating lease right-of-use assets obtained in exchange for operating lease obligations 4,041 11,814 Supplemental information related to the remaining lease term and discount rate are as follows: June 30, 2021 2020 Weighted-average remaining lease term (in years) Operating leases 6.3 5.3 Finance lease 4.6 — Weighted-average discount rate Operating leases 5.79 % 5.87 % Finance lease 6.62 % — As of June 30, 2021, future minimum lease payments for our noncancelable leases are as follows: Operating Leases Finance Lease (in thousands) Remainder of 2021 $ 2,783 $ 151 Year ending December 31: 2022 5,360 420 2023 4,287 432 2024 4,011 445 2025 3,980 459 Thereafter 6,419 38 Total future minimum lease payments 26,840 1,945 Imputed interest (4,278 ) (275 ) Total $ 22,562 $ 1,670 Reported as of June 30, 2021 Operating lease liabilities, current portion $ 4,540 Operating lease liabilities, net of current portion 18,022 Total operating lease liabilities $ 22,562 Finance lease liability, current portion — Included in "Other accrued liabilities" $ 258 Finance lease liability, net of current portion — Included in "Other liabilities" 1,412 Total finance lease liability $ 1,670 We recognized an impairment loss for certain of our asset groups estimated using discounted cash flow model (income approach) during the three months ended March 31, 2021 of $3.3 million, which is included in selling, general and administrative expenses in our condensed consolidated statement of operations for the six months ended June 30, 2021. The impairment loss recorded includes $2.6 million related to operating lease right-of-use assets and $0.7 million related to property and equipment namely leasehold improvements and office furniture and equipment that we no longer use. Manufacturing Agreement In December 2019, we entered into a manufacturing agreement to secure clinical and commercial scale manufacturing capacity for the manufacture of batches of active pharmaceutical ingredients for product candidates of certain subsidiaries of BridgeBio. Unless terminated as allowed within the manufacturing agreement, the agreement will expire five years from when qualified operations begin. Under the terms of the agreement, we are assigned a dedicated manufacturing suite for certain months in each calendar year for a one-time fee of $10.0 million, which will be applied to the buildout, commissioning, qualification, validation, equipping and exclusive use of the dedicated manufacturing suite. We recorded a construction-in-progress asset of $10.0 million for the payments directly associated with the dedicated manufacturing suite as these payments are deemed to represent a non-lease component. The construction and readiness determination phases of the dedicated manufacturing suite is expected to be completed in 2021. The remaining $2.0 million payable related to the dedicated manufacturing suite is recorded as part of “Other accrued liabilities” in the consolidated balance sheet as of June 30, 2021. |
Share Repurchase Program and Sh
Share Repurchase Program and Shelf Registration | 6 Months Ended |
Jun. 30, 2021 | |
Share Repurchase Program And Shelf Registration [Abstract] | |
Share Repurchase Program and Shelf Registration | 1 4 . Share Repurchase Program and Shelf Registration 2021 Share Repurchase Program In May 2021, our Board of Directors authorized and approved a stock repurchase program pursuant to which we may purchase up to $150.0 million of BridgeBio’s outstanding common stock. Stock repurchases under the program may be made from time to time, in the open market, in privately negotiated transactions and otherwise, at the discretion of our management and in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act, of 1934, as amended, and other applicable legal requirements. The timing, pricing and amounts of these repurchases will depend on a number of factors, including the market price of our common stock and general market and economic conditions. The stock repurchase program does not obligate us to repurchase any dollar amount or number of shares, and the program may be suspended or discontinued at any time. As of June 30, 2021, we repurchased 104,694 shares in the open market at an average price of $50.71 per share for a total of $5.3 million. As of June 30, 2021, the repurchased shares are held in treasury as treasury stock. 2020 Shelf Registration In July 2020, we filed a shelf registration statement on Form S-3 (the “2020 Shelf”) with the SEC in relation to the registration of common stock, preferred stock, debt securities, warrants and units or any combination thereof. We also simultaneously entered into an Open Market Sale Agreement with Jefferies LLC and SVB Leerink LLC (collectively, the “Sales Agents”), to provide for the offering, issuance and sale by us of up to an aggregate of $350.0 million of our common stock from time to time in “at-the-market” offerings under the 2020 Shelf and subject to the limitations thereof (the “2020 Sales Agreement”). We will pay to the applicable Sales Agents cash commissions of up to 3.0% of the gross proceeds of sales of common stock under the 2020 Sales Agreement. We have not issued any shares or received any proceeds from this offering as of June 30, 2021. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 1 5 . Under each of the legal entity’s equity plans, we recorded stock-based compensation in the following expense categories in our condensed consolidated statements of operations for employees and non-employees: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 BridgeBio Equity Plan Other Subsidiaries Equity Plan Total BridgeBio Equity Plan Other Subsidiaries Equity Plan Total (in thousands) Research and development $ 19,163 $ 121 $ 19,284 $ 40,463 $ 1,270 $ 41,733 Selling, general and administrative 12,532 219 12,751 22,263 2,935 25,198 Total stock-based compensation $ 31,695 $ 340 $ 32,035 $ 62,726 $ 4,205 $ 66,931 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 BridgeBio Equity Plan Eidos Equity Plan Other Subsidiaries Equity Plan Total BridgeBio Equity Plan Eidos Equity Plan Other Subsidiaries Equity Plan Total (in thousands) Research and development $ 7,617 $ 1,448 $ 106 $ 9,171 $ 8,220 $ 2,363 $ 228 $ 10,811 General and administrative 7,905 1,270 46 9,221 15,365 2,282 156 17,803 Total stock-based compensation $ 15,522 $ 2,718 $ 152 $ 18,392 $ 23,585 $ 4,645 $ 384 $ 28,614 We have recorded $1.9 million and $3.2 million of stock-based compensation expense for the three and six months ended June 30, 2021, respectively, for performance-based milestone awards that were achieved during the period and were settled in cash. Equity-Based Awards of BridgeBio As of June 30, 2021, 8,146,367 shares and 78,629 shares were reserved for future issuances under our 2019 Amended and Restated Stock Option and Incentive Plan (the “2019 A&R Plan”) and the 2019 Inducement Equity Plan (the “2019 Inducement Plan”), respectively. Pursuant to the Merger Transactions, we also reserved 2,802,644 shares specifically under the Eidos Award Exchange (the “Eidos Award Exchange Plan”), all of which were issued upon execution of the Eidos Award Exchange as discussed below. The 2019 A&R Plan, the 2019 Inducement Plan and the Eidos Award Exchange Plan are collectively referred herein as the “Plans”. 2020 Stock and Equity Award Exchange Program (Exchange Program) On April 22, 2020, we completed our 2020 Stock and Equity Award Exchange Program (the “Exchange Program”) for certain subsidiaries, which was an opportunity for eligible controlled entities’ employees and consultants to exchange their subsidiary equity (including common stock, vested and unvested stock options and restricted stock awards (RSAs)) for BridgeBio equity (including common stock, vested and unvested stock options and RSAs) and/or performance-based milestone awards tied to the achievement of certain development and regulatory milestones. The Exchange Program aligns our incentive compensation structure for employees and consultants across the BridgeBio group of companies to be consistent with the achievement of our overall corporate goals. In connection with the Exchange Program, we issued awards of BridgeBio equity under the 2019 A&R Plan to 149 grantees covering 554,064 shares of common stock, 1,268,110 stock options to purchase common stock, 50,145 shares of RSAs and 22,611 shares of performance-based RSAs. The exchange also included performance-based milestone awards of up to $183.4 million to be settled in fully-vested RSAs in the future upon achievement of the milestones (collectively the “New Awards”). In consideration for all the subsidiaries’ shares tendered, BridgeBio increased its ownership in controlled entities included in the Exchange Program and the corresponding noncontrolling interest decreased. On November 18, 2020, we completed a stock and equity award under our Exchange Program for a subsidiary. We issued awards of BridgeBio equity under the 2019 A&R Plan to 16 grantees covering 24,924 shares of common stock, 70,436 stock options to purchase common stock, and 10,772 shares of performance-based stock options to purchase common stock. The exchange also included performance-based milestone awards of up to $11.7 million to be settled in fully-vested RSAs in the future upon achievement of the milestones. We evaluated the exchange of the controlled entities’ outstanding common stock and equity awards for BridgeBio awards as a modification under ASC 718, Share Based Payments We considered the total shares of common stock and equity awards, whether vested or unvested, held by each participant in each controlled entity as the unit of account. The controlled entity’s common stock and equity awards in each unit of account was exchanged for a combination of BridgeBio’s common stock, time-based vesting equity awards and/or performance-based milestone awards. Other than the exchange of the controlled entity equity awards for performance-based milestone awards, all other exchanged BridgeBio equity awards retained the original vesting conditions. As a result, there was no incremental stock-based compensation expense resulting from the exchange of time-based equity awards. At the completion of the Exchange Program, we determined $17.4 million of the performance-based milestone awards is probable of achievement and represented the incremental stock-based compensation cost resulting from the modification of time-based equity awards to performance-based milestone awards. These performance-based milestone awards were to be recognized over a period ranging from 0.7 year to 1.7 years. There was no incremental stock-based compensation cost arising from the completion of the Exchange Program on November 18, 2020. Under ASC 718, we account for such performance-based milestone awards as a liability in “Accrued compensation and benefits” and in “Other liabilities” in the condensed consolidated balance sheet due to the fixed milestone amount that will be converted into a variable number of shares of BridgeBio common stock to be granted upon the achievement date. For the three and six months ended June 30 , 2021, we recognized $ million and $ 27.8 million, respectively, of stock - based compensation cost associated with performance - based milestone awards whereby the milestones were determined to be probable of achievement as of June 30 , 2021. Refer to Note 8 for contingent compensation accrued associated with performance-based milestones that are determined to be probable as of June 30, 2021. Performance-based Milestone Awards Apart from the Exchange Program discussed above, we have performance-based milestone compensation arrangements with certain employees and consultants whose vesting is contingent upon meeting various regulatory and development milestones, with fixed monetary amounts known at inception that can be settled in the form of cash or equity at our sole discretion, upon achievement of each contingent milestone. Performance-based milestone awards are settled in the form of equity are satisfied in the form of fully-vested RSAs. We recognize such contingent stock-based compensation expense when the milestone is probable of achievement. For the three and six months ended June 30, 2021, we recognized $2.5 million and $6.0 million, respectively, of stock-based compensation cost associated with performance-based milestone awards whereby the milestones were determined to be probable of achievement as of June 30, 2021. Refer to Note 8 for contingent compensation accrued associated with performance-based milestones that are determined to be probable as of June 30, 2021. Stock Option Grants of BridgeBio The following table summarizes BridgeBio’s stock option activity under the Plans for the six months ended June 30, 2021: Options Outstanding Weighted- Average Exercise Price per Option Weighted- Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2020 6,778,112 $ 23.83 8.8 320,473 Outstanding as of December 31, 2020 — Exchange Program 854,849 $ 2.22 8.2 58,891 Granted 904,584 $ 66.19 Eidos Awards Exchange 2,776,672 $ 16.33 Exercised (231,849 ) $ 19.60 Exercised — Eidos Awards Exchange (349,724 ) $ 16.08 Exercised — Exchange Program (265,102 ) $ 1.61 Cancelled — Eidos Awards Exchange (70,883 ) $ 23.45 Cancelled (74,617 ) $ 26.49 Cancelled — Exchange Program (1,478 ) $ 3.37 Outstanding as of June 30, 2021 7,376,230 $ 29.13 8.5 $ 239,513 Outstanding as of June 30, 2021 — Eidos Awards Exchange 2,356,065 $ 16.15 7.2 $ 105,589 Outstanding as of June 30, 2021 — Exchange