BBIO 10-K & 10-Q changes, risk factors and insider trading

Our business is substantially dependent on our ability to successfully commercialize AttrubyTM and BeyonttraTM, and the commercial success of Attruby and BeyonttraBeyonttra. orThe anycontinued othercommercial success of this product, along with our product candidates, if approved, will depend upon the degree of market acceptance by physicians, patients, healthcare payors, and others in the medical community.

Our business depends heavily on our ability to successfully commercialize Attruby and Beyonttra. The commercial success of Attruby and Beyonttra or our other product candidates, if approved, will depend upon their degree of market acceptance by physicians, patients, third-party payors, and others in the medical community. Our product candidates, if approved, may nonetheless fail to gain sufficient market acceptance by physicians, patients, healthcare payors, and others in the medical community. The degree of market acceptance of Attruby and Beyonttra or any other of our product candidates we may develop, if approved for commercial sale, will depend on a number of factors, including:

•the efficacy and safety of such product candidates as demonstrated in pivotal clinical trials and published in peer-reviewed journals;

•the potential and perceived advantages compared to alternative treatments, including any similar generic treatments;

•the ability to offer these products for sale at competitive prices;

•the ability to offer appropriate patient access programs, such as co-pay assistance;

•convenience and ease of dosing and administration compared to alternative treatments;

•the clinical indications for which the product candidate is approved by the FDA or comparable regulatory authorities;

•product labeling or product insert requirements of the FDA or other comparable foreign regulatory authorities, including any limitations, contraindications or warnings contained in a product’s approved labeling;

•restrictions on how the product is distributed;

•the timing of market introduction of competitive products, including generics of competing products;

•publicity concerning these products or competing products and treatments;

•the strength of marketing and distribution support;

•favorable third-party coverage and sufficient reimbursement or other assistance for patients who are uninsured or underinsured; and the prevalence and severity of any side effects or adverse events (“AEs”).

If our sales and marketing capabilities for Attruby and BeyonttraBeyonttra, and our future product candidates, if approved, are not effective or we are unable to establish sales and marketing capabilities or enter into and maintain our agreements with third parties to sell and market Attruby and Beyonttra or any future product candidates approved for commercial sale, we may be unsuccessful in our commercial efforts.

To achieve and maintain commercial success for Attruby and Beyonttra and any other approved product for which we retain sales and marketing responsibilities, we must continue to develop a sales and marketing organization or outsource these functions to third parties. In the future, we may choose to grow our focused sales, marketing, and commercial support infrastructure to market and sell our product candidates, if and when they are approved. We may also elect to enter into collaborations or strategic partnerships with third parties to engage in commercialization activities with respect to selected product candidates, indications or geographic territories, including territories outside the United States, as we have done with Bayer and Alexion in the case of Beyonttra once it was approved,Beyonttra, although there is no guarantee we will be able to enter into similar arrangements in the future even if the intent is to do so.

There are risks involved with both establishing our own commercial capabilities and entering into arrangements with third parties to perform these services. For example, recruiting and training a sales force or reimbursement specialists is expensive and time consuming and could delay any product launch. If the commercial launch of a product candidate for which we recruit a sales force and establish marketing and other commercialization capabilities is delayed or does not occur for any reason, we would have prematurely or unnecessarily incurred these commercialization expenses. This may be costly, and our investment would be lost if we cannot retain or reposition commercialization personnel. We may also fail to obtain or maintain the necessary regulatory approvals, distribution licenses or other registrations that are required to ship an approved product to a customer or commercial partner.partner, or our contract manufacturers may fail to supply us or our commercial partners with our required or forecasted amounts of finished product, active pharmaceutical ingredients or raw materials to meet commercial demand on a timely basis, or at all.

•the inability to recruit and retain adequate numbers of effective sales, marketing, reimbursement, customer service, medical affairs, and other support personnel;

•the inability of sales personnel to obtain access to physicians or persuade adequate numbers of physicians to prescribe any future approved products;

•the inability of reimbursement professionals to negotiate arrangements for formulary access, reimbursement, and other acceptance by payors;

•the inability to price products at a sufficient price point to ensure an adequate and attractive level of profitability;

•manufacturing, supply chain or distribution disruptions that delay or prevent the launch and continued commercialization of any approved products by us or a commercial partner;

•the failure to obtain the necessary regulatory approvals, state licenses, wholesale distribution licenses or other registrations that are required to ship an approved product to a customer or commercial partner;

•the lack of complementary products to be offered by sales personnel, which may put us at a competitive disadvantage relative to companies with more extensive product lines; and unforeseen costs and expenses associated with creating an independent commercialization organization.

Our ability to successfully commercialize our product candidates also will depend in part on the extent to which coverage and adequate reimbursement for these products and related treatments will be available from government health administration authorities, private health insurers, and other organizations. Government authorities and third-party payors, such as private health insurers and health maintenance organizations, decide which medications they will pay for and establish reimbursement levels. The availability of coverage and extent of reimbursement by governmental and private payors is essential for most patients to be able to afford treatments such as gene therapy products. InThrough particular,December 2025, the approved list price of Attruby in the United States iswas $18,759.12 for a 28-day supplysupply, andwhich awas subsequently increased to $19,790.00 in January 2026. A significant percentage of patients rely on government programs, such as Medicare and Medicaid, for their coverage of drug and other medical care, so the availability of federal and state coverage of Attruby is critical to the success of our commercialization efforts for Attruby in the United States. Sales of Attruby or any other product candidates, if approved, that we may identify will depend substantially, both domestically and abroad, on the extent to which the costs of such drugs will be paid by health maintenance, managed care, pharmacy benefit and similar healthcare management organizations, or reimbursed by government health administration authorities, private health coverage insurers and other third-party payors. If coverage and adequate reimbursement is not available, or is available only to limited levels, we may not be able to successfully commercialize our product candidates. Even if coverage is provided, the approved reimbursement amountit may not be high enough to allow us to establish or maintain pricing sufficient to realize a sufficient return on our investment.

We have partnered with Bayer and Alexion to commercialize Beyonttra in Europe and Japan, respectively, and we plan to commercialize Attruby and Beyonttra in other foreign markets. In June 2024, BridgeBio B.V. entered into the Bayer Supply Agreement with an initial 30-month term ending in December 2026, for which BridgeBio B.V. will manufacture and supply to Bayer the commercial product ordered by Bayer solely for use in the commercialization of Beyonttra in Europe under the Bayer License Agreement. We may also commercialize in foreign markets any future drugs we develop for which we obtain commercial rights through additional partnerships with third parties or directly by ourselves. In addition, we may agree to supply drug product or API to a commercial partner in other foreign markets similar to our agreement with Bayer. In doing so, we would be subject to additional risks and uncertainties, including:

•the burden of complying with complex and changing foreign regulatory, tax, accounting, compliance and legal requirements;

•different medical practices and customs in foreign countries affecting acceptance in the marketplace;

•import, export or other distribution licensing requirements;

•the potential failure of obtaining and maintaining required licenses with foreign regulatory authorities that are required to ship API or distribute our drug product to customers or commercial partners like Bayer and Alexion;

•longer accounts receivable collection times;

•longer lead times for shipping;

•language barriers for technical training;

•reduced protection of intellectual property rights in some foreign countries, and related prevalence of bioequivalent or generic alternatives to therapeutics;

•foreign currency exchange rate fluctuations;

•potential resource constraints, including with respect to patients’ ability to obtain reimbursement for our products in foreign markets; and the interpretation of contractual provisions governed by foreign laws in the event of a contract dispute.

