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Attruby is not a launch story any more, it is a revenue line: $222.4 million of United States net product revenue in the quarter ended June 30, 2026, against $71.5 million in the same quarter of 2025, and $768.3 million cumulatively since the November 22, 2024 approval. Behind it sit two more applications at the FDA, the first with a target action date of November 27, 2026, and a balance sheet carrying $3.72 billion of total liabilities against $1.22 billion of assets and a $2.52 billion stockholders’ deficit. This hub works through what the revenue actually is, what the royalty and preferred financings sit against, and which entity owes what.
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This is the nearest dated event in the record and it is a straightforward one. The NDA for BBP-418 (ribitol) in limb-girdle muscular dystrophy type 2I/R9 was accepted on May 27, 2026 with priority review, giving a target action date of November 27, 2026. Two features matter. The application is for traditional approval, not accelerated — the company states the FDA recommended orienting it that way — and the company reports that “no advisory committee meeting is currently planned,” so there is no public panel between here and the date.
What the application rests on is the twelve-month interim analysis of FORTIFY, a randomised double-blind placebo-controlled Phase 3 in 112 patients across 21 sites. On the stated interim primary endpoint, glycosylated α-dystroglycan rose 1.8-fold from baseline at three months, p<0.0001, and held at twelve months, p<0.0001, in both L276I homozygotes and other genotypes. Serum creatine kinase fell 82 per cent from baseline, p<0.0001. On function, the 100-metre timed test improved 0.27 m/s against placebo, p<0.0001; forced vital capacity gained roughly 5 percentage points of predicted against placebo, p=0.0071; and the North Star Assessment for Dysferlinopathy showed a 2.6-point improvement against placebo at twelve months, described as statistically significant but with no p-value disclosed. Safety: treatment-emergent adverse events 93.2 against 100 per cent on placebo, grade 3 or worse 5.4 against 5.3 per cent, no treatment-related serious events and no deaths.
One thing a reader should carry into the date: the registered primary endpoint of FORTIFY is that same functional scale at 36 months, with primary completion in September 2027, and the registry entry does not list glycosylated α-dystroglycan as a primary outcome at all. The interim plan the filing rests on is not visible in the public registry record.
At June 30, 2026 BridgeBio reported total assets of $1,217,299 thousand against total liabilities of $3,723,192 thousand, a stockholders’ deficit of $(2,515,215) thousand and an accumulated deficit of $(4,137,453) thousand. Working capital was $202.5 million, down from $509.8 million at the end of 2025. Within the liabilities sit four series of convertible senior notes, $2,505.0 million of principal, carrying amount $2,475,488 thousand. The nearest maturity is the one to watch: the 2.50 per cent 2027 Notes, $550.0 million, mature on March 15, 2027 — inside twelve months of that balance-sheet date. The stated purpose of the 0.75 per cent 2033 Notes issued in January 2026 was to repurchase or settle them, yet no 2027 Notes have been retired: principal is unchanged at $550,000 thousand at both December 31, 2025 and June 30, 2026, and the schedule still shows $556,875 thousand falling in 2027 on that series alone. BridgeBio presents an unclassified balance sheet, so the maturity does not appear as a current liability. The $66.91 close of October 1, 2026 bears directly on how that series can be settled: at that price the 2027 Notes’ $42.71 conversion price and the 2031 Notes’ $49.81 are both in the money, and the close sits above the 130 per cent redemption thresholds of $55.52 and $64.75 on those two series — calculations from the stated conversion prices. Conversion is settleable in cash, shares or a combination at BridgeBio’s election, so what is in the money is a choice between cash and dilution rather than a fixed cash call. The close also sits above the $62.12 cap on the 2020 Capped Calls that hedge the 2027 series.
Alongside the notes sit the two royalty financings, and the distinction matters because neither is general corporate debt. The first, a Funding Agreement of January 17, 2024, sold 5 per cent of global net sales of acoramidis — able to step up to a maximum of 10 per cent in 2027 — for $500.0 million gross, $472.5 million net, capped at $950.0 million, secured on specified acoramidis assets, with BridgeBio, Eidos Therapeutics, BridgeBio Europe B.V. and BridgeBio International GmbH as the selling parties. Its effective interest rate is 22.4 per cent. The second, a Royalty Interest Purchase and Sale Agreement of June 27, 2025, sold Eidos’s right to part of the European royalty stream under the Bayer licence for $300.0 million, capped annually at 60 per cent of royalties on the first $500.0 million of territory sales and hard-capped initially at 145 per cent of the purchase price; its effective rate is 10.7 per cent. Together they carry $912,536 thousand, and the consequence runs through the income statement: non-cash interest on the royalty obligations was $41,345 thousand in the June quarter and $81,218 thousand in the half, against total cash interest expense of $26,220 thousand for the half. On neither agreement does BridgeBio hold a stated buy-back option with a price and an expiry; on the Funding Agreement it is the purchasers who hold the option, exercisable on a change of control.
The $933.9 million of Series A preferred that closed on July 1, 2026 is the newest layer: a 7.00 per cent cumulative dividend accruing daily whether declared or not, redemption floors of 120 to 140 per cent of issue price and a 13 per cent pre-tax internal rate of return floor in specified cases, and covenants limiting BridgeBio’s ability to incur certain indebtedness or make certain restricted payments without majority preferred consent. Note the gap between two company documents: the press release calls it “$1 billion in preferred equity”, while the 8-K body and the 10-Q state $933,900,000 closed, the remaining $66,100,000 being an unexercised right of the Sixth Street purchaser subject to Board approval.
The commercial question is being answered in filed numbers rather than in launch metrics. United States net product revenue has risen in every quarter since approval — $2.9M, $36.7M, $71.5M, $108.1M, $146.0M, $180.6M, $222.4M — for $768.3M cumulative through June 30, 2026, with total revenue of $502.1M in 2025 against $221.9M in 2024. Royalty revenue on the partnered territories is compounding on top: $15.4M in the June quarter, $24.9M in the half, against $11.4M for the whole of 2025. Ex-United States, BridgeBio takes royalties “starting in the low-thirties percent” on Bayer’s European sales and “in the low-teens percent” on Alexion’s in Japan, with $210.0M of upfronts and milestones already received from Bayer. The clinical record behind the product keeps getting better after the fact: the open-label extension at month 54 showed a 44.7 per cent reduction in all-cause mortality and a 49.3 per cent reduction in cardiovascular mortality, published in JAMA Cardiology, and a late-breaker showed a 41 per cent reduction in the risk of outpatient worsening heart failure. The competitive field moved in BridgeBio’s favour too: on July 9, 2026 Ionis and AstraZeneca disclosed that CARDIO-TTRansform missed its primary endpoint in 1,432 patients. Behind Attruby sit three further applications or submissions — BBP-418 with a November 27, 2026 date, encaleret for ADH1 with May 8, 2027, and oral infigratinib for achondroplasia with a February 4, 2027 PDUFA date — each on a Phase 3 that met its primary endpoint at p<0.0001, one of them published in the New England Journal of Medicine. Liquidity was $720.2M before the $933.9M preferred landed on July 1, the $500.0M 2026 ATM has sold nothing, and the board authorised a $500.0M repurchase of which $127.5M was executed at an average of $66.96.
The revenue is real and the capital structure is larger than the company it funds. Total liabilities $3,723,192 thousand against total assets of $1,217,299 thousand, a stockholders’ deficit of $(2,515,215) thousand, and $550.0M of 2027 Notes maturing March 15, 2027 that the 2033 Notes were issued to address and which have not been touched. Operating cash use was $445,910 thousand in 2025 and $268,380 thousand in the first half of 2026, and the company has never reported an operating profit: the June quarter still showed a $(107,079) thousand operating loss and $(0.78) of loss per share, with revenue of $243.7M against R&D of $149.4M and selling, general and administrative expense of $186.3M. Non-cash royalty interest of $81.2M in the half runs at more than three times the $26.2M cash interest bill, on effective rates of 22.4 and 10.7 per cent. There is no revenue guidance, no expense guidance, no profitability target and no cash-flow breakeven date anywhere in the record, and no runway statement beyond the standard twelve-month assertion. The commercial disclosure is thinning rather than improving: prescription and prescriber counts stopped after the February 20, 2026 figures of 7,804 and 1,856, patients on therapy has never been disclosed, no list price or annual cost of therapy appears anywhere, and no gross-to-net rate is given — only a rebate accrual that rose from $45,909 to $79,967 thousand in six months. Attruby competes with Pfizer’s tafamidis, approved in 2019, and Alnylam’s vutrisiran, approved for cardiomyopathy on March 20, 2025, and no randomised head-to-head trial against either exists: the differentiation claims are propensity-matched observational analyses. The register is selling: Viking Global has cut from 11.7 to 5.0 per cent across seven amendments, KKR from 10.1 to 4.2 per cent, and Vanguard filed an exit amendment at zero in March 2026. Insiders sold 12,393,645 shares across 216 transactions in eighteen months and made no open-market purchase at all. The August 31, 2026 government pricing agreement is entirely unquantified.
Net product revenue reached $222.4 million in the quarter ended June 30, 2026, yet total liabilities of $3.72 billion stood against $1.22 billion of assets, the $550.0 million 2027 Notes due March 15, 2027 have not been retired, and the $933.9 million preferred closed July 1, 2026 accrues a 7.00 per cent cumulative dividend. Source Source
BridgeBio Pharma sells one approved drug, Attruby, with United States net product revenue of $222.4 million in the quarter ended June 30, 2026 and $768.3 million cumulative since launch. The central question is whether three applications, BBP-418 (target action date November 27, 2026), encaleret (May 8, 2027) and oral infigratinib (February 4, 2027), can be launched on a balance sheet carrying $3.72 billion of liabilities. Cash and securities were $720.2 million before the $933.9 million preferred closed July 1, 2026. The BBP-418 decision, the revenue trend and the $550.0 million 2027 Notes decide the outcome. Source Source
The October 11 company release reports additional CALIBRATE analyses presented at ASBMR in ADH1. All encaleret participants in the reported symptom analysis improved in at least one symptom, versus 46% with standard of care; this does not mean every symptom resolved or every participant was cured. Bone-turnover findings add to the earlier phase 3 dataset rather than constitute a new pivotal readout. BridgeBio also reported that the first participant had been dosed in RECLAIM-HP, moving that trial beyond the previously described recruitment stage. These are development updates, not regulatory approvals.
At the HFSA meeting in Phoenix, an independent, propensity-score-matched analysis of 2,684 people with ATTR-CM in the Epic Cosmos electronic health record database (910 treated with acoramidis, 1,774 with tafamidis) associated acoramidis with an 18% lower risk of a composite of death, all-cause hospitalization, new-onset atrial fibrillation and diuretic intensification (HR 0.82; 95% CI 0.73–0.93; p<0.01). Cardiovascular and heart-failure hospitalizations were each 27% lower and all-cause hospitalizations 25% lower (all p<0.001). Differences in death (HR 0.85; p=0.34) and new-onset atrial fibrillation (HR 0.88; p=0.31) were not statistically significant. The analysis is retrospective and observational, with relatively short follow-up; residual confounding cannot be excluded, and the full results are under journal peer review. It is not a randomized head-to-head trial.
Barclays kept its Overweight rating and cut its price target to $156 from $157 on October 7, 2026, according to Dow Jones Newswires and published analyst-ratings data. The one-dollar change follows the October 6 acceptance of the oral infigratinib application. Third-party opinion, not a Merlintrader view and not a recommendation.
The FDA accepted for filing the New Drug Application for oral infigratinib in children with achondroplasia and granted Priority Review, with a PDUFA target action date of February 4, 2027. BridgeBio says it is prepared to launch upon approval and intends to submit the European marketing authorisation application in the fourth quarter of 2026. The application rests on PROPEL 3, which met its primary endpoint on annualized height velocity (LS mean difference +1.74 cm/year, p<0.0001).
As announced on October 6, BridgeBio scheduled presentation of 24-week CALIBRATE results at ASBMR in Boston (October 9–12) for encaleret in ADH1 on bone turnover and patient-reported outcomes (orals on October 11) and an infigratinib poster on the absence of peripheral FGFR1 inhibition at clinically relevant exposures. At HFSA in Phoenix (October 9–12) it has one oral, three rapid-fire and six poster presentations on acoramidis, including a real-world comparison with tafamidis on the Epic Cosmos data platform. Conference presentations, not regulatory events.
BridgeBio launched a nationwide education effort on ATTR cardiac amyloidosis with community partners including the Association of Black Cardiologists, the National Minority Quality Forum and the National Medical Association, opening with an October 6 YouTube premiere and running to World Amyloidosis Day on October 26, with viewings at 40 locations. Chief scientific officer Uma Sinha said about 1 in 25 Black Americans carries a genetic variant associated with ATTR-CM. A disease-awareness initiative: the release contains no sales figures and no label change.
At the World Muscle Society Congress in Hiroshima, BridgeBio reported exploratory analyses from the 12-month interim analysis of the Phase 3 FORTIFY study in LGMD2I/R9. In the release, 54% of BBP-418-treated participants had stable or improved left-ventricular ejection fraction at month 12 versus 25% on placebo (p=0.0262); among participants with elevated baseline high-sensitivity troponin I, all of those on BBP-418 returned to the normal range versus 40% on placebo (p=0.0248). These are exploratory analyses, not new primary endpoints; the FDA goal date remains November 27, 2026.
On September 30 the headline ran that “BridgeBio’s acoramidis cut early clinical worsening risk 34% vs tafamidis in first peer-reviewed real-world ATTR-CM study.” Two things need saying with it. The comparator named is tafamidis, Pfizer’s product approved in 2019 and the incumbent in this indication, so this is the head-to-head framing the market has been waiting for. But it is a real-world observational comparison, not a randomised controlled trial, and no randomised head-to-head trial of acoramidis against tafamidis or against vutrisiran exists. BridgeBio’s October 11 release identifies it as the Wright et al. Komodo claims analysis published in Cardiology and Therapy, in which acoramidis was associated with a 34% reduction in clinical worsening events (diuretic intensification, heart failure hospitalization and mortality) versus tafamidis (p=0.046). The company’s own earlier real-world claims are of the same observational kind: a propensity-score-matched analysis of 286 patient pairs showing a 37 per cent reduction in composite cardiovascular events (hazard ratio 0.63, p=0.002) at six months.
Revenue for the quarter ended June 30, 2026: net product revenue $222.4M, licence and services $5.8M, royalty $15.4M, total $243.7M, against a $(107,079) thousand operating loss and $(0.78) of loss per share. Cash, equivalents and marketable securities $720.2M. Alongside the numbers: two late-breaking oral presentations at Heart Failure 2026 showing a 41 per cent reduction in the risk of outpatient worsening heart failure with separation inside 30 days, a renal post hoc in Circulation: Heart Failure with a placebo-corrected 15.5 per cent reduction in albumin-to-creatinine ratio by day 28 and a chronic eGFR slope improvement of 2.47 mL/min/1.73 m² per year, the NDA for oral infigratinib in achondroplasia submitted, and a marketing authorisation application for encaleret submitted to the EMA.