Program 588,269 $ 2.49 7.8 $ 34,394 Exercisable as of June 30, 2021 2,586,876 $ 23.44 8.2 $ 97,396 Exercisable as of June 30, 2021 — Eidos Awards Exchange 1,111,208 $ 11.75 5.9 $ 54,680 Exercisable as of June 30, 2021 — Exchange Program 476,202 $ 1.99 7.7 $ 28,083 The options granted to employees and non-employees are exercisable at the price of BridgeBio’s common stock at The weighted-average grant date fair value of options granted during the six months ended June 30, 2021 was $32.18. The aggregate intrinsic value of options outstanding and exercisable as of June 30 , 202 1 in the table above are calculated based on the difference between the exercise price and the current fair value of BridgeBio common stock . The total intrinsic value of options exercised during the six months ended June 30, 2021 was $ 40.8 million. During the three and six months ended June 30, 2021, we recognized stock-based compensation expense of Restricted Stock Units (RSUs) of BridgeBio The following table summarizes BridgeBio’s RSU activity under the Plans for the six months ended June 30, 2021: Unvested Shares of RSUs Outstanding Weighted- Average Grant Date Fair Value Balance as of December 31, 2020 1,053,838 $ 34.21 Granted 986,344 $ 66.65 Vested (251,350 ) $ 43.50 Cancelled (145,520 ) $ 52.22 Balance as of June 30, 2021 1,643,312 $ 50.65 During the three and six months ended June 30, 2021, we recognized stock-based compensation expense of $5.8 million and $10.5 million, respectively, related to RSUs under the Plans. As of June 30, 2021, there was $79.1 million of total unrecognized compensation cost related to RSUs under the Plans that is expected to be recognized over a weighted-average period of 3.2 years. Restricted Stock Awards (RSAs) of BridgeBio The following table summarizes our RSA activity under the Plans for the six months ended June 30, 2021: Unvested Shares of RSAs Outstanding Weighted- Average Grant Date Fair Value Balance as of December 31, 2020 3,364,366 $ 4.47 Granted — Exchange Program 382,122 $ 61.31 Vested — Exchange Program (382,122 ) $ 61.31 Vested (890,800 ) $ 2.91 Cancelled (5,150 ) $ 7.27 Balance as of June 30, 2021 2,468,416 $ 5.03 During the three and six months ended June 30, 2021, we recognized stock-based compensation expense related to RSAs under the Plans as follows: Three Months Ended Six Months Ended June 30, 2021 June 30, 2021 (in thousands) Exchange Program $ 16,704 $ 23,427 Other RSAs 1,489 3,268 Total stock-based compensation expense $ 18,193 $ 26,695 As of June 30, 2021, there was $13.2 million of total unrecognized compensation cost related to RSAs under the Plans that is expected to be recognized over a weighted-average period of 2.4 years. The respective balances of unvested RSAs as of June 30, 2021 and December 31, 2020 are included as outstanding shares disclosed in the condensed consolidated balance sheets as the shares were actually issued but are subject to forfeiture per the terms of the awards. 2019 Employee Stock Purchase Plan (ESPP) of BridgeBio During the three and six months ended June 30, 2021, stock-based compensation expense related to our ESPP was immaterial. As of Valuation Assumptions We used the Black-Scholes model to estimate the fair value of stock options and stock purchase rights under the ESPP. For the six months ended June 30, 2021, we used the following weighted-average assumptions in the Black-Scholes calculations: Six Months Ended June 30, 2021 Stock Options ESPP Expected term (in years) 6.0-6.02 0.40 - 0.65 Expected volatility 51.43%-51.97% 47.61% - 51.97% Risk-free interest rate 0.63%-1.09% 0.06% - 0.13% Dividend yield — — Weighted-average fair value of stock-based awards granted $ 32.18 $ 15.05 The weighted-average fair values of stock-based awards granted during the six months ended June 30, 2021 were driven primarily by the market price of our common stock during the period. Equity Awards of Eidos Prior to the Merger Transactions, Eidos issued its own equity-based awards under the Eidos 2016 Equity Incentive Plan and the Eidos 2018 Stock Option and Incentive Plan (collectively, the “Eidos Plans). Upon closing of the Merger Transactions, we issued 2,776,672 stock options to purchase common stock of BridgeBio and 25,972 shares of BridgeBio RSUs to 88 employees of Eidos under the Eidos Award Exchange in exchange for their then outstanding common stock options and RSUs under the Eidos Plans (the “Replaced Awards”). The awards issued in the Eidos Award Exchange have the same vesting terms and conditions as the Replaced Awards. We evaluated the exchange of the awards as a modification under ASC 718 and recognized no incremental compensation cost from such modification. Stock-based compensation under the Eidos Plans from January 1, 2021 until the closing of the Merger Transactions was immaterial. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 6 . BridgeBio is subject to U.S. federal and state income taxes as a corporation. BridgeBio ’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. There was no provision for income tax for the three and six months ended June 30, 2021 and 2020. Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax basis of assets and liabilities using statutory rates. A valuation allowance is recorded against deferred tax assets if it is more likely than not that some or all of the deferred tax assets will not be realized. Due to the uncertainty surrounding the realization of the favorable tax attributes in future tax returns, we have recorded a full valuation allowance against our otherwise recognizable net deferred tax assets. As a result of the issuance of our 2027 Notes in 2020, it was determined that our existing deferred tax assets do not fully offset the deferred tax liabilities when reviewing the reversals of temporary differences. This resulted in a deferred tax liability of $1.1 million that was recognized for the year ended December 31, 2020. As discussed in Note 2, we have derecognized the deferred tax liability on January 1, 2021 upon early adoption of ASU 2020-06, with no impact on the provision for income tax. Our policy is to recognize interest and penalties associated with uncertain tax benefits as part of the income tax provision and include accrued interest and penalties with the related income tax liability on the condensed consolidated balance sheet. To date, we have not recognized any interest and penalties in our condensed consolidated statements of operations, nor have we accrued for or made payments for interest and penalties. Our unrecognized gross tax benefits would not reduce the estimated annual effective tax rate if recognized because we have recorded a full valuation allowance on its deferred tax assets. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 1 7 . The following common stock equivalents were excluded from the computation of diluted net loss per share, because including them would have been antidilutive: As of June 30, 2021 2020 Unvested RSAs 2,468,416 4,460,495 Unvested RSUs 1,643,312 1,099,165 Unvested market-based RSUs — 55,614 Unvested performance-based RSUs 66,683 14,450 Unvested performance-based RSAs — 22,611 Common stock options issued and outstanding 10,320,564 7,954,519 Estimated shares issuable under performance-based milestone compensation arrangements 3,785,559 — Estimated shares issuable under the ESPP 37,649 38,110 Assumed conversion of 2027 Notes 12,878,305 12,878,305 Assumed conversion of 2029 Notes 7,702,988 — 38,903,476 26,523,269 Our 2029 Notes and 2027 Notes are convertible, based on the applicable conversion rate, into cash, shares of our common stock or a combination thereof, at our election. As discussed in Notes 8 and 15, we have performance-based milestone compensation arrangements, whose vesting is contingent upon meeting various regulatory and development milestones, with fixed monetary amounts known at inception that can be settled in the form of cash or equity at our sole election, upon achievement of each contingent milestone. The common stock equivalents of such arrangements were estimated assuming the contingent milestones were achieved as of the reporting date and the arrangements were all settled in equity. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements include the accounts of BridgeBio Pharma, Inc., its wholly-owned subsidiaries and controlled entities, all of which are denominated in U.S. dollars. All intercompany balances and transactions have been eliminated in consolidation. For consolidated entities where we own or are exposed to less than 100% of the economics, we record net loss attributable to noncontrolling interests in our condensed consolidated statements of operations equal to the percentage of the economic or ownership interest retained in such entities by the respective noncontrolling parties. In determining whether an entity is considered a controlled entity, we apply the VIE and Voting Interest Entity (“VOE”) models. We assess whether we are the primary beneficiary of a VIE based on our power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and our obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Entities that do not qualify as a VIE are assessed for consolidation under the VOE model. Under the VOE model, BridgeBio consolidates the entity if it determines that it has a controlling financial interest in the entity through its ownership of greater than 50% of the outstanding voting shares of the entity and that other equity holders do not have substantive voting, participating or liquidation rights. We assess whether we are the primary beneficiary of a VIE or whether we have a majority voting interest for entities consolidated under the VOE model at the inception of the arrangement and at each reporting date. The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC. The condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of our financial position, our results of operations and comprehensive loss, and our cash flows for the periods presented. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any other future annual or interim periods. |
Risks and Uncertainties | Risks and Uncertainties In March 2020, the World Health Organization declared the outbreak of SARS-CoV-2, the novel strain of coronavirus that causes Coronavirus disease 19 (“COVID-19”) a global pandemic. Since then, the resources of healthcare providers and hospitals have been focused on fighting the virus, and we have experienced delays in or temporary suspension of the enrollment of patients in our subsidiaries’ ongoing clinical trials. We additionally may experience delays in certain ongoing key program activities, including commencement of planned clinical trials, as well as non-clinical experiments and investigational new drug application-enabling good laboratory practice toxicology studies. The exact timing of delays and their overall impact on our business are currently unknown, and we are monitoring the COVID-19 pandemic as it continues to evolve. We are continuing to actively monitor the situation and may take further precautionary and preemptive actions as may be required by federal, state or local authorities or that we determine are in the best interests of public health and safety and that of our patient community, employees, partners, suppliers and stockholders. We cannot predict the effects that such actions, or the impact of COVID-19 on global business operations and economic conditions, may have on our business or strategy, including the effects on our ongoing and planned clinical development activities and prospects, or on our financial and operating results. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash We consider all highly liquid investments purchased with original maturities of 90 days or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market instruments, such as money market funds and repurchase agreements collateralized with securities issued by the U.S. government or its agencies. Our restricted cash balance relates to cash and cash equivalents that we have pledged as collateral under certain lease agreements and letters of credit. 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, 2021 June 30, 2020 (in thousands) Cash and cash equivalents $ 378,420 $ 540,919 Restricted cash — Included in "Prepaid expenses and other current assets" 176 — Restricted cash — Included in "Other assets" 2,532 424 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 381,128 $ 541,343 |
Investment in Equity Securities | Investment in Equity Securities Our investment in equity securities consists of equity securities of publicly held companies. We measure the fair value of our investment in equity securities at each reporting period in accordance with Accounting Standards Codification (“ASC”) 321, Investments — Equity Securities |
