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Mar 31, 2022
Bridgebio Q1 2022 Earnings Report
BridgeBio reported its Q1 2022 financial results and provided a business update.
Key Takeaways
BridgeBio Pharma reported its Q1 2022 financial results, highlighting the sale of NULIBRY™ and an updated strategic collaboration with Helsinn Group. The company ended the quarter with $633.5 million in cash, cash equivalents, and marketable securities, providing financial runway into 2024.
Completed the sale of NULIBRY™ to Sentynl Therapeutics.
Updated strategic collaboration with Helsinn Group for infigratinib in oncology indications.
Released positive Phase 2 data for BBP-418 in patients with limb-girdle muscular dystrophy type 2i (LGMD2i).
Reported data from ongoing Phase 2 open-label extension (OLE) study of acoramidis (AG10) in patients with symptomatic transthyretin (TTR) amyloid cardiomyopathy (ATTR-CM).
Forward Guidance
BridgeBio expects operating expenses and cash burn to decline in the second quarter of 2022. They anticipate having enough financial runway to reach the ATTR catalyst readout in mid-2023 and reiterate guidance of runway into 2024.
Positive Outlook
- Expectation that operating expenses and cash burn will meaningfully decline in the second quarter as restructuring charges from the beginning of the year decline.
- Anticipated additional business development activity allows the company to decrease further from that baseline, establishing a reduced run rate for the rest of the year.
- Currently expect to have runway up to and beyond the readout of our ATTR catalyst in mid-2023 without requiring equity dilution.
- Reiterated guidance of runway into 2024.
- Made significant progress in reducing our expenditures in the first quarter, highlighted by a combined reduction of over $100 million in 2022-2023 operating expenses through the Helsinn and Sentynl deals.
Challenges Ahead
- The estimate of the range of restructuring costs is subject to certain assumptions, such as the Company’s ability to sublease certain office spaces.
Historical Earnings Impact
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