Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | BBIO | |
Entity Registrant Name | BridgeBio Pharma, Inc. | |
Entity Central Index Key | 0001743881 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | 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 | 122,568,216 | |
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 | Sep. 30, 2020 | Dec. 31, 2019 | ||
Current assets: | ||||
Cash and cash equivalents | $ 366,967 | $ 363,773 | [1] | |
Short-term marketable securities | 343,714 | 182,220 | [1] | |
Receivable from a related party | 8,000 | 2,845 | [1] | |
Prepaid expenses and other current assets | 26,703 | 19,784 | [1] | |
Total current assets | 745,384 | 568,622 | [1] | |
Property and equipment, net | 16,182 | 5,625 | [1] | |
Operating lease right-of-use assets, net | 9,644 | |||
Long-term marketable securities | [1] | 31,144 | ||
Other assets | 16,483 | 26,288 | [1] | |
Total assets | 787,693 | 631,679 | [1] | |
Current liabilities: | ||||
Accounts payable | 9,839 | 8,852 | [1] | |
Accrued compensation and benefits | 18,755 | 13,317 | [1] | |
Accrued research and development liabilities | 24,901 | 20,896 | [1] | |
Accrued professional services | 4,706 | 2,222 | [1] | |
LEO call option liability | 5,198 | 4,078 | [1] | |
Build-to-suit lease obligation | [1] | 8,000 | ||
Operating lease liabilities, current portion | 3,617 | |||
Other accrued liabilities | 8,691 | 3,020 | [1] | |
Total current liabilities | 75,707 | 60,385 | [1] | |
Term loans, noncurrent, net | 93,392 | 91,791 | [1] | |
2027 Notes, net | 378,502 | |||
Operating lease liabilities, net of current portion | 8,236 | |||
Other liabilities | 13,469 | 3,527 | [1] | |
Total liabilities | 569,306 | 155,703 | [1] | |
Commitments and contingencies (Note 8) | [1] | |||
Redeemable convertible noncontrolling interests | 2,574 | 2,243 | [1] | |
Stockholders’ equity: | ||||
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; 124,957,091 shares issued and 122,542,410 shares outstanding as of September 30, 2020, 123,658,287 shares issued and outstanding as of December 31, 2019 | 125 | 124 | [1] | |
Treasury stock, at cost; 2,414,681 shares as of September 30, 2020, nil as of December 31, 2019 | (75,000) | |||
Additional paid-in capital | 1,006,944 | 848,107 | [1] | |
Accumulated other comprehensive income | 461 | 254 | [1] | |
Accumulated deficit | (768,774) | (440,031) | [1] | |
Total BridgeBio stockholders' equity | 163,756 | 408,454 | [1] | |
Noncontrolling interests | 52,057 | 65,279 | [1] | |
Total stockholders' equity | 215,813 | 473,733 | [1],[2] | |
Total liabilities, redeemable convertible noncontrolling interests and stockholders’ equity | $ 787,693 | $ 631,679 | [1] | |
[1] | The condensed consolidated balance sheet as of December 31, 2019 is derived from the audited consolidated financial statements as of that date. | |||
[2] | The consolidated balances as of December 31, 2019 and 2018 are derived from the audited consolidated financial statements as of those dates. The consolidated balances as of December 31, 2018 were retroactively adjusted, including shares and per share amounts, as a result of the 2019 Reorganization. See Note 13 to the condensed consolidated financial statements for additional details. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
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 | 124,957,091 | 123,658,287 |
Common stock, shares outstanding | 122,542,410 | 123,658,287 |
Treasury stock, shares | 2,414,681 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Income Statement [Abstract] | |||||
License revenue | $ 8,127 | $ 26,741 | $ 8,127 | $ 26,741 | |
Revenue from Contract with Customer, Product and Service [Extensible List] | us-gaap:LicenseMember | us-gaap:LicenseMember | us-gaap:LicenseMember | us-gaap:LicenseMember | |
Operating expenses: | |||||
Cost of license revenue | $ 2,500 | $ 2,500 | |||
Research and development | $ 92,050 | 55,278 | $ 246,873 | 152,462 | |
General and administrative | 36,016 | 23,495 | 108,247 | 59,381 | |
Total operating expenses | 128,066 | 81,273 | 355,120 | 214,343 | |
Loss from operations | (119,939) | (54,532) | (346,993) | (187,602) | |
Other income (expense), net: | |||||
Interest income | 692 | 2,736 | 3,567 | 6,505 | |
Interest expense | (10,929) | (2,113) | (25,693) | (5,725) | |
Share in net loss of an equity method investment | (6,589) | (16,144) | |||
Other income (expense) | 9 | (166) | (1,344) | (1,468) | |
Total other income (expense), net | (10,228) | (6,132) | (23,470) | (16,832) | |
Net loss | (130,167) | (60,664) | (370,463) | (204,434) | |
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests | 14,308 | 684 | 41,720 | 17,305 | |
Net loss attributable to common stockholders of BridgeBio | $ (115,859) | $ (59,980) | $ (328,743) | $ (187,129) | |
Net loss per share, basic and diluted | $ (0.98) | $ (0.51) | $ (2.79) | $ (1.86) | |
Weighted-average shares used in computing net loss per share, basic and diluted | [1] | 118,168,063 | 117,071,188 | 117,663,038 | 100,855,481 |
[1] | The weighted-average shares used in computing net loss per share, basic and diluted for the three and nine months ended September 30, 2019 were retroactively adjusted as a result of the 2019 Reorganization. See Note 13 to the condensed consolidated financial statements for additional details. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (130,167) | $ (60,664) | $ (370,463) | $ (204,434) |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on available-for-sale securities | (397) | 152 | 207 | 152 |
Comprehensive loss | (130,564) | (60,512) | (370,256) | (204,282) |
Comprehensive loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests | 14,308 | 684 | 41,720 | 17,305 |
Comprehensive loss attributable to common stockholders of BridgeBio | $ (116,256) | $ (59,828) | $ (328,536) | $ (186,977) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Convertible Noncontrolling Interests and Stockholders' Equity - USD ($) $ in Thousands | Total | Initial Public Offering | Equity Compensation Plans | Employee Stock Purchase Plan | Satisfy Tax Withholding | Common Stock | Common StockInitial Public Offering | 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 CapitalInitial Public Offering | 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 | AOCI Attributable to Parent | Retained Earnings | Parent | ParentInitial Public Offering | ParentEquity Compensation Plans | Parent2020 Stock and Equity Exchange Program | ParentEmployee Stock Purchase Plan | ParentSatisfy Tax Withholding | Noncontrolling Interest | Noncontrolling Interest2020 Stock and Equity Exchange Program | Redeemable Convertible Noncontrolling Interests | |||
Beginning balance at Dec. 31, 2018 | [1] | $ 377,240 | $ 92 | $ 494,231 | $ (179,444) | $ 314,879 | $ 62,361 | |||||||||||||||||||||||||
Temporary equity, beginning balance at Dec. 31, 2018 | [1] | $ 122 | ||||||||||||||||||||||||||||||
Beginning balance, shares at Dec. 31, 2018 | [1] | 92,057,704 | ||||||||||||||||||||||||||||||
Issuance of shares, shares | 518,511 | |||||||||||||||||||||||||||||||
Stock-based compensation | 1,236 | 1,236 | 1,236 | |||||||||||||||||||||||||||||
Repayment of nonrecourse notes | 179 | 179 | 179 | |||||||||||||||||||||||||||||
Issuance (repurchase) of noncontrolling interests | 1,320 | 1,320 | ||||||||||||||||||||||||||||||
Transfers from (to) noncontrolling interests | (870) | (2,968) | (2,968) | 2,098 | ||||||||||||||||||||||||||||
Temporary Equity, transfers from (to) noncontrolling interest | 870 | |||||||||||||||||||||||||||||||
Net loss | (68,646) | (61,185) | (61,185) | (7,461) | ||||||||||||||||||||||||||||
Temporary Equity, net loss | (790) | |||||||||||||||||||||||||||||||
Ending balance at Mar. 31, 2019 | 310,459 | $ 92 | 492,678 | (240,629) | 252,141 | 58,318 | ||||||||||||||||||||||||||
Temporary equity, ending balance at Mar. 31, 2019 | 202 | |||||||||||||||||||||||||||||||
Ending balance, shares at Mar. 31, 2019 | 92,576,215 | |||||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2018 | [1] | 377,240 | $ 92 | 494,231 | (179,444) | 314,879 | 62,361 | |||||||||||||||||||||||||
Temporary equity, beginning balance at Dec. 31, 2018 | [1] | 122 | ||||||||||||||||||||||||||||||
Beginning balance, shares at Dec. 31, 2018 | [1] | 92,057,704 | ||||||||||||||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities | 152 | |||||||||||||||||||||||||||||||
Ending balance at Sep. 30, 2019 | 521,697 | $ 116 | 826,063 | $ 152 | (366,573) | 459,758 | 61,939 | |||||||||||||||||||||||||
Temporary equity, ending balance at Sep. 30, 2019 | 2,570 | |||||||||||||||||||||||||||||||
Ending balance, shares at Sep. 30, 2019 | 117,359,502 | |||||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2018 | [1] | 377,240 | $ 92 | 494,231 | (179,444) | 314,879 | 62,361 | |||||||||||||||||||||||||
Temporary equity, beginning balance at Dec. 31, 2018 | [1] | 122 | ||||||||||||||||||||||||||||||
Beginning balance, shares at Dec. 31, 2018 | [1] | 92,057,704 | ||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2019 | [1] | 473,733 | [2] | $ 124 | 848,107 | 254 | (440,031) | 408,454 | 65,279 | |||||||||||||||||||||||
Temporary equity, ending balance at Dec. 31, 2019 | 2,243 | [2] | 2,243 | [1] | ||||||||||||||||||||||||||||
Ending balance, shares at Dec. 31, 2019 | [1] | 123,658,287 | ||||||||||||||||||||||||||||||
Beginning balance at Mar. 31, 2019 | 310,459 | $ 92 | 492,678 | (240,629) | 252,141 | 58,318 | ||||||||||||||||||||||||||
Temporary equity, beginning balance at Mar. 31, 2019 | 202 | |||||||||||||||||||||||||||||||
Beginning balance, shares at Mar. 31, 2019 | 92,576,215 | |||||||||||||||||||||||||||||||
Issuance of shares, shares | 604,144 | |||||||||||||||||||||||||||||||
Stock-based compensation | 2,188 | 2,188 | 2,188 | |||||||||||||||||||||||||||||
Issuance (repurchase) of noncontrolling interests | (27,024) | (27,024) | ||||||||||||||||||||||||||||||
Transfers from (to) noncontrolling interests | (658) | (25,440) | (25,440) | 24,782 | ||||||||||||||||||||||||||||
Temporary Equity, transfers from (to) noncontrolling interest | 658 | |||||||||||||||||||||||||||||||
Net loss | (73,649) | (65,964) | (65,964) | (7,685) | ||||||||||||||||||||||||||||
Temporary Equity, net loss | (685) | |||||||||||||||||||||||||||||||
Ending balance at Jun. 30, 2019 | 211,316 | $ 92 | 469,426 | (306,593) | 162,925 | 48,391 | ||||||||||||||||||||||||||
Temporary equity, ending balance at Jun. 30, 2019 | 175 | |||||||||||||||||||||||||||||||
Ending balance, shares at Jun. 30, 2019 | 93,180,359 | |||||||||||||||||||||||||||||||
Issuance of shares, shares | 604,143 | |||||||||||||||||||||||||||||||
Stock-based compensation | 3,953 | 3,953 | 3,953 | |||||||||||||||||||||||||||||
Issuance of common stock, net of issuance costs | $ 366,237 | $ 24 | $ 366,213 | $ 366,237 | ||||||||||||||||||||||||||||
Issuance of common stock, net of issuance costs, shares | 23,575,000 | |||||||||||||||||||||||||||||||
Issuance (repurchase) of noncontrolling interests | (98) | (98) | ||||||||||||||||||||||||||||||
Temporary Equity, issuance (repurchase) of noncontrolling interest | 3,196 | |||||||||||||||||||||||||||||||
Transfers from (to) noncontrolling interests | 166 | (13,529) | (13,529) | 13,695 | ||||||||||||||||||||||||||||
Temporary Equity, transfers from (to) noncontrolling interest | (166) | |||||||||||||||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities | 152 | 152 | 152 | |||||||||||||||||||||||||||||
Net loss | (60,029) | (59,980) | (59,980) | (49) | ||||||||||||||||||||||||||||
Temporary Equity, net loss | (635) | |||||||||||||||||||||||||||||||
Ending balance at Sep. 30, 2019 | 521,697 | $ 116 | 826,063 | 152 | (366,573) | 459,758 | 61,939 | |||||||||||||||||||||||||
Temporary equity, ending balance at Sep. 30, 2019 | 2,570 | |||||||||||||||||||||||||||||||
Ending balance, shares at Sep. 30, 2019 | 117,359,502 | |||||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2019 | [1] | 473,733 | [2] | $ 124 | 848,107 | 254 | (440,031) | 408,454 | 65,279 | |||||||||||||||||||||||
Temporary equity, beginning balance at Dec. 31, 2019 | 2,243 | [2] | 2,243 | [1] | ||||||||||||||||||||||||||||
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 (repurchase) 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 | [2] | $ 124 | 848,107 | 254 | (440,031) | 408,454 | 65,279 | |||||||||||||||||||||||
Temporary equity, beginning balance at Dec. 31, 2019 | 2,243 | [2] | 2,243 | [1] | ||||||||||||||||||||||||||||
Beginning balance, shares at Dec. 31, 2019 | [1] | 123,658,287 | ||||||||||||||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities | 207 | |||||||||||||||||||||||||||||||
Ending balance at Sep. 30, 2020 | 215,813 | $ 125 | $ (75,000) | 1,006,944 | 461 | (768,774) | 163,756 | 52,057 | ||||||||||||||||||||||||
Temporary equity, ending balance at Sep. 30, 2020 | 2,574 | 2,574 | ||||||||||||||||||||||||||||||
Ending balance, shares at Sep. 30, 2020 | 122,542,410 | 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 (repurchase) 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 | ||||||||||||||||||||||||||||||
Issuance of shares | $ 462 | $ 1,205 | $ 462 | $ 1,205 | $ 462 | $ 1,205 | ||||||||||||||||||||||||||
Issuance of shares, shares | 249,971 | 49,696 | ||||||||||||||||||||||||||||||
Repurchase of shares to satisfy tax withholding, value | $ (243) | $ (243) | $ (243) | |||||||||||||||||||||||||||||
Repurchase of shares to satisfy tax withholding, shares | (8,515) | |||||||||||||||||||||||||||||||
Stock-based compensation | 11,748 | 11,748 | 11,748 | |||||||||||||||||||||||||||||
Issuance (repurchase) of noncontrolling interests | 7,267 | 7,267 | ||||||||||||||||||||||||||||||
Temporary Equity, issuance (repurchase) of noncontrolling interest | 1,000 | |||||||||||||||||||||||||||||||
Transfers from (to) noncontrolling interests | (799) | 1,081 | 1,081 | (1,880) | ||||||||||||||||||||||||||||
Temporary Equity, transfers from (to) noncontrolling interest | 799 | |||||||||||||||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities | (397) | (397) | (397) | |||||||||||||||||||||||||||||
Net loss | (129,036) | (115,859) | (115,859) | (13,177) | ||||||||||||||||||||||||||||
Temporary Equity, net loss | (1,131) | |||||||||||||||||||||||||||||||
Ending balance at Sep. 30, 2020 | 215,813 | $ 125 | $ (75,000) | $ 1,006,944 | $ 461 | $ (768,774) | $ 163,756 | $ 52,057 | ||||||||||||||||||||||||
Temporary equity, ending balance at Sep. 30, 2020 | $ 2,574 | $ 2,574 | ||||||||||||||||||||||||||||||
Ending balance, shares at Sep. 30, 2020 | 122,542,410 | 2,414,681 | ||||||||||||||||||||||||||||||
[1] | The consolidated balances as of December 31, 2019 and 2018 are derived from the audited consolidated financial statements as of those dates. The consolidated balances as of December 31, 2018 were retroactively adjusted, including shares and per share amounts, as a result of the 2019 Reorganization. See Note 13 to the condensed consolidated financial statements for additional details. | |||||||||||||||||||||||||||||||
[2] | The condensed consolidated balance sheet as of December 31, 2019 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) - Common Stock - Initial Public Offering $ in Thousands | 3 Months Ended |
Sep. 30, 2019USD ($)$ / shares | |
Shares issued, price per share | $ / shares | $ 17 |
Stock issuance costs | $ | $ 34,538 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating activities: | ||
Net loss | $ (370,463) | $ (204,434) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 46,313 | 11,367 |
Share in net loss of equity method investments | 16,144 | |
Accretion of 2027 Notes and term loans | 12,315 | 722 |
Acquired in-process research and development assets | 3,560 | |
LEO call option expense | 1,120 | 1,012 |
Other noncash adjustments | 7,324 | 1,248 |
Changes in operating assets and liabilities: | ||
Receivable from a related party | (5,155) | |
Prepaid expenses and other current assets | (5,391) | (12,541) |
Other assets | (194) | (1,664) |
Accounts payable | 547 | (3,239) |
Accrued compensation and benefits | 2,395 | 3,533 |
Accrued research and development liabilities | 4,004 | 4,284 |
Accrued professional services | 1,151 | 798 |
Operating lease liabilities | (2,309) | |
Other accrued and other liabilities | 4,890 | 1,826 |
Net cash used in operating activities | (303,453) | (177,384) |
Investing activities | ||
Purchases of marketable securities | (269,802) | (197,745) |
Maturities of marketable securities | 139,016 | |
Cash paid for in-process research and development assets acquired | (2,500) | |
Cash and cash equivalents acquired in ML Bio asset acquisition | 784 | |
Proceeds from disposal of property and equipment | 147 | |
Purchases of property and equipment | (5,372) | (891) |
Net cash used in investing activities | (136,011) | (200,352) |
Financing activities | ||
Proceeds from issuance of common stock in connection with the initial public offering, net | 366,237 | |
Proceeds from issuance of 2027 Notes | 550,000 | |
Issuance costs and discounts associated with issuance of 2027 Notes | (13,039) | |
Purchase of capped calls | (49,280) | |
Repurchase of common stock | (75,000) | |
Proceeds from issuance of noncontrolling interest to Alexion | 23,309 | |
Proceeds from repayment of nonrecourse notes | 179 | |
Proceeds from at-the-market issuance of noncontrolling interest by Eidos, net | 24,094 | |
Proceeds from term loans, net of issuance costs | 19,787 | |
Proceeds from issuance of redeemable convertible noncontrolling interests to third-party investors | 2,000 | 1,500 |
MyoKardia distributions | (997) | |
Repurchase of noncontrolling interest | (55,011) | |
Proceeds from common stock issuances under ESPP | 1,205 | |
Repurchase of shares to satisfy tax withholding | (243) | |
Proceeds from stock option exercises, net of repurchases | 2,921 | 884 |
Net cash provided by financing activities | 442,658 | 355,888 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 3,194 | (21,848) |
Cash, cash equivalents and restricted cash at beginning of period | 364,197 | 436,245 |
Cash, cash equivalents and restricted cash at end of period | 367,391 | 414,397 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid for interest | 13,281 | 4,336 |
Supplemental Disclosures of Non-Cash Investing and Financing Information: | ||
Deferred merger transaction costs included in accounts payable and accrued professional services | 1,527 | |
Recognition of property and equipment previously classified in other assets | 10,000 | |
Operating lease right-of-use assets obtained in exchange for operating lease obligations | 11,814 | |
Transfers from (to) noncontrolling interests (Note 6) | $ 9,572 | $ (41,937) |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Sep. 30, 2020 | |
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. On July 1, 2019, BridgeBio completed the 2019 Reorganization and closed the Initial Public Offering (“IPO”) of its common stock (see Note 13). The results of operations and cash flows prior to the IPO closing on July 1, 2019 relate to BridgeBio Pharma LLC (“BBP LLC”), its subsidiaries and controlled entities. Subsequent to the IPO closing, the information relates to BridgeBio, its subsidiaries and controlled entities. All share and per share amounts in these condensed consolidated financial statements and related notes have been retroactively adjusted, where applicable, for the comparable periods presented to give effect to the exchange ratio applied in connection with the 2019 Reorganization. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
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 applied 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 have a majority voting interest for entities consolidated under the VOE model 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 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 nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any other future annual or interim periods. Reclassifications Certain reclassifications have been made to the 2019 condensed consolidated financial statements to conform to the 2020 condensed financial statements presentation. These reclassifications had no effect on net loss or cash flows as previously reported. Risks and Uncertainties In light of recent developments relating to the coronavirus (COVID-19) global pandemic, the focus of healthcare providers and hospitals on fighting the virus, and consistent with the U.S. Food and Drug Administration’s updated industry guidance for conducting clinical trials issued on March 18, 2020, 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 outbreak as it continues to rapidly 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: September 30, 2020 September 30, 2019 (in thousands) Cash and cash equivalents $ 366,967 $ 413,973 Restricted cash (1) 424 424 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 367,391 $ 414,397 (1) Included in “Other assets” in the condensed consolidated balance sheets as of the dates presented. 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, fair value of the liability component of our 2.50% convertible senior notes due 2027 (the “2027 Notes”, see Note 9), the fair value of the LEO call option liability (see Note 7), the fair value of Eidos’ derivative liability, the present value of lease payments of our leases on the respective lease commencement dates, the valuation of our stock-based awards, accounting for stock-based award modifications, accruals for certain employees’ performance-based milestone awards, accruals for research and development activities and accruals for contingent milestone payments in our license agreements. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable. Actual results may differ from those estimates or assumptions. Capped Call Transactions In March 2020, in connection with the issuance of the 2027 Notes (see Note 9) Derivatives and Hedging Debt Issuance Costs Debt issuance costs are amortized to interest expense over the estimated life of the related debt based on the effective interest method. In accordance with ASC 835, Interest Treasury Stock Repurchased treasury stock is recorded at cost, including any commissions and fees. Leases Our lease portfolio as of each of January 1, 2020 and September 30, 2020 includes leases for our headquarters, office spaces and laboratory facility. We determine if an arrangement is a lease at the inception of the contract. The asset component of our operating leases is recorded as operating lease right-of-use assets, and the liability component is recorded as current portion of operating lease liabilities and operating lease liabilities, net of current portion in our condensed consolidated balance sheet. As of September 30, 2020, we have not recorded any finance leases. Right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at the lease commencement date. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, we use an incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments. Operating lease right-of-use assets are adjusted for incentives expected to be received. On the lease commencement date, we estimate and include in our lease payments any lease incentive amounts based on future events when (1) the events are within our control and (2) the event triggering the right to receive the incentive is deemed reasonably certain to occur. If the lease incentive received is greater or less than the amount recognized at lease commencement, we recognize the difference as an adjustment to right-of-use asset and/or lease liability, as applicable. Right-of-use assets and operating lease liabilities are remeasured upon certain modifications to leases using the present value of remaining lease payments and estimated incremental borrowing rate upon lease modification. Lease cost is recognized on a straight-line basis over the lease term, and includes amounts related to short-term leases. We recognize variable lease payments as operating expenses in the period in which the obligation for those payments is incurred. Variable lease payments primarily include common area maintenance, utilities, real estate taxes, insurance, and other operating costs that are passed on from the lessor in proportion to the space we lease. Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of BridgeBio’s common stock outstanding for the period, without consideration for potential dilutive shares of common stock, such as stock options, unvested restricted stock units and awards, shares issuable under the employee stock purchase plan and assumed conversion of our 2027 Notes. Shares of common stock subject to repurchase are excluded from the weighted-average shares. Since we were in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share since the effects of potentially dilutive securities are antidilutive. No adjustment for cumulative returns on BBP LLC’s redeemable convertible preferred units has been applied to the calculation of basic and diluted net loss per share, since such units were retroactively adjusted as if the 2019 Reorganization occurred at the beginning of the earliest period to be presented in our financial statements. See Note 13 for additional details. Emerging Growth Company Status We are an emerging growth company (“EGC”), as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGCs can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. We have elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that (i) we are no longer an EGC or (ii) we affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. As described in “Recently Adopted Accounting Pronouncements” below, we early adopted certain accounting standards, as the JOBS Act does not preclude an EGC from adopting a new or revised accounting standard earlier than the time that such standard applies to private companies. We expect to use the extended transition period for any other new or revised accounting standards during the period in which we remain an EGC. We will cease to be an EGC on December 31, 2020 because our aggregate worldwide market value of the voting and non-voting common equity held by non-affiliates as of June 30, 2020, our most recently completed second fiscal quarter, was greater than $700 million. Effective January 1, 2021, we will no longer be able to use the exemptions from certain reporting requirements available to EGCs. Recently Adopted Accounting Pronouncements ASU 2016-02 Leases (Topic 842). In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) (“ASU 2016-02” or “ASC 842” ), which requires the lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its balance sheet. The guidance also requires a lessee to recognize single lease costs under operating leases, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases . Additionally, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements , which offers a practical expedient for transitioning at the adoption date. ASU 2019-10, Financial Instruments — Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates , issued in November 2019, delayed the effective date of Topic 842 for non-public business entities to January 1, 2021 but early adoption is still permitted. Effective January 1, 2020, we adopted ASC 842 using the optional transition method and applied the standard only to leases that existed at that date. Under the optional 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, 2020 in accordance with ASC 840. As part of the ASC 842 adoption, we elected certain practical expedients outlined in the guidance. We have also chosen to apply the package of practical expedients for existing leases, which provides relief from reassessing: (i) whether a contract is or contains a lease, (ii) lease classification, and (iii) whether initial direct costs can be capitalized. Upon transition, we also elected to use hindsight with respect to determining the lease term and in assessing any impairment of right-of-use assets for existing leases. We have also made some accounting policy elections for post-transition to: (i) account for leases at the portfolio level, where applicable, (ii) allow us not to separate nonlease components from lease components, and instead to account for those as a single lease component for the asset class of operating lease right-of-use real estate assets, and (iii) elect not to recognize a right-of-use asset and a lease liability for all of our leases with a term of 12 months or less (“short-term leases”). The adjustments due to the adoption of ASC 842 primarily related to the recognition of right-of-use assets of $9.2 million and lease liabilities of $11.5 million at January 1, 2020 for our operating leases. The lease liabilities were determined based on the present value of the remaining minimum lease payments. The right-of-use assets were determined based on the value of the lease liabilities, adjusted for the deferred rent balances of approximately $2.3 million. Upon adoption of ASC 842, we also (i) derecognized the build-to-suit lease asset of $10.0 million previously presented in other assets as of December 31, 2019, and recognized a construction-in-progress asset for the same amount, and (ii) derecognized the build-to-suit lease liability of $8.0 million as of December 31, 2019 and recognized a liability presented in other accrued liabilities (see Note 12). The adoption did not have a material impact on our accumulated deficit and on our condensed consolidated statements of operations and cash flows. ASU 2016-13 Financial Instruments - Credit Losses. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. This update requires immediate recognition of management’s estimates of current expected credit losses. Under the prior model, losses were recognized only as they were incurred. The new model is applicable to most financial assets and certain other instruments that are not measured at fair value through net income. The standard is effective for fiscal years beginning after December 15, 2019 for public entities. Early adoption is permitted. The delay in effective date for certain entities of ASU 2016-13 by the issuance of ASU 2019-10 in November 2019 does not apply to filers with the SEC that are not smaller reporting companies. The adoption of this guidance did not materially impact our condensed consolidated financial statements. ASU 2018-13 Fair Value Measurement – Disclosure Framework (Topic 820) . In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework (Topic 820) (“ASU 2018-13”). The updated guidance improves the disclosure requirements on fair value measurements and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The adoption of this guidance did not significantly impact our financial statement disclosures. ASU 2018-15 – Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement. In August 2018, the FASB issued ASU 2018-15 – Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement . The guidance amends ASC 350-40, Intangibles - Goodwill and Other - Internal-Use Software . The ASU requires implementation costs incurred by customers in cloud computing arrangements to be deferred and recognized over the term of the arrangement, if these costs were capitalized by the customer in a software licensing arrangement. We early adopted this guidance effective January 1, 2020. The adoption of this guidance did not materially impact our condensed consolidated financial statements. ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. We early adopted ASU 2019-12 effective January 1, 2020 and the adoption did not materially impact our financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted ASU 2020-01, In January 2020, the FASB issued ASU 2020-01, Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 81 5. The guidance is based on a consensus of the Emerging Issues Task Force and is expected to increase comparability in accounting for these transactions. ASU 2020-01 amends ASU 2016-01, which made targeted improvements to accounting for financial instruments, including providing an entity the ability to measure certain equity securities without a readily determinable fair value at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Among other topics, the amendments in ASU 2020-01 clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting. For public business entities, the amendments in the ASU are effective for fiscal years beginning after December 31, 2020, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is permitted. We do not expect the adoption of ASU 2020-01 to have a material impact on our condensed consolidated financial statements. 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. More specifically, the amendments focus on the guidance for convertible instruments and derivative scope exception for contracts in an entity’s own equity. 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. We are currently in the process of determining the effect that the adoption will have on our condensed consolidated financial statements. ASU 2020-10, Codification Improvements. In October 2020, the FASB issued ASU 2020-10, Codification Improvements . The guidance contains improvements to the Codification by ensuring that all guidance that requires or provides an option for an entity to provide information in the notes to financial statements is codified in the Disclosure Section of the Codification. The guidance also contains Codifications that are varied in nature and may affect the application of the guidance in cases in which the original guidance may have been unclear. For public business entities, the amendments in the ASU are effective for fiscal years beginning after December 15, 2020. For all other entities, the amendments are effective for annual periods beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022. Early adoption is permitted. We do not expect the adoption of ASU 2020-10 to have a material impact on our condensed consolidated financial statements. |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2020 | |
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: September 30, 2020 Total Level 1 Level 2 Level 3 (in thousands) Assets Cash equivalents: Money market funds $ 265,674 $ 265,674 $ — $ — Short-term marketable securities: U.S. treasury bills 59,988 — 59,988 — U.S. treasury notes 75,736 — 75,736 — Commercial paper 136,271 — 136,271 — Corporate debt securities 71,719 — 71,719 — Total short-term marketable securities 343,714 — 343,714 — Total cash equivalents and marketable securities $ 609,388 $ 265,674 $ 343,714 $ — Liabilities: LEO call option liability $ 5,198 $ — $ — $ 5,198 Embedded derivative 1,301 — — 1,301 Total financial liabilities $ 6,499 $ — $ — $ 6,499 December 31, 2019 Total Level 1 Level 2 Level 3 (in thousands) Assets Cash equivalents: Money market funds $ 248,736 $ 248,736 $ — $ — Repurchase agreements 59,000 59,000 — — Total cash equivalents 307,736 307,736 — — Short-term marketable securities: U.S. treasury notes 45,280 — 45,280 — Commercial paper 65,626 — 65,626 — Corporate debt securities 71,314 — 71,314 — Total short-term marketable securities 182,220 — 182,220 — Long-term marketable securities: U.S. treasury notes 15,307 — 15,307 — Corporate debt securities 15,837 — 15,837 — Total long-term marketable securities 31,144 — 31,144 — Total cash equivalents and marketable securities $ 521,100 $ 307,736 $ 213,364 $ — Liabilities: LEO call option liability $ 4,078 $ — $ — $ 4,078 Embedded derivative 1,165 — — 1,165 Total financial liabilities $ 5,243 $ — $ — $ 5,243 There were no transfers between Level 1, Level 2 or Level 3 during the periods presented. 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. LEO Call Option Liability The valuation of the LEO call option (see Note 7) contains unobservable inputs that reflect our own assumptions for which there is little, if any, market activity at the measurement date. Accordingly, the LEO call option liability is remeasured to fair value on a recurring basis using unobservable inputs that are classified as Level 3 inputs. The uncertainty of the fair value measurement due to the use of unobservable inputs and interrelationships between these unobservable inputs could result in higher or lower fair value measurement. 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: September 30, December 31, 2020 2019 Probability of milestone achievement 12.0%-84.0% 12.0%-84.0% Discount rate 0.1%-14.8% 1.6%-13.1% Expected term (in years) 1.25-6.25 0.67-5.25 Expected volatility 77.5%-87.0% 60.0%-68.0% Risk-free interest rate 1.39%-1.67% 2.34%-2.46% Dividend yield — — The following table sets forth a summary of the change in the estimated fair value of the LEO call option: Total (in thousands) Balance as of December 31, 2019 $ 4,078 Change in fair value upon remeasurement recognized as other expense 1,120 Balance as of September 30, 2020 $ 5,198 Eidos Embedded Derivative Liability in Loan Agreement For the SVB and Hercules Loan entered into in November 2019 (see Note 9), Eidos determined that the requirement to pay a fee (“Success Fee”) upon certain events 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. 2027 Notes The fair value of the 2027 Notes (see Note 9), which differs from its carrying value, is determined by prices for the 2027 Notes observed in market trading. The market for trading of the 2027 Notes is not considered to be an active market and therefore the estimate of fair value is based on Level 2 inputs. As of September 30, 2020, the estimated fair value of the 2027 Notes, which have an aggregate face value of $550.0 million, was $611.1 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 | 9 Months Ended |
Sep. 30, 2020 | |
Cash Equivalents And Marketable Securities [Abstract] | |
Cash Equivalents and Marketable Securities | 4 . We invest in certain money market funds, commercial paper and repurchase agreements, 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: September 30, 2020 Amortized Cost Basis Unrealized Gains Unrealized Losses Estimated Fair Value (in thousands) Cash equivalents: Money market funds $ 265,674 $ — $ — $ 265,674 Short-term marketable securities: U.S. treasury bills 59,977 11 — 59,988 U.S. treasury notes 75,479 258 (1 ) 75,736 Commercial paper 136,271 — — 136,271 Corporate debt securities 71,526 193 — 71,719 Total short-term marketable securities 343,253 462 (1 ) 343,714 Total cash equivalents and marketable securities $ 608,927 $ 462 $ (1 ) $ 609,388 December 31, 2019 Amortized Cost Basis Unrealized Gains Unrealized Losses Estimated Fair Value (in thousands) Cash equivalents: Money market funds $ 248,736 $ — $ — $ 248,736 Repurchase agreements 59,000 — — 59,000 Total cash equivalents 307,736 — — 307,736 Short-term marketable securities: U.S. treasury notes 45,224 56 — 45,280 Commercial paper 65,626 — — 65,626 Corporate debt securities 71,231 83 — 71,314 Total short-term marketable securities 182,081 139 — 182,220 Long-term marketable securities: U.S. treasury notes 15,248 59 — 15,307 Corporate debt securities 15,781 56 — 15,837 Total long-term marketable securities 31,029 115 — 31,144 Total cash equivalents and marketable securities $ 520,846 $ 254 $ — $ 521,100 There have been no significant realized gains or losses on available-for-sale securities for the periods presented. As of September 30, 2020, our short-term marketable securities have an average contractual maturity of approximately 6.8 months. As of September 30, 2020, 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. |
Variable Interest and Voting In
Variable Interest and Voting Interest Entities | 9 Months Ended |
Sep. 30, 2020 | |
Variable Interest Entities And Voting Interest Model [Abstract] | |
Variable Interest and Voting Interest Entities | 5 . Consolidated VIEs We have either created or made investments in entities that are either wholly or partially-owned subsidiaries and VIEs. Our consolidated VIEs currently in the clinical phase of development include Phoenix Tissue Repair, Inc. (“PTR”), QED Therapeutics, Inc. (“QED”), Origin Biosciences, Inc. (“Origin”), ML Bio Solutions, Inc. (“ML Bio”) and Navire Pharma, Inc. (“Navire”). During the nine months ended September 30, 2020, BridgeBio made investments in QED of $90.0 million, Origin of $32.0 million, PTR of $11.0 million, ML Bio of $13.0 million, Navire of $7.9 million and all other consolidated VIEs of $142.1 million in exchange for shares of redeemable convertible preferred stock of the respective entities. The investments made in these VIEs are for the progression of research and development programs as well as for commercial launch readiness activities. As of September 30, 2020 and December 31, 2019, there were no significant restrictions on the VIE assets or liabilities except for cash and certain property and equipment held by our VIEs presented below, which are generally restricted for use by the respective VIEs. For VIEs, BridgeBio calculates the maximum exposure to loss to be equal to the amount invested in the equity of the VIE. The following table provides the assets and liabilities for all consolidated VIEs as of September 30, 2020: Origin ML Bio QED PTR Navire All Other Total (in thousands) Assets: Current assets: Cash and cash equivalents $ 16,591 $ 12,860 $ 49,299 $ 4,280 $ 5,148 $ 45,036 $ 133,214 Receivable from a related party — — — — 8,000 — 8,000 Prepaid expenses and other current assets 645 206 4,942 363 219 3,900 10,275 Total current assets 17,236 13,066 54,241 4,643 13,367 48,936 151,489 Property and equipment, net 12 83 196 48 1 14,158 14,498 Operating lease right-of-use assets — — 933 366 — 1,771 3,070 Other assets 49 — 10,501 302 133 1,506 12,491 Total assets $ 17,297 $ 13,149 $ 65,871 $ 5,359 $ 13,501 $ 66,371 $ 181,548 Liabilities: Current liabilities: Accounts payable $ 512 $ 151 $ 2,207 $ 97 $ 561 $ 3,173 $ 6,701 Accrued compensation and benefits 626 268 4,492 928 43 1,687 8,044 Accrued research and development liabilities 1,903 1,235 8,684 669 322 4,120 16,933 Accrued professional services 29 23 160 25 25 521 783 Operating lease liabilities, current portion — — 1,021 131 — 283 1,435 Other accrued liabilities 1,061 3 788 44 18 4,441 6,355 Total current liabilities 4,131 1,680 17,352 1,894 969 14,225 40,251 Operating lease liabilities, net of current portion — — — 250 — 2,484 2,734 Other liabilities 12 22 3,821 65 58 274 4,252 Total liabilities $ 4,143 $ 1,702 $ 21,173 $ 2,209 $ 1,027 $ 16,983 $ 47,237 The following table provides the assets and liabilities for all consolidated VIEs as of December 31, 2019: Adrenas Aspa ML Bio QED Theras All Other Total (in thousands) Assets: Current assets: Cash and cash equivalents $ 6,453 $ 1,695 $ 7,432 $ 27,781 $ 6,351 $ 31,600 $ 81,312 Receivable from a related party — — — 2,845 — — 2,845 Prepaid expenses and other current assets 906 758 17 4,437 2,555 2,416 11,089 Total current assets 7,359 2,453 7,449 35,063 8,906 34,016 95,246 Property and equipment, net 3,189 274 98 281 3 325 4,170 Other assets — 10,000 — 11,313 — 637 21,950 Total assets $ 10,548 $ 12,727 $ 7,547 $ 46,657 $ 8,909 $ 34,978 $ 121,366 Liabilities: Current liabilities: Accounts payable $ 526 $ 219 $ 19 $ 1,443 $ 23 $ 1,341 $ 3,571 Accrued compensation and benefits 923 156 67 3,396 243 3,352 8,137 Accrued research and development liabilities 757 567 — 8,931 212 5,293 15,760 Accrued professional services 83 280 7 435 4 363 1,172 Build-to-suit lease obligation — 8,000 — — — — 8,000 Other accrued liabilities 290 38 — 180 33 592 1,133 Total current liabilities 2,579 9,260 93 14,385 515 10,941 37,773 Other liabilities 951 — — 161 — 24 1,136 Total liabilities $ 3,530 $ 9,260 $ 93 $ 14,546 $ 515 $ 10,965 $ 38,909 VIEs included in the “All Other” category of the above tables are not significant individually for separate presentation as of the respective dates presented. Going forward, BridgeBio may not provide any further investment in certain of these VIEs. Eidos From the date of BridgeBio’s initial investment until June 22, 2018, the Eidos IPO closing date, Eidos was determined to be a VIE and BridgeBio consolidated Eidos as the primary beneficiary. Subsequent to the Eidos IPO, BridgeBio determined that Eidos was no longer a VIE due to it having sufficient equity at risk to finance its activities without additional subordinated financial support. From June 22, 2018 through September 30, 2020, 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 during all periods presented. In May 2019, BridgeBio purchased 1,103,848 shares of Eidos common stock from an existing Eidos stockholder for $28.6 million in a private purchase transaction. In July 2019, BridgeBio purchased 882,353 shares of Eidos common stock from an existing Eidos stockholder for $26.4 million in a private purchase transaction. In September 2019, Eidos issued 556,173 shares of Eidos common stock to a third party. 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 will 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 385,613 shares under this offering and received $23.9 million of net proceeds through December 31, 2019. Eidos issued 448,755 shares under this offering and received $24.1 million of net proceeds in February 2020. |
Noncontrolling Interests
Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2020 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | 6 . As of September 30, 2020 and December 31, 2019, 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 in “Redeemable convertible noncontrolling interests” and as part of stockholders’ equity 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 stockholders of consolidated partially-owned entities when there is a change in the ownership during the respective reporting periods. During the three and nine months ended September 30, 2020, such adjustments in the aggregate amounts of The following table provides a rollforward of the redeemable convertible noncontrolling interests balance: QED ML Bio All Other Total (in thousands) Balance as of December 31, 2019 $ 612 $ 1,557 $ 74 $ 2,243 Issuance of redeemable convertible noncontrolling interest — 1,000 102 1,102 Net loss attributable to redeemable convertible noncontrolling interest (468 ) (338 ) (60 ) (866 ) Transfers to redeemable convertible noncontrolling interest 316 258 — 574 Balance as of March 31, 2020 460 2,477 116 3,053 Net loss attributable to redeemable convertible noncontrolling interest (480 ) (1,077 ) (21 ) (1,578 ) Transfers to redeemable convertible noncontrolling interest 421 10 — 431 Balance as of June 30, 2020 401 1,410 95 1,906 Issuance of redeemable convertible noncontrolling interest — 1,000 — 1,000 Net loss attributable to redeemable convertible noncontrolling interest (345 ) (735 ) (51 ) (1,131 ) Transfers to redeemable convertible noncontrolling interest 468 331 — 799 Balance as of September 30, 2020 $ 524 $ 2,006 $ 44 $ 2,574 The following table provides a rollforward of the noncontrolling interests balance: Adrenas Aspa Eidos PTR Venthera All Other Total (in thousands) Balance as of December 31, 2019 $ 696 $ 250 $ 59,722 $ 1,298 $ 140 $ 3,173 $ 65,279 Issuance of noncontrolling interest 6 9 26,248 1 16 285 26,565 Transfers to (from) noncontrolling interest 883 649 (15,329 ) 4 513 1,105 (12,175 ) Net loss attributable to noncontrolling interest (316 ) (195 ) (8,078 ) (1,238 ) (324 ) (1,215 ) (11,366 ) Balance as of March 31, 2020 1,269 713 62,563 65 345 3,348 68,303 Issuance of noncontrolling interest 3 4 3,308 1 1 220 3,537 Issuance of BridgeBio shares under the Exchange Program (23 ) (29 ) — — (22 ) (996 ) (1,070 ) Transfers to (from) noncontrolling interest (194 ) (188 ) (1,850 ) 2,868 453 1,590 2,679 Net loss attributable to noncontrolling interest (541 ) (185 ) (10,332 ) (591 ) (207 ) (1,746 ) (13,602 ) Balance as of June 30, 2020 514 315 53,689 2,343 570 2,416 59,847 Issuance of noncontrolling interest 2 1 3,721 (37 ) 92 3,488 7,267 Transfers to (from) noncontrolling interest 812 (1 ) (2,181 ) 40 (87 ) (463 ) (1,880 ) Net loss attributable to noncontrolling interest (358 ) (130 ) (10,643 ) (1,536 ) (257 ) (253 ) (13,177 ) Balance as of September 30, 2020 $ 970 $ 185 $ 44,586 $ 810 $ 318 $ 5,188 $ 52,057 |
Equity Method Investments
Equity Method Investments | 9 Months Ended |
Sep. 30, 2020 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Equity Method Investments | 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. Pursuant to the exclusivity agreement, BBP LLC also received warrants to purchase 10% of the then-fully diluted shares of one of the subsidiaries of LianBio upon achievement of certain contingent milestones. 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. The carrying amount of the investment in LianBio in the condensed consolidated balance sheets represents our maximum loss exposure related to its investment in LianBio. There have been no impairments related to the LianBio investment. PellePharm PellePharm is a clinical-stage biopharmaceutical company developing BBP-009, a topical gel formulation of patidegib, a hedgehog inhibitor, for the treatment of Gorlin Syndrome and High-Frequency Basal Cell Carcinoma. In July 2015, BridgeBio made an initial investment of $4.5 million in PellePharm and in a series of transactions through December 2016, BridgeBio increased its ownership interest to greater than 50%. BridgeBio determined that its initial investment in PellePharm represented a variable interest, but that BridgeBio was not the primary beneficiary until December 2016. On November 19, 2018, PellePharm entered into the LEO Agreement, pursuant to which LEO Pharma (“LEO”) was granted an exclusive, irrevocable option to acquire PellePharm. The LEO call option is exercisable by LEO on or before the occurrence of certain events relating to PellePharm’s clinical development programs and no later than July 30, 2021. We account for the LEO call option as a current liability in our condensed consolidated financial statements because BridgeBio is obligated to sell its shares in PellePharm to LEO at a pre-determined price, if the option is exercised. We remeasure the LEO call option to fair value at each subsequent balance sheet date until the LEO call option either is exercised or expires. The date the LEO Agreement was entered into was determined to be a VIE reconsideration event. Based on our assessment, BridgeBio concluded that PellePharm remains a VIE after the reconsideration event as it does not have sufficient equity at risk to finance its activities without additional subordinated financial support. However, based on changes to PellePharm’s governance structure and Board of Directors composition as a result of the LEO Agreement, BridgeBio is no longer the primary beneficiary as it no longer has the power over the key decisions that most significantly impact PellePharm’s economic performance. Accordingly, BridgeBio deconsolidated PellePharm on November 19, 2018. After the deconsolidation in November 2018, PellePharm is considered a related party of BridgeBio. Subsequent to the deconsolidation of PellePharm, we accounted for our retained common stock investment as an equity method investment and our retained preferred stock investment as a cost method investment. Subsequent to the adoption of ASU No. 2016-01 in 2019, we account for the investment in PellePharm preferred stock as an equity security without a readily determinable fair value. As of each of September 30, 2020 and December 31, 2019, 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 has subsequently recorded its percentage of net losses consistent with its preferred stock ownership percentage of |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8 . Milestone Compensation Arrangements with Employees We have performance-based milestone compensation arrangements with certain employees, 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. We recognize such contingent compensation as stock-based compensation when the related milestone achievement is probable. As of September 30, 2020, the potential milestone compensation amount under these arrangements is up to $230.2 million. This amount includes the performance-based milestone awards that were granted as part of the 2020 Stock and Equity Award Exchange Program (the “Exchange Program”) further discussed in Note 14. We have recognized compensation expense of $0.4 million and $0.9 million for the three and nine months ended September 30, 2020, respectively, to be settled in cash. We have recognized compensation expense of $1.7 million for the three and nine months ended September 30, 2020 of performance-based milestone awards that were settled in cash due to achievement of regulatory milestones related to Investigational New Drug Application (“IND”) acceptance and New Drug Application filing that were completed during the three months ended September 30, 2020. We have recognized stock-based compensation expense of $1.9 million and $9.9 million for the three and nine months ended September 30, 2020, respectively, to be settled in equity, which primarily relate to the Exchange Program. We have recognized stock-based compensation expense of $0.3 million and $0.5 million for the three and nine months ended September 30, 2020, respectively, to be settled in either cash or equity at our sole election. There were no such expenses in the comparative periods in 2019. There was no compensation expense recognized for performance milestones assessed to be not probable of achievement. 