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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________
FORM 10-Q
________________________________________________________
(Mark One)
x               QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
or
o               TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                to                
Commission File Number: 001-38959
________________________________________________________
BridgeBio Pharma, Inc.
(Exact name of registrant as specified in its charter)
________________________________________________________

Delaware 84-1850815
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
3160 Porter Drive , Suite 250 , Palo Alto , CA
94304
(Address of principal executive offices) (Zip Code)

( 650 ) 391-9740
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading
Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.001 per share BBIO The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes    x      No    o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes    x      No    o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
________________________________________________________

Large accelerated filer x Accelerated filer o
Non-accelerated filer o Smaller reporting company o
Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes    o     No    x
As of October 21, 2025, the registrant had 192,708,813 shares of common stock, $0.001 par value per share, outstanding.

Table of Contents

Table of Contents

Page
PART I.
FINANCIAL INFORMATION

Item 1.
Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets
3

Condensed Consolidated Statements of Operations
4

Condensed Consolidated Statements of Comprehensive Loss
5

Condensed Consolidated Statements of Redeemable Convertible Noncontrolling Interests and Stockholders’ Deficit
6

Condensed Consolidated Statements of Cash Flows
8

Notes to Condensed Consolidated Financial Statements
10

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
53

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
71

Item 4.
Controls and Procedures
71

PART II.
OTHER INFORMATION

Item 1.
Legal Proceedings
72

Item 1A.
Risk Factors
72

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
75

Item 3.
Defaults Upon Senior Securities
75

Item 4.
Mine Safety Disclosures
75

Item 5.
Other Information
75

Item 6.
Exhibits
77

Signatures
79

In this Quarterly Report on Form 10-Q, unless otherwise stated or as the context requires, references to “BridgeBio,” “the Company,” “we,” “us,” “our” or similar references refer to BridgeBio Pharma, Inc., together with its consolidated subsidiaries.
BRIDGEBIO and ATTRUBY are our registered trademarks in the United States (“U.S.”). BRIDGEBIO, ATTRUBY and BEYONTTRA are our registered trademarks in the European Union (“EU”), the United Kingdom (“UK”) and Japan. All other brand names and service marks, trademarks and other trade names appearing in this report are the property of their respective owners.
We use the brand name for our products when we refer to the product that has been approved and with respect to the indications on the approved label. Otherwise, including in discussions of our achondroplasia, autosomal dominant hypocalcemia type 1 (ADH1), and limb-girdle muscular dystrophy type 2I/R9 (LGMD2I/R9) development programs, we refer to our product candidates by their scientific (or generic) name or BridgeBio Pharma (“BBP”) developmental designation. When referring to our commercial product that has been approved in (i) the U.S. and (ii) the EU, Japan, and the UK, as applicable, we use both names Attruby TM and Beyonttra TM – e.g., “Our commercial organization focuses on supporting the appropriate use of Attruby and Beyonttra in the markets where this product has been approved.”
2

Table of Contents

BRIDGEBIO PHARMA, INC.
Condensed Consolidated Balance Sheets
(in thousands, except shares and per share amounts)

September 30,
2025 December 31,
2024
(Unaudited) (1)

Assets
Current assets:
Cash and cash equivalents $ 642,951   $ 681,101  
Marketable securities 2,991   —  
Accounts receivable, net 116,518   4,722  
Inventories 24,527   —  
Prepaid expenses and other current assets 52,395   34,869  
Total current assets 839,382   720,692  
Investment in nonconsolidated entities 92,168   143,747  
Property and equipment, net 5,830   7,011  
Operating lease right-of-use assets 6,553   5,767  
Intangible assets, net 28,795   23,926  
Other assets 25,522   18,195  
Total assets $ 998,250   $ 919,338  
Liabilities, Redeemable Convertible Noncontrolling Interests and Stockholders’ Deficit
Current liabilities:
Accounts payable $ 18,702   $ 9,618  
Accrued compensation and benefits 56,155   58,329  
Accrued research and development liabilities 34,619   34,272  
Operating lease liabilities, current portion 5,294   4,506  
Deferred revenue, current portion 9,087   14,604  
Other current liabilities (2) 92,743   33,071  
Total current liabilities 216,600   154,400  
2031 Notes, net 564,087   —  
2029 Notes, net 740,380   738,872  
2027 Notes, net 546,549   545,173  
Term loan, net —   437,337  
Deferred royalty obligations, net (3) 836,126   479,091  
Operating lease liabilities, net of current portion 3,427   4,696  
Deferred revenue, net of current portion 13,131   17,095  
Other long-term liabilities 679   286  
Total liabilities 2,920,979   2,376,950  
Commitments and contingencies (Note 8)
Redeemable convertible noncontrolling interests 23   142  
Stockholders’ deficit:
Undesignated preferred stock, $ 0.001 par value; 25,000,000 shares authorized; no shares issued and outstanding
—   —  
Common stock, $ 0.001 par value; 500,000,000 shares authorized; 200,230,458 shares issued and 192,633,286 shares
   outstanding as of September 30, 2025, 196,236,234 shares issued and 190,044,473 shares outstanding as of
   December 31, 2024
200   196  
Treasury stock, at cost; 7,597,172 shares as of September 30, 2025; 6,191,761 shares as of December 31, 2024
( 323,276 ) ( 275,000 )
Additional paid-in capital 2,018,335   1,903,155  
Accumulated other comprehensive income 2   8  
Accumulated deficit ( 3,628,331 ) ( 3,096,263 )
Total BridgeBio stockholders’ deficit ( 1,933,070 ) ( 1,467,904 )
Noncontrolling interests 10,318   10,150  
Total stockholders’ deficit ( 1,922,752 ) ( 1,457,754 )
Total liabilities, redeemable convertible noncontrolling interests and stockholders’ deficit
$ 998,250   $ 919,338  

(1) The condensed consolidated balance sheet as of December 31, 2024 is derived from the audited consolidated financial statements as of that date.
(2) Including a related party amount of $ 1,647 as of September 30, 2025 (as described in Note 10).
(3) Including a related party amount of $ 201,242 as of September 30, 2025 (as described in Note 10) .
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3

Table of Contents
BRIDGEBIO PHARMA, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except shares and per share amounts)

Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Revenues:
Net product revenue $ 108,111   $ —   $ 216,351   $ —  
License and services revenue 8,311   2,732   125,441   216,020  
Royalty revenue 4,278   —   6,106   —  
Total revenues, net 120,700   2,732   347,898   216,020  
Operating costs and expenses:
Cost of revenues:
Cost of goods sold 4,028   —   8,910   —  
Cost of license, services and royalty revenue 2,535   598   3,945   1,794  
Total cost of revenues 6,563   598   12,855   1,794  
Research and development 112,874   120,444   335,536   376,111  
Selling, general and administrative 137,621   68,819   373,140   194,149  
Restructuring, impairment and related charges 8,841   4,621   10,216   10,912  
Total operating costs and expenses 265,899   194,482   731,747   582,966  
Loss from operations ( 145,199 ) ( 191,750 ) ( 383,849 ) ( 366,946 )
Other income (expense), net:
Interest income 6,239   3,296   15,522   12,566  
Interest expense ( 11,739 ) ( 23,061 ) ( 41,467 ) ( 69,469 )
Noncash interest expense on deferred royalty obligations (1) ( 36,410 ) —   ( 86,460 ) —  
Gain on deconsolidation of subsidiaries —   52,027   —   178,321  
Loss on extinguishments of debt —   —   ( 21,155 ) ( 26,590 )
Net loss from equity method investments ( 15,834 ) ( 6,563 ) ( 51,579 ) ( 14,488 )
Other income, net 16,461   1,797   31,240   10,648  
Total other income (expense), net ( 41,283 ) 27,496   ( 153,899 ) 90,988  
Loss before income taxes ( 186,482 ) ( 164,254 ) ( 537,748 ) ( 275,958 )
Provision for (benefit from) income taxes ( 1,545 ) —   555   —  
Net loss ( 184,937 ) ( 164,254 ) ( 538,303 ) ( 275,958 )
Net loss attributable to redeemable convertible noncontrolling
   interests and noncontrolling interests 2,194   2,214   6,235   5,246  
Net loss attributable to common stockholders of BridgeBio
$ ( 182,743 ) $ ( 162,040 ) $ ( 532,068 ) $ ( 270,712 )
Net loss per share attributable to common stockholders of BridgeBio,
   basic and diluted $ ( 0.95 ) $ ( 0.86 ) $ ( 2.79 ) $ ( 1.46 )
Weighted-average shares used in computing net loss per share
   attributable to common stockholders of BridgeBio, basic
   and diluted 191,854,152 188,510,372 190,845,133 184,947,173

(1) Including related party amounts of $( 5,383 ) and $( 5,560 ) for the three and nine months ended September 30, 2025, respectively (as described in Note 10) .
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4

Table of Contents
BRIDGEBIO PHARMA, INC.
Condensed Consolidated Statements of Comprehensive Loss
(Unaudited)
(in thousands)

Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Net loss $ ( 184,937 ) $ ( 164,254 ) $ ( 538,303 ) $ ( 275,958 )
Other comprehensive loss:
Unrealized gains (losses) on available-for-sale securities 1   9   ( 6 ) ( 26 )
Comprehensive loss ( 184,936 ) ( 164,245 ) ( 538,309 ) ( 275,984 )
Comprehensive loss attributable to redeemable convertible
   noncontrolling interests and noncontrolling interests 2,194   2,214   6,235   5,246  
Comprehensive loss attributable to common stockholders of BridgeBio $ ( 182,742 ) $ ( 162,031 ) $ ( 532,074 ) $ ( 270,738 )

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5

Table of Contents
BRIDGEBIO PHARMA, INC.
Condensed Consolidated Statements of Redeemable Convertible Noncontrolling Interests and Stockholders’ Deficit
(Unaudited)
(in thousands, except shares and per share amounts)

Nine Months Ended September 30, 2025

Redeemable
Convertible
Noncontrolling
Interests Common Stock Treasury Stock Additional
Paid-In
Capital Accumulated
Other
Comprehensive
Income (Loss) Accumulated
Deficit Total
BridgeBio
Stockholders’
Deficit Non-
controlling
Interests Total
Stockholders’
Deficit
Shares Amount Shares Amount
Balances as of December 31, 2024 (1) $ 142   190,044,473 $ 196   6,191,761 $ ( 275,000 ) $ 1,903,155   $ 8   $ ( 3,096,263 ) $ ( 1,467,904 ) $ 10,150   $ ( 1,457,754 )
Repurchase of common stock —  ( 1,405,411 ) —  1,405,411 ( 48,276 ) —  —  —  ( 48,276 ) —  ( 48,276 )
Issuance of shares under equity compensation plans —  1,081,744 1   — —  2,520   —  —  2,521   —  2,521  
Issuance of common stock under employee stock purchase plan (ESPP) —  156,097 —  — —  3,237   —  —  3,237   —  3,237  
Repurchase of restricted stock unit (RSU) shares to satisfy tax withholding —  ( 50,880 ) —  — —  ( 1,776 ) —  —  ( 1,776 ) —  ( 1,776 )
Stock-based compensation —  — —  — —  32,057   —  —  32,057   —  32,057  
Issuance of noncontrolling interests 800   — —  — —  —  —  —  —  —  — 
Transfers from (to) noncontrolling interests 379   — —  — —  ( 824 ) —  —  ( 824 ) 445   ( 379 )
Unrealized loss on available-for-sale securities —  — —  — —  —  ( 8 ) —  ( 8 ) —  ( 8 )
Net loss ( 1,548 ) — —  — —  —  —  ( 167,422 ) ( 167,422 ) ( 638 ) ( 168,060 )
Balances as of March 31, 2025 ( 227 ) 189,826,023 197   7,597,172 ( 323,276 ) 1,938,369   —   ( 3,263,685 ) ( 1,648,395 ) 9,957   ( 1,638,438 )
Issuance of shares under equity compensation plans —  1,395,587 1   — —  7,158   —  —  7,159   —  7,159  
Repurchase of RSU shares to satisfy tax withholding —  ( 58,951 ) —  — —  ( 1,995 ) —  —  ( 1,995 ) —  ( 1,995 )
Stock-based compensation —  — —  — —  38,089   —  —  38,089   —  38,089  
Issuance of noncontrolling interests 750   — —  — —  —  —  —  —  —  — 
Transfers from (to) noncontrolling interests 400   — —  — —  ( 816 ) —  —  ( 816 ) 416   ( 400 )
Unrealized gain on available-for-sale securities —  — —  — —  —  1   —  1   —  1  
Net loss ( 1,368 ) — —  — —  —  —  ( 181,903 ) ( 181,903 ) ( 487 ) ( 182,390 )
Balances as of June 30, 2025 ( 445 ) 191,162,659 198   7,597,172 ( 323,276 ) 1,980,805   1   ( 3,445,588 ) ( 1,787,860 ) 9,886   ( 1,777,974 )
Issuance of shares under equity compensation plans
—  1,424,255 2   — —  4,841   —  —  4,843   —  4,843  
Issuance of common stock under ESPP —  105,325 —  — —  3,177   —  —  3,177   —  3,177  
Repurchase of RSU shares to satisfy tax withholding —  ( 58,953 ) —  — —  ( 3,025 ) —  —  ( 3,025 ) —  ( 3,025 )
Stock-based compensation —  — —  — —  35,631   —  —  35,631   —  35,631  
Transfers from (to) noncontrolling interests
2,068   — —  — —  ( 3,094 ) —  —  ( 3,094 ) 1,026   ( 2,068 )
Unrealized gain on available-for-sale securities
—  — —  — —  —  1   —  1   —  1  
Net loss ( 1,600 ) — —  — —  —  —  ( 182,743 ) ( 182,743 ) ( 594 ) ( 183,337 )
Balances as of September 30, 2025 $ 23   192,633,286 $ 200   7,597,172 $ ( 323,276 ) $ 2,018,335   $ 2   $ ( 3,628,331 ) $ ( 1,933,070 ) $ 10,318   $ ( 1,922,752 )

