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Sep 30, 2020
Bridgebio Q3 2020 Earnings Report
BridgeBio reported financial results for Q3 2020 and provided a business update.
Key Takeaways
BridgeBio reported $710.7 million in cash, cash equivalents and marketable securities as of September 30, 2020. The company had an operating expense of $128.1 million for the quarter. The company also announced a merger agreement with Eidos Therapeutics and the FDA accepted the NDA for Fosdenopterin under Priority Review.
BridgeBio and Eidos Therapeutics entered into a merger agreement.
FDA accepted NDA for Fosdenopterin under Priority Review designation.
Two new clinical trials were initiated since the last quarterly update and 15 ongoing clinical trials were progressed.
Ended the quarter with $710.7 million in cash, cash equivalents, and marketable securities.
Bridgebio
Bridgebio
Forward Guidance
BridgeBio is nearing a significant inflection point as a company as it approaches the start of 2021.
Positive Outlook
- Four key programs have critical data readouts within the next year and a half – in ATTR, achondroplasia, CAH and ADH1.
- Progressing 17 ongoing clinical trials.
- Preparing for commercialization, to bring the first investigational therapy to patients.
- Acoramidis: Topline results from Part A of the ATTRibute-CM trial are expected in late 2021 or early 2022 and from Part B in 2023.
- Low-dose infigratinib: Remain on track to report initial data from the ongoing Phase 2 dose ranging study by end of 2021.
Challenges Ahead
- The longer-term impact of COVID-19 on operating expenses is currently unknown.
- Potential adverse impacts due to the global COVID-19 pandemic such as delays in regulatory review, manufacturing and supply chain interruptions, adverse effects on healthcare systems and disruption of the global economy
- The occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction with Eidos
- The risk that Eidos’ and/or BridgeBio’s stockholders may not approve the proposed transaction
- Uncertainty of the expected financial performance of each of Eidos and BridgeBio following completion of the proposed transaction