BridgeBio Pharma Inc (BBIO) Reports Q3 2023 Financial Results
BridgeBio Pharma Inc (NASDAQ:BBIO) reported Q3 2023 revenue of $4.1 million, compared to $0.3 million in Q3 2022.
The company ended Q3 2023 with $522 million in cash, cash equivalents, and short-term restricted cash.
BBIO raised approximately $316 million through an at-the-market (ATM) facility and a private placement equity financing (PIPE).
Key programs such as acoramidis, infigratinib, BBP-418, and encaleret continue to progress, with positive results and regulatory meetings.
BridgeBio Pharma Inc (NASDAQ:BBIO) released its Q3 2023 financial results on November 2, 2023. The company reported revenue of $4.1 million for the quarter, compared to $0.3 million in the same period last year. BBIO ended the quarter with $522 million in cash, cash equivalents, and short-term restricted cash, and $38 million of investments in equity securities.
Financial Highlights
BBIO raised gross proceeds of approximately $316 million via an ATM facility and a PIPE from a syndicate of the largest investment management firms. The net increase of $55.7 million in cash, cash equivalents, marketable securities, and short-term restricted cash was primarily attributable to net proceeds received of $450.3 million from various equity financing offerings, and $5.2 million from stock option exercises, primarily offset by net cash used in operating activities of $402.9 million during the nine months ended September 30, 2023.
Key Program Updates
The company provided updates on several key programs. A New Drug Application (NDA) for acoramidis is expected to be filed with the U.S. Food and Drug Administration (FDA) by the end of 2023. Positive regulatory meetings with the FDA and the European Medicines Agency (EMA) were held on the path for infigratinib in children with achondroplasia. Data from the Phase 2 trial of BBP-418 in patients with limb-girdle muscular dystrophy type 2I/R9 (LGMD2I/R9) was shared, showing early changes in glycosylated alpha-dystroglycan (?DG) levels predicted subsequent ambulatory improvements. Phase 2b trial data of encaleret in patients with autosomal dominant hypocalcemia type 1 (ADH1) was published, demonstrating rapid and sustained restoration of physiologic mineral homeostasis in all 13 participants with ADH1.
Operating Costs and Expenses
Operating costs and expenses for Q3 2023 were $161.8 million, compared to $129.5 million for the same period in 2022. The overall increase of $32.3 million in operating costs and expenses for the three months ended September 30, 2023, was primarily due to an increase of $32.6 million in research and development and other expenses to advance the company's pipeline of development programs, and an increase of $4.6 million in selling, general and administrative (SG&A) expenses to support commercialization readiness efforts.
Looking Forward
BBIO continues to make progress in its key programs and is exploring less-dilutive forms of financing. The company anticipates that these efforts, in conjunction with the PIPE financing, could capitalize the company to profitability.
Explore the complete 8-K earnings release (here) from BridgeBio Pharma Inc for further details.
This article first appeared on GuruFocus.