(1) The consolidated balances as of December 31, 2024 and 2023 are derived from the audited consolidated financial statements as of those dates .
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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BRIDGEBIO PHARMA, INC.
Condensed Consolidated Statements of Redeemable Convertible Noncontrolling Interests and Stockholders’ Deficit
(Continued)
(Unaudited)
(in thousands, except shares and per share amounts)

Nine Months Ended September 30, 2024

Redeemable
Convertible
Noncontrolling
Interests Common Stock Treasury Stock Additional
Paid-In
Capital Accumulated
Other
Comprehensive
(Loss) Accumulated
Deficit Total
BridgeBio
Stockholders’
Deficit Non-
controlling
Interests Total
Stockholders’
Deficit
Shares Amount Shares Amount
Balances as of December 31, 2023 (1) $ 478   175,082,951 $ 181   6,191,761 $ ( 275,000 ) $ 1,481,032   $ 31   $ ( 2,560,501 ) $ ( 1,354,257 ) $ 11,244   $ ( 1,343,013 )
Issuance of shares under equity compensation plans —  1,049,580 1   — —  536   —  —  537   —  537  
Issuance of common stock under ESPP —  93,344 —  — —  2,364   —  —  2,364   —  2,364  
Repurchase of RSU shares to satisfy tax withholding —  ( 78,915 ) —  — —  ( 2,936 ) —  —  ( 2,936 ) —  ( 2,936 )
Stock-based compensation —  — —  — —  27,125   —  —  27,125   —  27,125  
Issuance of common stock under public offerings, net —  10,975,784 11   — —  314,730   —  —  314,741   —  314,741  
Issuance of noncontrolling interests —  — —  — —  —  —  —  —  35   35  
Transfers from (to) noncontrolling interests 1,278   — —  — —  ( 1,857 ) —  —  ( 1,857 ) 579   ( 1,278 )
Unrealized loss on available-for-sale securities —  — —  — —  —  ( 29 ) —  ( 29 ) —  ( 29 )
Net income (loss) ( 1,231 ) — —  — —  —  —  ( 35,216 ) ( 35,216 ) 287   ( 34,929 )
Balances as of March 31, 2024 525   187,122,744 193   6,191,761 ( 275,000 ) 1,820,994   2   ( 2,595,717 ) ( 1,049,528 ) 12,145   ( 1,037,383 )
Issuance of shares under equity compensation plans
—  966,153 1   — —  240   —  —  241   —  241  
Repurchase of RSU shares to satisfy tax withholding —  ( 56,159 ) —  — —  ( 1,743 ) —  —  ( 1,743 ) —  ( 1,743 )
Stock-based compensation —  — —  — —  31,504   —  —  31,504   —  31,504  
Issuance of noncontrolling interests —  — —  — —  —  —  —  —  164   164  
Transfers from (to) noncontrolling interests
106   — —  — —  ( 72 ) —  —  ( 72 ) ( 34 ) ( 106 )
Deconsolidation of a subsidiary —  — —  — —  135   —  126,294   126,429   14   126,443  
Unrealized losses on available-for-sale securities
—  — —  — —  —  ( 6 ) —  ( 6 ) —  ( 6 )
Net loss ( 854 ) — —  — —  —  —  ( 199,750 ) ( 199,750 ) ( 1,234 ) ( 200,984 )
Balances as of June 30, 2024 ( 223 ) 188,032,738 194   6,191,761 ( 275,000 ) 1,851,058   ( 4 ) ( 2,669,173 ) ( 1,092,925 ) 11,055   ( 1,081,870 )
Issuance of shares under equity compensation plans —  912,176 1   — —  29   —  —  30   —  30  
Issuance of common stock under ESPP —  100,794 —  — —  2,138   —  —  2,138   —  2,138  
Repurchase of RSU shares to satisfy tax withholding —  ( 59,161 ) —  — —  ( 1,443 ) —  —  ( 1,443 ) —  ( 1,443 )
Stock-based compensation —  — —  — —  26,647   —  —  26,647   —  26,647  
Transfers from (to) noncontrolling interests 1,924   — —  — —  ( 2,790 ) —  —  ( 2,790 ) 866   ( 1,924 )
Deconsolidation of subsidiaries —  — —  — —  452   —  52,027   52,479   122   52,601  
Unrealized losses on available-for-sale securities —  — —  — —  —  9   —  9   —  9  
Net loss ( 1,056 ) — —  — —  —  —  ( 214,067 ) ( 214,067 ) ( 1,158 ) ( 215,225 )
Balances as of September 30, 2024 $ 645   188,986,547 $ 195   6,191,761 $ ( 275,000 ) $ 1,876,091   $ 5   $ ( 2,831,213 ) $ ( 1,229,922 ) $ 10,885   $ ( 1,219,037 )

(1) The consolidated balances as of December 31, 2024 and 2023 are derived from the audited consolidated financial statements as of those dates.
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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BRIDGEBIO PHARMA, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)

Nine Months Ended September 30,
2025 2024
Operating activities:
Net loss $ ( 538,303 ) $ ( 275,958 )
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation 98,385   65,673  
Loss on extinguishments of debt 21,155   26,590  
Noncash interest expense on deferred royalty obligations (1) 86,460   —  
Amortization of debt discount and issuance costs 4,515   5,399  
Depreciation and amortization 3,999   4,708  
Noncash lease expense 3,443   3,119  
Net loss from equity method investments 51,579   14,488  
Change in fair value of the embedded derivative associated with the deferred royalty obligation ( 11,062 ) —  
Noncash income from an equity method investment ( 7,769 ) —  
Gain on deconsolidation of subsidiaries —   ( 178,321 )
Gain from investment in equity securities, net —   ( 8,136 )
Other noncash adjustments, net ( 1,217 ) ( 2,059 )
Changes in operating assets and liabilities:
Accounts receivable, net ( 111,796 ) 1,273  
Inventories ( 23,356 ) —  
Prepaid expenses and other current assets ( 17,527 ) ( 17,543 )
Other assets 568   ( 428 )
Accounts payable 9,084   5,257  
Accrued compensation and benefits 3,212   5,580  
Accrued research and development liabilities 347   15,454  
Operating lease liabilities ( 4,757 ) ( 4,459 )
Deferred revenue ( 9,480 ) 20,575  
Other liabilities (2) 53,030   ( 6,612 )
Net cash used in operating activities ( 389,490 ) ( 325,400 )
Investing activities:
Purchases of marketable securities ( 10,876 ) ( 93,811 )
Maturities of marketable securities 8,000   95,000  
Purchases of investments in equity securities —   ( 20,271 )
Proceeds from sales of investments in equity securities —   63,229  
Proceeds from special cash dividends received from an investment in equity securities 2,302   25,682  
Payment for intangible assets ( 8,495 ) ( 4,785 )
Purchases of property and equipment ( 1,064 ) ( 886 )
Decrease in cash and cash equivalents resulting from deconsolidation of subsidiaries —   ( 140 )
Net cash provided by (used in) investing activities ( 10,133 ) 64,018  
Financing activities:
Proceeds from issuance of 2031 Notes 575,000   —  
Issuance costs and discounts associated with 2031 Notes ( 12,034 ) —  
Repurchase of common stock ( 48,276 ) —  
Proceeds from a royalty obligation under the Royalty Purchase Agreement 300,000   —  
Issuance costs associated with a royalty obligation under the Royalty Purchase Agreement ( 3,010 ) —  
Proceeds from term loan under the Amended Financing Agreement —   450,000  
Issuance costs and discounts associated with term loan under the Amended Financing Agreement —   ( 15,986 )
Repayment of term loans ( 459,000 ) ( 473,417 )
Repayments of deferred royalty obligations (3) ( 6,896 ) —  
Proceeds from issuance of common stock through public offerings, net —   314,741  
Proceeds from common stock issuances under ESPP 6,414   4,502  
Proceeds from stock option exercises, net of repurchases 14,523   808  
Transactions with noncontrolling interests 1,550   —  
Repurchase of RSU shares to satisfy tax withholding ( 6,796 ) ( 6,122 )
Net cash provided by financing activities 361,475   274,526  
Net increase (decrease) in cash, cash equivalents and restricted cash ( 38,148 ) 13,144  
Cash, cash equivalents and restricted cash at beginning of period 683,244   394,732  
Cash, cash equivalents and restricted cash at end of period $ 645,096   $ 407,876  

(1) Including a related party amount of $ 5,560 for the nine months ended September 30, 2025 (as described in Note 10).
(2) Including a related party amount of $ 1,647 for the nine months ended September 30, 2025 (as described in Note 10).
(3) Including a related party amount of $( 665 ) for the nine months ended September 30, 2025 (as described in Note 10).
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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BRIDGEBIO PHARMA, INC.
Condensed Consolidated Statements of Cash Flows
(Continued)
(Unaudited)
(in thousands)

Nine Months Ended September 30,
2025 2024
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest $ 43,670   $ 78,236  
Cash paid for income taxes $ 1,153   $ —  
Supplemental Disclosures of Noncash Investing and Financing Information:
Unpaid property and equipment $ 12   $ 274  
Transfers to noncontrolling interests $ ( 4,734 ) $ ( 4,719 )
Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Cash and cash equivalents $ 642,951   $ 266,324  
Restricted cash — Included in “Prepaid expenses and other current assets” 126   139,409  
Restricted cash — Included in “Other assets” 2,019   2,143  
Total cash, cash equivalents and restricted cash at end of periods shown in the condensed consolidated
   statements of cash flows $ 645,096   $ 407,876  

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BRIDGEBIO PHARMA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

1.         Organization and Description of Business
BridgeBio Pharma, Inc. (“BridgeBio”, the “Company” or “we”) is a new type of biopharmaceutical company founded to discover, create, test and deliver transformative medicines to treat patients who suffer from genetic diseases. BridgeBio’s pipeline of development programs ranges from early science to advanced clinical trials. BridgeBio was founded in 2015, and its team of experienced drug discoverers, developers and innovators are committed to applying advances in genetic medicine to help patients as quickly as possible. On November 22, 2024, the Company received approval from the United States Food and Drug Administration (“FDA”) for Attruby TM (acoramidis) and began to generate product revenue from the commercialization of Attruby in the U.S. On February 10, 2025, the European Commission (“EC”) approved Beyonttra TM (acoramidis) for the treatment of transthyretin amyloid cardiomyopathy (ATTR-CM) in the EU. On March 27, 2025, the Japanese Ministry of Health, Labour and Welfare approved Beyonttra for the treatment of ATTR-CM in Japan, and on May 21, 2025, the National Health Insurance in Japan approved the pricing of Beyonttra. In April 2025, the United Kingdom Medicines and Healthcare Products Regulatory Agency approved Beyonttra for the treatment of ATTR-CM in the UK. In addition, we have three product candidates (low-dose infigratinib for achondroplasia, encaleret for ADH1, and BBP-418 for limb-girdle muscular dystrophy type 2I/R9, or LGMD2I/R9) in our late-stage development pipeline.
Since inception, BridgeBio has either created wholly-owned subsidiaries or has made investments in certain controlled entities, including partially-owned subsidiaries for which BridgeBio has a majority voting interest, and variable interest entities (“VIEs”) for which BridgeBio is the primary beneficiary (collectively, “we”, “our”, or “us”). BridgeBio is headquartered in Palo Alto, California.