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 September 30, 2020 and December 31, 2019, 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. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | 9. 2027 Notes On March 9, 2020, BridgeBio issued an aggregate principal amount of $550.0 million of its 2.50% Convertible Senior Notes due 2027 (the “2027 Notes”), pursuant to an Indenture dated March 9, 2020 (the “Indenture”), between BridgeBio and U.S. Bank National Association, as trustee (the “Trustee”), in a private offering to qualified institutional buyers (the “Note Offering”) pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The 2027 Notes issued in the Note Offering include $75.0 million in aggregate principal amount of 2027 Notes sold to the initial purchasers (the “Initial Purchasers”) resulting from the exercise in full of their option to purchase additional 2027 Notes. The 2027 Notes are senior, unsecured obligations of BridgeBio and 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. Upon maturity, 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 BridgeBio’s election. BridgeBio received net proceeds from the Note Offering of approximately $537.0 million, after deducting the Initial Purchasers’ discount and offering expenses. BridgeBio used approximately $49.3 million of the net proceeds from the Note Offering to pay for the cost of the Capped Call Transactions described below, and approximately $75.0 million to pay for the repurchase of shares of its common stock described below. BridgeBio intends to use the remainder of the net proceeds from the Note Offering for working capital and other general corporate purposes, including for its commercial organization and launch preparations. BridgeBio 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; • 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 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; or, • Upon the occurrence of specified corporate events. 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. 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). 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, BridgeBio 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. BridgeBio may not redeem the 2027 Notes prior to the maturity date, and no sinking fund is provided for the 2027 Notes. If BridgeBio undergoes a fundamental change (as defined in the Indenture), holders may require BridgeBio 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 Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 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 Notes plus accrued special interest, if any, to be immediately due and payable. The 2027 Notes are BridgeBio’s general unsecured obligations and rank senior in right of payment to all of BridgeBio’s 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; 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 BridgeBio’s subsidiaries. In accounting for the issuance of the 2027 Notes, 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 BridgeBio’s ability to settle the 2027 Notes in cash, its common stock, or a combination of cash and common stock at BridgeBio’s 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 is not remeasured as long as it continues to meet the conditions for equity classification. The outstanding 2027 Notes balances consisted of the following: September 30, 2020 (in thousands) Liability component Principal $ 550,000 Unamortized debt discount (163,095 ) Unamortized debt issuance costs (8,403 ) Net carrying amount $ 378,502 Equity component, net of issuance costs $ 169,173 In connection with the issuance of the 2027 Notes, BridgeBio 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. 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 is amortized to interest expense using the effective interest method over the expected life of the 2027 Notes or approximately their seven-year term. The effective interest rate on the liability component of the 2027 Notes for the period from the date of issuance through September 30, 2020 was 8.8%. The following table sets forth the total interest expense recognized related to the 2027 Notes: Three Months Ended March 9, 2020 Through September 30, 2020 September 30, 2020 (in thousands) Contractual interest expense $ 3,361 $ 7,715 Amortization of debt discount 4,612 10,186 Amortization of debt issuance costs 239 528 Total interest and amortization expense $ 8,212 $ 18,429 Future minimum payments under the 2027 Notes as of September 30, 2020, are as follows: Amount (in thousands) Remainder of 2020 $ — Year ending December 31: 2021 13,750 2022 13,750 2023 13,750 2024 13,750 Thereafter 584,375 Total future payments 639,375 Less amounts representing interest (89,375 ) Total principal amount $ 550,000 Capped Call and Share Repurchase Transactions with Respect to the 2027 Notes On March 4, 2020, concurrently with the pricing of the 2027 Notes, we entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain financial institutions (the “Capped Call Counterparties”). We used approximately $49.3 million of the net proceeds from the Note Offering to pay for the cost of the Capped Call Transactions. The Capped Call Transactions are expected generally to reduce the potential dilution to BridgeBio’s common stock upon any conversion of 2027 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 $62.12 (which represents a premium of 100% over the last reported sale price of BridgeBio’s common stock on March 4, 2020) 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 $49.3 million during the three months ended March 31, 2020 related to the premium payments for the Capped Call Transactions. Additionally, we used approximately $75.0 million of the net proceeds from the Note Offering to repurchase 2,414,681 shares of our common stock concurrently with the closing of the Note Offering from certain of the Initial Purchasers in privately negotiated transactions. The agreed to purchase price per share of common stock in the Repurchases is equal to $31.06, which was the last reported sale price per share of our common stock on The Nasdaq Global Select Market (“Nasdaq”) on March 4, 2020. The shares repurchased are recorded as treasury stock. Hercules Loan and Security Agreement In June 2018, we executed a Loan and Security Agreement with Hercules Capital, Inc. (“Hercules”), under which we borrowed $35.0 million (“Tranche I”). The term of the loan was approximately 42 months, with a maturity date of January 1, 2022 (the “Maturity Date”). No principal payments were due during an interest-only period, commencing on the initial borrowing date and continuing through July 1, 2020 (the “Amortization Date”). In December 2018, we executed the First Amendment to the Loan and Security Agreement, whereby we borrowed an additional $20.0 million (“Tranche II”) to increase the total principal balance outstanding to $55.0 million. Upon draw of the additional $20.0 million, the interest-only period on the entire facility was extended until January 1, 2021 and the maturity date for the entire facility was July 1, 2022. In May 2019, we executed the Second Amendment to the Loan and Security Agreement whereby we borrowed an additional $20.0 million (“Tranche III”) to increase the total principal balance outstanding to $75.0 million. In July 2019, the completion of BridgeBio’s IPO triggered certain provisions of the Hercules Term Loan. BridgeBio received an option to pay up to 1.5% of scheduled cash pay interest on the entire facility as payment in kind, or PIK Interest, with such cash pay interest paid as PIK Interest at a 1:1.2 ratio. The interest-only period will continue through July 1, 2021 (the “Modified Amortization Date”) and the entire facility received a maturity date of January 1, 2023 (the “Modified Maturity Date”). The outstanding balance of the Hercules Term Loan is to be repaid by BridgeBio monthly beginning on the Modified Amortization Date and extending through the Modified Maturity Date. Prior to the Fourth Amendment to the Loan and Security Agreement (the “Amended Hercules Term Loan”) described below, the interest rate for the Hercules Term Loan was established as follows: (1) Tranche I bears interest at a floating rate equal to the greater of: (i) the prime rate as reported in the Wall Street Journal plus 3.85% and (ii) 8.85%, payable monthly; (2) Tranche II bears interest at a floating rate equal to the greater of: (i) the prime rate as reported in the Wall Street Journal plus 2.85% and (ii) 8.60%, payable monthly; and (3) Tranche III bears interest at a floating rate equal to the greater of: (i) the prime rate as reported in the Wall Street Journal plus 3.10% and (ii) 9.10%, payable monthly. 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 Amended Hercules Term Loan, which among other things, (1) extended the interest-only period under the Loan and Security Agreement to July 1, 2022 (the “Amended Amortization Date” which may be further extended to January 1, 2023 and July 1, 2023, in each case, subject to certain conditions set forth in the Amended Hercules Term Loan), (2) extended the maturity date for the term loans under the Loan and Security Agreement to November 1, 2023 (the “Amended Maturity Date”, which may be further extended to May 1, 2024, subject to certain conditions set forth in the Amended Hercules Term Loan), (3) provided for an interest rate on the Tranche I equal to the greater of (x) a floating interest rate linked to the prime rate as reported in the Wall Street Journal plus 3.85% and (y) 8.75% (8.75% as of September 30, 2020), payable monthly, (4) provided for an interest rate on the Tranche II equal to the greater of (x) a floating interest rate linked to the prime rate as reported in the Wall Street Journal plus 2.85% and (y) 8.60% (8.60% as of September 30, 2020), payable monthly, (5) provided for an interest rate on the Tranche III equal to the greater of (x) a floating interest rate linked to the prime rate as reported in the Wall Street Journal plus 3.10% and (y) 8.85% (8.85% as of September 30, 2020), payable monthly, and (6) provided for, subject to Hercules’ approval in its sole and absolute discretion, an additional increase in available loan facilities aggregating to $125.0 million as follows: (a) an additional incremental loan in the amount of $25.0 million, available no later than December 15, 2020, (b) an additional incremental loan in the amount of $25.0 million, available no later than December 15, 2021, (c) an additional incremental loan following the achievement of certain performance milestones in the amount of $25.0 million, available no later than December 15, 2021 and (d) an additional $50.0 million discretionary incremental tranche, available no later than December 15, 2022. The Amended Hercules Term Loan also provides us with more flexibility to consummate acquisitions and investments, incur additional debt, dispose of assets and repurchase and/or redeem stock, each subject to certain conditions set forth in the Amended Hercules Term Loan. There were no gains or losses arising from the amendment, which is considered a debt modification. There have not been any additional draws on the $125.0 million additional available facilities as of September 30, 2020. During the three and nine months ended September 30, 2020, we recognized interest expense related to the Hercules Term Loan of $2.0 million and $5.4 million, respectively, of which $0.3 million and $1.0 million, respectively, relate to amortization of debt discount and issuance costs. During the three and nine months ended September 30, 2019, we recognized interest expense related to the Amended Hercules Term Loan of $2.1 million and $5.7 million, of which $0.1 million and $0.7 million, respectively, relate to amortization of debt discount. Silicon Valley Bank and Hercules Loan Agreement On November 13, 2019, Eidos entered into a Loan and Security Agreement with Silicon Valley Bank (“SVB”) and Hercules Capital, Inc. (the “SVB and Hercules Loan Agreement”). The SVB and Hercules Loan Agreement provides for up to $55.0 million in term loans to be drawn in three tranches as follows: (i) Tranche A loan of $17.5 million, (ii) Tranche B loan of up to $22.5 million which is available to be drawn until October 31, 2020, and (iii) Tranche C loan of up to $15.0 million available to be drawn upon the achievement of a clinical data milestone. The Tranche C loan is available to be drawn until September 30, 2021. The Tranche A loan of $17.5 million was drawn on November 13, 2019. There have not been any additional draws on the other tranches as of September 30, 2020. The Tranche A loan bears interest at a fixed 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% as of September 30, 2020). The Tranche A loan repayment schedule provides for interest only payments until November 1, 2021, followed by consecutive equal monthly payments of principal and interest commencing on this date continuing through the maturity date of October 2, 2023. The Tranche A loan also provides for a $0.3 million commitment fee that was paid at closing and 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 elects to prepay the Tranche A loan, there is 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 is secured by substantially all of Eidos’ assets, except Eidos’ intellectual property, which is the subject of a negative pledge. |
Out-licensing Agreements
Out-licensing Agreements | 9 Months Ended |
Sep. 30, 2020 | |
Out Licensing Agreements [Abstract] | |
Out-licensing Agreements | 1 0 . License and Exclusivity Agreements Among QED, BBP LLC and LianBio In October 2019, our subsidiary, QED entered into an Exclusive License Agreement with LianBio (the “QED-LianBio License Agreement”). Pursuant to the QED-LianBio License Agreement, QED granted to LianBio an exclusive, sublicensable license under the licensed patent rights and know-how to develop, manufacture and commercialize infigratinib for any and all human prophylactic and therapeutic uses in all cancer indications (including in combination with other therapies) in certain territories outside the United States. Under the QED-LianBio License Agreement, QED received a nonrefundable upfront payment of $10.0 million and was granted certain equity rights in an affiliate of the licensee. Additionally, QED is entitled to receive payments from the licensee totaling an aggregate of up to $132.5 million upon the achievement of specified development and sales milestones and tiered royalties on net sales ranging from the low to mid-teens. We accounted for the QED-LianBio License Agreement and the exclusivity agreement with LianBio, which was concurrently entered into by BBP LLC and LianBio and is further described in Note 7, as a single transaction under ASC 606 and identified the exclusive license as a distinct performance obligation since LianBio can benefit from the license on its own by developing and commercializing the underlying product using its own resources. In addition, we will enter into clinical and commercial supply agreements for the licensed territory. We determined that the optional right to future products under these supply agreements is not considered to represent a material right. During the year ended December 31, 2019, we recognized $13.8 million in license revenue comprising of $10.0 million in upfront payment received and the fair value of the ordinary shares received valued at approximately $3.8 million. We determined that the license was a right to use the intellectual property of QED and as of December 31, 2019, we had provided all necessary information to the third party to benefit from the license and the license term. As of December 31, 2019, we also determined the contingent milestones related to our ability to exercise the warrants are not probable. As a result, we did not recognize any fair value of the warrants, which we considered to be immaterial, as revenue or record as an asset. As of September 30, 2020, we consider any changes in the fair value of the warrants to remain immaterial. We consider the future potential development milestone as well as the sales-based royalties to be variable consideration. The future potential milestone payments were not included in the transaction price as they were all determined to be fully constrained under ASC 606. We determined that the achievements of such development 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 sales-based milestones will be recognized when the sales occur or the milestones are achieved because the license is the predominant item to which the royalties or sales-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. During the three and nine months ended September 30, 2020, we received reimbursements for research and development expenses incurred in 2019 amounting to $0 and $2.8 million, respectively, from LianBio, in connection with the QED-LianBio License Agreement. This amount was recorded as reduction in research and development expenses in the fourth quarter of 2019. 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”). The Navire-LianBio License Agreement focuses on the Phase 1-ready 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 will receive a nonrefundable $8.0 million upfront payment. 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 accounted for the Navire-LianBio License Agreement under ASC 606 and identified the exclusive license as a distinct performance obligation since LianBio can benefit from the license on its own by developing and commercializing the underlying product using its own resources. In addition, we will enter into clinical and commercial supply agreements for the licensed territory. We determined that the optional right to future products under these supply agreements is not considered to represent a material right. During the three months ended September 30, 2020, we recognized $8.0 million in license revenue which comprised of the upfront payment. The amount is presented as “Receivable from a related party” in our condensed consolidated balance sheet as of September 30, 2020. We determined that the license was a right to use the intellectual property of Navire and as of September 30, 2020, we had provided all necessary information to LianBio to benefit from the license and the license term. We consider the future potential development milestone as well as the sales-based royalties to be variable consideration. The future potential milestone payments were not included in the transaction price as they were all determined to be fully constrained under ASC 606. We determined that the achievements of such development 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 sales-based milestones will be recognized when the sales occur or the milestones are achieved because the license is the predominant item to which the royalties or sales-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. License Agreements Between Eidos and Alexion In September 2019, Eidos entered into an exclusive license agreement with Alexion Pharma International Operations Unlimited Company, a subsidiary of Alexion Pharmaceuticals, Inc. (together, “Alexion”) to develop, manufacture and commercialize in Japan the compound known as acoramidis (previously known as BBP-265 or AG10) and any of its various chemical forms and any pharmaceutical products containing acoramidis. Under the agreement, Eidos received an upfront nonrefundable payment of $25.0 million. Eidos also entered into a stock purchase agreement with Alexion, under which Eidos sold to Alexion 556,173 shares of Eidos common stock at a price per share of $44.95, for an aggregate purchase price of approximately $25.0 million. The excess of the purchase price over the value of the Eidos shares, determined based on the closing price of a share of Eidos’ common stock of $41.91 as reported on Nasdaq as of the date of execution, was $1.7 million and recognized in revenue as part of the upfront payment as discussed below. Eidos is also eligible to receive $30.0 million in regulatory milestone payments subject to the achievement of regulatory milestones. Eidos will also receive royalty payments in the low-teens based on net sales of acoramidis in Japan. The royalty rate is subject to reduction if Alexion is required to obtain intellectual property rights from third parties to develop, manufacture or commercialize acoramidis in Japan, or upon the introduction of generic competition into market. Eidos accounted for the license agreement under ASC 606 and identified the exclusive license as a distinct performance obligation since Alexion can benefit from the license on its own by developing and commercializing the underlying product using its own resources. In addition, Eidos entered into a clinical supply agreement and will enter into a commercial supply agreement for the licensed territory. Eidos determined that the optional right to future products under these supply agreements is not considered to represent a material right. Eidos recognized the $25.0 million upfront fee and $1.7 million premium paid for Eidos’ stock for a total upfront payment of $26.7 million in license revenue upon the effective date of the license agreement in September 2019. Eidos determined that the license was a right to use its intellectual property and as of the effective date, it had provided all necessary information to Alexion to benefit from the license and the license term had begun. Eidos considers the future potential regulatory milestones of up to approximately $30.0 million and the sales-based royalties to be variable consideration. Eidos excluded the regulatory milestones from the transaction price because it determined such payments to be fully constrained under ASC 606 due to the inherent uncertainty in the achievement of such milestone payments and are highly susceptible to factors outside of Eidos’ control. As the sales-based royalties are all related to the license of the intellectual property rights, Eidos will recognize revenue in the period when subsequent sales are made pursuant to the sales-based royalty exception under ASC 606-10-55-65. Eidos will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. Eidos finalized the clinical supply agreement with Alexion on July 10, 2020, which was determined to be a separate performance obligation from the license. Eidos has billed $0.1 million in August 2020 to Alexion and recognized $0.1 million of license revenue from the clinical supply agreement. Direct costs for the three and nine months ended September 30, 2020 were immaterial. |
In-licensing Agreements
In-licensing Agreements | 9 Months Ended |
Sep. 30, 2020 | |
In Licensing Agreements [Abstract] | |
In-licensing Agreements | 1 1 . Stanford License Agreement In April 2016, Eidos entered into a license agreement with the Board of Trustees of the Leland Stanford Junior University relating to Eidos’ drug discovery and development initiatives. Under this agreement, Eidos has been granted certain worldwide exclusive licenses to make, use and sell products that are covered by licensed patent rights. During the three and nine months ended September 30, 2020, Eidos did not recognize research and development expenses in connection with this agreement. During the three and nine months ended September 30, 2019, Eidos recognized research and development expenses of zero and $0.2 million, respectively, in connection with this agreement. The Regents of the University of California License Agreement In September 2016, TheRas entered into a license agreement with The Regents of the University of California (“UCSF”) relating to TheRas’ drug discovery and development initiatives. Under this agreement, TheRas has been granted certain worldwide exclusive licenses to use the licensed compounds (the “UCSF License”). During the three and nine months ended September 30, 2020, TheRas did not recognize research and development expenses in connection with this agreement. Nominal expense was recognized in connection with this agreement during the three and nine months ended September 30, 2019. Leidos Biomedical Research License and Cooperative Research and Development Agreements In March 2017, TheRas entered into a cooperative research and development agreement (“Leidos CRADA”) with Leidos Biomedical Research, Inc. (“Leidos”). In December 2018, TheRas and Leidos entered into a license agreement (“Leidos License,” and together with the Leidos CRADA, the “Leidos Agreements”) under which TheRas has been granted certain worldwide exclusive licenses to use the licensed compounds. The Leidos Agreements are related to TheRas’ drug discovery and development initiatives. During the three and nine months ended September 30, 2020, TheRas recognized research and development expenses of $0.8 million and $1.8 million, respectively, in connection with the Leidos Agreements. During the three and nine months ended September 30, 2019, TheRas recognized research and development expenses of $0.4 million and $1.0 million, respectively, in connection with the Leidos Agreements. Foundation Medicine Diagnostics Agreement In November 2018, QED and Foundation Medicine, Inc. entered into a diagnostics agreement relating to QED’s drug discovery and development initiatives. During the three and nine months ended September 30, 2020, QED recognized research and development expenses of $1.0 million and $2.8 million, respectively, in connection with this agreement. During the three and nine months ended September 30, 2019, QED recognized research and development expenses of zero and $0.3 million, respectively, in connection with this agreement. Other License and Collaboration Agreements In addition to the agreements described above, we have also entered into other license and collaboration agreements with various institutions and business entities on terms similar to those described above, none of which are material individually or in the aggregate. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | 1 2 . Operating Leases We have operating leases for our corporate headquarters, office spaces and a laboratory facility with a weighted average remaining lease term of approximately 5.2 years. Certain leases include renewal options at our discretion and we include the extension options when we determine the lease term for our operating leases, if we are reasonably certain that the extension option would be exercised. The lease liabilities were measured using a weighted average discount rate of 5.9% 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. Cash paid for amounts included in the measurement of operating lease liabilities was $1.1 million and $2.7 million for the three and nine months ended September 30, 2020, respectively. The components of lease cost for the three and nine months ended September 30, 2020 are as follows: Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 (in thousands) Straight line operating lease cost $ 995 $ 2,684 Variable lease payments 257 558 Total lease cost $ 1,252 $ 3,242 As of September 30, 2020, future minimum lease payments for our noncancelable operating leases under ASC 842 are as follows: Amount (in thousands) Remainder of 2020 $ 1,075 Year ending December 31: 2021 3,895 2022 2,399 2023 1,485 2024 1,224 Thereafter 3,798 Total future minimum lease payments 13,876 Imputed interest (2,023 ) Total $ 11,853 Reported as of September 30, 2020 Operating lease liabilities, current portion $ 3,617 Operating lease liabilities, net of current portion 8,236 Total operating lease liabilities $ 11,853 As of December 31, 2019, future minimum lease payments for our noncancelable operating leases under ASC 840 were as follows: Amount (in thousands) Year Ending December 31: 2020 $ 2,811 2021 2,515 2022 1,812 2023 1,485 2024 1,272 Thereafter 1,816 Total future minimum lease payments $ 11,711 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. Prior to the adoption of ASC 842, we were deemed to be the owner, for accounting purposes, during the construction phase of the dedicated manufacturing suite because of our exposure to substantially all of the construction period risks and our other commitments under the arrangement. As of December 31, 2019, we recorded the $10.0 million one-time fee as a non-current asset and the remaining build-to-suit lease liability of $8.0 million within our consolidated balance sheets. As of January 1, 2020, upon adoption of ASC 842, we derecognized the build-to-suit lease asset of $10.0 million as we do not control the dedicated manufacturing suite during the construction phase. Under the new lease guidance, 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 phase of the dedicated manufacturing suite is expected to be completed later in 2020. The remaining $4.0 million payable related to the dedicated manufacturing suite is recorded as part of other current liabilities as of September 30, 2020. |
