BBOT 10-K & 10-Q changes, risk factors and insider trading
BridgeBio Oncology Therapeutics, Inc. · Nasdaq · Pharmaceutical Preparations · CIK 1869105 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “BBOT has a limited operating history, has not completed any clinical trials, has no products approved for commercial sale and has not generated any revenue, which may make it difficult for investors to evaluate BBOT’s current business and likelihood of success and viability.”
New heading “BBOT has incurred significant net losses in each period since its inception, and expects to continue to incur significant net losses for the foreseeable future.”
New heading “BBOT’s ability to generate revenue and achieve profitability depends significantly on its ability to achieve its objectives relating to the discovery, development and commercialization of its product candidates.”
New heading “BBOT may require additional capital to finance its operations. If BBOT is unable to raise such capital when needed, or on acceptable terms, BBOT may be forced to delay, reduce or eliminate one or more of its research and drug development programs, future commercialization efforts, product development or other operations.”
New heading “BBOT’s future prospects are substantially dependent on the advancement of its product candidates. If BBOT is unable to advance its product candidates through development, obtain regulatory approval and ultimately commercialize such product candidates, or experience significant delays in doing so, BBOT’s business will be materially harmed.”
New heading “BBOT’s preclinical studies and clinical trials may fail to adequately demonstrate the safety and efficacy of any of its product candidates, which would prevent or delay development, regulatory approval and commercialization.”
New heading “BBOT’s discovery and development activities are focused on precision oncology to treat RAS-dependent cancers, which is a rapidly evolving area of science, and the approach BBOT is taking to discover and develop drugs may never lead to approved or marketable products.”
New heading “Any delays in the commencement or completion, or any termination or suspension, of BBOT’s current, planned or future clinical trials could result in increased costs to BBOT, delay or limit BBOT’s ability to generate revenue and adversely affect BBOT’s commercial prospects.”
New heading “The outcome of preclinical testing and early clinical trials may not be predictive of the success of later clinical trials, and the results of BBOT’s clinical trials may not satisfy the requirements of the FDA, EMA or other comparable foreign regulatory authorities.”
New heading “In addition to BBO-8520, BBO-10203 and BBO-11818, BBOT’s prospects depend in part upon discovering, developing and commercializing additional product candidates from BBOT’s discovery programs, which may fail in development or suffer delays that adversely affect their commercial viability.”
New heading “BBOT’s approach to the discovery and development of product candidates is unproven, and BBOT may not be successful in its efforts to use and expand its approach to build a pipeline of product candidates with commercial value.”
New heading “The regulatory approval processes of the FDA, EMA and other comparable foreign regulatory authorities are lengthy, time consuming and inherently unpredictable. If BBOT is ultimately unable to obtain regulatory approval of its product candidates, BBOT will be unable to generate product revenue and its business will be substantially harmed.”
New heading “BBOT may not be able to submit INDs, CTAs or comparable applications to commence clinical trials on the timelines BBOT expects, and even if BBOT is able to, the FDA, EMA or any comparable foreign regulatory authority may not permit BBOT to proceed.”
New heading “BBOT’s product candidates may cause significant adverse events, toxicities or other undesirable adverse events when used alone or in combination with other approved products or investigational new drugs that may result in a safety profile that could prevent regulatory approval, prevent market acceptance, limit their commercial potential or result in significant negative consequences.”
New heading “Interim, preliminary and topline data from BBOT’s preclinical studies and clinical trials that BBOT announces or publishes from time to time may change as more data become available and are subject to audit and verification procedures that could result in material changes in the final data.”
New heading “If BBOT experiences delays or difficulties in the enrollment or maintenance of patients in clinical trials, BBOT’s regulatory submissions or receipt of necessary marketing approvals could be delayed or prevented.”
New heading “BBOT has limited resources and is currently focusing its efforts on the development of BBO-8520, BBO-10203 and BBO-11818 in particular indications and advancing its discovery programs. As a result, BBOT may fail to capitalize on other indications or product candidates that may ultimately have proven to be more profitable.”
New heading “BBOT currently relies on third parties to supply and manufacture preclinical and clinical drug supplies, and BBOT intends to rely on third parties to produce commercial supplies of any approved product, which increases the risk that BBOT will not have sufficient quantities of these product candidates or products or such quantities at an acceptable cost, which could delay, prevent or impair BBOT’s development or commercialization efforts.”
New heading “BBOT faces substantial competition which may result in others discovering, developing or commercializing products before or more successfully than BBOT does.”
New heading “BBOT’s product candidates may not achieve adequate market acceptance among physicians, patients, healthcare payors and others in the medical community necessary for commercial success.”
New heading “The market opportunities for any product candidates BBOT develops, if approved, may be limited to certain smaller patient subsets and may be smaller than BBOT estimates them to be.”
New heading “Any product candidates BBOT develops may become subject to unfavorable third-party coverage and reimbursement practices, as well as pricing regulations.”
New heading “BBOT’s business entails a significant risk of product liability and if BBOT is unable to obtain sufficient insurance coverage such inability could have an adverse effect on BBOT’s business and financial condition.”
New heading “Certain of BBOT’s product candidates are novel, complex and difficult to manufacture. BBOT could experience manufacturing problems that result in delays in BBOT’s development or commercialization or otherwise harm BBOT’s business.”
New heading “Certain of BBOT’s product candidates are under development for the treatment of patient populations with significant comorbidities that may result in deaths or serious adverse or unacceptable side effects and require BBOT to abandon or limit its clinical development activities.”
New heading “BBOT may be unable to obtain U.S. or foreign regulatory approval and, as a result, may be unable to commercialize its product candidates.”
New heading “BBOT plans to develop certain of its current product candidates and potentially future product candidates in combination with other therapies, which would expose BBOT to additional risks.”
New heading “BBOT has conducted and intends to continue conducting certain of its clinical trials globally. However, the FDA and other foreign equivalents may not accept data from such trials, in which case BBOT’s development plans may be delayed, which could materially harm BBOT’s business.”
New heading “Obtaining and maintaining regulatory approval of BBOT’s product candidates in one jurisdiction does not mean that BBOT will be successful in obtaining regulatory approval of its product candidates in other jurisdictions.”
New heading “Even if BBOT’s product candidates receive regulatory approval, they will be subject to significant post-marketing regulatory requirements and oversight.”
New heading “The FDA, EMA and other regulatory authorities actively enforce the laws and regulations prohibiting the promotion of off-label uses.”
New heading “If BBOT is required by the FDA, EMA or comparable regulatory authority to obtain clearance or approval of a companion diagnostic test in connection with approval of any of BBOT’s product candidates or a group of therapeutic products, and BBOT does not obtain or BBOT faces delays in obtaining clearance or approval of a diagnostic test, BBOT may not be able to commercialize the product candidate and BBOT’s ability to generate revenue may be materially impaired.”
New heading “BBOT may seek certain designations for its product candidates, including Breakthrough Therapy, Fast Track and Priority Review in the U.S., and PRIME (priority medicines) in the EU, but BBOT might not receive such designations, and even if BBOT does, such designations may not lead to a faster development or regulatory review or approval process.”
New heading “BBOT may not be able to obtain orphan drug designation or obtain or maintain orphan drug exclusivity for its product candidates and, even if BBOT does, that exclusivity may not prevent the FDA, EMA or other comparable foreign regulatory authorities, from approving competing products.”
New heading “Current and future legislative and regulatory reform measures and cost containment initiatives may increase the difficulty and cost for BBOT to obtain adequate reimbursement for its product candidates and may adversely affect the prices we may set.”
New heading “BBOT is or may become subject to stringent privacy laws, information security laws, regulations, policies and contractual obligations related to data privacy and security and changes in such laws, regulations, policies, contractual obligations and failure to comply with such requirements could subject BBOT to significant fines and penalties, which may have a material adverse effect on BBOT’s business, financial condition or results of operations.”
New heading “If BBOT’s product candidates are licensed for marketing and receive federal healthcare reimbursement, any relationships BBOT may have with healthcare providers will be subject to applicable healthcare fraud and abuse laws and regulations, which could expose BBOT to criminal and civil penalties and exclusion from participation in government healthcare programs.”
New heading “BBOT’s employees, independent contractors, consultants, commercial collaborators, principal investigators, CROs, suppliers and vendors may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.”
New heading “BBOT’s business activities may be subject to the U.S. Foreign Corrupt Practices Act (FCPA) and similar anti-bribery and anti-corruption laws of other countries in which BBOT operates, as well as U.S. and certain foreign export controls, economic sanctions, import, and trade and national security laws and regulations. Compliance with these legal requirements could limit BBOT’s ability to compete in foreign markets and subject BBOT to liability if BBOT violates them.”
New heading “If BBOT fails to comply with applicable environmental, health and safety laws and regulations, BBOT could become subject to fines or penalties or incur costs that could have a material adverse effect on the success of BBOT’s business.”
New heading “BBOT’s success is highly dependent on BBOT’s ability to attract, hire and retain highly skilled executive officers and employees, and BBOT may experience difficulties in managing the future growth of BBOT’s organization.”
New heading “BBOT’s reliance on a limited number of employees who provide various administrative, research and development, and other services across BBOT’s organization presents operational challenges that may adversely affect BBOT’s business.”
New heading “BBOT’s internal computer systems, or those of any of BBOT’s CROs, manufacturers, other contractors or consultants or potential future collaborators, may fail or suffer actual or suspected security incidents, data breaches or other unauthorized or improper access to, use of, or destruction of BBOT’s proprietary or confidential data, employee data, or personal data. Such security incidents, data breaches, and other unauthorized activities could result in additional costs, loss of revenue, significant liabilities, harm to BBOT’s brand, material disruption of BBOT’s operations, and potentially significant delays in BBOT’s delivery to market.”
New heading “BBOT’s use of new and evolving technologies, such as artificial intelligence, may present risks and challenges that can impact BBOT’s business, including by posing cybersecurity and other risks to BBOT’s confidential and/or proprietary information, including personal information, and as a result BBOT may be exposed to reputational harm and liability.”
New heading “BBOT’s operations are vulnerable to interruption by flood, fire, earthquakes, power loss, telecommunications failure, terrorist activity, pandemics and other events beyond BBOT’s control, which could harm BBOT’s business.”
New heading “BBOT has never commercialized a product candidate as a company before. If BBOT is unable to establish sales or marketing capabilities or enter into agreements with third parties to sell or market BBOT’s product candidates, BBOT may not be able to successfully sell or market its product candidates that obtain regulatory approval.”
New heading “A variety of risks associated with marketing BBOT’s product candidates internationally could materially adversely affect BBOT’s business.”
New heading “Changes in tax law could adversely affect BBOT’s business and financial condition.”
New heading “BBOT’s ability to utilize its net operating loss carryforwards and certain other tax attributes to offset future taxable income may be limited.”
New heading “If BBOT engages in future acquisitions or strategic partnerships, this may increase BBOT’s capital requirements, dilute BBOT’s stockholders, cause BBOT to incur debt or assume contingent liabilities, and subject BBOT to other risks.”
New heading “Adverse events in the field of oncology or the biopharmaceutical industry could damage public perception of BBOT’s current or future product candidates and negatively affect BBOT’s business.”
New heading “Derivation proceedings may be necessary to determine priority of inventions, and an unfavorable outcome may require BBOT to cease using the related technology or to attempt to license rights from the prevailing party.”
New heading “If BBOT is unable to obtain, maintain and enforce patent protection for its technology and product candidates, or if the scope of the patent protection obtained is not sufficiently broad, BBOT’s competitors could develop and commercialize technology and products similar or identical to BBOT’s, and BBOT’s ability to successfully develop and commercialize its technology and product candidates may be adversely affected.”
New heading “Patent terms may not protect BBOT’s competitive position for an adequate amount of time.”
New heading “Changes to patent laws in the U.S. and other jurisdictions could diminish the value of patents in general, thereby impairing BBOT’s ability to protect its products.”
New heading “BBOT may become involved in lawsuits to protect or enforce its patent or other intellectual property rights, which could be expensive, time-consuming and unsuccessful.”
New heading “Third parties may allege that BBOT is infringing, misappropriating or otherwise violating their intellectual property rights, the outcome of which would be uncertain and could have a material adverse effect on BBOT’s business.”
New heading “If BBOT is unable to obtain licenses from third parties on commercially reasonable terms, BBOT’s business could be adversely affected.”
New heading “If BBOT fails to comply with its obligations in any future intellectual property licenses with third parties that BBOT may enter into, or otherwise experiences disruptions to its business relationships with future licensors, BBOT could lose intellectual property rights that are important to BBOT’s business.”
New heading “If BBOT is unable to adequately protect its proprietary technology or obtain and maintain patent protection for its technology and products or if the scope of the patent protection obtained is not sufficiently broad, BBOT’s competitors could develop and commercialize technology and products similar or identical to BBOT’s, and BBOT’s ability to successfully commercialize its technology and products will be impaired.”
New heading “BBOT may not be able to protect its intellectual property and proprietary rights throughout the world.”
New heading “Intellectual property rights do not necessarily address all potential threats.”
New heading “BBOT may be subject to claims challenging the inventorship or ownership of its patents and other intellectual property.”
New heading “BBOT may not identify relevant third-party patents or pending patent applications or may incorrectly interpret the relevance, scope or expiration of a third-party patent which might adversely affect BBOT’s ability to develop and market its product candidates.”
New heading “Intellectual property discovered through government funded programs may be subject to federal regulations such as “march-in” rights, certain reporting requirements and a preference for U.S.-based companies. Compliance with such regulations may limit BBOT’s exclusive rights and limit BBOT’s ability to contract with non-U.S. manufacturers.”
New heading “BBOT may be subject to claims by third parties asserting that BBOT’s employees, consultants or contractors have wrongfully used or disclosed confidential information of such third parties, or that they have wrongfully used or disclosed alleged trade secrets of their current or former employers, or that BBOT has misappropriated their intellectual property, or that they own what BBOT regards as its own intellectual property.”
New heading “If BBOT is unable to protect the confidentiality of its trade secrets and other proprietary information, BBOT’s business and competitive position would be adversely affected.”
New heading “If BBOT’s trademarks and trade names are not adequately protected, BBOT may not be able to build name recognition in its markets of interest and BBOT’s business may be adversely affected.”
New heading “If BBOT does not obtain patent term extension in the U.S. under the Hatch-Waxman Act and in foreign countries under similar legislation, which if granted could extend the term of BBOT’s marketing exclusivity for any product candidates BBOT may develop, BBOT’s business may be materially and adversely affected.”
New heading “BBOT relies on third parties to conduct its preclinical studies and clinical trials, and those third parties may not perform satisfactorily, including failing to meet deadlines for the completion of such trials, research and studies.”
New heading “BBOT’s manufacturing process needs to comply with FDA regulations relating to the quality and reliability of such processes. Any failure to comply with relevant regulations could result in delays in or termination of BBOT’s clinical programs and suspension or withdrawal of any regulatory approvals.”
New heading “If BBOT’s third-party manufacturers use hazardous materials in a manner that causes injury or violates applicable law, BBOT may be liable for damages.”
New heading “If BBOT decides to establish collaborations but is not able to establish those collaborations on commercially reasonable terms, BBOT may have to alter its development and commercialization plans.”
New heading “BBOT may enter into collaborations with third parties for the development and commercialization of product candidates. If those collaborations are not successful, BBOT may not be able to capitalize on the market potential of these product candidates.”
New heading “Some of the third parties upon whom BBOT currently relies for the supply of the active pharmaceutical ingredients, drug product and starting materials used in BBOT’s product candidates are BBOT’s sole source of supply, and the loss of any of these suppliers could delay BBOT’s development efforts and harm BBOT’s business.”