On July 22, 2026 the FDA accepted the NDA for encaleret in autosomal dominant hypocalcaemia type 1 and, having reconsidered, granted priority review with a target action date of May 8, 2027; the company reports the agency “is not currently planning to hold an advisory committee meeting.” The application rests on CALIBRATE, in which 76 per cent of participants reached both serum and urine calcium targets at week 24 against 4 per cent on conventional therapy, p<0.0001. Three weeks earlier, on July 1, 2026, BridgeBio closed 933,900 shares of Series A cumulative convertible participating preferred at $1,000 each — $933.9M — $800.0M to a Sixth Street entity and $133.9M to an HCRx vehicle that is a KKR affiliate and a related party, at an initial conversion price of $137.79 and a 7.00 per cent cumulative dividend.
Ionis and AstraZeneca disclosed that CARDIO-TTRansform, testing eplontersen in 1,432 patients across 130 sites in 20 countries, did not achieve statistical significance against placebo on the composite of cardiovascular mortality and recurrent cardiovascular events through week 140. No hazard ratio or p-value for the primary endpoint was disclosed. The detail that bears on BridgeBio: 57 per cent of patients were on a stabiliser at baseline and no treatment effect was seen in that group, while a prespecified monotherapy subgroup showed a “nominally significant hazard ratio of 0.71” with no p-value given. Still read-pending in the same field: Intellia’s nex-z, Alnylam’s nucresiran and AstraZeneca’s depleter — no topline for any of the three is in the record.
How robust or fragile the company looks over the next twelve to eighteen months, scored 1 to 5 across five weighted pillars. Assessed on October 2, 2026, on filings to the quarter ended June 30, 2026, the Forms 8-K to August 31, 2026, the short-interest series to the September 15, 2026 settlement and market data to the October 1, 2026 close.
| Balance sheet and runway · 30% | 3.5 / 5 | Well funded at the parent, heavily encumbered at the programme. At the parent level: cash, equivalents and marketable securities of $720.2 million at June 30, 2026 with working capital of $202.5 million, joined by $933.9 million of preferred stock that closed on July 1, 2026 and is therefore in none of these figures, plus a $500.0 million at-the-market facility that is entirely unused. Against that sit four series of convertible senior notes, $2,505,000 thousand of principal, carrying $2,475,488, all senior unsecured, with no financial maintenance covenants and no revolver — but with $550,000 thousand of 2027 Notes falling due on March 15, 2027, inside twelve months of the balance-sheet date, on an unclassified balance sheet, and not one dollar of that principal retired despite the 2033 Notes having been issued in January 2026 expressly to repurchase, settle or repay it. The preferred adds a 7.00 per cent cumulative dividend accruing daily whether declared or not and covenants restricting new indebtedness and restricted payments. At the programme level, sitting at Eidos Therapeutics and secured on specified acoramidis assets: $912,536 thousand of deferred royalty obligations at effective interest rates of 22.4 and 10.7 per cent, shown as $879,374 long-term and $29,283 current, whose noncash interest of $41,345 thousand in the June quarter and $81,218 in the half exceeded total cash interest expense of $13,278 and $26,220. The offsetting strength is the revenue line: operating cash use fell to $(71,101) thousand in the June quarter from $(197,279) in the March quarter and $(445,910) across 2025, and the company states that cash plus Attruby revenue is sufficient for at least the next twelve months, with no going-concern or substantial-doubt language anywhere and no such paragraph in the audit opinion. No runway beyond that twelve-month assertion is disclosed. |
| Catalyst · 30% | 4.5 / 5 | As dense as this cohort gets, and the nearest item is a regulatory decision rather than a data readout. Three applications are before the FDA at once. Inside eight weeks: BBP-418 for limb-girdle muscular dystrophy type 2I/R9, accepted May 27, 2026 with Priority Review, target action date November 27, 2026, sought as a traditional rather than accelerated approval, with the company stating that no advisory committee meeting is currently planned. Then encaleret for autosomal dominant hypocalcaemia type 1, accepted July 22, 2026, Priority Review granted on reconsideration, target date May 8, 2027, again with no advisory committee planned. Oral infigratinib for achondroplasia was accepted for filing on October 6, 2026, with Priority Review and a target action date of February 4, 2027. In Europe: an application for encaleret is submitted to the EMA on an undisclosed date, and the achondroplasia filing is described as on track for the fourth quarter of 2026 with approval anticipated in the second half of 2027. Alongside those: a hypochondroplasia proof-of-concept update expected in the second half of 2026, a quarterly Attruby revenue print that has risen in every quarter since launch, and a hypoparathyroidism Phase 3 topline guided to late 2027 or early 2028. The competitive calendar has also been favourable: the largest rival readout of the window, CARDIO-TTRansform, missed its primary endpoint on July 9, 2026, and three further rival Phase 3 programmes have no topline in the record. What keeps this off five: FDA target dates do not establish approval; the European encaleret submission date is not disclosed; and the application with the nearest date rests on an interim analysis the trial registry does not describe. |
| Dilution · 20% | 2.5 / 5 | The share count is the least of it. On the count alone the record is good: 190,188,626 shares on February 13, 2025 to 195,487,474 on August 3, 2026, about 2.8 per cent in eighteen months and a calculation, driven by option exercises, restricted-unit vesting and the purchase plan, and that is net of $210,003 thousand of repurchases in the first half of 2026 — 1,081,825 shares at about $76.26 for $82,500 in January, and 1,904,001 shares at an average $66.96 for about $127.5 million under the $500.0 million programme authorised in May 2026, leaving about $372.5 million authorised. Both at-the-market facilities have sold nothing: the 2023 programme was terminated on May 7, 2026 with $345.3 million unused, and the 2026 programme still had all $500.0 million available. No warrant of any kind exists. But for this company dilution is not mainly about issuing shares, and three claims rank ahead of the common shareholder. First, the royalty monetisations, both at Eidos Therapeutics and both secured on specified acoramidis assets: the January 2024 Funding Agreement sold 5 per cent of global acoramidis net sales, able to step up to a maximum of 10 per cent in 2027, for $500.0 million gross and $472.5 million net against a cap of $950.0 million, at a 22.4 per cent effective rate and a $600,927 thousand carrying value; the June 2025 Royalty Interest Purchase and Sale Agreement sold the European Bayer royalty for $300.0 million, $297.0 million net, with an annual cap of 60 per cent of Bayer royalties on the first $500.0 million of territory net sales and a hard cap of 145 per cent of the purchase price, $435.0 million, at 10.7 per cent and $311,609 — $912,536 thousand combined, of which $206,208 is owed to a related party after KKR took a majority of the purchaser’s manager on July 30, 2025, and on neither of which does BridgeBio hold a buy-back option with a stated expiry and price. Second, the debt and the preferred, both at the parent: $2,505,000 thousand of convertible principal convertible into 37,845,755 shares, and $933,900,000 of 7.00 per cent cumulative preferred whose redemption floors run from 120 to 140 per cent of original issue price with a 13 per cent pre-tax internal rate of return floor in specified cases, convertible at $137.79 into 6,777,705 shares — a conversion price that stands 105.9 per cent above the October 1, 2026 close of $66.91, a calculation, so the shares would have to roughly double before that conversion is the holders’ better outcome and the cumulative dividend and the redemption floors are what the common is paying in the meantime. The same test applied to each note series, each gap a calculation against that close: the 2027 Notes at $42.71 are in the money, the close standing 56.7 per cent above them, and the 2031 Notes at $49.81 are in the money by 34.3 per cent — together 24,422,753 underlying shares whose dilution is live rather than theoretical; the 2029 Notes at $97.04 and the 2033 Notes at $110.58 are out of the money, their conversion prices standing 45.0 and 65.3 per cent above the close, covering a further 13,423,002 shares. Note also that the close of $66.91 is above the $62.12 cap on the capped calls bought against the 2027 Notes, so that hedge is at its ceiling at this price — which is an inference from two published figures, not a company statement — while the $131.58 cap on the 2029 Notes is far above it. Third, the non-controlling interests in affiliated entities: inside the consolidated group these are small — $10,340 thousand within the deficit, $(1,018) in the mezzanine and $3,675 of June-quarter loss attributable to them — but the two deconsolidated affiliates are where the minority sits the other way round, BridgeBio holding only 18.2 per cent of the listed oncology company and 27.5 per cent of the privately funded one at December 31, 2025. Add the antidilutive table of 58,338,446 and the preferred’s as-converted shares to the June 30 count and the fully diluted figure is about 260,400,503, a calculation; $229.0 million of restricted-unit compensation cost was still unrecognised at December 31, 2025. |
| Liquidity · 10% | 4.0 / 5 | A genuinely liquid mid-cap tape carrying a persistent short position and a thinning list of large holders. On aggregated terminal data at the October 1, 2026 close of $66.91, up 1.69 per cent on the session, the equity was worth about $13.08 billion, with a float of 175.06 million shares against 195.28 million outstanding — about 89.6 per cent of the count freely tradeable, a calculation — insider ownership of 10.45 per cent and institutional ownership of 91.32 per cent. Three-month average volume is 2,747,760 shares against a session volume of 3,550,066, and the market absorbed three multi-million-share blocks at rising prices without incident — 6,000,000 at $34.20 in May 2025, 3,500,000 at $44.00 in June 2025 and 5,000,000 at $78.00 in August 2026. That is a deep float on a large institutional base, and it is the main reason this pillar sits where it does. Against it: short interest is 21,549,349 shares at the September 15, 2026 settlement — 12.31 per cent of float on the terminal’s own calculation, and about 11.0 per cent of the 195,487,474 shares on the August 3, 2026 cover of the quarterly report, which is our own arithmetic — at 10.54 days to cover, having risen about 48 per cent from the 17,211,114 low at the December 31, 2025 settlement to the 25,415,150 high at June 15, 2026, a calculation on those two published figures, before easing across the three settlements since; days to cover peaked at 14.73 at the March 31, 2026 settlement. The weaker half is the holder register. Only three holders are above five per cent at all: one at 13,179,013 and 6.8 per cent on March 31, 2026 data that is six months old, one at 10,743,063 and 5.5 per cent at June 30, 2026, and one at 9,792,219 and exactly 5.0 per cent at July 9, 2026 — precisely at the threshold at which reporting stops. That last holder has cut its position in seven consecutive amendments, from 22,055,375 shares and 11.7 per cent in January 2025, a reduction of 12,263,156 shares or 56 per cent; the private-equity holder went from 10.1 per cent to 4.2 per cent over the same span; one index manager reported zero shares as of March 13, 2026 after reporting 16,484,985 on June 30, 2025 data; another fell to 4.96 per cent; and the chief executive’s own reported holding fell below five per cent to 4.6 per cent. One point worth noting: the 195.28 million share count in third-party market data matches the June 30, 2026 balance sheet, not the 195,487,474 on the August 3, 2026 cover of the same report. |
| Execution · 10% | 3.5 / 5 | Clinical, regulatory and commercial execution has been genuinely strong; disclosure discipline and related-party hygiene have not kept pace. On the strong side: a launch that went from $2,884 thousand in the fourth quarter of 2024 to $222,440 in the second quarter of 2026, $768,288 cumulative and an increase in every quarter since launch; three Phase 3 readouts in the window, every one reported as meeting all pre-specified primary and key secondary endpoints — the muscular-dystrophy interim on October 27, 2025, the hypocalcaemia pivotal on October 29, 2025 and the achondroplasia pivotal on February 12, 2026 — with no BridgeBio trial disclosed as having missed an endpoint; publication in the New England Journal of Medicine and in JAMA Cardiology; two priority reviews granted and no advisory committee sought for either; ex-United States approvals delivered through partners in the European Union on February 10, 2025, Japan on March 27, 2025 with pricing on May 21, the United Kingdom in April 2025 and Brazil on May 4, 2026; headcount up from 725 to 834 full-time employees with the commercial organisation 39 per cent larger; restructuring charges down from $21,347 thousand in 2025 to zero in both 2026 quarters; and no legal proceeding of any kind. On the other side: the company stopped disclosing prescription and prescriber counts after February 20, 2026 and has never given patients on therapy, a list price or a gross-to-net rate, and gives no guidance of any kind; the pricing agreement signed with the United States government on August 31, 2026 carries no financial quantification at all and its terms are confidential; seven separate disagreements exist between the company’s descriptions and the trial registry or its own documents, including a goal date given as May 8 in three places and May 7 in a fourth, a preferred placement called “$1 billion” against $933,900,000 closed, an interim analysis the registry does not list, an enrolment of ten in the annual report and thirteen in the registry and a Phase 4 study described as initiated with one site registered; the chief financial officer changed on a single day in March 2025 with the outgoing officer paid nine months of salary and retained as a consultant; the board fell to thirteen on a June 2026 resignation; 24.2 per cent of votes went against say-on-pay in 2025, recovering to 4.3 per cent in 2026 while the equity plan drew about 17 per cent against in both years; insiders executed 216 sales of 12,393,645 shares with zero open-market purchases in the window; and the related-party web is unusually dense, with the same private-equity firm appearing as a large shareholder, as owner of the royalty purchaser, as a preferred investor and as the employer of a sitting director, and one affiliate financed in part by an entity owned by the chief executive. |
How the total is reached. Balance sheet and runway 3.5 × 30 per cent = 1.05; Catalyst 4.5 × 30 per cent = 1.35; Dilution 2.5 × 20 per cent = 0.50; Liquidity 4.0 × 10 per cent = 0.40; Execution 3.5 × 10 per cent = 0.35. Sum: 1.05 + 1.35 + 0.50 + 0.40 + 0.35 = 3.65, shown as 3.7 out of 5 once rounded to one decimal. The weights total 100 per cent and the arithmetic is printed so a reader can check it or reweight it.
The third date arrived on October 6, 2026. The FDA accepted the oral infigratinib NDA for children with achondroplasia for filing, granted Priority Review and set a PDUFA target action date of February 4, 2027; the announcement does not say whether an advisory committee is planned. BridgeBio says it is prepared to launch upon approval and intends to submit the European marketing authorisation application in the fourth quarter of 2026. The efficacy package is the PROPEL 3 Phase 3 already described: annualized height velocity improved by an LS mean of +1.74 cm/year against placebo (mean difference +2.10 cm/year, p<0.0001), the key secondary endpoint on height Z-score was also met (p<0.0001), and the company reports no discontinuations or serious adverse events related to study drug. Source → With this date, all three applications behind Attruby carry an FDA calendar: November 27, 2026, February 4, 2027 and May 8, 2027.
This is not an indication to buy or sell. It is a description of financial and operational robustness or fragility over the next twelve to eighteen months, not a rating, a target price or a recommendation, and it says nothing about whether the shares are worth their price.
The full deep dive has the answer’s building blocks: cash, dilution, catalysts and risks, every figure sourced.