2019 Reorganization and IPO and
2019 Reorganization and IPO and 2020 Shelf Registration | 9 Months Ended |
Sep. 30, 2020 | |
Reorganizations [Abstract] | |
2019 Reorganization and IPO and 2020 Shelf Registration | 1 3 . 2019 Reorganization and IPO and 2020 Shelf Registration 2019 Reorganization and IPO On June 13, 2019, BridgeBio formed BridgeBio Pharma Merger Sub LLC (“Merger Sub LLC”), a Delaware limited liability company and direct wholly-owned subsidiary. The 2019 Reorganization was executed on July 1, 2019, immediately prior to completion of the IPO of the BridgeBio’s common stock. As part of the 2019 Reorganization, the existing ownership interest in BBP LLC held by all BBP LLC unitholders was transferred to Merger Sub LLC, and all outstanding units of BBP LLC were cancelled and exchanged for shares of common stock of BridgeBio. Merger Sub LLC was then merged with and into BBP LLC, the surviving entity, which became a wholly-owned subsidiary of BridgeBio. Subsequent to the 2019 Reorganization, as the sole managing member, BridgeBio operates and controls all of BBP LLC’s businesses and affairs. Included in the exchange were the unvested outstanding management incentive units and common units of BBP LLC that were converted to 6,819,455 shares of BridgeBio’s unvested restricted stock, subject to the same time-based vesting conditions as the original management incentive units and common units terms and conditions. At the conclusion of the 2019 Reorganization, BridgeBio became the reporting entity. The 2019 Reorganization was accounted for as a reverse acquisition and recapitalization for financial reporting purposes. The assets and liabilities of BridgeBio, the legal acquirer, were nominal and there were no material pre-combination activities. Therefore, BBP LLC, the legal acquiree, was determined to be the accounting acquirer. Accordingly, the historical financial statements of BBP LLC became BridgeBio’s historical financial statements, including the comparative prior periods. All share and per share amounts in these condensed consolidated financial statements and related notes had been retroactively adjusted, where applicable, for all periods presented. The shares of BridgeBio’s common stock for periods prior to July 1, 2019 represent the outstanding BBP LLC units recalculated to give effect to the exchange ratio applied in connection with the 2019 Reorganization. All BBP LLC units that were previously reported as temporary equity and were converted to common stock of BridgeBio upon the completion of the 2019 Reorganization have been reclassified to equity for all periods presented, as if the Reorganization occurred at the beginning of the earliest period presented in our financial statements. At that the time of the 2019 Reorganization, the consolidation assessment on all consolidated entities was updated on behalf of BridgeBio resulting in no change in the treatment of the consolidated entities. On July 1, 2019, BridgeBio closed the IPO of its common stock. As part of the IPO, BridgeBio issued and sold 23,575,000 shares of its common stock, which included 3,075,000 shares sold pursuant to the exercise of the underwriters’ over-allotment option, at a public offering price of $17.00 per share. BridgeBio received net proceeds of approximately $366.2 million from the IPO, after deducting underwriters’ discounts and commissions of $28.1 million and offering costs of $6.5 million. 2020 Shelf Registration On July 7, 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 percent 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 September 30, 2020. |
Equity-Based Compensation
Equity-Based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | 1 4 . 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 September 30, 2020 Nine Months Ended September 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 $ 4,974 $ 1,648 $ 310 $ 6,932 $ 13,194 $ 4,011 $ 538 $ 17,743 General and administrative 8,895 1,792 80 10,767 24,260 4,074 236 28,570 Total stock-based compensation $ 13,869 $ 3,440 $ 390 $ 17,699 $ 37,454 $ 8,085 $ 774 $ 46,313 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 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 $ 609 $ 626 $ 102 $ 1,337 $ 609 $ 1,630 $ 121 $ 2,360 General and administrative 3,343 969 128 4,440 6,767 2,095 145 9,007 Total stock-based compensation $ 3,952 $ 1,595 $ 230 $ 5,777 $ 7,376 $ 3,725 $ 266 $ 11,367 Equity-Based Awards of BridgeBio On June 22, 2019, we adopted the 2019 Stock Option and Incentive Plan (the “2019 Plan”), which became effective on June 25, 2019. The 2019 Plan provides for the grant of stock-based incentive awards, including common stock options and other stock-based awards. We were authorized to issue 11,500,000 shares of common stock for issuance of awards under the 2019 Plan, which may be allocated among stock options, awards of restricted common stock, restricted common units and other stock-based awards. On June 2, 2020, our stockholders approved an amendment and restatement of the 2019 Plan (the “A&R 2019 Plan”) to, among other things, increase the number of shares of common stock reserved for issuance thereunder by 2,500,000 shares. The A&R 2019 Plan provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2020, by 5% of the issued and outstanding number of shares of common stock on the immediately preceding December 31, or such lesser number of shares as determined by the Compensation Committee of the Board of Directors. On November 13, 2019, we adopted the 2019 Inducement Equity Plan (the “2019 Inducement Plan”). The 2019 Inducement Plan provides for the grant of stock-based awards to induce highly-qualified prospective officers and employees who are not currently employed by BridgeBio or its Subsidiaries to accept employment and to provide them with a proprietary interest in BridgeBio, including common stock options and other stock-based awards. We were authorized to issue 1,000,000 shares of common stock for inducement awards under the 2019 Inducement Plan, which may be allocated among stock options, awards of restricted common stock, restricted common units and other stock-based awards. The following table summarizes our share activity under the A&R 2019 Plan and the 2019 Inducement Plans (the “Plans”): A&R 2019 Plan 2019 Inducement Plan Balance as of December 31, 2019 53,067 489,064 Authorized 8,682,914 — Granted — Stock options (2,229,707 ) (306,000 ) Granted — Stock options — Exchange Program (1,268,110 ) — Granted — Restricted stock units (780,865 ) (165,255 ) Granted — Restricted stock awards — Exchange Program (50,145 ) — Granted — Common stock (8,491 ) — Granted — Common stock — Exchange Program (554,064 ) — Granted — Market-based restricted stock units — (2,380 ) Granted — Performance-based restricted stock units (56,738 ) (16,060 ) Granted — Performance-based milestone restricted stock awards (73,248 ) — Granted — Performance-based restricted stock awards — Exchange Program (22,611 ) — Cancelled — Stock options 3,629 2,832 Cancelled — Stock options — Exchange Program 8,907 — Cancelled — Restricted stock units 22,497 7,772 Repurchase of shares to satisfy tax withholding 8,515 — Balance as of September 30, 2020 3,735,550 9,973 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”), 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 shares of BridgeBio’s common stock in the future upon achievement of the milestones (collectively the “New Awards”). In consideration for all the subsidiaries’ shares tendered, BridgeBio will increase its ownership in controlled entities included in the Exchange Program and the corresponding noncontrolling interest will decrease (see Note 6). 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 represents 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 will be recognized over a period ranging from 0.7 year to 1.7 years. 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 as of September 30, 2020 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 nine months ended September 30, 2020, we recognized $1.9 million and $9.9 million, respectively, of such performance-based milestone awards. We have recognized stock-based compensation expense of $2.0 million for the three and nine months ended September 30, 2020 for performance-based milestone awards that were settled with 73,248 restricted stock awards due to achievement of regulatory milestones related to IND acceptance that were completed during the three months ended September 30, 2020. There were no such compensation awards in the comparative periods in 2019. Stock Option Grants of BridgeBio The following table summarizes BridgeBio’s stock option activity under the Plans for the nine months ended September 30, 2020: Options Outstanding Weighted- Average Exercise Price per Option Weighted- Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2019 4,626,777 $ 20.10 9.6 $ 70,348 Granted 2,535,707 $ 30.35 Granted — Exchange Program 1,268,110 $ 1.65 Exercised (62,526 ) $ 17.00 Exercised — Exchange Program (366,156 ) $ 1.69 Cancelled (6,461 ) $ 24.81 Cancelled — Exchange Program (8,907 ) $ 2.83 Outstanding as of September 30, 2020 7,093,497 $ 23.79 9.1 $ 97,929 Outstanding as of September 30, 2020 — Exchange Program 893,047 $ 1.62 8.5 $ 32,057 Exercisable as of September 30, 2020 1,267,507 $ 18.52 8.8 $ 24,084 Exercisable as of September 30, 2020 — Exchange Program 675,818 $ 1.44 8.4 $ 24,385 The options granted to employees and non-employees are exercisable at the price of BridgeBio’s common stock at The aggregate intrinsic value of options outstanding and exercisable as of September 30, 2020 and December 31, 2019 are calculated based on the difference between the exercise price and the current fair value BridgeBio’s common stock. During the three and nine months ended September 30, 2020, 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 nine months ended September 30, 2020: Unvested Shares of RSUs Outstanding Weighted- Average Grant Date Fair Value Balance at December 31, 2019 362,163 $ 31.98 Granted 946,120 $ 32.99 Vested (43,745 ) $ 32.69 Cancelled (30,269 ) $ 33.95 Balance at September 30, 2020 1,234,269 $ 32.68 During the three and nine months ended September 30, 2020, we recognized stock-based compensation expense of $2.5 million and $5.2 million, respectively, related to RSUs under the Plans. As of September 30, 2020, there was $36.4 million of total unrecognized compensation cost related to RSUs under the Plans that is expected to be recognized over a weighted-average period of 3.4 years. Restricted Stock Awards (RSAs) of BridgeBio As disclosed in Note 13, upon the 2019 Reorganization, all unvested outstanding management incentive units and common units of BBP LLC were cancelled and converted into shares of BridgeBio’s RSAs. The following table summarizes our RSA activity under the Plans for the nine months ended September 30, 2020: Unvested Shares of RSAs Outstanding Weighted- Average Grant Date Fair Value Balance at December 31, 2019 5,603,452 $ 3.63 Granted — Exchange Program 50,145 $ 0.18 Granted — Performance-based milestone awards 73,248 $ 27.27 Vested (1,814,540 ) $ 3.42 Balance at September 30, 2020 3,912,305 $ 3.61 During the three and nine months ended September 30, 2020, we recognized stock-based compensation expense of Market-Based RSUs of BridgeBio During the year ended December 31, 2019, the Board of Directors of BridgeBio (the “Board of Directors”) approved and granted market-based RSUs. One such market-based RSU award includes a market condition based on the Total Shareholders’ Return (“TSR”) of BridgeBio’s common stock as compared to the TSR of the Nasdaq Biotechnology Index and the vesting percentage of the award is calculated based on the three-year performance period from vesting commencement date. The other market-based RSU award includes a market condition based on BridgeBio’s market capitalization reaching $5.0 billion and vests immediately at 100% upon achievement of said market capitalization. The market-based RSUs require continuous employment at the time of achievement. The respective grant date fair values of these awards, which aggregate to $3.8 million for the year ended December 31, 2019, were determined using a Monte Carlo valuation model and are recognized as compensation expense over the implied service period of the awards. The following table summarizes our market-based RSU activity under the Plans for the nine months ended September 30, 2020: Unvested Shares of Market-based RSUs Outstanding Weighted- Average Grant Date Fair Value Balance at December 31, 2019 129,871 $ 28.98 Granted 2,380 $ 34.81 Vested (76,637 ) $ 41.54 Balance at September 30, 2020 55,614 $ 11.92 For the three and nine months ended September 30, 2020, we recognized stock-based compensation of $0.1 million and $1.2 million, respectively, related to market-based RSU awards. As of September 30, 2020, there was $0.4 million of total unrecognized compensation cost related to market-based RSUs under the Plans. Performance-based RSUs of BridgeBio During the nine months ended September 30, 2020, the Board of Directors approved and granted 72,798 performance-based RSUs with a weighted average grant-date fair value of $27.04. There were no releases and cancellations of performance-based RSUs during the nine months ended September 30, 2020. During the three and nine months ended September 30, 2020, we recognized stock-based compensation expense of $0.5 million and $0.6 million, respectively, related to performance-based RSUs under the Plans. As of September 30, 2020, there was $1.6 million of total unrecognized compensation cost related to performance-based RSUs under the Plans that is expected to be recognized over a weighted-average period of 1.7 years. 2019 Employee Stock Purchase Plan (ESPP) of BridgeBio During the three and nine months ended September 30, 2020, we recognized stock-based compensation expense of $0.3 million and $0.7 million, respectively, related to our ESPP. 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 nine months ended September 30, 2020, we used the following weighted-average assumptions in the Black-Scholes calculations: Nine Months Ended September 30, 2020 Stock Options ESPP Expected term (in years) 5.00 - 6.08 0.40 - 0.65 Expected volatility 36.3% - 46.4% 32.5% - 47.6% Risk-free interest rate 0.31% - 1.50% 0.13% - 1.57% Dividend yield — — Weighted-average fair value of stock-based awards granted $ 11.21 $ 10.48 Equity-Based Awards of BBP LLC Up until the 2019 Reorganization, BBP LLC has historically issued management incentive units and common units (collectively, “BBP LLC equity-based awards”). As described in Note 13, BBP LLC equity-based awards were cancelled and exchanged for shares of BridgeBio restricted common stock. For the three and nine months ended September 30, 2019, equity-based compensation from BBP LLC equity-based awards was Equity Awards of Eidos Eidos Common Stock Eidos has reserved shares of common stock for issuance as follows: As of September 30, 2020 2019 Options issued and outstanding 1,901,632 1,435,668 Options available for future grants 1,274,829 486,915 Eidos ESPP shares available for future grants 89,398 104,540 3,265,859 2,027,123 Eidos stock options The following table summarizes Eidos’s stock option activity for the nine months ended September 30, 2020: Weighted- Weighted- Average Average Aggregate Options Exercise Remaining Intrinsic Available for Options Price per Contractual Value Grant Outstanding Option Life (years) (in thousands) Outstanding—December 31, 2019 1,935,054 1,335,755 $ 16.91 8.77 $ 54,071 Options granted (675,017 ) 675,017 $ 46.30 Options exercised — (94,348 ) $ 6.82 Options cancelled 14,792 (14,792 ) $ 26.85 Outstanding—September 30, 2020 1,274,829 1,901,632 $ 27.77 8.60 $ 43,281 Options exercisable—September 30, 2020 627,184 $ 19.73 8.13 $ 19,318 Options vested and expected to vest— September 30, 2020 1,901,632 $ 27.77 8.60 $ 43,281 Eidos Stock Options Valuation The fair value of employee, non-employee and non-employee director stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Nine Months Ended September 30, 2020 Employee Non-employee Expected term (in years) 6.06 6.06 Expected volatility 72.1 % 72.5 % Risk-free interest rate 0.50 % 0.40 % Dividend yield — — Stock-based Compensation As of September 30, 2020, there was |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 5 . 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. Prior to the tax-free reorganization, BBP LLC was treated as a pass‑through entity for U.S. federal income tax purposes, and as such, was generally not subject to U.S. federal income tax at the entity level. Rather, the tax liability with respect to its taxable income was passed through to its unitholders. 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. As a result of the issuance of our 2027 Notes on March 9, 2020 (see Note 9), there was a basis difference in the face value of the 2027 Notes resulting in a net deferred tax liability of $1.4 million. This amount is included as part of Other liabilities in our condensed consolidated balance sheet as of September 30, 2020. 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. 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. On March 27, 2020, the “Coronavirus Aid, Relief and Economic Security Act” (the “CARES Act”) was signed into law. The CARES Act includes income tax provisions relating to net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The provisions of the CARES Act did not have a material impact on our financial statements. |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 1 6 . 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 September 30, 2020 2019 Unvested RSAs 3,912,305 6,215,465 Unvested RSUs 1,234,269 — Unvested market-based RSUs 55,614 — Unvested performance-based RSUs 72,798 — Unvested performance-based RSAs 22,611 — Common stock options issued and outstanding 7,986,544 3,729,590 Estimated shares issuable under the ESPP 18,240 72,949 Assumed conversion of 2027 Notes 12,878,305 — 26,180,686 10,018,004 Our 2027 Notes issued in March 2020 are convertible, based on the applicable conversion rate, into cash, shares of our common stock or a combination thereof, at our election. The impact of the assumed conversion to diluted net income per share is computed using the treasury stock method. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 1 7 . Merger Agreement with Eidos 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. (“Merger Sub II”) (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) are owned by Eidos as treasury stock, (ii) are owned by us and our subsidiaries and, in each case, not owned on behalf of third parties and (iii) are subject to an Eidos Restricted Share Award (as defined below). Under the Merger Agreement, the stockholders of Eidos will have 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 is 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”) will 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 is subject to forfeiture conditions (subject to certain exceptions) (each, an “Eidos Restricted Share Award”) will 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. The Merger Transactions are subject to various closing conditions, including, but not limited to: (i) approval of the majority of the outstanding shares of Eidos Common Stock, (ii) approval of a majority of the shares of Eidos Common Stock held by stockholders other than (A) us and any person or entity controlling, controlled by or under common control with us (any such person, an “Affiliate”) (including Merger Sub and Merger Sub II), (B) any of our directors or officers or our Affiliates’ directors or officers (including Merger Sub and Merger Sub II) and (C) any director or officer of Eidos (other than members of the special committee of independent directors of Eidos (the “Eidos Special Committee”)); (iii) approval of at least 66 and 2/3% of the aggregate voting stock (as defined in Section 203 of the Delaware General Corporation Law (the “DGCL”)) of Eidos that is not owned (as defined in Section 203 of the DGCL) by BridgeBio, Merger Sub, Merger Sub II or any of their respective affiliates or associates (as such terms are defined in Section 203 of the DGCL); (iv) approval of the issuance of our common stock in connection with the Merger Transactions by at least a majority of the votes cast by the holders of shares of our common stock voting on the matter; (v) the absence of any statute, rule, order, decree or regulation prohibiting the Mergers; (vi) the approval for listing of the common stock issuable to the holders of Eidos Common Stock on Nasdaq; (vii) the SEC having declared effective our Form S-4 registration statement, which will contain our joint proxy statement/prospectus with Eidos in connection with the Merger Transactions; and (viii) subject to certain materiality exceptions, the accuracy of certain representations and warranties by us and Eidos contained in the Merger Agreement and the compliance by each party with the covenants contained in the Merger Agreement. In connection with the execution of the Merger Agreement, Eidos has entered into voting agreements with members of our board of directors and KKR Genetic Disorder L.P., collectively owning approximately 36% of our outstanding common stock, pursuant to which they agreed, among other things, to vote their shares in favor of the issuance of our common stock in connection with the Merger Transactions. The Merger Agreement includes customary representations, warranties and covenants, including, but not limited to, covenants by us and Eidos to conduct our businesses in the ordinary course during the period between the execution of the Merger Agreement and consummation of the Merger Transactions and to refrain from taking certain actions specified in the Merger Agreement. The Merger Agreement may be terminated, among other circumstances, (i) by either party if the Merger Transactions are not consummated by June 4, 2021, (ii) by Eidos if our board of directors changes its recommendation with respect to the issuance of shares of our common stock in connection with the Merger Transactions or (iii) by us if the Eidos board of directors or the Eidos Special Committee changes its recommendation with respect to the Merger Transactions. The Merger Agreement further provides that upon termination of the Merger Agreement under certain circumstances, Eidos must pay us a termination fee of $35.0 million, and upon termination of the Merger Agreement under certain circumstances, we must pay Eidos a termination fee of $100.0 million. Upon closing of the Merger Transactions and subject to the terms of the Merger Agreement, Eidos will become our wholly-owned subsidiary, and Eidos’ common stock will cease to trade on Nasdaq. The foregoing description of the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the Merger Agreement, a copy of which was filed as Exhibit 2.1 on our Form 8-K filed with the Securities and Exchange Commission, or SEC, on October 6, 2020. Leases On October 12, 2020, we entered into a twelve-year real property lease agreement for an approximately 20,000 square feet facility in Montreal, Québec. The lease is expected to commence in late 2020. Future minimum rent payments under this lease are approximately $5.7 million. Under the lease agreement, we are also required to secure a letter of credit of $1.6 million, subject to reduction of such amount by $0.1 million per year. Effective as of October 19, 2020, we entered into a five-year real property sublease agreement for an approximately 53,000 square feet facility in San Francisco, California. The sublease is expected to commence in early 2021. Future minimum rent payments under this sublease are approximately $11.9 million. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