License Arrangements and Multiple-Element Arrangements | License Arrangements and Multiple-Element Arrangements Revenue from non-refundable, up-front license or technology access payments under license arrangements that are not dependent on any future performance by us is recognized when control of the license is transferred to our customer and our customer is able to benefit from the license . If we have continuing obligations to perform under the arrangement, such fees are recognized over the estimated period of continuing performance obligation. When we enter into license agreements, we assess whether the arrangements fall within the scope of ASC 808, Collaborative Arrangements Revenue from Contracts with Customers If our collaborative arrangement provides for the sharing of profits and losses with our partner for commercialization activities, the treatment of our share in the profit-sharing structure depends on who the selling party is. If we are the selling party and the deemed principal, we record our collaboration partner's share of profits as an addition in selling, general and administrative expenses and our collaboration partner's share of loss as a reduction in selling, general and administrative expenses. If our partner is the selling party and the deemed principal, we record our share of profits as collaboration revenue and our share of losses as addition to selling, general and administrative expenses. |
Revenue Recognition | Revenue Recognition For elements of those arrangements that we determine should be accounted for under ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy our performance obligation. We apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer. At inception of the arrangement, once it is determined to be within the scope of ASC 606, we assess the goods or services promised within each contract and then identify the performance obligations and assess whether each promised good or service is distinct. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation, on a relative standalone selling price basis, when (or as) the performance obligation is satisfied. As part of the accounting for these arrangements, we develop assumptions that require judgment to determine the standalone selling price for each performance obligation identified in the contract. These key assumptions may include forecasted revenue or costs, development timelines, discount rates and probabilities of clinical and regulatory success. License Fees : For arrangements that include a grant of a license to our intellectual property, we consider whether the license grant is distinct from the other performance obligations included in the arrangement. Generally, we would conclude that the license is distinct if the customer is able to benefit from the license with the resources available to it. For licenses that are distinct, we recognize revenues from nonrefundable, upfront license fees and other consideration allocated to the license when the license term has begun and we have provided all necessary information regarding the underlying intellectual property to the customer, which generally occurs at or near the inception of the arrangement. For licenses that are bundled with other promises, we determine whether the combined performance obligation is satisfied over time or at a point in time. If the combined performance obligation is satisfied over time, we use judgment in determining the appropriate method of measuring progress for purposes of recognizing revenue from the allocated transaction price. We evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and related revenue recognition. Development and Regulatory Milestone Payments : At the inception of each arrangement that includes development and regulatory milestone payments, we evaluate whether the milestones are considered probable of being reached and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within our or our collaboration partners control, such as non-operational developmental and regulatory approvals, are generally not considered probable of being achieved until those approvals are received. At the end of each subsequent reporting period, we re-evaluate the probability of achieving such development and regulatory milestones and any related constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis. Sales-based Milestone Payments and Royalties : For arrangements that include sales-based royalties, including milestone payments based on the volume of sales, we will determine whether the license is deemed to be the predominant item to which the royalties or sales-based milestones relate and if such is the case, we will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Product supply services : Arrangements that include a promise for the future supply of drug product for either clinical development or commercial supply at the licensee’s discretion are generally considered as options. We will assess if these options provide a material right to the licensee and if so, they are accounted for as separate performance obligations and recognized when the future goods or services related to the option are provided or the option expires. Product Sales: Revenue is recognized when our distributors obtain control of the product and revenue is adjusted to reflect discounts, chargebacks, rebates, returns and other allowances associated to the respective sales. |
Milestone and Royalty Payments Under In-Licensing Agreements and Asset Acquisitions | Milestone and Royalty Payments Under In-licensing Agreements and Asset Acquisitions Under our in-licensing agreements and asset acquisitions, we could be required to pay development, regulatory and sales-based milestone payments if certain substantive milestones are met. We generally expense development milestones as incurred. For regulatory or sales-based milestone that is associated to an approved asset, we capitalize the milestone payments related to the asset purchase as an intangible asset with a finite life provided that the milestone payment is recoverable based on our estimated projected cash flows. Such intangible asset is amortized over its estimated useful life beginning on the date the asset is available for its intended use, which would generally be the regulatory approval date. We assess the carrying value of any capitalized intangible asset for impairment at every reporting period. We could also be required to pay royalties based on actual net sales under in-licensing agreements and asset acquisitions. Such royalties are expensed in the period of sale of the product. |
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 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 LEO call option liability (see Note 7), the fair value of the LianBio Warrants (see Note 7), the fair value of Eidos’ derivative liability (see Note 3), the present value of lease payments of our leases on the respective lease commencement dates, the impairment of certain of our asset groups, the expected recoverability and estimated useful lives of our assets, the valuation of our stock-based awards, accounting for stock-based award modifications, accruals for performance-based milestone compensation arrangements, accruals for research and development activities and accruals for contingent intellectual property, clinical, regulatory and sales milestones payments in our in-licensing agreements. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable. Actual results may differ from those estimates or assumptions. |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements Accounting Standards Update (“ASU”) 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . The guidance simplifies the complexity associated with applying U.S. GAAP for certain financial instruments with characteristics of liabilities and equity. This ASU (1) simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC 470-20, Debt: Debt with Conversion and Other Options , that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock; (2) revises the scope exception from derivative accounting in ASC 815-40 for freestanding financial instruments and embedded features that are both indexed to the issuer’s own stock and classified in stockholders’ equity, by removing certain criteria required for equity classification; and (3) revises the guidance in ASC 260, Earnings Per Share , to require entities to calculate diluted earnings per share for convertible instruments by using the if-converted method. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Adoption is either through a modified retrospective method or a full retrospective method of transition. Effective January 1, 2021, we early adopted ASU 2020-06 using the modified retrospective method with respect to our 2027 Notes, which is our convertible debt that existed at that date. As a result of the adoption, we no longer separately account for the liability and equity components of the 2027 Notes by allocating the proceeds between the liability component and the embedded conversion options, or equity component; and, instead, account for our 2027 Notes wholly as debt. This also resulted in the derecognition of a deferred tax liability, which represented a basis difference in the face value of the 2027 Notes due to the previous allocation of portion of the proceeds to the equity component. Additionally, we recorded a cumulative adjustment to decrease our opening accumulated deficit balance as of January 1, 2021, representing a reduction in previously recorded interest expense accretion to the principal amount of our 2027 Notes through December 31, 2020. The following table summarizes the adjustments made to our condensed consolidated balance sheet as of January 1, 2021 as a result of applying the modified retrospective method in adopting ASU 2020-06: As Reported Adjustments As Adjusted December 31, 2020 Account 2027 Notes wholly as debt Cumulative impact on interest expense January 1, 2021 (in thousands) 2027 Notes, net $ 383,436 $ 169,173 $ (14,328 ) $ 538,281 Other liabilities (1) 9,520 (1,095 ) $ — 8,425 Additional paid-in capital 1,021,344 (168,078 ) — 853,266 Accumulated deficit (888,755 ) — 14,328 (874,427 ) (1) Related deferred tax liability was recorded as part of “Other liabilities”. Under this transition method, we do not need to restate the comparative periods in transition and will continue to present financial information and disclosures for periods before January 1, 2021 in accordance with the pre-ASU 2020-06 guidance under ASC 470-20, Debt: Debt with Conversion and Other Options (ASC 470-20) The adoption did not impact previously reported amounts in our condensed consolidated statements of operations and cash flows and our basic and diluted net loss per share amounts. |
Stock-Based Compensation | We evaluated the exchange of the controlled entities’ outstanding common stock and equity awards for BridgeBio awards as a modification under ASC 718, Share Based Payments |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
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, 2021 June 30, 2020 (in thousands) Cash and cash equivalents $ 378,420 $ 540,919 Restricted cash — Included in "Prepaid expenses and other current assets" 176 — Restricted cash — Included in "Other assets" 2,532 424 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 381,128 $ 541,343 |
Summary of Adjustments to Condensed Consolidated Balance Sheet | The following table summarizes the adjustments made to our condensed consolidated balance sheet as of January 1, 2021 as a result of applying the modified retrospective method in adopting ASU 2020-06: As Reported Adjustments As Adjusted December 31, 2020 Account 2027 Notes wholly as debt Cumulative impact on interest expense January 1, 2021 (in thousands) 2027 Notes, net $ 383,436 $ 169,173 $ (14,328 ) $ 538,281 Other liabilities (1) 9,520 (1,095 ) $ — 8,425 Additional paid-in capital 1,021,344 (168,078 ) — 853,266 Accumulated deficit (888,755 ) — 14,328 (874,427 ) (1) Related deferred tax liability was recorded as part of “Other liabilities”. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation: June 30, 2021 Total Level 1 Level 2 Level 3 (in thousands) Assets Cash equivalents: Money market funds $ 255,663 $ 255,663 $ — $ — Short-term marketable securities: Commercial paper 263,013 — 263,013 — Corporate debt securities 120,940 — 120,940 — Supranational debt securities 75,290 — 75,290 — Total short-term marketable securities 459,243 — 459,243 — Long-term marketable securities: U.S. treasury notes 60,688 — 60,688 — Investment in equity securities 18,894 18,894 — — LianBio Warrants 2,878 — — 2,878 Total financial assets $ 797,366 $ 274,557 $ 519,931 $ 2,878 Liability Embedded derivative $ 1,366 $ — $ — 1,366 December 31, 2020 Total Level 1 Level 2 Level 3 (in thousands) Assets Cash equivalents: Money market funds $ 266,437 $ 266,437 $ — $ — Short-term marketable securities: U.S. treasury bills 14,999 — 14,999 — U.S. treasury notes 45,391 — 45,391 — Commercial paper 144,851 — 144,851 Corporate debt securities 45,770 — 45,770 — Total short-term marketable securities 251,011 — 251,011 — LianBio Warrants 3,338 — — 3,338 Total financial assets $ 520,786 $ 266,437 $ 251,011 $ 3,338 Liabilities LEO call option liability $ 5,550 $ — $ — 5,550 Embedded derivative 1,340 — — 1,340 Total financial liabilities $ 6,890 $ — $ — $ 6,890 |
LEO Call Option | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Summary of Change in Estimated Fair Value of Liability Recorded in Other Income | On March 30, 2021, LEO provided a notice of termination of the LEO call option effective April 15, 2021. As a result and based on the facts and circumstances that existed as of March 31, 2021, we evaluated that the likelihood of LEO exercising said option is remote and we derecognized the LEO call option liability for the three months ended March 31, 2021. The following table sets forth a summary of the change in the estimated fair value of the LEO call option recorded in “Other income”: Total (in thousands) Balance as of December 31, 2020 $ 5,550 Change in fair value upon notice of termination of the LEO call option (5,550 ) Balance as of March 31, 2021 $ — |