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These are reading frames, not forecasts, and none of them is a recommendation. Each is written so that a reader can say which document would confirm or break it.
| Scenario | What it assumes | What would confirm it | What would break it |
|---|---|---|---|
| Bull | One drug has already proved the commercial model and three more applications are queued behind it. United States net product revenue has risen every quarter since the November 2024 approval — $2.9M, $36.7M, $71.5M, $108.1M, $146.0M, $180.6M, $222.4M, for $768.3M cumulative through June 30, 2026 — and royalty revenue on the partnered territories is compounding on top, $15.4M in the June quarter against $11.4M for the whole of 2025, at rates “starting in the low-thirties percent” from Bayer in Europe and “in the low-teens percent” from Alexion in Japan. The clinical story keeps improving after the fact: the open-label extension at month 54 showed a 44.7 per cent reduction in all-cause mortality and 49.3 per cent in cardiovascular mortality, published in JAMA Cardiology. The field moved BridgeBio’s way when CARDIO-TTRansform missed its primary endpoint on July 9, 2026 in 1,432 patients, with no treatment effect in the 57 per cent of patients already on a stabiliser. Behind Attruby sit three Phase 3 programmes that each met their primary endpoint at p<0.0001 — BBP-418 with a November 27, 2026 target action date, encaleret with May 8, 2027, oral infigratinib accepted with Priority Review and a February 4, 2027 target action date, its Phase 3 published in the New England Journal of Medicine. Liquidity was $720.2M before $933.9M of preferred closed on July 1, the $500.0M 2026 at-the-market facility has sold nothing, and the board authorised a $500.0M repurchase of which $127.5M was executed at an average of $66.96 — within five cents of the $66.91 close of October 1, 2026, so the buying done so far is at about the current level. Third-party market data as of October 2, 2026 put the market value at $13.08 billion on a 175.06 million float, with institutional ownership at 91.32 per cent and a consensus price target of $112.11 — an aggregated figure, shown for reference only. | Approval of BBP-418 on or about November 27, 2026; a product revenue line that keeps the sequential pattern through the September and December quarters; approval of oral infigratinib by its February 4, 2027 target date; the first royalty quarter in which Bayer and Alexion sales become visible through the royalty line. | A complete response letter or extension on November 27; a revenue quarter that flattens; a quantified rebate or gross-to-net disclosure that shows the reported net number was flattered; any ATM or equity issuance that resets the share count. |
| Base | The product works and the capital structure sets the pace. Revenue of $243.7M in the June quarter still produced a $(107,079) thousand operating loss and $(0.78) of loss per share, against R&D of $149.4M and selling, general and administrative expense of $186.3M — both still rising quarter on quarter. Operating cash use was $445,910 thousand in 2025 and $268,380 thousand in the first half of 2026. Liquidity of $720.2M at June 30 plus the $933.9M preferred that closed the next day gives a large cushion, and the company says only that its cash “will be sufficient to fund our operations through at least the next 12 months” — there is no revenue guidance, no expense guidance, no profitability target and no breakeven date anywhere in the record. So the likely shape is a decision on BBP-418 in late November, a second on encaleret in May 2027, a revenue line that keeps building, and the open question being what happens to the $550.0M of 2027 Notes maturing March 15, 2027, which the 2033 Notes were issued to address and which remain wholly outstanding. The $66.91 close changes the shape of that question rather than its size: the series converts at $42.71, so at this level it is in the money, and settlement is in cash, shares or a mix at the company’s election — which means the choice is between spending cash and issuing the 12,878,305 underlying shares. That is an inference from the stated terms, not a disclosure. | Two more quarters of rising product revenue with the operating loss narrowing; a repurchase, exchange or refinancing of the 2027 Notes before March; the $372.5M still authorised under the repurchase programme being used at or around the $66.91 level rather than an ATM draw. | Either the loss turning to operating profit faster than the expense trend suggests, or a cash raise through the untouched $500.0M at-the-market facility that signals the preferred was not enough. |
| Bear | The accounts are heavier than the business and the commercial disclosure is thinning. Total liabilities of $3,723,192 thousand against total assets of $1,217,299 thousand, a stockholders’ deficit of $(2,515,215) thousand and an accumulated deficit of $(4,137,453) thousand. Working capital fell from $509.8M to $202.5M in six months. Non-cash interest on the two royalty financings ran at $81,218 thousand in the half on effective rates of 22.4 and 10.7 per cent, more than three times the $26,220 thousand of cash interest expense. On the commercial side: no list price, WAC or annual cost of therapy appears anywhere, no gross-to-net rate is disclosed — only a rebate accrual that rose from $45,909 to $79,967 thousand in six months — prescription and prescriber counts stopped after the February 20, 2026 figures of 7,804 and 1,856, and patients on therapy has never been disclosed. Attruby competes with tafamidis, approved in 2019, and vutrisiran, approved for cardiomyopathy on March 20, 2025, and no randomised head-to-head trial against either exists: the differentiation rests on propensity-matched observational analyses. The register is selling — Viking from 11.7 to 5.0 per cent across seven amendments, KKR from 10.1 to 4.2 per cent, Vanguard to zero in March 2026 — insiders sold 12,393,645 shares across 216 transactions in eighteen months with no open-market purchase at all, and the August 31, 2026 government pricing agreement carries no financial quantification of any kind. | A pricing or rebate disclosure that compresses net revenue; a quarter in which product revenue stops rising; a complete response letter on any of the three applications; the 2027 Notes reaching March unaddressed; further register reduction below the reporting threshold; the share count rising through an at-the-market draw at or below the $66.91 level. | Approval of BBP-418 in November followed by encaleret in May, with product revenue across the three compounding fast enough to turn the operating line positive while the notes are refinanced on terms that do not dilute. |
What distinguishes BridgeBio from most companies at this stage is that the scientific risk has largely been retired in public — four Phase 3 programmes, all positive, one already approved and selling at an annualising $222.4 million a quarter — while the remaining risks are almost entirely financial, structural and disclosure-related. The reader’s work here is not to judge the drugs. It is to keep the layers straight: what the parent owes, what Eidos Therapeutics sold against acoramidis revenue specifically, what the preferred holders are owed at 7.00 per cent accruing daily, and how much of the reported revenue survives deductions the company has never quantified.
The reading on this page is that the clinical question has largely been answered, that the open risks are financial, structural and disclosure-related, and that the reported revenue line is cleaner than the record behind it allows a reader to verify. Each of the following would damage that reading, and each is checkable.
None of these is a prediction. They are the observations that would make the rest of this page wrong, listed so that a reader can check them rather than take the reading on trust.
BridgeBio is not hard to understand clinically — one approved drug selling well, three applications behind it, every recent Phase 3 positive — and it is genuinely hard to read financially. The parent consolidates wholly-owned and majority-owned subsidiaries and variable interest entities where it is the primary beneficiary; it also holds minority stakes in two entities it deconsolidated, BridgeBio Oncology Therapeutics, now separately listed, and GondolaBio, plus shares in a company in wind-down. Two of its largest financings were sold by Eidos Therapeutics against acoramidis revenue specifically, not raised by the parent against its general credit, and a third is preferred stock with a 7.00 per cent accruing dividend and covenants on further borrowing. The sections below separate those layers: what the revenue line is and in which territory, which entity receives which royalty and at what rate, which applications have dates and which do not, what each financing is secured on and what it costs, and where the registry record and the company’s own description of a trial do not match.
Six facts set the frame, and the first one is a number the company itself rounds up.
This is not a development-stage biotech. It sells a drug, and the sales have risen in every quarter since launch. Attruby (acoramidis) was approved in the United States on November 22, 2024 under NDA 216540, on standard review, not priority. Net product revenue was $222.4 million in the second quarter of 2026 against $71.5 million in the second quarter of 2025, and $768.3 million cumulatively from launch through June 30, 2026. Total revenues, net, were $243.7 million in the June 2026 quarter and $502.1 million for the 2025 financial year, against $221.9 million in 2024 — a year in which product revenue for the first three quarters was zero.
The financing that closed on July 1, 2026 is $933.9 million, not the $1 billion the press release calls it. BridgeBio issued 933,900 shares of Series A Cumulative Convertible Participating Preferred at $1,000 each — $800.0 million to Chinotto Investments, LLC, a Sixth Street entity, and $133.9 million to HCRx Investments HoldCo, L.P., a KKR affiliate and a related party. The dividend is 7.00 per cent, cumulative, accruing daily whether declared or not, payable in cash or by compounding into the accumulated amount, and $2.7 million was paid in cash on July 15, 2026. Initial conversion price is $137.79, or 6,777,705 common shares as converted. The balance of the advertised billion is a right for the Sixth Street purchaser to provide up to a further $66,100,000, at its election and subject to Board approval, and it has not been exercised.
None of it is in the balance sheet a reader is most likely looking at. The latest periodic report is the second-quarter 10-Q filed August 10, 2026, and it closes on June 30, 2026 — a day before the money arrived. At that date cash and equivalents were $677.9 million and marketable securities $42.2 million, so $720.2 million in all, with working capital of $202.5 million. That total was $220.0 million lower than three months earlier, when it stood at $940.2 million, and the quarter’s two largest uses were $127.5 million of share repurchases and $71.1 million of operating cash use.
What the money is explicitly for is three launches, and only one of them has a date. The chief executive’s wording, verbatim: “with the $1 billion preferred equity financing we completed, we have a balance sheet sized to run all three launches at full strength, without diverting resources from the development engine that produced them.” The three are BBP-418 in limb-girdle muscular dystrophy type 2I/R9, with a PDUFA target action date of November 27, 2026; encaleret in autosomal dominant hypocalcaemia type 1, PDUFA May 8, 2027; and oral infigratinib in achondroplasia, PDUFA February 4, 2027, accepted on October 6, 2026. All three carry Priority Review; for BBP-418 and encaleret the agency has said it is not currently planning an advisory committee, while the infigratinib announcement does not address the point.
The reason equity of this kind was raised at all is on the liability side. Total liabilities at June 30, 2026 were $3,723.2 million against total assets of $1,217.3 million; the total BridgeBio stockholders’ deficit was $(2,515.2) million and the accumulated deficit $(4,137.5) million. Inside that sit $2,505.0 million of convertible senior notes across four series and $912.5 million of carrying value in two deferred royalty obligations written against acoramidis itself. The quarter’s loss from operations was $107.1 million and the net loss including non-controlling interests $155.9 million, or $(0.78) a share.
And one agreement signed after all of the above has not been quantified anywhere. On August 31, 2026 BridgeBio entered a voluntary pricing agreement with the United States government under which it will “expand state Medicaid access to its currently marketed medicine via the GENEROUS Model,” stating that it “does not expect to be subject to future pricing mandates” and that “the specific terms of the agreement remain confidential.” No revenue impact, no rebate estimate and no accrual exists for it in any filing — it was signed after the second-quarter 10-Q and has not yet appeared in a periodic report.
The market’s number, and what it is paying for. At the October 1, 2026 close of $66.91, up 1.69 per cent on the day, the equity is valued at $13.08 billion in aggregated market data — not a company disclosure, and a figure whose arithmetic implies the 195,487,474 shares on the August 3 cover rather than the 195.28 million listed in the same data set, which is the June 30 balance-sheet count. Set against the periods the company has in fact reported, and these are calculations rather than disclosures, that is about 26 times the 2025 financial year’s total revenues of $502.1 million and about 54 times the single June 2026 quarter’s $243.7 million — a quarter’s revenue, not an annual rate, because the company publishes no annual rate. Add the $2,505.0 million of convertible principal, the $912.5 million carrying value of the royalty obligations and the $933.9 million of preferred at its issue price, then deduct the $720.2 million of cash and securities at June 30 together with the preferred proceeds, and the enterprise is carried near $15.78 billion, or roughly 31 times 2025 revenues — a calculation which assumes nothing else moved after June 30 and which values the royalty obligations at carrying value and the preferred at face. The same terminal carries a consensus of third-party price targets at $112.11, which is an aggregate of other people’s estimates and nothing more.
The one-line version. What the July financing changed is that the cash question is settled for the launches: $933.9 million of preferred on top of $720.2 million of cash and securities at June 30, against a product line running at $222.4 million of net product revenue in a single quarter. What it did not change is the shape of the company underneath — $2,505.0 million of converts, $912.5 million of royalty obligations sold against the one approved drug, and now a 7 per cent cumulative preferred with redemption floors and covenants, so a large part of each incremental dollar of acoramidis revenue is committed before it reaches a common shareholder. And the company gives no revenue guidance, no expense guidance and no profitability or cash-flow-breakeven target of any kind; searches of every quarterly release from February 2025 to August 2026 return nothing on any of them. The next documents that speak to it are the third-quarter report and the November 27, 2026 decision on BBP-418.
Everything commercial here is one product in one indication, reported for seven quarters. The table is the whole revenue history.
| Period | Net product revenue | Licence & services | Royalty | Total revenues, net | Cost of revenues |
|---|---|---|---|---|---|
| Q4 2024 | $2,884k | — | — | — | |
| Q1 2025 | $36,739k | $79,690k | $204k | $116,633k | $2,639k |
| Q2 2025 | $71,501k | $37,440k | $1,624k | $110,565k | $3,653k |
| Q3 2025 | $108,111k | $8,311k | $4,278k | $120,700k | $6,563k |
| Q4 2025 | $146,017k | $2,881k | $5,280k | $154,178k | $8,107k |
| Q1 2026 | $180,596k | $4,419k | $9,500k | $194,515k | $9,939k |
| Q2 2026 | $222,440k | $5,804k | $15,432k | $243,676k | $15,046k |
| Full year 2024 | $2,884k | $218,849k | $169k | $221,902k | $3,878k |
| Full year 2025 | $362,368k | $128,322k | $11,386k | $502,076k | $20,962k |
Every figure there is the revenue of the period named and nothing else. The June 2026 quarter’s $222.4 million is a quarter’s product sales; the company has published no annualised rate and no guidance of any kind. The licence and services column is partner economics landing in lumps, not a recurring line: it falls from $79.7 million in the March 2025 quarter to $5.8 million in the June 2026 quarter while product revenue goes the other way. Of the June 2026 quarter’s cost of revenues, $10,528k was cost of goods sold against $222.4 million of product revenue — a calculation, not a disclosure: about 4.7 per cent. The geographic mix moved with the mix of revenue: gross revenue was 91.2 per cent United States in the June 2026 quarter against 64.7 per cent a year earlier, EMEA falling from 31.7 to 8.1 per cent, and Bayer, 30.1 per cent of gross revenue in the June 2025 quarter, was not a ten-per-cent customer in the June 2026 quarter.
| As of | Unique patient prescriptions | Unique prescribers |
|---|---|---|
| February 17, 2025 | 1,028 | 516 |
| April 25, 2025 | 2,072 | 756 |
| August 1, 2025 | 3,751 | 1,074 |
| October 25, 2025 | 5,259 | 1,355 |
| December 31, 2025 | 6,629 | 1,632 |
| February 20, 2026 | 7,804 | 1,856 |
The company then stopped. Neither the May 7, 2026 nor the August 10, 2026 release contains a count, so the most recent metric of this kind is more than seven months old. These are prescriptions written; patients on therapy has never been disclosed. Two further gaps matter to anyone modelling the line. No United States list price, wholesale acquisition cost or annual cost of therapy appears anywhere — not in the 2025 annual report, not in the latest 10-Q, not in the approval release; the only pricing statement on the record is qualitative, from August 31, 2026: “we’ve already launched the lowest-priced product with the best data at 30 months.” And gross-to-net is never quantified as a deduction rate. The nearest proxy is the balance sheet: accrued rebates and related costs of $79,967k at June 30, 2026 against $45,909k at December 31, 2025.
