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Mar 31, 2023
Bridgebio Q1 2023 Earnings Report
BridgeBio reported financial results for Q1 2023 and provided a business update.
Key Takeaways
BridgeBio Pharma reported its Q1 2023 financial results, highlighting the positive results from the Phase 2 trial of infigratinib for achondroplasia and progress in other key programs. The company closed a public offering with gross proceeds of $150 million and ended the quarter with $467 million in cash and cash equivalents.
Phase 3 ATTRibute-CM trial of acoramidis completed last patient last visit, with topline data expected in late July 2023.
Positive results were announced in Cohort 5 of Phase 2 PROPEL 2 trial of low-dose infigratinib in children with achondroplasia, demonstrating a mean increase in annualized height velocity (AHV) of 3.03cm/year.
Preliminary findings were shared on a novel bioassay measuring glycosylated alpha-dystroglycan (αDG) in patients with limb-girdle muscular dystrophy type 2I (LGMD2I).
Closed underwritten public offering with gross proceeds of approximately $150 million, and ended the quarter with $467 million in cash, cash equivalents, marketable securities, and restricted cash.
Bridgebio
Bridgebio
Forward Guidance
BridgeBio is focused on advancing its key programs, including acoramidis, infigratinib, BBP-418, encaleret and BBP-631. The company expects to announce topline data for the month 30 primary endpoint in late July, 2023 and is continuing to evaluate restructuring alternatives to drive operational changes in business processes, efficiencies, and cost savings.
Positive Outlook
- Acoramidis Phase 3 data readout in late July 2023.
- Infigratinib Phase 2 data showed best-in-class efficacy and well-tolerated safety profile.
- BBP-418 Phase 3 trial initiation planned for mid-2023.
- RAS program progressing with IND application planned for BBO-8520 in the second half of 2023.
- Cash runway extended into 2H 2024.
Challenges Ahead
- Uncertainty regarding clinical trial outcomes.
- Potential delays in regulatory review.
- Manufacturing and supply chain interruptions.
- Adverse effects on healthcare systems.
- Disruption of the global economy.