New heading “There may not be an active trading market for our common stock, which may make it difficult to sell shares of our common stock.”
New heading “The market price of our common stock may be volatile, and investors could lose all or part of their investment.”
New heading “If securities or industry analysts do not publish research or reports, or if they publish adverse or misleading research or reports, regarding BBOT, BBOT’s business or BBOT’s market, the Company’s stock price and trading volume could decline.”
New heading “BBOT’s operating results may fluctuate significantly, which makes BBOT’s future operating results difficult to predict and could cause BBOT’s operating results to fall below expectations or guidance.”
New heading “Several of our principal stockholders own a significant percentage of our Common Stock and can exert significant control over matters subject to stockholder approval.”
New heading “Future sales, or the perception of future sales, by the Company or its stockholders in the public market could cause the market price for the Company’s securities to decline.”
New heading “Raising additional capital may cause dilution to the Company’s existing stockholders, restrict BBOT’s operations or require BBOT to relinquish rights to its technologies or product candidates.”
New heading “BBOT has increased costs as a result of operating as a public company, and BBOT’s management devotes substantial time to related compliance initiatives.”
New heading “BBOT has in the past identified a material weakness in its internal controls over financial reporting. If BBOT identifies additional material weaknesses in the future or otherwise fails to maintain effective internal controls over financial reporting and disclosure controls and procedures, the accuracy and timeliness of its financial and operating reporting may be adversely affected, and confidence in its operations and disclosures may be lost.”
New heading “Incorrect estimates, including those related to the size of BBOT’s addressable patient populations and markets, or assumptions by management in connection with the preparation of BBOT’s consolidated financial statements could adversely affect BBOT’s reported assets, liabilities or expenses.”
New heading “BBOT’s disclosure controls and procedures may not prevent or detect all errors or acts of fraud.”
New heading “BBOT does not intend to pay dividends on BBOT common stock so any returns will be limited to the value of BBOT’s stock.”
New heading “Anti-takeover provisions in BBOT’s Charter and Bylaws and Delaware law might discourage, delay or prevent a change in control of BBOT or changes in BBOT’s management and, therefore, depress the market price of Common Stock.”
New heading “We are currently in a period of economic uncertainty and capital markets disruption, which has been significantly impacted by a new U.S. presidential administration and accompanying regulatory activities and economic policies and events related thereto, ongoing military conflicts and geopolitical instability and inflation and interest rates.”
New heading “BBOT is an emerging growth company and a smaller reporting company within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available to emerging growth companies or smaller reporting companies, this could make our securities less attractive to investors and may make it more difficult to compare our performance with other public companies.”
Removed heading “An investment in our securities involves a high degree of risk. You should consider carefully all of the risks described below, together with the other information contained in this Annual Report, before making a decision to invest in our Class A Ordinary Shares. If any of the following events occur, our business, financial condition and operating results may be materially adversely affected. In that event, the trading price of our securities could decline, and you could lose all or part of your investment.”
Removed heading “Unless otherwise stated, the Risk Factors described below do not assume the closing of the BBOT Business Combination. References to the term “initial business combination” in this section include the BBOT Business Combination where context requires.”
Removed heading “Risks Relating to our Search for, and Consummation of or Inability to Consummate, a business combination”
Removed heading “Our public shareholders may not be afforded an opportunity to vote on our proposed initial business combination, and even if we hold a vote, holders of our founder shares will participate in such vote, which means we may complete our initial business combination even though a majority of our public shareholders do not support such a combination.”
Removed heading “Your only opportunity to effect your investment decision regarding a potential business combination may be limited to the exercise of your right to redeem your shares from us for cash.”
Removed heading “If we seek shareholder approval of our initial business combination, our initial shareholders, management team and advisors have agreed to vote in favor of such initial business combination, regardless of how our public shareholders vote.”
Removed heading “The ability of our public shareholders to redeem their shares for cash may make our financial condition unattractive to potential business combination targets, which may make it difficult for us to enter into a business combination with a target.”
Removed heading “The ability of our public shareholders to exercise redemption rights with respect to a large number of our shares and the amount of deferred underwriting compensation may not allow us to complete the most desirable business combination or optimize our capital structure, and may substantially dilute your investment in us.”
Removed heading “The ability of our public shareholders to exercise redemption rights with respect to a large number of our shares could increase the probability that our initial business combination would be unsuccessful and that you would have to wait for liquidation in order to redeem your shares.”
Removed heading “The requirement that we complete our initial business combination within the completion window may give potential target businesses leverage over us in negotiating a business combination and may limit the time we have in which to conduct due diligence on potential business combination targets, in particular as we approach our dissolution deadline, which could undermine our ability to complete our initial business combination on terms that would produce value for our shareholders.”
Removed heading “Our search for a business combination, and any target business with which we ultimately consummate a business combination, may be materially adversely affected by events that are outside of our control, such as increased geopolitical unrest, pandemic outbreaks (such as COVID-19) and volatility in the debt and equity markets.”
Removed heading “We may not be able to complete our initial business combination within the completion window, in which case we would redeem our Public Shares.”
Removed heading “We may decide not to extend the term we have to consummate our initial business combination, in which case we would redeem our Public Shares.”
Removed heading “If we seek shareholder approval of our initial business combination, our Sponsor, initial shareholders, directors, officers, advisors and their affiliates may elect to purchase shares from public shareholders, which may influence a vote on a proposed business combination and reduce the public “float” of our Class A ordinary shares.”
Removed heading “If a shareholder fails to receive notice of our offer to redeem our Public Shares in connection with our initial business combination, or fails to comply with the procedures for submitting or tendering its shares, such shares may not be redeemed.”
Removed heading “You will not be entitled to protections normally afforded to investors of other blank check companies subject to Rule 419 of the Securities Act.”
Removed heading “If we seek shareholder approval of our initial business combination and we do not conduct redemptions pursuant to the tender offer rules, and if you or a “group” of shareholders are deemed to hold in excess of 20% of our Class A ordinary shares, you will lose the ability to redeem all such shares in excess of 20% of our Class A ordinary shares.”
Removed heading “Because of our limited resources and the significant competition for business combination opportunities, it may be more difficult for us to complete our initial business combination. If we are unable to complete our initial business combination, our public shareholders may receive only their pro rata portion of the funds in the Trust Account that are available for distribution to public shareholders.”
Removed heading “If the net proceeds of the IPO and the sale of the Private Placement Shares not being held in the Trust Account are insufficient to allow us to operate for at least the duration of the completion window, it could limit the amount available to fund our search for a target business or businesses and complete our initial business combination, and we will depend on loans from our Sponsor or management team to fund our search and to complete our initial business combination.”
Removed heading “If third parties bring claims against us, the proceeds held in the Trust Account could be reduced and the per-share redemption amount received by shareholders may be less than $10.00 per share.”
Removed heading “Our directors may decide not to enforce the indemnification obligations of our Sponsor, resulting in a reduction in the amount of funds in the Trust Account available for distribution to our public shareholders.”
Removed heading “We may not have sufficient funds to satisfy indemnification claims of our Sponsor, Cormorant, directors and officers.”
Removed heading “The securities in which we invest the funds held in the Trust Account could bear a negative rate of interest, which could reduce the interest income available for payment of taxes or reduce the value of the assets held in trust such that the per-share redemption amount received by public shareholders may be less than $10.00 per public share.”
Removed heading “If, after we distribute the proceeds in the Trust Account to our public shareholders, we file a bankruptcy or insolvency petition or an involuntary bankruptcy or insolvency petition is filed against us that is not dismissed, a bankruptcy or insolvency court may seek to recover such proceeds, and the members of our board of directors may be viewed as having breached their fiduciary duties to our creditors, thereby exposing the members of our board of directors and us to claims of punitive damages.”
Removed heading “If, before distributing the proceeds in the Trust Account to our public shareholders, we file a bankruptcy or insolvency petition or an involuntary bankruptcy or insolvency petition is filed against us that is not dismissed, the claims of creditors in such proceeding may have priority over the claims of our shareholders and the per-share amount that would otherwise be received by our shareholders in connection with our liquidation may be reduced.”
Removed heading “If we are deemed to be an investment company under the Investment Company Act, we may be required to institute burdensome compliance requirements and our activities may be restricted, which may make it difficult for us to complete our initial business combination or force us to abandon our efforts to complete an initial business combination, including the BBOT Business Combination.”
Removed heading “To mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act, we may, at any time, instruct the trustee to liquidate the securities held in the Trust Account and instead to hold the funds in the Trust Account in cash until the earlier of the consummation of our initial business combination or our liquidation. As a result, following the liquidation of securities in the Trust Account, the interest earned on the funds held in the Trust Account may be materially reduced, which would reduce the dollar amount our public shareholders would receive upon any redemption or liquidation of the Company.”
Removed heading “Changes in laws or regulations, or a failure to comply with any laws and regulations, may adversely affect our business, including our ability to negotiate and complete our initial business combination, and results of operations, including the BBOT Business Combination.”
Removed heading “If we are unable to consummate our initial business combination within the completion window, our public shareholders may be forced to wait beyond the end of the completion window before redemption from our Trust Account.”
Removed heading “Our shareholders may be held liable for claims by third parties against us to the extent of distributions received by them upon redemption of their shares.”
Removed heading “We may not hold an annual general meeting until after the consummation of our initial business combination, which could delay the opportunity for our shareholders to appoint directors.”
Removed heading “Because we are neither limited to evaluating a target business in a particular industry sector nor have we selected any target businesses with which to pursue our initial business combination, you will be unable to ascertain the merits or risks of any particular target business’s operations.”
Removed heading “We may seek business combination opportunities in industries or sectors that may be outside of our management’s areas of expertise.”
Removed heading “Although we have identified general criteria and guidelines that we believe are important in evaluating prospective target businesses, we may enter into our initial business combination with a target that does not meet such criteria and guidelines, and as a result, the target business with which we enter into our initial business combination may not have attributes entirely consistent with our general criteria and guidelines.”
Removed heading “We are not required to obtain an opinion from an independent investment banking firm or from another independent entity that commonly renders valuation opinions, and consequently, you may have no assurance from an independent source that the price we are paying for the business is fair to our shareholders from a financial point of view.”
Removed heading “We may issue additional Class A ordinary shares or preference shares to complete our initial business combination or under an employee incentive plan after completion of our initial business combination. We may also issue Class A ordinary shares upon the conversion of the founder shares at a ratio greater than one-to-one at the time of our initial business combination as a result of the anti-dilution provisions contained therein. Any such issuances would dilute the interest of our shareholders and likely present other risks.”
Removed heading “Unlike some other similarly structured special purpose acquisition companies, our initial shareholders will receive additional Class A ordinary shares if we issue certain shares to consummate an initial business combination.”
Removed heading “We may issue our shares to investors in connection with our initial business combination at a price which is less than the prevailing market price of our shares at that time.”
Removed heading “Resources could be wasted in researching business combinations that are not completed, which could materially adversely affect subsequent attempts to locate and acquire or merge with another business. If we are unable to complete our initial business combination, our public shareholders may only receive their pro rata portion of the funds in the Trust Account that are available for distribution to public shareholders.”
Removed heading “We may engage in a business combination with one or more target businesses that have relationships with entities that may be affiliated with our Sponsor, officers, directors or existing holders which may raise potential conflicts of interest.”
Removed heading “Since our Sponsor, officers and directors will lose their entire investment in us if our initial business combination is not completed (other than with respect to Public Shares they have acquired, or may in the future acquire, if any), a conflict of interest may arise in determining whether a particular business combination target is appropriate for our initial business combination.”
Removed heading “We may issue notes or other debt securities, or otherwise incur substantial debt, to complete a business combination, which may adversely affect our leverage and financial condition and thus negatively impact the value of our shareholders’ investment in us.”
Removed heading “We may only be able to complete one business combination with the proceeds of the IPO and the sale of the Private Placement Shares, which will cause us to be solely dependent on a single business which may have a limited number of products or services. This lack of diversification may negatively impact our operations and profitability.”
Removed heading “We may attempt to simultaneously complete business combinations with multiple prospective targets, which may hinder our ability to complete our initial business combination and give rise to increased costs and risks that could negatively impact our operations and profitability.”
Removed heading “We may attempt to complete our initial business combination with a private company about which little information is available, which may result in a business combination with a company that is not as profitable as we suspected, if at all.”
Removed heading “We do not have a specified maximum redemption threshold. The absence of such a redemption threshold may make it possible for us to complete our initial business combination with which a substantial majority of our shareholders do not agree.”
Removed heading “In order to effectuate an initial business combination, special purpose acquisition companies have, in the recent past, amended various provisions of their charters and other governing instruments. We cannot assure you that we will not seek to amend our Articles or governing instruments in a manner that will make it easier for us to complete our initial business combination that our shareholders may not support.”
Removed heading “We may be unable to obtain additional financing to complete our initial business combination or to fund the operations and growth of a target business, which could compel us to restructure or abandon a particular business combination.”
Removed heading “Our initial shareholders control a substantial interest in us and thus may exert a substantial influence on actions requiring a shareholder vote, potentially in a manner that you do not support.”
Removed heading “We may not be able to complete an initial business combination since such initial business combination may be subject to regulatory review and approval requirement, including foreign investment regulations and review by government entities such as the Committee on Foreign Investment in the United States (“CFIUS”), or may be ultimately prohibited.”
Removed heading “Because we must furnish our shareholders with target business financial statements, we may lose the ability to complete an otherwise advantageous initial business combination with some prospective target businesses.”
Removed heading “Compliance obligations under the Sarbanes-Oxley Act may make it more difficult for us to effectuate our initial business combination, require substantial financial and management resources, and increase the time and costs of completing an initial business combination.”
Removed heading “In recent years, the number of SPACs that have been formed has increased substantially, potentially resulting in more competition for attractive targets. This could increase the cost of our initial business combination and could even result in our inability to find a target or to consummate an initial business combination.”
Removed heading “Subsequent to our completion of our initial business combination, we may be required to take write-downs or write-offs, restructuring and impairment or other charges that could have a significant negative effect on our financial condition, results of operations and the price of our securities, which could cause you to lose some or all of your investment.”
Removed heading “Our management may not be able to maintain control of a target business after our initial business combination. We cannot provide assurance that, upon loss of control of a target business, new management will possess the skills, qualifications or abilities necessary to profitably operate such business.”
Removed heading “We may reincorporate in or transfer by way of continuation to another jurisdiction in connection with our initial business combination, and the laws of such jurisdiction may govern some or all of our future material agreements and we may not be able to enforce our legal rights.”
Removed heading “We may reincorporate in another jurisdiction, which may result in taxes imposed on our shareholders.”
Removed heading “The officers and directors of an acquisition candidate may resign upon completion of our initial business combination. The loss of a business combination target’s key personnel could negatively impact the operations and profitability of our post-combination business.”
Removed heading “We may have a limited ability to assess the management of a prospective target business and, as a result, may effect our initial business combination with a target business whose management may not have the skills, qualifications or abilities to manage a public company, which could, in turn, negatively impact the value of our shareholders’ investment in us.”
Removed heading “We may seek business combination opportunities with a high degree of complexity that require significant operational improvements, which could delay or prevent us from achieving our desired results.”
Removed heading “After our initial business combination, substantially all of our assets may be located in a foreign country and substantially all of our revenue will be derived from our operations in such country. Accordingly, our results of operations and prospects will be subject, to a significant extent, to the economic, political and legal policies, developments and conditions in the country in which we operate.”
Removed heading “If our management following our initial business combination is unfamiliar with U.S. securities laws, they may have to expend time and resources becoming familiar with such laws, which could lead to various regulatory issues.”
Removed heading “Risks Relating to Acquiring and Operating a Business in Foreign Countries”
Removed heading “If we effect our initial business combination with a company located outside of the United States, we would be subject to a variety of additional risks that may adversely affect us.”
