BridgeBio Pharma, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in revenue, expenses, and strategic developments compared to the previous fiscal period.
For Q3 2024, BridgeBio generated revenue of $2.732 million, a decrease from $4.091 million in Q3 2023. For the nine months ended September 30, 2024, total revenue was $216.020 million, a substantial increase from $7.558 million in the same period last year. This increase was primarily driven by revenue from licensing agreements, including $205.3 million from the Bayer and Kyowa Kirin agreements.
Operating costs and expenses for Q3 2024 rose to $194.482 million, compared to $161.783 million in Q3 2023. For the nine-month period, total operating expenses reached $582.966 million, up from $437.512 million in the prior year. The loss from operations for Q3 2024 was $(191.750) million, compared to $(157.692) million in Q3 2023. The net loss for Q3 2024 was $(164.254) million, an improvement from $(179.488) million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $(275.958) million, down from $(482.923) million in the same period of 2023.
BridgeBio's cash and cash equivalents as of September 30, 2024, were $266.324 million, a decrease from $375.935 million at the end of 2023. Restricted cash increased significantly to $139.409 million from $16.653 million, reflecting funds deposited into escrow accounts related to recent transactions.
Strategically, BridgeBio has undergone significant restructuring, including the deconsolidation of subsidiaries Portal Therapeutics, Inc. and Sub21, Inc. into GondolaBio, LLC, which was formed in June 2024. This transaction resulted in a net gain of approximately $52 million for Q3 2024. Additionally, the company completed a $200 million private equity financing for its subsidiary, BridgeBio Oncology Therapeutics (BBOT), which was also deconsolidated, resulting in a net gain of $126.3 million.
BridgeBio is entitled to a $500 million milestone payment upon FDA approval of its product candidate, acoramidis, expected in late November 2024. However, there is substantial doubt about the company's ability to continue as a going concern due to ongoing losses and the need for additional capital to fund operations. The company has indicated that it may need to seek additional funding sooner than planned, depending on the outcomes of its FDA applications and ongoing clinical trials.
About BridgeBio Pharma, Inc.
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