The uncertainty surrounding the implementation of recent and emerging state privacy laws, regulations and standards that may be adopted in other jurisdictions exemplifiesincreases the vulnerabilityrisk ofto our business to the evolving regulatory environment related to personal data and protected health information.business. Compliance with U.S. and international data protection laws and regulations could require us to take on more onerous obligations in our contracts, restrict our ability to collect, use and disclose data, or in some cases, impact our ability to operate in certain jurisdictions. Failure to comply with these laws and regulations could result in government enforcement actions (which could include civil, criminal and administrative penalties), private litigation, and/or adverse publicity and could negatively affect our operating results and business. Moreover, clinical trial subjects, employees and other individuals about whom we or our potential collaborators obtain personal information, as well as the providers who share this information with us, may limit our ability to collect, use and disclose the information. Claims that we have violated individuals’ privacy rights, failed to comply with data protection laws, or breached our contractual obligations, even if we are not found liable, could be expensive and time-consuming to defend and could result in adverse publicity that could harm our business.

There have been, and likely will continue to be, legislative and regulatory proposals at the foreign, federal and state levels directed at containing or lowering the cost of healthcare. The implementation of cost containment measures or other healthcare reforms may prevent us from being able to generate revenue, attain profitability, or commercialize Attruby and Beyonttra and our other product candidates, if approved. Such reforms could have an adverse effect on anticipated revenue from product candidates that we may successfully develop and for which we may obtain regulatory approval and may affect our overall financial condition and ability to develop product candidates. For example, the current administration is pursuing a two-fold strategy to reduce drug costs in the United States. While it is unclear whether and how the current administration’s proposals will be implemented, these policies are likely to have a negative impact on the pharmaceutical industry and on our ability to receive adequate revenues for our products. The current administration has threatened to impose significant tariffs on pharmaceutical manufacturers that do not adopt pricing policies such as most-favored-nation pricing, which would tie the price for drugs in the United States to the lowest price in a group of other countries. While the United States has not implemented these tariffs, the United States could impose them with minimal notice to the public. In response, multiple manufacturers have entered into confidential pricing agreements with the federal government. On the other hand, the current administration is pursuing traditional regulatory pathways to impose drug pricing policies and published two proposed regulations in December 2025, referred to as GLOBE and GUARD. If finalized, these regulations would implement mandatory payment models under which manufacturers of eligible drugs would be required to pay rebates to the federal government on a portion of the units of their drugs that are reimbursed by Medicare, with the rebate amount based on most-favored-nation pricing. Imposing a rebate in the United States that is based on drug prices outside the United States would mark a drastic and unprecedented shift in the U.S. pharmaceutical market, and while the impact of the GLOBE and GUARD proposed regulations, if finalized, cannot yet be determined, it is likely to be significant depending on the final language. Even regulatory proposals or executive actions that are ultimately deemed unlawful could negatively impact the U.S. pharmaceutical sector and our business. We cannot predict the initiatives that may be adopted in the future. The continuing efforts of the government, insurance companies, managed care organizations and other payors of healthcare services to contain or reduce costs of healthcare and/or impose price controls may adversely affect:

•the demand for Attruby and Beyonttra and our other product candidates, if approved;

•our ability to receive or set a price that we believe is fair for our future products;

•our ability to generate revenue and achieve or maintain profitability;

•the amount of taxes that we are required to pay; and the availability of capital.

We expect that the ACA, as well as other healthcare reform measures that may be adopted in the future, may result in additional reductions in Medicare and other healthcare funding, more rigorous coverage criteria, lower reimbursement, and new payment methodologies. This could lower the price that we receive for any approved product. Any denial in coverage or reduction in reimbursement from Medicare or other government-funded programs may result in a similar denial or reduction in payments from private payors, which may prevent us from being able to generate sufficient revenue, attain profitability or commercialize Attruby and our other product candidates, if approved.

We face competition in the United States for Attruby and may face competition for our other product candidates if approved, from therapies sourced from foreign countries that have placed price controls on pharmaceutical products. In the United States, the Medicare Modernization Act contains provisions that may change U.S. importation laws and expand pharmacists’ and wholesalers’ ability to import cheaper versions of an approved drug and competing products from Canada, where there are government price controls. The FDA also issued a final guidance document outlining a pathway for manufacturers to obtain an additional National Drug Code (“NDC”) for an FDA-approved drug that was originally intended to be marketed in a foreign country and that was authorized for sale in that foreign country. See the section titled, “Business-Government Regulation-Current and Future Legislation” for more information regarding legislative and regulatory changes and proposed changes regarding the healthcare system directed at broadening the availability of healthcare, improving the quality of healthcare, and containing or lowering the cost of healthcare. If certain of these changes are implemented, importation of drugs from Canada may materially and adversely affect the price we receive for any of our product candidates. The regulatory and market implications of the final rule and guidance are unknown at this time. Proponents of drug reimportation may attempt to pass legislation that would directly allow reimportation under certain circumstances. Legislation or regulations allowing the reimportation of drugs, if enacted, could decrease the price we receive for any products that we may develop and adversely affect our future revenues and prospects for profitability. We will continue to monitor developments and their potential effect on our business.

We face significant competition in an environment of rapid technological and scientific change, and there is a possibility that our competitors may achieve commercial success or regulatory approval or commercial success before us or develop therapies that are safer, more advanced or more effective than ours, which may negatively impact our ability to successfully market or commercialize any product candidates we may develop and ultimately harm our financial condition.

The development and commercialization of new drug products is highly competitive. We face competition for Attruby and Beyonttra and we may face competition with respect to any other product candidates that we seek to develop or commercialize in the future from major pharmaceutical companies, specialty pharmaceutical companies, and biotechnology companies worldwide. Potential competitors also include academic institutions, government agencies, and other public and private research organizations that conduct research, seek patent protection, and establish collaborative arrangements for research, development, manufacturing, and commercialization.

ThereOur approved product faces competition from other products approved for the same indication, and there are a number of large pharmaceutical and biotechnology companies that are currently pursuing the development and commercialization of products for the treatment of the indications that some of our corelead valueclinical-stage driversproduct candidates are pursuing. If any competitors for our product candidates receive FDA approval before we do, our product candidates would not be the first treatment on the market, and our market share may be limited. In addition to competition from other companies targeting our target indications, any products we may develop may also face competition from other types of therapies.

We focus research and product development on treatments for Mendelian diseases, many of which are rare or orphan indications. Our projections of both the number of individuals who are affected by our target disease indications and have the potential to benefit from treatment with our product candidates, are based on our beliefs and estimates. These estimates have been derived from a variety of sources, including the scientific literature, and may prove to be incorrect. Further, new studies may change the estimated incidence or prevalence of these diseases. The number of patients may turn out to be lower than expected. The effort to identify patients with diseases we seek to treat is in early stages, and we cannot accurately predict the number of patients for whom treatment might be possible. Additionally, the potentially addressable patient population for our products and product candidates may be limited or may not be amenable to treatment with our products or product candidates, and new patients may become increasingly difficult to identify or gain access to, which would adversely affect our results of operations and our business. Further, even if we obtain significant market share for our product candidates under development in our key value driver programs, because the potential target populations are small, we may never achieve profitability despite obtaining such significant market share. In addition, market share could be limited by the availability of other treatments. In particular, Attruby is not the first treatment on the market for ATTR-CM, and its market share and potential to generate revenues may be limited.

This Annual Report on Form 10-K contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In some cases, you can identify these statements by forward-looking words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “should,” “estimate,” or “continue,” and similar expressions or variations. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, and those discussed in thePart sectionI, titledItem 1A, “Risk Factors” included in this Annual Report on Form 10-K. The forward-looking statements in this Annual Report on Form 10-K represent our views as of the date of this Annual Report on Form 10-K. Except as may be required by law, we assume no obligation to update these forward-looking statements or the reasons that results could differ from these forward-looking statements. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this Annual Report on Form 10-K.