Outside the United States the drug is BEYONTTRA and someone else sells it. The European Commission authorised it on 10 February 2025 with Bayer AG as marketing-authorisation holder; Japan approved on March 27, 2025 with national pricing on May 21, 2025, partnered to Alexion; the United Kingdom approved in April 2025 and Brazil on May 4, 2026. Switzerland is listed as approved and its approval date is not in the record. Bayer pays tiered royalties “starting in the low-thirties percent” on its net sales, against $135.0 million upfront, up to $150.0 million of regulatory and sales milestones through 2026 and up to a further $450.0 million of sales milestones, of which $210.0 million in upfront and milestones has been received; Alexion pays “in the low-teens percent” in Japan. BridgeBio’s royalty revenue was $15,432k in the June 2026 quarter, $24,932k in the first half of 2026 and $11,386k for all of 2025. Neither partner’s own BEYONTTRA sales are disclosed, so the royalty line cannot be checked against an underlying volume.
The label rests on ATTRibute-CM, a 632-patient Phase 3 completed on May 11, 2023. On the hierarchical composite at Month 30 it produced a Win Ratio of 1.8, p<0.0001, a 42 per cent reduction in the composite of all-cause mortality and recurrent cardiovascular hospitalisation and a 50 per cent reduction in cumulative hospitalisation frequency, separating on time to first major cardiovascular event within three months. The approved indication is, verbatim, treatment of “the cardiomyopathy of wild-type or variant transthyretin-mediated amyloidosis (ATTR-CM) in adults to reduce cardiovascular death and cardiovascular-related hospitalization.” Label tolerability is mild and specific: diarrhoea 11.6 per cent against 7.6 on placebo, upper abdominal pain 5.5 against 1.4, discontinuation for adverse events 9.3 against 8.5.
Three datasets have been added since, all from that trial and its extension. At Month 54 of the extension, published in JAMA Cardiology: a 44.7 per cent reduction in all-cause mortality and a 49.3 per cent reduction in cardiovascular mortality, described as statistically significant. In August 2026, two late-breaking orals: a 41 per cent reduction in the risk of outpatient worsening heart failure, with curve separation inside 30 days sustained to Month 30, and a significant reduction in serum transthyretin variability. And a renal post hoc in Circulation: Heart Failure: a placebo-corrected 15.5 per cent reduction in urine albumin-to-creatinine ratio by Day 28, a chronic eGFR slope improvement of +2.47 mL/min/1.73m² per year, a 13.7 per cent UACR reduction through Month 30, and participants with larger early eGFR dips carrying a 58 per cent lower risk of death or cardiovascular hospitalisation in year one. No p-values are disclosed for the renal measures, and post hoc is what they are.
The competitive fact of 2026 went BridgeBio’s way. On July 9, 2026 Ionis announced that CARDIO-TTRansform missed its primary endpoint: eplontersen plus standard of care did not reach statistical significance against placebo on the composite of cardiovascular mortality and recurrent cardiovascular events through Week 140, in 1,432 patients randomised 1:1 across 130 sites in 20 countries. No hazard ratio or p-value for the primary endpoint was disclosed. Two details inside it bear on the market rather than the molecule: 57 per cent of patients were on a stabiliser at baseline and no treatment effect was seen in that group, while a prespecified monotherapy subgroup showed a “nominally significant hazard ratio of 0.71” with no p-value given.
That leaves the approved field at three: Pfizer’s tafamidis, approved May 3, 2019; Attruby, November 22, 2024; and Alnylam’s vutrisiran, approved for ATTR-CM on March 20, 2025. Still read-pending, with no topline in the record: Intellia’s nex-z, Alnylam’s nucresiran and the AstraZeneca/Alexion depleter. BridgeBio’s own comparative case against tafamidis is observational and presented as such: an independent propensity-score-matched analysis of 286 patient pairs showing a 37 per cent reduction in composite cardiovascular events (HR 0.63; p=0.002) and a 34 per cent reduction in hospitalisations (HR 0.67; p=0.002) at six months, plus a weighted analysis showing a 43 per cent reduction in outpatient diuretic intensification (HR 0.57; p=0.021). No randomised head-to-head trial against tafamidis or vutrisiran exists anywhere in the record, and what propensity matching supports is a weaker inference than a randomised comparison would.
BridgeBio has one approved drug and three applications in the system, all three with goal dates since the achondroplasia filing was accepted on October 6, 2026. Everything else is either a label-expansion study on the approved drug or early enough that no efficacy result has been published. The table is the filed position.
| Programme and indication | Filing status | Goal date | Approval sought | Advisory committee |
|---|---|---|---|---|
| BBP-418, limb-girdle muscular dystrophy type 2I/R9 | NDA accepted May 27, 2026, Priority Review | November 27, 2026 | Traditional, not accelerated | “No advisory committee meeting is currently planned” |
| Encaleret, autosomal dominant hypocalcaemia type 1 | NDA accepted July 22, 2026; the agency reconsidered and granted Priority Review | May 8, 2027 | Full approval | Not currently planning one |
| Oral infigratinib, achondroplasia | NDA accepted October 6, 2026; Priority Review | February 4, 2027 | — | — |
| Encaleret, ADH1 — European Union | MAA submitted to EMA; the submission date is not stated | — | — | — |
| Oral infigratinib, achondroplasia — European Union | MAA submission “on track” for the fourth quarter of 2026; EU approval anticipated second half of 2027 | — | — | — |
| BBP-418 — European Union | No submission — the company is “engaging regulatory agencies to identify an expedited path to approval for BBP-418 in Europe” | — | — | — |
Said plainly: one United States decision is pending with a date inside two months of this page — BBP-418 on November 27, 2026. One more is dated eleven months out. The third is in the agency’s hands with nothing scheduled.
Two documentary conflicts belong with that table, and a reader should know both.
First, the encaleret goal date appears twice in two different forms. The 8-K of July 22, 2026, the second-quarter earnings release of August 10, 2026 and the second-quarter 10-Q all say May 8, 2027. The press release attached to the 8-K of August 31, 2026 says “May 7, 2027”. Three specific disclosures point to May 8 against one that differs, so May 8 is the date used in this analysis, and the discrepancy remains unresolved.
Second, and larger: the BBP-418 application rests on an analysis the public registry does not describe. FORTIFY’s registered primary endpoint (NCT05775848) is change in the North Star Assessment for Dysferlinopathy at 36 months, primary completion estimated September 2027. The application rests instead on a 12-month interim whose stated primary endpoint was glycosylated α-dystroglycan at three months — which the registry does not list as a primary outcome, and no interim analysis is described there. The company’s phrase, that the trial “met all pre-specified primary and secondary endpoints of its 12-month interim analysis,” refers to a plan not visible in the public record. That is a disclosure observation, not a judgement on the data.
FORTIFY is a randomised, double-blind, placebo-controlled Phase 3 of 112 patients across 21 sites, now active but not recruiting. On the 12-month interim reported from October 27, 2025 onward: glycosylated α-dystroglycan rose 1.8-fold from baseline, to roughly 17 per cent of control, at three months, p<0.0001, sustained at twelve months at the same significance, in both L276I homozygotes and other FKRP genotypes. Serum creatine kinase fell 82 per cent from baseline, p<0.0001, with 59.6 per cent of patients reaching below twice the upper limit of normal and 38.3 per cent normalising. On function, the 100-metre timed test improved 0.14 m/s from baseline and 0.27 m/s against placebo, p<0.0001 — about 31 seconds faster over the distance at twelve months — while the ten-metre walk improved 0.13 m/s on drug against −0.10 m/s on placebo, and forced vital capacity improved about 3 percentage points of predicted from baseline and 5 against placebo, p=0.0071. NSAD, the registered primary, showed a 2.6-point improvement against placebo at twelve months, called statistically significant and clinically meaningful — but no p-value for NSAD has been disclosed. Safety: treatment-emergent events in 93.2 per cent on drug against 100 per cent on placebo, Grade 3 or worse 5.4 against 5.3 per cent, no treatment-related serious events and no deaths. The agency recommended orienting the application toward traditional rather than accelerated approval — the harder of the two routes.
In ADH1, CALIBRATE was a randomised open-label Phase 3 against standard of care in 67 patients at 25 sites. Reported October 29, 2025: 76 per cent of encaleret participants had both serum and urine calcium inside target range at Week 24, against 4 per cent on conventional therapy at Week 4, p<0.0001; on the key secondary, 91 per cent reached intact parathyroid hormone above the lower limit of the reference range against 7 per cent, p<0.0001. All pre-specified primary and key secondary endpoints were met, there were no discontinuations related to study drug, no responder needed conventional therapy during maintenance, and 97 per cent elected to join the long-term extension. The paediatric study is recruiting toward 28 patients at six sites, with the first of four cohorts, adolescents aged 12 to 17, fully enrolled.
In chronic hypoparathyroidism the record is a step earlier and much thinner. A Phase 2 completed in September 2025 produced parathyroid-hormone-independent normalisation of blood and urine calcium in 80 per cent of participants within five days, against 0 per cent on conventional therapy at baseline, with no serious adverse events; the company says it “enrolled 10 patients” while the registry records 13 actual. The Phase 3, RECLAIM-HP, is randomised, double-blind and placebo-controlled toward 160 patients at five sites, registered start August 31, 2026, responder endpoint at Week 24. Topline is guided to a window, not a date: “late 2027 or early 2028.” The addressable population of roughly 200,000 across the United States and European Union is the company’s figure, not an independent one.
PROPEL 3 was a double-blind, randomised, placebo-controlled Phase 3 in children aged 3 to under 18, 114 patients at 27 sites, completed December 18, 2025 and reported February 12, 2026. The primary, change from baseline in annualised height velocity at Week 52, was met at p<0.0001, with a mean treatment difference against placebo of +2.10 cm per year and a least-squares mean of +1.74 cm per year. A pre-specified exploratory analysis of body proportionality gave a least-squares mean difference of −0.05, p<0.05, in children under eight, more than half the trial — presented as the first statistically significant improvement in body proportionality against placebo in achondroplasia. The New England Journal of Medicine publication adds an arm-span Z-score of +0.37 standard deviations against placebo at 52 weeks, p<0.0001. Safety was quiet: no drug-related discontinuations or serious adverse events, and three cases, 4 per cent, of mild transient hyperphosphataemia.
In hypochondroplasia, ACCEL 2/3 is enrolling by invitation toward 24 patients at 24 sites, the Phase 2 portion is fully enrolled, and a proof-of-concept update is expected in the second half of 2026 — a window, with no result disclosed yet.
Attruby’s approval carried four post-marketing required studies under section 505(o), with completion dates of November 2025, November 2025, May 2026 and November 2034. The label-expansion effort is ACT-EARLY, a Phase 3 prevention study in asymptomatic carriers of a pathogenic TTR variant, recruiting toward 587 patients at 104 sites, with primary completion estimated October 2031 — a long-dated asset, not a near catalyst. ASCEND-ATTR, a Phase 4 imaging study of 150 patients, is described as initiated while the registry shows one site at its July 29, 2026 update, and the extension that produced the Month-54 mortality data, AG10-301, 389 patients, has not been updated since October 14, 2025.
Two programmes have nothing to read. BBP-812 in Canavan disease is in Phase 1/2 and no efficacy result appears in the 2025 annual report or any 2026 filing; it is designed to support accelerated approval on a biomarker in a single registrational study, and carries Orphan, Fast Track, RMAT and Rare Pediatric Disease designations. The TTR amyloid depleter antibody is preclinical, with an investigational new drug application planned for 2027, clinic 2027 to 2028, and no data.
Attruby’s protection is dated and specific. New chemical entity exclusivity expires November 22, 2029 and orphan drug exclusivity for the ATTR-CM indication expires November 22, 2031. The Orange Book lists six patents expiring May 5, 2031, two February 16, 2038, two March 22, 2039 and three August 16, 2039, with extension applications timely filed on multiple United States patents. Because NCE exclusivity runs to 2029, the earliest permissible generic submission date is November 22, 2028 — so no abbreviated application is yet possible, none has been filed, and there is no patent litigation anywhere in the record. One place is weaker: encaleret’s composition-of-matter patents, licensed from Japan Tobacco, expired in 2024 and 2025, and the company’s own pending applications would, if granted, run 2041 to 2044.
And the pipeline has been pruned hard. Two acoramidis Phase 3 studies were withdrawn, including ATTRibute-PN; infigratinib’s oncology programme was terminated entirely, including a first-line cholangiocarcinoma Phase 3 that enrolled 48 and an adjuvant urothelial Phase 3 that enrolled 39; the BBP-398 programme was terminated across three studies. Restructuring charges ran $7,926k in 2023, $15,605k in 2024 and $21,347k in 2025 — the last split $16,680k of winding-down and exit costs against $4,667k of severance — and fell to zero in both 2026 quarters, though the annual report still describes the programme as continuing. Which programmes or facilities the 2025 charge relates to is not disclosed. On BridgeBio’s own trials, no missed endpoint is disclosed in the eighteen-month window.
An October 5, 2026 release adds cardiac detail to the BBP-418 file without changing its regulatory calendar. At the 31st World Muscle Society Congress in Hiroshima, BridgeBio presented exploratory analyses from the 12-month interim analysis of FORTIFY: 54% of BBP-418-treated participants had stable or improved left-ventricular ejection fraction at month 12 versus 25% in the placebo arm (p=0.0262); high-sensitivity troponin I declined more with BBP-418 than with placebo (least-squares mean difference −17.8 ng/L, 95% CI −35.1 to −0.5, p=0.0443); and among participants with elevated troponin at baseline, all of those treated returned to the normal range by month 12 versus 40% on placebo (p=0.0248). Source The release labels these as exploratory analyses, so they cannot carry the weight of a pre-specified primary endpoint and the release does not describe any adjustment for multiplicity. Their usefulness is narrower: cardiac involvement is part of the LGMD2I/R9 disease burden, and directionally consistent cardiac markers support the argument that glycosylation restoration affects more than skeletal muscle. The decision itself remains the FDA’s, under Priority Review, with a November 27, 2026 target action date.
| Line | June 30, 2026 | March 31, 2026 | December 31, 2025 | June 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $677,911k | $879,891k | $570,119k | $748,953k |
| Marketable securities, current | $42,249k | $60,295k | $17,363k | $7,939k |
| Total cash, equivalents and securities | $720,160k | $940,186k | $587,482k | $756,892k |
| Accounts receivable, net | $254,484k | $205,226k | $139,444k | $76,868k |
| Inventories | $52,842k | $32,980k | $26,753k | $18,277k |
| Total assets | $1,217,299k | $1,370,981k | $936,025k | $1,080,190k |
| Total liabilities | $3,723,192k | $3,639,856k | $3,012,606k | $2,858,609k |
| BridgeBio stockholders’ deficit | $(2,515,215)k | $(2,278,363)k | $(2,086,610)k | $(1,787,860)k |
| Accumulated deficit | $(4,137,453)k | $(3,985,237)k | $(3,821,194)k | $(3,445,588)k |
| Working capital | $202,500k | — | $509,800k | — |
The cash line reads three ways, all true. Over the June quarter it fell $220.0 million; over the first half it rose $132.7 million, because the 2033 convertible landed in January; over twelve months it is down $36.7 million. The quarter’s fall was not operating: $127.5 million went on share repurchases against $71.1 million of operating cash use. And the $933.9 million of preferred is in none of these columns, having closed on July 1, 2026.