2.         Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation
The condensed consolidated financial statements include the accounts of BridgeBio and its wholly-owned subsidiaries and controlled entities, substantially 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 redeemable convertible noncontrolling interests and noncontrolling interests” on 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 assess whether we are the primary beneficiary of a VIE or whether we have a majority voting interest for entities consolidated under the VOE model at the inception of the arrangement and at each reporting date.
The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) 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. Certain reclassifications have been made to prior period amounts to conform to current period presentations. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC.
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BRIDGEBIO PHARMA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

The condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal and recurring adjustments, necessary for a fair statement of our financial position, our results of operations and comprehensive loss, stockholders’ deficit and our cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for any other future annual or interim periods.
Concentration of Credit Risk and Other Risks and Uncertainties
Financial instruments that subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities, accounts receivable, and restricted cash. Amounts on deposit may at times exceed federally insured limits. Although management currently believes that the financial institutions with whom the Company does business will be able to fulfill their commitments to the Company, there is no assurance that those institutions will be able to continue to do so . The Company has not experienced any credit losses associated with its balances as of September 30, 2025 and December 31, 2024.
During the three and nine months ended September 30, 2025 and 2024, our revenues were generated primarily from product sales to customers and from license and collaboration agreements with strategic partners.
The following table summarizes customers that represent 10% or greater of our condensed consolidated total gross revenues:

Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Bayer (as described in Note 11) * 13.2 % 20.5 % 60.7 %
Kyowa Kirin Co., Ltd (as described in Note 11) * 75.0 % * 34.3 %

Customer A 20.6 % * 17.3 % *
Customer B 22.5 % * 17.1 % *
Customer C 17.4 % * 12.7 % *
Customer D 17.4 % * 12.9 % *
Customer E 14.4 % * * *

* Represents less than 10% and/or not a customer in the applicable period.
We are subject to credit risk from our accounts receivable which primarily consist of amounts due from product sales to customers and from license and collaboration agreements with strategic partners. We have not experienced any material losses related to receivables from individual customers or groups of customers. We also do not require any collateral. Accounts receivable are recorded net of allowance for credit losses, if any. As of September 30, 2025, five customers each accounted for more than 10% of our consolidated gross accounts receivable balance, at 23.6 %, 20.3 %, 18.5 %, 17.4 % and 13.9 %. As of December 31, 2024, five customers each accounted for more than 10% of our consolidated gross accounts receivable balance, at 17.3 %, 17.3 %, 16.9 %, 12.0 % and 11.9 %.
We are subject to certain risks and uncertainties and we believe that changes in any of the following areas could have a material adverse effect on future financial position or results of operations: ability to obtain future financing, regulatory approval and market acceptance of, and reimbursement for, product candidates, performance of third-party contract research organizations and manufacturers upon which we rely, development of sales channels, protection of our intellectual property, litigation or claims against us based on intellectual property, patent, product, regulatory, clinical or other factors, and our ability to attract and retain employees necessary to support our growth.
We are dependent on third-party contract manufacturing organizations (“CMOs”) to supply Attruby and Beyonttra and for research and development activities in our programs. In particular, we rely and expect to continue to rely on a small number of manufacturers, and in some cases a single source manufacturer, to supply us with our requirements for the active pharmaceutical ingredients and formulated drugs related to the sale of our commercial product and the research and development of our other clinical product candidates. The sale of our commercial product and development of our other clinical product candidates could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs.
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BRIDGEBIO PHARMA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

Use of Estimates
The preparation of condensed consolidated financial statements in conformity with U.S. 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 periods. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to:
• revenue recognition for transactions accounted for under ASC 606, Revenue from Contracts with Customers (“ASC 606”), including estimating the impact of variable consideration and determining and allocating the transaction price to performance obligations,
• accruals for research and development activities, such as clinical, development, regulatory, and sales-based milestone payments in our in-licensing agreements and asset acquisitions,
• deferred royalty obligations, related embedded derivative liability and underlying assumptions,
• accruals for performance-based milestone compensation arrangements,
• the expected recoverability and estimated useful lives of our long-lived assets,
• additional charges as a result of, or that are associated with, any restructuring initiative as well as impairment and related charges,
• inventory valuation and related reserves, and
• allowance for credit losses.
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.
Cash, Cash Equivalents, Marketable Securities, 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, U.S. treasury bills and securities issued by the U.S. government or its agencies.
Our marketable securities consist of high investment grade fixed income securities invested in U.S. treasury bills. We classify our marketable securities as available-for-sale securities and report them at fair value in cash equivalents or marketable securities on the consolidated balance sheets with related unrealized gains and losses included as a component of stockholders’ deficit. We classify our marketable securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity which is included in interest income on the consolidated statements of operations. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are included in “Other income (expense), net”. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income.
Our cash, cash equivalents, and marketable securities are exposed to credit risk in the event of default by the third parties that hold or issue such assets. Our cash, cash equivalents, and marketable securities are held by financial institutions that management believes are of high credit quality. Our investment policy limits investments to fixed income securities denominated and payable in U.S. dollars such as commercial paper, U.S. government obligations, treasury bills, and money market funds, and places restrictions on maturities and concentrations by type and issuer.
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BRIDGEBIO PHARMA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

Cash as reported in the accompanying condensed consolidated statements of cash flows includes the aggregate amounts of cash, cash equivalents and restricted cash as presented on the accompanying condensed consolidated balance sheets as follows:

September 30, 2025 December 31, 2024
(in thousands)
Cash and cash equivalents $ 642,951   $ 681,101  
Restricted cash — included in “Prepaid expenses and other current assets” 126   126  
Restricted cash, non-current — included in “Other assets” 2,019   2,017  
Total cash, cash equivalents and restricted cash $ 645,096   $ 683,244  

Restricted cash primarily represents certain letters of credit for lease agreements, of which we have pledged cash and cash equivalents as collateral.
Other Current Liabilities
Other current liabilities presented on the condensed consolidated balance sheets consisted of the following balances:

September 30, 2025 December 31, 2024

(in thousands)
Accrued rebates and other related costs $ 47,444   $ 210  
Accrued commercial 23,165   11,267  
Deferred royalty obligations, current portion (1) 8,601   144  
Accrued professional services 4,986   3,673  
Accrued interest 4,253   11,056  
Milestone-based liabilities —   1,595  
Other accrued liabilities 4,294   5,126  
Total other current liabilities $ 92,743   $ 33,071  

(1) Including a related party amount of $ 1,647 as of September 30, 2025 (as described in Note 10).
Segments
We are a single operating and reportable segment, which is in the business of identifying and advancing transformative medicines to treat patients. We operate in one segment because our business offerings have similar economics and other characteristics, including the nature of products, clinical and manufacturing processes, types of customers, distribution methods, and regulatory environments. We are managed in the aggregate as one business segment by the Chief Operating Decision Maker (“CODM”), which is our Chief Executive Officer.
While we operate as a single reportable segment, our research and development expenses for our significant programs are tracked and regularly reported to our CODM. Research and development costs consist primarily of external costs, such as fees paid to consultants, contractors, CMOs, and contract research organizations (“CROs”), and purchase of active pharmaceutical ingredients (“APIs”), in connection with our preclinical, contract manufacturing and clinical development activities; as well as internal costs, such as personnel and facility costs, and are tracked on a program-by-program basis. License fees and other costs incurred after a product candidate has been designated and that are directly related to the product candidate are included in the specific program expense. License fees and other costs incurred prior to designating a product candidate are included in early-stage development and research programs, which are presented in the following table in “Other development programs” and “Other research programs,” respectively.
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BRIDGEBIO PHARMA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

The following table summarizes our segment information for significant operating expenses:

Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024

(in thousands) (in thousands)
Revenues:
Net product revenue $ 108,111   $ —   $ 216,351   $ —  
License and services revenue 8,311   2,732   125,441   216,020  
Royalty revenue 4,278   —   6,106   —  
Total revenues, net 120,700   2,732   347,898   216,020  
Operating costs and expenses:
Cost of revenues:
Cost of goods sold 4,028   —   8,910   —  
Cost of license, services and royalty revenue 2,535   598   3,945   1,794  
Total cost of revenues 6,563   598   12,855   1,794  

Research and development by significant program:
Acoramidis for the treatment and primary prevention
   of ATTR-CM 31,978   40,306   84,639   116,846  
Infigratinib for achondroplasia and hypochondroplasia 30,756   22,230   88,881   65,513  
BBP-418 for LGMD2I/R9 14,253   9,073   39,705   29,864  
Encaleret for ADH1 16,046   12,145   44,633   35,297  
Other development programs 357   17,625   22,323   59,602  
Other research programs 19,484   19,065   55,355   68,989  
Total segment research and development 112,874   120,444   335,536   376,111  

Selling, general and administrative 137,621   68,819   373,140   194,149  
Restructuring, impairment and related charges 8,841   4,621   10,216   10,912  
Total operating costs and expenses 265,899   194,482   731,747   582,966  
Loss from operations ( 145,199 ) ( 191,750 ) ( 383,849 ) ( 366,946 )
Other income (expense), net:
Interest income 6,239   3,296   15,522   12,566  
Interest expense ( 11,739 ) ( 23,061 ) ( 41,467 ) ( 69,469 )
Noncash interest expense on deferred royalty obligations (1) ( 36,410 ) —   ( 86,460 ) —  
Gain on deconsolidation of subsidiaries —   52,027   —   178,321  
Loss on extinguishments of debt —   —   ( 21,155 ) ( 26,590 )
Net loss from equity method investments ( 15,834 ) ( 6,563 ) ( 51,579 ) ( 14,488 )
Other income, net 16,461   1797   31,240   10,648  
Total other income (expense), net ( 41,283 ) 27,496   ( 153,899 ) 90,988  
Loss before income taxes ( 186,482 ) ( 164,254 ) ( 537,748 ) ( 275,958 )
Provision for (benefit from) income taxes ( 1,545 ) —   555   —  
Net loss ( 184,937 ) ( 164,254 ) ( 538,303 ) ( 275,958 )
Net loss attributable to redeemable convertible noncontrolling
   interests and noncontrolling interests 2,194   2,214   6,235   5,246  
Segment net loss attributable to common stockholders of BridgeBio $ ( 182,743 ) $ ( 162,040 ) $ ( 532,068 ) $ ( 270,712 )

(1) Including related party amounts of $( 5,383 ) and $( 5,560 ) for the three and nine months ended September 30, 2025, respectively (as described in Note 10).
There are no reconciling items or adjustments between segment “Total revenues, net” and “Net loss attributable to common stockholders of BridgeBio”, and condensed consolidated “Total revenues, net” and “Net loss attributable to common stockholders of BridgeBio”.
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BRIDGEBIO PHARMA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

Total revenues, net is attributed to regions based on the location of our customers or license and collaboration partners.

Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
U.S. 89.6   % 1.8   % 62.2   % 4.8   %
Europe, Middle East, and Africa (EMEA) 7.7   % 13.2   % 34.9   % 60.8   %
Asia-Pacific (APAC) 2.7   % 85.0   % 2.9   % 34.4   %
100.0   % 100.0   % 100.0   % 100.0   %

The CODM does not review assets at a different asset level or category than the amounts disclosed in the condensed consolidated balance sheets. As of September 30, 2025, our capitalized property and equipment located in the U.S., Canada and the rest of the world are approximately 43.5 %, 52.2 %, and 4.3 %, respectively. As of December 31, 2024, our capitalized property and equipment located in the U.S., Canada and the rest of the world are approximately 51.6 %, 44.7 % and 3.7 %, respectively.
Revenue Recognition
For elements or transactions that we determine should be accounted for under ASC 606, we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy our performance obligation. We apply the five-step model to contracts when it is probable that we will collect the consideration to which we are entitled in exchange for the goods or services we transfer to the customer.
At inception of the arrangement, we assess the promised goods or services to identify the performance obligations within the contract. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation, on a relative standalone selling price basis, when (or as) the performance obligation is satisfied, either at a point in time or over time. If the performance obligation is satisfied over time, we recognize revenue based on the use of an input method. As part of the accounting for these arrangements, we develop assumptions that require judgment to determine the standalone selling price for each performance obligation identified in the contract. These key assumptions may include forecasted revenue or costs, development timelines, discount rates and probabilities of clinical and regulatory success.
• Net product revenue: Revenue is recognized when our customers, primarily specialty pharmacies and specialty distributors, obtain control of the product and revenue is adjusted to reflect discounts, chargebacks, rebates, returns and other allowances associated with the respective sales as further described below. In addition, we offer a program that provides free drug products for a limited period of time or in perpetuity, which is based on specific patient eligibility criteria. We recognize the costs of the program, including the cost of the product, as “Selling, general, and administrative” expenses on our condensed consolidated statements of operations upon delivery to the specialty pharmacy.
• License fees : For arrangements that include a grant of a license to our intellectual property, we consider whether the license grant is distinct from the other performance obligations included in the arrangement. Generally, we would conclude that the license is distinct if the customer is able to benefit from the license with the resources available to it. For licenses that are distinct, we recognize revenues from nonrefundable, upfront license fees and other consideration allocated to the license when the license term has begun and we have provided all necessary information regarding the underlying intellectual property to the customer, which generally occurs at or near the inception of the arrangement. For licenses that are bundled with other promises, we determine whether the combined performance obligation is satisfied over time or at a point in time. If the combined performance obligation is satisfied over time, we use judgment in determining the appropriate method of measuring progress for purposes of recognizing revenue from the up-front license fees. We evaluate the measure of progress for each reporting period and, if necessary, adjust the measure of performance and related revenue recognition.
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Notes to Condensed Consolidated Financial Statements
(Unaudited)

• Development and regulatory milestone payments : At the inception of each arrangement that includes development and regulatory milestone payments, we evaluate whether the milestones are considered probable of being achieved and estimate the amount to be included in the transaction price using the most likely amount method. We generally include these milestone payments in the transaction price when they are achieved because there is considerable uncertainty in the research and development processes that trigger these payments under our agreements. Similarly, we include approval milestone payments in the transaction price once the product is approved by the applicable regulatory agency. At the end of each subsequent reporting period, we re-evaluate the probability of achieving such development and regulatory milestones and any related constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis.
• Sales-based milestone payments and royalties : For arrangements that include sales-based royalties, including milestone payments based on the volume of sales, we will determine whether the license is deemed to be the predominant item to which the royalties or sales-based milestones relate and if such is the case, we will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Our partners generally report sales information with a time lag. Thus, we estimate the expected royalty proceeds based on an analysis of historical experience and interim data provided by our partners. Differences between actual and estimated royalty revenues are adjusted in the period in which they become known, typically the following quarter.
• Product supply services : Arrangements that include a promise for the future supply of drug product for either clinical development or commercial supply at the licensee’s discretion are generally considered as options. We will assess if these options provide a material right to the licensee and if so, they are accounted for as separate performance obligations and recognized when the future goods or services related to the option are provided or the option expires.
• Research and development services : For arrangements that include research and development services, we will recognize revenue over time using an input method, representing the transfer of goods or services as we perform activities over the term of the arrangement.
Revenues from product sales are recorded at the net sales price, or “transaction price”, which includes estimates of variable consideration for which reserves are established that result from discounts, returns, chargebacks, rebates, co-pay assistance and other allowances that are offered within contracts between us and our customers, health care providers and other indirect customers relating to the sale of Attruby. These reserves are based on amounts earned or to be claimed on the related sale and are classified as reductions of accounts receivable (if the amount is payable to the customer) or other current liabilities (if the amount is payable to a third-party other than a customer). We use the expected value method, which is the sum of probability-weighted amounts in a range of possible consideration amounts, or the most likely amount method, which is the single most likely amount in a range of possible considerations, to estimate variable consideration related to our product revenue. The estimates of reserves established for variable consideration reflect current contractual and statutory requirements, our historical experience, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The amount of variable consideration that is included in the transaction price may be constrained and is included in net product revenue only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from our estimates. If actual results vary from our estimates, we will adjust these estimates prospectively in the period such change in estimate becomes known, which could affect net product revenue and earnings in the period of adjustment.
The following are the components of variable consideration related to “Net product revenue”:
• Trade discounts and allowances: We provide customary invoice discounts on sales to our U.S. customers for prompt payment. The discounts are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue, and the establishment of a reserve that is offset against our accounts receivable balance on our condensed consolidated balance sheets.
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Notes to Condensed Consolidated Financial Statements
(Unaudited)

• Distribution fees: We receive and pay for various distribution services provided by our customers. These fees are generally accounted for as a reduction of revenue in the same period the related revenue is recognized, and the establishment of a reserve is offset against our accounts receivable balance on our condensed consolidated balance sheets. To the extent that the services received are distinct from the sale of products to our customers, we classify these payments as selling, general and administrative expenses.
• Product returns: Consistent with industry practice, we offer our customers limited product return rights for damages, shipment errors, and expiring product; provided that the return is within a specified period around the product expiration date as set forth in the applicable individual distribution or customer agreement. In estimating for product returns, we consider historical product returns, the underlying product demand, and industry specific data. We estimate the amount of product sales that may be returned and record the estimate as a reduction of revenue and a refund liability included in other current liabilities on our condensed consolidated balance sheets in the period the related product revenue is recognized.
• Chargebacks: Chargebacks result from contractual commitments with the government and other entities to sell products to qualified healthcare providers at prices lower than the list prices charged to our customers. Our customers charge us for the difference between what they pay for the product and the selling price to the qualified healthcare providers. We record reserves and reduce our product revenue for these chargebacks related to product sold to our customers during the reporting period as well as our estimate of product that remains in the distribution channel at the end of the reporting period that we expect will be sold to qualified healthcare providers in future periods. Our established reserve for chargebacks is included as an offset against our accounts receivable balance on our condensed consolidated balance sheets.
• Government rebates: We are subject to discount obligations under government programs, including Medicare and Medicaid programs in the U.S. Rebates are amounts owed after the final dispensing of the product to a benefit plan participant and are based upon contractual agreements with payers or statutory requirements pertaining to Medicare and Medicaid benefit providers. The allowance for rebates is based on contractual or statutory discount rates, estimated payer mix, and expected utilization. Our estimates for the expected utilization of rebates are based on historical dispense data received from our customers and invoices received. We monitor sales trends and adjust the allowance on a quarterly basis to reflect the most recent rebate experience. Our reserve for these rebates is recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of the liability that is included in other current liabilities on our condensed consolidated balance sheets.
• Other incentives: Other incentives include co-payment assistance that we provide to patients with commercial insurance that have coverage and qualify for co-payment assistance. Co-payment assistance is accrued based on an estimate of the number of co-payment assistance claims and the cost per claim that we expect to receive associated with products that have been recognized as revenue. The estimate is recorded as a reduction of revenue in the same period that the related revenue is recognized and also results in the establishment of a liability which is included in other current liabilities on our condensed consolidated balance sheets.
During the three and nine months ended September 30, 2025, we recorded “Net product revenue” of $ 108.1 million and $ 216.4 million, respectively, related to product sales of Attruby. There were no significant changes in estimates of variable considerations during the three and nine months ended September 30, 2025.
For revenue recognized under licensing and collaboration arrangements, we identify the performance obligations and allocate the total consideration we expect to receive on a relative standalone selling price basis to each performance obligation. Variable consideration, such as performance-based milestones, will be included in the total consideration if we expect to receive such consideration and if it is probable that the inclusion of the variable consideration will not result in a significant reversal in the cumulative amount of revenue recognized under the arrangement. Our estimate of the total consideration we expect to receive under each licensing and collaboration arrangement is updated for each reporting period, and any adjustments to revenue are recorded on a cumulative catch-up basis.
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Notes to Condensed Consolidated Financial Statements
(Unaudited)

Inventories
Inventory is recorded at the lower of cost or net realizable value. The cost of raw materials, work in process and finished goods are determined using a standard cost approach, which approximates actual cost determined on a first-in, first-out basis. Raw and intermediate materials that may be used for either research and development or commercial purposes are classified as inventory until the material is consumed or otherwise allocated for research and development. If the material is used for research and development, it is expensed as research and development once that determination is made. We capitalize inventory costs that are expected to be sold commercially once we determine it is probable that the inventory costs will be recovered through commercial sales. Prior to regulatory approval of our product candidates, we record costs related to manufacturing and materials as “Research and development” expenses in the period incurred on the condensed consolidated statements of operations, and therefore such costs are not included in cost of revenue. Subsequent to the FDA approval of Attruby in November 2024, the costs directly related to Attruby manufacturing were capitalized as inventory. We reduce our inventory to net realizable value for potentially excess, dated or obsolete inventory based on our periodic assessment of the recoverability of our capitalized inventory. We periodically review inventory levels to identify what may expire prior to expected sale or have a cost basis in excess of its estimated realizable value and write-down of such inventories are charged to cost of revenues as appropriate. We regularly review our inventories for impairment and reserves are established when necessary. As of September 30, 2025, our inventory reserve was $ 1.1 million.
Inventories presented on the condensed consolidated balance sheet as of September 30, 2025 consisted of the following balances:

September 30, 2025
(in thousands)
Raw materials $ 16,506  
Work in progress 4,132  
Finished goods 4,969  
Inventory reserve ( 1,080 )
Total inventories $ 24,527  

Cost of Revenues
Cost of revenues consists of the following classifications, which are presented accordingly on our condensed consolidated statements of operations:
• Cost of goods sold : Cost of goods sold consists of manufacturing costs, transportation and freight-in, indirect overhead costs (including salary related and stock-based compensation expenses) associated with the commercial manufacturing and distribution of Attruby, and third-party royalties payable on our net product revenue. Cost of goods sold may also include period costs related to excess, dated or obsolete inventory adjustment charges, unabsorbed manufacturing and overhead costs, and manufacturing variances.
• Cost of license, services and royalty revenue : Cost of license, services and royalty revenue consists of manufacturing costs relating to product supply of Beyonttra to our collaboration partners, royalties owed to a third party on the net sales of our licensed product, as well as amortization of intangible assets associated with our license and collaboration agreements, which are amortized over the life of the underlying intellectual property.
Advertising Expense
Advertising expenses include costs incurred to market the Company’s branded product. Advertising production costs, which include costs incurred during production rather than when the advertising takes place, are expensed as incurred. Advertising communication costs, which include costs to run the ad campaign on digital or traditional marketing channels, such as on third-party websites, television, and social and print media, are expensed over the period of the campaign run. Deferred advertising costs primarily consist of vendor payments made in advance to secure media spots across various media channels. Deferred advertising costs are not expensed until the advertising is broadcast.
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Notes to Condensed Consolidated Financial Statements
(Unaudited)

New Accounting Pronouncements Not Yet Adopted
In December 2023, the Financial Standards Accounting Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires public companies on an annual basis to disclose specific categories in the income-tax rate reconciliation, provide information for reconciling items that meet a quantitative threshold, and disclose certain information about income taxes paid. The update will be effective for annual periods beginning after December 15, 2024. We will first apply this guidance, on an annual basis, for the year ending December 31, 2025. While this ASU will expand our income tax disclosures, it is not expected to have a material impact on our consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), which requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in notes to financial statements, including purchases of inventory, employee compensation, depreciation, amortization of intangible assets, and selling expenses. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. We plan to adopt this pronouncement and make the necessary updates to our disclosures for the year ending December 31, 2027, and, aside from these disclosure changes, we do not expect the amendments to have a material effect on our consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments , which seeks to clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. This ASU is effective for fiscal years beginning after December 15, 2025. Early adoption is permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements and related disclosures.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets . This ASU provides a practical expedient that all entities can use when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers . Under this practical expedient, an entity is allowed to assume that the current conditions it has applied in determining credit loss allowances for current accounts receivable and current contract assets remain unchanged for the remaining life of those assets. This ASU is effective for fiscal years beginning after December 15, 2025, and interim reporting periods in those years. Entities that elect the practical expedient and, if applicable, make the accounting policy election are required to apply the amendments prospectively. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements and related disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software . This ASU makes targeted improvements to the accounting for internal-use software, and the ASU will be effective for the first quarter of 2029, with early adoption permitted. This ASU provides for adoption on a prospective basis, with retrospective or modified retrospective application permitted. The Company is currently evaluating the timing and effects of its adoption of this new guidance on its consolidated financial statements.