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 applied 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 have a majority voting interest for entities consolidated under the VOE model 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 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 nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any other future annual or interim periods. |
Reclassifications | Reclassifications Certain reclassifications have been made to the 2019 condensed consolidated financial statements to conform to the 2020 condensed financial statements presentation. These reclassifications had no effect on net loss or cash flows as previously reported. |
Risks and Uncertainties | Risks and Uncertainties In light of recent developments relating to the coronavirus (COVID-19) global pandemic, the focus of healthcare providers and hospitals on fighting the virus, and consistent with the U.S. Food and Drug Administration’s updated industry guidance for conducting clinical trials issued on March 18, 2020, 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 outbreak as it continues to rapidly 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: September 30, 2020 September 30, 2019 (in thousands) Cash and cash equivalents $ 366,967 $ 413,973 Restricted cash (1) 424 424 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 367,391 $ 414,397 (1) Included in “Other assets” in the condensed consolidated balance sheets as of the dates presented. |
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, fair value of the liability component of our 2.50% convertible senior notes due 2027 (the “2027 Notes”, see Note 9), the fair value of the LEO call option liability (see Note 7), the fair value of Eidos’ derivative liability, the present value of lease payments of our leases on the respective lease commencement dates, the valuation of our stock-based awards, accounting for stock-based award modifications, accruals for certain employees’ performance-based milestone awards, accruals for research and development activities and accruals for contingent milestone payments in our license agreements. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable. Actual results may differ from those estimates or assumptions. |
Capped Call Transactions | Capped Call Transactions In March 2020, in connection with the issuance of the 2027 Notes (see Note 9) Derivatives and Hedging |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs are amortized to interest expense over the estimated life of the related debt based on the effective interest method. In accordance with ASC 835, Interest |
Treasury Stock | Treasury Stock Repurchased treasury stock is recorded at cost, including any commissions and fees. |
Leases | Leases Our lease portfolio as of each of January 1, 2020 and September 30, 2020 includes leases for our headquarters, office spaces and laboratory facility. We determine if an arrangement is a lease at the inception of the contract. The asset component of our operating leases is recorded as operating lease right-of-use assets, and the liability component is recorded as current portion of operating lease liabilities and operating lease liabilities, net of current portion in our condensed consolidated balance sheet. As of September 30, 2020, we have not recorded any finance leases. Right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at the lease commencement date. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, we use an incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments. Operating lease right-of-use assets are adjusted for incentives expected to be received. On the lease commencement date, we estimate and include in our lease payments any lease incentive amounts based on future events when (1) the events are within our control and (2) the event triggering the right to receive the incentive is deemed reasonably certain to occur. If the lease incentive received is greater or less than the amount recognized at lease commencement, we recognize the difference as an adjustment to right-of-use asset and/or lease liability, as applicable. Right-of-use assets and operating lease liabilities are remeasured upon certain modifications to leases using the present value of remaining lease payments and estimated incremental borrowing rate upon lease modification. Lease cost is recognized on a straight-line basis over the lease term, and includes amounts related to short-term leases. We recognize variable lease payments as operating expenses in the period in which the obligation for those payments is incurred. Variable lease payments primarily include common area maintenance, utilities, real estate taxes, insurance, and other operating costs that are passed on from the lessor in proportion to the space we lease. |
Net Loss per Share | Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of BridgeBio’s common stock outstanding for the period, without consideration for potential dilutive shares of common stock, such as stock options, unvested restricted stock units and awards, shares issuable under the employee stock purchase plan and assumed conversion of our 2027 Notes. Shares of common stock subject to repurchase are excluded from the weighted-average shares. Since we were in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share since the effects of potentially dilutive securities are antidilutive. No adjustment for cumulative returns on BBP LLC’s redeemable convertible preferred units has been applied to the calculation of basic and diluted net loss per share, since such units were retroactively adjusted as if the 2019 Reorganization occurred at the beginning of the earliest period to be presented in our financial statements. See Note 13 for additional details. |
Emerging Growth Company Status | Emerging Growth Company Status We are an emerging growth company (“EGC”), as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGCs can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. We have elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that (i) we are no longer an EGC or (ii) we affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. As described in “Recently Adopted Accounting Pronouncements” below, we early adopted certain accounting standards, as the JOBS Act does not preclude an EGC from adopting a new or revised accounting standard earlier than the time that such standard applies to private companies. We expect to use the extended transition period for any other new or revised accounting standards during the period in which we remain an EGC. We will cease to be an EGC on December 31, 2020 because our aggregate worldwide market value of the voting and non-voting common equity held by non-affiliates as of June 30, 2020, our most recently completed second fiscal quarter, was greater than $700 million. Effective January 1, 2021, we will no longer be able to use the exemptions from certain reporting requirements available to EGCs. |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements ASU 2016-02 Leases (Topic 842). In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) (“ASU 2016-02” or “ASC 842” ), which requires the lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its balance sheet. The guidance also requires a lessee to recognize single lease costs under operating leases, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases . Additionally, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements , which offers a practical expedient for transitioning at the adoption date. ASU 2019-10, Financial Instruments — Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates , issued in November 2019, delayed the effective date of Topic 842 for non-public business entities to January 1, 2021 but early adoption is still permitted. Effective January 1, 2020, we adopted ASC 842 using the optional transition method and applied the standard only to leases that existed at that date. Under the optional 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, 2020 in accordance with ASC 840. As part of the ASC 842 adoption, we elected certain practical expedients outlined in the guidance. We have also chosen to apply the package of practical expedients for existing leases, which provides relief from reassessing: (i) whether a contract is or contains a lease, (ii) lease classification, and (iii) whether initial direct costs can be capitalized. Upon transition, we also elected to use hindsight with respect to determining the lease term and in assessing any impairment of right-of-use assets for existing leases. We have also made some accounting policy elections for post-transition to: (i) account for leases at the portfolio level, where applicable, (ii) allow us not to separate nonlease components from lease components, and instead to account for those as a single lease component for the asset class of operating lease right-of-use real estate assets, and (iii) elect not to recognize a right-of-use asset and a lease liability for all of our leases with a term of 12 months or less (“short-term leases”). The adjustments due to the adoption of ASC 842 primarily related to the recognition of right-of-use assets of $9.2 million and lease liabilities of $11.5 million at January 1, 2020 for our operating leases. The lease liabilities were determined based on the present value of the remaining minimum lease payments. The right-of-use assets were determined based on the value of the lease liabilities, adjusted for the deferred rent balances of approximately $2.3 million. Upon adoption of ASC 842, we also (i) derecognized the build-to-suit lease asset of $10.0 million previously presented in other assets as of December 31, 2019, and recognized a construction-in-progress asset for the same amount, and (ii) derecognized the build-to-suit lease liability of $8.0 million as of December 31, 2019 and recognized a liability presented in other accrued liabilities (see Note 12). The adoption did not have a material impact on our accumulated deficit and on our condensed consolidated statements of operations and cash flows. ASU 2016-13 Financial Instruments - Credit Losses. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. This update requires immediate recognition of management’s estimates of current expected credit losses. Under the prior model, losses were recognized only as they were incurred. The new model is applicable to most financial assets and certain other instruments that are not measured at fair value through net income. The standard is effective for fiscal years beginning after December 15, 2019 for public entities. Early adoption is permitted. The delay in effective date for certain entities of ASU 2016-13 by the issuance of ASU 2019-10 in November 2019 does not apply to filers with the SEC that are not smaller reporting companies. The adoption of this guidance did not materially impact our condensed consolidated financial statements. ASU 2018-13 Fair Value Measurement – Disclosure Framework (Topic 820) . In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework (Topic 820) (“ASU 2018-13”). The updated guidance improves the disclosure requirements on fair value measurements and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The adoption of this guidance did not significantly impact our financial statement disclosures. ASU 2018-15 – Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement. In August 2018, the FASB issued ASU 2018-15 – Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement . The guidance amends ASC 350-40, Intangibles - Goodwill and Other - Internal-Use Software . The ASU requires implementation costs incurred by customers in cloud computing arrangements to be deferred and recognized over the term of the arrangement, if these costs were capitalized by the customer in a software licensing arrangement. We early adopted this guidance effective January 1, 2020. The adoption of this guidance did not materially impact our condensed consolidated financial statements. ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. We early adopted ASU 2019-12 effective January 1, 2020 and the adoption did not materially impact our financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted ASU 2020-01, In January 2020, the FASB issued ASU 2020-01, Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions between Topic 321, Topic 323, and Topic 81 5. The guidance is based on a consensus of the Emerging Issues Task Force and is expected to increase comparability in accounting for these transactions. ASU 2020-01 amends ASU 2016-01, which made targeted improvements to accounting for financial instruments, including providing an entity the ability to measure certain equity securities without a readily determinable fair value at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Among other topics, the amendments in ASU 2020-01 clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting. For public business entities, the amendments in the ASU are effective for fiscal years beginning after December 31, 2020, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is permitted. We do not expect the adoption of ASU 2020-01 to have a material impact on our condensed consolidated financial statements. 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. More specifically, the amendments focus on the guidance for convertible instruments and derivative scope exception for contracts in an entity’s own equity. 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. We are currently in the process of determining the effect that the adoption will have on our condensed consolidated financial statements. ASU 2020-10, Codification Improvements. In October 2020, the FASB issued ASU 2020-10, Codification Improvements . The guidance contains improvements to the Codification by ensuring that all guidance that requires or provides an option for an entity to provide information in the notes to financial statements is codified in the Disclosure Section of the Codification. The guidance also contains Codifications that are varied in nature and may affect the application of the guidance in cases in which the original guidance may have been unclear. For public business entities, the amendments in the ASU are effective for fiscal years beginning after December 15, 2020. For all other entities, the amendments are effective for annual periods beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022. Early adoption is permitted. We do not expect the adoption of ASU 2020-10 to have a material impact on our condensed consolidated financial statements. |
Share-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) | 9 Months Ended |
Sep. 30, 2020 | |
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: September 30, 2020 September 30, 2019 (in thousands) Cash and cash equivalents $ 366,967 $ 413,973 Restricted cash (1) 424 424 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 367,391 $ 414,397 (1) Included in “Other assets” in the condensed consolidated balance sheets as of the dates presented. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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: September 30, 2020 Total Level 1 Level 2 Level 3 (in thousands) Assets Cash equivalents: Money market funds $ 265,674 $ 265,674 $ — $ — Short-term marketable securities: U.S. treasury bills 59,988 — 59,988 — U.S. treasury notes 75,736 — 75,736 — Commercial paper 136,271 — 136,271 — Corporate debt securities 71,719 — 71,719 — Total short-term marketable securities 343,714 — 343,714 — Total cash equivalents and marketable securities $ 609,388 $ 265,674 $ 343,714 $ — Liabilities: LEO call option liability $ 5,198 $ — $ — $ 5,198 Embedded derivative 1,301 — — 1,301 Total financial liabilities $ 6,499 $ — $ — $ 6,499 December 31, 2019 Total Level 1 Level 2 Level 3 (in thousands) Assets Cash equivalents: Money market funds $ 248,736 $ 248,736 $ — $ — Repurchase agreements 59,000 59,000 — — Total cash equivalents 307,736 307,736 — — Short-term marketable securities: U.S. treasury notes 45,280 — 45,280 — Commercial paper 65,626 — 65,626 — Corporate debt securities 71,314 — 71,314 — Total short-term marketable securities 182,220 — 182,220 — Long-term marketable securities: U.S. treasury notes 15,307 — 15,307 — Corporate debt securities 15,837 — 15,837 — Total long-term marketable securities 31,144 — 31,144 — Total cash equivalents and marketable securities $ 521,100 $ 307,736 $ 213,364 $ — Liabilities: LEO call option liability $ 4,078 $ — $ — $ 4,078 Embedded derivative 1,165 — — 1,165 Total financial liabilities $ 5,243 $ — $ — $ 5,243 |
LEO Call Option | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Schedule of Estimated Fair Value of Liability | 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: September 30, December 31, 2020 2019 Probability of milestone achievement 12.0%-84.0% 12.0%-84.0% Discount rate 0.1%-14.8% 1.6%-13.1% Expected term (in years) 1.25-6.25 0.67-5.25 Expected volatility 77.5%-87.0% 60.0%-68.0% Risk-free interest rate 1.39%-1.67% 2.34%-2.46% Dividend yield — — |
Summary of Change in Estimated Fair Value of Liability | The following table sets forth a summary of the change in the estimated fair value of the LEO call option: Total (in thousands) Balance as of December 31, 2019 $ 4,078 Change in fair value upon remeasurement recognized as other expense 1,120 Balance as of September 30, 2020 $ 5,198 |
Cash Equivalents and Marketab_2
Cash Equivalents and Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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: September 30, 2020 Amortized Cost Basis Unrealized Gains Unrealized Losses Estimated Fair Value (in thousands) Cash equivalents: Money market funds $ 265,674 $ — $ — $ 265,674 Short-term marketable securities: U.S. treasury bills 59,977 11 — 59,988 U.S. treasury notes 75,479 258 (1 ) 75,736 Commercial paper 136,271 — — 136,271 Corporate debt securities 71,526 193 — 71,719 Total short-term marketable securities 343,253 462 (1 ) 343,714 Total cash equivalents and marketable securities $ 608,927 $ 462 $ (1 ) $ 609,388 December 31, 2019 Amortized Cost Basis Unrealized Gains Unrealized Losses Estimated Fair Value (in thousands) Cash equivalents: Money market funds $ 248,736 $ — $ — $ 248,736 Repurchase agreements 59,000 — — 59,000 Total cash equivalents 307,736 — — 307,736 Short-term marketable securities: U.S. treasury notes 45,224 56 — 45,280 Commercial paper 65,626 — — 65,626 Corporate debt securities 71,231 83 — 71,314 Total short-term marketable securities 182,081 139 — 182,220 Long-term marketable securities: U.S. treasury notes 15,248 59 — 15,307 Corporate debt securities 15,781 56 — 15,837 Total long-term marketable securities 31,029 115 — 31,144 Total cash equivalents and marketable securities $ 520,846 $ 254 $ — $ 521,100 |
Variable Interest and Voting _2
Variable Interest and Voting Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Variable Interest Entities And Voting Interest Model [Abstract] | |
Summary of Assets and Liabilities for Consolidated VIEs | As of September 30, 2020 and December 31, 2019, there were no significant restrictions on the VIE assets or liabilities except for cash and certain property and equipment held by our VIEs presented below, which are generally restricted for use by the respective VIEs. For VIEs, BridgeBio calculates the maximum exposure to loss to be equal to the amount invested in the equity of the VIE. The following table provides the assets and liabilities for all consolidated VIEs as of September 30, 2020: Origin ML Bio QED PTR Navire All Other Total (in thousands) Assets: Current assets: Cash and cash equivalents $ 16,591 $ 12,860 $ 49,299 $ 4,280 $ 5,148 $ 45,036 $ 133,214 Receivable from a related party — — — — 8,000 — 8,000 Prepaid expenses and other current assets 645 206 4,942 363 219 3,900 10,275 Total current assets 17,236 13,066 54,241 4,643 13,367 48,936 151,489 Property and equipment, net 12 83 196 48 1 14,158 14,498 Operating lease right-of-use assets — — 933 366 — 1,771 3,070 Other assets 49 — 10,501 302 133 1,506 12,491 Total assets $ 17,297 $ 13,149 $ 65,871 $ 5,359 $ 13,501 $ 66,371 $ 181,548 Liabilities: Current liabilities: Accounts payable $ 512 $ 151 $ 2,207 $ 97 $ 561 $ 3,173 $ 6,701 Accrued compensation and benefits 626 268 4,492 928 43 1,687 8,044 Accrued research and development liabilities 1,903 1,235 8,684 669 322 4,120 16,933 Accrued professional services 29 23 160 25 25 521 783 Operating lease liabilities, current portion — — 1,021 131 — 283 1,435 Other accrued liabilities 1,061 3 788 44 18 4,441 6,355 Total current liabilities 4,131 1,680 17,352 1,894 969 14,225 40,251 Operating lease liabilities, net of current portion — — — 250 — 2,484 2,734 Other liabilities 12 22 3,821 65 58 274 4,252 Total liabilities $ 4,143 $ 1,702 $ 21,173 $ 2,209 $ 1,027 $ 16,983 $ 47,237 The following table provides the assets and liabilities for all consolidated VIEs as of December 31, 2019: Adrenas Aspa ML Bio QED Theras All Other Total (in thousands) Assets: Current assets: Cash and cash equivalents $ 6,453 $ 1,695 $ 7,432 $ 27,781 $ 6,351 $ 31,600 $ 81,312 Receivable from a related party — — — 2,845 — — 2,845 Prepaid expenses and other current assets 906 758 17 4,437 2,555 2,416 11,089 Total current assets 7,359 2,453 7,449 35,063 8,906 34,016 95,246 Property and equipment, net 3,189 274 98 281 3 325 4,170 Other assets — 10,000 — 11,313 — 637 21,950 Total assets $ 10,548 $ 12,727 $ 7,547 $ 46,657 $ 8,909 $ 34,978 $ 121,366 Liabilities: Current liabilities: Accounts payable $ 526 $ 219 $ 19 $ 1,443 $ 23 $ 1,341 $ 3,571 Accrued compensation and benefits 923 156 67 3,396 243 3,352 8,137 Accrued research and development liabilities 757 567 — 8,931 212 5,293 15,760 Accrued professional services 83 280 7 435 4 363 1,172 Build-to-suit lease obligation — 8,000 — — — — 8,000 Other accrued liabilities 290 38 — 180 33 592 1,133 Total current liabilities 2,579 9,260 93 14,385 515 10,941 37,773 Other liabilities 951 — — 161 — 24 1,136 Total liabilities $ 3,530 $ 9,260 $ 93 $ 14,546 $ 515 $ 10,965 $ 38,909 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Schedule of Noncontrolling Interests Balance | The following table provides a rollforward of the noncontrolling interests balance: Adrenas Aspa Eidos PTR Venthera All Other Total (in thousands) Balance as of December 31, 2019 $ 696 $ 250 $ 59,722 $ 1,298 $ 140 $ 3,173 $ 65,279 Issuance of noncontrolling interest 6 9 26,248 1 16 285 26,565 Transfers to (from) noncontrolling interest 883 649 (15,329 ) 4 513 1,105 (12,175 ) Net loss attributable to noncontrolling interest (316 ) (195 ) (8,078 ) (1,238 ) (324 ) (1,215 ) (11,366 ) Balance as of March 31, 2020 1,269 713 62,563 65 345 3,348 68,303 Issuance of noncontrolling interest 3 4 3,308 1 1 220 3,537 Issuance of BridgeBio shares under the Exchange Program (23 ) (29 ) — — (22 ) (996 ) (1,070 ) Transfers to (from) noncontrolling interest (194 ) (188 ) (1,850 ) 2,868 453 1,590 2,679 Net loss attributable to noncontrolling interest (541 ) (185 ) (10,332 ) (591 ) (207 ) (1,746 ) (13,602 ) Balance as of June 30, 2020 514 315 53,689 2,343 570 2,416 59,847 Issuance of noncontrolling interest 2 1 3,721 (37 ) 92 3,488 7,267 Transfers to (from) noncontrolling interest 812 (1 ) (2,181 ) 40 (87 ) (463 ) (1,880 ) Net loss attributable to noncontrolling interest (358 ) (130 ) (10,643 ) (1,536 ) (257 ) (253 ) (13,177 ) Balance as of September 30, 2020 $ 970 $ 185 $ 44,586 $ 810 $ 318 $ 5,188 $ 52,057 |
Redeemable Convertible Noncontrolling Interests | |
Schedule of Redeemable Convertible Noncontrolling Interests Balance | The following table provides a rollforward of the redeemable convertible noncontrolling interests balance: QED ML Bio All Other Total (in thousands) Balance as of December 31, 2019 $ 612 $ 1,557 $ 74 $ 2,243 Issuance of redeemable convertible noncontrolling interest — 1,000 102 1,102 Net loss attributable to redeemable convertible noncontrolling interest (468 ) (338 ) (60 ) (866 ) Transfers to redeemable convertible noncontrolling interest 316 258 — 574 Balance as of March 31, 2020 460 2,477 116 3,053 Net loss attributable to redeemable convertible noncontrolling interest (480 ) (1,077 ) (21 ) (1,578 ) Transfers to redeemable convertible noncontrolling interest 421 10 — 431 Balance as of June 30, 2020 401 1,410 95 1,906 Issuance of redeemable convertible noncontrolling interest — 1,000 — 1,000 Net loss attributable to redeemable convertible noncontrolling interest (345 ) (735 ) (51 ) (1,131 ) Transfers to redeemable convertible noncontrolling interest 468 331 — 799 Balance as of September 30, 2020 $ 524 $ 2,006 $ 44 $ 2,574 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding 2027 Notes Balances | The outstanding 2027 Notes balances consisted of the following: September 30, 2020 (in thousands) Liability component Principal $ 550,000 Unamortized debt discount (163,095 ) Unamortized debt issuance costs (8,403 ) Net carrying amount $ 378,502 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 related to the 2027 Notes: Three Months Ended March 9, 2020 Through September 30, 2020 September 30, 2020 (in thousands) Contractual interest expense $ 3,361 $ 7,715 Amortization of debt discount 4,612 10,186 Amortization of debt issuance costs 239 528 Total interest and amortization expense $ 8,212 $ 18,429 |
Schedule of Future Minimum Payments under 2027 Notes | Future minimum payments under the 2027 Notes as of September 30, 2020, are as follows: Amount (in thousands) Remainder of 2020 $ — Year ending December 31: 2021 13,750 2022 13,750 2023 13,750 2024 13,750 Thereafter 584,375 Total future payments 639,375 Less amounts representing interest (89,375 ) Total principal amount $ 550,000 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Components of Lease Cost | The components of lease cost for the three and nine months ended September 30, 2020 are as follows: Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 (in thousands) Straight line operating lease cost $ 995 $ 2,684 Variable lease payments 257 558 Total lease cost $ 1,252 $ 3,242 |