One comparison belongs beside that table. At the October 1, 2026 close of $66.91 the market values the equity at $13.08 billion in aggregated market data, against a book stockholders’ deficit of $(2,515.2) million and total assets of $1,217.3 million. The arithmetic of that gap is a fact; the reading of it — that the market is pricing an approved drug, three applications and a pipeline which the balance sheet carries at nothing like that value — is an inference, and the deficit itself is the accumulated cost of building them.
| Period | Operating cash use | Research | Selling, general and administrative | Net loss incl. NCI | Loss a share |
|---|---|---|---|---|---|
| Q1 2025 | $(199,235)k | $111,431k | $106,365k | $(169,608)k | $(0.88) |
| Q2 2025 | $(80,681)k | $111,231k | $129,154k | $(183,758)k | $(0.95) |
| Q3 2025 | $(109,574)k | $112,874k | $137,621k | $(184,937)k | $(0.95) |
| Q4 2025 | $(56,420)k | $116,417k | $158,085k | $(194,635)k | $(1.00) |
| Q1 2026 | $(197,279)k | $126,636k | $163,896k | $(166,555)k | $(0.84) |
| Q2 2026 | $(71,101)k | $149,448k | $186,261k | $(155,891)k | $(0.78) |
| Full year 2024 | $(520,726)k | $506,461k | $288,931k | $(543,347)k | $(2.88) |
| Full year 2025 | $(445,910)k | $451,953k | $531,225k | $(732,938)k | $(3.78) |
Three readings matter. Operating cash use is lumpy and not a run rate — $199.2 million and $197.3 million in the two March quarters against $56.4 million and $71.1 million in adjacent ones — because receivables swing with the ramp, and accounts receivable alone absorbed $115.0 million of cash in the first half of 2026. Second, the cost mix inverted: selling, general and administrative overtook research in 2025 and is now the larger line, $186.3 million against $149.4 million in the June 2026 quarter. Third, within research that quarter splits $36,522k to acoramidis, $35,460k to infigratinib, $26,653k to BBP-418, $24,079k to encaleret, $6,763k and $19,971k to other development and research — so the two unapproved launch programmes together absorb more than the marketed drug.
The runway language, verbatim, and what it does not say. From the June 2026 10-Q: “As of June 30, 2026, we had working capital of $202.5 million, of which cash, cash equivalents and marketable securities amounted to $720.2 million. We expect that our cash and cash equivalents, and marketable securities, and proceeds from Attruby product revenue will be sufficient to fund our operations through at least the next 12 months from the date of filing of this report.” The annual report used the identical formula on $509.8 million of working capital and $587.5 million of cash.
Two things follow. No runway is stated in months or quarters beyond that twelve-month assertion, and the assertion was made before the preferred closed. And there is no going-concern or substantial-doubt language anywhere — not in the notes, not in the risk factors, and no going-concern paragraph in the audit opinion.
Four series of senior unsecured convertible notes sit at the parent, BridgeBio Pharma, Inc. None carries a financial maintenance covenant, and conversion is settleable in cash, shares or a combination at the company’s election.
| 2027 Notes | 2029 Notes | 2031 Notes | 2033 Notes | |
|---|---|---|---|---|
| Principal | $550,000k | $747,500k | $575,000k | $632,500k |
| Coupon | 2.50 per cent | 2.25 per cent | 1.75 per cent | 0.75 per cent |
| Maturity | March 15, 2027 | February 1, 2029 | March 1, 2031 | February 1, 2033 |
| Conversion price | $42.71 | $97.04 | $49.81 | $110.58 |
| Underlying shares | 12,878,305 | 7,702,988 | 11,544,448 | 5,720,014 |
| Net proceeds | ~$537,000k | — | ~$563,000k | ~$619,300k |
| Capped call | Yes, cost $49.3M, cap $62.12 | Yes, cost $61.3M, cap $131.58 | None | None |
| Carrying value, June 30, 2026 | $547,955k | $741,918k | $565,528k | $620,087k |
Total carrying amount is $2,475,488k against $2,505,000k of principal, and the two capped calls together reduced additional paid-in capital by $110.6 million. One line deserves reading on its own. The $550.0 million of 2027 Notes matures on March 15, 2027 — inside twelve months of the balance-sheet date — and none of it has been retired; principal is unchanged at both December 31, 2025 and June 30, 2026, even though the stated purpose of the 2033 Notes was to “repurchase, settle future conversion obligations in respect of or repay at maturity” that series. The balance sheet is unclassified, so the maturity is not shown as current. The future-payments schedule puts $588,501k due in 2027 against $22,832k in the remainder of 2026, $770,716k in 2029 and $584,775k in 2031.
Everything in this paragraph is a calculation against the October 1, 2026 close of $66.91, not a disclosure. Two series are in the money and two are not. The 2027 Notes convert at $42.71, so the close sits 56.7 per cent above the strike and the 12,878,305 underlying shares are worth about $861.7 million against $550.0 million of principal. The 2031 Notes convert at $49.81, with the close 34.3 per cent above and 11,544,448 shares worth about $772.4 million against $575.0 million. The 2029 Notes at $97.04 are out of the money and would need a 45.0 per cent rise to reach the strike; the 2033 Notes at $110.58 would need 65.3 per cent.
Two consequences follow, both arithmetic rather than opinion. The company’s redemption right and the holders’ conversion window both turn on the stock trading at 130 per cent of the conversion price for 20 of 30 trading days — a trigger level of $55.52 on the 2027 Notes and $64.75 on the 2031 Notes, both of which the close exceeds, against $126.15 and $143.75 on the other two. Whether the 20-of-30-day condition has actually been met is a trading-day test the record does not answer, and no conversion or redemption notice appears in it. And the 2020 capped call is capped at $62.12, which the close has passed, so appreciation above that level is no longer offset by that hedge; the 2021 cap of $131.58 is remote, and the 2031 and 2033 series carry no capped call at all. Because settlement is at the company’s election, an in-the-money conversion can be met in cash, shares or both — which is the choice the $550.0 million maturing on March 15, 2027 puts in front of it.
This is the layer most easily got wrong, because it does not sit where the converts sit and it is secured against the drug rather than the company. Both agreements are accounted for as debt, and both were written with Eidos Therapeutics, Inc. — the subsidiary that owns acoramidis — as seller alongside the parent.
| Term | Funding Agreement — global revenue interest | Royalty Interest Purchase — the Bayer EU royalty |
|---|---|---|
| Dated | January 17, 2024, amended June 27, 2025 | June 27, 2025 |
| Counterparties | LSI Financing 1 Designated Activity Company and CPPIB Credit Europe S.à r.l. | Acoramidis Royalty SPV, LP, an affiliate of HealthCare Royalty Management (HCRx), and LSI Financing Fund, LP, a Blue Owl affiliate |
| Sellers | BridgeBio, Eidos, BridgeBio Europe B.V. and BridgeBio International GmbH | BridgeBio and Eidos — Eidos’s right to royalties on EU/EPO net sales under the Bayer licence |
| Proceeds | $500.0 million gross, $472.5 million net, funded December 2024 on first FDA approval | $300.0 million gross, $297.0 million net, funded in full at closing |
| What was sold | 5 per cent of global net sales of acoramidis, stepping up to a maximum of 10 per cent in 2027 on sales-performance conditions | A share of the Bayer royalty, capped annually at 60 per cent of royalties on the first $500.0 million of annual territory net sales |
| Cap | $950.0 million | 145 per cent of the purchase price, or $435.0 million |
| Effective interest rate | 22.4 per cent at June 30, 2026 (22.2 at December 31, 2025) | 10.7 per cent at June 30, 2026 (10.4 at December 31, 2025) |
| Carrying value | $600,927k, plus an embedded derivative at $15,709k | $311,609k, of which $207,739k is related-party |
| Non-cash interest | $33.0M in the June 2026 quarter, $64.8M in the half | $8.3M in the quarter, $16.4M in the half |
| Buy-back | The purchasers hold the option, on a change of control, to require a buy-out payment not exceeding the cap. No company-held buy-back option with a stated price or expiry exists | A successor may assume, or pay the then-applicable hard cap less payments made. On an event of default Eidos must pay it immediately |
Combined, the two obligations carry at $912,536k, presented as $879,374k long-term and $29,283k current after the embedded derivative and unamortised costs; repayments were $33,082k in the first half of 2026 against $2,005k a year earlier. The number to hold on to: non-cash interest on the royalty obligations was $41,345k in the June quarter and $81,218k in the half — larger than total cash interest expense of $13,278k and $26,220k. The cost of this layer does not appear in the cash interest line at all. And one related-party fact belongs with it: on July 30, 2025 KKR & Co., already a holder of more than 5 per cent of the stock, acquired a majority interest in HCRx, making the purchaser of the Bayer royalty a related party after the fact.
The $933.9 million Series A preferred of section 02 sits at the parent and behaves like debt where it matters: a 7.00 per cent cumulative dividend accruing daily whether declared or not, redemption floors of 120 to 140 per cent of original issue price and a 13 per cent pre-tax internal rate of return floor in specified cases, and covenants limiting BridgeBio’s ability to incur certain indebtedness and make certain restricted payments without majority consent. Net proceeds were not disclosed. Against the October 1 close, the preferred’s $137.79 conversion price is 105.9 per cent above the market and its 6,777,705 as-converted shares are worth about $453.5 million against the $933.9 million invested — calculations, not disclosures. The reading that follows, and it is a reading, is that the return on this instrument does not currently sit in the conversion feature at all but in the 7 per cent accrual, the 120-to-140 per cent redemption floors and the 13 per cent internal-rate-of-return floor. Layer four is empty: there is no revolving credit facility and none has ever existed, and the two term facilities that did exist are gone — a November 2021 U.S. Bank-agented loan repaid January 17, 2024 for $475.8 million with a $26.6 million loss on extinguishment, and a January 2024 Blue Owl facility repaid February 28, 2025 for $467.0 million out of the 2031 Notes, with a $21.2 million loss. No term debt remains. Alongside it sit $158.0 million of minimum non-cancellable purchase commitments.
BridgeBio consolidates majority-owned subsidiaries and variable interest entities where it is the primary beneficiary. Two formerly consolidated businesses now sit outside the group, carried by the equity method, so their obligations are not BridgeBio’s. BridgeBio Oncology Therapeutics was deconsolidated on April 30, 2024 after a $200.0 million third-party financing, a $126.3 million gain; it closed a SPAC combination on August 11, 2025 and trades separately, leaving BridgeBio at 18.2 per cent at December 31, 2025, carried at $72.5 million against a quoted fair value of $182.7 million, with a $37.5 million 2025 equity-method loss. GondolaBio, formed June 5, 2024, took $300.0 million of tranched commitments in August 2024 from Viking Global, Patient Square, Aisling and an entity owned by the chief executive — all related parties — for a $52.0 million deconsolidation gain; BridgeBio is down to 27.5 per cent, carried at $6.4 million, with a $35.1 million 2025 loss. Total equity-method investments were $55,095k at June 30, 2026 against $79,972k six months earlier, and BridgeBio still held 5,350,361 LianBio shares.
Inside the group, minority holders appear in two places and both are small: redeemable convertible non-controlling interests of $(1,018)k in the mezzanine and non-controlling interests of $10,340k within the deficit at June 30, 2026, taking $3,675k of the quarter’s loss and $8,007k of 2025’s. The operating subsidiaries are Eidos for acoramidis, Calcilytix for encaleret, ML Bio Solutions for BBP-418 and QED Therapeutics for infigratinib — which is why the registry names four different sponsors for one company’s trials.
Against 500,000,000 authorised common shares, outstanding went from 194,771,957 at December 31, 2025 to 195,707,702 at March 31, 2026, then down to 195,284,352 at June 30 and 195,487,474 on the August 3, 2026 cover — barely moving, because buybacks offset award issuance. 205,867,350 shares were issued at June 30 against 195,284,352 outstanding, the difference being treasury stock.
| Driver | Detail |
|---|---|
| Repurchases | 1,081,825 shares for $82,500k, about $76.26, from the 2033 Notes purchasers in January 2026; then a $500.0 million programme authorised in May 2026, under which 1,904,001 shares were bought at an average of $66.96 for roughly $127.5 million by June 30, leaving about $372.5 million authorised. First-half outflow $210,003k |
| Issuance | Option exercises +$27,812k and the employee purchase plan +$5,466k in the first half of 2026, against $8,341k of tax-withholding repurchases on vesting |
| At-the-market | The 2023 programme was terminated on May 7, 2026 with $345.3 million unused, having sold 3,233,208 shares for $104.7 million gross over its life and nothing in 2025 or 2026. A new $500.0 million programme signed the same day has sold zero shares |
| Warrants | None. No warrant, ordinary or pre-funded, appears at any date |
| Options and units | 10,041,746 options outstanding at June 30, 2026, down from 11,492,208 — but the 10-Q omits the option table, so weighted exercise price, exercisable portion and intrinsic value at that date are not disclosed. Unvested restricted units 9,074,136; performance 285,973; market-based 116,071 |
| Fully diluted | Antidilutive securities excluded from loss per share total 58,338,446, of which 37,845,755 is the four convertible series. With the preferred’s 6,777,705 as-converted shares the fully diluted count is about 260.4 million — a calculation, not a disclosure, against 195.3 million outstanding |
One large transaction in the period moved no money through the company at all: on August 13, 2026 KKR Genetic Disorder L.P. agreed to sell 5,000,000 shares at $78.00, completed August 17, with the filing stating that “the Company will not receive any of the proceeds.” The same resale shelf covers up to 24,628,286 shares for KKR, Aisling, the Sixth Street preferred entity and HCRx — existing shares plus the preferred conversion shares, again with no proceeds to BridgeBio. A secondary changes who owns the company; an issuance changes how much of it each share represents.