Removed heading “Exchange rate fluctuations and currency policies may cause a target business’ ability to succeed in the international markets to be diminished.”
Removed heading “If we acquire a non-U.S. target, our results of operations may be negatively impacted because of the costs and difficulties inherent in managing cross-border business operations.”
Removed heading “If social unrest, acts of terrorism, regime changes, changes in laws and regulations, political upheaval or policy changes or enactments occur in a country in which we may operate after we effect our initial business combination, it may result in a negative impact on our business.”
Removed heading “Many countries have difficult and unpredictable legal systems and underdeveloped laws and regulations that are unclear and subject to corruption and inexperience, which may adversely impact our results of operations and financial condition.”
Removed heading “Because foreign law could govern almost all of our material agreements, we may not be able to enforce our rights within such jurisdiction or elsewhere, which could result in a significant loss of business, business opportunities or capital.”
Removed heading “Risks Relating to Our Sponsor and Management Team”
Removed heading “We are dependent upon our officers and directors and their loss, or a reduction in the amount of time they can dedicate to our initial business combination, could adversely affect our ability to operate.”
Removed heading “Our ability to successfully effect our initial business combination and to be successful thereafter will be dependent upon the efforts of our key personnel, some of whom may join us following our initial business combination. The loss of key personnel could negatively impact the operations and profitability of our post-combination business.”
Removed heading “Our key personnel may negotiate employment or consulting agreements with a target business in connection with a particular business combination, and a particular business combination may be conditioned on the retention or resignation of such key personnel. These agreements may provide for them to receive compensation following our initial business combination and as a result, may cause them to have conflicts of interest in determining whether a particular business combination is the most advantageous.”
Removed heading “Our officers and directors will allocate their time to other businesses thereby causing conflicts of interest in their determination as to how much time to devote to our affairs. This conflict of interest could have a negative impact on our ability to complete our initial business combination.”
Removed heading “Our officers and directors presently have, and any of them in the future may have additional, fiduciary or contractual obligations to other entities, including other blank check companies, and, accordingly, may have conflicts of interest in allocating their time and in determining to which entity a particular business opportunity should be presented.”
Removed heading “Our officers, directors, security holders and their respective affiliates may have competitive pecuniary interests that conflict with our interests.”
Removed heading “Members of our management team and board of directors have significant experience as board members, officers or executives of other companies. As a result, certain of those persons have been, may be, or may become, involved in proceedings, investigations and litigation relating to the business affairs of the companies with which they were, are, or may in the future be, affiliated. This may have an adverse effect on us, which may impede our ability to consummate an initial business combination.”
Removed heading “Members of our management team and affiliated companies may have been, and may in the future be, involved in civil disputes or governmental investigations unrelated to our business.”
Removed heading “Our Letter Agreement with our Sponsor, officers, directors and advisors may be amended without shareholder approval.”
Removed heading “You will not have any rights or interests in funds from the Trust Account, except under certain limited circumstances. Therefore, to liquidate your investment, you may be forced to sell your Public Shares, potentially at a loss.”
Removed heading “If we are unable to consummate our initial business combination within the completion window, our public shareholders may be forced to wait beyond such completion window before redemption from our Trust Account.”
Removed heading “Nasdaq may delist our Class A ordinary shares from trading on its exchange, which could limit investors’ ability to make transactions in our securities and subject us to additional trading restrictions.”
Removed heading “The grant of registration rights to our initial shareholders and holders of our Private Placement Shares may make it more difficult to complete our initial business combination, and the future exercise of such rights may adversely affect the market price of our Class A ordinary shares.”
Removed heading “Our initial shareholders have paid an aggregate of $25,000, or approximately $0.009 per founder share and, accordingly, you will experience immediate and substantial dilution from the purchase of our Class A ordinary shares.”
Removed heading “The nominal purchase price paid by our Sponsor for the founder shares may result in significant dilution to the implied value of your Public Shares upon the consummation of our initial business combination, and our Sponsor is likely to make a substantial profit on its investment in us in the event we consummate an initial business combination, even if the business combination causes the trading price of our ordinary shares to materially decline.”
Removed heading “We are a blank check company with no operating history and no revenues, and you have no basis on which to evaluate our ability to achieve our business objective.”
Removed heading “Past performance by our management team, our advisors and their respective affiliates, including investments and transactions in which they have participated and businesses with which they have been associated, may not be indicative of future performance of an investment in the Company.”
Removed heading “We may be a passive foreign investment company, or “PFIC,” which could result in adverse U.S. federal income tax consequences to U.S. investors.”
Removed heading “The 1% U.S. federal excise tax on stock buybacks could be imposed on redemptions of our stock if we were to become a “covered corporation” in the future.”
Removed heading “An investment in our securities may result in uncertain U.S. federal income tax consequences.”
Removed heading “After our initial business combination, it is possible that a majority of our directors and officers will live outside the United States and all of our assets will be located outside the United States; therefore, investors may not be able to enforce federal securities laws or their other legal rights.”
Removed heading “We are an emerging growth company and a smaller reporting company within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available to emerging growth companies or smaller reporting companies, this could make our securities less attractive to investors and may make it more difficult to compare our performance with other public companies.”
Removed heading “Because we are incorporated under the laws of the Cayman Islands, you may face difficulties in protecting your interests, and your ability to protect your rights through the U.S. Federal courts may be limited.”
Removed heading “Provisions in our Articles may inhibit a takeover of us, which could limit the price investors might be willing to pay in the future for our Class A ordinary shares and could entrench management.”
Removed heading “Cyber incidents or attacks directed at us could result in information theft, data corruption, operational disruption and/or financial loss.”
Removed heading “Changes in the market for directors and officers liability insurance could make it more difficult and more expensive for us to negotiate and complete an initial business combination.”
Removed heading “Recent increases in inflation in the United States and elsewhere could make it more difficult for us to complete our initial business combination.”
Removed heading “We are subject to changing law and regulations regarding regulatory matters, corporate governance and public disclosure that have increased both our costs and the risk of non-compliance.”
Removed heading “We employ a mail forwarding service, which may delay or disrupt our ability to receive mail in a timely manner.”
Largest changes
“Moreover, any new export controls, import restrictions, economic sanctions, national security policy, new legislation or shifting approaches in the enforcement or scope of existing regulations, or in the countries, persons, or products targeted by such regulations, could result in decreased use of BBOT’s products by, or in BBOT’s decreased ability to export its products to, existing or potential customers with international operations, in addition to adversely affecting cross-border operations and transactions. …”see in full comparison
“BBOT is exposed to the risk that its employees, independent contractors, consultants, commercial collaborators, principal investigators, CROs, suppliers and vendors may engage or may have engaged in fraud, misconduct or other improper activities. …”see in full comparison
“If BBOT is not able to maintain effective internal control over financial reporting and disclosure controls and procedures, or if material weaknesses are discovered in future periods, it may be unable to accurately and timely report its financial position, results of operations, cash flows or key operating metrics, which could result in late filings of annual or quarterly reports under the Exchange Act, restatements of financial statements or other corrective disclosures, an inability to access equity or debt capital or commercial lending markets, or other material adverse effects on its …”see in full comparison
“Even if we conduct due diligence on a target business with which we combine, we cannot assure you that this diligence will identify all material issues that may be present within a particular target business, that it would be possible to uncover all material issues through a customary amount of due diligence, or that factors outside of the target business and outside of our control will not later arise. …”see in full comparison
“Notifications, follow-up actions, claims and investigations related to a security incident or data breach could impact BBOT’s reputation and cause BBOT to incur significant costs, including legal expenses and remediation costs. For example, the loss of clinical trial data from completed or future clinical trials could result in delays in BBOT’s regulatory approval efforts and significantly increase BBOT’s costs to recover or reproduce the lost data. …”see in full comparison
“BBOT may be required to obtain further funding through public or private equity financings, debt financings, collaborative agreements, licensing arrangements or other sources of financing, which may dilute BBOT’s stockholders or restrict its operating activities. BBOT does not have any committed external source of funds. Adequate additional financing may not be available to BBOT on acceptable terms, or at all. …”see in full comparison
Full comparison: every changed paragraph (823)
Investing in our common stock involves a high degree of risk. You should carefully read and consider all of the risks described below, as well as the other information in this Form 10-K, including our consolidated financial statements and the related notes and the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and in other documents we file with the SEC when evaluating our business. The occurrence of any of the events or developments described below could harm our business, financial condition, results of operations and growth prospects. Unless otherwise indicated, references to our business being harmed in these risk factors will include harm to our business, reputation, financial condition, results of operations and future prospects. In such an event, the market price of our common stock could decline, and you may lose all or part of your investment. The risks described below are not intended to be exhaustive and are not the only risks that we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business operations and the market price of our common stock.
Risks Related to BBOT’s Financial Position and Need for Additional Capital
BBOT has a limited operating history, has not completed any clinical trials, has no products approved for commercial sale and has not generated any revenue, which may make it difficult for investors to evaluate BBOT’s current business and likelihood of success and viability.
BBOT is a biopharmaceutical company with a limited operating history upon which investors can evaluate its business and prospects. BBOT was incorporated in August 2016 and commenced significant operations as an independent entity starting in May 2024, has never completed a clinical trial, has no products approved for commercial sale and has never generated any revenue. Drug development is a highly uncertain undertaking and involves a substantial degree of risk. To date, BBOT has devoted substantially all of its resources to research and development activities, including with respect to BBO-8520, BBO-10203 and BBO-11818, and its discovery programs, business planning, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital and providing general and administrative support for these operations.
BBOT has not yet demonstrated its ability to successfully complete clinical trials, obtain marketing approvals, manufacture a commercial-scale product or arrange for a third party to do so on its behalf, or conduct sales and marketing activities necessary for successful product commercialization. As a result, it may be more difficult for investors to evaluate BBOT’s likelihood of success and viability.
In addition, BBOT may encounter unforeseen expenses, difficulties, complications, delays and other known and unknown factors and risks frequently experienced by biopharmaceutical companies at BBOT’s stage of development in rapidly evolving fields. BBOT also expects that, as BBOT advances its product candidates, BBOT will need to transition from a company with a research and development focus to a company capable of supporting commercial activities. BBOT has not yet demonstrated an ability to successfully overcome such risks and difficulties, or to make such a transition. If BBOT does not adequately address these risks and difficulties or successfully make such a transition, its business will suffer.
BBOT has incurred significant net losses in each period since its inception, and expects to continue to incur significant net losses for the foreseeable future.
BBOT incurred significant net losses in each reporting period since its inception, has not generated any revenue to date and has financed its operations principally through private placements of securities. BBOT’s net losses for the years ended December 31, 2025 and 2024 were $134.0 million and $74.3 million, respectively. As of December 31, 2025, BBOT had an accumulated deficit of $356.6 million. BBOT has not yet completed any clinical trials. As a result, BBOT expects that it will be several years, if ever, before BBOT generates revenue from product sales. Even if BBOT succeeds in receiving marketing approval for and commercializing one or more product candidates, BBOT expects that it will continue to incur substantial research and development and other expenses in order to discover, develop and market additional potential products.
BBOT expects to continue to incur significant and increasing expenses and increasing operating losses for the foreseeable future. The net losses BBOT incurs may fluctuate significantly from quarter to quarter such that a period-to-period comparison of BBOT’s results of operations may not be a good indication of future performance. The size of future net losses will depend, in part, on the pace of development activities and the rate of future growth of expenses and BBOT’s ability to generate revenue. BBOT’s prior losses and expected future losses have had and will continue to have an adverse effect on working capital, BBOT’s ability to fund the development of its product candidates and its ability to achieve and maintain profitability and the performance of its stock.
BBOT’s ability to generate revenue and achieve profitability depends significantly on its ability to achieve its objectives relating to the discovery, development and commercialization of its product candidates.
BBOT relies on its team’s expertise in chemistry, structure-based drug design, oncology drug development, business development and patient-driven approach to develop its product candidates. BBOT’s business depends significantly on the success of its approach and the development and commercialization of the product candidates that BBOT discovers with this approach. BBOT has no products approved for commercial sale and does not anticipate generating any revenue from product sales for the next several years, if ever. BBOT’s ability to generate revenue and achieve profitability depends significantly on its ability to achieve several objectives, including:
successful and timely completion of preclinical and clinical development of BBO-8520, BBO-10203, BBO-11818 and any future product candidates from BBOT’s discovery program maintaining current and establishing new relationships with contract research organizations (“CROs”) and clinical sites for the clinical development of BBO-8520, BBO-10203, BBO-11818 and any future product candidates from BBOT’s current or future discovery programs;
timely receipt of marketing approvals from applicable regulatory authorities for any product candidates for which BBOT successfully completes clinical development;
developing an efficient and scalable manufacturing process for BBOT’s product candidates, including the production of finished products that are appropriately packaged for sale if BBOT’s product candidates obtain marketing approvals;
maintaining current and establishing new commercially viable supply and manufacturing relationships with third parties that can provide adequate, in both amount and quality, products and services to support clinical development and meet the market demand for BBOT’s product candidates, if approved;
successful commercial launch following any marketing approval, including the development of a commercial infrastructure, whether in-house or with one or more collaborators;
maintaining an acceptable safety profile following any marketing approval of BBOT’s product candidates;
commercial acceptance of BBOT’s product candidates by patients, the medical community and third- party payors, including the willingness of physicians to use BBOT’s product candidates, if approved, in lieu of (or in conjunction with) other approved therapies;
satisfying any required post-marketing approval commitments to applicable regulatory authorities;
identifying, assessing and developing new product candidates;
obtaining, maintaining and expanding patent protection, trade secret protection and regulatory exclusivity, both in the U.S. and internationally;
defending against third-party interference or infringement claims, if any, with respect to BBOT’s intellectual property rights;
entering into, on favorable terms, any collaboration, licensing or other arrangements that may be necessary or desirable to develop, manufacture or commercialize BBOT’s product candidates;
obtaining coverage and adequate reimbursement by third-party payors for BBOT’s product candidates, if approved;
addressing any competing therapies and technological and market developments; and attracting, hiring and retaining qualified personnel.
BBOT may never be successful in achieving its objectives and, even if it does, may never generate revenue that is significant or large enough to achieve profitability. If BBOT does achieve profitability, BBOT may not be able to sustain or increase profitability on a quarterly or annual basis. BBOT’s failure to become and remain profitable would decrease the value of the company and could impair BBOT’s ability to maintain or further its research and development efforts, raise additional necessary capital, grow its business and continue its operations.
BBOT may require additional capital to finance its operations. If BBOT is unable to raise such capital when needed, or on acceptable terms, BBOT may be forced to delay, reduce or eliminate one or more of its research and drug development programs, future commercialization efforts, product development or other operations.
Since inception, BBOT has used substantial amounts of cash to fund its operations, and its expenses will increase substantially in the foreseeable future in connection with its ongoing activities, particularly as BBOT continues the research and development of, initiates additional clinical trials of, and seeks marketing approval for, its product candidates. Developing pharmaceutical products, including conducting preclinical studies and clinical trials, is a very time-consuming, expensive and uncertain process that takes years to complete. Even if one or more of BBOT’s product candidates or any future product candidates that BBOT develops is approved for commercial sale, BBOT anticipates incurring significant costs associated with sales, marketing, manufacturing and distribution activities. BBOT’s expenses could increase beyond expectations if BBOT is required by the FDA, the EMA or other regulatory authorities to perform clinical trials or preclinical studies in addition to those that BBOT currently anticipates. Other unanticipated costs may also arise. Because the design and outcome of BBOT’s clinical trials, including its planned and anticipated clinical trials, are highly uncertain, BBOT cannot reasonably estimate the actual amount of resources and funding that will be necessary to successfully complete the development and commercialization of its product candidates or any future product candidates that it develops. BBOT is currently conducting Phase 1 clinical trials of BBO-8520, BBO-10203 and BBO-11818. BBOT is not permitted to market or promote any product candidate before it receives marketing approval from the FDA, EMA or any comparable foreign regulatory authorities. BBOT is also incurring additional costs associated with operating as a public company. Accordingly, BBOT may need to obtain additional funding in order to continue its operations.