3.         Fair Value Measurements
Assets and liabilities recorded at fair value on a recurring basis in the condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:
Level 1 — Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2 — Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and
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Notes to Condensed Consolidated Financial Statements
(Unaudited)

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment we exercise in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
The carrying amounts reflected in the accompanying condensed consolidated balance sheets for cash and cash equivalents, marketable securities, accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued expenses approximate their fair values, due to their short-term nature.
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, 2025
Total Level 1 Level 2 Level 3

(in thousands)
Assets
Cash equivalents:
Money market funds $ 231,516   $ 231,516   $ —   $ —  
Treasury bills 39,872   —   39,872   —  
Agency discount notes 11,956   —   11,956   —  
Total cash equivalents 283,344   231,516   51,828   —  
Marketable securities:
Treasury bills 2,991   —   2,991   —  
Total marketable securities 2,991   —   2,991   —  
Total financial assets $ 286,335   $ 231,516   $ 54,819   $ —  
Liability
Embedded derivative (included in “Deferred royalty obligations, net”) $ 30,029   $ —   $ —   $ 30,029  

December 31, 2024
Total Level 1 Level 2 Level 3

(in thousands)
Assets
Cash equivalents:
Money market funds $ 294,872   $ 294,872   $ —   $ —  
Treasury bills 20,714   —   20,714   —  
Agency discount notes 44,205   —   44,205   —  
Total cash equivalents 359,791   294,872   64,919   —  
Total financial assets $ 359,791   $ 294,872   $ 64,919   $ —  
Liability
Embedded derivative (included in “Deferred royalty obligations, net”) $ 41,091   $ —   $ —   $ 41,091  

There were no transfers between Level 1, Level 2 or Level 3 during the periods presented.
There are uncertainties on the fair value measurement of the instruments classified under Level 3 due to the use of unobservable inputs and interrelationships between these unobservable inputs, which could result in higher or lower fair value measurements.
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Notes to Condensed Consolidated Financial Statements
(Unaudited)

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.
Notes
The fair values of our 1.75 % convertible senior notes due 2031 (the “2031 Notes”), 2.25 % convertible senior notes due 2029 (the “2029 Notes”) and our 2.50 % convertible senior notes due 2027 (the “2027 Notes”) (collectively, the “Notes”, refer to Note 9), which differ from their respective carrying values, are determined by prices for the Notes observed in market trading. The market for trading of the Notes is not considered to be an active market and therefore the estimate of fair value is based on Level 2 inputs.
The following table presents the aggregate face values and the fair values of the Notes, based on their market prices on the last trading day for the periods presented:

September 30, 2025 December 31, 2024
Aggregate Face Values Estimated Fair Values Aggregate Face Values Estimated Fair Values

(in thousands) (in thousands)
2031 Convertible Notes $ 575,000   $ 742,818   $ —   $ —  
2029 Convertible Notes $ 747,500   $ 737,842   $ 747,500   $ 640,708  
2027 Convertible Notes $ 550,000   $ 767,525   $ 550,000   $ 578,087  

Term Loan
The fair value of our outstanding term loan under the Amended Financing Agreement (as defined and discussed in Note 9) as of December 31, 2024 was 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 loan as of December 31, 2024 was $ 461.8 million. The Company fully repaid the term loan under the Amended Financing Agreement in February 2025.
Deferred royalty obligations and embedded derivative liability
The embedded derivative liability associated with our deferred royalty obligation under the Funding Agreement, as defined and discussed further in Note 10, is measured at fair value using an option pricing Monte Carlo simulation model and is included as a component of the deferred royalty obligations, net on the condensed consolidated balance sheets. The embedded derivative liability is subject to remeasurement at the end of each reporting period, with changes in fair value recognized as a component of “Other income (expense), net”. The assumptions used in the option pricing Monte Carlo simulation model incorporates certain Level 3 inputs including: (1) our estimates of the probability and timing of related events; (2) the probability-weighted global net product revenue of Attruby and Beyonttra, (3) our risk-adjusted discount rate; (4) volatility; and (5) the probability of a change in control occurring during the term of the instrument.
Under the Monte Carlo simulation model discussed above, the deferred royalty obligation under the Funding Agreement, net of the bifurcated embedded derivative liability, had an estimated fair value of $ 523.2 million and $ 446.0 million as of September 30, 2025 and December 31, 2024, respectively. For the three and nine months ended September 30, 2025, we recognized a $ 5.6 million and $ 11.1 million gain, respectively, for the change in fair value of the embedded derivative liability in “Other income (expense), net” on our condensed consolidated statements of operations.
The deferred royalty obligation under the Royalty Purchase Agreement, as defined and discussed further in Note 10, had an estimated fair value of $ 319.5 million as of September 30, 2025 based on the Monte Carlo simulation model.

4.         Cash Equivalents and Marketable Securities
We invest in certain U.S. government money market funds, treasury bills and commercial paper classified as cash equivalents. Our marketable securities consist of high investment grade fixed income securities that are invested in U.S. treasury bills.
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Notes to Condensed Consolidated Financial Statements
(Unaudited)

Cash equivalents and marketable securities consisted of the following:

September 30, 2025
Amortized
Cost Basis Unrealized
Gains Unrealized
Losses Estimated Fair
Value

(in thousands)
Cash equivalents:
Money market funds $ 231,516   $ —   $ —   $ 231,516  
Treasury bills 39,872   1   ( 1 ) 39,872  
Agency discount notes 11,954   2   —   11,956  
Total cash equivalents $ 283,342   $ 3   $ ( 1 ) $ 283,344  
Marketable securities:
Treasury bills 2,991   —   —   2,991  
Total marketable securities 2,991   —   —   2,991  
Total cash equivalents and marketable securities $ 286,333   $ 3   $ ( 1 ) $ 286,335  

December 31, 2024
Amortized
Cost Basis Unrealized
Gains Unrealized
Losses Estimated Fair
Value

(in thousands)
Cash equivalents:
Money market funds $ 294,872   $ —   $ —   $ 294,872  
Treasury bills 20,710   4   —   20,714  
Agency discount notes 44,201   4   —   44,205  
Total cash equivalents $ 359,783   $ 8   $ —   $ 359,791  

There were no marketable securities as of December 31, 2024.

5.         Noncontrolling Interests
As of September 30, 2025 and December 31, 2024, we had both redeemable convertible noncontrolling interests and noncontrolling interests in consolidated partially-owned entities, for which BridgeBio is the primary beneficiary under the VIE model. These balances are reported as separate components outside stockholders’ deficit in “Redeemable convertible noncontrolling interests” and as part of stockholders’ deficit in “Noncontrolling interests” on 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 period and such adjustments are recorded to “Additional paid-in capital.” For the three and nine months ended September 30, 2025, the adjustments in the aggregate amounted to $( 3.1 ) million and $( 4.7 ) million, respectively. For the three and nine months ended September 30, 2024, the adjustments in the aggregate amounted to $( 2.8 ) million and $( 4.7 ) million, respectively. All such adjustments are disclosed within the “Transfers from (to) noncontrolling interests” line item on the condensed consolidated statements of redeemable convertible noncontrolling interests and stockholders’ deficit.

6.         Equity Method Investments and Other Equity Security Investment
GondolaBio
Since inception through August 16, 2024, Portal Therapeutics, Inc. and Sub21, Inc. were majority-owned consolidated subsidiaries of the Company. On August 16, 2024, the Company contributed its equity ownership in these entities to GondolaBio, LLC (“GondolaBio”) and as a result, Portal Therapeutics, Inc. and Sub21, Inc. were deconsolidated in conjunction with the GondolaBio transaction below.
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Notes to Condensed Consolidated Financial Statements
(Unaudited)

GondolaBio was formed on June 5, 2024 and the Company was the sole member. On August 16, 2024, the Company entered into the Transaction Agreement providing for the formation and funding by certain third-party investors of GondolaBio, a legal joint venture entity for the purpose of researching, developing, manufacturing and commercializing pharmaceutical products, including those contributed to GondolaBio by the Company. The third-party investors providing financing to GondolaBio consist of an investor syndicate, including Viking Global Investors LP, Patient Square Capital, Aisling Capital and an entity owned by Neil Kumar, the Company’s Chief Executive Officer, who are related parties of the Company. The third-party investors committed $ 300.0 million of tranched financing to GondolaBio, of which $ 60.0 million had been contributed as of September 30, 2024. The Company contributed certain assets and its equity in Portal Therapeutics, Inc. and Sub21, Inc. to GondolaBio. Upon completion of the initial contributions, the Company’s equity ownership in GondolaBio was 45.5 %, which had a fair value of $ 50.0 million, and will be subject to reduction as additional tranches of capital contributions are funded. As of September 30, 2025, the Company’s equity ownership percentage in GondolaBio is 29.2 %.
On August 16, 2024, in conjunction with the Transaction Agreement, the limited liability company agreement of GondolaBio was amended and restated (the “A&R LLC Agreement”). The A&R LLC Agreement sets forth, among other things, the economic and governance rights of the members of GondolaBio, including governance rights, economic preferences, privileges, restrictions and obligations of the members. The change in governance structure and composition of the board of managers was deemed a VIE reconsideration event, and GondolaBio was deemed a VIE. As a result of the change in governance structure and composition of the board of managers, BridgeBio is no longer the primary beneficiary, as it no longer has the power over key decisions that significantly impact GondolaBio’s economic performance. Accordingly, BridgeBio deconsolidated GondolaBio, inclusive of Portal Therapeutics, Inc. and Sub21, Inc., on August 16, 2024. On August 16, 2024, we recognized a $ 52.0 million gain on deconsolidation, which is presented as part of “Gain on deconsolidation of a subsidiary” on our condensed consolidated statements of operations.
Upon the deconsolidation of GondolaBio, BridgeBio accounted for its investment in GondolaBio, for which it has significant influence through its ownership interest, using the equity method of accounting under ASC 323 Investments — Equity Method and Joint Ventures . GondolaBio was also deemed a related party. BridgeBio’s equity investment in GondolaBio, valued at $ 50.0 million upon deconsolidation, includes an implied difference of $ 23.9 million between the fair value of the equity investment and the underlying equity in the net assets of GondolaBio (referred to as a “basis difference”) which was allocated to GondolaBio’s in-process research and development (“GondolaBio IPR&D asset”). The basis difference is amortized as a component of the net loss from equity method investment over the useful life of the GondolaBio IPR&D asset. The amortization of the GondolaBio IPR&D asset for the three and nine months ended September 30, 2025 was $ 0.3 million and $ 0.9 million, respectively. The amortization of the IPR&D asset for the period from August 16, 2024 through September 30, 2024 was $ 0.1  million.
For the three and nine months ended September 30, 2025, the Company recognized a net loss from equity method investment of $ 7.1 million and $ 23.0 million, respectively. For the period from August 16, 2024 through September 30, 2024, the Company recognized a net loss from equity method investment of $ 1.4 million. As of September 30, 2025 and December 31, 2024, the aggregate carrying amount of the Company’s equity method investment in GondolaBio was $ 18.5 million and $ 41.5 million, respectively, and is presented as part of “Investment in nonconsolidated entities” on the condensed consolidated balance sheets.
In addition, on August 16, 2024, the Company and GondolaBio entered into a 24-month transition service agreement (the “GondolaBio Transition Service Agreement”) for the provision of certain transitionary consulting services to be provided by the Company and GondolaBio. In October 2024, the Company and GondolaBio entered into a one-year agreement for a partial sublease of a facility (“sublease agreement”). Under the GondolaBio Transition Service Agreement and sublease agreement, the Company recognized $ 3.2 million and $ 8.6 million, respectively, in other income, and $ 1.4 million and $ 4.1 million, respectively, of pass-through costs and sublease income recorded as an offset against operating expenses, during the three and nine months ended September 30, 2025. Under the GondolaBio Transition Service Agreement and sublease agreement, the Company recognized $ 0.4 million in other income and $ 0.4 million of pass-through costs and sublease income recorded as an offset against operating expenses for the period from August 16, 2024 through September 30, 2024. As of September 30, 2025 and December 31, 2024, the Company had $ 4.1 million and $ 3.2 million, respectively, in “Prepaid expenses and other current assets” for transitionary consulting services provided by BridgeBio to GondolaBio and for sublease income. The Company also recognized an immaterial amount and $ 1.2 million, respectively, in “Research and development” expenses for the three and nine months ended September 30, 2025 for transitionary consulting services provided by GondolaBio to BridgeBio. As of September 30, 2025 and December 31, 2024, the Company also had $ 1.3 million and $ 1.2 million, respectively, in “Other current liabilities” for transitionary consulting services provided by GondolaBio to BridgeBio.
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Notes to Condensed Consolidated Financial Statements
(Unaudited)