Schedule of Estimated Fair Value of Liability | Historically, we 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 as of December 31, 2020: December 31, 2020 Probability of milestone achievement 12.0%-84.0% Discount rate 0.1%-14.3% Expected term (in years) 1.25-6.25 Expected volatility 80.0%-95.0% Risk-free interest rate 1.16%-1.53% Dividend yield — |
Cash Equivalents and Marketab_2
Cash Equivalents and Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Cash Equivalents And Marketable Securities [Abstract] | |
Schedule of Cash Equivalent and Marketable Securities Classified as Available-for-Sale | Cash equivalents and marketable securities classified as available-for-sale consisted of the following: June 30, 2021 Amortized Cost Basis Unrealized Gains Unrealized Losses Estimated Fair Value (in thousands) Cash equivalents: Money market funds $ 255,663 $ — $ — $ 255,663 Short-term marketable securities: Commercial paper 262,995 22 (4 ) 263,013 Corporate debt securities 120,929 23 (12 ) 120,940 Supranational debt securities 75,298 — (8 ) 75,290 Total short-term marketable securities 459,222 45 (24 ) 459,243 Long-term marketable securities: U.S. treasury notes 60,673 15 — 60,688 Total cash equivalents and marketable securities $ 775,558 $ 60 $ (24 ) $ 775,594 December 31, 2020 Amortized Cost Basis Unrealized Gains Unrealized Losses Estimated Fair Value (in thousands) Cash equivalents: Money market funds $ 266,437 $ — $ — $ 266,437 Short-term marketable securities: U.S. treasury bills 14,996 3 — 14,999 U.S. treasury notes 45,292 100 (1 ) 45,391 Commercial paper 144,851 — — 144,851 Corporate debt securities 45,680 93 (3 ) 45,770 Total short-term marketable securities 250,819 196 (4 ) 251,011 Total cash equivalents and marketable securities $ 517,256 $ 196 $ (4 ) $ 517,448 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Potential Milestone Amounts and Accruals | The table below shows our commitment for the potential milestone amounts and the accruals for milestones deemed probable of achievement as of June 30, 2021. Potential Fixed Monetary Amount Accrued Amount (1) Settlement Type (in thousands) Cash $ 11,307 $ 1,176 Stock (2) 136,027 13,936 Cash or stock at our sole discretion 96,473 3,419 Total $ 243,807 $ 18,531 (1) Amount recorded for performance-based milestone awards that are probable of achievement. (2) Includes the performance-based milestone awards that were granted as part of the Exchange Program further discussed in Note 15. |
Debt (Tables)
Debt (Tables) - 2027 Notes | 6 Months Ended |
Jun. 30, 2021 | |
Debt Instrument [Line Items] | |
Schedule of Loans Balances | The outstanding Notes’ balances consisted of the following: June 30, 2021 December 31, 2020 2029 Notes 2027 Notes 2027 Notes (in thousands) Liability component Principal $ 747,500 $ 550,000 $ 550,000 Unamortized debt discount (15,298 ) (10,356 ) (158,404 ) Unamortized debt issuance costs — (542 ) (8,160 ) Net carrying amount $ 732,202 $ 539,102 $ 383,436 Equity component, net of issuance costs $ 169,173 |
Schedule of Total Interest Expense Recognized Related to 2027 Notes | The following table sets forth the total interest expense recognized and effective interest rates related to the Notes for the current period: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 2029 Notes 2027 Notes Total 2029 Notes 2027 Notes Total (in thousands) (in thousands) Contractual interest expense $ 4,205 $ 3,437 $ 7,642 $ 7,148 $ 6,875 $ 14,023 Amortization of debt discount 454 389 843 765 775 1,540 Amortization of debt issuance costs — 24 24 — 47 47 Total interest and amortization expense $ 4,659 $ 3,850 $ 8,509 $ 7,913 $ 7,697 $ 15,610 Effective interest rate 2.6 % 2.8 % 2.6 % 2.8 % The following table sets forth the total interest expense recognized and effective interest rates related to the 2027 Notes for the comparative period: Three Months Ended March 9, 2020 Through June 30, 2020 June 30, 2020 (in thousands) Contractual interest expense $ 3,475 $ 4,354 Amortization of debt discount 4,495 5,574 Amortization of debt issuance costs 233 289 Total interest and amortization expense $ 8,203 $ 10,217 Effective interest rate 8.8 % 8.8 % |
Schedule of Future Minimum Payments | Future minimum payments under the Notes as of June 30, 2021 are as follows: 2029 Notes 2027 Notes (in thousands) Remainder of 2021 $ 8,550 $ 6,875 Year ending December 31: 2022 16,819 13,750 2023 16,819 13,750 2024 16,819 13,750 2025 16,819 13,750 Thereafter 806,366 570,625 Total future payments 882,192 632,500 Less amounts representing interest (134,692 ) (82,500 ) Total principal amount $ 747,500 $ 550,000 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Components of Lease Cost | The components of lease cost are as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) (in thousands) Straight line operating lease costs $ 1,256 $ 995 $ 2,621 $ 1,689 Finance lease costs Straight line finance lease costs 88 — 117 — Interest on finance lease liability 28 — 56 — Variable lease costs 969 142 1,720 301 Total lease cost $ 2,341 $ 1,137 $ 4,514 $ 1,990 |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases are as follows: Six Months Ended June 30, 2021 2020 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,858 $ 1,684 Operating cash flows for finance lease — cash paid for interest 63 — Financing cash flows for finance lease — cash paid for principal 22 — Operating lease right-of-use assets obtained in exchange for operating lease obligations 4,041 11,814 |
Schedule of Supplemental Information Related to Remaining Lease Term and Discount Rate | Supplemental information related to the remaining lease term and discount rate are as follows: June 30, 2021 2020 Weighted-average remaining lease term (in years) Operating leases 6.3 5.3 Finance lease 4.6 — Weighted-average discount rate Operating leases 5.79 % 5.87 % Finance lease 6.62 % — |
Schedule of Future Minimum Lease Payments for Noncancelable Leases | As of June 30, 2021, future minimum lease payments for our noncancelable leases are as follows: Operating Leases Finance Lease (in thousands) Remainder of 2021 $ 2,783 $ 151 Year ending December 31: 2022 5,360 420 2023 4,287 432 2024 4,011 445 2025 3,980 459 Thereafter 6,419 38 Total future minimum lease payments 26,840 1,945 Imputed interest (4,278 ) (275 ) Total $ 22,562 $ 1,670 Reported as of June 30, 2021 Operating lease liabilities, current portion $ 4,540 Operating lease liabilities, net of current portion 18,022 Total operating lease liabilities $ 22,562 Finance lease liability, current portion — Included in "Other accrued liabilities" $ 258 Finance lease liability, net of current portion — Included in "Other liabilities" 1,412 Total finance lease liability $ 1,670 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Stock Based Compensation for Employees and Non Employees | Under each of the legal entity’s equity plans, we recorded stock-based compensation in the following expense categories in our condensed consolidated statements of operations for employees and non-employees: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 BridgeBio Equity Plan Other Subsidiaries Equity Plan Total BridgeBio Equity Plan Other Subsidiaries Equity Plan Total (in thousands) Research and development $ 19,163 $ 121 $ 19,284 $ 40,463 $ 1,270 $ 41,733 Selling, general and administrative 12,532 219 12,751 22,263 2,935 25,198 Total stock-based compensation $ 31,695 $ 340 $ 32,035 $ 62,726 $ 4,205 $ 66,931 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 BridgeBio Equity Plan Eidos Equity Plan Other Subsidiaries Equity Plan Total BridgeBio Equity Plan Eidos Equity Plan Other Subsidiaries Equity Plan Total (in thousands) Research and development $ 7,617 $ 1,448 $ 106 $ 9,171 $ 8,220 $ 2,363 $ 228 $ 10,811 General and administrative 7,905 1,270 46 9,221 15,365 2,282 156 17,803 Total stock-based compensation $ 15,522 $ 2,718 $ 152 $ 18,392 $ 23,585 $ 4,645 $ 384 $ 28,614 |
Summary of Stock Option Activity | The following table summarizes BridgeBio’s stock option activity under the Plans for the six months ended June 30, 2021: Options Outstanding Weighted- Average Exercise Price per Option Weighted- Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2020 6,778,112 $ 23.83 8.8 320,473 Outstanding as of December 31, 2020 — Exchange Program 854,849 $ 2.22 8.2 58,891 Granted 904,584 $ 66.19 Eidos Awards Exchange 2,776,672 $ 16.33 Exercised (231,849 ) $ 19.60 Exercised — Eidos Awards Exchange (349,724 ) $ 16.08 Exercised — Exchange Program (265,102 ) $ 1.61 Cancelled — Eidos Awards Exchange (70,883 ) $ 23.45 Cancelled (74,617 ) $ 26.49 Cancelled — Exchange Program (1,478 ) $ 3.37 Outstanding as of June 30, 2021 7,376,230 $ 29.13 8.5 $ 239,513 Outstanding as of June 30, 2021 — Eidos Awards Exchange 2,356,065 $ 16.15 7.2 $ 105,589 Outstanding as of June 30, 2021 — Exchange Program 588,269 $ 2.49 7.8 $ 34,394 Exercisable as of June 30, 2021 2,586,876 $ 23.44 8.2 $ 97,396 Exercisable as of June 30, 2021 — Eidos Awards Exchange 1,111,208 $ 11.75 5.9 $ 54,680 Exercisable as of June 30, 2021 — Exchange Program 476,202 $ 1.99 7.7 $ 28,083 |
Summary of Restricted Stock Units Activity | The following table summarizes BridgeBio’s RSU activity under the Plans for the six months ended June 30, 2021: Unvested Shares of RSUs Outstanding Weighted- Average Grant Date Fair Value Balance as of December 31, 2020 1,053,838 $ 34.21 Granted 986,344 $ 66.65 Vested (251,350 ) $ 43.50 Cancelled (145,520 ) $ 52.22 Balance as of June 30, 2021 1,643,312 $ 50.65 |
Summary of Restricted Stock Award Activity | The following table summarizes our RSA activity under the Plans for the six months ended June 30, 2021: Unvested Shares of RSAs Outstanding Weighted- Average Grant Date Fair Value Balance as of December 31, 2020 3,364,366 $ 4.47 Granted — Exchange Program 382,122 $ 61.31 Vested — Exchange Program (382,122 ) $ 61.31 Vested (890,800 ) $ 2.91 Cancelled (5,150 ) $ 7.27 Balance as of June 30, 2021 2,468,416 $ 5.03 |
2019 Employee Stock Purchase Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Assumptions Used to Determine Fair Value of Stock Option Granted | We used the Black-Scholes model to estimate the fair value of stock options and stock purchase rights under the ESPP. For the six months ended June 30, 2021, we used the following weighted-average assumptions in the Black-Scholes calculations: Six Months Ended June 30, 2021 Stock Options ESPP Expected term (in years) 6.0-6.02 0.40 - 0.65 Expected volatility 51.43%-51.97% 47.61% - 51.97% Risk-free interest rate 0.63%-1.09% 0.06% - 0.13% Dividend yield — — Weighted-average fair value of stock-based awards granted $ 32.18 $ 15.05 |
Restricted Stock Awards | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Stock Based Compensation for Employees and Non Employees | During the three and six months ended June 30, 2021, we recognized stock-based compensation expense related to RSAs under the Plans as follows: Three Months Ended Six Months Ended June 30, 2021 June 30, 2021 (in thousands) Exchange Program $ 16,704 $ 23,427 Other RSAs 1,489 3,268 Total stock-based compensation expense $ 18,193 $ 26,695 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Common Stock Equivalents were Excluded from Computation of Diluted Net Loss per Share | The following common stock equivalents were excluded from the computation of diluted net loss per share, because including them would have been antidilutive: As of June 30, 2021 2020 Unvested RSAs 2,468,416 4,460,495 Unvested RSUs 1,643,312 1,099,165 Unvested market-based RSUs — 55,614 Unvested performance-based RSUs 66,683 14,450 Unvested performance-based RSAs — 22,611 Common stock options issued and outstanding 10,320,564 7,954,519 Estimated shares issuable under performance-based milestone compensation arrangements 3,785,559 — Estimated shares issuable under the ESPP 37,649 38,110 Assumed conversion of 2027 Notes 12,878,305 12,878,305 Assumed conversion of 2029 Notes 7,702,988 — 38,903,476 26,523,269 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Summary Of Significant Accounting Policies [Line Items] | |
Cash, cash equivalents and restricted cash maturity period | 90 days |
ASU 2020 06 | |
Summary Of Significant Accounting Policies [Line Items] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 |
Change in accounting principle, accounting standards update, early adoption | true |
Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Percentage of voting shares | 50.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||||
Cash and cash equivalents | $ 378,420 | $ 356,082 | [1] | $ 540,919 | |
Restricted cash — Included in "Prepaid expenses and other current assets" | $ 176 | ||||
Restricted Cash, Current, Asset, Statement of Financial Position [Extensible List] | us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember | us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember | |||
Restricted cash — Included in "Other assets" | $ 2,532 | $ 424 | |||
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherNoncurrentAssetsMember | us-gaap:OtherNoncurrentAssetsMember | |||
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $ 381,128 | $ 358,679 | $ 541,343 | $ 364,197 | |
[1] | The condensed consolidated balance sheet as of December 31, 2020 is derived from the audited consolidated financial statements as of that date. |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Adjustments to Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | [1] |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Other liabilities | $ 13,265 | $ 8,425 | $ 9,520 | |