BBOT estimates that its existing cash, cash equivalents and short-term marketable securities as of the date of this report will be sufficient to enable it to fund its operating expenses and capital expenditure requirements into early 2028.
Advancing the development of BBO-8520, BBO-10203 and BBO-11818 and BBOT’s discovery programs will require a significant amount of capital. BBOT’s existing cash, cash equivalents and marketable securities will not be sufficient to fund all of BBOT’s product candidates through regulatory approval, and BBOT may need to raise additional capital to complete the development and commercialization of its product candidates. BBOT’s estimate as to how long it expects its existing cash, cash equivalents and marketable securities to fund its operations does not include potential product revenue and is based on assumptions that may prove to be wrong, and BBOT could use its available capital resources sooner than currently expected. Changing circumstances, some of which may be beyond BBOT’s control, could cause BBOT to consume capital significantly faster than currently anticipated, and BBOT may need to seek additional funds.
BBOT may be required to obtain further funding through public or private equity financings, debt financings, collaborative agreements, licensing arrangements or other sources of financing, which may dilute BBOT’s stockholders or restrict its operating activities. BBOT does not have any committed external source of funds. Adequate additional financing may not be available to BBOT on acceptable terms, or at all. BBOT’s ability to raise additional funds may be adversely impacted by general economic conditions, both inside and outside the U.S., including disruptions to, and instability and volatility in, the credit and financial markets in the U.S. and worldwide, including heightened inflation, interest rate and currency rate fluctuations, and economic slowdown or recession as well as concerns related to public health emergencies, natural disasters or geopolitical events, including civil or political unrest or military conflicts. In addition, market instability and volatility, high levels of inflation and interest rate fluctuations may increase BBOT’s cost of financing or restrict BBOT’s access to potential sources of future liquidity. To the extent that BBOT raises additional capital through the sale of equity or convertible debt securities, each investor’s ownership interests will be diluted, and the terms may include liquidation or other preferences that adversely affect each investor’s rights as a stockholder. Debt financing may result in imposition of debt covenants, increased fixed payment obligations or other restrictions that may affect BBOT’s business. If BBOT raises additional funds through upfront payments or milestone payments pursuant to strategic collaborations with third parties, BBOT may have to relinquish valuable rights to its product candidates or grant licenses on terms that are not favorable to BBOT. In addition, BBOT may seek additional capital due to favorable market conditions or strategic considerations even if BBOT believes it has sufficient funds for its current or future operating plans.
BBOT’s failure to raise capital as and when needed or on acceptable terms would have a negative impact on its financial condition and its ability to pursue its business strategy, and BBOT may have to delay, reduce the scope of, suspend or eliminate one or more of its research or drug development programs, clinical trials or future commercialization efforts.
Risks Related to BBOT’s Product Development, Regulatory Approval and Commercialization
BBOT’s future prospects are substantially dependent on the advancement of its product candidates. If BBOT is unable to advance its product candidates through development, obtain regulatory approval and ultimately commercialize such product candidates, or experience significant delays in doing so, BBOT’s business will be materially harmed.
BBOT is currently conducting Phase 1 clinical trials of BBO-8520, BBO-10203 and BBO-11818. BBOT’s ability to generate product revenue, which BBOT does not expect will occur for many years, if ever, will depend heavily on the successful clinical development and eventual commercialization of one or more product candidates. BBOT is not permitted to market or promote any product candidate before BBOT receives marketing approval from the FDA, EMA or any comparable foreign regulatory authorities, and BBOT may never receive such marketing approvals.
The success of BBOT’s product candidates will depend on several factors, including the following:
successful and timely completion of preclinical studies;
submission of INDs in the U.S. and CTAs and/or comparable applications outside the U.S. for regulatory authority review and agreement to proceed with BBOT’s clinical trials;
successful initiation and completion of clinical trials;
successful and timely patient selection and enrollment in and completion of clinical trials;
maintaining and establishing relationships with CROs and clinical sites for the clinical development of BBOT’s product candidates both in the U.S. and internationally;
maintaining and growing an organization of scientific, medical and other professionals who can develop and commercialize BBOT’s product candidates;
the frequency and severity of adverse events in clinical trials;
obtaining positive data that support demonstration of efficacy, safety and tolerability profiles and durability of effect for BBOT’s product candidates that are satisfactory to the FDA, EMA or any comparable foreign regulatory authority for marketing approval;
the timely receipt of marketing approvals from applicable regulatory authorities;
the timely identification, development and approval of companion diagnostic tests, if required;
the extent of any required post-marketing approval commitments to applicable regulatory authorities;
the maintenance of existing or the establishment of new supply arrangements with third-party drug product suppliers and manufacturers for clinical development and, if approved, commercialization of BBOT’s product candidates;
obtaining and maintaining patent protection, trade secret protection and regulatory exclusivity, both in the U.S. and internationally;
the protection of BBOT’s rights in its intellectual property portfolio;
establishing sales, marketing and distribution capabilities and the successful launch of commercial sales of BBOT’s product candidates if and when approved for marketing, whether alone or in collaboration with others;
maintaining an acceptable safety profile following any marketing approval;
commercial acceptance by patients, the medical community and third-party payors, including the willingness of physicians to use BBOT’s product candidates, if approved, in lieu of (or in conjunction with) other approved therapies;
BBOT’s ability to compete with other therapies; and
BBOT’s ability to address any potential delays resulting from factors related to public health emergencies, natural disasters or geopolitical events.
BBOT does not have complete control over many of these factors, including certain aspects of preclinical and clinical development and the regulatory submission process, potential threats to BBOT’s intellectual property rights and the manufacturing, marketing, distribution and sales efforts of any future collaborator. If BBOT is not successful with respect to one or more of these factors in a timely manner or at all, BBOT could experience significant delays or an inability to successfully commercialize any product candidates from its lead programs, which would materially harm its business. If BBOT does not receive marketing approvals for such product candidates, BBOT may not be able to continue its operations.
BBOT’s preclinical studies and clinical trials may fail to adequately demonstrate the safety and efficacy of any of its product candidates, which would prevent or delay development, regulatory approval and commercialization.
Before obtaining marketing approval from the FDA, EMA or other comparable foreign regulatory authorities for the sale of BBOT’s product candidates, BBOT must demonstrate through lengthy, complex and expensive preclinical studies and clinical trials that its product candidates are both safe and effective for use in each target indication. Preclinical and clinical testing is expensive, difficult to design and implement, can take many years to complete and the ultimate outcome is uncertain. Failure can occur at any time during the preclinical study and clinical trial processes, there is a high risk of failure, and BBOT may never succeed in developing marketable products.
BBOT may experience numerous unforeseen events during, or as a result of, clinical trials that could delay or prevent receipt of marketing approval or BBOT’s ability to commercialize its product candidates, including:
failure of BBOT’s product candidates in preclinical studies or clinical trials to demonstrate safety and efficacy;
Management's Discussion & Analysis (MD&A)
New heading “Operating Expenses”
New heading “Research and Development Expenses”
New heading “General and Administrative Expenses”
New heading “Other Income (Expenses), Net”
New heading “Interest Income”
New heading “Income Under Transition Services Agreement”
New heading “Change in Fair Value of Participation Right Liability”
New heading “Comparison of the years ended December 31, 2025 and 2024”
New heading “General and Administrative Expenses”
New heading “Interest Income”
New heading “Change in Fair Value of Participation Right Liability”
New heading “Sources of Liquidity”
New heading “Overview of BBOT Cash Flows”
New heading “Material Adjustments for Non-Cash Investing and Financing Activities”
New heading “Cash Flow Comparison for the years ended December 31, 2025 and 2024”
New heading “Net Cash Flows from Operating Activities”
New heading “Net Cash Flows from Investing Activities”
New heading “Net Cash Flows from Financing Activities”
New heading “Future Funding Requirements”
New heading “In-Licensing and Collaboration Agreements”
New heading “The Regents of the University of California License Agreements”
New heading “Leidos Biomedical Research License and Cooperative Research and Development Agreements”
New heading “Lawrence Livermore National Security License and Cooperative Research and Development Agreements”
New heading “Accrued Research and Development Liabilities”
New heading “Allocated Operating Expenses and Related Party Transactions”
New heading “Stock-based Compensation”
New heading “Participation Right Liability”
Removed heading “Liquidity and Capital Resources”
Removed heading “Off-Balance Sheet Arrangements”
Removed heading “Contractual obligations”
Removed heading “Critical Accounting Estimates”
Removed heading “Recent Accounting Standards”
Removed heading “The Appointment of Mr. Holman”
Removed heading “The BBOT Business Combination Agreement”
Removed heading “The Domestication”
Removed heading “Consideration and Structure”
Removed heading “Conditions to Closing”
Removed heading “Other Agreements”
Removed heading “Helix Support Agreement”
Removed heading “BBOT Written Consent and Support Agreements”
Removed heading “Subscription Agreement”
Removed heading “Non-Redemption Agreement”
Removed heading “Lock-Up Agreement”
Removed heading “Item 7.A. Quantitative and Qualitative Disclosure About Market Risk.”
Largest changes
“Uncertainty in the global economy presents significant risks to our business. We are subject to continuing risks and uncertainties in connection with the current macroeconomic environment, including inflation, fluctuating interest rates, new or increased tariffs and other barriers to trade, changes to fiscal and monetary policy or government budget dynamics, particularly in the pharmaceutical and biotech spaces, bank failures, geopolitical factors, including the ongoing conflicts between Russia and Ukraine and in the Middle East and the responses thereto, and supply chain disruptions.”see in full comparison
“In connection with the execution of the BBOT Business Combination Agreement, on February 28, 2025, certain Company shareholders and Insiders (the “Helix Supporting Shareholders”), including the Sponsor, Cormorant funds each holding Class A ordinary shares, and the independent directors and an advisor of the Company each holding Class B ordinary shares (the “Helix Existing Investors”), entered into a support agreement with the Company and BBOT (the “Helix Support Agreement”). …”see in full comparison
“The obligations of BBOT to consummate the BBOT Business Combination are further subject to additional conditions, including, among others,: (i) material compliance by the Company and Merger Sub with their respective agreements and covenants under the BBOT Business Combination Agreement; (ii) the truth and accuracy of the representations and warranties of the Company and Merger Sub, subject to customary bring-down standards; (iii) the execution of the Registration Rights Agreement and Lock-Up Agreements,; …”see in full comparison
“The obligations of the Company and Merger Sub to consummate the BBOT Business Combination are further subject to additional conditions, including, among other things: (i) material compliance by BBOT with its agreements and covenants under the BBOT Business Combination Agreement; (ii) the truth and accuracy of the representations and warranties of BBOT, subject to customary bring-down standards; (iii) no Material Adverse Effect (as defined in the BBOT Business Combination Agreement) having occurred since the date of the BBOT Business Combination Agreement that is continuing; …”see in full comparison
“Subsequent to the de-SPAC Transaction, we expect to incur additional costs associated with operating as a public company. In the future, we will need substantial additional funding to support our continuing operations and pursue our growth strategy. Until we can generate significant revenue from product sales, if ever, we expect to finance our operations through a combination of equity offerings, debt financings, collaborations, strategic alliances, and marketing, distribution, or licensing arrangements. …”see in full comparison
Full comparison: every changed paragraph (244)
This discussion and analysis of our financial condition and results of operations should be read together with the consolidated financial statements and related notes included in this Annual Report on Form 10-K (“Form 10-K”). This discussion may contain forward-looking statements including, but not limited to, our expectations or predictions of future financial or business performance or conditions. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. You should read the sections in this Form 10-K titled “Risk Factors” and “Special Note of Forward-Looking Statements” for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by these forward-looking statements.
The following discussion and analysis of the Company’s
financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the
notes related thereto which are included in “Item 8. Financial Statements and Supplementary Data” of this Annual Report on
Form 10-K. Certain information contained in the discussion and analysis set forth below includes forward-looking statements. Our actual
results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those
set forth under “Cautionary Note Regarding Forward-Looking Statements and Risk Factor Summary,” “Item 1A. Risk Factors”
and elsewhere in this Annual Report on Form 10-K.
BBOT is a clinical-stage biopharmaceutical company advancing a next-generation pipeline of novel small-molecule therapeutics targeting RAS and Phosphoinositide 3-kinase (“PI3K”). BBOT is headquartered in South San Francisco, California. Our mission is to accelerate scientific and medical breakthroughs and deliver well-tolerated medicines with greater efficacy and safety to people with the deadliest cancers. We are advancing our next-generation RAS-pathway targeted small molecules with a focus on optimized target coverage for patients with tumors driven by RAS and PI3Kα and a synergistic portfolio that is designed to enable targeted KRAS combinations.
Our business was established in August 2016 by BridgeBio Pharma Inc. (“BridgeBio Pharma”). We operated as part of BridgeBio Pharma through April 30, 2024. Since our inception, we devoted substantially all of our resources to raising capital, conducting discovery and research activities, and establishing arrangements with third parties. We are currently developing three lead product candidates:
BBO-8520 is an orally bioavailable small molecule direct inhibitor targeting both the ON and OFF states of KRAS. OFF-only inhibitors cannot covalently modify the ON-state; hence they need to maintain high concentration levels to capture free cycling KRAS G12C. ON/OFF inhibitors overcome this shortcoming. Dual ON/OFF inhibition allows BBO-8520 to fully capture the covalent mechanism of action, resulting in sustained pathway inhibition even after systemic drug levels decline. We believe this should enable a more potent and safer combination with pembrolizumab in patients with KRAS G12C mutant NSCLC. BBO-8520 has been shown to drive strong anti-tumor activity with favorable durability in multiple preclinical models. Early data from Phase 1 dose escalation showed 60% confirmed overall response rate in KRAS G12C NSCLC patients. The U.S. Food and Drug Administration (FDA) has granted Fast Track designation to BBO-8520 for the treatment of adult patients with previously treated, KRAS G12C-mutated metastatic NSCLC. We are currently enrolling the Phase 1 ONKORAS-101 trial (NCT06343402) for patients with KRAS G12C mutant non-small cell lung cancer (NSCLC). ONKORAS-101 is an open-label, multi-center Phase 1a/1b study designed to evaluate the safety, tolerability, preliminary antitumor activity, and pharmacokinetics of BBO-8520 as a single agent and in combination with pembrolizumab in patients with KRASG12C mutant NSCLC. Updated clinical data are expected in the first quarter of 2026.
