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BridgeBio Pharma, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details a net loss of $164.3 million for the quarter, compared to a net loss of $179.5 million in the same quarter the previous year. The decrease in net loss is attributed to gains from the deconsolidation of subsidiaries and revenue from new licensing agreements.
Revenue for the quarter was $2.7 million, down from $4.1 million in the same period last year. The decrease is primarily due to lower recognition of license revenue.
Research and development expenses were $120.4 million, a slight decrease from $125.1 million in the previous year, reflecting changes in program prioritization.
Selling, general, and administrative expenses increased significantly to $68.8 million from $35.8 million, driven by costs associated with commercialization readiness efforts.
BridgeBio reported a gain of $52.0 million from the deconsolidation of subsidiaries, including GondolaBio, LLC, and BridgeBio Oncology Therapeutics.
The company incurred a loss on extinguishment of debt amounting to $26.6 million related to the repayment of a term loan.
Interest expense increased to $23.1 million from $20.3 million, primarily due to variable interest rates on the new term loan.
Cash and cash equivalents were $266.3 million as of September 30, 2024, with an additional $139.4 million in restricted cash.
BridgeBio continues to face substantial doubt about its ability to continue as a going concern, relying on anticipated FDA approval for acoramidis and associated milestone payments to alleviate financial uncertainties.
The filing also outlines restructuring initiatives aimed at cost reduction and operational efficiency, with expected additional restructuring charges ranging from $6.0 million to $8.0 million.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BridgeBio Pharma Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.