BridgeBio Oncology Therapeutics, Inc.
On April 30, 2024, TheRas, Inc., doing business as BridgeBio Oncology Therapeutics (“Legacy BBOT”), a majority-owned subsidiary of the Company, completed a $ 200.0 million private equity financing with external investors to accelerate the development of its oncology portfolio. Upon completion of the private equity financing, the Company’s ownership of Legacy BBOT’s equity was reduced to approximately 37.9 %.
As part of the private equity financing transaction, Legacy BBOT’s Certificate of Incorporation and Investors’ Rights Agreement were amended and restated to reflect a change to BBOT’s governance structure and composition of the board of directors, which was determined to be a VIE reconsideration event. Based on the VIE reconsideration assessment, Legacy BBOT was deemed a VIE. As a result of the change in governance structure and composition of the board of directors, BridgeBio was no longer the primary beneficiary of BBOT, as it no longer had the power over key decisions that significantly impact Legacy BBOT’s economic performance. Accordingly, BridgeBio deconsolidated Legacy BBOT on April 30, 2024. On April 30, 2024, we recognized a $ 126.3 million gain on deconsolidation, which is presented as part of “Gain on deconsolidation of a subsidiary” on our condensed consolidated statements of operations. The gain on deconsolidation represents the difference between BridgeBio’s equity investment in Legacy BBOT, valued at $ 124.9 million upon deconsolidation and the carrying value of the net assets held by Legacy BBOT on April 30, 2024.
Upon the deconsolidation of Legacy BBOT, BridgeBio accounted for its retained investment in Legacy BBOT, for which it has significant influence through its ownership interest, using the equity method of accounting under ASC 323 Investments — Equity Method and Joint Ventures . Legacy BBOT was also deemed a related party. BridgeBio’s equity investment in Legacy BBOT, valued at $ 124.9 million upon deconsolidation, was compared to BridgeBio’s percentage of underlying equity in net assets of Legacy BBOT, which includes an implied difference of $ 49.6 million between the fair value of the equity investment and the underlying equity in the net assets of Legacy BBOT (referred to as a “basis difference”). The basis difference was attributed to Legacy BBOT’s in-process research and development (“BBOT IPR&D asset”) and is amortized as a component of the net loss from equity method investment over the estimated useful life of the BBOT IPR&D asset. The amortization of the BBOT IPR&D asset for the three and nine months ended September 30, 2025 was $ 0.6 million and $ 1.8 million, respectively. The amortization of the BBOT IPR&D asset for the period from May 1, 2024 through September 30, 2024 was $ 1.0  million.
On February 28, 2025, Legacy BBOT and Helix Acquisition Corp. II (“Helix”), a special purpose acquisition company, entered into a business combination agreement with Helix II Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Helix, and Legacy BBOT. On August 11, 2025, the business combination with Helix closed, and the combined company was renamed “BridgeBio Oncology Therapeutics, Inc.” BridgeBio Oncology Therapeutics, Inc. began publicly trading on the Nasdaq Global Market under the ticker symbol “BBOT” on August 12, 2025. Following the consummation of the business combination, the Company’s equity ownership percentage in BBOT was reduced to 17.4 % as of September 30, 2025. BridgeBio continues to account for its retained investment in BBOT, for which it has significant influence, using the equity method of accounting.
For the three and nine months ended September 30, 2025, we recognized a net loss from equity method investment of $ 8.7 million and $ 28.6 million, respectively. For the three and nine months ended September 30, 2024, we recognized a net loss from equity method investment of $ 5.2 million and $ 13.1 million, respectively. As of September 30, 2025 and December 31, 2024, the aggregate carrying amount of our equity method investment in BBOT was $ 73.7 million and $ 102.2 million, respectively, and is presented as part of “Investment in nonconsolidated entities” on our condensed consolidated balance sheets.
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Notes to Condensed Consolidated Financial Statements
(Unaudited)

In addition, on April 30, 2024, the Company and Legacy BBOT entered into an 18 -month transition service agreement (the “BBOT Transition Service Agreement”) for the provision of certain transitionary consulting services to be provided by the Company and Legacy BBOT. Under the BBOT Transition Service Agreement, the Company recognized $ 0.2 million and $ 0.9 million, respectively, in other income and $ 0.2 million and $ 0.3 million, respectively, as an offset against operating expenses during the three and nine months ended September 30, 2025. Under the BBOT Transition Service Agreement, the Company recognized $ 0.8 million and $ 1.6 million, respectively, in other income, and $ 0.6 million and $ 0.7 million, respectively, as an offset against operating expenses during the three and nine months ended September 30, 2024. As of September 30, 2025 and December 31, 2024, the Company had $ 0.8 million and $ 0.5 million, respectively, in “Prepaid expenses and other current assets” for transitionary consulting services provided by BridgeBio to BBOT. The Company recognized an immaterial amount in “Research and development” expenses for the three and nine months ended September 30, 2025 for transitionary consulting services provided by BBOT to BridgeBio. The Company recognized $ 0.4 million and $ 0.7 million, respectively, in “Research and development” expenses for the three and nine months ended September 30, 2024. As of September 30, 2025 and December 31, 2024, the Company also had immaterial amounts in “Accrued research and development liabilities” for transitionary consulting services provided by BBOT to BridgeBio.
In August 2025, the Company and BBOT entered into an amendment to the BBOT Transition Service Agreement, pursuant to which     BBOT agreed to issue 784,720 shares of its common stock to the Company by October 31, 2025. As of September 30, 2025, the shares had not yet been issued, and we recorded $ 7.8  million within “Other assets” on our condensed consolidated balance sheets with a corresponding amount recognized in “Other income, net” on our condensed consolidated statements of operations. The shares were subsequently issued on October 10, 2025.
LianBio
On February 13, 2024, LianBio announced plans to wind down its operations, including the sale of its remaining assets, delisting of its American Depository Shares from the Nasdaq Global Market, deregistration under Section 12(b) of the Securities Act of 1934, and workforce reductions. LianBio's Board of Directors declared a special cash dividend of $ 4.80 per ordinary share, net of applicable depositary fees of $ 0.05 per share held and applicable taxes. On February 20, 2024, QED Therapeutics, Inc. (“QED”) exercised the 347,569 shares of LianBio warrants it held for an immaterial amount. In March 2024, we received net proceeds of $ 25.7 million in a special cash dividend and recognized net realized gains of $ 1.8 million from our investment in LianBio equity securities. As of September 30, 2025, the Company held 5,350,361 shares of LianBio common stock. In June 2025, LianBio's Board of Directors declared a special cash dividend of $ 0.43 per ordinary share, net of applicable depositary fees of $ 0.05 per share held and applicable taxes. In July 2025, we received net proceeds of $ 2.3 million in a special cash dividend, which we recognized during the three months ended September 30, 2025 as other income in “Other income (expense), net” on our condensed consolidated statements of operations .

7.         Intangible Assets, net
The following table summarizes our recognized intangible assets as a result of the arrangements described in the following sections:

September 30, 2025 December 31, 2024
Weighted-average
Estimated Useful Lives Amount Weighted-average
Estimated Useful Lives Amount

(in thousands) (in thousands)
Gross amount 13.7 $ 39,400   10.0 years $ 32,500  
Less: accumulated amortization ( 10,605 ) ( 8,574 )
Total $ 28,795   $ 23,926  

The Company’s intangible assets primarily consist of acquired intellectual property rights, including patents and proprietary know-how, related to infigratinib, a compound targeting fibroblast growth factor receptor (“FGFR”). Following FDA approval of TRUSELTIQ TM in May 2021, these assets were initially recognized in relation to milestone payments made totaling $ 32.5 million. While the FDA announced the withdrawal of the approval for TRUSELTIQ TM in May 2023, the intellectual property is still being utilized by the Company in its ongoing clinical investigations involving other FGFR-related conditions.
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BRIDGEBIO PHARMA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

In addition, as a result of the regulatory milestone achieved in February 2025 under the Bayer License Agreement (as defined below) and the regulatory milestone achieved in May 2025 under the Eidos-Alexion Agreement (as defined below), we paid regulatory milestone fees to Leland Stanford Junior University (“Stanford University”) in the aggregate amount of $ 6.9 million during the nine months ended September 30, 2025. We capitalized these license fees as finite-lived intangible assets and are amortizing them over their estimated useful lives on a straight-line basis. Refer to Notes 11 and 12 for definitions and details regarding the Bayer License Agreement, the Eidos-Alexion License Agreement, and the Stanford License Agreement.
Amortization expense, recorded as part of “Cost of license, services and royalty revenue” for the three and nine months ended September 30, 2025 was $ 0.7 million and $ 2.0 million, respectively. Amortization expense, recorded as part of “Cost of license, services and royalty revenue” for the three and nine months ended September 30, 2024 was $ 0.6 million and $ 1.8 million, respectively. Future amortization expense is $ 0.7 million for the remainder of 2025, $ 2.9 million for each of the years from 2026 to 2030 and $ 13.6 million thereafter.

8.         Commitments and Contingencies
Milestone Compensation Arrangements
We have performance-based milestone compensation arrangements with certain employees and consultants, whose vesting is contingent upon meeting various milestones, with fixed monetary amounts known at inception that can be settled in the form of cash or equity at our sole discretion. We also have performance-based milestone compensation arrangements with certain employees and consultants as part of the 2020 Stock and Equity Award Exchange Program (the “Exchange Program”, refer to Note 15). The compensation arrangements under the Exchange Program are to be settled in the form of equity only. Performance-based milestone awards that are settled in the form of equity are satisfied in the form of fully-vested restricted stock awards (“RSAs”). We accrue for such contingent compensation when the related milestone is probable of achievement and is recorded in “Accrued compensation and benefits” for the current portion and in “Other long-term liabilities” for the noncurrent portion on the condensed consolidated balance sheets. There is no accrued compensation expense for performance-based milestone awards that are assessed to be not probable of achievement. The table below shows our commitment for the potential milestone amounts and the accruals for milestones deemed probable of achievement as of September 30, 2025.