BridgeBio Pharma, Inc. (“weBridgeBio,” the “Company,” or the “Companywe”), is a newcommercial-stage, type ofmulti-product biopharmaceutical company foundedorganized around a portfolio operating model to discover, create, testdevelop, and deliver transformative medicines to treatfor patients who suffer fromwith genetic diseases. BridgeBio’sWe pipelineseek ofto developmenttranslate programsadvances rangesin from earlygenetic science tointo advancedtherapies clinicalfor trials.patient populations with significant unmet medical needs.

As described in Part I, Item 1. “Business” of this Annual Report on Form 10-K, we currently havegenerate material revenues from one commercial product,product AttrubyTMand thathave multiple product candidates in late-stage development. Acoramidis received FDA approval on November 22, 2024 as Attruby, and Beyonttra thatit received approval as Beyonttra from (i) the European Commission (“EC”) on February 10, 2025, (ii) the Japanese Ministry of Health, Labour and multipleWelfare producton candidatesMarch 27, 2025 (pricing approval from the National Health Insurance in late-stageJapan development.was subsequently obtained on May 21, 2025), and (iii) the United Kingdom Medicines and Healthcare Products Regulatory Agency in the UK in April 2025. In Part I, Item 1. “Business” you can also find a summary of key events in 2024 and 2025 to-dateto date related to our commercial product and our late-stage development programs.

Since our inception in 2015, we have focused substantially all of our efforts and financial resources on acquiring and developing product and technology rights, building our intellectual property portfolio and conducting research and development activities for our product candidates and commercial product, and driving commercialization of acoramidis within our wholly-owned subsidiaries and controlled entities, including partially-owned subsidiaries and subsidiaries we consolidate based on our deemed majority control of such entities as determined using either the variable interest entity (“VIE model”), or the voting interest entity (“VOE model”). To support these activities, we and our wholly-owned subsidiary, BridgeBio Services, Inc., (i) identify and secure new programs, (ii) set up new wholly-owned subsidiaries or controlled entities, (iii) recruit key management team members, (iv) raise and allocate capital across the portfolio and (v) provide certain shared services, including accounting, legal, information technology, administrative, and human resources, as well as workspaces. On November 22, 2024 the Company received FDA approval of Attruby (acoramidis), and initiated the commercial launch of Attruby in the United States. However, we have not generated any significant revenue from product sales. To date, we have funded our operations with proceeds from the sale of our equity securities, issuance of convertible notes, debt borrowings, royalty financing,monetization, salecash ofproceeds certainfrom assetsnet and,product torevenue aand lesserroyalty extent,revenue, and upfront and milestone payments received from licensing arrangements.

We have incurred significant operating losses since our inception. For the years ended December 31, 20242025 and 2023,2024, we incurred net losses of $543.3$732.9 million and $653.3$543.3 million, respectively. Our ability to generate product revenue sufficient to achieve profitability will depend heavily on the success of our commercialization strategy for Attruby,Attruby and Beyonttra, and the development and eventual commercialization of our other product candidates at our wholly-owned subsidiaries and controlled entities. Further, we may not realize the anticipated efficiencies and other benefits of our past and any future restructuring initiatives. Failure to generate sufficient cash flows from operations, raise additional capital or reduce certain discretionary spending may have a material adverse effect on our ability to achieve our intended business objectives. We expect to continue to incur operating and net losses for at least the next several years.

On March 1, 2024, certainour subsidiariessubsidiaries, of BridgeBio, including Eidos Therapeutics, Inc.,Eidos, BridgeBio International GmbH and BridgeBio Europe B.V. (collectivelycollectively, “the Seller Parties”), entered into an exclusive license agreement (the “Bayer License Agreement”) with Bayer Consumer Care AG, a wholly-owned subsidiary of Bayer AG (“Bayer”), to develop and commercialize acoramidis as a treatment for transthyretin amyloidosis in the European UnionEU and all member and extension states of the European Patent Organization (the “Licensed Territory”). Under the terms of the Bayer License Agreement, the Seller Parties granted Bayer an exclusive license,license effectiveon uponMarch the26, date that certain antitrust clearances have been obtained,2024 to certain of the Seller Parties’ intellectual property rights to develop, manufacture and commercialize acoramidis (previously known as AG10) in the Licensed Territory. In consideration for the license grant, the Seller Parties receivedare entitled to receive an upfront payment of $135.0 millionmillion, which was received in full in May 2024, and will be eligible to receive up to $150.0 million in regulatory and sales milestone payments through 2026 (of which $75.0 million is for a regulatory milestone dependentof $75.0 million was achieved in February 2025 upon EC approval of acoramidis onunder orthe beforebrand Decembername 31,Beyonttra and received in April 2025), and additional payments up to $450.0 million subject to the achievement of certain sales milestones. In addition, the Seller Parties are entitled to receive royalties according to a tiered structure starting in the low-thirties percent on net sales by Bayer of acoramidis in the Licensed Territory, subject to reduction under certain circumstances as provided in the Bayer License Agreement. In June 2024, BridgeBio Europe B.V. (“BridgeBio B.V.”) entered into the Bayer Supply Agreement with an initial 30-month term ending in December 2026, for which BridgeBio B.V. will manufacture and supply to Bayer the commercial product ordered by Bayer solely for the use in the commercialization in the Licensed Territory under the Bayer License Agreement. Under the Bayer Supply Agreement, Bayer shall pay to BridgeBio B.V. a commercial product per unit price equal to the applicable fully burdened manufacturing cost per unit of product, which shall include the cost of the API used to manufacture the product and the packaging price. As of December 31, 2024, there have been no commercial product supply sales to Bayer. The condition for the $75.0 million regulatory-based milestone payment was achieved upon the EC approval of Beyonttra on February 10, 2025. The Company anticipates receiving this milestone payment from Bayer in April 2025.

InWe Januarycontinuously 2022,evaluate weour restructuring initiatives to streamline our operations and are committed to a restructuring initiativeprogram designed to drive operational changeschanges, in our business processes,improve efficiencies and achieve cost savings to advance our corporate strategy and development programs. TheOur restructuring initiativeinitiatives included,could include, among other components, consolidation and rationalization of our facilities, reprioritization of development programs and the reduction in our workforce. Upon entering into the Bayer License Agreement and termination of the Navire-BMS License Agreement in March 2024 (refer to Note 11 for details regarding these transactions) and our announced decision to cease pursuing development of BBP-631, the Company’s investigational adeno-associated virus 5 gene therapy, for congenital adrenal hyperplasia (“CAH”) in September 2024, we have committed to additional restructuring plans to reprioritize and advance our corporate strategy and development programs. We estimate our remaining restructuring charges, consisting primarily of winding down costs and exit and other related costs will be immaterial. Our estimate of the costs is subject to certain assumptions and actual results may differ from those estimates or assumptions. We may also incur additional costs that are not currently foreseeable as we continue to evaluate our restructuring alternatives to drive operational changes in business processes, efficiencies and cost savings. During the years ended December 31, 20242025 and 2023,2024, our restructuring, impairmentimpairment, and related charges amounted to $15.6$21.3 million and $7.9$15.6 million, respectively, which consisted primarily of winding down costs, exit and other related costs, impairments and write-offs of long-lived assets, and severance and employee-related costs.