BBO-10203 is an orally bioavailable small molecule with a novel mechanism of action designed to inhibit the physical interaction between RAS and PI3Kα, inhibiting RAS-driven PI3Kα-AKT signaling in tumors. BBO-10203 binds directly and covalently to the RAS-binding domain of PI3Kα, preventing its activation by KRAS, HRAS and NRAS, reducing downstream signaling and tumor growth. It is a protein-protein inhibitor and not a kinase inhibitor, enabling inhibition of RAS-driven PI3Kα-AKT signaling in tumors without the risk of hyperglycemia. Importantly, BBO-10203’s ability to block RAS activation of PI3Kα is agnostic to the mutational status of either RAS or PI3Kα. In addition to a potentially differentiated safety profile, BBO-10203 could be combined with direct KRAS inhibitors, such as BBO-8520 and BBO-11818, or drugs that target HER2 or ER receptor. Preclinical data has demonstrated that BBO-10203 blocks RAS-mediated activation of PI3Kα and strongly inhibits pAKT signaling in tumor cells without affecting glucose metabolism. In addition, robust monotherapy activity, as well as combination activity with KRAS inhibitors BBO-8520 and BBO-11818, HER2 inhibitors and ER antagonists, was observed at well-tolerated dose levels. The combination of a KRAS inhibitor with a PI3Kα pathway inhibitor may maximize the response rate and reduce the development of adaptive resistance mechanisms due to full inhibition of both MAPK and PI3Kα signaling. We are currently enrolling the Phase 1 BREAKER-101 trial (NCT06625775) for patients with locally advanced or metastatic HER2+ breast cancer, HR+/HER2-breast cancer, KRAS mutant colorectal cancer, and KRAS mutant non-small cell lung cancer. Initial Phase 1 clinical data are expected in the first half of 2026.
BBO-11818 is an orally bioavailable small molecule pan-KRAS inhibitor that targets mutant KRAS in both the ON and OFF states. Similar to BBO-8520, the structure-based design was employed to target mutant KRAS in both the ON and the OFF states with strong affinity against KRAS G12D and KRAS G12V mutants. BBO-11818 has selectivity over HRAS and NRAS with the goal of achieving high levels of KRAS inhibition in human tumors. In addition, it has combination potential with BBO-10203 to mitigate the PI3Ka resistance pathway. Preclinical data has demonstrated suppression of MAPK signaling and viability in KRAS mutant cell lines, as well as anti-tumor activity across multiple KRAS G12D and KRAS G12V cell-derived xenograft (CDX) models. In addition, BBO-11818’s selectivity for KRAS was demonstrated by its >1000-fold lower potency against NRAS, HRAS, and BRAF-mutant cell lines. The preclinical activity of the combination of BBO-11818 with BBO-10203 was driven by a robust decrease in tumor cell proliferation and increase in apoptosis; combination benefit also observed with cetuximab and anti-PD-1 treatment. We are currently enrolling the Phase 1 KONQUER-101 (NCT06917079) trial for patients with locally advanced or metastatic KRAS mutant solid tumors. Initial Phase 1 clinical data are expected in the second half of 2026.
We have no product candidates approved for sale and have not generated any revenue related to our product candidates.
Since inception, we have incurred significant operating losses. For the year ended December 31, 2025, we incurred a net loss of $134.0 million and had an accumulated deficit of $356.6 million as of December 31, 2025. For the year ended December 31, 2024, we incurred a net loss of $74.3 million. Our ability to generate sufficient product revenue to achieve profitability will depend heavily on the development and eventual commercialization of our product candidates. We expect to continue to incur significant expenses, and our operating losses are expected to increase for the foreseeable future if and as we:
Advance our existing and future research and development, including potential expansion into additional indications;
Conduct future clinical studies for our product candidates;
Pursue investigational new drug applications or comparable foreign applications that allow commencement of the planned clinical trials or future clinical trials for any programs we may develop;
Hire research and development, clinical, manufacturing, and commercial personnel;
Add operational, financial, and management information systems and personnel;
Experience any delays, challenges, or other issues associated with the preclinical and clinical development of our product candidates, including with respect to our regulatory strategies;
Develop, maintain, and enhance sustainable, scalable, reproducible, and transferable clinical and commercial-scale cGMP capabilities through a third party or our own manufacturing facility for the product candidates that we may develop;
Seek, obtain, and maintain regulatory approvals for any product candidates for which we successfully complete clinical trials;
Ultimately establish a sales, marketing, and distribution infrastructure to commercialize any product candidates for which we may obtain regulatory approval;
Generate revenue from commercial sales of product candidates for which we receive regulatory approval, if any;
Maintain safety, tolerability, and efficacy profile of any product we may develop in additional indications following approval in one indication;
Maintain, expand, enforce, defend, and protect our intellectual property portfolio and other intellectual property protection or regulatory exclusivity for any products we may develop and defend any intellectual property-related claims;
Further acquire or in-license product candidates or programs, intellectual property, and technologies;
Maintain our current licenses and establish and maintain any future collaborations, including making related development and sales milestone payments, royalties, or other required payments; and Incur additional costs of operating as a public company, including increased costs of audit, legal, regulatory, and tax-related services associated with maintaining compliance with an exchange listing and the SEC requirements, director and officer insurance premiums and investor and public relations costs.
Any changes in the outcomes of these variables could significantly affect the costs and timing associated with the development of our product candidates. For example, if the U.S. Food and Drug Administration (“FDA”) or another comparable regulatory authority were to require us to conduct clinical trials beyond those that we currently anticipate will be required to complete clinical development and obtain regulatory approval of one or more product candidates, or if we experience significant delays in our preclinical studies or clinical trials, we would be required to expend significant additional financial resources and time to advance and complete clinical development. We may never obtain regulatory approval for any of our product candidates.
We will not generate revenue from product sales unless and until we successfully initiate and complete clinical development and obtain regulatory approval for any product candidates. If we obtain regulatory approval for any of our product candidates and do not enter into a commercialization partnership, we expect to incur significant expenses related to developing our commercialization capability to support product sales, manufacturing, marketing, and distribution.
As a result of the above factors, we expect to need substantial additional funding to support our continued operations and growth strategy. Until such a time as we can generate significant revenue from our product sales, if ever, we expect to finance our operations through the sale of equity, debt financings, or other capital sources, including collaborations with other companies or other strategic transactions. We may not be able to raise additional funds or enter into such other agreements on favorable terms or at all. If we fail to raise capital or enter into such agreements as and when needed, we may have to significantly delay, scale back, or discontinue the development and commercialization of one or more of our programs.
Due to the numerous risks associated with product development, we cannot accurately predict the timing or amount of increased expenses, or when or if we will be able to achieve or maintain profitability. Even if we are able to generate product sales, we may not become profitable. If we fail to become profitable or cannot sustain profitability on a continuing basis, then we may be unable to continue our operations at planned levels and be forced to reduce or terminate our operations.
de-SPAC Transaction
On February 28, 2025, TheRas, Inc. (“Legacy BBOT”) entered into a definitive business combination agreement, amended on June 17, 2025 (“Business Combination Agreement”) with Helix Acquisition Corp. II (“Helix”), a publicly traded special purpose acquisition company listed on Nasdaq under the ticker symbol “HLXB.” Pursuant to the Business Combination Agreement closing, Helix II Merger Sub, Inc., a wholly owned subsidiary of Helix, merged with and into Legacy BBOT, with Legacy BBOT surviving the merger as a wholly-owned subsidiary of Helix (“Merger”). In connection with the Merger, Helix changed its name to BridgeBio Oncology Therapeutics, Inc. and redomiciled as a Delaware corporation (“de-SPAC Transaction”). The de-SPAC Transaction was consummated on August 11, 2025 (“Closing”), and BBOT’s common stock became listed on Nasdaq under the ticker symbol “BBOT”. Prior to the Closing, all references to BBOT are related to the balances and activity of Legacy BBOT. Upon the Closing, BBOT became the successor of Helix and the reporting entity, which consolidates the balances and activity of Legacy BBOT.
Concurrent with the execution of the Business Combination Agreement, Helix entered into subscription agreements with certain investors pursuant to which Helix agreed to issue and sell shares of its common stock to investors in a private placement financing (“PIPE Financing”) for an aggregate purchase price of approximately $260.9 million, which was executed immediately prior to the Closing.
The de-SPAC Transaction was accounted for as a reverse recapitalization effective upon the Closing. Under this method of accounting, Helix was treated as the acquired company for accounting purposes, and BBOT was the deemed acquirer for accounting purposes. The consolidated financial statements of BBOT for periods prior to the Closing include the financial information of Legacy BBOT.
The number of shares and per share amounts for all periods presented were adjusted to reflect the capital structure of BBOT. For periods prior to the Closing, the share activity of BBOT was recast by multiplying the number of shares of Legacy BBOT held by each investor by a ratio of approximately 0.0889 (“Consideration Ratio”), established by the Business Combination Agreement, rounded down to the nearest whole share. The de-SPAC Transaction is presented as the issuance of common stock for the net assets of Helix and proceeds from the PIPE Financing, accompanied by a recapitalization and a change in the reporting entity. The net assets of Helix were recorded at historical cost as of the Closing date, with no goodwill or other intangible assets recognized.
As a result of the de-SPAC Transaction, we assumed the operations of Legacy BBOT upon the Closing, and we became subject to the regulatory and reporting requirements and customary practices applicable to public companies. The costs and administrative demands of operating as a public company, including hiring additional personnel and implementing certain procedures and processes, may materially impact our financial position and results of operations.
Material Related Party Transactions
BridgeBio Pharma is a commercial-stage biopharmaceutical company founded to discover, create, test, and deliver transformative medicines to treat patients who suffer from genetic diseases and cancers with clear genetic drivers. BridgeBio Pharma and its controlled entities are related parties of BBOT.
In August 2025, upon completion of the de-SPAC Transaction, we made a contractual promise to issue 784,720 shares of our common stock to BridgeBio Pharma (“TSA Shares”), which was not contingent on anything but the passage of time. We treated this transaction as a nonreciprocal transfer with a non-pro-rata distribution to related party. The contract was concluded to be equity-classified, and we recorded general and administrative expense of $7.8 million equal to the fair value of the underlying shares as of the contract execution date. The TSA Shares were issued to BridgeBio Pharma in October 2025.
Emerging Growth Company Status
As an emerging growth company (“EGC”) under the Jumpstart Our Business Startups Act (the “JOBS Act”), we are eligible for certain regulatory relief, including reduced disclosure obligations and extended transition periods for adopting new or revised accounting standards. Our EGC status commenced upon the completion of Helix’s initial public offering in February 2024 and is expected to continue for up to five years from this date through February 2029, unless certain disqualifying events occur earlier, such as achieving large accelerated filer status.
Impact of General Economic Risk Factors on Our Operations
Uncertainty in the global economy presents significant risks to our business. We are subject to continuing risks and uncertainties in connection with the current macroeconomic environment, including inflation, fluctuating interest rates, new or increased tariffs and other barriers to trade, changes to fiscal and monetary policy or government budget dynamics, particularly in the pharmaceutical and biotech spaces, bank failures, geopolitical factors, including the ongoing conflicts between Russia and Ukraine and in the Middle East and the responses thereto, and supply chain disruptions.
While we closely monitor the impact of the current macroeconomic and geopolitical conditions on all aspects of our business, including the impacts on participants in any future clinical trials and our employees, suppliers, vendors, business partners, and our future access to capital, the ultimate extent of the impact on our business remains highly uncertain and will depend on future developments and factors that continue to evolve. Most of these developments and factors are outside of our control and could exist for an extended period. We will continue to evaluate the nature and extent of the potential impacts on our business, results of operations, liquidity, and capital resources.
Basis of Presentation and Principles of Consolidation
The consolidated financial statements of BBOT for the year ended December 31, 2025, included in Item 8 of this Form 10-K, are prepared in accordance with generally accepted accounting principles in the United States (“US GAAP”). All costs, assets, and liabilities directly associated with BBOT’s business activity are included in our consolidated financial statements. In connection with the de-SPAC Transaction, as the successor entity following the Closing, BBOT became the reporting entity and consolidates the balances and activity of Legacy BBOT. The financial information presented in these consolidated financial statements reflects the balances and results of operations of the combined entity post-Merger. Prior to the Closing, all references to BBOT or the Company are related to the balances and activity of Legacy BBOT. All intercompany balances have been eliminated in consolidation.
From its inception through the issuance of the Series B redeemable convertible preferred stock (“Series B”) on April 30, 2024 (“Legacy BBOT Series B Financing”), Legacy BBOT had been majority-owned and controlled by BridgeBio Pharma. Prior to April 30, 2024, we operated as part of BridgeBio Pharma and not as an independent entity. The consolidated financial statements of BBOT have been derived from BridgeBio Pharma’s historical accounting records and are presented on a carve-out basis. Before April 30, 2024, the consolidated financial statements include allocations of certain general and administrative expenses to Legacy BBOT from BridgeBio Pharma. The allocations have been determined on a reasonable basis; however, the amounts are not necessarily representative of the amounts that would have been reflected in the consolidated financial statements had BBOT been an entity that operated independently from BridgeBio Pharma. After April 30, 2024 and prior to the de-SPAC Transaction, the financial information in the consolidated financial statements relates to Legacy BBOT operating on a standalone basis.
Components of Results of Operations
Revenues
To date, we have not generated any revenue from product candidates under development and does not expect to generate any revenue in the foreseeable future. If our development efforts for our product candidates are successful and result in regulatory approval, we may generate revenue from product sales in the future. We cannot predict if, when, or to what extent we will generate revenue from the commercialization and sale of our product candidates. We may never succeed in obtaining regulatory approval for any of our product candidates.
Operating Expenses
Research and Development Expenses
Research and development expenses consist primarily of costs incurred for our research activities, including our drug discovery efforts, and the development of our product candidates, which include:
Employee-related expenses, including salaries, related benefits, stock-based compensation, and travel expenses for employees engaged in research and development functions;
Expenses incurred in connection with the preclinical and clinical development of our product candidates, including under agreements with contract research organizations (“CROs”);
The cost of consultants and contract manufacturing organizations (“CMOs”) that manufacture drug products for use in our preclinical studies and clinical trials;
Facilities, depreciation, insurance, and other direct and allocated expenses incurred as a result of research and development activities; and Payments made under third-party licensing and asset acquisition agreements.
We expense research and development costs as incurred. Non-refundable advance payments that we make for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed.
Our direct research and development costs consist primarily of external costs, such as fees paid to consultants, contractors, CMOs, and CROs in connection with our preclinical and clinical development activities.
We are heavily dependent on the success of our product candidates, which are in early stages of development, and require a lengthy and expensive process with uncertain outcomes and the potential for substantial delays. We cannot give any assurance that any of our product candidates will receive regulatory approval, which is necessary before they can be commercialized.
Product candidates in later stages of clinical development generally have higher development costs than those in earlier stages, primarily due to the increased size and duration of later-stage clinical trials. We expect that our research and development expenses will increase substantially in connection with our planned clinical and preclinical development activities in the near term and in future reporting periods, as we conduct additional clinical trials for our product candidates. We currently track research and development expenses based on expense nature.
General and Administrative Expenses
Our general and administrative costs consist primarily of fair value of common stock issued to BridgeBio Pharma, employee-related costs, travel expenses, expenses for outside professional services, including legal, human resources, audit, accounting, and tax services, and allocated facilities-related costs. Employee-related costs include salaries, bonuses, related benefits, and stock-based compensation.