Potential Fixed Monetary
Amount Accrued
Amount (1)

Settlement Type (in thousands)
Cash $ 805   $ 52  
Stock (2)
14,432   —  
Cash or stock at our sole discretion 54,504   651  
Total $ 69,741   $ 703  

(1) Amount recorded for performance-based milestone awards that are probable of achievement.
(2) Includes the performance-based milestone awards that were granted as part of the Exchange Program further discussed in Note 15.
Other Commercial and Research and Development Agreements
We may also enter into contracts in the normal course of business with various counterparties, including vendors for our commercial products, contract research organizations for services related to clinical trials, CMOs for clinical supplies, and other vendors for preclinical studies, supplies, and other operating purposes. These contracts generally provide for termination on notice with potential termination charges. As of September 30, 2025 and December 31, 2024, there were no material amounts accrued related to termination charges.
In the normal course of business, we have also entered into contracts which contain minimum noncancellable purchase commitments and obligations. These include commitments for the supply, manufacturing, and packaging of our commercial product as well as agreements to support the sales and marketing activities for Attruby. As of September 30, 2025, we have minimum noncancellable commitments in aggregate of $ 64.3 million.
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BRIDGEBIO PHARMA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

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 financial statements.
We also maintain director and officer insurance, which may cover certain liabilities arising from our obligation to indemnify our directors and certain officers. To date, we have not paid any claims related to our indemnification obligations, incurred any material costs and have not accrued any material liabilities on the condensed consolidated financial statements as a result of these provisions.
Contingencies
From time to time, we may become involved in legal proceedings arising in the ordinary course of business. We are not currently a party to any material legal proceedings.

9.         Debt
Notes
2031 Notes, net
On February 28, 2025, we issued an aggregate of $ 575.0 million principal amount of our 2031 Notes pursuant to an Indenture dated February 28, 2025 (the “2031 Notes Indenture”), between us and U.S. Bank Trust Company, National Association, as trustee (the “2031 Notes Trustee”), in a private offering to qualified institutional buyers (the “2025 Note Offering”) pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The 2031 Notes issued in the 2025 Note Offering include $ 75.0 million aggregate principal amount of 2031 Notes sold to the initial purchasers of the 2031 Notes (the “2031 Notes Initial Purchasers”) pursuant to the exercise in full of the 2031 Notes Initial Purchasers’ option to purchase additional 2031 Notes.
The 2031 Notes are senior, unsecured obligations of BridgeBio and will accrue interest payable semiannually in arrears on March 1 and September 1 of each year, beginning on September 1, 2025, at a rate of 1.75 % per year. The 2031 Notes will mature on March 1, 2031, unless earlier converted, redeemed or repurchased. The 2031 Notes are convertible into cash, shares of BridgeBio’s common stock or a combination of cash and shares of BridgeBio’s common stock, at our election.
We received net proceeds from the 2025 Note Offering of approximately $ 563.0 million, after deducting the 2031 Notes Initial Purchasers’ discount and offering costs. We used approximately $ 48.3 million of the net proceeds from the 2025 Note Offering to pay for the repurchase of shares of BridgeBio’s common stock as described below and used a portion of the net proceeds from the 2025 Note Offering to repay all outstanding borrowings under, and terminate, the Financing Agreement, as defined below, and pay any fees related thereto.
A holder of 2031 Notes may convert all or any portion of its 2031 Notes at its option at any time prior to the close of business on the business day immediately preceding December 2, 2030, in multiples of $1,000 only under the following circumstances:
• During any calendar quarter commencing after the calendar quarter ending on June 30, 2025 (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 2031 Notes Indenture) per $1,000 principal amount of 2031
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Notes to Condensed Consolidated Financial Statements
(Unaudited)

Notes for each trading day of the measurement period was less than 98 % of the product of the last reported sale price of BridgeBio’s common stock and the conversion rate on each such trading day;
• If we call such notes for redemption, at any time prior to the close of business on the second business day immediately preceding the redemption date; or
• Upon the occurrence of specified corporate events, as defined in the 2031 Notes Indenture.
On or after December 2, 2030 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 2031 Notes at any time, regardless of the foregoing.
The conversion rate will initially be 20.0773 shares of BridgeBio’s common stock per $1,000 principal amount of 2031 Notes (equivalent to an initial conversion price of approximately $ 49.81 per share of BridgeBio’s common stock, for a total of approximately 11,544,448 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 or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2031 Notes in connection with such a corporate event. The maximum number of shares issuable should there be an increase in the conversion rate is 16,739,400 shares of BridgeBio’s common stock.
We may not redeem the 2031 Notes prior to March 6, 2028. We may redeem for cash all or any portion of the 2031 Notes, at our option, on a redemption date occurring on or after March 6, 2028 and on or before the 41 st scheduled trading day immediately before the maturity date, under certain circumstances. No sinking fund is provided for the Notes. If we undergo a fundamental change (as defined in the 2031 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2031 Notes at a fundamental change repurchase price equal to 100 % of the principal amount of the 2031 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 2031 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2031 Notes Trustee or the holders of not less than 25 % in aggregate principal amount of the 2031 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 2031 Notes are our general unsecured obligations and rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2031 Notes; equal in right of payment with all of our liabilities that are not so subordinated, including our 2029 Notes and 2027 Notes; effectively junior to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries.
In connection with the issuance of the 2031 Notes, we incurred approximately $ 12.0 million of debt issuance costs, which consisted of initial purchasers’ discounts, legal and professional fees. This was recorded as a reduction in the carrying value of the debt on the condensed consolidated balance sheets and is amortized to interest expense using the effective interest method over the expected life of the 2031 Notes, which is approximately six years .
2029 Notes, net
On January 28, 2021, we issued an aggregate of $ 717.5 million principal amount of our 2029 Notes pursuant to an Indenture dated January 28, 2021 (the “2029 Notes Indenture”), between us and U.S. Bank National Association, as trustee (the “2029 Notes Trustee”), in a private offering to qualified institutional buyers (the “2021 Note Offering”) pursuant to Rule 144A under the Securities Act. The 2029 Notes issued in the 2021 Note Offering include $ 67.5 million aggregate principal amount of 2029 Notes sold to the initial purchasers (the “2029 Notes Initial Purchasers”) pursuant to the exercise in part of the 2029 Notes Initial Purchasers’ option to purchase $ 97.5 million principal amount of additional 2029 Notes. On January 28, 2021, the 2029 Notes Initial Purchasers exercised the remaining portion of their option to purchase $ 30.0 million principal amount of additional 2029 Notes. The sale of those additional 2029 Notes closed on February 2, 2021, which resulted in the total aggregate principal amount of $ 747.5 million.
The 2029 Notes are senior, unsecured obligations of BridgeBio and will accrue interest payable semiannually in arrears on February 1 and August 1 of each year, beginning on August 1, 2021, at a rate of 2.25 % per year. The 2029 Notes will mature on February 1, 2029, unless earlier converted, redeemed or repurchased. The 2029 Notes are convertible into cash, shares of BridgeBio’s common stock or a combination of cash and shares of BridgeBio’s common stock, at our election.
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Notes to Condensed Consolidated Financial Statements
(Unaudited)

We received net proceeds from the 2021 Note Offering of approximately $ 731.4 million, after deducting the 2029 Notes Initial Purchasers’ discount (there were no direct offering expenses borne by us for the 2029 Notes). We used approximately $ 61.3 million of the net proceeds from the 2021 Note Offering to pay for the cost of the 2021 Capped Call Transactions described below and approximately $ 50.0 million to pay for the repurchase of shares of BridgeBio’s common stock described below.
A holder of 2029 Notes may convert all or any portion of its 2029 Notes at its option at any time prior to the close of business on the business day immediately preceding November 1, 2028 in multiples of $1,000 only under the following circumstances:
• During any calendar quarter commencing after the calendar quarter ending on June 30, 2021 (and only during such calendar quarter), if the last reported sale price of BridgeBio’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130 % of the conversion price on each applicable trading day;
• During the five -business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined in the 2029 Notes Indenture) per $1,000 principal amount of 2029 Notes for each trading day of the measurement period was less than 98 % of the product of the last reported sale price of BridgeBio’s common stock and the conversion rate on each such trading day;
• If we call such notes for redemption, at any time prior to the close of business on the second business day immediately preceding the redemption date; or
• Upon the occurrence of specified corporate events, as defined in the 2029 Notes Indenture.
On or after November 1, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date, a holder may convert all or any portion of its 2029 Notes at any time, regardless of the foregoing.
The conversion rate will initially be 10.3050 shares of BridgeBio’s common stock per $1,000 principal amount of 2029 Notes (equivalent to an initial conversion price of approximately $ 97.04 per share of BridgeBio’s common stock, for a total of approximately 7,702,988 shares).
The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2029 Notes in connection with such a corporate event. The maximum number of shares issuable should there be an increase in the conversion rate is 11,361,851 shares of BridgeBio’s common stock.
We may not redeem the 2029 Notes prior to February 6, 2026. We may redeem for cash all or any portion of the 2029 Notes, at our option, on a redemption date occurring on or after February 6, 2026 and on or before the 41 st scheduled trading day immediately before the maturity date, under certain circumstances. No sinking fund is provided for the Notes. If we undergo a fundamental change (as defined in the 2029 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2029 Notes at a fundamental change repurchase price equal to 100 % of the principal amount of the 2029 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 2029 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2029 Notes Trustee or the holders of not less than 25 % in aggregate principal amount of the 2029 Notes then outstanding may declare the entire principal amount of all the Notes plus accrued special interest, if any, to be immediately due and payable. The 2029 Notes are our general unsecured obligations and rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2029 Notes; equal in right of payment with all of our liabilities that are not so subordinated, including our 2027 Notes; effectively junior to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries.
In connection with the issuance of the 2029 Notes, we incurred approximately $ 16.1 million of debt issuance costs, which consisted of initial purchasers’ discounts. This was recorded as a reduction in the carrying value of the debt on the condensed consolidated balance sheets and is amortized to interest expense using the effective interest method over the expected life of the 2029 Notes, which is approximately eight years .
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Notes to Condensed Consolidated Financial Statements
(Unaudited)

2027 Notes, net
On March 9, 2020, we issued an aggregate principal amount of $ 550.0 million of our 2027 Notes, pursuant to an Indenture dated March 9, 2020 (the “2027 Notes Indenture”), between us and U.S. Bank National Association, as trustee (the “2027 Notes Trustee”), in a private offering to qualified institutional buyers (the “2020 Note Offering”) pursuant to Rule 144A under the Securities Act. The 2027 Notes issued in the 2020 Note Offering include $ 75.0 million in aggregate principal amount of 2027 Notes sold to the initial purchasers (the “2027 Notes Initial Purchasers”) resulting from the exercise in full of their option to purchase additional 2027 Notes.
The 2027 Notes will accrue interest payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2020, at a rate of 2.50 % per year. The 2027 Notes will mature on March 15, 2027, unless earlier converted or repurchased. The 2027 Notes are convertible into cash, shares of BridgeBio’s common stock or a combination of cash and shares of BridgeBio’s common stock, at our election.
We received net proceeds from the 2020 Note Offering of approximately $ 537.0 million, after deducting the 2027 Notes Initial Purchasers’ discount and offering expenses. We used approximately $ 49.3 million of the net proceeds from the 2020 Note Offering to pay for the cost of the 2020 Capped Call Transactions described below, and approximately $ 75.0 million to pay for the repurchase of shares of BridgeBio’s common stock described below.
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 2027 Notes Indenture) per $1,000 principal amount of 2027 Notes for each trading day of the measurement period was less than 98 % of the product of the last reported sale price of BridgeBio’s common stock and the conversion rate on each such trading day; or
• Upon the occurrence of specified corporate events, as defined in the 2027 Notes Indenture.
On or after December 15, 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date, a holder may convert all or any portion of its 2027 Notes at any time, regardless of the foregoing.
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, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2027 Notes in connection with such a corporate event. The maximum number of shares issuable should there be an increase in the conversion rate is 17,707,635 shares of BridgeBio’s common stock.
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BRIDGEBIO PHARMA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