Additional paid-in capital | 799,679 | 853,266 | 1,021,344 | |
Accumulated deficit | (1,133,854) | (874,427) | (888,755) | |
2027 Notes | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Notes, net | $ 539,102 | 538,281 | $ 383,436 | |
ASU 2020 06 | Account 2027 Notes Wholly as Debt | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Other liabilities | (1,095) | |||
Additional paid-in capital | (168,078) | |||
ASU 2020 06 | Cumulative Impact on Interest Expense | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Accumulated deficit | 14,328 | |||
ASU 2020 06 | 2027 Notes | Account 2027 Notes Wholly as Debt | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Notes, net | 169,173 | |||
ASU 2020 06 | 2027 Notes | Cumulative Impact on Interest Expense | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Notes, net | $ (14,328) | |||
[1] | The condensed consolidated balance sheet as of December 31, 2020 is derived from the audited consolidated financial statements as of that date. |
Fair Value Measurement - Financ
Fair Value Measurement - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Long-term marketable securities: | ||
Investment in equity securities | $ 18,894 | |
Recurring | ||
Short-term marketable securities: | ||
Total short-term marketable securities | 459,243 | $ 251,011 |
Long-term marketable securities: | ||
Investment in equity securities | 18,894 | |
LianBio Warrants | 2,878 | 3,338 |
Total financial assets | 797,366 | 520,786 |
Liability | ||
LEO call option liability | 5,550 | |
Embedded derivative | 1,366 | 1,340 |
Total financial liabilities | 6,890 | |
Recurring | Level 1 | ||
Long-term marketable securities: | ||
Investment in equity securities | 18,894 | |
Total financial assets | 274,557 | 266,437 |
Recurring | Level 2 | ||
Short-term marketable securities: | ||
Total short-term marketable securities | 459,243 | 251,011 |
Long-term marketable securities: | ||
Total financial assets | 519,931 | 251,011 |
Recurring | Level 3 | ||
Long-term marketable securities: | ||
LianBio Warrants | 2,878 | 3,338 |
Total financial assets | 2,878 | 3,338 |
Liability | ||
LEO call option liability | 5,550 | |
Embedded derivative | 1,366 | 1,340 |
Total financial liabilities | 6,890 | |
Recurring | Money Market Funds | ||
Cash equivalents: | ||
Total cash equivalents | 255,663 | 266,437 |
Recurring | Money Market Funds | Level 1 | ||
Cash equivalents: | ||
Total cash equivalents | 255,663 | 266,437 |
Recurring | U.S. Treasury Bills | ||
Short-term marketable securities: | ||
Total short-term marketable securities | 14,999 | |
Recurring | U.S. Treasury Bills | Level 2 | ||
Short-term marketable securities: | ||
Total short-term marketable securities | 14,999 | |
Recurring | Commercial Paper | ||
Short-term marketable securities: | ||
Total short-term marketable securities | 263,013 | 144,851 |
Recurring | Commercial Paper | Level 2 | ||
Short-term marketable securities: | ||
Total short-term marketable securities | 263,013 | 144,851 |
Recurring | Corporate Debt Securities | ||
Short-term marketable securities: | ||
Total short-term marketable securities | 120,940 | 45,770 |
Recurring | Corporate Debt Securities | Level 2 | ||
Short-term marketable securities: | ||
Total short-term marketable securities | 120,940 | 45,770 |
Recurring | Supranational Debt Securities | ||
Short-term marketable securities: | ||
Total short-term marketable securities | 75,290 | |
Recurring | Supranational Debt Securities | Level 2 | ||
Short-term marketable securities: | ||
Total short-term marketable securities | 75,290 | |
Recurring | U.S. Treasury Notes | ||
Short-term marketable securities: | ||
Total short-term marketable securities | 45,391 | |
Long-term marketable securities: | ||
Total long-term marketable securities | 60,688 | |
Recurring | U.S. Treasury Notes | Level 2 | ||
Short-term marketable securities: | ||
Total short-term marketable securities | $ 45,391 | |
Long-term marketable securities: | ||
Total long-term marketable securities | $ 60,688 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - USD ($) | Jun. 30, 2021 | Jan. 28, 2021 | Dec. 31, 2020 | Mar. 09, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
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 | ||
2029 Notes | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Debt Instrument face amount | 747,500,000 | $ 717,500,000 | ||
Estimated fair value of notes payable | 717,800,000 | |||
2027 Notes | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Debt Instrument face amount | 550,000,000 | $ 550,000,000 | ||
Estimated fair value of notes payable | $ 880,000,000 | $ 997,900,000 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Change in Estimated Fair Value of Liability Recorded in Other Income (Details) - LEO Call Option $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Beginning balance | $ 5,550 |
Change in fair value upon notice of termination of the LEO call option | $ (5,550) |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Estimated Fair Value of Liability (Details) - LEO Call Option | 12 Months Ended |
Dec. 31, 2020 | |
Minimum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Expected term (in years) | 1 year 3 months |
Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Expected term (in years) | 6 years 3 months |
Probability of Milestone Achievement | Minimum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Measurement input | 12 |
Probability of Milestone Achievement | Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Measurement input | 84 |
Discount Rate | Minimum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Measurement input | 0.1 |
Discount Rate | Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Measurement input | 14.3 |
Expected Volatility | Minimum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Measurement input | 80 |
Expected Volatility | Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Measurement input | 95 |
Risk-Free Interest Rate | Minimum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Measurement input | 1.16 |
Risk-Free Interest Rate | Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Measurement input | 1.53 |
Cash Equivalents and Marketab_3
Cash Equivalents and Marketable Securities - Additional Information (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Cash And Cash Equivalents [Abstract] | |
Securities collateral by deposits percentage required by the accounting policy | 102.00% |
Securities collateral by deposits percentage maintained by a third-party custodian | 102.00% |
Realized gains or losses on available-for-sale securities | $ 0 |
Short-term marketable securities contractual maturities | 7 months |
Long-term marketable securities contractual maturities | 14 months |
Cash Equivalents and Marketab_4
Cash Equivalents and Marketable Securities - Schedule of Cash Equivalent and Marketable Securities Classified as Available-for-Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost Basis | $ 775,558 | $ 517,256 |
Unrealized Gains | 60 | 196 |
Unrealized Losses | (24) | (4) |
Estimated Fair Value | 775,594 | 517,448 |
Money Market Funds | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost Basis Cash Equivalents | 255,663 | 266,437 |
Total cash equivalents | 255,663 | 266,437 |
Short-term Marketable Securities | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost Basis | 459,222 | 250,819 |
Unrealized Gains | 45 | 196 |
Unrealized Losses | (24) | (4) |
Estimated Fair Value | 459,243 | 251,011 |
Short-term Marketable Securities | Commercial Paper | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost Basis | 262,995 | 144,851 |
Unrealized Gains | 22 | |
Unrealized Losses | (4) | |
Estimated Fair Value | 263,013 | 144,851 |
Short-term Marketable Securities | Corporate Debt Securities | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost Basis | 120,929 | 45,680 |
Unrealized Gains | 23 | 93 |
Unrealized Losses | (12) | (3) |
Estimated Fair Value | 120,940 | 45,770 |
Short-term Marketable Securities | Supranational Debt Securities | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost Basis | 75,298 | |
Unrealized Losses | (8) | |
Estimated Fair Value | 75,290 | |
Short-term Marketable Securities | U.S. Treasury Notes | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost Basis | 45,292 | |
Unrealized Gains | 100 | |
Unrealized Losses | (1) | |
Estimated Fair Value | 45,391 | |
Short-term Marketable Securities | U.S. Treasury Bills | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost Basis | 14,996 | |
Unrealized Gains | 3 | |
Estimated Fair Value | $ 14,999 | |
Long Term Marketable Securities | U.S. Treasury Notes | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost Basis | 60,673 | |
Unrealized Gains | 15 | |
Estimated Fair Value | $ 60,688 |
Eidos - Additional Information
Eidos - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 26, 2021 | Aug. 02, 2019 | Feb. 29, 2020 | Mar. 31, 2021 | Jun. 30, 2021 | Oct. 05, 2020 |
Variable Interest Entity [Line Items] | ||||||
Difference recognized in equity | $ 91,997 | |||||
Additional Paid-in Capital | ||||||
Variable Interest Entity [Line Items] | ||||||
Difference recognized in equity | $ 53,856 | |||||
Variable Interest Entity, Primary Beneficiary | Eidos | ||||||
Variable Interest Entity [Line Items] | ||||||
Voting shares | 50.00% | |||||
Percentage of cash commission | 3.00% | |||||
Shares issued | 448,755 | |||||
Net proceeds issued from offerings | $ 24,100 | |||||
Variable Interest Entity, Primary Beneficiary | Eidos | Maximum | ||||||
Variable Interest Entity [Line Items] | ||||||
Aggregate offering price of common stock that may be issued | $ 100,000 | |||||
Eidos | ||||||
Variable Interest Entity [Line Items] | ||||||
Merger transactions completion date | Jan. 26, 2021 | |||||
Aggregate consideration | $ 1,651,600 | |||||
Cash consideration paid | $ 21,300 | |||||
Number of shares issued in exchange of subsidiary equity | 26,156,446 | |||||
Total fair value | $ 1,630,300 | |||||
Eidos | Additional Paid-in Capital | ||||||
Variable Interest Entity [Line Items] | ||||||
Difference recognized in equity | $ (1,613,400) | |||||
Transaction costs incurred | $ 70,700 | |||||
Eidos | Merger Agreement | ||||||
Variable Interest Entity [Line Items] | ||||||
Right to receive of common stock | 1.85 | |||||
Cash per share in transaction | $ 73.26 | |||||
Eidos | Maximum | Merger Agreement | ||||||
Variable Interest Entity [Line Items] | ||||||
Cash consideration | $ 175,000 | |||||
Eidos | Minimum | Merger Agreement | ||||||
Variable Interest Entity [Line Items] | ||||||
Cash consideration | $ 0 |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | ||
Minority Interest [Line Items] | ||||||
Adjustments of carrying value of noncontrolling interest additional paid-in capital | $ (1,400) | $ (3,100) | $ 300 | $ 8,500 | ||
Noncontrolling interests | $ 6,804 | $ 6,804 | $ 48,350 | [1] | ||
Eidos | ||||||
Minority Interest [Line Items] | ||||||
Noncontrolling interests | $ 40,200 | |||||
[1] | The condensed consolidated balance sheet as of December 31, 2020 is derived from the audited consolidated financial statements as of that date. |
Equity Method and Other Inves_2
Equity Method and Other Investments in Equity Method Investees - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Oct. 31, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
LianBio | Common Stock | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Ownership interest | 6.00% | 6.00% | 6.00% | |||||
Bridge Bio Pharma Limited Liability Company | Entities Affiliated With Perceptive Life Sciences Master Fund Ltd | LianBio | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Ownership interest | 10.00% | 10.00% | ||||||
Ownership interest, value | $ 3,800,000 | $ 0 | ||||||
Impairments related investment | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Warrant to purchase percentage | 10.00% | |||||||
PellePharm, Inc | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Ownership interest, value | $ 0 | $ 0 | ||||||
Impairments related investment | $ 0 | $ 0 | ||||||
Preferred stock ownership percentage | 61.90% | |||||||
Equity security investment | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Potential Milestone Amounts and Accruals (Detail) $ in Thousands | Jun. 30, 2021USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | ||
Potential Fixed Monetary Amount Settlement in Cash | $ 11,307 | |
Potential Fixed Monetary Amount Settlement in Stock | 136,027 | [1] |
Potential Fixed Monetary Amount Settlement in Cash or stock at our sole discretion | 96,473 | |
Total Potential Fixed Monetary Settlement Amount | 243,807 | |
Accrued Amount Settlement in Cash | 1,176 | [2] |
Accrued Amount Settlement in Stock | 13,936 | [1],[2] |
Accrued Amount Settlement in Cash or stock at our sole discretion | 3,419 | [2] |
Total Accrued Settlement Amount | $ 18,531 | [2] |
[1] | Includes the performance-based milestone awards that were granted as part of the Exchange Program further discussed in Note 15. | |
[2] | Amount recorded for performance-based milestone awards that are probable of achievement. |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments And Contingencies Disclosure [Abstract] | ||
Accrued termination charges | $ 0 | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Details) | Jan. 28, 2021USD ($)sharesTradingDay$ / shares | Jan. 25, 2021USD ($)$ / sharesshares | Mar. 09, 2020USD ($)sharesTradingDay$ / shares | Mar. 04, 2020USD ($)$ / sharesshares | Nov. 30, 2019USD ($) | Apr. 30, 2021USD ($) | Apr. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jan. 31, 2021USD ($) | Dec. 31, 2020USD ($) | May 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2018USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||||