Cash, Cash Equivalents, Restricted CashEquivalents and Investments in EquityMarketable Securities

The following table summarizes our revenuecash, forcash equivalents and marketable securities as of the following periods:

The level of revenue, including license and serviceservices revenue,revenue that we recognize depends in part upon the estimated recognition period of the upfront payments allocated to continuing performance obligations, the achievement of milestones and other contingent events, the level of effort incurred for research and development contracted services, and the impact of entering into new licensing and collaboration agreements, if any. In addition, following the FDA approval of Attruby on November 22, 2024, we commercialized Attruby in the U.S. and anticipate our future revenue to primarily be generated from recurring net product sales.revenue. Furthermore, following the regulatory approvals of Beyonttra in the EU in February 2025, in Japan in March 2025 and in the UK in April 2025, we anticipate significant future royalty revenue to be generated from the commercial sales of Beyonttra by Bayer and Alexion.

Research and development costs consist primarily of external costs, such as fees paid to consultants, contractors, contract manufacturing organizations (“CMOs”),CMOs, and contract research organizations (“CROs”), as well as purchase of active pharmaceutical ingredients (“APIs”), in connection with our preclinical, contract manufacturing and clinical development activities; internal costs,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.programs,” respectively.

Restructuring, ImpairmentImpairment, and Related Charges

The following table summarizes our restructuring, impairmentimpairment, and related charges forduring the followingperiods periodsindicated:

As discussed in Note 1716 to our consolidated financial statements, inwe Januarycontinuously 2022,evaluate weour restructuring initiatives to streamline our operations and are committed to a restructuring initiativeprogram designed to drive operational changeschanges, in our business processes,improve efficiencies and achieve cost savings to advance our corporate strategy and development programs. TheOur restructuring initiativeinitiatives included,could include, among other components, consolidation and rationalization of our facilities, reprioritization of development programs and the reduction in our workforce. Upon entering into the Bayer License Agreement and termination of the Navire-BMS License Agreement in March 2024 (refer to Note 11 for details regarding these transactions) and our announced decision to cease pursuing development of BBP-631 for CAH in September 2024, we have committed to additional restructuring plans to reprioritize and advance our corporate strategy and development programs. We estimate our remaining restructuring charges, consisting primarily of winding down costs and exit and other related costs will be immaterial. Our estimate of the costs is subject to certain assumptions and actual results may differ from those estimates or assumptions. We may also incur additional costs that are not currently foreseeable as we continue to evaluate our restructuring alternatives to drive operational changes in business processes, efficiencies and cost savings.

Interest income consistshas historically consisted of interest income earned on our cash, cash equivalents and marketable securities. The amount of interest income during 2024 as compared to 2023 was generally consistent. Generally, increases and decreases in interest income during the years ended December 31, 2025 and 2024 are attributable to changes in the interest-bearing average balances of our cash, cash equivalents andequivalents, marketable securitiessecurities, and fluctuations in interest rates.

Interest expense consists primarily of interest expense incurred under our 2031 Notes issued in February 2025, our 2029 Notes issued in January 2021, and our 2027 Notes issued in March 2020,2020. Refer to Note 9 to our termconsolidated loanfinancial under the Amended Financing Agreement, our term loan under the Amended Loan Agreement, and our deferred royalty obligation under the Funding Agreement.statements.

•the data collected from clinical trials of product candidates that we may identify and pursue may not be sufficient to support the submission of a new drug application (“NDA”), biologics license application (“BLA”), or other submission for regulatory approval in the U.S. or elsewhere;

Although some of our product candidates, including the following,candidates were granted fast track designation by the FDA, we may elect not to pursue any of breakthrough therapy, fast track or RMAT designations for our other product candidates, and the FDA has broad discretion whether or not to grant these designations:designations.

The drug product for Attruby and Beyonttra is currently supplied by one primary supplier. Although weWe have entered into a master agreement with an alternative supplier of drug product forand have taken delivery of commercial drug product manufactured by this commercialsecondary productsupplier. andWe expect thethese initial commercial batch of this materialtablets to beenter releasedour tofinished usgoods inventory later this year fromfollowing thiscompletion secondaryof supplier,packaging. However, we may encounter unexpected delays in the manufacturefurther andprocessing, packaging, release, or supply of commercial drug product.product from this or other suppliers.

Moreover, we may be subject to a third-party preissuance submission of prior art to the U.S. Patent and Trademark Office (“USPTO”) and from time to time have been or may become involved in opposition, derivation, reexamination, inter partes review, post-grant review or interference proceedings challenging our patent rights or the patent rights of others. An adverse determination in any such submission, proceeding or litigation could reduce the scope of, or invalidate, our patent rights, allow third parties to commercialize our product candidates and compete directly with us, without payment to us, or result in our inability to manufacture or commercialize drugs without infringing third-party patent rights. In addition, if the breadth or strength of protection provided by our patents and patent applications is threatened, regardless of the outcome, it could dissuade companies from collaborating with us to license, develop or commercialize current or future product candidates.

In addition, the issuance of a patent is not conclusive as to its inventorship, scope, validity or enforceability, and from time to time our issued patents have been or may be challenged in the courts or patent offices in the U.S. and abroad. Such challenges may result in loss of exclusivity or freedom to operate or in patent claims being narrowed, invalidated or held unenforceable, in whole or in part, which could limit our ability to stop others from using or commercializing similar or identical product candidates to ours, or limit the duration of the patent protection of our product candidates. Given the amount of time required for the development, testing and regulatory review of new product candidates, patents protecting such product candidates might expire before or shortly after such product candidates are commercialized. As a result, our patent portfolio may not provide us with sufficient rights to exclude others from commercializing drugs similar or identical to ours.

Issued patents covering our product candidates could be found invalid or unenforceable if challenged in court.litigation or other proceedings.

If we or one of our licensing partners initiated legal proceedings against a third party to enforce a patent covering one or more of our product candidates, the defendant could counterclaim that the patent covering the relevant product candidate is invalid and/or unenforceable. In patent litigation in the U.S., defendant counterclaims alleging invalidity and/or unenforceability are commonplace. Grounds for a validity challenge could be an alleged failure to meet any of several statutory requirements, including novelty, nonobviousness, written description or enablement. Grounds for an unenforceability assertion could be an allegation that someone connected with prosecution of the patent withheld relevant information from the USPTO, or made a misleading statement, during prosecution. ThirdFrom time to time, third parties have raised and may alsoin the future raise similarvalidity claimschallenges before administrative bodies in the U.S. or abroad, even outside the context of litigation. Such mechanisms include re-examination, post grant review, and equivalent proceedings in foreign jurisdictions (e.g., opposition proceedings). Such proceedings could result in revocation or amendment to our patents in such a way that they no longer cover our products or product candidates. The outcome following legal assertions of invalidity and unenforceability is unpredictable. With respect to the validity question, for example, we cannot be certain that there is no invalidating prior art, of which we and the patent examiner were unaware during prosecution. If a defendant or other third party were to prevail on a legalan assertion of invalidity and/or unenforceability, we would lose at least part, and perhaps all, of the patent protection on our product candidates. Such a loss of patent protection would have a material adverse impact on our business.

As of MarchJune 31,30, 2026, we had 919999 full-time employees and 4 part-time employees. While we believe our structure enables us to reduce certain infrastructure costs, the small size of our central team, consisting of employees engaged in providing administrative, research and development and other services across our entire organization, may cause us to be unable to devote adequate personnel, time and resources to support the operations of all of our subsidiaries, including their research and development activities, employee recruiting and retention efforts and the management of financial and accounting and reporting matters. From time to time, members of our central team may not have access to adequate information regarding aspects of the business and operations of our subsidiaries to sufficiently manage these affairs. Additionally, because our dedicated subsidiary-level employees and management are primarily incentivized at the subsidiary level, these employees and management team members may not be sufficiently incentivized to maximize the overall value of our entire organization. If our central team fails to provide adequate administrative, research and development or other services across our entire organization, or our subsidiary-level employees and management do not perform in a manner that aligns with the interests of our entire organization, our business, financial condition and results of operations could be harmed.