Schedule of Future Minimum Lease Payments for Noncancelable Operating Leases under ASC 842 | As of September 30, 2020, future minimum lease payments for our noncancelable operating leases under ASC 842 are as follows: Amount (in thousands) Remainder of 2020 $ 1,075 Year ending December 31: 2021 3,895 2022 2,399 2023 1,485 2024 1,224 Thereafter 3,798 Total future minimum lease payments 13,876 Imputed interest (2,023 ) Total $ 11,853 Reported as of September 30, 2020 Operating lease liabilities, current portion $ 3,617 Operating lease liabilities, net of current portion 8,236 Total operating lease liabilities $ 11,853 |
Schedule of Future Minimum Lease Payments for Noncancelable Operating Leases under ASC 840 | As of December 31, 2019, future minimum lease payments for our noncancelable operating leases under ASC 840 were as follows: Amount (in thousands) Year Ending December 31: 2020 $ 2,811 2021 2,515 2022 1,812 2023 1,485 2024 1,272 Thereafter 1,816 Total future minimum lease payments $ 11,711 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Equity 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 September 30, 2020 Nine Months Ended September 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 $ 4,974 $ 1,648 $ 310 $ 6,932 $ 13,194 $ 4,011 $ 538 $ 17,743 General and administrative 8,895 1,792 80 10,767 24,260 4,074 236 28,570 Total stock-based compensation $ 13,869 $ 3,440 $ 390 $ 17,699 $ 37,454 $ 8,085 $ 774 $ 46,313 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 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 $ 609 $ 626 $ 102 $ 1,337 $ 609 $ 1,630 $ 121 $ 2,360 General and administrative 3,343 969 128 4,440 6,767 2,095 145 9,007 Total stock-based compensation $ 3,952 $ 1,595 $ 230 $ 5,777 $ 7,376 $ 3,725 $ 266 $ 11,367 |
Summary of Stock Option Activity | The following table summarizes BridgeBio’s stock option activity under the Plans for the nine months ended September 30, 2020: Options Outstanding Weighted- Average Exercise Price per Option Weighted- Average Remaining Contractual Life (years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2019 4,626,777 $ 20.10 9.6 $ 70,348 Granted 2,535,707 $ 30.35 Granted — Exchange Program 1,268,110 $ 1.65 Exercised (62,526 ) $ 17.00 Exercised — Exchange Program (366,156 ) $ 1.69 Cancelled (6,461 ) $ 24.81 Cancelled — Exchange Program (8,907 ) $ 2.83 Outstanding as of September 30, 2020 7,093,497 $ 23.79 9.1 $ 97,929 Outstanding as of September 30, 2020 — Exchange Program 893,047 $ 1.62 8.5 $ 32,057 Exercisable as of September 30, 2020 1,267,507 $ 18.52 8.8 $ 24,084 Exercisable as of September 30, 2020 — Exchange Program 675,818 $ 1.44 8.4 $ 24,385 |
Summary of Restricted Stock Units Activity | The following table summarizes BridgeBio’s RSU activity under the Plans for the nine months ended September 30, 2020: Unvested Shares of RSUs Outstanding Weighted- Average Grant Date Fair Value Balance at December 31, 2019 362,163 $ 31.98 Granted 946,120 $ 32.99 Vested (43,745 ) $ 32.69 Cancelled (30,269 ) $ 33.95 Balance at September 30, 2020 1,234,269 $ 32.68 |
Summary of Restricted Stock Award Activity | The following table summarizes our RSA activity under the Plans for the nine months ended September 30, 2020: Unvested Shares of RSAs Outstanding Weighted- Average Grant Date Fair Value Balance at December 31, 2019 5,603,452 $ 3.63 Granted — Exchange Program 50,145 $ 0.18 Granted — Performance-based milestone awards 73,248 $ 27.27 Vested (1,814,540 ) $ 3.42 Balance at September 30, 2020 3,912,305 $ 3.61 |
Summary of Reserved Shares of Common Stock for Issuance | Eidos has reserved shares of common stock for issuance as follows: As of September 30, 2020 2019 Options issued and outstanding 1,901,632 1,435,668 Options available for future grants 1,274,829 486,915 Eidos ESPP shares available for future grants 89,398 104,540 3,265,859 2,027,123 |
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 | For the nine months ended September 30, 2020, we used the following weighted-average assumptions in the Black-Scholes calculations: Nine Months Ended September 30, 2020 Stock Options ESPP Expected term (in years) 5.00 - 6.08 0.40 - 0.65 Expected volatility 36.3% - 46.4% 32.5% - 47.6% Risk-free interest rate 0.31% - 1.50% 0.13% - 1.57% Dividend yield — — Weighted-average fair value of stock-based awards granted $ 11.21 $ 10.48 |
Market-Based RSUs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Restricted Stock Units Activity | The following table summarizes our market-based RSU activity under the Plans for the nine months ended September 30, 2020: Unvested Shares of Market-based RSUs Outstanding Weighted- Average Grant Date Fair Value Balance at December 31, 2019 129,871 $ 28.98 Granted 2,380 $ 34.81 Vested (76,637 ) $ 41.54 Balance at September 30, 2020 55,614 $ 11.92 |
2019 Plan and 2019 Inducement Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Shares Activity under Plans | The following table summarizes our share activity under the A&R 2019 Plan and the 2019 Inducement Plans (the “Plans”): A&R 2019 Plan 2019 Inducement Plan Balance as of December 31, 2019 53,067 489,064 Authorized 8,682,914 — Granted — Stock options (2,229,707 ) (306,000 ) Granted — Stock options — Exchange Program (1,268,110 ) — Granted — Restricted stock units (780,865 ) (165,255 ) Granted — Restricted stock awards — Exchange Program (50,145 ) — Granted — Common stock (8,491 ) — Granted — Common stock — Exchange Program (554,064 ) — Granted — Market-based restricted stock units — (2,380 ) Granted — Performance-based restricted stock units (56,738 ) (16,060 ) Granted — Performance-based milestone restricted stock awards (73,248 ) — Granted — Performance-based restricted stock awards — Exchange Program (22,611 ) — Cancelled — Stock options 3,629 2,832 Cancelled — Stock options — Exchange Program 8,907 — Cancelled — Restricted stock units 22,497 7,772 Repurchase of shares to satisfy tax withholding 8,515 — Balance as of September 30, 2020 3,735,550 9,973 |
Eidos | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Stock Option Activity | The following table summarizes Eidos’s stock option activity for the nine months ended September 30, 2020: Weighted- Weighted- Average Average Aggregate Options Exercise Remaining Intrinsic Available for Options Price per Contractual Value Grant Outstanding Option Life (years) (in thousands) Outstanding—December 31, 2019 1,935,054 1,335,755 $ 16.91 8.77 $ 54,071 Options granted (675,017 ) 675,017 $ 46.30 Options exercised — (94,348 ) $ 6.82 Options cancelled 14,792 (14,792 ) $ 26.85 Outstanding—September 30, 2020 1,274,829 1,901,632 $ 27.77 8.60 $ 43,281 Options exercisable—September 30, 2020 627,184 $ 19.73 8.13 $ 19,318 Options vested and expected to vest— September 30, 2020 1,901,632 $ 27.77 8.60 $ 43,281 |
Eidos | Employee | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Assumptions Used to Determine Fair Value of Stock Option Granted | The fair value of employee, non-employee and non-employee director stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Nine Months Ended September 30, 2020 Employee Non-employee Expected term (in years) 6.06 6.06 Expected volatility 72.1 % 72.5 % Risk-free interest rate 0.50 % 0.40 % Dividend yield — — |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 September 30, 2020 2019 Unvested RSAs 3,912,305 6,215,465 Unvested RSUs 1,234,269 — Unvested market-based RSUs 55,614 — Unvested performance-based RSUs 72,798 — Unvested performance-based RSAs 22,611 — Common stock options issued and outstanding 7,986,544 3,729,590 Estimated shares issuable under the ESPP 18,240 72,949 Assumed conversion of 2027 Notes 12,878,305 — 26,180,686 10,018,004 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Sep. 30, 2020 | Mar. 09, 2020 |
Summary Of Significant Accounting Policies [Line Items] | |||
Cash, cash equivalents and restricted cash maturity period | 90 days | ||
Aggregate market value of voting and non voting common equity held by non affiliates | $ 700,000 | ||
Operating lease right-of-use assets | 9,644 | ||
Operating lease liabilities | $ 11,853 | ||
Accounting Standards Update 2016-02 | |||
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, 2020 | ||
Change in accounting principle, accounting standards update, immaterial effect | true | ||
Operating lease right-of-use assets | $ 9,200 | ||
Operating lease liabilities | 11,500 | ||
Deferred rent balance | 2,300 | ||
Accounting Standards Update 2016-02 | Other Accrued Liabilities | |||
Summary Of Significant Accounting Policies [Line Items] | |||
New accounting pronouncement effect of adoption | 8,000 | ||
Accounting Standards Update 2016-02 | Build-to-Suit Lease Asset | |||
Summary Of Significant Accounting Policies [Line Items] | |||
New accounting pronouncement effect of adoption | (10,000) | ||
Accounting Standards Update 2016-02 | Construction-in-Progress | |||
Summary Of Significant Accounting Policies [Line Items] | |||
New accounting pronouncement effect of adoption | 10,000 | ||
Accounting Standards Update 2016-02 | Build-to-Suit Lease Liability | |||
Summary Of Significant Accounting Policies [Line Items] | |||
New accounting pronouncement effect of adoption | $ (8,000) | ||
ASU 2016-13 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Change in accounting principle, accounting standards update, adopted | true | ||
Change in accounting principle, accounting standards update, immaterial effect | true | ||
ASU 2018-13 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Change in accounting principle, accounting standards update, adopted | true | ||
Change in accounting principle, accounting standards update, immaterial effect | true | ||
ASU 2018-15 | |||
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, 2020 | ||
Change in accounting principle, accounting standards update, immaterial effect | true | ||
Change in accounting principle, accounting standards update, early adoption | true | ||
ASU 2019-12 | |||
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, 2020 | ||
Change in accounting principle, accounting standards update, immaterial effect | true | ||
2027 Notes | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Stated interest rate | 2.50% | 2.50% | |
Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of voting shares | 50.00% | ||
BridgeBio Pharma, Inc. | Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Noncontrolling interest ownership percentage | 100.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | ||
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | ||||||
Cash and cash equivalents | $ 366,967 | $ 363,773 | [1] | $ 413,973 | ||
Restricted cash | [2] | 424 | 424 | |||
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $ 367,391 | $ 364,197 | $ 414,397 | $ 436,245 | ||
[1] | The condensed consolidated balance sheet as of December 31, 2019 is derived from the audited consolidated financial statements as of that date. | |||||
[2] | Included in “Other assets” in the condensed consolidated balance sheets as of the dates presented. |
Fair Value Measurement - Financ
Fair Value Measurement - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Cash equivalents: | ||
Total cash equivalents | $ 307,736 | |
Repurchase Agreements | ||
Cash equivalents: | ||
Total cash equivalents | 59,000 | |
Recurring | ||
Cash equivalents: | ||
Total cash equivalents | 307,736 | |
Short-term marketable securities: | ||
Total short-term marketable securities | $ 343,714 | 182,220 |
Total cash equivalents and marketable securities | 609,388 | 521,100 |
Long-term marketable securities: | ||
Total long-term marketable securities | 31,144 | |
Liabilities: | ||
LEO call option liability | 5,198 | 4,078 |
Embedded derivative | 1,301 | 1,165 |
Total financial liabilities | 6,499 | 5,243 |
Recurring | Repurchase Agreements | ||
Cash equivalents: | ||
Total cash equivalents | 59,000 | |
Recurring | U.S. Treasury Notes | ||
Long-term marketable securities: | ||
Total long-term marketable securities | 15,307 | |
Recurring | Money Market Funds | ||
Cash equivalents: | ||
Total cash equivalents | 265,674 | 248,736 |
Recurring | U.S. Treasury Bills | ||
Short-term marketable securities: | ||
Total short-term marketable securities | 59,988 | |
Recurring | U.S. Treasury Notes | ||
Short-term marketable securities: | ||
Total short-term marketable securities | 75,736 | 45,280 |
Recurring | Commercial Paper | ||
Short-term marketable securities: | ||
Total short-term marketable securities | 136,271 | 65,626 |
Recurring | Corporate Debt Securities | ||
Short-term marketable securities: | ||
Total short-term marketable securities | 71,719 | 71,314 |
Long-term marketable securities: | ||
Total long-term marketable securities | 15,837 | |
Recurring | Level 1 | ||
Cash equivalents: | ||
Total cash equivalents | 307,736 | |
Short-term marketable securities: | ||
Total cash equivalents and marketable securities | 265,674 | 307,736 |
Recurring | Level 1 | Repurchase Agreements | ||
Cash equivalents: | ||
Total cash equivalents | 59,000 | |
Recurring | Level 1 | Money Market Funds | ||
Cash equivalents: | ||
Total cash equivalents | 265,674 | 248,736 |
Recurring | Level 2 | ||
Short-term marketable securities: | ||
Total short-term marketable securities | 343,714 | 182,220 |
Total cash equivalents and marketable securities | 343,714 | 213,364 |
Long-term marketable securities: | ||
Total long-term marketable securities | 31,144 | |
Recurring | Level 2 | U.S. Treasury Notes | ||
Long-term marketable securities: | ||
Total long-term marketable securities | 15,307 | |
Recurring | Level 2 | U.S. Treasury Bills | ||
Short-term marketable securities: | ||
Total short-term marketable securities | 59,988 | |
Recurring | Level 2 | U.S. Treasury Notes | ||
Short-term marketable securities: | ||
Total short-term marketable securities | 75,736 | 45,280 |
Recurring | Level 2 | Commercial Paper | ||
Short-term marketable securities: | ||
Total short-term marketable securities | 136,271 | 65,626 |
Recurring | Level 2 | Corporate Debt Securities | ||
Short-term marketable securities: | ||
Total short-term marketable securities | 71,719 | 71,314 |
Long-term marketable securities: | ||
Total long-term marketable securities | 15,837 | |
Recurring | Level 3 | ||
Liabilities: | ||
LEO call option liability | 5,198 | 4,078 |
Embedded derivative | 1,301 | 1,165 |
Total financial liabilities | $ 6,499 | $ 5,243 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - USD ($) | Sep. 30, 2020 | Mar. 09, 2020 | Dec. 31, 2019 |
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 | |
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 | $ 611,100,000 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Estimated Fair Value of Liability (Details) - LEO Call Option | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Expected term (in years) | 1 year 3 months | 8 months 1 day |
Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Expected term (in years) | 6 years 3 months | 5 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 | 12 |
Probability of Milestone Achievement | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Measurement input | 84 | 84 |
Discount Rate | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Measurement input | 0.1 | 1.6 |
Discount Rate | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Measurement input | 14.8 | 13.1 |
Expected Volatility | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Measurement input | 77.5 | 60 |
Expected Volatility | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Measurement input | 87 | 68 |
Risk-Free Interest Rate | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Measurement input | 1.39 | 2.34 |
Risk-Free Interest Rate | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Measurement input | 1.67 | 2.46 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Change in Estimated Fair Value of Liability (Details) - LEO Call Option $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Beginning balance | $ 4,078 |
Change in fair value upon remeasurement recognized as other expense | 1,120 |
Ending balance | $ 5,198 |
Cash Equivalents and Marketab_3
Cash Equivalents and Marketable Securities - Additional Information (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Cash And Cash Equivalents [Line Items] | |
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 | 6 months 24 days |
U.S. Treasury Securities | Maximum | |
Cash And Cash Equivalents [Line Items] | |
Received repurchase agreement | $ 0 |
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 | Sep. 30, 2020 | Dec. 31, 2019 |
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost Basis Cash Equivalents | $ 307,736 | |
Total cash equivalents | 307,736 | |
Amortized Cost Basis | $ 608,927 | 520,846 |
Unrealized Gains | 462 | 254 |
Unrealized Losses | (1) | |
Estimated Fair Value | 609,388 | 521,100 |
Money Market Funds | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost Basis Cash Equivalents | 265,674 | 248,736 |
Total cash equivalents | 265,674 | 248,736 |
Repurchase Agreements | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost Basis Cash Equivalents | 59,000 | |
Total cash equivalents | 59,000 | |
Short-term Marketable Securities | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost Basis | 343,253 | 182,081 |
Unrealized Gains | 462 | 139 |
Unrealized Losses | (1) | |
Estimated Fair Value | 343,714 | 182,220 |
Short-term Marketable Securities | U.S. Treasury Bills | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost Basis | 59,977 | |
Unrealized Gains | 11 | |
Estimated Fair Value | 59,988 | |
Short-term Marketable Securities | U.S. Treasury Securities | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost Basis | 75,479 | 45,224 |
Unrealized Gains | 258 | 56 |
Unrealized Losses | (1) | |
Estimated Fair Value | 75,736 | 45,280 |
Short-term Marketable Securities | Commercial Paper | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost Basis | 136,271 | 65,626 |
Estimated Fair Value | 136,271 | 65,626 |
Short-term Marketable Securities | Corporate Debt Securities | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost Basis | 71,526 | 71,231 |
Unrealized Gains | 193 | 83 |
Estimated Fair Value | $ 71,719 | 71,314 |
Long Term Marketable Securities | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost Basis | 31,029 | |
Unrealized Gains | 115 | |
Estimated Fair Value | 31,144 | |
Long Term Marketable Securities | U.S. Treasury Securities | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost Basis | 15,248 | |
Unrealized Gains | 59 | |
Estimated Fair Value | 15,307 | |
Long Term Marketable Securities | Corporate Debt Securities | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost Basis | 15,781 | |
Unrealized Gains | 56 | |
Estimated Fair Value | $ 15,837 |
Variable Interest and Voting _3
Variable Interest and Voting Interest Entities - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Feb. 29, 2020 | Sep. 30, 2019 | Jul. 31, 2019 | May 31, 2019 | Sep. 30, 2020 | Dec. 31, 2019 | ||
Variable Interest Entity [Line Items] | |||||||
Maximum aggregate offering price of stocks | $ 125 | $ 124 | [1] | ||||
Variable Interest Entity, Primary Beneficiary | QED | |||||||
Variable Interest Entity [Line Items] | |||||||
Investments | 90,000 | ||||||
Variable Interest Entity, Primary Beneficiary | Origin Biosciences, Inc. | |||||||
Variable Interest Entity [Line Items] | |||||||
Investments | 32,000 | ||||||
Variable Interest Entity, Primary Beneficiary | PTR | |||||||
Variable Interest Entity [Line Items] | |||||||
Investments | 11,000 | ||||||
Variable Interest Entity, Primary Beneficiary | ML Bio | |||||||
Variable Interest Entity [Line Items] | |||||||
Investments | 13,000 | ||||||
Variable Interest Entity, Primary Beneficiary | Navire | |||||||
Variable Interest Entity [Line Items] | |||||||
Investments | 7,900 | ||||||
Variable Interest Entity, Primary Beneficiary | All Other | |||||||
Variable Interest Entity [Line Items] | |||||||
Investments | $ 142,100 | ||||||
Variable Interest Entity, Primary Beneficiary | Eidos | |||||||
Variable Interest Entity [Line Items] | |||||||
Voting shares | 50.00% | ||||||
Purchase of common stock, shares | 882,353 | 1,103,848 | |||||
Common stock, value | $ 26,400 | $ 28,600 | |||||
Shares issued | 448,755 | 385,613 | |||||
Percentage of cash commission | 3.00% | ||||||
Net proceeds issued from offerings | $ 24,100 | $ 23,900 | |||||
Variable Interest Entity, Primary Beneficiary | Eidos | Maximum | |||||||
Variable Interest Entity [Line Items] | |||||||
Maximum aggregate offering price of stocks | $ 100,000 | ||||||
Variable Interest Entity, Primary Beneficiary | Eidos | Common Stock | |||||||
Variable Interest Entity [Line Items] | |||||||
Shares issued | 556,173 | ||||||
[1] | The condensed consolidated balance sheet as of December 31, 2019 is derived from the audited consolidated financial statements as of that date. |
Variable Interest and Voting _4
Variable Interest and Voting Interest Entities - Summary of Assets and Liabilities for Consolidated VIEs (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | ||
Current assets: | |||||
Cash and cash equivalents | $ 366,967 | $ 363,773 | [1] | $ 413,973 | |
Receivable from a related party | 8,000 | 2,845 | [1] | ||
Prepaid expenses and other current assets | 26,703 | 19,784 | [1] | ||
Total current assets | 745,384 | 568,622 | [1] | ||
Property and equipment, net | 16,182 | 5,625 | [1] | ||
Operating lease right-of-use assets, net | 9,644 | ||||
Other assets | 16,483 | 26,288 | [1] | ||
Total assets | 787,693 | 631,679 | [1] | ||
Current liabilities: | |||||
Accounts payable | 9,839 | 8,852 | [1] | ||
Accrued compensation and benefits | 18,755 | 13,317 | [1] | ||
Accrued research and development liabilities | 24,901 | 20,896 | [1] | ||
Accrued professional services | 4,706 | 2,222 | [1] | ||
Operating lease liabilities, current portion | 3,617 | ||||
Total current liabilities | 75,707 | 60,385 | [1] | ||
Build-to-suit lease obligation | [1] | 8,000 | |||
Operating lease liabilities, net of current portion | 8,236 | ||||
Other liabilities | 13,469 | 3,527 | [1] | ||
Total liabilities | 569,306 | 155,703 | [1] | ||
Variable Interest Entity, Primary Beneficiary | |||||
Current assets: | |||||
Cash and cash equivalents | 133,214 | 81,312 | |||
Receivable from a related party | 8,000 | 2,845 | |||
Prepaid expenses and other current assets | 10,275 | 11,089 | |||
Total current assets | 151,489 | 95,246 | |||
Property and equipment, net | 14,498 | 4,170 | |||
Operating lease right-of-use assets, net | 3,070 | ||||
Other assets | 12,491 | 21,950 | |||
Total assets | 181,548 | 121,366 | |||
Current liabilities: | |||||
Accounts payable | 6,701 | 3,571 | |||
Accrued compensation and benefits | 8,044 | 8,137 | |||
Accrued research and development liabilities | 16,933 | 15,760 | |||
Accrued professional services | 783 | 1,172 | |||
Operating lease liabilities, current portion | 1,435 | ||||
Other accrued liabilities | 6,355 | 1,133 | |||
Total current liabilities | 40,251 | 37,773 | |||
Build-to-suit lease obligation | 8,000 | ||||
Operating lease liabilities, net of current portion | 2,734 | ||||
Other liabilities | 4,252 | 1,136 | |||
Total liabilities | 47,237 | 38,909 | |||
Origin Biosciences, Inc. | Variable Interest Entity, Primary Beneficiary | |||||
Current assets: | |||||
Cash and cash equivalents | 16,591 | ||||
Prepaid expenses and other current assets | 645 | ||||
Total current assets | 17,236 | ||||
Property and equipment, net | 12 | ||||
Other assets | 49 | ||||
Total assets | 17,297 | ||||
Current liabilities: | |||||
Accounts payable | 512 | ||||
Accrued compensation and benefits | 626 | ||||
Accrued research and development liabilities | 1,903 | ||||
Accrued professional services | 29 | ||||
Other accrued liabilities | 1,061 | ||||
Total current liabilities | 4,131 | ||||
Other liabilities | 12 | ||||
Total liabilities | 4,143 | ||||
ML Bio | Variable Interest Entity, Primary Beneficiary | |||||
Current assets: | |||||
Cash and cash equivalents | 12,860 | 7,432 | |||
Prepaid expenses and other current assets | 206 | 17 | |||
Total current assets | 13,066 | 7,449 | |||
Property and equipment, net | 83 | 98 | |||
Total assets | 13,149 | 7,547 | |||
Current liabilities: | |||||
Accounts payable | 151 | 19 | |||
Accrued compensation and benefits | 268 | 67 | |||
Accrued research and development liabilities | 1,235 | ||||
Accrued professional services | 23 | 7 | |||
Other accrued liabilities | 3 | ||||
Total current liabilities | 1,680 | 93 | |||
Other liabilities | 22 | ||||
Total liabilities | 1,702 | 93 | |||
QED | Variable Interest Entity, Primary Beneficiary | |||||
Current assets: | |||||
Cash and cash equivalents | 49,299 | 27,781 | |||
Receivable from a related party | 2,845 | ||||
Prepaid expenses and other current assets | 4,942 | 4,437 | |||
Total current assets | 54,241 | 35,063 | |||
Property and equipment, net | 196 | 281 | |||
Operating lease right-of-use assets, net | 933 | ||||
Other assets | 10,501 | 11,313 | |||
Total assets | 65,871 | 46,657 | |||
Current liabilities: | |||||
Accounts payable | 2,207 | 1,443 | |||
Accrued compensation and benefits | 4,492 | 3,396 | |||
Accrued research and development liabilities | 8,684 | 8,931 | |||
Accrued professional services | 160 | 435 | |||
Operating lease liabilities, current portion | 1,021 | ||||
Other accrued liabilities | 788 | 180 | |||
Total current liabilities | 17,352 | 14,385 | |||
Other liabilities | 3,821 | 161 | |||
Total liabilities | 21,173 | 14,546 | |||
PTR | Variable Interest Entity, Primary Beneficiary | |||||
Current assets: | |||||
Cash and cash equivalents | 4,280 | ||||
Prepaid expenses and other current assets | 363 | ||||
Total current assets | 4,643 | ||||
Property and equipment, net | 48 | ||||
Operating lease right-of-use assets, net | 366 | ||||
Other assets | 302 | ||||
Total assets | 5,359 | ||||
Current liabilities: | |||||
Accounts payable | 97 | ||||
Accrued compensation and benefits | 928 | ||||
Accrued research and development liabilities | 669 | ||||
Accrued professional services | 25 | ||||
Operating lease liabilities, current portion | 131 | ||||
Other accrued liabilities | 44 | ||||
Total current liabilities | 1,894 | ||||
Operating lease liabilities, net of current portion | 250 | ||||
Other liabilities | 65 | ||||
Total liabilities | 2,209 | ||||
Navire | Variable Interest Entity, Primary Beneficiary | |||||
Current assets: | |||||
Cash and cash equivalents | 5,148 | ||||
Receivable from a related party | 8,000 | ||||
Prepaid expenses and other current assets | 219 | ||||