What changed in the latest 10-Q
Risk Factors
Largest changes
“For example, if such an event were to occur and cause interruptions in our operations, it could result in a material disruption of our programs and the development of our product candidates could be delayed. In addition, the loss of clinical trial data for our product candidates could result in delays in our marketing approval efforts and significantly increase our costs to recover or reproduce the data, as well as claims or investigations from regulators or other third parties. …”see in full comparison
Like other companies in the industry,see in full comparisonBBOT,we, andBBOT’sour third party vendors, have experienced threats and security incidents relating to their information technology systems and infrastructure. To the extent that any disruption, security incident, or data breach were to result in a loss, destruction, unavailability, alteration or dissemination of, or damage to,BBOT’sour data (including confidential information and personal data) or applications, or for it to be believed or reported that any of these occurred,BBOTwe could incur liability and reputational damage. Further, in such an event, the development and commercialization ofBBOT’sour product candidates could be delayed. There can be no assurance thatBBOT’sour data protection efforts, or the efforts or investments of CROs, consultants or other third parties, will prevent significant breakdowns, data breaches or other security incidents that cause loss, destruction, unavailability, alteration or dissemination of, or damage to,BBOT’sour data. Such events could have a material adverse effect uponBBOT’sour reputation, business, operations or financial condition.For example, if such an event were to occur and cause interruptions in BBOT’s operations, it could result in a material disruption of BBOT’s programs and the development of BBOT’s product candidates could be delayed. In addition, the loss of clinical trial data for BBOT’s product candidates could result in delays in BBOT’s marketing approval efforts and significantly increase BBOT’s costs to recover or reproduce the data, as well as claims or investigations from regulators or other third parties. Furthermore, significant disruptions of BBOT’s internal information technology systems, security incidents or data breaches could result in the loss, misappropriation, and/or unauthorized access, use, or disclosure of, or the prevention of access to, data (including trade secrets or other confidential information, intellectual property, proprietary business information, and personal data), which could result in financial, legal, business, and reputational harm to BBOT. Such harm may include significant expenses, remediation costs, litigation, disputes, claims by third parties and regulatory actions or investigations. For example, any such event that leads to unauthorized access, use, or disclosure of personal data, including personal data regarding BBOT’s clinical trial subjects or employees, could harm BBOT’s reputation directly, compel BBOT to comply with federal and/or state breach notification laws and foreign law equivalents, subject BBOT to financial exposure related to the investigation of the security incident or data breach (including cost of forensic examinations), subject BBOT to mandatory corrective action, and otherwise subject BBOT to liability under laws and regulations that protect the privacy and security of data, which could result in significant legal and financial exposure and reputational damages that could potentially have a material adverse effect on BBOT’s business.
“In addition to HIPAA, we are subject to other U.S. federal, state, and international privacy and data protection laws that may increase our compliance costs, restrict our use of personal information, or expose us to regulatory penalties or private litigation. For a detailed discussion of the risks associated with these laws and regulations, see “Other U.S. Regulatory Matters” in our annual report on Form 10-K for the fiscal year ended December 31, 2025, which discussion is incorporated herein by reference.”see in full comparison
“The provision of benefits or advantages to physicians to induce or encourage the prescription, recommendation, endorsement, purchase, supply, order or use of medicinal products is also prohibited in the EU. Infringement of these laws could result in substantial fines and imprisonment. Payments made to physicians in certain EU Member States must be publicly disclosed. …”see in full comparison
U.S. federal and state laws government price reporting laws, which require manufacturers to calculate and report complex pricing metrics in an accurate and timely manner to government programs; and analogous state and foreign laws and regulations, such as state and foreign anti-kickback, false claims, consumer protection and unfair competition laws which may apply to pharmaceutical business practices, including but not limited to, research, distribution, sales, and marketing arrangements as well as submitting claims involving healthcare items or services reimbursed by any third-party payor, including commercial insurers; state laws that require pharmaceutical companies to comply with the pharmaceutical industry’s voluntary compliance guidelines and the relevant compliance guidance promulgated by the federal government that otherwise restricts payments that may be made to healthcare providers and other potential referral sources; state laws that require drug manufacturers to file reports with states regarding pricing and marketing information, such as the tracking and reporting of gifts, compensations and other remuneration and items of value provided to healthcare professionals and entities; and state and local laws requiring the registration of pharmaceutical salessee in full comparisonrepresentatives The provision of benefits or advantages to physicians to induce or encourage the prescription, recommendation, endorsement, purchase, supply, order or use of medicinal products is also prohibited in the EU. Infringement of these laws could result in substantial fines and imprisonment. Payments made to physicians in certain EU Member States must be publicly disclosed. Moreover, agreements with physicians often must be the subject of prior notification and approval by the physician’s employer, his or her competent professional organization and/or the regulatory authorities of the individual EU Member States. These requirements are provided in the national laws, industry codes or professional codes of conduct applicable in the EU Member States. BBOT’s failure to comply with these requirements could result in reputational risk, public reprimands, administrative penalties, fines or imprisonment.representatives.
Ifsee in full comparisonBBOTweisare required by the FDA, EMA or comparable regulatory authority to obtain clearance or approval of a companion diagnostic test in connection with approval of any ofBBOT’sour product candidates or a group of therapeutic products, andBBOTwedoesdo not obtain orBBOTwefacesface delays in obtaining clearance or approval of a diagnostic test,BBOTwe may not be able to commercialize the product candidate andBBOT’sour ability to generate revenue may be materially impaired.
Full comparison: every changed paragraph (478)
BBOTWe hashave a limited operating history, hashave not completed any clinical trials, hashave no products approved for commercial sale and hashave not generated any revenue, which may make it difficult for investors to evaluate BBOT’sour current business and likelihood of success and viability.
BBOT’sOur ability to generate revenue and achieve profitability depends significantly on itsour ability to achieve itsour objectives relating to the discovery, development and commercialization of itsour product candidates.
BBOTWe may require additional capital to finance itsour operations. If BBOTwe isare unable to raise such capital when needed, or on acceptable terms, BBOTwe may be forced to delay, reduce or eliminate one or more of itsour research and drug development programs, future commercialization efforts, product development or other operations.
BBOT’sOur preclinical studies and clinical trials may fail to adequately demonstrate the safety and efficacy of any of itsour product candidates, which would prevent or delay development, regulatory approval and commercialization.
Any delays in the commencement or completion, or any termination or suspension, of BBOT’sour current, planned or future clinical trials could result in increased costs to BBOT,costs, delay or limit BBOT’sour ability to generate revenue and adversely affect BBOT’sour commercial prospects.
The outcome of preclinical testing and early clinical trials may not be predictive of the success of later clinical trials, and the results of BBOT’sour clinical trials may not satisfy the requirements of the FDA, EMA or other comparable foreign regulatory authorities.
The regulatory approval processes of the FDA, EMA and other comparable foreign regulatory authorities are lengthy, time consuming and inherently unpredictable. If BBOTwe isare ultimately unable to obtain regulatory approval of itsour product candidates, BBOTwe will be unable to generate product revenue and itsour business will be substantially harmed.
BBOT’sOur product candidates may cause significant adverse events, toxicities or other undesirable adverse events when used alone or in combination with other approved products or investigational new drugs that may result in a safety profile that could prevent regulatory approval, prevent market acceptance, limit their commercial potential or result in significant negative consequences.
BBOTWe currently reliesrely on third parties to supply and manufacture preclinical and clinical drug supplies, and BBOTwe intendsintend to rely on third parties to produce commercial supplies of any approved product, which increases the risk that BBOTwe will not have sufficient quantities of these product candidates or products or such quantities at an acceptable cost, which could delay, prevent or impair BBOT’sour development or commercialization efforts.
BBOTWe facesface substantial competition which may result in others discovering, developing or commercializing products before or more successfully than BBOTwe does.do.
Any product candidates BBOTwe developsdevelop may become subject to unfavorable third-party coverage and reimbursement practices, as well as pricing regulations.
BBOT’sOur business entails a significant risk of product liability and if BBOTwe isare unable to obtain sufficient insurance coverage such inability could have an adverse effect on BBOT’sour business and financial condition.
Obtaining and maintaining regulatory approval of BBOT’sour product candidates in one jurisdiction does not mean that BBOTwe will be successful in obtaining regulatory approval of itsour product candidates in other jurisdictions.
BBOTWe may seek certain designations for itsour product candidates, including Breakthrough Therapy, Fast Track and Priority Review in the U.S., and PRIME (priority medicines) in the EU, but BBOTwe might not receive such designations, and even if BBOTwe does,do, such designations may not lead to a faster development or regulatory review or approval process.
BBOTWe isare or may become subject to stringent privacy laws, information security laws, regulations, policies and contractual obligations related to data privacy and security and changes in such laws, regulations, policies, contractual obligations and failure to comply with such requirements could subject BBOTus to significant fines and penalties, which may have a material adverse effect on BBOT’sour business, financial condition or results of operations.
BBOT’sOur success is highly dependent on BBOT’sour ability to attract, hire and retain highly skilled executive officers and employees, and BBOTwe may experience difficulties in managing the future growth of BBOT’sour organization.
If BBOTwe isare unable to obtain, maintain and enforce patent protection for itsour technology and product candidates, or if the scope of the patent protection obtained is not sufficiently broad, BBOT’sour competitors could develop and commercialize technology and products similar or identical to BBOT’s,ours, and BBOT’sour ability to successfully develop and commercialize itsour technology and product candidates may be adversely affected.
Patent terms may not protect BBOT’sour competitive position for an adequate amount of time.
BBOTWe may become involved in lawsuits to protect or enforce itsour patent or other intellectual property rights, which could be expensive, time-consuming and unsuccessful.
BBOTWe reliesrely on third parties to conduct itsour preclinical studies and clinical trials, and those third parties may not perform satisfactorily, including failing to meet deadlines for the completion of such trials, research and studies.
Future sales, or the perception of future sales, by the Companyus or itsour stockholders in the public market could cause the market price for the Company’sour securities to decline.
BBOTWe hashave in the past identified a material weakness in itsour internal controls over financial reporting. If BBOTwe identifiesidentify additional material weaknesses in the future or otherwise fails to maintain effective internal controls over financial reporting and disclosure controls and procedures, the accuracy and timeliness of itsour financial and operating reporting may be adversely affected, and confidence in itsour operations and disclosures may be lost.
BBOTWe hashave increased costs as a result of operating as a public company, and our management devotes substantial time to related compliance initiatives.
We are currently in a period of economic uncertainty and capital markets disruption, which has been significantly impacted by achanges new U.S. presidential administration and accompanyingin regulatory activities and economic policies and events related thereto,to the current U.S. presidential administration, ongoing military conflicts and geopolitical instability and inflation and interest rates.
Risks Related to BBOT’sour Financial Position and Need for Additional Capital
BBOTWe hashave a limited operating history, hashave not completed any clinical trials, hashave no products approved for commercial sale and hashave not generated any revenue, which may make it difficult for investors to evaluate BBOT’sour current business and likelihood of success and viability.
BBOTWe isare a biopharmaceutical company with a limited operating history upon which investors can evaluate itsour business and prospects. BBOTWe waswere incorporated in August 2016 and commenced significant operations as an independent entity starting in May 2024, hashave never completed a clinical trial, hashave no products approved for commercial sale and hashave never generated any revenue. Drug development is a highly uncertain undertaking and involves a substantial degree of risk. To date, BBOTwe hashave devoted substantially all of itsour resources to research and development activities, including with respect to BBO-8520, BBO-10203 and BBO-11818, and itsour discovery programs, business planning, establishing and maintaining itsour intellectual property portfolio, hiring personnel, raising capital and providing general and administrative support for these operations.
BBOTWe hashave not yet demonstrated itsour ability to successfully complete clinical trials, obtain marketing approvals, manufacture a commercial-scale product or arrange for a third party to do so on itsour behalf, or conduct sales and marketing activities necessary for successful product commercialization. As a result, it may be more difficult for investors to evaluate BBOT’sour likelihood of success and viability.
In addition, BBOTwe may encounter unforeseen expenses, difficulties, complications, delays and other known and unknown factors and risks frequently experienced by biopharmaceutical companies at BBOT’sour stage of development in rapidly evolving fields. BBOTWe also expectsexpect that, as BBOTwe advancesadvance itsour product candidates, BBOTwe will need to transition from a company with a research and development focus to a company capable of supporting commercial activities. BBOTWe hashave not yet demonstrated an ability to successfully overcome such risks and difficulties, or to make such a transition. If BBOTwe doesdo not adequately address these risks and difficulties or successfully make such a transition, itsour business will suffer.
BBOTWe hashave incurred significant net losses in each period since itsour inception, and expectsexpect to continue to incur significant net losses for the foreseeable future.
BBOTWe have incurred significant net losses in each reporting period since itsour inception, hashave not generated any revenue to date and hashave financed itsour operations principally through private placements of securities. BBOT’sOur net losses were $42.1$98.6 million and $22.1$50.5 million for the threesix months ended MarchJune 31,30, 2026 and 2025, respectively, and $134.0 million and $74.3 million for the yearsyear ended December 31, 2025 and 2024, respectively.2025. As of MarchJune 31,30, 2026, BBOTwe had an accumulated deficit of $398.7$455.1 million. BBOTWe hashave not yet completed any clinical trials. As a result, BBOTwe expectsexpect that it will be several years, if ever, before BBOTwe generatesgenerate revenue from product sales. Even if BBOTwe succeedssucceed in receiving marketing approval for and commercializing one or more product candidates, BBOTwe expectsexpect that itwe will continue to incur substantial research and development and other expenses in order to discover, develop and market additional potential products.
BBOTWe expectsexpect to continue to incur significant and increasing expenses and increasing operating losses for the foreseeable future. The net losses BBOTwe incursincur may fluctuate significantly from quarter to quarter such that a period-to-period comparison of BBOT’sour results of operations may not be a good indication of future performance. The size of future net losses will depend, in part, on the pace of development activities and the rate of future growth of expenses and BBOT’sour ability to generate revenue. BBOT’sOur prior losses and expected future losses have had and will continue to have an adverse effect on working capital, BBOT’sour ability to fund the development of itsour product candidates and itsour ability to achieve and maintain profitability and the performance of itsour stock.
BBOT’sOur ability to generate revenue and achieve profitability depends significantly on itsour ability to achieve itsour objectives relating to the discovery, development and commercialization of itsour product candidates.
BBOTWe reliesrely on itsour team’s expertise in chemistry, structure-based drug design, oncology drug development, business development and patient-driven approach to develop itsour product candidates. BBOT’sOur business depends significantly on the success of itsour approach and the development and commercialization of the product candidates that BBOTwe discoversdiscover with this approach. BBOTWe hashave no products approved for commercial sale and doesdo not anticipate generating any revenue from product sales for the next several years, if ever. BBOT’sOur ability to generate revenue and achieve profitability depends significantly on itsour ability to achieve several objectives, including:
successful and timely completion of preclinical and clinical development of BBO-8520, BBO-10203, BBO-11818 and any future product candidates from BBOT’sour discovery program maintaining current and establishing new relationships with contract research organizations (“CROs”) and clinical sites for the clinical development of BBO-8520, BBO-10203, BBO-11818 and any future product candidates from BBOT’sour current or future discovery programs;
timely receipt of marketing approvals from applicable regulatory authorities for any product candidates for which BBOTwe successfully completescomplete clinical development;
developing an efficient and scalable manufacturing process for BBOT’sour product candidates, including the production of finished products that are appropriately packaged for sale if BBOT’sour product candidates obtain marketing approvals;
maintaining current and establishing new commercially viable supply and manufacturing relationships with third parties that can provide adequate, in both amount and quality, products and services to support clinical development and meet the market demand for BBOT’sour product candidates, if approved;
maintaining an acceptable safety profile following any marketing approval of BBOT’sour product candidates;
commercial acceptance of BBOT’sour product candidates by patients, the medical community and third- party payors, including the willingness of physicians to use BBOT’sour product candidates, if approved, in lieu of (or in conjunction with) other approved therapies;
defending against third-party interference or infringement claims, if any, with respect to BBOT’sour intellectual property rights;
entering into, on favorable terms, any collaboration, licensing or other arrangements that may be necessary or desirable to develop, manufacture or commercialize BBOT’sour product candidates;
obtaining coverage and adequate reimbursement by third-party payors for BBOT’sour product candidates, if approved;
BBOTWe may never be successful in achieving itsour objectives and, even if itwe does,do, may never generate revenue that is significant or large enough to achieve profitability. If BBOTwe doesdo achieve profitability, BBOTwe may not be able to sustain or increase profitability on a quarterly or annual basis. BBOT’sOur failure to become and remain profitable would decrease the value of the company and could impair BBOT’sour ability to maintain or further itsour research and development efforts, raise additional necessary capital, grow itsour business and continue itsour operations.