Purchase of capped calls | $ 61,295,000 | $ 49,280,000 | ||||||||||||||||
Repurchase of common stock | 55,308,000 | 75,000,000 | ||||||||||||||||
Interest expense | $ 8,509,000 | $ 10,217,000 | $ 15,610,000 | |||||||||||||||
Hercules Capital, Inc | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, frequency of interest payment | payable monthly | |||||||||||||||||
Stated interest rate | 7.65% | 7.65% | 7.65% | |||||||||||||||
Gains or losses on debt modification | $ 0 | |||||||||||||||||
Debt instrument interest only extension date | Jun. 1, 2024 | |||||||||||||||||
Debt instrument interest only extension date, one | Jun. 1, 2025 | |||||||||||||||||
Debt instrument maturity date extension | May 1, 2025 | |||||||||||||||||
Debt instrument amended maturity extended date | May 1, 2026 | |||||||||||||||||
Debt instrument, additional available in loan facilities | $ 185,000 | $ 185,000 | $ 185,000 | |||||||||||||||
Debt instrument, additional increase available in loan facilities no later than June 15, 2022 | 70,000 | |||||||||||||||||
Debt Instrument additional increase available in loan facilities upon achievement of certain performance milestones | 40,000 | |||||||||||||||||
Debt instrument, additional increase available in loan facilities no later than December 15, 2023 | $ 75,000 | |||||||||||||||||
Interest expense | 2,400,000 | $ 3,900,000 | 4,400,000 | 5,400,000 | ||||||||||||||
Amortization of debt discount and issuance costs | 500,000 | 300,000 | 800,000 | $ 700,000 | ||||||||||||||
Hercules Capital, Inc | Prime Rate | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate | 4.40% | |||||||||||||||||
2029 Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument face amount | $ 717,500,000 | 747,500,000 | $ 747,500,000 | |||||||||||||||
Proceeds from exercise of option to purchase additional notes | 67,500,000 | |||||||||||||||||
Debt instrument option to purchase additional notes | 97,500,000 | |||||||||||||||||
Proceeds from exercise of remaining portion of option to purchase additional notes | $ 30,000,000 | |||||||||||||||||
Debt instrument issuance date | Jan. 28, 2021 | |||||||||||||||||
Maturity year | 2029 | |||||||||||||||||
Debt instrument, frequency of interest payment | semiannually | |||||||||||||||||
Interest payable beginning date | Aug. 1, 2021 | |||||||||||||||||
Stated interest rate | 2.25% | |||||||||||||||||
Maturity date | Feb. 1, 2029 | |||||||||||||||||
Description of payment terms of notes | The 2029 Notes will accrue interest payable semiannually in arrears on February 1 and August 1 of each year, beginning on August 1, 2021, at a rate of 2.25% per year. The 2029 Notes will mature on February 1, 2029, unless earlier converted, redeemed or repurchased. | |||||||||||||||||
Proceeds from issuance of notes after deducting discount and offering expenses | $ 731,400,000 | |||||||||||||||||
Direct offering expense | 0 | |||||||||||||||||
Purchase of capped calls | 61,300,000 | |||||||||||||||||
Repurchase of common stock | 50,000,000 | |||||||||||||||||
Denomination of the principal amount of debt in consideration conversion of the notes | $ 1,000 | |||||||||||||||||
Debt instrument, convertible, threshold trading days | TradingDay | 20 | |||||||||||||||||
Debt instrument, convertible, threshold consecutive trading days | TradingDay | 30 | |||||||||||||||||
Debt instrument, convertible, threshold percentage of stock price trigger | 130.00% | |||||||||||||||||
Number of consecutive trading day period (Measurement period) for conversion of notes | 5 days | |||||||||||||||||
Number of business days in consideration of conversion of notes | 5 days | |||||||||||||||||
Threshold percentage of stock price trigger in measurement period | 98.00% | |||||||||||||||||
Conversion rate | 10.3050 | |||||||||||||||||
Initial conversion price per share | $ / shares | $ 97.04 | |||||||||||||||||
Debt instrument, conversion, equivalent shares of common stock | shares | 7,702,988 | |||||||||||||||||
Percentage of principal amount to be repurchased in fundamental change | 100.00% | |||||||||||||||||
Minimum threshold percentage of aggregate principal by trustee or holders | 25.00% | |||||||||||||||||
Debt issuance costs including initial purchasers discounts, legal and other professional fees | $ 16,100,000 | |||||||||||||||||
Expected life of notes | 8 years | |||||||||||||||||
Interest expense | 4,659,000 | $ 7,913,000 | ||||||||||||||||
2029 Notes | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, increase in conversion rate, number of shares issuable | shares | 11,361,851 | |||||||||||||||||
2027 Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument face amount | $ 550,000,000 | 550,000,000 | $ 550,000,000 | |||||||||||||||
Proceeds from exercise of option to purchase additional notes | $ 75,000,000 | |||||||||||||||||
Debt instrument issuance date | Mar. 9, 2020 | |||||||||||||||||
Maturity year | 2027 | |||||||||||||||||
Debt instrument, frequency of interest payment | semiannually | |||||||||||||||||
Interest payable beginning date | Sep. 15, 2020 | |||||||||||||||||
Stated interest rate | 2.50% | |||||||||||||||||
Maturity date | Mar. 15, 2027 | |||||||||||||||||
Description of payment terms of notes | The 2027 Notes will accrue interest payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2020, at a rate of 2.50% per year. The 2027 Notes will mature on March 15, 2027, unless earlier converted or repurchased | |||||||||||||||||
Proceeds from issuance of notes after deducting discount and offering expenses | $ 537,000,000 | |||||||||||||||||
Purchase of capped calls | 49,300,000 | |||||||||||||||||
Repurchase of common stock | 75,000,000 | |||||||||||||||||
Denomination of the principal amount of debt in consideration conversion of the notes | $ 1,000 | |||||||||||||||||
Debt instrument, convertible, threshold trading days | TradingDay | 20 | |||||||||||||||||
Debt instrument, convertible, threshold consecutive trading days | TradingDay | 30 | |||||||||||||||||
Debt instrument, convertible, threshold percentage of stock price trigger | 130.00% | |||||||||||||||||
Number of consecutive trading day period (Measurement period) for conversion of notes | 5 days | |||||||||||||||||
Number of business days in consideration of conversion of notes | 5 days | |||||||||||||||||
Threshold percentage of stock price trigger in measurement period | 98.00% | |||||||||||||||||
Conversion rate | 23.4151 | |||||||||||||||||
Initial conversion price per share | $ / shares | $ 42.71 | |||||||||||||||||
Debt instrument, conversion, equivalent shares of common stock | shares | 12,878,305 | |||||||||||||||||
Percentage of principal amount to be repurchased in fundamental change | 100.00% | |||||||||||||||||
Minimum threshold percentage of aggregate principal by trustee or holders | 25.00% | |||||||||||||||||
Debt issuance costs including initial purchasers discounts, legal and other professional fees | $ 13,000,000 | 542,000 | $ 542,000 | $ 8,160,000 | ||||||||||||||
Expected life of notes | 7 years | |||||||||||||||||
Debt instrument, convertible, if-converted value of notes in excess of principal amount | 235,100,000 | |||||||||||||||||
Debt issuance costs allocated to equity component | $ 4,100,000 | |||||||||||||||||
Debt issuance costs allocated to liability component | $ 8,900,000 | |||||||||||||||||
Interest expense | $ 3,850,000 | $ 8,203,000 | $ 7,697,000 | |||||||||||||||
2027 Notes | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument, increase in conversion rate, number of shares issuable | shares | 17,707,635 | |||||||||||||||||
2021 Capped Call Transactions | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Purchase of capped calls | $ 61,300,000 | |||||||||||||||||
Initial conversion price per share | $ / shares | $ 97.04 | |||||||||||||||||
Capped call transaction, cap price per share | $ / shares | $ 131.58 | |||||||||||||||||
Premium over last reported sale price percentage | 100.00% | |||||||||||||||||
Number of shares covered by capped calls | shares | 7,702,988 | |||||||||||||||||
Adjustments to additional paid in capital related to premium payments | $ 61,300,000 | |||||||||||||||||
2021 Capped Call Transactions | Share Repurchase Transactions | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Repurchase of common stock | $ 50,000,000 | |||||||||||||||||
Stock repurchased during period, shares | shares | 759,993 | |||||||||||||||||
Repurchase of common stock price per share | $ / shares | $ 65.79 | |||||||||||||||||
2020 Capped Call Transactions | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Purchase of capped calls | $ 49,300,000 | |||||||||||||||||
Initial conversion price per share | $ / shares | $ 42.71 | |||||||||||||||||
Capped call transaction, cap price per share | $ / shares | $ 62.12 | |||||||||||||||||
Premium over last reported sale price percentage | 100.00% | |||||||||||||||||
Number of shares covered by capped calls | shares | 12,878,305 | |||||||||||||||||
Adjustments to additional paid in capital related to premium payments | $ (49,300,000) | |||||||||||||||||
2020 Capped Call Transactions | Share Repurchase Transactions | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Repurchase of common stock | $ 75,000,000 | |||||||||||||||||
Stock repurchased during period, shares | shares | 2,414,681 | |||||||||||||||||
Repurchase of common stock price per share | $ / shares | $ 31.06 | |||||||||||||||||
Tranche I | Hercules Capital, Inc | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument face amount | $ 35,000,000 | |||||||||||||||||
Tranche II | Hercules Capital, Inc | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument face amount | $ 20,000,000 | |||||||||||||||||
Tranche III | Hercules Capital, Inc | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument face amount | $ 20,000,000 | |||||||||||||||||
Tranche IV | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument face amount | $ 25,000,000 | |||||||||||||||||
Tranche IV | Hercules Capital, Inc | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument additional principal borrowing amount | $ 25,000,000 | |||||||||||||||||
Tranche A Loan | Silicon Valley Bank and Hercules Loan Agreement | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument drawn amount | $ 17,500,000 | |||||||||||||||||
Tranche A Loan | Silicon Valley Bank and Hercules Loan Agreement | Eidos | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 8.50% | |||||||||||||||||
Maturity date | Oct. 2, 2023 | |||||||||||||||||
Final payment charge percentage | 5.95% | |||||||||||||||||
Tranche A Loan | Silicon Valley Bank and Hercules Loan Agreement | Prime Rate | Eidos | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate | 3.25% | 8.50% | ||||||||||||||||
Tranche A Loan | Maximum | Silicon Valley Bank and Hercules Loan Agreement | Eidos | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Percentage of prepayment fee | 2.50% | |||||||||||||||||
Tranche A Loan | Minimum | Silicon Valley Bank and Hercules Loan Agreement | Eidos | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Percentage of prepayment fee | 0.75% |
Debt - Schedule of Outstanding
Debt - Schedule of Outstanding Notes Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jan. 28, 2021 | Dec. 31, 2020 | Mar. 09, 2020 | |
Liability component | |||||
Net carrying amount | $ 102,611 | $ 92,421 | [1] | ||
2029 Notes | |||||
Liability component | |||||
Principal | 747,500 | ||||
Unamortized debt discount | (15,298) | ||||
Unamortized debt issuance costs | $ (16,100) | ||||
Net carrying amount | 732,202 | ||||
2027 Notes | |||||
Liability component | |||||
Principal | 550,000 | 550,000 | |||
Unamortized debt discount | (10,356) | (158,404) | |||
Unamortized debt issuance costs | (542) | (8,160) | $ (13,000) | ||
Net carrying amount | $ 539,102 | 383,436 | |||
Equity component, net of issuance costs | $ 169,173 | ||||
[1] | The condensed consolidated balance sheet as of December 31, 2020 is derived from the audited consolidated financial statements as of that date. |
Debt - Schedule of Total Intere
Debt - Schedule of Total Interest Expense Recognized Related to Notes (Details) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | |
Debt Instrument [Line Items] | ||||
Contractual interest expense | $ 7,642 | $ 4,354 | $ 14,023 | |
Amortization of debt discount | 843 | 5,574 | 1,540 | |
Amortization of debt issuance costs | 24 | 289 | 47 | |
Total interest and amortization expense | 8,509 | $ 10,217 | 15,610 | |
Effective interest rate | 8.80% | 8.80% | ||
2029 Notes | ||||
Debt Instrument [Line Items] | ||||
Contractual interest expense | 4,205 | 7,148 | ||
Amortization of debt discount | 454 | 765 | ||
Total interest and amortization expense | $ 4,659 | $ 7,913 | ||
Effective interest rate | 2.60% | 2.60% | ||
2027 Notes | ||||
Debt Instrument [Line Items] | ||||
Contractual interest expense | $ 3,437 | $ 3,475 | $ 6,875 | |
Amortization of debt discount | 389 | 4,495 | 775 | |
Amortization of debt issuance costs | 24 | 233 | 47 | |
Total interest and amortization expense | $ 3,850 | $ 8,203 | $ 7,697 | |
Effective interest rate | 2.80% | 8.80% | 8.80% | 2.80% |
Debt - Schedule of Future Minim
Debt - Schedule of Future Minimum Payments under Notes (Details) $ in Thousands | Jun. 30, 2021USD ($) |
2029 Notes and Interest on 2029 Notes | |