Total current assets | 13,367 | ||||
Property and equipment, net | 1 | ||||
Other assets | 133 | ||||
Total assets | 13,501 | ||||
Current liabilities: | |||||
Accounts payable | 561 | ||||
Accrued compensation and benefits | 43 | ||||
Accrued research and development liabilities | 322 | ||||
Accrued professional services | 25 | ||||
Other accrued liabilities | 18 | ||||
Total current liabilities | 969 | ||||
Other liabilities | 58 | ||||
Total liabilities | 1,027 | ||||
All Other | Variable Interest Entity, Primary Beneficiary | |||||
Current assets: | |||||
Cash and cash equivalents | 45,036 | 31,600 | |||
Prepaid expenses and other current assets | 3,900 | 2,416 | |||
Total current assets | 48,936 | 34,016 | |||
Property and equipment, net | 14,158 | 325 | |||
Operating lease right-of-use assets, net | 1,771 | ||||
Other assets | 1,506 | 637 | |||
Total assets | 66,371 | 34,978 | |||
Current liabilities: | |||||
Accounts payable | 3,173 | 1,341 | |||
Accrued compensation and benefits | 1,687 | 3,352 | |||
Accrued research and development liabilities | 4,120 | 5,293 | |||
Accrued professional services | 521 | 363 | |||
Operating lease liabilities, current portion | 283 | ||||
Other accrued liabilities | 4,441 | 592 | |||
Total current liabilities | 14,225 | 10,941 | |||
Operating lease liabilities, net of current portion | 2,484 | ||||
Other liabilities | 274 | 24 | |||
Total liabilities | $ 16,983 | 10,965 | |||
Adrenas | Variable Interest Entity, Primary Beneficiary | |||||
Current assets: | |||||
Cash and cash equivalents | 6,453 | ||||
Prepaid expenses and other current assets | 906 | ||||
Total current assets | 7,359 | ||||
Property and equipment, net | 3,189 | ||||
Total assets | 10,548 | ||||
Current liabilities: | |||||
Accounts payable | 526 | ||||
Accrued compensation and benefits | 923 | ||||
Accrued research and development liabilities | 757 | ||||
Accrued professional services | 83 | ||||
Other accrued liabilities | 290 | ||||
Total current liabilities | 2,579 | ||||
Other liabilities | 951 | ||||
Total liabilities | 3,530 | ||||
Aspa | Variable Interest Entity, Primary Beneficiary | |||||
Current assets: | |||||
Cash and cash equivalents | 1,695 | ||||
Prepaid expenses and other current assets | 758 | ||||
Total current assets | 2,453 | ||||
Property and equipment, net | 274 | ||||
Other assets | 10,000 | ||||
Total assets | 12,727 | ||||
Current liabilities: | |||||
Accounts payable | 219 | ||||
Accrued compensation and benefits | 156 | ||||
Accrued research and development liabilities | 567 | ||||
Accrued professional services | 280 | ||||
Other accrued liabilities | 38 | ||||
Total current liabilities | 9,260 | ||||
Build-to-suit lease obligation | 8,000 | ||||
Total liabilities | 9,260 | ||||
TheRas, Inc | Variable Interest Entity, Primary Beneficiary | |||||
Current assets: | |||||
Cash and cash equivalents | 6,351 | ||||
Prepaid expenses and other current assets | 2,555 | ||||
Total current assets | 8,906 | ||||
Property and equipment, net | 3 | ||||
Total assets | 8,909 | ||||
Current liabilities: | |||||
Accounts payable | 23 | ||||
Accrued compensation and benefits | 243 | ||||
Accrued research and development liabilities | 212 | ||||
Accrued professional services | 4 | ||||
Other accrued liabilities | 33 | ||||
Total current liabilities | 515 | ||||
Total liabilities | $ 515 | ||||
[1] | The condensed consolidated balance sheet as of December 31, 2019 is derived from the audited consolidated financial statements as of that date. |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Noncontrolling Interest [Abstract] | ||||
Adjustments of carrying value of noncontrolling interests additional paid-in capital | $ (1.1) | $ 13.5 | $ (9.6) | $ 41.9 |
Noncontrolling Interests - Sche
Noncontrolling Interests - Schedule of Redeemable Convertible Noncontrolling Interests Balance (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | ||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||
Temporary equity, beginning balance | [1] | $ 2,243 | |||||||
Temporary equity, ending balance | $ 2,574 | ||||||||
Redeemable Convertible Noncontrolling Interests | |||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||
Temporary equity, beginning balance | 1,906 | $ 3,053 | 2,243 | [2] | $ 175 | $ 202 | $ 122 | [2] | |
Issuance of redeemable convertible noncontrolling interest | 1,000 | 1,102 | |||||||
Net loss attributable to redeemable convertible noncontrolling interest | (1,131) | (1,578) | (866) | (635) | (685) | (790) | |||
Transfers to redeemable convertible noncontrolling interest | 799 | 431 | 574 | (166) | 658 | 870 | |||
Temporary equity, ending balance | 2,574 | 1,906 | 3,053 | $ 2,570 | $ 175 | $ 202 | |||
Redeemable Convertible Noncontrolling Interests | All Other | |||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||
Temporary equity, beginning balance | 95 | 116 | 74 | ||||||
Issuance of redeemable convertible noncontrolling interest | 102 | ||||||||
Net loss attributable to redeemable convertible noncontrolling interest | (51) | (21) | (60) | ||||||
Temporary equity, ending balance | 44 | 95 | 116 | ||||||
Redeemable Convertible Noncontrolling Interests | QED Therapeutics, Inc | |||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||
Temporary equity, beginning balance | 401 | 460 | 612 | ||||||
Net loss attributable to redeemable convertible noncontrolling interest | (345) | (480) | (468) | ||||||
Transfers to redeemable convertible noncontrolling interest | 468 | 421 | 316 | ||||||
Temporary equity, ending balance | 524 | 401 | 460 | ||||||
Redeemable Convertible Noncontrolling Interests | ML Bio | |||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||
Temporary equity, beginning balance | 1,410 | 2,477 | 1,557 | ||||||
Issuance of redeemable convertible noncontrolling interest | 1,000 | 1,000 | |||||||
Net loss attributable to redeemable convertible noncontrolling interest | (735) | (1,077) | (338) | ||||||
Transfers to redeemable convertible noncontrolling interest | 331 | 10 | 258 | ||||||
Temporary equity, ending balance | $ 2,006 | $ 1,410 | $ 2,477 | ||||||
[1] | The condensed consolidated balance sheet as of December 31, 2019 is derived from the audited consolidated financial statements as of that date. | ||||||||
[2] | The consolidated balances as of December 31, 2019 and 2018 are derived from the audited consolidated financial statements as of those dates. The consolidated balances as of December 31, 2018 were retroactively adjusted, including shares and per share amounts, as a result of the 2019 Reorganization. See Note 13 to the condensed consolidated financial statements for additional details. |
Noncontrolling Interests - Sc_2
Noncontrolling Interests - Schedule of Noncontrolling Interests Balance (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | |||
Minority Interest [Line Items] | ||||||
Noncontrolling interests, beginning balance | $ 59,847 | $ 68,303 | $ 65,279 | [1] | $ 65,279 | [1] |
Issuance of noncontrolling interest | 7,267 | 3,537 | 26,565 | |||
Transfers to (from) noncontrolling interest | (1,880) | 2,679 | (12,175) | |||
Net income (loss) attributable to noncontrolling interest | (13,177) | (13,602) | (11,366) | |||
Noncontrolling interests, ending balance | 52,057 | 59,847 | 68,303 | 59,847 | ||
BridgeBio Equity Plan | ||||||
Minority Interest [Line Items] | ||||||
Issuance of shares under the Exchange Program | (1,070) | |||||
Adrenas Therapeutics, Inc | ||||||
Minority Interest [Line Items] | ||||||
Noncontrolling interests, beginning balance | 514 | 1,269 | 696 | 696 | ||
Issuance of noncontrolling interest | 2 | 3 | 6 | |||
Transfers to (from) noncontrolling interest | 812 | (194) | 883 | |||
Net income (loss) attributable to noncontrolling interest | (358) | (541) | (316) | |||
Noncontrolling interests, ending balance | 970 | 514 | 1,269 | 514 | ||
Adrenas Therapeutics, Inc | BridgeBio Equity Plan | ||||||
Minority Interest [Line Items] | ||||||
Issuance of shares under the Exchange Program | (23) | |||||
Aspa | ||||||
Minority Interest [Line Items] | ||||||
Noncontrolling interests, beginning balance | 315 | 713 | 250 | 250 | ||
Issuance of noncontrolling interest | 1 | 4 | 9 | |||
Transfers to (from) noncontrolling interest | (1) | (188) | 649 | |||
Net income (loss) attributable to noncontrolling interest | (130) | (185) | (195) | |||
Noncontrolling interests, ending balance | 185 | 315 | 713 | 315 | ||
Aspa | BridgeBio Equity Plan | ||||||
Minority Interest [Line Items] | ||||||
Issuance of shares under the Exchange Program | (29) | |||||
Eidos | ||||||
Minority Interest [Line Items] | ||||||
Noncontrolling interests, beginning balance | 53,689 | 62,563 | 59,722 | 59,722 | ||
Issuance of noncontrolling interest | 3,721 | 3,308 | 26,248 | |||
Transfers to (from) noncontrolling interest | (2,181) | (1,850) | (15,329) | |||
Net income (loss) attributable to noncontrolling interest | (10,643) | (10,332) | (8,078) | |||
Noncontrolling interests, ending balance | 44,586 | 53,689 | 62,563 | 53,689 | ||
PTR | ||||||
Minority Interest [Line Items] | ||||||
Noncontrolling interests, beginning balance | 2,343 | 65 | 1,298 | 1,298 | ||
Issuance of noncontrolling interest | 1 | 1 | ||||
Acquisition of noncontrolling interest | (37) | |||||
Transfers to (from) noncontrolling interest | 40 | 2,868 | 4 | |||
Net income (loss) attributable to noncontrolling interest | (1,536) | (591) | (1,238) | |||
Noncontrolling interests, ending balance | 810 | 2,343 | 65 | 2,343 | ||
Venthera, Inc. | ||||||
Minority Interest [Line Items] | ||||||
Noncontrolling interests, beginning balance | 570 | 345 | 140 | 140 | ||
Issuance of noncontrolling interest | 92 | 1 | 16 | |||
Transfers to (from) noncontrolling interest | (87) | 453 | 513 | |||
Net income (loss) attributable to noncontrolling interest | (257) | (207) | (324) | |||
Noncontrolling interests, ending balance | 318 | 570 | 345 | 570 | ||
Venthera, Inc. | BridgeBio Equity Plan | ||||||
Minority Interest [Line Items] | ||||||
Issuance of shares under the Exchange Program | (22) | |||||
All Other | ||||||
Minority Interest [Line Items] | ||||||
Noncontrolling interests, beginning balance | 2,416 | 3,348 | 3,173 | 3,173 | ||
Issuance of noncontrolling interest | 3,488 | 220 | 285 | |||
Transfers to (from) noncontrolling interest | (463) | 1,590 | 1,105 | |||
Net income (loss) attributable to noncontrolling interest | (253) | (1,746) | (1,215) | |||
Noncontrolling interests, ending balance | $ 5,188 | $ 2,416 | $ 3,348 | 2,416 | ||
All Other | BridgeBio Equity Plan | ||||||
Minority Interest [Line Items] | ||||||
Issuance of shares under the Exchange Program | $ (996) | |||||
[1] | The condensed consolidated balance sheet as of December 31, 2019 is derived from the audited consolidated financial statements as of that date. |
Equity Method Investments - Add
Equity Method Investments - Additional Information (Detail) - USD ($) | 1 Months Ended | 9 Months Ended | 18 Months Ended | |||
Oct. 31, 2019 | Sep. 30, 2020 | Dec. 31, 2016 | Dec. 31, 2019 | Mar. 31, 2019 | Jul. 31, 2015 | |
PellePharm, Inc | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Ownership interest, value | $ 0 | $ 0 | $ 0 | |||
Impairments related investment | $ 0 | |||||
Initial investment | $ 4,500,000 | |||||
Preferred stock ownership percentage | 61.90% | |||||
Equity security investment | $ 0 | |||||
Minimum | PellePharm, Inc | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Ownership interest percentage | 50.00% | |||||
Bridge Bio Pharma Limited Liability Company | Entities Affiliated With Perceptive Life Sciences Master Fund Ltd | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Ownership interest | 10.00% | 10.00% | ||||
Ownership interest, value | $ 3,800,000 | $ 0 | ||||
Warrant to purchase percentage | 10.00% | |||||
Impairments related investment | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Commitments And Contingencies [Line Items] | |||||
Compensation expense recognized to be settled in cash | $ 400,000 | $ 0 | $ 900,000 | $ 0 | |
Compensation expense recognized of performance-based milestone awards settled in cash upon achievement of regulatory milestones | 1,700,000 | 0 | 1,700,000 | 0 | |
Stock-based compensation expense recognized to be settled in cash or equity | 300,000 | 0 | 500,000 | 0 | |
Compensation expense recognized | 0 | ||||
Accrued termination charges | 0 | 0 | $ 0 | ||
2020 Stock and Equity Award Exchange Program | |||||
Commitments And Contingencies [Line Items] | |||||
Potential milestone compensation | 230,200,000 | ||||
Stock-based compensation expense recognized to be settled in equity | $ 1,900,000 | $ 0 | $ 9,900,000 | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Details) | Mar. 09, 2020USD ($)TradingDay$ / sharesshares | Mar. 04, 2020USD ($)$ / sharesshares | Nov. 13, 2019USD ($) | Apr. 30, 2020USD ($) | Jul. 31, 2019 | May 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) |
Debt Instrument [Line Items] | |||||||||||||
Purchase of capped calls | $ 49,280,000 | ||||||||||||
Repurchase of common stock | 75,000,000 | ||||||||||||
Hercules Capital, Inc | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Payment in kind, interest rate | 83.33% | ||||||||||||
Debt instrument interest only extension date | Jul. 1, 2022 | Jul. 1, 2021 | |||||||||||
Debt instrument maturity date extension | Nov. 1, 2023 | Jan. 1, 2023 | |||||||||||
Debt instrument interest only extension date, one | Jan. 1, 2023 | ||||||||||||
Debt instrument interest only extension date, two | Jul. 1, 2023 | ||||||||||||
Debt instrument amended maturity extended date | May 1, 2024 | ||||||||||||
Debt instrument, additional increase available in loan facilities | $ 125,000,000 | ||||||||||||
Debt instrument, additional increase available in loan facilities no later than December 15, 2020 | 25,000,000 | ||||||||||||
Debt instrument, additional increase available in loan facilities no later than December 15, 2021 | 25,000,000 | ||||||||||||
Debt instrument, additional increase available in loan facilities upon achievement of certain performance milestones | 25,000,000 | ||||||||||||
Debt instrument, additional increase available in loan facilities no later than December 15, 2022 | 50,000,000 | ||||||||||||
Gains or losses on debt modification | $ 0 | ||||||||||||
Interest expense | $ 2,000,000 | $ 2,100,000 | 5,400,000 | $ 5,700,000 | |||||||||
Amortization of debt discount and issuance costs | 300,000 | $ 100,000 | 1,000,000 | $ 700,000 | |||||||||
Silicon Valley Bank and Hercules Loan Agreement | Eidos | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, principal outstanding | 16,700,000 | $ 16,700,000 | 16,700,000 | ||||||||||
Unamortized debt discounts | 1,800,000 | 1,800,000 | 1,800,000 | ||||||||||
Interest expense and amortization of debt discount | 600,000 | 1,800,000 | |||||||||||
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 | ||||||||||||
Maximum | Hercules Capital, Inc | Payment in Kind | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cash payment interest | 1.50% | ||||||||||||
Maximum | Silicon Valley Bank and Hercules Loan Agreement | Eidos | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument face amount | $ 55,000,000 | ||||||||||||
2027 Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument face amount | $ 550,000,000 | $ 550,000,000 | $ 550,000,000 | $ 550,000,000 | |||||||||
Stated interest rate | 2.50% | 2.50% | 2.50% | 2.50% | |||||||||
Maturity date | Mar. 15, 2027 | ||||||||||||
Proceeds from initial purchasers in note offering | $ 75,000,000 | ||||||||||||
Debt instrument, frequency of interest payment | semiannually | ||||||||||||
Interest payable beginning date | Sep. 15, 2020 | ||||||||||||
Description of payment terms of notes | The 2027 Notes are senior, unsecured obligations of BridgeBio and 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. | ||||||||||||
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 | ||||||||||||
Number of shares converted | 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 | ||||||||||||
Debt issuance costs allocated to equity component | 4,100,000 | ||||||||||||
Debt issuance costs allocated to liability component | $ 8,900,000 | $ 8,403,000 | $ 8,403,000 | $ 8,403,000 | |||||||||
Expected life of notes | 7 years | ||||||||||||
Effective interest rate on liability component | 8.80% | 8.80% | 8.80% | ||||||||||
Debt instrument, principal outstanding | $ 550,000,000 | $ 550,000,000 | $ 550,000,000 | ||||||||||
Interest expense | 8,212,000 | 18,429,000 | |||||||||||
Debt instrument drawn amount | $ 639,375,000 | $ 639,375,000 | $ 639,375,000 | ||||||||||
2027 Notes | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Conversion rate | 17,707,635 | ||||||||||||
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 convertible | shares | 12,878,305 | ||||||||||||
Adjustments to additional paid in capital related to premium payments | $ (49,300,000) | ||||||||||||
Tranche I | Hercules Capital, Inc | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument face amount | $ 35,000,000 | ||||||||||||
Stated interest rate | 8.75% | 8.85% | 8.75% | 8.75% | 8.75% | ||||||||
Maturity date | Jan. 1, 2022 | ||||||||||||
Debt instrument, frequency of interest payment | payable monthly | payable monthly | |||||||||||
Maturity period | 42 months | ||||||||||||
Debt instrument, principal payments | $ 0 | ||||||||||||
Tranche I | Hercules Capital, Inc | Prime Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 3.85% | 3.85% | |||||||||||
Tranche II | Hercules Capital, Inc | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument face amount | $ 20,000,000 | ||||||||||||
Stated interest rate | 8.60% | 8.60% | 8.60% | 8.60% | 8.60% | ||||||||
Maturity date | Jul. 1, 2022 | ||||||||||||
Debt instrument, frequency of interest payment | payable monthly | payable monthly | |||||||||||
Debt instrument, principal outstanding | $ 55,000,000 | ||||||||||||
Tranche II | Hercules Capital, Inc | Prime Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 2.85% | 2.85% | |||||||||||
Tranche III | Hercules Capital, Inc | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument face amount | $ 20,000,000 | ||||||||||||
Stated interest rate | 8.85% | 9.10% | 8.85% | 8.85% | 8.85% | ||||||||
Debt instrument, frequency of interest payment | payable monthly | payable monthly | |||||||||||
Debt instrument, principal outstanding | $ 75,000,000 | ||||||||||||
Tranche III | Hercules Capital, Inc | Prime Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate | 3.10% | 3.10% | |||||||||||
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 | ||||||||||||
Debt instrument end date of available for drawn | Oct. 31, 2020 | ||||||||||||
Debt instrument drawn amount | $ 17,500,000 | ||||||||||||
Debt instrument end date of interest only payments | Nov. 1, 2021 | ||||||||||||
Commitment fee | $ 300,000 | ||||||||||||
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] | |||||||||||||
Debt Instrument face amount | $ 17,500,000 | ||||||||||||
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% | ||||||||||||
Tranche B Loan | Silicon Valley Bank and Hercules Loan Agreement | Eidos | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument end date of available for drawn | Oct. 31, 2020 | ||||||||||||
Tranche B Loan | Maximum | Silicon Valley Bank and Hercules Loan Agreement | Eidos | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument face amount | $ 22,500,000 | ||||||||||||
Tranche C Loan | Silicon Valley Bank and Hercules Loan Agreement | Eidos | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument end date of available for drawn | Sep. 30, 2021 | ||||||||||||
Tranche C Loan | Maximum | Silicon Valley Bank and Hercules Loan Agreement | Eidos | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument face amount | $ 15,000,000 |
Debt - Schedule of Outstanding
Debt - Schedule of Outstanding 2027 Notes Balances (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Mar. 09, 2020 | Dec. 31, 2019 | [1] |
Liability component | ||||
Net carrying amount | $ 93,392 | $ 91,791 | ||
2027 Notes | ||||
Liability component | ||||
Principal | 550,000 | |||
Unamortized debt discount | (163,095) | |||
Unamortized debt issuance costs | (8,403) | $ (8,900) | ||
Net carrying amount | 378,502 | |||
Equity component, net of issuance costs | $ 169,173 | |||
[1] | The condensed consolidated balance sheet as of December 31, 2019 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 2027 Notes (Details) - 2027 Notes - USD ($) $ in Thousands | 3 Months Ended | 7 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Debt Instrument [Line Items] | ||
Contractual interest expense | $ 3,361 | $ 7,715 |
Amortization of debt discount | 4,612 | 10,186 |
Amortization of debt issuance costs | 239 | 528 |
Total interest and amortization expense | $ 8,212 | $ 18,429 |
Debt - Schedule of Future Minim
Debt - Schedule of Future Minimum Payments under 2027 Notes (Details) - 2027 Notes $ in Thousands | Sep. 30, 2020USD ($) |
Debt Instrument [Line Items] | |
2021 | $ 13,750 |
2022 | 13,750 |
2023 | 13,750 |
2024 | 13,750 |
Thereafter | 584,375 |
Total future payments | 639,375 |
Less amounts representing interest | (89,375) |
Total principal amount | $ 550,000 |
Out-licensing Agreements - Addi
Out-licensing Agreements - Additional Information (Details) - USD ($) | Jul. 10, 2020 | Aug. 31, 2020 | Oct. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Revenue recognized related to agreement | $ 8,127,000 | $ 26,741,000 | $ 8,127,000 | $ 26,741,000 | |||||
Upfront payment received | $ 10,000,000 | ||||||||
Fair value of ordinary shares received | 3,800,000 | ||||||||
Alexion License Agreements | Eidos | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Upfront nonrefundable payment received | $ 25,000,000 | ||||||||
Regulatory milestone payment receivable subject to achievement of regulator milestones | 30,000,000 | 30,000,000 | |||||||
Alexion Agreements | Eidos | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Upfront nonrefundable payment received | 25,000,000 | ||||||||
Revenue recognized related to agreement | $ 26,700,000 | ||||||||
Alexion Agreements | Eidos | Common Stock | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Issuance of common stock, net of issuance costs, shares | 556,173 | ||||||||
Shares issued, price per share | $ 44.95 | $ 44.95 | $ 44.95 | ||||||
Aggregate purchase price | $ 25,000,000 | ||||||||
Excess of purchase price over the value of common stock shares | $ 1,700,000 | $ 1,700,000 | $ 1,700,000 | ||||||
Alexion Agreements | Eidos | Common Stock | The Nasdaq Global Select Market | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Shares issued, price per share | $ 41.91 | $ 41.91 | $ 41.91 | ||||||
Excess of purchase price over the value of common stock shares | $ 1,700,000 | $ 1,700,000 | $ 1,700,000 | ||||||
LianBio | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Reimbursements for research and development expenses | 0 | 2,800,000 | |||||||
LianBio | License Agreement | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Nonrefundable upfront payment receivable | $ 8,000,000 | ||||||||
License Revenue | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Revenue recognized related to agreement | 8,000,000 | $ 13,800,000 | |||||||
License Revenue | Alexion Agreements | Eidos | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Revenue recognized related to agreement | $ 100,000 | ||||||||
License Revenue | Clinical Supply Agreement | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Revenue recognized related to agreement | 100,000 | ||||||||
Maximum | Alexion License Agreements | Eidos | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Future potential regulatory milestones | $ 30,000,000 | $ 30,000,000 | |||||||
Maximum | LianBio | License Agreement | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Future potential development and sales milestone payments yet to receive | $ 382,100,000 | ||||||||
QED Therapeutics, Inc | Entities Affiliated With Perceptive Life Sciences Master Fund Ltd | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Upfront nonrefundable payment received | $ 10,000,000 | ||||||||
QED Therapeutics, Inc | Entities Affiliated With Perceptive Life Sciences Master Fund Ltd | Maximum | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Future potential development and sales milestone payments yet to receive | $ 132,500,000 |
In-licensing Agreements - Addit
In-licensing Agreements - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Research and development expenses | $ 92,050,000 | $ 55,278,000 | $ 246,873,000 | $ 152,462,000 |
Eidos Therapeutics, Inc | Stanford License Agreement | Leland Stanford Junior University | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Research and development expenses | 0 | 0 | 0 | 200,000 |
TheRas, Inc | The Regents Of The University Of California License Agreement | Regents Of University Of California | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Research and development expenses | 0 | 0 | ||
TheRas, Inc | Leidos Biomedical Research License and Cooperative Research and Development Agreements | Leidos Biomedical Research, Inc | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Research and development expenses | 800,000 | 400,000 | 1,800,000 | 1,000,000 |
QED Therapeutics, Inc | Foundation Medicine Diagnostics Agreement | Foundation Medicine, Inc | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Research and development expenses | $ 1,000,000 | $ 0 | $ 2,800,000 | $ 300,000 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2020 | |
Lessee Lease Description [Line Items] | |||||
Weighted average remaining lease term | 5 years 2 months 12 days | 5 years 2 months 12 days | |||
Operating lease, existence of option to extend | true | ||||
Weighted average discount rate | 5.90% | 5.90% | |||
Cash paid for amounts included in measurement of operating lease liabilities | $ 1,100 | $ 2,700 | |||
One time fees asset non-current | $ 10,000 | ||||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:AssetsNoncurrent | ||||
Build-to-suit lease liability | [1] | $ 8,000 | |||
Remaining payable recorded as other current liabilities | $ 4,000 | $ 4,000 | |||
Accounting Standards Update 2016-02 | Build-to-Suit Lease Asset | |||||
Lessee Lease Description [Line Items] | |||||
New accounting pronouncement effect of adoption | $ (10,000) | ||||
Accounting Standards Update 2016-02 | Construction-in-Progress | |||||