BBOTWe may require additional capital to finance itsour operations. If BBOTwe isare unable to raise such capital when needed, or on acceptable terms, BBOTwe may be forced to delay, reduce or eliminate one or more of itsour research and drug development programs, future commercialization efforts, product development or other operations.
Since inception, BBOTwe hashave used substantial amounts of cash to fund itsour operations, and itsour expenses will increase substantially in the foreseeable future in connection with itsour ongoing activities, particularly as BBOTwe continuescontinue the research and development of, initiatesinitiate additional clinical trials of, and seeksseek marketing approval for, itsour product candidates. Developing pharmaceutical products, including conducting preclinical studies and clinical trials, is a very time-consuming, expensive and uncertain process that takes years to complete. Even if one or more of BBOT’sour product candidates or any future product candidates that BBOTour develops isare approved for commercial sale, BBOTwe anticipatesanticipate incurring significant costs associated with sales, marketing, manufacturing and distribution activities. BBOT’sOur expenses could increase beyond expectations if BBOTwe isare required by the FDA, the EMA or other regulatory authorities to perform clinical trials or preclinical studies in addition to those that BBOTwe currently anticipates.anticipate. Other unanticipated costs may also arise. Because the design and outcome of BBOT’sour clinical trials, including itsour planned and anticipated clinical trials, are highly uncertain, BBOTwe cannot reasonably estimate the actual amount of resources and funding that will be necessary to successfully complete the development and commercialization of itsour product candidates or any future product candidates that itwe develops.develop. BBOTWe isare currently conducting Phase 1 clinical trials of BBO-8520, BBO-10203 and BBO-11818. BBOTWe isare not permitted to market or promote any product candidate before it receives marketing approval from the FDA, EMA or any comparable foreign regulatory authorities. BBOTWe isare also incurring additional costs associated with operating as a public company. Accordingly, BBOTwe may need to obtain additional funding in order to continue itsour operations.
BBOTWe estimatesestimate that itsour existing cash, cash equivalents, short-term marketable securities, and long-term marketable securities as of the date of this report will be sufficient to enable itus to fund itsour operating expenses and capital expenditure requirements into 2028.
Advancing the development of BBO-8520, BBO-10203 and BBO-11818 and BBOT’sour discovery programs will require a significant amount of capital. BBOT’sOur existing cash, cash equivalents and marketable securities will not be sufficient to fund all of BBOT’sour product candidates through regulatory approval, and BBOTwe may need to raise additional capital to complete the development and commercialization of itsour product candidates. BBOT’sour estimate as to how long it expects itsour existing cash, cash equivalents and marketable securities to fund itsour operations does not include potential product revenue and is based on assumptions that may prove to be wrong, and BBOTwe could use itsour available capital resources sooner than currently expected. Changing circumstances, some of which may be beyond BBOT’sour control, could cause BBOTus to consume capital significantly faster than currently anticipated, and BBOTwe may need to seek additional funds.
BBOTWe may be required to obtain further funding through public or private equity financings, debt financings, collaborative agreements, licensing arrangements or other sources of financing, which may dilute BBOT’sour stockholders or restrict itsour operating activities. BBOTWe doesdo not have any committed external source of funds. Adequate additional financing may not be available to BBOTus on acceptable terms, or at all. BBOT’sOur ability to raise additional funds may be adversely impacted by general economic conditions, both inside and outside the U.S., including disruptions to, and instability and volatility in, the credit and financial markets in the U.S. and worldwide, including heightened inflation, interest rate and currency rate fluctuations, and economic slowdown or recession as well as concerns related to public health emergencies, natural disasters or geopolitical events, including civil or political unrest or military conflicts. In addition, market instability and volatility, high levels of inflation and interest rate fluctuations may increase BBOT’sour cost of financing or restrict BBOT’sour access to potential sources of future liquidity. To the extent that BBOTwe raisesraise additional capital through the sale of equity or convertible debt securities, each investor’s ownership interests will be diluted, and the terms may include liquidation or other preferences that adversely affect each investor’s rights as a stockholder. Debt financing may result in imposition of debt covenants, increased fixed payment obligations or other restrictions that may affect BBOT’sour business. If BBOTwe raisesraise additional funds through upfront payments or milestone payments pursuant to strategic collaborations with third parties, BBOTwe may have to relinquish valuable rights to itsour product candidates or grant licenses on terms that are not favorable to BBOT.us. In addition, BBOTwe may seek additional capital due to favorable market conditions or strategic considerations even if BBOTwe believesbelieve itwe hashave sufficient funds for itsour current or future operating plans.
BBOT’sOur failure to raise capital as and when needed or on acceptable terms would have a negative impact on itsour financial condition and itsour ability to pursue itsour business strategy, and BBOTwe may have to delay, reduce the scope of, suspend or eliminate one or more of itsour research or drug development programs, clinical trials or future commercialization efforts.
Risks Related to BBOT’sOur Product Development, Regulatory Approval and Commercialization
BBOT’sOur future prospects are substantially dependent on the advancement of itsour product candidates. If BBOTwe isare unable to advance itsour product candidates through development, obtain regulatory approval and ultimately commercialize such product candidates, or experience significant delays in doing so, BBOT’sour business will be materially harmed.
BBOTWe isare currently conducting Phase 1 clinical trials of BBO-8520, BBO-10203 and BBO-11818. BBOT’sOur ability to generate product revenue, which BBOTwe doesdo not expect will occur for many years, if ever, will depend heavily on the successful clinical development and eventual commercialization of one or more product candidates. BBOTWe isare not permitted to market or promote any product candidate before BBOTwe receivesreceive marketing approval from the FDA, EMA or any comparable foreign regulatory authorities, and BBOTwe may never receive such marketing approvals.
The success of BBOT’sour product candidates will depend on several factors, including the following:
submission of INDs in the U.S. and CTAs and/or comparable applications outside the U.S. for regulatory authority review and agreement to proceed with BBOT’sour clinical trials;
maintaining and establishing relationships with CROs and clinical sites for the clinical development of BBOT’sour product candidates both in the U.S. and internationally;
maintaining and growing an organization of scientific, medical and other professionals who can develop and commercialize BBOT’sour product candidates;
obtaining positive data that support demonstration of efficacy, safety and tolerability profiles and durability of effect for BBOT’sour product candidates that are satisfactory to the FDA, EMA or any comparable foreign regulatory authority for marketing approval;
the maintenance of existing or the establishment of new supply arrangements with third-party drug product suppliers and manufacturers for clinical development and, if approved, commercialization of BBOT’sour product candidates;
the protection of BBOT’sour rights in itsour intellectual property portfolio;
Management's Discussion & Analysis (MD&A)
New heading “Comparison of the six months ended June 30, 2026 and 2025”
New heading “Interest Income”
New heading “Income from Transition Services Agreements”
Removed heading “Research and Development Expenses”
Removed heading “General and Administrative Expenses”
Removed heading “Research and Development Expenses”
Removed heading “General and Administrative Expenses”
Largest changes
Full comparison: every changed paragraph (56)
This discussion and analysis of our financial condition and results of operations of BridgeBio Oncology Therapeutics, Inc. (“BBOT” “we” “our” or “us”) should be read together with the condensed consolidated financial statements for the three and six months ended MarchJune 31,30, 2026 and 2025, and related notes included in this Quarterly Report on Form 10-Q (“Quarterly Report”).
We are a clinical-stage biopharmaceutical company advancing a next-generation pipeline of novel small-molecule therapeutics targeting RAS and Phosphoinositide 3-kinase (“PI3K”), headquartered in South San Francisco, California. Our mission is to accelerate scientific and medical breakthroughs and deliver well-tolerated medicines with greater efficacy and safety to people with the deadliest cancers. We are advancing our next-generation RAS-pathway targeted small molecules with a focus on optimized target coverage for patients with tumors driven by RAS and PI3Kα and a synergistic portfolio that is designed to enable targeted KRAS combinations.
BBO-8520 is an orally bioavailable small molecule direct inhibitor targeting both the ON and OFF states of KRAS. The U.S. Food and Drug Administration (FDA) has granted Fast Track designation to BBO-8520 for the treatment of adult patients with previously treated, KRAS G12C-mutated metastatic non-small cell lung cancer ("NSCLC"). We are currently enrolling the Phase 1 ONKORAS-101 trial (NCT06343402) for patients with KRAS G12C mutant NSCLC. ONKORAS-101 is an open-label, multi-center Phase 1a/1b study designed to evaluate the safety, tolerability, preliminary antitumor activity, and pharmacokinetics of BBO-8520 as a single agent and in combination with pembrolizumab in patients with KRASG12C mutant NSCLC. On January 7, 2026, we announced new clinical data from the ongoing Phase 1 trial. As of November 15, 2025, BBO-8520 monotherapy in patients with KRASG12C NSCLC showed a 65% objective response rate (ORR) and a 68% 6-month progression-free survival (PFS), with 83% of patients eligible for 6-month follow-up remaining on treatment for ≥6 months, alongside a potentially differentiated safety profile. Encouraging early efficacy signals were seen in patients with KRASG12C and STK11 and/or KEAP1 co-mutants, where all five initial patients achieved partial response (PR). BBO-8520 in combination with pembrolizumab, at active dose levels, demonstrated promising efficacy data and a distinct safety profile, including a potentially differentiated liver toxicity profile. Updated clinical data are expected in the second half of 2026 and an internal combination study with BBO-10203 opened in April 2026.
BBO-11818 is an orally bioavailable small molecule pan-KRAS inhibitor that targets mutant KRAS in both the ON and OFF states. We are currently enrolling the Phase 1 KONQUER-101 (NCT06917079) trial for patients with locally advanced or metastatic KRAS mutant solid tumors. On January 7, 2026, we announced preliminary clinical data from the ongoing Phase 1 trial. BBO-11818 demonstrated encouraging early anti-tumor activity across dose levels and tumor types, including a PR in a patient with pancreatic ductal adenocarcinoma (PDAC) with a 56% tumor reduction. BBO-11818 monotherapy appeared generally tolerable with no dose-limiting toxicities (DLTs). On April 20, 2026 we announced that BBOT was granted U.S. FDA Fast Track designation for BBO-11818 for the treatment of adult patients with advanced KRAS-mutant PDAC. Further, in April 2026, we presented preclinical data demonstrating that BBO-11818 had robust anti-tumor activity in KRAS-mutant preclinical models at the AACR Annual Meeting 2026. Updated Phase 1 clinical data are expected in the second half of 2026. An internal combination study with BBO-10203 is anticipated to open lateropened in July 2026.
BBO-10203 is an orally bioavailable small molecule with a novel mechanism of action designed to inhibit the physical interaction between RAS and PI3Kα, inhibiting RAS-driven PI3Kα-AKT signaling in tumors. We are currently enrolling the Phase 1 BREAKER-101 trial (NCT06625775) for patients with locally advanced or metastatic HER2+ breast cancer, HR+/HER2-breast cancer, KRAS mutant colorectal cancer, and KRAS mutant non-small cell lung cancer. On January 7, 2026, we announced preliminary clinical data from the ongoing Phase 1 trial. BBO-10203 demonstrated a differentiated safety profile with no hyperglycemia in patients without restrictions on baseline HbA1c and glucose levels. In addition, BBO-10203 achieved target systemic exposure and rapid full target engagement. Clinical benefit was observed in patients with colorectal cancer (CRC) (>80% 3L+) and hormone receptor positive breast cancer (HR+ BC) who were previously heavily treated and tumor reductions were observed in some patients. Updated clinical data are expected in the second half of 2026 and internal combinations, including with BBO-8520 and BBO-11818, are anticipated to open later in 2026. In April 2026, we presented preclinical data showing that BBO-10203 inhibits PI3Kα/AKT signaling in HER2AMP models at the American Association for Cancer Research ("AACR") Annual Meeting 2026. Updated clinical data are expected in the second half of 2026 and internal combination studies are anticipated to open later in 2026.
In March 2026, we announced the appointment of Peter Lebowitz, M.D., Ph.D. as a member of the board of directors with immediate effect, who will serve as a Class I director appointed to the NCG Committee and Compensation Committee of the Board effective as of the date of his appointment as a director.
In April 2026, we announced the appointment of Neil Kumar, Ph.D. as Executive Chairman of the Board of Directors, Pedro J. Beltran, Ph.D. as Chief Executive Officer, Idan Elmelech as Chief Operating Officer, and Marc Cobo as Principal Accounting Officer effective April 20, 2026. Former CEO, Eli Wallace, PhD, will serve as a Senior Adviser to the Company, continuing to leverage his scientific expertise and deep understanding of BBOT’s programs to support the company going forward. This transition reflects BBOT entering a new phase of development as the company’s three clinical assets enter expansions and combinations across multiple RAS-driven cancers. The Board of Directors believes that elevating the next generation of the Company’s leadership will enable the company to execute with strategic precision and purpose in order to improve outcomes for patients with RAS and PI3Kα malignancies.
Since inception, we have incurred significant operating losses. For the three and six months ended MarchJune 31,30, 2026, we incurred a net loss of $42.1$56.5 million and $98.6 million, respectively and had an accumulated deficit of $398.7$455.1 million as of MarchJune 31,30, 2026. For the year ended December 31, 2025, we incurred a net loss of $134.0 million. Our ability to generate sufficient product revenue to achieve profitability will depend heavily on the development and eventual commercialization efforts related to our product candidates. We expect to continue to incur significant expenses, and our operating losses are expected to increase for the foreseeable future if and as we:
Conduct ongoing and future clinical studiestrials for our product candidates;
Pursue investigational new drug applications or comparable foreign applications that allow commencement of the planned clinical trials or additional future clinical trials for any programs we may develop;
Research and Development Expenses
General and Administrative Expenses
Comparison of the three months ended MarchJune 31,30, 2026 and 2025
The following table sets forth a summary of our results of operations for the three months ended MarchJune 31,30, 2026 and 2025 (in thousands):
Research and Development Expenses
Research and development expenses increased by $19.2$21.8 million or 93%,79%, from $20.6$27.4 million for the three months ended MarchJune 31,30, 2025, to $39.8$49.2 million for the three months ended MarchJune 31,30, 2026. The changes in research and development expenses include the following key drivers:
a $15.6$17.5 million increase in research and development trials and consumables expenses pertaining to increases in clinical trial expenses and manufacturing expenses for BBO-8520, BBO-10203 and BBO-11818, a $3.9$3.6 million increase in our payroll and personnel expenses primarily due to headcount expansion, and a $0.3$0.6 million decreaseincrease in facilities and other expenses primarily as a result of reducedincreased professional fees and consultingconsultant costs from related parties attributable to the winding down of activities under the transition services agreement with BridgoBio Pharma.fees.
General and Administrative Expenses
General and administrative expenses increased by $3.9$8.3 million or $155%,$313%, from $2.5$2.7 million for the three months ended MarchJune 31,30, 2025, to $6.4$11.0 million for the three months ended MarchJune 31,30, 2026. The changes in our general and administrative expenses were driven by the following key drivers:
a $3.0$6.9 million increase in payroll and personnel-related expenses which reflectsincludes increased headcount as a result of our standalone operations after the de-SPAC Transaction,Transaction and $3.0 million of stock-based compensation expense recorded as a result of certain modified equity awards and accrued severance costs for former executives, and a $0.9$1.4 million increase in professionallegal, facilities and consultantother fees, insurance and taxes, and facilities costsexpenses due to the growth and establishment of our operations as a public company.
Interest income increased by $2.1$1.9 million, from $1.8$1.7 million for the three months ended MarchJune 31,30, 2025, to $3.9$3.6 million for the three months ended MarchJune 31,30, 2026. Interest income was higher during the firstsecond quarter of 2026 due to interest earnings on our cash, cash equivalents, and marketable securities portfolio which includes the proceeds from the de-SPAC Transaction and PIPE Financing completed in August 2025.