Behind Attruby sit three programmes that have read out positively and are now in front of the FDA at the same time, each belonging to a differently named subsidiary — ML Bio Solutions for BBP-418, Calcilytix Therapeutics for encaleret, QED Therapeutics for oral infigratinib — plus a Phase 3 that has only just begun recruiting, a gene therapy that has never disclosed an efficacy number, and a preclinical antibody.
| Programme | Indication | Status | What the record contains |
|---|---|---|---|
| BBP-418 (ribitol) | Limb-girdle muscular dystrophy type 2I/R9 | Phase 3 FORTIFY, 112 patients. NDA accepted with Priority Review on May 27, 2026; PDUFA November 27, 2026, for traditional approval. “No advisory committee meeting is currently planned” | Twelve-month interim, October 27, 2025. Glycosylated α-dystroglycan up 1.8-fold from baseline at three months, p<0.0001; creatine kinase down 82 per cent, p<0.0001; 100-metre timed test +0.27 m/s against placebo, p<0.0001; forced vital capacity about +5 per cent predicted, p=0.0071. NSAD 2.6 points better than placebo — called statistically significant, with no p-value ever disclosed for it. No treatment-related serious adverse events |
| Encaleret | Autosomal dominant hypocalcaemia type 1 | Phase 3 CALIBRATE, 67 patients, open-label against standard of care. NDA accepted July 22, 2026, Priority Review granted on reconsideration; PDUFA May 8, 2027, no advisory committee planned | Topline October 29, 2025. 76 per cent had both serum and urine calcium inside target range at week 24, against 4 per cent on conventional therapy, p<0.0001; 91 per cent reached intact PTH above the lower reference limit, against 7 per cent, p<0.0001. 97 per cent joined the long-term extension |
| Oral infigratinib | Achondroplasia | Phase 3 PROPEL 3, 114 children, completed December 18, 2025. NDA accepted for filing on October 6, 2026, with Priority Review and a PDUFA target action date of February 4, 2027 | Topline February 12, 2026. Annualised height velocity at week 52 met, p<0.0001, mean treatment difference +2.10 cm/year, plus the first statistically significant body-proportionality improvement against placebo in achondroplasia, −0.05, p<0.05, in children under eight. In the New England Journal of Medicine with arm-span Z-score +0.37 SD, p<0.0001 |
| Oral infigratinib | Hypochondroplasia | ACCEL 2/3, 24 patients, enrolling by invitation; Phase 2 enrolment complete | No results of any kind. A proof-of-concept update is expected in the second half of 2026 — a company window, not a date |
| Encaleret | Chronic hypoparathyroidism, a population the company puts near 200,000 in the United States and European Union | Phase 2 completed September 2025. Phase 3 RECLAIM-HP: first participant dosed, announced October 11, 160 patients, registered start August 31, 2026. Topline anticipated late 2027 or early 2028 | The Phase 2 gave PTH-independent normalisation of blood and urine calcium in 80 per cent of participants within five days, against 0 per cent on conventional therapy. The 10-K says it enrolled ten patients; the registry records thirteen |
| BBP-812 | Canavan disease, a paediatric gene therapy | Phase 1/2 CANaspire, ongoing | No efficacy result in the FY2025 annual report or any 2026 filing. Designed for accelerated approval on a biomarker in one registrational study. Orphan Drug, Fast Track, RMAT and Rare Pediatric Disease designations, the last of which could yield a priority review voucher |
| TTR amyloid depleter antibody | ATTR-CM | Preclinical. Candidate nominated; IND planned for 2027, clinic 2027–2028 | No data. Years behind depleters already in Phase 3 elsewhere |
| Acoramidis lifecycle | ATTR prevention and imaging | ACT-EARLY, Phase 3 prevention in asymptomatic carriers of a pathogenic TTR variant, 587 patients, 104 sites. ASCEND-ATTR, Phase 4 imaging, 150 patients. AG10-301 extension, 389 patients | ACT-EARLY measures time to development of ATTR over roughly seven years, primary completion estimated October 2031; ASCEND-ATTR’s is August 2030, and it lists one site on its July 29, 2026 update against the company’s description of an initiated study. Neither reads out this decade |
The most informative item in this section is a mismatch between what FORTIFY was registered to measure and what the application in front of the FDA rests on. The registered primary endpoint of NCT05775848 is change in NSAD at 36 months, with a registered primary completion date of September 2027. The NDA accepted for Priority Review on May 27, 2026 rests instead on a twelve-month interim analysis whose stated primary interim endpoint was glycosylated α-dystroglycan at three months — a measure the registry record does not list as a primary outcome at all, in a record that does not describe an interim analysis.
So the company’s phrasing, that it “met all pre-specified primary and secondary endpoints of its 12-month interim analysis,” is true of an analysis plan not visible in the public registry entry. Two things sit on top of that: the functional endpoint, NSAD, is the one number in the readout with no disclosed p-value, and the registered trial does not reach its own primary completion until nine months after the November 27, 2026 action date. The inference, and it is an inference, is that the 36-month NSAD analysis is a confirmatory event of its own, after any approval rather than before it.
What is missing is mostly the past, and the registry keeps it. A second acoramidis Phase 3 and ATTRibute-PN were withdrawn; the first-line cholangiocarcinoma Phase 3 for infigratinib was terminated at 48 patients and the adjuvant urothelial study PROOF302 at 39; two further infigratinib oncology studies, three studies of the SHP2 inhibitor BBP-398, VT30 and BLASST-3 are all terminated or withdrawn. The bill shows as restructuring charges of $21.3 million in 2025, $15.6 million in 2024 and $7.9 million in 2023 — and the annual report does not say which programmes or facilities any of it relates to. The charge was zero in both quarters of 2026, while the 10-K still calls the programme continuing.
So the honest summary is this. Three positive Phase 3 datasets, three applications filed, one action date with a day on it and one more a year out, and no BridgeBio trial disclosed as having missed an endpoint in eighteen months. Against that, the deepest asset behind the three has never published an efficacy figure, the hypochondroplasia extension has no data and a half-year window rather than a date, the prevention trial that would widen the franchise does not complete until 2031, and the eventual replacement for the molecule that pays for all of it is preclinical.
There is no activist or control-intent Schedule 13D on this company. The two 13D filers on the record — Viking Global and KKR — have spent eighteen months reducing, and both have now gone through five per cent on the way down. The passive side thinned at the same time, which leaves a very short list above the threshold.
| Holder | Shares | Per cent | Position last reported, and staleness |
|---|---|---|---|
| Janus Henderson Group plc | 13,179,013 | 6.8 | March 31, 2026 — about six months stale. Amended May 15, 2026; nothing since. A new holder above five per cent only in February 2026, at 11,000,457 shares, and it added 2,178,556 in the following quarter |
| Farallon Capital Management, L.L.C. | 10,743,063 | 5.5 | June 30, 2026 — about three months stale, filed August 3, 2026. Also new in 2026: Farallon Partners first crossed five per cent on May 22, 2026 |
| Viking Global Investors LP group | 9,792,219 | 5.0 — exactly at the threshold | July 9, 2026 — about three months stale. Amendment number twelve, and the seventh consecutive reduction |
Those three are the whole of it as of October 2, 2026, and two of the three arrived during 2026. What left is the more striking half. Viking has sold in seven consecutive amendments, from 22,055,375 shares and 11.7 per cent in January 2025 to 9,792,219 and 5.0 per cent — a reduction of 12,263,156 shares, or 56 per cent of the position. KKR has gone from 19,260,971 shares and 10.1 per cent to 8,260,971 and 4.2 per cent, via a 6,000,000-share block at $34.20 in May 2025 and a 5,000,000-share secondary at $78.00 in August 2026. The Vanguard Group reported 16,484,985 shares and 8.68 per cent at June 30, 2025 and then nil as of March 13, 2026, with no reason given; BlackRock fell to 4.96 per cent; and the chief executive’s own 13G went to 4.6 per cent at March 31, 2026.
Two ownership figures from third-party market data, as of October 2, 2026, belong beside that — on their own base, not the filings’. The screen gives insider ownership of 10.45 per cent and institutional ownership of 91.32 per cent against 195.28 million shares outstanding and a float of 175.06 million. Those are market-data aggregates over the whole 13F universe and the data source’s own definition of an insider, not the 13D and 13G record above, which captures only holders who crossed five per cent; the two bases do not add. Taken as the figure it is, institutional ownership above 91 per cent means almost the entire float is already in professional hands — the context in which three above-five-per-cent holders and seven consecutive Viking reductions sit.
One structural detail is easy to miss. KKR acquired a majority interest in HealthCare Royalty Management on July 30, 2025, making the buyer of the Bayer royalty a related party, and an HCRx entity then took $133.9 million of the Series A preferred — whose 971,768 as-converted shares are the “shared” component of the 9,232,739 reported at KKR & Co. group level. So KKR is at once a shrinking common holder, a royalty counterparty and a preferred holder, and Ali Satvat, a KKR partner, sits on the board.
In the eighteen months to October 2, 2026 there were 105 Section 16 filings for BBIO as issuer — 103 Forms 4 and two amendments, with zero Forms 3 and zero Forms 5. The sale side totals 216 transactions and 12,393,645 shares.
| Filer and role | Grants | Exercises | Sales | Weighted average sale price | Latest reported holding |
|---|---|---|---|---|---|
| Neil Kumar — chief executive, director | 144,883 | 924,390 | 1,327,615 | $60.26 | 495,686 at September 17, 2026 |
| Frank McCormick — director | 24,281 | 148,000 | 374,000 | $57.94 | 10,579 |
| Charles J. Homcy — director | 24,281 | — | 300,000 | $46.37 | 919,876 |
| Jennifer E. Cook — director | 24,281 | 537,688 | 278,192 | $78.80 — the highest of any filer | 8,383 |
| Andrew Lo — director | 24,281 | — | 195,599 | $51.99 | 18,079 |
| Andrea Ellis — director | 24,281 | 278,510 | 139,255 | $56.49 | 22,579 |
| Thomas Trimarchi — president, chief financial officer | 59,041 | — | 103,775 | $57.74 | 336,529 at August 16, 2026 |
| Hannah Valantine — director | 24,281 | 133,478 | 73,642 | $64.45 | 9,259 |
| Ronald J. Daniels — director | 24,281 | 122,062 | 61,031 | $63.72 | 20,981 |
| Maricel Apuli — chief accounting officer | 14,170 | — | 10,536 | $67.07 | 122,687 |
| KKR Genetic Disorder L.P. — ten per cent owner | — | — | 6,000,000 | $34.20 — a Rule 144 block, no plan designated | 13,260,971 at May 12, 2025 |
| Viking Global Investors LP — ten per cent owner | — | — | 3,500,000 | $44.00, no plan designated | 18,555,375 at June 27, 2025 |
Five directors — Eric Aguiar, Douglas Dachille, Fred Hassan, James Momtazee and Ali Satvat — took their annual grants and sold nothing. Every continuing director received 3,990 shares and options over 5,277 shares on June 22, 2026.
On the buying side the record is as close to empty as it gets. Three open-market purchases exist in the window, all by Hannah Valantine, and all three are transactions dated December 28 and 29, 2021 — 1,542 shares at $12.68, 796 at $13.16 and 1,752 at $14.24 — reported late on Forms 4 and two amendments filed on June 30, 2025. No insider or ten-per-cent owner bought BBIO stock on the open market during the window, and no purchase dated after 2021 exists anywhere in the record — through three positive Phase 3 readouts and two Priority Review grants.
Two distinctions matter before the sale column is read as conviction. All of the chief executive’s 2026 sales carry the Rule 10b5-1 designation, as do Cook’s, Ellis’s and Valantine’s; and the withholding transactions on August 16, 2026 at $79.86 — Kumar 36,237 shares, Trimarchi 22,781, Apuli 4,714 — are shares taken for tax on vesting restricted units, with the plan box false, which is not a discretionary trade. The gifts are McCormick’s 33,000 shares on May 7, 2025 and 3,000 on May 8 and Homcy’s 20,000 on June 27, 2025. The KKR secondary of 5,000,000 shares at $78.00 appears on no Form 4, consistent with KKR having ceased to be a ten-per-cent owner before it.
The plan adoptions are the forward half, and they are large: Kumar 480,000 shares from March 31, 2025, then a second plan from May 13, 2026 to July 30, 2027 covering all net shares from RSU and PSU vesting plus up to 120,000 trust shares; Homcy 300,000 shares from May 8, 2025; McCormick’s revocable trust 200,000 shares, effective March 6, 2026 to March 5, 2027; Cook 7,152 shares plus 351,722 option shares to June 15, 2027. No plan was terminated and no non-plan trading arrangement was adopted in any reported quarter.
BridgeBio has exactly two Section 16 executive officers: Neil Kumar, 47, chief executive and director, a co-founder employed through BridgeBio Services, Inc. under an offer letter dated December 14, 2017; and Thomas Trimarchi, 41, president and chief financial officer since March 2025, at the company since April 2018. Maricel Apuli, chief accounting officer, files Forms 4 without appearing as an executive officer in the proxy, and press releases name a chief commercial officer, a chief executive of BridgeBio Endocrinology, a chief medical officer at ML Bio and an executive vice-president — none of them proxy-listed officers.
There have been two officer-and-director events in two years. Brian Stephenson’s employment as chief financial officer ended on March 17, 2025, with a lump sum of nine months of base salary, $492,000, up to $22,036 of COBRA, and a consulting agreement to March 17, 2026 whose sole consideration was continued equity vesting; no interim arrangement was used, Trimarchi being appointed the same day. Then Randal Scott resigned from the board effective June 22, 2026 at the end of his term, “not due to any disagreement with the Company,” taking it from fourteen directors to thirteen. Fred Hassan, 80, is lead independent director of a board classified into three classes.
The voting record is where shareholders have registered discomfort. At the June 22, 2026 meeting 32,024,940 votes were withheld from Hannah Valantine, 19.9 per cent, and 27,350,537 were cast against the 2,000,000-share increase to the equity plan, 17.0 per cent. A year earlier 30,581,800 were withheld from Andrew Lo, 19.5 per cent, 27,907,996 from Douglas Dachille, and say-on-pay drew 37,945,949 votes against, 24.2 per cent. Say-on-pay opposition then collapsed to 4.3 per cent in 2026, while equity-plan opposition held near 17 per cent in both years.
On pay: the chief executive’s 2025 base salary was $1,040,000, target bonus 100 per cent of base, awarded at 135 per cent of target. The chief financial officer’s base was $673,000, target 60 per cent, awarded at 130 per cent, with illustrative change-of-control figures of $1,076,800 of cash severance and $25,402,088 of equity acceleration under a policy adopted May 9, 2023 that is explicitly “double trigger”. Headcount was 834 full-time and five part-time employees at December 31, 2025 — 405 in research and development, 281 in commercialisation — up 109 people, 15 per cent, with the commercial organisation up 39 per cent. No headcount is disclosed at any 2026 date.
No legal proceeding is disclosed anywhere — no securities class action, no derivative suit, no patent case, no government investigation, no accrual. The annual report states, verbatim: “As of the date of this Annual Report on Form 10-K, we were not party to any material legal proceedings.” The June-quarter report’s note 8 states: “We are not currently a party to any material legal proceedings.” That note does exist and carries content: milestone compensation arrangements of $62.3 million potential against $17 thousand accrued as probable, minimum non-cancellable purchase commitments of $158.0 million, and no material indemnification demands. No ANDA filing and no Paragraph IV case exists, which is arithmetic as much as fortune: Attruby’s new-chemical-entity exclusivity runs to November 22, 2029, making November 22, 2028 the earliest permissible generic submission date, and orphan exclusivity runs to November 22, 2031. No takeover interest, strategic review, unsolicited proposal or adviser appointment for a sale is disclosed anywhere.
| Settlement date | Short interest | Average daily volume | Days to cover |
|---|---|---|---|
| September 15, 2026 | 21,549,349 | 2,044,711 | 10.54 |
| August 31, 2026 | 21,845,899 | 1,954,275 | 11.18 |
| August 14, 2026 | 23,324,059 | 2,161,484 | 10.79 |
| July 31, 2026 | 23,342,623 | 2,029,913 | 11.50 |
| July 15, 2026 | 25,750,649 | 4,789,357 | 5.38 |
| June 30, 2026 | 24,102,938 | 5,343,347 | 4.51 — the low of the series |
| June 15, 2026 | 25,415,150 — the twelve-month high | 2,966,678 | 8.57 |
| March 31, 2026 | 23,366,752 | 1,586,799 | 14.73 — the high of the series |
| December 31, 2025 | 17,211,114 — the twelve-month low | 1,689,124 | 10.19 |
| October 15, 2025 | 17,353,906 | 1,972,595 | 8.80 |
The latest reading of 21,549,349 shares is 11.0 per cent of the 195,487,474 shares outstanding on the August 3, 2026 cover of the June-quarter report — a calculation, not a published figure. On the smaller base it matters more: third-party market data as of October 2, 2026 give short interest at 12.31 per cent of a 175.06 million float, and that figure matches the exchange series exactly — 21,549,349 shares on 175.06 million is 12.31 per cent, which supports the float figure rather than resting on it. The series rose 24 per cent from the December 31, 2025 low to the June 15, 2026 high and has eased about 3.9 million shares since. Days to cover swings from 4.51 to 14.73 and tracks the volume denominator rather than the position: the June 30 and July 15 settlements sit against average daily volume of 5.3 and 4.8 million shares against roughly 2.0 million before and after. The September 30 settlement has not been published as of October 2 — a lag of seventeen calendar days, the next due around October 9, 2026 — and the published series extends back only to the October 15, 2025 settlement, twenty-three points in all, so there is no pre-launch comparison to make.