Debt Instrument [Line Items] | |
Remainder of 2021 | $ 8,550 |
2022 | 16,819 |
2023 | 16,819 |
2024 | 16,819 |
2025 | 16,819 |
Thereafter | 806,366 |
Total future payments | 882,192 |
Interest on 2029 Notes | |
Debt Instrument [Line Items] | |
Less amounts representing interest | (134,692) |
2029 Notes | |
Debt Instrument [Line Items] | |
Total future payments | 747,500 |
2027 Notes and Interest on 2027 Notes | |
Debt Instrument [Line Items] | |
Remainder of 2021 | 6,875 |
2022 | 13,750 |
2023 | 13,750 |
2024 | 13,750 |
2025 | 13,750 |
Thereafter | 570,625 |
Total future payments | 632,500 |
Interest on 2027 Notes | |
Debt Instrument [Line Items] | |
Less amounts representing interest | (82,500) |
2027 Notes | |
Debt Instrument [Line Items] | |
Total future payments | $ 550,000 |
License and Collaboration Agr_2
License and Collaboration Agreement with Helsinn - Additional Information (Details) - USD ($) $ in Thousands | Mar. 29, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Total revenue | $ 54,024 | $ 54,486 | |||
Receivable from licensing and collaboration agreements | 35,363 | 35,363 | |||
Research and development | 101,960 | $ 86,598 | 224,519 | $ 154,823 | |
ASC 808 | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Receivable from licensing and collaboration agreements | 9,200 | 9,200 | |||
Research and development | 19,500 | 19,500 | |||
License agreements share of co-commercialization loss as reduction to selling, general and administrative expenses | 4,100 | 4,100 | |||
License Revenue | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Total revenue | 53,037 | 53,499 | |||
License and Collaboration Agreement | License Revenue | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Total revenue | 44,400 | ||||
Remaining revenue performance obligation | 1,600 | 1,600 | |||
Receivable from licensing and collaboration agreements | $ 26,000 | 26,000 | |||
License and Collaboration Agreement | Helsinn Therapeutics | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Percentage share of global development costs | 60.00% | ||||
License and Collaboration Agreement | QED Therapeutics, Inc | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Upfront, regulatory and launch milestone payments yet to be received | $ 100,000 | ||||
License agreement percentage share of profits and losses | 50.00% | ||||
Percentage share of global development costs | 40.00% | ||||
License and Collaboration Agreement | QED Therapeutics, Inc | Maximum | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Milestone payments | $ 2,450,000 | ||||
License and Collaboration Agreement | QED Therapeutics, Inc | Helsinn Therapeutics | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Initial transaction price for the license and collaboration agreement | 46,000 | ||||
Nonrefundable upfront license fee | 20,000 | ||||
Sale of certain existing inventory | 1,000 | ||||
Launch milestone payment | 25,000 | ||||
Allocation of transaction price to licenses | 44,400 | ||||
Allocation of transaction price to transfer of certain existing inventory | $ 1,600 |
License Agreements Between Navi
License Agreements Between Navire and LianBio - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Aug. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2021 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Total revenue | $ 54,024,000 | $ 54,486,000 | |
License Revenue | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Total revenue | 53,037,000 | 53,499,000 | |
LianBio | License Agreement | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Nonrefundable upfront payment receivable | $ 8,000,000 | ||
LianBio | License Agreement | Maximum | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Future potential development and sales milestone payments yet to receive | $ 382,100,000 | ||
LianBio | License Agreement | License Revenue | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Total revenue | $ 8,500,000 | $ 8,500,000 |
Asset Acquisitions - Additional
Asset Acquisitions - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
May 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2018 | |
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||||||
Intangible assets net carrying value | $ 20,000,000 | $ 20,000,000 | |||||
Intangible assets remaining useful life | 13 years 6 months | ||||||
Amortization expenses, remainder period | 900,000 | $ 900,000 | |||||
Amortization expenses, 2022 | 1,500,000 | 1,500,000 | |||||
Amortization expenses, 2023 | 1,500,000 | 1,500,000 | |||||
Amortization expenses, 2024 | 1,500,000 | 1,500,000 | |||||
Amortization expenses, 2025 | 1,500,000 | 1,500,000 | |||||
Amortization expenses, thereafter | 13,100,000 | 13,100,000 | |||||
Research and development | 101,960,000 | $ 86,598,000 | 224,519,000 | $ 154,823,000 | |||
Selling, general and administrative | 45,970,000 | $ 37,969,000 | 91,377,000 | $ 72,231,000 | |||
Payment Following FDA Approval of Truseltiq | |||||||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||||||
Regulatory milestone payments | $ 20,000,000 | ||||||
Intangible asset, estimated useful life | 13 years 7 months 6 days | ||||||
Regulatory Milestone Payment Upon FDA Approval of Nulibry | |||||||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||||||
Research and development | $ 2,000,000 | ||||||
Sales-based Milestone Payment | |||||||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||||||
Selling, general and administrative | $ 1,000,000 | $ 1,000,000 | |||||
QED Therapeutics, Inc | Maximum | |||||||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||||||
Regulatory milestone payments | $ 60,000,000 | ||||||
Sales-based milestone payments | 35,000,000 | ||||||
Origin Biosciences, Inc. | Maximum | |||||||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||||||
Regulatory milestone payments | 3,000,000 | ||||||
Sales-based milestone payments | 17,000,000 | ||||||
Assets acquisition required milestone payments | $ 18,800,000 |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Straight line operating lease costs | $ 1,256 | $ 995 | $ 2,621 | $ 1,689 |
Finance lease costs | ||||
Straight line finance lease costs | 88 | 117 | ||
Interest on finance lease liability | 28 | 56 | ||
Variable lease costs | 969 | 142 | 1,720 | 301 |
Total lease cost | $ 2,341 | $ 1,137 | $ 4,514 | $ 1,990 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows for operating leases | $ 2,858 | $ 1,684 |
Operating cash flows for finance lease — cash paid for interest | 63 | |
Financing cash flows for finance lease — cash paid for principal | 22 | |
Operating lease right-of-use assets obtained in exchange for operating lease obligations | $ 4,041 | $ 11,814 |
Leases - Schedule of Suppleme_2
Leases - Schedule of Supplemental Information Related to Remaining Lease Term and Discount Rate (Details) | Jun. 30, 2021 | Jun. 30, 2020 |
Weighted-average remaining lease term (in years) | ||
Operating leases | 6 years 3 months 18 days | 5 years 3 months 18 days |
Finance lease | 4 years 7 months 6 days | |
Weighted-average discount rate | ||
Operating leases | 5.79% | 5.87% |
Finance lease | 6.62% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments for Noncancelable Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | [1] |
Leases [Abstract] | |||
Operating leases, Remainder of 2021 | $ 2,783 | ||
Operating leases, 2022 | 5,360 | ||
Operating leases, 2023 | 4,287 | ||
Operating leases, 2024 | 4,011 | ||
Operating leases, 2025 | 3,980 | ||
Operating leases, Thereafter | 6,419 | ||
Operating leases, Total future minimum lease payments | 26,840 | ||
Operating leases, Imputed interest | (4,278) | ||
Operating lease liabilities | 22,562 | ||
Operating lease liabilities, current portion | 4,540 | $ 3,795 | |
Operating lease liabilities, net of current portion | 18,022 | $ 14,677 | |
Total operating lease liabilities | 22,562 | ||
Finance lease, Remainder of 2021 | 151 | ||
Finance lease, 2022 | 420 | ||
Finance lease, 2023 | 432 | ||
Finance lease, 2024 | 445 | ||
Finance lease, 2025 | 459 | ||
Finance lease, Thereafter | 38 | ||
Finance lease, Total future minimum lease payments | 1,945 | ||
Finance lease, Imputed interest | (275) | ||
Finance lease, Total | 1,670 | ||
Finance lease liability, current portion — Included in "Other accrued liabilities" | $ 258 | ||
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | bbio:OtherAccruedLiabilitiesCurrent1Member | ||
Finance lease liability, net of current portion — Included in "Other liabilities" | $ 1,412 | ||
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherNoncurrentLiabilitiesMember | ||
Total finance lease liability | $ 1,670 | ||
[1] | The condensed consolidated balance sheet as of December 31, 2020 is derived from the audited consolidated financial statements as of that date. |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Dec. 31, 2019 | Mar. 31, 2021 | Jun. 30, 2021 | |
Lessee Lease Description [Line Items] | |||
Impairment loss related to operating lease right-of-use assets | $ 2.6 | ||
One time fees asset non-current | $ 10 | ||
Remaining payable recorded as other current liabilities | $ 2 | ||
Construction-in-Progress | |||
Lessee Lease Description [Line Items] | |||
New accounting pronouncement effect of adoption | $ 10 | ||
Manufacturing Agreement | |||
Lessee Lease Description [Line Items] | |||
Lease agreement expiration | 5 years | ||
Property and Equipment | |||
Lessee Lease Description [Line Items] | |||
Impairment loss | 0.7 | ||
Selling, General and Administrative Expenses | |||
Lessee Lease Description [Line Items] | |||
Impairment loss | $ 3.3 |
Share Repurchase Program and _2
Share Repurchase Program and Shelf Registration - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended | |
Jul. 31, 2020 | Jun. 30, 2021 | May 31, 2021 | |
Common Stock | Maximum | At-the-Market Offerings | |||
Share Repurchase Program And Shelf Registration [Line Items] | |||
Aggregate offering, issuance and sale price of common stock to be issued | $ 350 | ||
Percentage of cash commission | 3.00% | ||
2021 Share Repurchase Program | |||
Share Repurchase Program And Shelf Registration [Line Items] | |||
Stock repurchased during period, shares | 104,694 | ||
Stock repurchased, average price per share | $ 50.71 | ||
Stock repurchased, value | $ 5.3 | ||
2021 Share Repurchase Program | Common Stock | Maximum | |||
Share Repurchase Program And Shelf Registration [Line Items] | |||
Share repurchase program, authorized amount | $ 150 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Based Compensation for Employees and Non Employees (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | $ 32,035 | $ 18,392 | $ 66,931 | $ 28,614 |
BridgeBio Equity Plan | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | 31,695 | 15,522 | 62,726 | 23,585 |
Other Subsidiaries Equity Plan | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | 340 | 152 | 4,205 | 384 |
Eidos | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | 2,718 | 4,645 | ||
Research and Development Expense | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | 19,284 | 9,171 | 41,733 | 10,811 |
Research and Development Expense | BridgeBio Equity Plan | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | 19,163 | 7,617 | 40,463 | 8,220 |
Research and Development Expense | Other Subsidiaries Equity Plan | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | 121 | 106 | 1,270 | 228 |
Research and Development Expense | Eidos | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | 1,448 | 2,363 | ||
Selling, General and Administrative Expenses | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | 12,751 | 25,198 | ||
Selling, General and Administrative Expenses | BridgeBio Equity Plan | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | 12,532 | 22,263 | ||
Selling, General and Administrative Expenses | Other Subsidiaries Equity Plan | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | $ 219 | $ 2,935 | ||
General and Administrative Expense | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | 9,221 | 17,803 | ||
General and Administrative Expense | BridgeBio Equity Plan | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | 7,905 | 15,365 | ||
General and Administrative Expense | Other Subsidiaries Equity Plan | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | 46 | 156 | ||
General and Administrative Expense | Eidos | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | $ 1,270 | $ 2,282 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) | Jan. 26, 2021shares | Nov. 18, 2020USD ($)Granteeshares | Apr. 22, 2020USD ($)Granteeshares | Jun. 30, 2021USD ($)employeeshares | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)employee$ / sharesshares | Jun. 30, 2020USD ($) |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation | $ 32,035,000 | $ 18,392,000 | $ 66,931,000 | $ 28,614,000 | |||
Employee Stock Purchase Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common shares reserved for future issuance | shares | 4,286,364 | 4,286,364 | |||||
Weighted-average grand date fair value of options granted | $ / shares | $ 15.05 | ||||||
2020 Stock and Equity Award Exchange Program | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Maximum potential milestone performance-based awards to be settled in fully-vested RSA | $ 11,700,000 | $ 183,400,000 | |||||
Performance-based milestone awards | $ 17,400,000 | ||||||
Performance-based milestone awards compensation recognized | $ 13,300,000 | $ 27,800,000 | |||||