Other income of $0.2 million for the three months ended MarchJune 31,30, 2026 was related to a transition services agreement with an unrelated party. There was no income from transition services agreements during the three months ended MarchJune 31,30, 2025.
Results of Operations
Comparison of the six months ended June 30, 2026 and 2025
The following table sets forth a summary of our results of operations for the six months ended June 30, 2026 and 2025 (in thousands):
* Percentage is not meaningful
Research and development expenses consisted of the following components for the periods indicated (in thousands):
Research and development expenses increased by $41.0 million or 85%, from $48.1 million for the six months ended June 30, 2025, to $89.0 million for the six months ended June 30, 2026. The changes in research and development expenses include the following key drivers:
a $33.1 million increase in research and development trials and consumables expenses pertaining to increases in clinical trial expenses and manufacturing expenses for BBO-8520, BBO-10203 and BBO-11818, a $7.5 million increase in our payroll and personnel expenses primarily due to headcount expansion, and a $0.3 million increase in facilities and other expenses primarily as a result of increased professional fees and consulting costs.
General and administrative expenses increased by $12.2 million or $236%, from $5.2 million for the six months ended June 30, 2025, to $17.3 million for the six months ended June 30, 2026. The changes in our general and administrative expenses were driven by the following key drivers:
a $9.9 million increase in payroll and personnel-related expenses which includes increased headcount as a result of our standalone operations after the de-SPAC Transaction and $3.0 million of stock-based compensation expense recorded as a result of certain modified equity awards and accrued severance costs for former executives, and a $2.3 million increase in legal, facilities and other expenses due to the growth and establishment of our operations as a public company.
Interest Income
Interest income increased by $4.0 million, from $3.5 million for the six months ended June 30, 2025, to $7.5 million for the six months ended June 30, 2026. Interest income was higher during the six months ended June 2026 due to interest earnings on our cash, cash equivalents, and marketable securities portfolio which includes the proceeds from the de-SPAC Transaction and PIPE Financing completed in August 2025.
Income from Transition Services Agreements
Other income of $0.4 million for the six months ended June 30, 2026 was related to a transition services agreement with an unrelated party. There was no income from transition services agreements during the six months ended June 30, 2025.
No change in fair value of participation right liability was recorded for the threesix months ended MarchJune 31,30, 2026 because the participation right was settled in full in April 2025.2025, and there were no subsequent changes in fair value of the associated liability. The change in fair value of participation right liability of $0.7 million for the threesix months ended MarchJune 31,30, 2025 representsrepresented the increase in the estimated fair value per share of the underlying Legacy BBOT Series B redeemable convertible preferred stock relative to the fixed price per share granted to UCSF in connection with the participation right. The participation right was settled in full in April 2025, and there were no subsequent changes in fair value of the associated liability.
Since our inception, we have incurred significant operating losses. For the threesix months ended MarchJune 31,30, 2026, we incurred a net loss of $42.1$98.6 million and had an accumulated deficit of $398.7$455.1 million as of MarchJune 31,30, 2026. For the year ended December 31, 2025, we incurred a net loss of $134.0 million.
We estimate that the existing cash, cash equivalents, and marketable securities of $388.9$344.1 million as of MarchJune 31,30, 2026 will be sufficient to meet the our cash requirements for at least twelve months from the issuance date of the condensed consolidated financial statements for the threesix months ended MarchJune 31,30, 2026 included in this Quarterly Report. We have based this estimate on assumptions that may prove to be wrong, and our operating plan may change due to many factors currently unknown to management. We could exhaust our available capital resources sooner than management expects.
We have historically financed our operations primarily through the sale of equity securities. The de-SPAC Transaction executed in August 2025 represents a major financing event for our business generating cash inflows from the reverse recapitalization and the associated PIPE Financing. We utilized the proceeds from these financing transactions to finance our operations during the three months ended MarchJune 31,30, 2026 and anticipate to continue doing so in the future to facilitate the development of our product candidates.
Cash Flow Comparison for the threesix months ended MarchJune 31,30, 2026 and 2025
Net cash used in operating activities for the threesix months ended MarchJune 31,30, 2026 was 35.9$80.3 million. This amount consisted of our net loss of $42.1$98.6 million, adjusted for a change in net operating assets and liabilities of $2.2$6.5 million, and further reduced by non-cash charges of 4.0$11.8 million. Our non-cash adjustments primarily consisted of $3.9$11.1 million in stock-based compensation, $0.1$0.2 million in depreciation, and $0.1$0.2 million in amortization of right-of-use assets, partiallyand offset by $0.1$0.3 million in net accretion of premiums and discounts on marketable securities. The net change in operating assets and liabilities was primarily due to increases in our liabilities, including a $10.7$10.9 million increasein accrued research and development liabilities, $5.4 million in accounts payable, a $0.9$1.4 million increase in accrued professional services, and a $0.4$0.2 million in net balance due to and from related parties, and $0.3 million in other accrued liabilities, as well as an increase of $1.3 million in other non-current assets.parties. These changes were partially offset by adecreases decreasesin assets of $7.5$9.5 million in prepaid expenses,expenses $3.7and other current assets and $0.2 million in other non-current assets, as well as decreases in liabilities of $1.4 million in accrued compensation and benefits and $0.1$0.3 million in operating lease liabilities.
Net cash used in operating activities for the threesix months ended MarchJune 31,30, 2025 was $19.6$42.9 million. This amount consisted of our net loss of $22.1$50.5 million, adjusted for a change in net operating assets and liabilities of $1.5$5.9 million, and further reduced by non-cash charges of $1.0$1.7 million. Our non-cash adjustments primarily included $1.5 million in stock-based compensation, $0.7 million for losses from changes in the fair value of the participation right liability, $0.6$0.1 million in stock-based compensation,depreciation, and $0.1 million in depreciation,amortization of right of use assets, partially offset by $0.4$0.8 million in net accretion of premiums on marketable securities. The net change in operating assets and liabilities was primarily due to a $2.3$11.5 million increase in accrued research and development liabilities, a $0.5 million increase in accounts payable, and $0.2$0.3 million in accrued professional services,services. These changes were partially offset by an increase of $2.7 million in prepaid expenses and other current assets, a decrease of $1.5 million in accounts payable, a decrease of $1.1 million in accrued compensation and benefits, and an increase of $0.3 million in prepaid expenses and other currentnon-current assets. These changes were partially offset by a decrease of $2.0 million in accrued compensation and benefits.
Net cash used in investing activities for the threesix months ended MarchJune 31,30, 2026 was $285.4$239.7 million, which consisted of $26.3$79.6 million in cash inflows from maturities and sales of marketable securities, offset by $311.6 million in cash outflows of $319.2 million from purchases of marketable securities.securities and $0.1 million in purchases of property and equipment. The proceeds from the de-SPAC Transaction and were primarily invested in cash equivalents and short-term marketable securities as of December 31, 2025, but were reallocated to investments in short and long-term marketable securities as of MarchJune 31,30, 2026. This resulted in significant cash flows from investing activities for the threesix months ended MarchJune 31,30, 2026 as a result of purchases of marketable securities.
Net cash provided by investing activities for the threesix months ended MarchJune 31,30, 2025, was $15.4$25.0 million, which consisted of $40.0$83.8 million in cash inflows from maturities of marketable securities, offset by $24.4$58.4 million in cash outflows from purchases of marketable securities and $0.2$0.4 million in purchases of property and equipment.
Net cash provided by financing activities of $0.3 million for the threesix months ended MarchJune 31,30, 2026 included $0.4$0.5 million in proceeds from option exercises, offset by $0.1 million in payments of deferred transaction costs.
Net cash used in financing activities of $0.4$18.6 million for the threesix months ended MarchJune 31,30, 2025 which wasincluded comprised$22.2 million in proceeds from issuance of Series B redeemable convertible preferred stock, net of issuance costs, offset by $3.7 million in payments of deferred transaction costs.
In September 2016, BBOTwe entered into a license agreement with UCSF and waswere granted certain worldwide exclusive licenses to use the licensed compounds (the “UCSF License”). The UCSF License was subsequently amended and was terminated in June 2021.
Under the UCSF License, UCSF received the right, but not an obligation, to purchase up to 10% of the securities in any offering on the same terms as other investors, which survived the termination of the UCSF License (“Participation Right”). Because UCSF was not notified of the Legacy BBOT Series B Financing at the time it was completed in 2024, the Participation Right was extended through March 29, 2025. As a result, UCSF received the right to purchase up to 2,509,446 shares of Series B at the original issue price of $8.8554 per share. In April 2025, we settled the Participation Right in full by issuing of 2,509,446 Series B shares for cash proceeds of $22.2 million, and it was no longer outstanding as of December 31, 2025.
In March 2017, we entered into a cooperative research and development agreement (“Leidos CRADA”) with Leidos Biomedical Research, Inc. (“Leidos”). In December 2018, we entered into a license agreement (“Initial Leidos License”), under which BBOTwe waswere granted certain worldwide exclusive licenses to use the licensed compounds related to its drug discovery and development initiatives. The Initial Leidos License was terminated in 2021. BBOT and LeidosWe subsequently entered into three additional license agreements with Leidos (“Additional Leidos Licenses”), including two related to KRAS G12C inhibitor and P13Ka breaker compounds that were executed in August 2022, and one related to the PanKRAS inhibitor executed in December 2023. The Leidos CRADA, the Initial Leidos License, and the Additional Leidos Licenses are referred to as the “Leidos Agreements.” In December 2025, we executed an amendment to extend the expiration date of the Leidos CRADA by nine months to September 2026. In December 2025, the Leidos Agreements were amended to introduce an additional $1.5 million in contribution funding payments.
Under the Additional Leidos Licenses, BBOTwe incurred initial upfront fees of $1.8 million and we are required to pay Leidos certain annual license maintenance fees and royalties on net sales for such licensed compounds. As of MarchJune 31,30, 2026, we are obligated to make contingent milestone payments totaling up to $25.9 million upon the achievement of certain clinical and regulatory milestones.
As of MarchJune 31,30, 2026 and December 31, 2025, we recorded a $0.5 million liability for milestones that had been achieved but remained unpaid, which iswas included in the accrued research and development liabilities in the condensed consolidated balance sheets. In connection with our arrangements with Leidos, we recognized research and development expenses of $0.7 million and $1.0$1.3 million for the three months ended MarchJune 31,30, 2026 and 2025, respectively, and $1.4 million and $2.2 million for the six months ended June 30, 2026 and 2025, respectively.
In May 2018, BBOTwe entered into a cooperative research and development agreement (“LLNS CRADA”) with Lawrence Livermore National Security, LLC (“LLNS”) to bring new knowledge and therapeutic possibilities to KRAS drug discovery utilizing LLNS’ high-performance computing machines. BBOT and LLNSWe executed five subsequent amendments to the LLNS CRADA between December 2019 and November 2025 to clarify the scope and provide for term extensions. In July 2022, BBOT entered into an exclusive patent license agreement for KRAS G12C inhibitors and an exclusive patent license agreement for PI3Kα breaker compounds. In December 2024, BBOT entered into an exclusive license agreement with LLNS for research and development of Pan KRAS inhibitor for oncology indications. In July 2025, BBOTwe entered into an exclusive license agreement with LLNS for research and development of Pan KRAS inhibitor for non-oncology indications. These four agreements are collectively referred to as the LLNS Agreements. In November 2025, BBOT and LLNSwe executed three separate amendments to the existing agreements for Pan KRAS inhibitors, PI3Kα breakers, and KRAS G12C inhibitors. These amendments were made to include new patent applications within the scope of patent rights. In November 2025, BBOT and LLNSwe executed an amendment to extend the LLNS CRADA expiration date by six months to June 2026. In January 2026, the Company and LLNSwe executed an amendment with LLNS to extend the LLNS CRADA expiration date another twelve months until June 2027 and included additional estimated funding contributions of $5.0 million to be paid by the Companyus over the remaining term.
Upon execution of the LLNS Agreements, we paid an initial upfront cash fee of $0.2 million. In addition, under the terms of the LLNS Agreements, we are required to pay LLNS certain annual license maintenance fees and royalties to LLNS on net sales for such licensed compounds. As of MarchJune 31,30, 2026, we are required to make contingent milestone payments totaling up to $21.8 million upon the achievement of certain clinical, regulatory, and sales milestones.
DuringAs theof threeJune months ended March 31,30, 2026, no milestones had been achieved but not paid and therefore no liabilities associated with LLNS were recorded as of MarchJune 30, 2026 or December 31, 20262025 on the condensed consolidated balance sheets. BBOTIn connection with our arrangements with LLNS, we recognized research and development expenses of $0.3 million for the six months ended June 30, 2025. We did not recognize material research and development expenses for the three or six months ended June 30, 2026 or the three months ended MarchJune 31,30, 2025 in connection with the LLNS Agreements.2025.
As of MarchJune 31,30, 2026, we did not have any off-balance sheet arrangements that have a material current effect or that are reasonably likely to have a material future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources.
There have been no significant changes in our critical accounting policies and estimates as compared to the critical accounting policies and estimates disclosed in the section titled “Management’s Discussion and Analysis of Financial Condition and Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC, except for certain updates to our accounting policy as discussed in Note 2 of our condensed consolidated financial statements as of and for the three and six months ended MarchJune 31,30, 2026.
BBOT insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 0 filings. Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-01 | Cobo Marc |
Shares withheld for tax | 126 | $3.94 | $496 |
| 2026-10-01 | Elmelech Idan |
Shares withheld for tax | 343 | $3.94 | $1.4K |
| 2026-10-01 | Beltran Pedro |
Shares withheld for tax | 1,047 | $3.94 | $4.1K |
| 2026-10-01 | Ben Yong |
Shares withheld for tax | 1,047 | $3.94 | $4.1K |
| 2026-09-10 | Cobo Marc |
Grant/award | 9,038 | — | — |
| 2026-09-10 | Cobo Marc |
Shares withheld for tax | 203 | $5.52 | $1.1K |
| 2026-07-01 | Cobo Marc |
Shares withheld for tax | 125 | $7.80 | $975 |
| 2026-07-01 | Elmelech Idan |
Shares withheld for tax | 343 | $7.80 | $2.7K |
| 2026-07-01 | Ben Yong |
Shares withheld for tax | 1,047 | $7.80 | $8.2K |
| 2026-07-01 | Beltran Pedro |
Shares withheld for tax | 1,047 | $7.80 | $8.2K |
| 2026-07-01 | Chen Bihua |
Other | 130,865 | — | — |
| 2026-07-01 | Chen Bihua |
Other | 1,704,862 | — | — |
| 2026-07-01 | Chen Bihua |
Other | 2,692,459 | — | — |
| 2026-07-01 | Chen Bihua |
Other | 4,528,186 | — | — |
| 2026-04-01 | Ben Yong |
Shares withheld for tax | 1,047 | $9.03 | $9.5K |
| 2026-04-01 | Beltran Pedro |
Shares withheld for tax | 1,047 | $9.03 | $9.5K |
| 2026-04-01 | Mehra Uneek |
Shares withheld for tax | 524 | $9.03 | $4.7K |
Well-known investors holding BBOT (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 2,617,827 | $19.9M | 0.01% | Added 4% |
| Millennium Management (Israel Englander) | 2026-06-30 | 105,480 | $803.8K | 0.0% | Reduced 60% |
| Renaissance Technologies | 2026-06-30 | 58,600 | $446.5K | 0.0% | Reduced 42% |
| Two Sigma Investments | 2026-06-30 | 26,485 | $201.8K | 0.0% | New position |