One consensus figure is worth printing with its provenance attached. Third-party market data as of October 2, 2026 show a consensus price target of $112.11 against the $66.91 close of October 1, 2026, with the same data giving a market value of $13.08 billion, 195.28 million shares outstanding against a float of 175.06 million, insider ownership of 10.45 per cent, institutional ownership of 91.32 per cent and short interest at 12.31 per cent of float — the last of which matches the 21,549,349 shares published by the exchange and supports the float figure. Session volume was 3,550,066 shares against an average 2,747,760. Individual ratings, authors and targets are not reported, because Merlintrader has found no rating action on this company traceable to a named primary or first-tier publication. The consensus is an aggregated third-party figure, shown for reference only, and none of the analysis here relies on it.
What the filings themselves contain are transaction prices — not valuations, and worth setting against that close. 5,000,000 shares were placed at $78.00 in the KKR secondary completed August 17, 2026; the company bought back 1,904,001 shares at an average $66.96 for about $127.5 million through June 30, 2026, within five cents of the October 1 close; 1,081,825 shares were repurchased from note buyers at an average $76.26 in January 2026; and the Series A preferred carries an initial conversion price of $137.79, which the close sits 51 per cent below — a calculation.
One item on this map has a day on it that the FDA set. Almost everything else in the next twelve months is either a company window expressed in halves and quarters, or a contractual date that moves money away from the common shareholder rather than towards it. Both kinds are marked as such.
| Window | Event | Status |
|---|---|---|
| November 27, 2026 | PDUFA target action date for BBP-418 in limb-girdle muscular dystrophy type 2I/R9, sought as traditional rather than accelerated approval. Priority Review was granted on May 27, 2026, and “no advisory committee meeting is currently planned” | Fixed by the FDA goal date |
| Early November 2026, by precedent | Third-quarter report. The first period carrying the 7.00 per cent preferred dividend, the first periodic report filed after the U.S. government pricing agreement, buyback pace against the $372.5 million still authorised, and whether prescription disclosure resumes | No date announced. On the present record this is the most informative document of the next six months |
| Second half of 2026 | Proof-of-concept update from ACCEL 2/3 in hypochondroplasia, whose Phase 2 enrolment is complete | A company guidance window, not a date. No result has ever been disclosed from this study |
| Fourth quarter of 2026 | European marketing-authorisation application for oral infigratinib in achondroplasia, described as “on track” | Company window. Not yet submitted |
| February 4, 2027 | PDUFA target action date for oral infigratinib in achondroplasia, NDA accepted with Priority Review on October 6, 2026 | Fixed by the FDA goal date |
| Undated | The EMA path for encaleret in ADH1. The application is stated as submitted | The submission date is not stated, so no opinion window can be derived |
| March 15, 2027 | The $550.0 million 2.50 per cent 2027 Notes mature. The 2033 Notes were raised to repurchase, settle or repay them — and principal is unchanged at both December 31, 2025 and June 30, 2026. The 2027 minimum-payment line is $588.5 million | Fixed by contract. The largest single dated obligation on the map |
| May 8, 2027 | PDUFA target action date for encaleret in ADH1, on Priority Review granted after FDA reconsideration | Fixed goal date, with a documentary wrinkle: three disclosures say May 8, 2027 and one press release says May 7, 2027 |
| During 2027 | The royalty rate sold under the 2024 Funding Agreement can step up from 5 per cent of global acoramidis net sales to a maximum of 10 per cent, under conditions relating to sales performance | Fixed by contract, conditional on performance. A doubling of the top-line slice that never reaches the income statement |
| 2027 | IND submission for the TTR amyloid depleter antibody | Company plan, no month |
| September 2027 | FORTIFY’s registered primary completion — the 36-month NSAD analysis, the endpoint the registry actually lists as primary | Registry estimate. Falls nine months after the November 2026 action date |
| Late 2027 or early 2028 | RECLAIM-HP topline in chronic hypoparathyroidism, the larger of the two encaleret populations | Company window. The registry’s own primary-completion estimate is January 2028 |
| Second half of 2027 | European approval of oral infigratinib, “anticipated” | Aspiration, not a scheduled date |
| 2029, 2031, 2033 | The remaining convertible maturities — $747.5 million on February 1, 2029, $575.0 million on March 1, 2031, $632.5 million on February 1, 2033. Minimum payments of $770.7 million in 2029 and $584.8 million in 2031 | Fixed by contract |
| 2028–2031 | Attruby exclusivity. Earliest permissible generic submission November 22, 2028; new-chemical-entity exclusivity to November 22, 2029; orphan exclusivity to November 22, 2031; the Orange Book patents to May 5, 2031, with later-listed forms and formulation patents to 2038 and 2039 | Fixed, subject to term extensions timely applied for |
| Undated | Three competitor Phase 3 readouts in ATTR-CM — Intellia’s nex-z in MAGNITUDE, Alnylam’s nucresiran in TRITON-CM, and the AstraZeneca/Alexion depleter ALXN2220 in DEPLETTR-CM | No topline for any of the three exists in the record as of October 2, 2026, and none has a company-stated date |
The structural ones come first, because on this company they are larger than the clinical ones and they sit at entities a reader does not see on the share certificate.
The useful way to read BridgeBio is that the commercial question has largely been answered and the capital-structure question has not. Attruby went from $2.9 million in its first partial quarter to $222.4 million in the June 2026 quarter, $768.3 million cumulative, with total revenue of $243.7 million against $110.6 million a year earlier and royalties from Bayer and Alexion at $15.4 million. Three Phase 3 programmes behind it read out positively inside twelve months — FORTIFY, CALIBRATE and PROPEL 3 — and no BridgeBio trial is disclosed as having missed an endpoint in the window. The nearest competitive threat, eplontersen, missed its own Phase 3 primary endpoint in July 2026 with no effect at all in patients already on a stabiliser. On the clinical and commercial side of the story, that is close to the best eighteen months a company of this shape could have.
What has not changed is who owns the proceeds. Five per cent of global Attruby sales was sold in 2024 for $500.0 million against a $950.0 million cap, at a 22.4 per cent effective rate, and it can step up to 10 per cent in 2027. Sixty per cent of the European royalty was sold in 2025 for $300.0 million against a $435.0 million initial hard cap, at Eidos. Together they carry at $912.5 million and cost $81.2 million of noncash interest in six months. Above the common sits $933.9 million of 7 per cent preferred with redemption floors and a 13 per cent IRR floor, alongside $2,505.0 million of convertible principal. Every one of those claims was created to fund the thing that is now working, and every one is paid before the common.
The register has been consistent about something. Viking has sold in seven consecutive amendments, 56 per cent of its position; KKR has gone from 10.1 to 4.2 per cent; Vanguard went from 8.68 per cent to nil without explanation. Insiders sold 12,393,645 shares and bought nothing — no open-market purchase dated after 2021 exists anywhere in the record — and short interest stands at 11.0 per cent of the count. Against all of that, the company itself bought back $127.5 million of stock at an average $66.96 on the stated view that it is “fully financed but trading at a deep discount to intrinsic value,” and left a $500.0 million at-the-market facility untouched. The stock closed $66.91 on October 1, 2026, a $13.08 billion market value on a terminal screen — within five cents of what the company paid itself, with 91.32 per cent institutional ownership and shorts at 12.31 per cent of float. The insiders and the issuer are on opposite sides of the same stock, which is a fact rather than a verdict.
Two further things have nothing to do with any trial. Almost nothing about the product itself is quantified in public: no list price, no gross-to-net rate, no partner sales figure, no patients-on-therapy count, and prescription disclosure stopped in February 2026. And the company gives no guidance of any kind — no revenue range, no expense range, no profitability target, no breakeven date, no runway statement beyond the twelve-month assertion, against operating cash use of $(445.9) million in 2025. Anyone modelling this company has to do it from the revenue line and the contractual caps, because nothing else is supplied.
Which gives a short list of tests over the next two quarters, none needing a view on amyloid biology. Does BBP-418 clear on November 27? Does the achondroplasia application get a date? Does the third-quarter report put a number on the government pricing agreement, and does prescription disclosure come back? And what happens to the $550.0 million maturing in March 2027? If the first three land well, 2027 is a year in which a company with one marketed product has three, on a balance sheet raised to pay for exactly that. If the approvals slip, the pricing agreement turns out to carry a number, and the 2027 maturity has to be met in cash, then the same financing architecture that paid for the launches starts setting the terms of the next conversation — with a 7 per cent preferred accruing daily, a royalty rate that can double, and a register in which every large holder has already been a seller.
None of the above is a recommendation, a target, or a view on the share price. It is a description of what is documented, what is guided, what is calculated and labelled as such, what third-party market data report as aggregates, and what the record does not say. The $112.11 consensus target is a third-party aggregate; none of the analysis here relies on it.
Sources, and what remains unconfirmed. The approval terms, the verbatim indication, the review class and the four post-marketing requirements come from the FDA approval letter of November 22, 2024; the exclusivity dates, the patent list and the use code from the Orange Book entry for NDA 216540. Balance-sheet, debt, royalty-obligation, segment, award, repurchase and contingency detail comes from the Form 10-Q for the quarter ended June 30, 2026, filed August 10, 2026, which is the last periodic report; licence economics, consolidation policy, deconsolidation accounting, restructuring, patents and headcount from the Form 10-K for 2025. Quarterly revenue, expense, cash-use and loss figures are the figures filed in each quarter’s own earnings exhibit, not derived, and each one is stated with the period it belongs to; no quarter is annualised anywhere on this page. Trial results come from the dated Forms 8-K and their exhibits and, where the company has published, from the journals named at each figure. Registry facts come from ClinicalTrials.gov at the last-update dates given, which in two cases pre-date the company statements they are being read against. Ownership comes from the Schedules 13 at their stated event dates, which range from June 30, 2026 to March 31, 2026. The record cut-off for this page is October 2, 2026: the last filing of any type is a Form 4 of September 21, 2026 and the last Form 8-K is of August 31, 2026. Market figures — price, session change, market value, share count, float, ownership shares, volume and the consensus target — are at the October 1, 2026 close and come from aggregated third-party market data as of October 2, 2026; none of them is a company disclosure, and one of them disagrees with a filing, as noted below.
The following figures on this page are calculations from published data and are labelled as such where they appear: the $768,288 thousand of cumulative Attruby net product revenue from launch through June 30, 2026, which is the sum of seven filed quarters; the short interest as a percentage of shares outstanding, which Nasdaq does not publish; the fully diluted count of about 260,400,503 shares, being the June 30 count plus the antidilutive table plus the preferred’s as-converted shares; the life-of-programme average price of about $32.38 on the terminated at-the-market facility, being gross proceeds divided by shares sold; the rise of about 48 per cent in short interest between the 17,211,114 shares at the December 31, 2025 settlement and the 25,415,150 at the June 15, 2026 settlement, which is arithmetic on those two published figures and on nothing else — both endpoints are printed wherever the percentage appears, so a reader can check it, and any secondary characterisation of the same move that does not reconcile with those two numbers is not used here; the short interest as a percentage of float, which is the terminal’s own calculation on the terminal’s own float and is reported as such rather than recomputed; the gaps between each conversion price and the October 1, 2026 close of $66.91, and the gap between that close and the $112.11 consensus target; the split of the 2025 restructuring charge between the second half and the first, which the annual report does not give by quarter; the cash on deposit figures, being cash and equivalents less the fair value of cash equivalents; the twelve-month change in cash of −$36.7 million against June 30, 2025; and the weighted Health Score, whose arithmetic is printed in full beside it. Everything else is a filed or published figure.
The following are not established on the public record. On the commercial side: any United States list price, wholesale acquisition cost or annual cost of therapy for Attruby, which appears in no filing and no release — the only pricing statement the company has ever made is the qualitative claim, on August 31, 2026, that it had “already launched the lowest-priced product with the best data at 30 months”; any quantified gross-to-net deduction rate, the reserve categories being described but never sized, with accrued rebates of $79.97 million at June 30, 2026 the closest available proxy; the number of patients on therapy, only prescriptions written ever having been given; any prescription or prescriber count after the 7,804 and 1,856 reported as of February 20, 2026 — the company stopped disclosing both, and neither the May nor the August 2026 release contains one; the sales of BEYONTTRA by either ex-United States partner, BridgeBio reporting only its own royalty line; any financial quantification whatever of the August 31, 2026 pricing agreement with the United States government, whose specific terms the company states remain confidential and which no periodic report has yet reflected; and any revenue guidance, expense guidance, operating-expense range, profitability target or cash-flow-breakeven date, none of which the company has given in any of the seven quarterly releases from February 2025 to August 2026 or in any annual or quarterly report. On the regulatory side: the submission date of the European application for encaleret; the Swiss approval date for acoramidis, which the pipeline tables list as approved without a date; individual grant dates for most designations, only the three priority reviews being dated; any efficacy result for BBP-812 in Canavan disease; any result from the hypochondroplasia study, whose proof-of-concept update is expected in the second half of 2026; a p-value for the North Star Assessment result, described as statistically significant without one; and any topline from the three pending competitor Phase 3 programmes in this indication. On the financial side: any runway statement beyond the twelve-month sufficiency assertion, which is the only forward liquidity language in either filing; the net proceeds of the preferred placement; the number of Series A shares designated in the certificate filed with Delaware, as against the 933,900 issued; any buy-back option held by BridgeBio with a stated expiry and price on either royalty financing — on the first, it is the purchasers who hold the option, exercisable on a change of control; the weighted-average exercise price, exercisable portion and intrinsic value of the options at June 30, 2026, the quarterly report omitting the table; any per-period average sale price on the terminated at-the-market programme; headcount at any date in 2026; and which programmes or facilities the 2025 restructuring charge relates to. And on the market side, no short-interest settlement before October 15, 2025 is published in the series used here, and no settlement after September 15, 2026 exists yet. A further distinction matters on this page. Price, market value, float, insider and institutional ownership shares, volume and the consensus target are available, and they are given above — but not one of them is a BridgeBio disclosure. The company publishes no share price, no market value, no float, no ownership percentage and no price target, and Merlintrader publishes no price target of its own: the $112.11 figure is a third-party aggregate, attributed as such, and nothing on this page is built on it. The terminal’s share count of 195.28 million should also be read with care, because it corresponds to the 195,284,352 shares on the June 30, 2026 balance sheet rather than the 195,487,474 on the August 3, 2026 cover of the same report; where a percentage of the share count is computed on this page, the filed August 3 figure is the one used, and where a percentage of float is quoted it is the terminal’s. Separately confirmed absent rather than merely unfound: any priority review voucher sale, counterparty or proceeds — a voucher was issued on the 2021 NULIBRY approval, but no sale appears in any filing; any abbreviated application or patent litigation, which exclusivity makes impossible before November 2028; any legal proceeding of any kind, any securities class action, any derivative suit, any government investigation and any litigation accrual; any revolving credit facility; any warrant outstanding, none appearing in the antidilutive table at any date; and any takeover interest, approach, strategic review, strategic-alternatives process or adviser engagement for a sale, the only matches in either filing being generic anti-takeover risk-factor boilerplate.