We may not redeem the 2027 Notes prior to the maturity date, and no sinking fund is provided for the 2027 Notes. If we undergo a fundamental change (as defined in the 2027 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2027 Notes at a fundamental change repurchase price equal to 100 % of the principal amount of the 2027 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 2027 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2027 Notes Trustee or the holders of not less than 25 % in aggregate principal amount of the 2027 Notes then outstanding may declare the entire principal amount of all the 2027 Notes plus accrued special interest, if any, to be immediately due and payable. The 2027 Notes are our general unsecured obligations and rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2027 Notes; equal in right of payment with all of BridgeBio’s liabilities that are not so subordinated, including our 2029 Notes; effectively junior to any of BridgeBio’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries.
In connection with the issuance of the 2027 Notes, we incurred approximately $ 13.0 million of debt issuance costs, which primarily consisted of initial purchasers’ discounts and legal and other professional fees. This was recorded as a reduction in the carrying value of the debt on the condensed consolidated balance sheets and was amortized to interest expense using the effective interest method over the expected life of the 2027 Notes, which is approximately seven years .
Additional Information Related to the Notes
The outstanding Notes’ balances consisted of the following:

September 30, 2025 December 31, 2024
2031 Notes 2029 Notes 2027 Notes 2029 Notes 2027 Notes

(in thousands) (in thousands)
Principal $ 575,000   $ 747,500   $ 550,000   $ 747,500   $ 550,000  
Unamortized debt discount and
   issuance costs ( 10,913 ) ( 7,120 ) ( 3,451 ) ( 8,628 ) ( 4,827 )
Net carrying amount $ 564,087   $ 740,380   $ 546,549   $ 738,872   $ 545,173  

The following table sets forth the total interest expense recognized and effective interest rates related to the Notes for the periods presented:

Three Months Ended September 30, 2025
2031 Notes 2029 Notes 2027 Notes Total

(in thousands)
Contractual interest expense $ 2,600   $ 4,205   $ 3,438   $ 10,243  
Amortization of debt discount and issuance costs 490   506   462   1,458  
Total interest and amortization expense $ 3,090   $ 4,711   $ 3,900   $ 11,701  

Effective interest rate 2.1 % 2.6 % 2.8 %

Three Months Ended September 30, 2024
2029 Notes 2027 Notes Total

(in thousands)
Contractual interest expense $ 4,205   $ 3,438   $ 7,643  
Amortization of debt discount and issuance costs 494   449   943  
Total interest and amortization expense $ 4,699   $ 3,887   $ 8,586  

Effective interest rate 2.6 % 2.8 %

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BRIDGEBIO PHARMA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

Nine Months Ended September 30, 2025
2031 Notes 2029 Notes 2027 Notes Total

(in thousands)
Contractual interest expense $ 5,954   $ 12,614   $ 10,313   $ 28,881  
Amortization of debt discount and issuance costs 1,121   1,508   1,377   4,006  
Total interest and amortization expense $ 7,075   $ 14,122   $ 11,690   $ 32,887  

Effective interest rate 2.1 % 2.6 % 2.8 %

Nine Months Ended September 30, 2024
2029 Notes 2027 Notes Total

(in thousands)
Contractual interest expense $ 12,614   $ 10,313   $ 22,927  
Amortization of debt discount and issuance costs 1,471   1,340   2,811  
Total interest and amortization expense $ 14,085   $ 11,653   $ 25,738  

Effective interest rate 2.6 % 2.8 %

As of September 30, 2025, interest payable on the 2031 Notes, 2029 Notes and 2027 Notes amounted to $ 0.8 million, $ 2.8 million and $ 0.6 million, respectively. As of December 31, 2024, interest payable on the 2029 Notes and 2027 Notes amounted to $ 7.0 million and $ 4.0 million, respectively. Such amounts are included in “Other current liabilities” in our condensed consolidated balance sheets.
Future minimum payments under the Notes as of September 30, 2025 are as follows:

2031 Notes 2029 Notes 2027 Notes Total

(in thousands)

Year ending December 31:
2026 $ 10,063   $ 16,819   $ 13,750   $ 40,632  
2027 10,063   16,819   556,875   583,757  
2028 10,063   16,819   —   26,882  
2029 10,063   755,909   —   765,972  
2030 10,063   —   —   10,063  
Thereafter 580,031   —   —   580,031  
Total future payments 630,346   806,366   570,625   2,007,337  
Less amounts representing interest ( 55,346 ) ( 58,866 ) ( 20,625 ) ( 134,837 )
Total principal amount $ 575,000   $ 747,500   $ 550,000   $ 1,872,500  

Capped Call and Share Repurchase Transactions with Respect to the Notes
On each of January 25, 2021 and March 4, 2020, concurrently with the pricing of the 2029 Notes and 2027 Notes, respectively, we entered into separate privately negotiated capped call transactions (the “2021 Capped Call Transactions” and the “2020 Capped Call Transactions”, respectively), or, together, the Capped Call Transactions, with certain financial institutions (the “Capped Call Counterparties”). We used approximately $ 61.3 million and $ 49.3 million of the net proceeds from the 2021 Note Offering and 2020 Note Offering, respectively, to pay for the cost of the respective Capped Call Transactions. The Capped Call Transactions are expected generally to reduce the potential dilution to BridgeBio’s common stock upon any conversion of Notes and/or offset any cash payments we are required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap initially equal to $ 131.58 for the 2021 Capped Call Transactions and $ 62.12 for the 2020 Capped Call Transactions (both of which represented a premium of 100 % over the last reported sale price of BridgeBio’s common stock on the date of the Capped Call Transactions) and are subject to certain adjustments under the terms of the Capped Call Transactions. The 2021 Capped Calls and 2020 Capped Calls cover 7,702,988 shares and 12,878,305 shares, respectively, of our common stock
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BRIDGEBIO PHARMA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

(subject to anti-dilution and certain other adjustments), which are the same number of shares of common stock that initially underlie the Notes. The 2021 Capped Calls have an initial strike price of approximately $ 97.04 per share, which corresponds to the initial conversion price of the 2029 Notes. The 2020 Capped Calls have an initial strike price of approximately $ 42.71 per share, which corresponds to the initial conversion price of the 2027 Notes. The Capped Call Transactions are separate transactions, entered into by us with the Capped Call Counterparties, and are not part of the terms of the Notes.
These Capped Call instruments meet the conditions outlined in ASC 815-40, Derivatives and Hedging, to be classified in stockholders’ deficit and are not subsequently remeasured as long as the conditions for equity classification continue to be met. We recorded a reduction to additional paid-in capital of approximately $ 61.3 million and $ 49.3 million for the years ended December 31, 2021 and 2020, respectively, related to the premium payments for the Capped Call Transactions.
Additionally, we used approximately $ 50.0 million and $ 75.0 million of the net proceeds from the 2021 Note Offering and 2020 Note Offering to repurchase 759,993 shares and 2,414,681 shares, respectively, of our common stock concurrently with the closing of the Note Offerings from certain of the Notes’ Initial Purchasers in privately negotiated transactions. The agreed purchase price per share of common stock in the repurchases were $ 65.79 and $ 31.06 , which were the last reported sale prices per share of our common stock on The Nasdaq Global Select Market (“Nasdaq”), on January 25, 2021 and March 4, 2020, respectively. The shares repurchased were recorded as “Treasury stock” on our condensed consolidated balance sheets and statements of redeemable convertible noncontrolling interests and stockholders’ deficit.
In February 2025, we used approximately $ 48.3 million of the net proceeds from the 2025 Note Offering to repurchase 1,405,411 shares of our common stock concurrently with the closing of the 2025 Note Offering from certain of the 2031 Notes’ Initial Purchasers in privately negotiated transactions. The agreed purchase price per share of common stock in the repurchase was $ 34.35 , which was the last reported sale price per share of our common stock on the Nasdaq Global Select Market, on February 25, 2025. The shares repurchased were recorded as “Treasury stock” on our condensed consolidated balance sheets and statements of redeemable convertible noncontrolling interests and stockholders’ deficit.
Term Loan, net
Loan and Security Agreement
In November 2021, we entered into a Loan and Security Agreement (as amended by the First Amendment and the Second Amendment (the “Amended Loan Agreement”), by and among (i) U.S. Bank National Association, in its capacity as administrative agent and collateral agent, (ii) certain lenders, (iii) BridgeBio, as a borrower, and (iv) certain subsidiaries of BridgeBio, as guarantors. In May 2022, we entered into the First Amendment and in November 2022, we entered into the Second Agreement.
For the period January 1, 2024 through January 17, 2024, we recognized interest expense related to the Amended Loan Agreement of $ 3.0 million, of which $ 0.4 million relates to amortization of debt discount and issuance costs. On January 17, 2024, the Company fully repaid the Amended Loan Agreement for $ 475.8 million, which consisted of $ 455.4 million for the outstanding principal, $ 9.1 million for the prepayment fee, $ 8.6 million for the exit cost, $ 2.4 million in accrued interest and $ 0.3 million for transaction-related fees using the proceeds from the Financing Agreement and cash on hand, and recognized a loss on extinguishment of debt of $ 26.6 million.
Financing Agreement
On January 17, 2024, the Company and each of the guarantors entered into a Financing Agreement, which was amended on February 12, 2024 (the “Financing Agreement”), with the lenders party thereto (the “Lenders”) and Blue Owl Capital Corporation, as administrative agent for the Lenders (the “Administrative Agent”). On June 20, 2024, the Company and each of the guarantors entered into the Second Amendment to the Financing Agreement (the Financing Agreement, as amended by the Second Amendment, the “Amended Financing Agreement”).
Pursuant to the terms and conditions of the Financing Agreement, the Lenders agreed to extend a senior secured credit facility to the Company in an aggregate principal amount of up to $ 750.0 million, composed of (i) an initial term loan in an aggregate principal amount of $ 450.0 million (the “Initial Term Loan”) and (ii) one or more incremental term loans in an aggregate amount not to exceed $ 300.0 million (collectively, the “Incremental Term Loan,” and together with the Initial Term Loan, collectively, the “Term Loans”), subject to the satisfaction of certain terms and conditions set forth in the Financing Agreement. The Initial Term Loan was funded on January 17, 2024.
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BRIDGEBIO PHARMA, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

Any outstanding principal on the Term Loans will initially bear interest at a rate per annum equal to (A) in the case of Term Loans bearing interest based on the base rate defined in the Financing Agreement (and which base rate will not be less than 2.00 %), the sum of (i) the base rate plus (ii) 5.75 % and (B) in the case of Term Loans bearing interest based on the three-month forward-looking term secured overnight financing rate administered by the Federal Reserve Bank of New York (“Term SOFR”), the sum of (i) three-month Term SOFR (subject to 1.00 % per annum floor), plus (ii) 6.75 %. Accrued interest is payable quarterly following the funding of the Initial Term Loan on January 17, 2024, on any date of prepayment or repayment of the Term Loans and at maturity.
The Company may prepay the Term Loans at any time (in whole or in part) or be required to make mandatory prepayments upon the occurrence of certain customary prepayment events. In certain instances and during certain time periods, prepayments will be subject to customary prepayment fees. The amount of any prepayment fee may vary, but the maximum amount that may be due with any such prepayment would be an amount equal to 3.00 % of the Term Loans being prepaid at such time, plus a customary make whole amount.
In January 2024, we received net proceeds from the Initial Term Loan of $ 434.0 million, after deducting debt discount and issuance costs of $ 16.0 million.
On February 28, 2025, the Company fully repaid the Amended Financing Agreement for $ 467.0 million, which consisted of $ 450.0 million for the outstanding principal of the Initial Term Loan, $ 9.0 million for the prepayment fee, and $ 8.0 million in accrued interest using the proceeds from the 2031 Notes and recognized a loss on extinguishment of debt of $ 21.2 million.
The balances of our borrowing under the Amended Financing Agreement consisted of the following:

December 31, 2024
(in thousands)
Principal value of term loan under the Amended Financing Agreement $ 450,000  
Debt discount and issuance costs ( 12,663 )
Term loan, net $ 437,337  

From January 1, 2025 to February 28, 2025, we recognized interest expense related to the Amended Financing Agreement of $ 8.5 million of which $ 0.5 million relates to amortization of debt discount and issuance costs. For the three and nine months ended September 30, 2024, we recognized interest expense related to the Amended Financing Agreement of $ 14.4 million and $ 40.6 million, respectively, of which $ 0.8 million and $ 2.2 million, respectively, relates to amortization of debt discount and issuance costs.