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Dec 31, 2021
Bridgebio Q4 2021 Earnings Report
Reported financial results for the fourth quarter ended December 31, 2021.
Key Takeaways
BridgeBio Pharma reported its financial results for the fourth quarter ended December 31, 2021, revealing cash, cash equivalents, and marketable securities totaling $787.5 million. The company's operating costs and expenses for the quarter increased by $50.9 million to $178.5 million, driven by increased investment in research and development programs.
Secured up to $750 million in non-dilutive debt financing in November 2021, extending financial runway into 2024.
Dosed first patient in Phase 1/2 trial of investigational gene therapy for congenital adrenal hyperplasia (CAH); initial data readout anticipated in second half of 2022.
Launched clinical collaboration with Amgen to study BBP-398, a potentially best-in-class SHP2 inhibitor, in combination with LUMAKRAS® (sotorasib) in advanced solid tumors with the KRAS G12C mutation.
Established strategic collaboration with Helsinn Group to co-develop and co-commercialize BridgeBio’s novel GPX4 inhibitor in multiple cancer tumor types.
Forward Guidance
BridgeBio is focused on advancing its pipeline programs and reducing operating expenses to extend its financial runway. The company anticipates several data readouts and clinical trial initiations in 2022 and 2023.
Positive Outlook
- Advancing high-quality programs across the pipeline.
- Taking steps to reduce operating expenses.
- Seeking additional opportunities to extend financial runway.
- Expecting topline data from ATTRibute-CM trial in mid-2023.
- Initiating a Phase 3 registrational trial of encaleret in patients with ADH1 in 2022.
Challenges Ahead
- Phase 3 ATTRibute-CM study did not meet its primary endpoint at Month 12.
- Experienced some delays in certain clinical enrollment and trial commencement activities due to COVID-19.
- Uncertain longer-term impact of COVID-19 on operating costs and expenses.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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