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Mar 31, 2021
Bridgebio Q1 2021 Earnings Report
BridgeBio reported financial results for the first quarter ended March 31, 2021, and provided a business update.
Key Takeaways
BridgeBio reported first quarter results, highlighted by the FDA approval of NULIBRY, proof-of-concept data for encaleret in ADH1, a strategic collaboration with Helsinn Group for infigratinib, the completion of the Eidos Therapeutics acquisition, and nearly $750 million raised through convertible senior notes. The company ended the quarter with $1,001.3 million in cash, cash equivalents and marketable securities.
Received FDA approval for NULIBRY™ for injection for MoCD Type A.
Reported proof-of-concept data of encaleret in Autosomal Dominant Hypocalcemia Type 1 (ADH1).
Launched strategic collaboration with Helsinn Group to co-develop and commercialize infigratinib in oncology.
Completed acquisition of Eidos Therapeutics, Inc.
Bridgebio
Bridgebio
Forward Guidance
BridgeBio anticipates major milestones in 2021 or early 2022 for its four core value drivers, including Acoramidis, Encaleret, Low-dose infigratinib and BBP-631.
Positive Outlook
- Topline results from Part A of the ATTRibute-CM trial of acoramidis are expected in late 2021 or early 2022.
- Initial data from the ongoing Phase 2 dose ranging study of low-dose infigratinib are expected by the end of 2021.
- Initial data from ongoing Phase 1/2 study of BBP-631 for CAH are anticipated in late 2021 or early 2022.
- BridgeBio is eligible to receive future milestone payments under its strategic collaboration with the Helsinn Group.
- Current cash, cash equivalents and marketable securities are expected to support planned operations into 2023.
Challenges Ahead
- The Phase 3 clinical trial of topical patidegib gel in patients with Gorlin Syndrome failed to meet primary and secondary endpoints.
- The Phase 2 study in high-frequency basal cell carcinoma is being halted.
- LEO Pharma terminated its option to acquire PellePharm.
- Clinical enrollment and trial commencement activities experienced some delays due to COVID-19.
- The longer-term impact of COVID-19 on operating expenses is currently unknown.