As of MarchJune 31,30, 2026, we had 919999 full-time employees and 4 part-time employees across all of our affiliates and controlled entities. As we mature, we expect to expand our full-time employee base and to hire more consultants and contractors. Our management may need to divert a disproportionate amount of its attention away from our day-to-day activities and devote a substantial amount of time toward managing these growth activities. We may not be able to effectively manage the expansion of our operations, which may result in weaknesses in our infrastructure, operational mistakes, loss of business opportunities, loss of employees and reduced productivity among remaining employees. Our expected growth could require significant capital expenditures and may divert financial resources from other projects, such as the commercialization of our product candidates, if approved and development of additional product candidates. If our management is unable to effectively manage our growth, our expenses may increase more than expected, our ability to generate and/or grow revenues could be reduced, and we may not be able to implement our business strategy. Our future financial performance and our ability to commercialize product candidates if approved, and compete effectively will depend, in part, on our ability to effectively manage any future growth.

Artificial intelligence presents risks and challenges that can impact our business including by posing security risks to our confidential information, proprietary information, and personal data.*

We are not profitable and have incurred losses since our inception in April 2015. For the three and six months ended MarchJune 31,30, 20262026, we incurred net losses of $155.9 million and $322.4 million, respectively. For the three and six months ended June 30, 2025, we incurred net losses of $166.6$183.8 million and $169.6$353.4 million, respectively. As of MarchJune 31,30, 2026, we had an accumulated deficit of $4.0$4.1 billion. In November 2024, Attruby was approved for commercial sale in the U.S. and in February 2025, Beyonttra was approved for commercial sale in the European Union. In addition, we previously had two products approved for commercial sale, NULIBRY and TRUSELTIQTM, but did not generate any significant revenues from product sales, and have until recently financed operations solely through the sale of equity securities, debt financings, royalty monetization, and the sale of certain assets. We continue to incur significant research and development (“R&D”), costs for the commercialization of Attruby and Beyonttra, and other expenses related to ongoing operations and expect to incur losses for the foreseeable future. In addition, we believe that potential delays in our ongoing and planned clinical trials and adjustments to certain of our study procedures for various reasons, such as challenges in enrollment, additional requirements imposed by regulatory authorities or investigative sites, or supply chain issues, could increase our expenditures or draw out our expenditures over a longer period of time than originally estimated. Additionally, changes to our selection of contract research organizations (“CROs”) for non-clinical laboratory activities and engagement with CMOs, to mitigate any potential impacts to our supply chain may increase our expenditures relative to initial expectations. We anticipate these losses will increase substantially in future periods.

As of MarchJune 31,30, 2026, we had working capital of $424.9$202.5 million, of which cash, cash equivalents and marketable securities amounted to $940.2$720.2 million. We expect that our cash and cash equivalents, and marketable securities, and proceeds from Attruby product revenue will be sufficient to fund our operations through at least the next 12 months from the date of filing of this report. However, our operating plan may change as a result of many factors currently unknown to us, including our need for, and ability to raise, capital to support our research, development and commercialization plans, and we may need to seek additional funds sooner than planned, through public or private equity or debt financings or other sources, such as royalty monetization, strategic collaborations or license and development agreements. Any additional fundraising efforts for us may divert our management from their day-to-day activities, which may adversely affect our ability to develop and commercialize product candidates that we may identify and pursue. Moreover, such financing may result in dilution to stockholders, imposition of debt covenants and repayment obligations, or other restrictions that may affect our business. In addition, we may seek additional capital due to favorable market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans.

As of MarchJune 31,30, 2026, we and our subsidiaries had total consolidated indebtedness of $2.5 billion related to the Notes and deferred royalty obligations of $892.7$908.7 million. The Notes include $550.0 million of indebtedness outstanding under our unsecured 2.50% Convertible Senior Notes due 2027 (the “2027 Notes”), $747.5 million of indebtedness outstanding under our 2.25% Convertible Senior Notes due 2029 (the “2029 Notes”), $575.0 million of indebtedness outstanding under our 1.75% Convertible Senior Notes due 2031 (the “2031 Notes”) and $632.5 million of indebtedness outstanding under our 0.75% Convertible Senior Notes due 2033 (the “2033 Notes”). Subject to the limitations in the terms of our existing and future indebtedness, we and our subsidiaries may incur additional indebtedness, secure existing or future indebtedness, or refinance our indebtedness. We may be required to use a substantial portion of our cash to pay interest and principal on our indebtedness. Our ability to make scheduled payments of the principal of, to pay interest on or to refinance our indebtedness, depends on our future performance and our ability to generate sufficient cash flow from our operations, which are subject to economic, financial, competitive and other factors beyond our control. Such payments will reduce the funds available to us for working capital, capital expenditures, and other corporate purposes and limit our ability to obtain additional financing for working capital, capital expenditures, expansion plans, and other investments, which may in turn limit our ability to implement our business strategy, heighten our vulnerability to downturns in our business, the industry, or in the general economy, limit our flexibility in planning for, or reacting to, changes in our business and the industry, and prevent us from taking advantage of business opportunities as they arise. Additionally, if we are unable to generate sufficient cash flow to service our indebtedness and fund our operations, we may be required to adopt one or more alternatives, such as selling assets, restructuring debt or obtaining additional equity capital on terms that may be onerous or highly dilutive. We may not be able to engage in any of these activities or engage in these activities on desirable terms, which could result in a default on our debt obligations.

In the event the conditional conversion feature of the Notes is triggered, holders of the Notes will be entitled to convert the notes at any time during specified periods at their option. If one or more holders elect to convert their Notes, we may satisfy our conversion obligation, at our election, in cash, shares of our common stock, or a combination of cash and shares of our common stock (other than paying cash in lieu of delivering any fractional share). To the extent we elect to settle any conversion in cash or in a combination of cash and shares, the cash portion of such settlement could reduce our liquidity. For example, the 2027 and 2031 Notes became convertible for a limited period starting on AprilJuly 1, 2026 under the conversion condition met and will remain convertible until JuneSeptember 30, 2026.

For example, in May 2023,2026, we entered into an Equity Distribution Agreement with Goldman Sachs & Co. LLC and SVBLeerink SecuritiesPartners LLC, which provided for the offer and sale of up to $450.0$500.0 million of our common stock in an “at-the-market” offering program. Sales under any equity distribution agreements or “at-the-market” offering arrangements, including those we may enter into in the future, could result in substantial dilution to the interests of other holders of our common stock. Additionally, the sale of a substantial number of shares of our common stock or other securities, or the anticipation of such sales, could make it more difficult for us to sell equity or equity-related securities in the future at a time and at a price that we might otherwise wish to effect sales.

Pursuant to our 2021Third Amended and Restated 2021 Stock Option and Incentive Plan (the “A&R 2021 Plan”), we are authorized to grant stock options and other stock-based awards to our employees, directors and consultants. In addition, pursuant to our Amended and Restated 2019 Inducement Equity Plan, we are authorized to grant stock options and other stock-based awards to prospective officers and employees who are not currently employed by us or one of our subsidiaries. If our board of directors elects in the future to increase the number of shares available for future grant and, in the case of the A&R 2021 Plan, if our stockholders approve of any such further increase, our stockholders may experience additional dilution, and our stock price may fall.