Lessee Lease Description [Line Items] | |||||
New accounting pronouncement effect of adoption | $ 10,000 | ||||
Manufacturing Agreement | |||||
Lessee Lease Description [Line Items] | |||||
Lease agreement expiration | 5 years | ||||
[1] | The condensed consolidated balance sheet as of December 31, 2019 is derived from the audited consolidated financial statements as of that date. |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Leases [Abstract] | ||
Straight line operating lease cost | $ 995 | $ 2,684 |
Variable lease payments | 257 | 558 |
Total lease cost | $ 1,252 | $ 3,242 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments for Noncancelable Operating Leases under ASC 842 (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Leases [Abstract] | |
Remainder of 2020 | $ 1,075 |
2021 | 3,895 |
2022 | 2,399 |
2023 | 1,485 |
2024 | 1,224 |
Thereafter | 3,798 |
Total future minimum lease payments | 13,876 |
Imputed interest | (2,023) |
Operating lease liabilities | 11,853 |
Operating lease liabilities, current portion | 3,617 |
Operating lease liabilities, net of current portion | 8,236 |
Total operating lease liabilities | $ 11,853 |
Leases - Schedule of Future M_2
Leases - Schedule of Future Minimum Lease Payments for Noncancelable Operating Leases under ASC 840 (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 2,811 |
2021 | 2,515 |
2022 | 1,812 |
2023 | 1,485 |
2024 | 1,272 |
Thereafter | 1,816 |
Total future minimum lease payments | $ 11,711 |
2019 Reorganization and IPO a_2
2019 Reorganization and IPO and 2020 Shelf Registration - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 07, 2020 | Jul. 01, 2019 | Jun. 13, 2019 | Sep. 30, 2019 | Sep. 30, 2019 |
Reorganization And Initial Public Offering [Line Items] | |||||
Net proceeds from IPO, after deducting underwriters' discounts and commissions | $ 366,237 | ||||
Common Stock | |||||
Reorganization And Initial Public Offering [Line Items] | |||||
Net proceeds from IPO, after deducting underwriters' discounts and commissions | $ 366,200 | ||||
Underwriters' discounts and commissions | 28,100 | ||||
Deferred offering costs | $ 6,500 | ||||
Initial Public Offering | |||||
Reorganization And Initial Public Offering [Line Items] | |||||
Common stock, value, issued | $ 366,237 | ||||
Initial Public Offering | Common Stock | |||||
Reorganization And Initial Public Offering [Line Items] | |||||
Sale of stock, number of shares issued and sold | 23,575,000 | ||||
Sale of stock, public offering price per share | $ 17 | ||||
Common stock, value, issued | $ 24 | ||||
Over-Allotment Option | Common Stock | |||||
Reorganization And Initial Public Offering [Line Items] | |||||
Sale of stock, number of shares issued and sold | 3,075,000 | ||||
At-the-Market Offerings | Common Stock | Maximum | |||||
Reorganization And Initial Public Offering [Line Items] | |||||
Common stock, value, issued | $ 350,000 | ||||
Percentage of cash commission | 3.00% | ||||
BBP LLC | |||||
Reorganization And Initial Public Offering [Line Items] | |||||
Plan of reorganization, exchanged for number of shares | 6,819,455 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Equity Based Compensation for Employees and Non Employees (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | $ 17,699 | $ 5,777 | $ 46,313 | $ 11,367 |
BridgeBio Equity Plan | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | 13,869 | 3,952 | 37,454 | 7,376 |
Eidos | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | 3,440 | 1,595 | 8,085 | 3,725 |
Other Subsidiaries Equity Plan | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | 390 | 230 | 774 | 266 |
Research and Development Expense | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | 6,932 | 1,337 | 17,743 | 2,360 |
Research and Development Expense | BridgeBio Equity Plan | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | 4,974 | 609 | 13,194 | 609 |
Research and Development Expense | Eidos | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | 1,648 | 626 | 4,011 | 1,630 |
Research and Development Expense | Other Subsidiaries Equity Plan | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | 310 | 102 | 538 | 121 |
General and Administrative | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | 10,767 | 4,440 | 28,570 | 9,007 |
General and Administrative | BridgeBio Equity Plan | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | 8,895 | 3,343 | 24,260 | 6,767 |
General and Administrative | Eidos | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | 1,792 | 969 | 4,074 | 2,095 |
General and Administrative | Other Subsidiaries Equity Plan | ||||
Employee And Non Employee Service Share Based Compensation [Line Items] | ||||
Total stock-based compensation | $ 80 | $ 128 | $ 236 | $ 145 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Details) | Jun. 02, 2020shares | Apr. 22, 2020USD ($)Granteeshares | Jun. 25, 2019shares | Sep. 30, 2020USD ($)shares | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)shares | Nov. 13, 2019shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Equity-based compensation | $ 17,699,000 | $ 5,777,000 | $ 46,313,000 | $ 11,367,000 | |||||
Employee Stock Purchase Plan | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Equity-based compensation | $ 300,000 | $ 700,000 | |||||||
Common shares reserved for future issuance | shares | 3,123,169 | 3,123,169 | |||||||
2020 Stock and Equity Exchange Program | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Maximum potential milestone performance-based awards to be settled in shares | $ 183,400,000 | ||||||||
Performance-based milestone awards | $ 17,400,000 | ||||||||
performance-based milestone awards compensation recognized | $ 1,900,000 | $ 0 | $ 9,900,000 | $ 0 | |||||
2020 Stock and Equity 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 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 | 2020 Stock and Equity Exchange Program | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of options issued in exchange of subsidiary equity | shares | 1,268,110 | ||||||||
Restricted Stock Awards | 2020 Stock and Equity 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 | $ 2,000,000 | $ 2,000,000 | |||||||
Performance based milestone awards number of shares settled for compensation expense | shares | 73,248 | 73,248 | |||||||
Performance-Based RSAs | 2020 Stock and Equity 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 | ||||||||
Market-Based RSUs | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting period | 3 years | ||||||||
Equity-based compensation | $ 100,000 | $ 1,200,000 | |||||||
Unrecognized compensation cost | $ 400,000 | $ 400,000 | |||||||
Unvested shares of restricted stock outstanding | shares | 55,614 | 55,614 | 129,871 | ||||||
Award market capitalization value | $ 5,000,000,000 | ||||||||
Vesting percentage | 100.00% | ||||||||
Aggregate grant date fair value of awards | $ 3,800,000 | ||||||||
Unvested Shares of Restricted Stock Outstanding, Granted | shares | 2,380 | ||||||||
Weighted-Average Grant Date Fair Value, Granted | $ / shares | $ 34.81 | ||||||||
Performance-Based RSUs | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Equity-based compensation | $ 500,000 | $ 600,000 | |||||||
Unrecognized compensation cost, period for recognition | 1 year 8 months 12 days | ||||||||
Unrecognized compensation cost | 1,600,000 | $ 1,600,000 | |||||||
Unvested Shares of Restricted Stock Outstanding, Granted | shares | 72,798 | ||||||||
Weighted-Average Grant Date Fair Value, Granted | $ / shares | $ 27.04 | ||||||||
Shares cancelled | shares | 0 | ||||||||
Management Incentive Units and Common Units | BBP LLC | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Equity-based compensation | $ 0 | $ 3,400,000 | |||||||
A&R 2019 Plan | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of common shares initially reserved for issuance of awards | shares | 8,682,914 | 8,682,914 | |||||||
Increase in common stock reserved for issuance | shares | 2,500,000 | ||||||||
Percentage of increase in number of shares reserved and available for issuance in proportion to common stock outstanding | 5.00% | ||||||||
A&R 2019 Plan | 2020 Stock and Equity Exchange Program | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of grantees | Grantee | 149 | ||||||||
Number of shares issued in exchange of subsidiary equity | shares | 554,064 | ||||||||
A&R 2019 Plan | Common Stock | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of common shares initially reserved for issuance of awards | shares | 11,500,000 | 1,000,000 | |||||||
A&R 2019 Plan and 2019 Inducement Plan | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Unvested shares of restricted stock outstanding | shares | 3,912,305 | 3,912,305 | 5,603,452 | ||||||
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 | ||||||||
Equity-based compensation | $ 4,600,000 | $ 10,600,000 | |||||||
Unrecognized compensation cost | 50,300,000 | $ 50,300,000 | |||||||
Unrecognized compensation cost, period for recognition | 2 years 10 months 24 days | ||||||||
A&R 2019 Plan and 2019 Inducement Plan | Restricted Stock Awards | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Equity-based compensation | 3,800,000 | $ 8,900,000 | |||||||
Unrecognized compensation cost, period for recognition | 3 years | ||||||||
Unrecognized compensation cost | $ 18,300,000 | $ 18,300,000 | |||||||
Unvested shares of restricted stock outstanding | shares | 3,912,305 | 3,912,305 | 5,603,452 | ||||||
A&R 2019 Plan and 2019 Inducement Plan | Restricted Stock Awards | 2020 Stock and Equity Exchange Program | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Unvested Shares of Restricted Stock Outstanding, Granted | shares | 50,145 | ||||||||
A&R 2019 Plan and 2019 Inducement Plan | Restricted Stock Awards | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Equity-based compensation | $ 2,500,000 | $ 5,200,000 | |||||||
Unrecognized compensation cost, period for recognition | 3 years 4 months 24 days | ||||||||
Unrecognized compensation cost | $ 36,400,000 | $ 36,400,000 | |||||||
Unvested shares of restricted stock outstanding | shares | 1,234,269 | 1,234,269 | 362,163 | ||||||
Unvested Shares of Restricted Stock Outstanding, Granted | shares | 946,120 | ||||||||
Weighted-Average Grant Date Fair Value, Granted | $ / shares | $ 32.99 | ||||||||
Eidos 2016 Equity Incentive Plan and Eidos 2018 Stock Option and Incentive Plan | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Unrecognized compensation cost, period for recognition | 3 years | ||||||||
Unrecognized stock-based compensation cost related to unvested stock | $ 24,800,000 | $ 24,800,000 |
Equity-Based Compensation - S_2
Equity-Based Compensation - Summary of Shares Activity under Plans (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020 | Sep. 30, 2020 | Nov. 13, 2019 | Jun. 25, 2019 | |
Common Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock repurchased during period, shares | 2,414,681 | |||
A&R 2019 Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Beginning balance, Awards available for grant | 53,067 | 53,067 | ||
Number of common shares authorized to issue for issuance of awards | 8,682,914 | |||
Ending balance, Awards available for grant | 3,735,550 | |||
A&R 2019 Plan | Common Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of common shares authorized to issue for issuance of awards | 1,000,000 | 11,500,000 | ||
Granted, Awards available for grant | (8,491) | |||
A&R 2019 Plan | Common Stock | 2020 Stock and Equity Award Exchange Program | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Granted, Awards available for grant | (554,064) | |||
A&R 2019 Plan | Employee Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Granted, Awards available for grant | (2,229,707) | |||
Cancelled, Awards available for grant | 3,629 | |||
A&R 2019 Plan | Employee Stock Options | 2020 Stock and Equity Award Exchange Program | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Granted, Awards available for grant | (1,268,110) | |||
Cancelled, Awards available for grant | 8,907 | |||
A&R 2019 Plan | Restricted Stock Awards | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Granted, Awards available for grant | (780,865) | |||
Cancelled, Awards available for grant | 22,497 | |||
A&R 2019 Plan | Restricted Stock Awards | 2020 Stock and Equity Award Exchange Program | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Granted, Awards available for grant | (50,145) | |||
A&R 2019 Plan | Performance-Based Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Granted, Awards available for grant | (56,738) | |||
A&R 2019 Plan | Performance-Based Milestone Restricted Stock Awards | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Granted, Awards available for grant | (73,248) | |||
A&R 2019 Plan | Performance-Based Restricted Stock Awards | 2020 Stock and Equity Award Exchange Program | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Granted, Awards available for grant | (22,611) | |||
A&R 2019 Plan | Satisfy Tax Withholding | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock repurchased during period, shares | 8,515 | |||
2019 Inducement Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Beginning balance, Awards available for grant | 489,064 | 489,064 | ||
Ending balance, Awards available for grant | 9,973 | |||
2019 Inducement Plan | Employee Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Granted, Awards available for grant | (306,000) | |||
Cancelled, Awards available for grant | 2,832 | |||
2019 Inducement Plan | Restricted Stock Awards | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Granted, Awards available for grant | (165,255) | |||
Cancelled, Awards available for grant | 7,772 | |||
2019 Inducement Plan | Market-Based RSUs | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Granted, Awards available for grant | (2,380) | |||
2019 Inducement Plan | Performance-Based Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Granted, Awards available for grant | (16,060) |
Equity-Based Compensation - S_3
Equity-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Eidos | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options Outstanding, Outstanding, Beginning balance | 1,335,755 | |
Options Outstanding, Granted | 675,017 | |
Options Outstanding, Exercised | (94,348) | |
Options Outstanding, Cancelled | (14,792) | |
Options Outstanding, Outstanding, Ending balance | 1,901,632 | 1,335,755 |
Options Outstanding, Exercisable | 627,184 | |
Weighted-Average Exercise Price per Option, Outstanding, Beginning balance | $ 16.91 | |
Weighted-Average Exercise Price per Option, Granted | 46.30 | |
Weighted-Average Exercise Price per Option, Exercised | 6.82 | |
Weighted-Average Exercise Price per Option, Cancelled | 26.85 | |
Weighted-Average Exercise Price per Option, Outstanding, Ending balance | 27.77 | $ 16.91 |
Weighted-Average Exercise Price per Option, Exercisable | $ 19.73 | |
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance | 8 years 7 months 6 days | 8 years 9 months 7 days |
Weighted-Average Remaining Contractual Life (years), Exercisable | 8 years 1 month 17 days | |
Aggregate Intrinsic Value, Outstanding, Ending balance | $ 43,281 | $ 54,071 |
Aggregate Intrinsic Value, Exercisable | $ 19,318 | |
Beginning balance, Awards available for grant | 1,935,054 | |
Granted, Awards available for grant | (675,017) | |
Cancelled, Awards available for grant | 14,792 | |
Ending balance, Awards available for grant | 1,274,829 | 1,935,054 |
Options Outstanding, Vested and expected to vest | 1,901,632 | |
Weighted-Average Exercise Price per Option, vested and expected to vest | $ 27.77 | |
Weighted-Average Remaining Contractual Life (years), Options vested and expected to vest | 8 years 7 months 6 days | |
Aggregate Intrinsic Value, Option vested and expected to vest | $ 43,281 | |
A&R 2019 Plan and 2019 Inducement Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options Outstanding, Outstanding, Beginning balance | 4,626,777 | |
Options Outstanding, Granted | 2,535,707 | |
Options Outstanding, Exercised | (62,526) | |
Options Outstanding, Cancelled | (6,461) | |
Options Outstanding, Outstanding, Ending balance | 7,093,497 | 4,626,777 |
Options Outstanding, Exercisable | 1,267,507 | |
Weighted-Average Exercise Price per Option, Outstanding, Beginning balance | $ 20.10 | |
Weighted-Average Exercise Price per Option, Granted | 30.35 | |
Weighted-Average Exercise Price per Option, Exercised | 17 | |
Weighted-Average Exercise Price per Option, Cancelled | 24.81 | |
Weighted-Average Exercise Price per Option, Outstanding, Ending balance | 23.79 | $ 20.10 |
Weighted-Average Exercise Price per Option, Exercisable | $ 18.52 | |
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance | 9 years 1 month 6 days | 9 years 7 months 6 days |
Weighted-Average Remaining Contractual Life (years), Exercisable | 8 years 9 months 18 days | |
Aggregate Intrinsic Value, Outstanding, Ending balance | $ 97,929 | $ 70,348 |
Aggregate Intrinsic Value, Exercisable | $ 24,084 | |
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] | ||
Options Outstanding, Granted | 1,268,110 | |
Options Outstanding, Exercised | (366,156) | |
Options Outstanding, Cancelled | (8,907) | |
Options Outstanding, Outstanding, Ending balance | 893,047 | |
Options Outstanding, Exercisable | 675,818 | |
Weighted-Average Exercise Price per Option, Granted | $ 1.65 | |
Weighted-Average Exercise Price per Option, Exercised | 1.69 | |
Weighted-Average Exercise Price per Option, Cancelled | 2.83 | |
Weighted-Average Exercise Price per Option, Outstanding, Ending balance | 1.62 | |
Weighted-Average Exercise Price per Option, Exercisable | $ 1.44 | |
Weighted-Average Remaining Contractual Life (years), Outstanding, Ending balance | 8 years 6 months | |
Weighted-Average Remaining Contractual Life (years), Exercisable | 8 years 4 months 24 days | |
Aggregate Intrinsic Value, Outstanding, Ending balance | $ 32,057 | |
Aggregate Intrinsic Value, Exercisable | $ 24,385 |
Equity-Based Compensation - S_4
Equity-Based Compensation - Summary of Restricted Stock Units Activity (Details) - A&R 2019 Plan and 2019 Inducement Plan | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unvested Shares of Restricted Stock Outstanding, Outstanding, Beginning balance | 5,603,452 |
Unvested Shares of Restricted Stock Outstanding, Outstanding, Ending balance | 3,912,305 |
Restricted Stock Units (RSUs) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unvested Shares of Restricted Stock Outstanding, Outstanding, Beginning balance | 362,163 |
Unvested Shares of Restricted Stock Outstanding, Granted | 946,120 |
Unvested Shares of Restricted Stock Outstanding, Vested | (43,745) |
Unvested Shares of Restricted Stock Outstanding, Cancelled | (30,269) |
Unvested Shares of Restricted Stock Outstanding, Outstanding, Ending balance | 1,234,269 |
Weighted-Average Grant Date Fair Value, Outstanding, Beginning balance | $ / shares | $ 31.98 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 32.99 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 32.69 |
Weighted-Average Grant Date Fair Value, Cancelled | $ / shares | 33.95 |
Weighted-Average Grant Date Fair Value, Outstanding, Ending balance | $ / shares | $ 32.68 |
Equity-Based Compensation - S_5
Equity-Based Compensation - Summary of Restricted Stock Award Activity (Details) - A&R 2019 Plan and 2019 Inducement Plan | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unvested Shares of Restricted Stock Outstanding, Outstanding, Beginning balance | 5,603,452 |
Unvested Shares of Restricted Stock Outstanding, Outstanding, Ending balance | 3,912,305 |
Restricted Stock Awards | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unvested Shares of Restricted Stock Outstanding, Outstanding, Beginning balance | 5,603,452 |
Granted — Performance-based milestone awards | 73,248 |
Unvested Shares of Restricted Stock Outstanding, Vested | (1,814,540) |
Unvested Shares of Restricted Stock Outstanding, Outstanding, Ending balance | 3,912,305 |
Weighted-Average Grant Date Fair Value, Outstanding, Beginning balance | $ / shares | $ 3.63 |
Weighted-Average Grant Date Fair Value, Granted — Performance-based milestone awards | $ / shares | 27.27 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 3.42 |
Weighted-Average Grant Date Fair Value, Outstanding, Ending balance | $ / shares | $ 3.61 |
Restricted Stock Awards | 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 | 50,145 |
Weighted-Average Grant Date Fair Value, Granted | 0.18 |
Equity-Based Compensation - S_6
Equity-Based Compensation - Summary of Market-Based Restricted Stock Unit Activity (Details) - Market-Based RSUs | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unvested Shares of Restricted Stock Outstanding, Outstanding, Beginning balance | shares | 129,871 |
Unvested Shares of Restricted Stock Outstanding, Granted | shares | 2,380 |
Unvested Shares of Restricted Stock Outstanding, Vested | shares | (76,637) |
Unvested Shares of Restricted Stock Outstanding, Outstanding, Ending balance | shares | 55,614 |
Weighted-Average Grant Date Fair Value, Outstanding, Beginning balance | $ / shares | $ 28.98 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 34.81 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 41.54 |
Weighted-Average Grant Date Fair Value, Outstanding, Ending balance | $ / shares | $ 11.92 |
Equity-Based Compensation - S_7
Equity-Based Compensation - Summary of Estimated Grant Date Fair Value of Each Equity-Based Awards (Details) | 9 Months Ended |
Sep. 30, 2020$ / shares | |
Employee Stock Options | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected volatility, Minimum | 36.30% |
Expected volatility, Maximum | 46.40% |
Risk-free interest rate, Minimum | 0.31% |
Risk-free interest rate, Maximum | 1.50% |
Weighted-average fair value of stock-based awards granted | $ 11.21 |
Employee Stock Purchase Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected volatility, Minimum | 32.50% |
Expected volatility, Maximum | 47.60% |
Risk-free interest rate, Minimum | 0.13% |
Risk-free interest rate, Maximum | 1.57% |
Weighted-average fair value of stock-based awards granted | $ 10.48 |
Minimum | Employee Stock Options | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected term (in years) | 5 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 29 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 |
Equity-Based Compensation - S_8
Equity-Based Compensation - Summary of Reserved Shares of Common Stock for Issuance (Details) - shares | Sep. 30, 2020 | Sep. 30, 2019 |
Eidos ESPP Shares Available for Future Grants | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for issuance | 3,123,169 | |
Eidos | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for issuance | 3,265,859 | 2,027,123 |
Eidos | Eidos ESPP Shares Available for Future Grants | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for issuance | 89,398 | 104,540 |
Eidos | Options Issued and Outstanding | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for issuance | 1,901,632 | 1,435,668 |
Eidos | Employee Stock Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for issuance | 1,274,829 | 486,915 |
Equity-Based Compensation - S_9
Equity-Based Compensation - Summary of Fair Value of Employee and Non-employee Stock Options Granted (Details) - Eidos | 9 Months Ended |
Sep. 30, 2020 | |
Employee | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected term (in years) | 6 years 21 days |
Expected volatility | 72.10% |
Risk-free interest rate | 0.50% |
Non-Employee | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected term (in years) | 6 years 21 days |
Expected volatility | 72.50% |
Risk-free interest rate | 0.40% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) $ in Millions | Mar. 09, 2020USD ($) |
Other liabilities | |
Operating Loss Carryforwards [Line Items] | |
Deferred tax liability, net | $ 1.4 |
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 | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 26,180,686 | 10,018,004 |
Unvested RSAs | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 3,912,305 | 6,215,465 |
Unvested RSUs | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted net loss per share | 1,234,269 | |
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 | 72,798 | |
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 | 7,986,544 | 3,729,590 |
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 | 18,240 | 72,949 |
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 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) | Oct. 19, 2020USD ($)ft² | Oct. 12, 2020USD ($)ft² | Oct. 05, 2020USD ($)$ / sharesshares | Sep. 30, 2020USD ($) |
Subsequent Event [Line Items] | ||||
Future minimum rent payments | $ 13,876,000 | |||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Number of years in real property lease | 12 years | |||
Leases square feet | ft² | 20,000 | |||
Future minimum rent payments | $ 5,700,000 | |||
Secure letter of credit | 1,600,000 | |||
Annual reduction of letter of credit | $ 100,000 | |||
Lease commenced year | 2020 | |||
Real property sublease, period | 5 years | |||
Subleases square feet | ft² | 53,000 | |||
Sublease commenced year | 2021 | |||
Sublease future minimum rent payments | $ 11,900,000 | |||
Merger Agreement | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Termination fee | $ 100,000,000 | |||
Merger Agreement | Subsequent Event | Eidos | ||||
Subsequent Event [Line Items] | ||||
Right to receive of common stock | shares | 1.85 | |||
Cash per share in transaction | $ / shares | $ 73.26 | |||
Description of aggregate voting stock approval | approval of at least 66 and 2/3% of the aggregate voting stock (as defined in Section 203 of the Delaware General Corporation Law (the “DGCL”)) of Eidos that is not owned (as defined in Section 203 of the DGCL) by BridgeBio, Merger Sub, Merger Sub II or any of their respective affiliates or associates (as such terms are defined in Section 203 of the DGCL); | |||
Minimum required voting stock percentage for approval | 66.00% | |||
Aggregate voting stock percentage | 36.00% | |||
Potential termination fee | $ 35,000,000 | |||
Minimum | Merger Agreement | Subsequent Event | Eidos | ||||
Subsequent Event [Line Items] | ||||
Cash consideration | 0 | |||
Maximum | Merger Agreement | Subsequent Event | Eidos | ||||
Subsequent Event [Line Items] | ||||
Cash consideration | $ 175,000,000 |