2020 Stock and Equity Award Exchange Program | Minimum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Performance-based milestone awards period for recognition | 8 months 12 days | ||||||
2020 Stock and Equity Award Exchange Program | Maximum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Performance-based milestone awards period for recognition | 1 year 8 months 12 days | ||||||
Employee Stock Options | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Weighted-average grand date fair value of options granted | $ / shares | $ 32.18 | ||||||
Employee Stock Options | 2020 Stock and Equity Award Exchange Program | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of options issued in exchange of subsidiary equity | shares | 70,436 | 1,268,110 | |||||
Restricted Stock Awards | 2020 Stock and Equity Award Exchange Program | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of RSAs issued in exchange of subsidiary equity | shares | 50,145 | ||||||
Performance based milestone awards compensation expense settled with equity | $ 2,500,000 | $ 6,000,000 | |||||
Performance-Based RSAs | 2020 Stock and Equity Award Exchange Program | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of Performance-Based RSAs issued in exchange of subsidiary equity | shares | 22,611 | ||||||
Performance-Based Stock Options | 2020 Stock and Equity Award Exchange Program | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of Performance-Based stock options issued in exchange of subsidiary equity | shares | 10,772 | ||||||
A&R 2019 Plan | 2020 Stock and Equity Award Exchange Program | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of grantees | Grantee | 16 | 149 | |||||
Number of shares issued in exchange of subsidiary equity | shares | 24,924 | 554,064 | |||||
A&R 2019 Plan | Common Stock | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common shares reserved for future issuance | shares | 8,146,367 | 8,146,367 | |||||
2019 Inducement Plan | Common Stock | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common shares reserved for future issuance | shares | 78,629 | 78,629 | |||||
Eidos Award Exchange Plan | Common Stock | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common shares reserved for future issuance | shares | 2,802,644 | 2,802,644 | |||||
A&R 2019 Plan and 2019 Inducement Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Weighted-average grand date fair value of options granted | $ / shares | $ 32.18 | ||||||
Total intrinsic value of options exercised | $ 40,800,000 | ||||||
A&R 2019 Plan and 2019 Inducement Plan | 2020 Stock and Equity Award Exchange Program | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation | $ 16,704,000 | $ 23,427,000 | |||||
A&R 2019 Plan and 2019 Inducement Plan | Employee Stock Options | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Vesting period | 4 years | ||||||
Stock-based compensation | 7,800,000 | $ 13,700,000 | |||||
Unrecognized compensation cost | 76,800,000 | $ 76,800,000 | |||||
Unrecognized compensation cost, period for recognition | 2 years 3 months 18 days | ||||||
A&R 2019 Plan and 2019 Inducement Plan | Restricted Stock Awards | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation | 18,193,000 | $ 26,695,000 | |||||
Unrecognized compensation cost, period for recognition | 2 years 4 months 24 days | ||||||
Unrecognized compensation cost | 13,200,000 | $ 13,200,000 | |||||
A&R 2019 Plan and 2019 Inducement Plan | Restricted Stock Units (RSUs) | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation | 5,800,000 | $ 10,500,000 | |||||
Unrecognized compensation cost, period for recognition | 3 years 2 months 12 days | ||||||
Unrecognized compensation cost | 79,100,000 | $ 79,100,000 | |||||
BridgeBio Equity Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Performance-based milestone awards compensation expense | 1,900,000 | 3,200,000 | |||||
Stock-based compensation | $ 31,695,000 | 15,522,000 | $ 62,726,000 | 23,585,000 | |||
Eidos | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares issued in exchange of subsidiary equity | shares | 26,156,446 | ||||||
Stock-based compensation | $ 2,718,000 | $ 4,645,000 | |||||
Eidos | Eidos 2016 and 2018 Plans | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of options issued in exchange of subsidiary equity | shares | 2,776,672 | ||||||
Number of RSUs issued in exchange of subsidiary equity | shares | 25,972 | ||||||
Number of employees for replacement awards | employee | 88 | 88 | |||||
Incremental compensation cost for awards modification | $ 0 | $ 0 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Option Activity under Plans (Details) - A&R 2019 Plan and 2019 Inducement Plan - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options Outstanding, Outstanding, Beginning balance | 6,778,112 | |
Options Outstanding, Granted | 904,584 | |
Options Outstanding, Exercised | (231,849) | |
Options Outstanding, Cancelled | (74,617) | |
Options Outstanding, Outstanding, Ending balance | 7,376,230 | 6,778,112 |
Options Outstanding, Exercisable | 2,586,876 | |
Weighted-Average Exercise Price per Option, Outstanding, Beginning balance | $ 23.83 | |
Weighted-Average Exercise Price per Option, Granted | 66.19 | |
Weighted-Average Exercise Price per Option, Exercised | 19.60 | |
Weighted-Average Exercise Price per Option, Cancelled | 26.49 | |
Weighted-Average Exercise Price per Option, Outstanding, Ending balance | 29.13 | $ 23.83 |
Weighted-Average Exercise Price per Option, Exercisable | $ 23.44 | |
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance | 8 years 6 months | 8 years 9 months 18 days |
Weighted-Average Remaining Contractual Life (years), Exercisable | 8 years 2 months 12 days | |
Aggregate Intrinsic Value, Outstanding, Ending balance | $ 239,513 | $ 320,473 |
Aggregate Intrinsic Value, Exercisable | $ 97,396 | |
Eidos | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options Outstanding, Granted | 2,776,672 | |
Options Outstanding, Exercised | (349,724) | |
Options Outstanding, Cancelled | (70,883) | |
Options Outstanding, Outstanding, Ending balance | 2,356,065 | |
Options Outstanding, Exercisable | 1,111,208 | |
Weighted-Average Exercise Price per Option, Granted | $ 16.33 | |
Weighted-Average Exercise Price per Option, Exercised | 16.08 | |
Weighted-Average Exercise Price per Option, Cancelled | 23.45 | |
Weighted-Average Exercise Price per Option, Outstanding, Ending balance | 16.15 | |
Weighted-Average Exercise Price per Option, Exercisable | $ 11.75 | |
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance | 7 years 2 months 12 days | |
Weighted-Average Remaining Contractual Life (years), Exercisable | 5 years 10 months 24 days | |
Aggregate Intrinsic Value, Outstanding, Ending balance | $ 105,589 | |
Aggregate Intrinsic Value, Exercisable | $ 54,680 | |
2020 Stock and Equity Award Exchange Program | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options Outstanding, Outstanding, Beginning balance | 854,849 | |
Options Outstanding, Exercised | (265,102) | |
Options Outstanding, Cancelled | (1,478) | |
Options Outstanding, Outstanding, Ending balance | 588,269 | 854,849 |
Options Outstanding, Exercisable | 476,202 | |
Weighted-Average Exercise Price per Option, Outstanding, Beginning balance | $ 2.22 | |
Weighted-Average Exercise Price per Option, Exercised | 1.61 | |
Weighted-Average Exercise Price per Option, Cancelled | 3.37 | |
Weighted-Average Exercise Price per Option, Outstanding, Ending balance | 2.49 | $ 2.22 |
Weighted-Average Exercise Price per Option, Exercisable | $ 1.99 | |
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance | 7 years 9 months 18 days | 8 years 2 months 12 days |
Weighted-Average Remaining Contractual Life (years), Exercisable | 7 years 8 months 12 days | |
Aggregate Intrinsic Value, Outstanding, Ending balance | $ 34,394 | $ 58,891 |
Aggregate Intrinsic Value, Exercisable | $ 28,083 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - A&R 2019 Plan and 2019 Inducement Plan - Restricted Stock Units (RSUs) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unvested Shares of Restricted Stock Outstanding, Beginning balance | shares | 1,053,838 |
Unvested Shares of Restricted Stock Outstanding, Granted | shares | 986,344 |
Unvested Shares of Restricted Stock Outstanding, Vested | shares | (251,350) |
Unvested Shares of Restricted Stock Outstanding, Cancelled | shares | (145,520) |
Unvested Shares of Restricted Stock Outstanding, Ending balance | shares | 1,643,312 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares | $ 34.21 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 66.65 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 43.50 |
Weighted-Average Grant Date Fair Value, Cancelled | $ / shares | 52.22 |
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares | $ 50.65 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Restricted Stock Award Activity under Plans (Details) - Restricted Stock Awards - A&R 2019 Plan and 2019 Inducement Plan | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unvested Shares of Restricted Stock Outstanding, Beginning balance | shares | 3,364,366 |
Unvested Shares of Restricted Stock Outstanding, Vested | shares | (890,800) |
Unvested Shares of Restricted Stock Outstanding, Cancelled | shares | (5,150) |
Unvested Shares of Restricted Stock Outstanding, Ending balance | shares | 2,468,416 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares | $ 4.47 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 2.91 |
Weighted-Average Grant Date Fair Value, Cancelled | $ / shares | 7.27 |
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares | $ 5.03 |
2020 Stock and Equity Award Exchange Program | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unvested Shares of Restricted Stock Outstanding, Granted | shares | 382,122 |
Unvested Shares of Restricted Stock Outstanding, Vested | shares | (382,122) |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | $ 61.31 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | $ 61.31 |
Stock-Based Compensation - Su_5
Stock-Based Compensation - Summary of Recognized Stock-based Compensation Expense Related to Restricted Stock Award Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 32,035 | $ 18,392 | $ 66,931 | $ 28,614 |
A&R 2019 Plan and 2019 Inducement Plan | Other RSAs | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | 1,489 | 3,268 | ||
A&R 2019 Plan and 2019 Inducement Plan | Restricted Stock Awards | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | 18,193 | 26,695 | ||
A&R 2019 Plan and 2019 Inducement Plan | 2020 Stock and Equity Award Exchange Program | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 16,704 | $ 23,427 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Assumptions Used to Determine Fair Value of Stock Options and Stock Purchase Rights under ESPP (Details) | 6 Months Ended |
Jun. 30, 2021$ / shares | |
Employee Stock Options | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected volatility, Minimum | 51.43% |
Expected volatility, Maximum | 51.97% |
Risk-free interest rate, Minimum | 0.63% |
Risk-free interest rate, Maximum | 1.09% |
Weighted-average grand date fair value of options granted | $ 32.18 |
Employee Stock Purchase Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected volatility, Minimum | 47.61% |
Expected volatility, Maximum | 51.97% |
Risk-free interest rate, Minimum | 0.06% |
Risk-free interest rate, Maximum | 0.13% |
Weighted-average grand date fair value of options granted | $ 15.05 |
Minimum | Employee Stock Options | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected term (in years) | 6 years |
Minimum | Employee Stock Purchase Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected term (in years) | 4 months 24 days |
Maximum | Employee Stock Options | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected term (in years) | 6 years 7 days |
Maximum | Employee Stock Purchase Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected term (in years) | 7 months 24 days |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | |||||
Provision for income tax | $ 0 | $ 0 | $ 0 | $ 0 | |
Other liabilities | |||||
Operating Loss Carryforwards [Line Items] | |||||
Deferred tax liability, net | $ 1,100 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Common Stock Equivalents were Excluded from Computation of Diluted Net Loss per Share (Detail) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 38,903,476 | 26,523,269 |
Unvested RSAs | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 2,468,416 | 4,460,495 |
Unvested RSUs | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 1,643,312 | 1,099,165 |
Unvested Market-Based RSUs | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 55,614 | |
Unvested Performance-Based RSUs | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 66,683 | 14,450 |
Unvested Performance-Based RSAs | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 22,611 | |
Common Stock Options Issued and Outstanding | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 10,320,564 | 7,954,519 |
Estimated Shares Issuable Performance Based Milestone Compensation Arrangement | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 3,785,559 | |
Estimated Shares Issuable Under the ESPP | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 37,649 | 38,110 |
Assumed Conversion of 2027 Notes | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 12,878,305 | 12,878,305 |
Assumed Conversion of 2029 Notes | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 7,702,988 |