Based upon our common stock outstanding as of MarchJune 31,30, 2026, our beneficial stockholders, directors, and executive officers beneficially own 40.4%40.9% of our outstanding common stock. These stockholders will have the ability to influence us through their ownership positions. These stockholders may be able to determine all matters requiring stockholder approval. For example, these stockholders, acting together, may be able to control elections of directors, amendments of our organizational documents, or approval of any merger, sale of assets, or other major corporate transaction. In turn, this may have an adverse effect on the market price of our common stock. This may prevent or discourage unsolicited acquisition proposals or offers for our common stock that you may believe are in your best interest as one of our stockholders. In certain circumstances, these stockholders’ interests as stockholders may differ or even conflict with the interests of our other stockholders.

We currently generate material revenues from one commercial product and have multiple product candidates in late-stage development. Acoramidis received FDA approval in November 2024 as Attruby, and it received approval as Beyonttra from (i) the European Commission (“EC”) on February 10, 2025, (ii) the Japanese Ministry of Health, Labour and Welfare on March 27, 2025 (pricing approval from the National Health Insurance in Japan was subsequently obtained on May 21, 2025), and (iii) the United Kingdom Medicines and Healthcare Products Regulatory Agency in the UK in April 2025. On March 30, 2026, we submitted our New Drug Application (“NDA”) to the FDA for oral BBP-418 for the treatment of LGMD2I/R9. On May 27, 2026, the FDA accepted our NDA for filing, granted Priority Review and assigned a Prescription Drug User Fee Act (“PDUFA”) target action date of November 27, 2026 for BBP-418. On May 12, 2026, we submitted our NDA to the FDA for encaleret as a potential targeted treatment for ADH1. The FDA accepted our NDA for filing and assigned a PDUFA target action date of May 8, 2027 for encaleret. We submitted our NDA to the FDA for low-dose infigratinib for achondroplasia.

We have incurred significant operating losses since our inception. For the threesix months ended MarchJune 31,30, 2026 and 2025, we incurred net losses of $166.6$322.4 million and $169.6$353.4 million, respectively. Our ability to generate product revenue sufficient to achieve profitability will depend heavily on the success of our commercialization strategy for Attruby and Beyonttra, and the development and eventual commercialization of our product candidates at our wholly-owned subsidiaries and controlled entities. Further, we may not realize the anticipated efficiencies and other benefits of our past and any future restructuring initiatives. Failure to generate sufficient cash flows from operations, raise additional capital or reduce certain discretionary spending may have a material adverse effect on our ability to achieve our intended business objectives. We expect to continue to incur operating and net losses for at least the next several years.

OnIn May 6, 2026, our Board of Directors approved a stock repurchase program pursuant to which we may purchase up to $500.0 million of BridgeBio’sour outstanding common stock. Stock repurchases under the program may be made from time to time, in the open market, in privately negotiated transactions and otherwise, at the discretion of our management and in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act, and other applicable legal requirements. The timing, pricing, and amounts of these repurchases will depend on a number of factors, including the market price of our common stock and general market and economic conditions. The stock repurchase program does not obligate us to repurchase any dollar amount or number of shares, and the program may be suspended or discontinued at any time. As of June 30, 2026, we repurchased 1,904,001 shares in the open market at an average price of $66.96 per share for a total of approximately $127.5 million. The repurchased shares were held as treasury stock as of June 30, 2026.

(1)Including a related party amountamounts of $(5,3615,575) and $(10,936), respectively, for the three and six months ended MarchJune 31,30, 2026 (as described in Note 9 to our condensed consolidated financial statements).

Total revenues, net increased by $77.9$133.1 million for the three months ended MarchJune 31,30, 2026, compared to the same period in 2025, which consisted of an increase of $143.9$150.9 million in net product revenue, a decrease of $75.3$31.6 million in license and services revenue, and an increase of $9.3$13.8 million in royalty revenue. Total revenues, net increased by $211.0 million for the six months ended June 30, 2026, compared to the same period in 2025, which consisted of an increase of $294.8 million in net product revenue, a decrease of $106.9 million in license and services revenue, and an increase of $23.1 million in royalty revenue.

Net product revenue from Attruby increased for the three and six months ended MarchJune 31,30, 2026, compared to the same periodperiods in 2025.2025, primarily due to continued commercial expansion driven by patient demand.

License and services revenue decreased for the three months ended MarchJune 31,30, 2026, compared to the same period in 2025, primarily due to recognitionthe achievement of $75.0a regulatory milestone of $30.0 million ofrecognized licenseunder the Eidos-Alexion License Agreement in 2025. License and services revenue decreased for the six months ended June 30, 2026, compared to the same period in 20252025, primarily due to $105.0 million recognized for regulatory milestone achievements following the approval of Beyonttra in the EU.EU and pricing approval of Beyonttra in Japan in 2025.

Royalty revenue increased for the three and six months ended MarchJune 31,30, 2026, compared to the same periodperiods in 2025, primarily due to royalties earned from net product sales of Beyonttra in the EU, following EC approval in February 2025, and in Japan, following pricing approval in May 2025.

Following the FDA approval of Attruby in November 2024, we commercialized Attruby in the U.S. and anticipate our future revenue to primarily be generated from recurring net product revenue from Attruby and future commercial products, if approved. In addition, the level of license and services revenue that we recognize depends in part upon the estimated recognition period of the upfront payments allocated to continuing performance obligations, the achievement of milestones and other contingent events, the level of effort incurred for research and development contracted services, and the impact of entering into new licensing and collaboration agreements, if any. Furthermore, following the regulatory approvals of Beyonttra in the EUEU, in February 2025, in Japan in March 2025,Japan, and in the UK in April 2025, we anticipate significant future royalty revenue to be generated from the commercial sales of Beyonttra by our commercial partners, Bayer and Alexion.

Total cost of revenues increased by $7.3$11.4 million for the three months ended MarchJune 31,30, 2026, compared to the same period in 2025,2025 primarily due to an increase of $5.7$7.7 million in cost of goods sold and an increase of $1.6$3.7 million in cost of license, services, and royalty revenue. Total cost of revenues increased by $18.7 million for the six months ended June 30, 2026, compared to the same period in 2025 primarily due to an increase of $13.4 million in cost of goods sold and an increase of $5.3 million in cost of license, services, and royalty revenue.

Cost of goods sold for the three and six months ended MarchJune 31,30, 2026 and 2025 consists of contract manufacturing costs, transportation and freight-in, and indirect overhead costs (including salary and benefits related and stock-based compensation expenses) associated with the commercial manufacturing and distribution of Attruby, and third-party royalties associated with our net product revenue.

Cost of license, services, and royalty revenue for the three and six months ended MarchJune 31,30, 2026 and 2025, consists mainly of third-party royalties associated with commercial sales of Beyonttra, contract manufacturing costs relating to product supply of Beyonttra to our collaboration partners, and amortization of intangible assets for milestones achieved upon FDA approval from our license and collaboration agreements. We began incurring royalties and manufacturing costs associated with commercial sales of Beyonttra upon its approval in the EU, Japan, and the UK in 2025.

Research and development expenses increased by $15.2$38.2 million and $53.4 million for the three and six months ended MarchJune 31,30, 2026, respectively, compared to the same periodperiods in 2025. The increase consisted of a $9.7 million increase in external costs, a $4.6 million increase in personnel-related expenses, and a $0.9 million increase in stock-based compensation expenses, whichincreases are collectivelyprimarily driven by the development of late-stage programs.

Selling,The generalincrease andof administrative expenses increased by $57.5$57.1 million for the three months ended MarchJune 31,30, 2026, compared to the same period in 2025. The increase2026 was primarily driven by a $43.9$29.9 million increase in external costs, ana $11.4$22.0 million increase in personnel-related expenses,expenses due to increased headcount, and a $2.2$5.2 million increase in stock-based compensation expenses, reflecting continued investment in the ongoing commercialization of Attruby and pre-commercial activities for our Phase 3late-stage product candidates.

Interest income has historically consisted of interest income earned on our cash, cash equivalents and marketable securities. Generally, increases and decreases in interest income during the three and six months ended MarchJune 31,30, 2026 and 2025 are attributable to changes in the interest-bearing average balances of our cash, cash equivalents, marketable securities, and fluctuations in interest rates.

Subsequent to the deconsolidation of GondolaBio, LLC (“GondolaBio”) in August 2024 and TheRas, Inc. (“Legacy BBOT”) in April 2024, weWe account for our investments in GondolaBio and Legacy BBOT (now referred to as “BBOT” as the new combined company as more fully discussed in Note 5 to our condensed consolidated financial statements) using the equity method of accounting. For the three months ended MarchJune 31,30, 2026 we recorded net loss from the equity method investments in GondolaBio and BBOT of nil and $6.2 million, respectively. For the six months ended June 30, 2026 we recorded net loss from the equity method investments in GondolaBio and BBOT of $6.4 million and $11.7$17.9 million, respectively. For the three months ended MarchJune 31,30, 2025 we recorded net loss from equity method investments in GondolaBio and Legacy BBOT of $6.8$9.1 million and $8.7$11.1 million, respectively. For the six months ended June 30, 2025 we recorded net loss from equity method investments in GondolaBio and Legacy BBOT of $15.9 million and $19.8 million, respectively.

The decrease of $4.0 million for the three months ended MarchJune 31,30, 2026, compared to the same period in 2025, was primarily driven by a $3.4 million decrease in net gains on foreign currency transactions and an $0.8 million decrease in other income recognized under the respective transition services agreements with GondolaBio and BBOT (as described in Note 5 to our condensed consolidated financial statements), partially offset by a $2.0 million increase in other income resulting from the change in fair value of the embedded derivative liability component of our deferred royalty obligation under the Funding Agreement.Agreement and $1.4 million of other nonrecurring expense, net incurred in the prior period.

We have historically financed our operations primarily through the sale of our equity securities, issuance of convertible notes, debt borrowings, royalty monetization, cash proceeds from net product revenue and royalties, and upfront and milestone payments received from licensinglicense and collaboration arrangements. As of MarchJune 31,30, 2026, we havehad cash, cash equivalents, and marketable securities of $940.2$720.2 million, including funds held by our wholly-owned subsidiaries and controlled entities. As of MarchJune 31,30, 2026, we havehad outstanding debt of approximately $2.5 billion related to theour convertible senior notesnotes, consisting of $548.0 million related to our 2027 Notes (which matures on March 15, 2027 and is classified as a current liability), $741.9 million related to our 2029 Notes, $565.5 million related to our 2031 Notes, and $620.1 million related to our 2033 Notes, in each case net of unamortized debt discount and issuance costs, and deferred royalty obligations of $892.7$908.7 million, both of which are net of amortization of debt discount and issuance costs.million.

Since inception, we have incurred significant operating losses. For the threesix months ended MarchJune 31,30, 2026 and 2025, we incurred net losses of $166.6$322.4 million and $169.6$353.4 million, respectively. We incurred net cash outflow from operations of $197.3$268.4 million and $199.2$279.9 million for the same periods, respectively. We had an accumulated deficit as of MarchJune 31,30, 2026 and December 31, 2025 of $4.0$4.1 billion and $3.8 billion, respectively. While we have historically undertaken a restructuring initiative to drive operational change in business processes, efficiencies and cost savings, we expect to continue to incur operating and net losses over the next several years as we continue to fund our drug development and discovery efforts, as well as costs related to commercial launch readiness for our late-stage programs. In particular, to the extent we advance our programs into and through later-stage clinical trials without a partner, we will incur substantial expenses. In addition, we may not be able to generate significant revenues from product sales of any of our product candidates, even if any of our product candidates are approved for commercial sale. Further, we may not realize the anticipated efficiencies and other benefits of our past and any future restructuring initiatives. Our current business plan is also subject to significant uncertainties and risks as a result of, among other factors, our ability to generate net product revenue sufficient to achieve profitability, which will depend heavily on the successful development and eventual commercialization of our product candidates at our consolidated entities as well as our ability to partner in the development of certain late-stage clinical programs.

Our short-term and long-term liquidity requirements include contractual payments related to our 20332027 Notes, 2029 Notes, 2031 Notes, 2029 Notes, and 20272033 Notes (refer to Note 8 to our condensed consolidated financial statements), our deferred royalty obligations, net under the Funding Agreement and Royalty Purchase Agreement (refer to Note 9 to our condensed consolidated financial statements), obligations under our real estate leases (refer to Note 12 to our condensed consolidated financial statements), accounts payable,payable and accrued liabilities and the remaining liabilities under our restructuring initiative (refer to Note 15 to our condensed consolidated financial statements).liabilities.

We also have performance-based milestone compensation arrangements with certain employees and consultants,employees, whose vesting is contingent upon meeting various regulatory and development milestones, with fixed monetary amounts known at inception that can be settled in the form of cash or equity at our sole election, upon achievement of each contingent milestone (refer to Note 7 to our condensed consolidated financial statements).

We expect our cash, cash equivalentsequivalents, and marketable securitiessecurities, together with increasing cash collections from product sales of Attruby and Beyonttra, will fund our operations for at least the next 12 months from the date of filing of this Quarterly Report on Form 10-Q based on current operating plans and financial forecasts. If our current operating plans or financial forecasts change, as a result of general market and economic conditions, inflationary pressures, supply chain issues, our commercialization of Attruby/Beyonttra, and timing of commercialization of our product candidates we may require additional funding sooner in the form of public or private equity offerings, debt financings or additional collaborations and licensing arrangements. However, future financing may not be available in amounts or on terms acceptable to us, if at all.

We currently generate material revenues from one commercial product, Attruby, which received FDA approval in November 2024, for the treatment of transthyretin amyloidosis. Product sales of Attruby represent an important source of our liquidity and cash inflows beginning in 2025. As commercialization efforts continue to expand domestically and internationally, and as market adoption increases, we expect product sales of Attruby to provide a growing and recurring source of operating cash flow to support our commercial activities and research and development.

As of MarchJune 31,30, 2026, we have borrowings under the 20332027 Notes, 2029 Notes, 2031 Notes, 2029 Notes, and 20272033 Notes, which are discussed below.

OnIn JanuaryMarch 21, 2026,2020, we issued an aggregate of $632.5 million principal amount of $550.0 million of our 20332027 NotesNotes, pursuant to an Indenture dated March 9, 2020 (the 2033“2027 Notes Indenture”), between us and U.S. Bank National Association, as trustee (the 2033“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 20312027 Notes are senior, unsecured obligations of BridgeBio and accrue interest payable semiannually in arrears on March 115 and September 115 of each year, beginning on September 1,15, 2025,2020, at a rate of 1.75%2.50% per year. The 20312027 Notes will mature on March 1,15, 2031,2027, unless earlier converted, redeemedconverted or repurchased. TheUpon 2031conversion, the 2027 Notes are convertible into cash, shares of our common stock or a combination of cash and shares of our common stock, at our election.

We received net proceeds from the 20252020 Note Offering of approximately $563.0$537.0 million, after deducting the 2031 Notes Initial Purchasers’ discount and offering costs.expenses. We used approximately $48.3$49.3 million to pay for the repurchase of shares of our common stock and used a portion of the net proceeds from the 20252020 Note Offering to repaypay allfor outstandingthe borrowingscost under,of the Capped Call Transactions, and terminate,approximately $75.0 million to pay for the Financingrepurchases Agreement,of andshares payof anyour feescommon related thereto.stock.

A holder of 20312027 Notes may convert all or any portion of its 20312027 Notes at its option at any time prior to the close of business on the business day immediately preceding December 2,15, 2030 in multiples of $1,0002026 only under certain circumstances.

We may not redeem the 20312027 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 41st scheduled trading day immediately before the maturity date, underand certain circumstances. Nono sinking fund is provided for the 20312027 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 20312027 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 20312027 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 20312027 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 20312027 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 20312027 Notes; equal in right of payment with all of our liabilities that are not so subordinated, including our 2029 Notes and 2027 Notessubordinated; 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.

Refer to Note 8 to our condensed consolidated financial statements for other details, including our future minimum payments under the 2031 Notes.details.

InOn MarchFebruary 2020,28, 2025, we issued an aggregate of $575.0 million principal amount of $550.0 million of our 20272031 Notes,Notes pursuant to anthe 2031 Indenture dated MarchFebruary 9,28, 2020 (the “2027 Notes Indenture”),2025 between us and U.S. Bank National Association, as trustee (the “20272031 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 20272031 Notes are senior, unsecured obligations of BridgeBio and accrue interest payable semiannually in arrears on March 151 and September 151 of each year, beginning on September 15,1, 2020,2025, at a rate of 2.50%1.75% per year. The 20272031 Notes will mature on March 15,1, 2027,2031, unless earlier convertedconverted, redeemed or repurchased. UponThe conversion, the 20272031 Notes are convertible into cash, shares of our common stock or a combination of cash and shares of our common stock, at our election.

We received net proceeds from the 20202025 Note Offering of approximately $537.0$563.0 million, after deducting the 2031 Notes Initial Purchasers’ discount and offering expenses.costs. We used approximately $49.3$48.3 million to pay for the repurchase of shares of our common stock and used a portion of the net proceeds from the 20202025 Note Offering to payrepay forall outstanding borrowings under, and terminate, the costFinancing of the Capped Call Transactions,Agreement, and approximately $75.0 million to pay forany thefees repurchasesrelated of shares of our common stock.thereto.

A holder of 20272031 Notes may convert all or any portion of its 20272031 Notes at its option at any time prior to the close of business on the business day immediately preceding December 15,2, 20262030 in multiples of $1,000 only under certain circumstances.

We may not redeem the 20272031 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 41st scheduled trading day immediately before the maturity date, andunder nocertain circumstances. No sinking fund is provided for the 20272031 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 20272031 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 20272031 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 20272031 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 20272031 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 20272031 Notes; equal in right of payment with all of our liabilities that are not so subordinatedsubordinated, 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 May 2023,2026, we filed a shelf registration statement on Form S-3 (the “20232026 Shelf”), with the SEC in relation to the registration of common stock, preferred stock, debt securities, warrants and units or any combination thereof. We also concurrently entered into an Equity Distribution Agreement (the “2026 ATM Agreement”) with Goldman Sachs & Co. LLC and SVBLeerink SecuritiesPartners LLC (collectively, the “2026 ATM Sales Agents”), with respect to an “at-the-market” offering program under which we may issue and sell, from time to time at our sole discretion and pursuant to a prospectus supplement, shares of our common stock, par value $0.001 per share, having an aggregate offering price of up to $450.0$500.0 million through the 2026 ATM Sales Agents. We paidUnder the 2026 ATM Agreement, we have agreed to pay the 2026 ATM Sales Agents a commission of up to 3.0% of the aggregate gross proceeds received from all sales of the common stockstock. underAs theof ATMJune Agreement. The 2023 Shelf expired on May 4,30, 2026, and$500.0 wemillion areremained no longer ableavailable to offerbe or sell securities, including under the ATM Agreement,sold pursuant to the 2023 Shelf. As of March 31, 2026, we were still eligible to sell up to $345.3 million of our common stock pursuant to the2026 ATM Agreement under the 20232026 Shelf prior to such expiration.Shelf.

Net cash used in operating activities was $197.3$268.4 million for the threesix months ended MarchJune 31,30, 2026, and consisted of our net loss of $166.6$322.4 million, noncash adjustments totaling $94.0 million,million and net cash outflow of $124.7$134.1 million related to changes in operating assets and liabilities.liabilities, partially offset by noncash adjustments totaling $188.1 million. The noncash adjustments totaling $94.0$188.1 million primarily included $33.2 million in stock-based compensation expense, $39.9$81.2 million in noncash interest expense on deferred royalty obligations, $18.3$77.3 million in stock-based compensation expense, and $24.7 million in net loss from equity method investments, and $1.8 million in amortization of debt discount and issuance costs; partially offset by $2.2 million in change in fair value of the embedded derivative associated with the deferred royalty obligation under the Funding Agreement (as described in Note 9 of our condensed consolidated financial statements).investments. The net cash outflow of $124.7$134.1 million related to changes in operating assets and liabilities was attributed mainly to an increase of $65.8$115.0 million in accounts receivable, net primarily related to receivables from net product revenues, an increase of $7.1$28.2 million in inventories due to a continuing build-up of Attruby inventory to support anticipated demand, an increase of $18.8$20.2 million in prepaid expenses and other current assets primarily due to timing of payments and operational fluctuations, a decrease of $7.2$9.0 million in accounts payable primarily due to timing of payments, a decrease of $37.5$25.8 million in accrued compensation and benefits, and a decrease of $2.4$4.3 million in deferred revenue primarily related to the Bayer License Agreement and KKC License Agreement; partially offset by an increase of $13.0$23.0 million in accrued research and development and an increase of $4.6$52.4 million in other liabilities primarily due to timing of payments.

Net cash used in operating activities was $199.2$279.9 million for the threesix months ended MarchJune 31,30, 2025,2025 and consisted of our net loss of $169.6$353.4 million, noncash adjustments totaling $86.5 million,million and net cash outflow of $116.1$96.7 million related to changes in operating assets and liabilities.liabilities, partially offset by noncash adjustments totaling $170.2 million. The noncash adjustments totaling $86.5$170.2 million primarily included $25.9$63.1 million in stock-based compensation expense, $24.0$50.0 million in noncash interest expense on deferred royalty obligations, $21.2 million in loss on extinguishment of debt from the repayment of the term loan under the Amended Financing Agreement, net loss from equity method investments of $15.6$35.7 million, and $1.6$3.1 million in amortization of debt discount and issuance costs; partially offset by $4.0 million in change in fair value of the embedded derivative associated with the deferred royalty obligation under the Funding Agreement.costs. The net cash outflow of $116.1$96.7 million related to changes in operating assets and liabilities was attributed mainly to an increase of $110.5$72.1 million in accounts receivable, net primarily related to a $75.0 million receivable under the Bayer License Agreement as well as receivables fromfor net product revenues, an increase of $16.6 million in inventories, an increase of $22.7 million in prepaid expenses and other current assets, a decrease of $19.4$15.6 million in accrued compensation and benefits, and a decrease in deferred revenue of $6.5 million, partially offset by an increase in accounts payable of $3.2$16.5 millionmillion, inwhich inventories,are primarily due to the timing of payments, and an increase in other current liabilities of $17.6$26.6 million in accounts payable.million.

Net Cash Flows Provided by (Used in) Investing Activities

Net cash used in investing activities was $42.7$24.8 million for the threesix months ended MarchJune 31,30, 2026, attributable primarily to purchases of marketable securities of $52.7$63.9 million; partially offset by maturities of marketable securities of $10.0$39.6 million.

Net cash used in investing activities was $1.6$14.6 million for the threesix months ended MarchJune 31,30, 2025, attributable primarily to purchases of marketable securities of $7.9 million and the aggregate payments made for an intangible asset.assets of $6.1 million.