Several inconsistencies in the company’s own documents are printed rather than resolved. The encaleret goal date is given as May 8, 2027 in the Form 8-K of July 22, 2026, in the second-quarter release and in the quarterly report, and as “May 7, 2027” in the release attached to the Form 8-K of August 31, 2026. The preferred placement is described by the company as “$1 billion in preferred equity” while the filing and the quarterly report state the closed amount as $933,900,000, the balance of $66.1 million being an unexercised right conditional on Board approval. FORTIFY’s registered primary endpoint is the North Star Assessment at 36 months with primary completion estimated September 2027, while the accepted application rests on a twelve-month interim analysis whose stated primary endpoint was glycosylated alpha-dystroglycan at three months — a measure the registry does not list as a primary outcome at all, and an interim analysis the registry does not describe. The hypoparathyroidism Phase 2 is ten patients in the annual report and thirteen in the registry. The Phase 4 imaging study is described as initiated while its registry record shows one site. The hypoparathyroidism Phase 3 has a registered start date of August 31, 2026, three weeks after the company said sites were activated and screening had begun, and its guidance moved from “second half of 2026” to “summer 2026” beforehand. And two registry records that matter here — the paediatric study and the acoramidis extension — were last updated before the company statements they would have to corroborate.
Educational and editorial content only. This report is not personalised financial advice, a solicitation, or a recommendation to buy, sell or hold any security. Biotechnology, healthcare and small and mid-cap stocks can be extremely volatile and may result in partial or total loss of capital. Clinical outcomes, regulatory decisions, the timing and outcome of three applications now before the agency, commercial uptake, pricing and payer coverage under a confidential government agreement, patent outcomes, financing availability, dilution, the terms of two royalty monetisations and of a cumulative preferred security, and the refinancing of a note maturity inside the next eighteen months all remain uncertain. A company carrying $3,723,192 thousand of total liabilities against $1,217,299 thousand of total assets, a stockholders’ deficit of $2,515,215 thousand and $2,505,000 thousand of convertible principal alongside a fast-growing but single-product revenue line carries a concentration of financial risk independent of any further clinical result.
Balance-sheet and income-statement figures are those reported for the quarter ended June 30, 2026 and are historical; the $933.9 million preferred placement closed on July 1, 2026 and is therefore not in any of them, and neither is the pricing agreement of August 31, 2026. Revenue figures are stated for the quarter or year they were earned in and are never annualised. There has been no reverse share combination. Price, market value, float, ownership-share, volume and consensus-target figures are at the October 1, 2026 close, are aggregated terminal data rather than company disclosures, and are indicative: they may differ materially from the opening or closing price on any given day. Short-interest figures are as of the September 15, 2026 settlement date and are published with a lag. Ownership figures derive from filings whose event dates range from March 31, 2026 to June 30, 2026, with one holder’s position six months old at the date of this page. Every figure should be verified against the primary source linked above before it is relied on.
November 27, 2026, and it is one of three applications sitting with the agency at the same time. BBP-418 for limb-girdle muscular dystrophy type 2I/R9 was accepted on May 27, 2026 with Priority Review and that target action date, sought as a traditional rather than accelerated approval, with the company stating that “No advisory committee meeting is currently planned.” Second, encaleret for autosomal dominant hypocalcaemia type 1 was accepted on July 22, 2026, with Priority Review granted after the agency reconsidered, and a target date of May 8, 2027; here too the FDA “is not currently planning to hold an advisory committee meeting.” Third, oral infigratinib for achondroplasia was accepted for filing on October 6, 2026, with Priority Review and a PDUFA target action date of February 4, 2027. One caution on dates: three disclosures give the encaleret date as May 8, 2027 and a fourth, the release attached to the Form 8-K of August 31, 2026, says “May 7, 2027”.
Steeply, and every figure below is the one filed for the quarter it belongs to — none is annualised. United States net product revenue for Attruby was $2,884 thousand in the fourth quarter of 2024, the first full period after the November 22, 2024 approval, then $36,739, $71,501, $108,111 and $146,017 through the four quarters of 2025, then $180,596 in the first quarter of 2026 and $222,440 in the second — $768,288 thousand cumulative through June 30, 2026, which is the sum of those seven filed quarters and therefore a calculation. Total revenues net, which also carry licence, services and royalty, were $243,676 thousand in the June 2026 quarter against $110,565 in the June 2025 quarter, and $502,076 for 2025 against $221,902 for 2024 — though the 2024 figure was almost entirely licence revenue, with product revenue of only $2,884 recognised in the fourth quarter and zero in the first three quarters of that year. Royalty revenue, which is what the ex-United States partners generate for BridgeBio, was $15,432 in the June 2026 quarter and $24,932 in the half, against $11,386 for the whole of 2025. Cost of revenues was $15,046 in the June quarter. The geographic mix has flipped with the launch: the United States was 91.2 per cent of gross revenue in the June 2026 quarter against 64.7 per cent a year earlier.
Neither question can be answered from the record, and that is itself the notable fact. No wholesale acquisition cost, list price or annual cost of therapy appears anywhere — not in the 2025 annual report, not in the June-quarter report, not in the approval release. The only pricing statement the company has ever made is qualitative, from the release of August 31, 2026: “we’ve already launched the lowest-priced product with the best data at 30 months.” Gross-to-net is never quantified either: the reserve categories are described — chargebacks, government rebates, trade discounts, co-pay assistance and returns — but no deduction rate is given, and the closest proxy is accrued rebates and related costs of $79.97 million at June 30, 2026 against $45.91 million at December 31, 2025, with chargebacks netted against receivables rather than stated. On uptake, the company disclosed cumulative counts six times, from 1,028 unique patient prescriptions and 516 prescribers as of February 17, 2025 to 7,804 and 1,856 as of February 20, 2026 — and then stopped. Neither the May 7 nor the August 10, 2026 release contains a count. Patients on therapy has never been disclosed at all, only prescriptions written, and the two are not the same thing.
The pivotal was NCT03860935, 632 patients across 104 sites, primary completion May 11, 2023. On the hierarchical composite of all-cause mortality, cumulative cardiovascular-hospitalisation frequency and change in NT-proBNP and six-minute walk distance at Month 30 it produced a Win Ratio of 1.8, p<0.0001, with a 42 per cent reduction in the composite of all-cause mortality and recurrent cardiovascular hospitalisation, a 50 per cent reduction in cumulative hospitalisation frequency, and separation on time to first major cardiovascular event within three months. Three additions since: at the open-label extension’s Month 54, presented at a cardiology congress in spring 2026 and published in JAMA Cardiology, a 44.7 per cent reduction in all-cause mortality and 49.3 per cent in cardiovascular mortality, described as statistically significant; at a heart-failure congress in 2026, a 41 per cent reduction in the risk of outpatient worsening heart failure with curve separation inside 30 days sustained through Month 30; and a renal post hoc in Circulation: Heart Failure showing a placebo-corrected 15.5 per cent reduction in urinary albumin-to-creatinine ratio by Day 28, a chronic eGFR slope improvement of +2.47 mL/min/1.73 m² per year, a 13.7 per cent reduction through Month 30, and participants with larger early eGFR dips carrying a 58 per cent lower risk of death or cardiovascular hospitalisation in year one. No p-values are disclosed for the post-hoc renal measures. On the label, diarrhoea ran at 11.6 per cent against 7.6 on placebo, upper abdominal pain 5.5 against 1.4, and discontinuation for adverse events 9.3 against 8.5.
Three products are approved in this indication in the United States and no randomised head-to-head trial between any of them exists. Pfizer’s tafamidis was approved May 3, 2019 under NDAs 211996 and 212161; Attruby on November 22, 2024 under NDA 216540, on a standard rather than priority review; and Alnylam’s vutrisiran for the cardiomyopathy on March 20, 2025 through supplement S-006 to NDA 215515. What BridgeBio has instead of a head-to-head is observational work, and it should be read as such: an independent propensity-score-matched analysis of 286 patient pairs showing a 37 per cent reduction in composite cardiovascular events, hazard ratio 0.63, p=0.002, and a 34 per cent reduction in hospitalisations, hazard ratio 0.67, p=0.002, at six months; a separate propensity-score-weighted analysis showing a 43 per cent reduction in outpatient diuretic intensification, hazard ratio 0.57, p=0.021; and a third study the company says will be published later in 2026. All of it is post hoc and observational, not randomised. The competitive event of the window went the other way for a rival: CARDIO-TTRansform missed its primary endpoint on July 9, 2026 across 1,432 patients at 130 sites in 20 countries, and the detail that matters for a stabiliser is that 57 per cent of its patients were on a stabiliser at baseline and no treatment effect was seen in that group; a monotherapy subgroup showed a “nominally significant hazard ratio of 0.71” and no hazard ratio or p-value was disclosed for the primary endpoint itself. Three further rival Phase 3 programmes have no topline in the record as of October 2, 2026.
All three met their stated endpoints. FORTIFY (BBP-418, muscular dystrophy), twelve-month interim, topline October 27, 2025, 112 patients at 21 sites: glycosylated alpha-dystroglycan up 1.8 times from baseline to about 17 per cent of control at three months, p<0.0001, sustained at twelve months; creatine kinase down 82 per cent, p<0.0001, with 59.6 per cent of patients below twice the upper limit of normal and 38.3 per cent normalised; the 100-metre timed test +0.14 m/s from baseline and +0.27 m/s against placebo, p<0.0001; forced vital capacity about +3 per cent predicted from baseline and about +5 per cent against placebo, p=0.0071; and the North Star Assessment 2.6 points better than placebo at twelve months, described as statistically significant with no p-value disclosed. Safety: treatment-emergent events in 93.2 per cent on drug against 100 per cent on placebo, Grade 3 or worse 5.4 against 5.3 per cent, no treatment-related serious events and no deaths. CALIBRATE (encaleret, hypocalcaemia), topline October 29, 2025, 67 patients at 25 sites: 76 per cent achieved both serum and urine calcium within target at Week 24 against 4 per cent on conventional therapy at Week 4, p<0.0001, with 91 per cent reaching intact parathyroid hormone above the lower reference limit against 7 per cent, p<0.0001, no discontinuations related to study drug, and 97 per cent of randomised participants electing the long-term extension. PROPEL 3 (oral infigratinib, achondroplasia), topline February 12, 2026, 114 children at 27 sites, completed December 18, 2025: annualised height velocity at Week 52 met, p<0.0001, with a mean treatment difference of +2.10 cm per year and a least-squares mean of +1.74; published in the New England Journal of Medicine with an arm-span Z-score of +0.37 standard deviations against placebo at 52 weeks, p<0.0001; and a body-proportionality least-squares mean difference of −0.05, p<0.05, in the children under eight who were more than half the trial. Safety there: three cases, 4 per cent, of mild transient hyperphosphataemia, none requiring a dose change, and no drug-related discontinuations or serious adverse events.
No, and it has never named a date on which it expects to be. For the quarter ended June 30, 2026: total revenues $243,676 thousand, cost of revenues $15,046, research and development $149,448, selling, general and administrative $186,261, loss from operations $(107,079), and a net loss including non-controlling interests of $(155,891), or $(0.78) a share on 195,785,884 weighted-average shares. For 2025 as a whole: a net loss of $(732,938) on revenues of $502,076. Operating cash use was $(71,101) in the June 2026 quarter after $(197,279) in the March quarter, against $(445,910) for 2025 and $(520,726) for 2024 — so the trend is improving, sharply, but it is still consumption. The gap between the operating loss and the net loss is almost entirely interest on the royalty obligations: noncash interest of $41,345 in the June quarter and $81,218 in the half, larger than total cash interest expense of $13,278 and $26,220. And on the forward view the record is empty: no revenue guidance, no expense guidance, no operating-expense range, no profitability target and no cash-flow-breakeven date appears in any of the seven quarterly releases from February 2025 to August 2026 or in any annual or quarterly report.
$2,505,000 thousand of convertible senior notes across four series, all senior unsecured, carrying $2,475,488 at June 30, 2026: the 2.50 per cent 2027 Notes, $550,000, maturing March 15, 2027, conversion price $42.71; the 2.25 per cent 2029 Notes, $747,500, February 1, 2029, $97.04; the 1.75 per cent 2031 Notes, $575,000, March 1, 2031, $49.81; and the 0.75 per cent 2033 Notes, $632,500, issued January 21, 2026, maturing February 1, 2033, $110.58. The two older series carry capped calls with caps at $62.12 and $131.58; the two newer ones carry none. There are no financial maintenance covenants on the notes and no revolving credit facility exists, and conversion is settleable in cash, shares or a combination at BridgeBio’s election. The near-term item is the first series: $550,000 thousand falls due on March 15, 2027, inside twelve months of the balance-sheet date, on a balance sheet the company presents unclassified; the stated purpose of the 2033 Notes was to “repurchase, settle future conversion obligations in respect of or repay at maturity” those notes, and yet the principal is unchanged at $550,000 at both December 31, 2025 and June 30, 2026 — nothing has been retired. The future-minimum-payments schedule shows $588,501 falling due in 2027, against $22,832 in the remainder of 2026.
Two separate sales of acoramidis economics, both at Eidos Therapeutics rather than at the parent and both secured on specified acoramidis assets — which is why they rank ahead of the common shareholder in a way a share issuance does not. The Funding Agreement of January 17, 2024 sold 5 per cent of global acoramidis net sales, able to step up to a maximum of 10 per cent in 2027 on sales-performance conditions, for $500.0 million gross funded in December 2024 and $472.5 million net, against a cap of $950.0 million; its effective interest rate is 22.4 per cent at June 30, 2026 and its carrying value $600,927 thousand, with a $15,709 embedded derivative for the change-of-control repayment. The Royalty Interest Purchase and Sale Agreement of June 27, 2025 sold the European royalty under the Bayer licence for $300.0 million, $297.0 million net, with an annual cap of 60 per cent of the Bayer royalties on the first $500.0 million of annual territory net sales and an initial hard cap of 145 per cent of the purchase price, $435.0 million; effective rate 10.7 per cent, carrying value $311,609. Combined: $912,536 thousand of carrying value, presented as $879,374 long-term and $29,283 current, with $33,082 repaid in the first half of 2026 against $2,005 a year earlier. Two things a reader should note. BridgeBio holds no buy-back option with a stated expiry and price on either — on the first it is the purchasers who hold the option, exercisable on a change of control. And since KKR acquired a majority of the second purchaser’s manager on July 30, 2025, $206,208 of the net obligation is owed to a related party.
$933,900,000, not $1 billion. The company describes the July 2026 financing as “$1 billion in preferred equity”; the filing and the quarterly report state the closed aggregate purchase price as 933,900 shares at $1,000 each, $933,900,000, funded on July 1, 2026 — $800.0 million from a Sixth Street entity and $133.9 million from an affiliate of KKR, which is a related party. The remaining $66,100,000 is a right the Sixth Street purchaser may provide on substantially identical terms at its election and subject to Board approval, and it has not been exercised. The cost to the common has four parts: a 7.00 per cent cumulative dividend accruing daily whether declared or not, payable in cash or by compounding into the accumulated amount, of which $2.7 million was paid in cash on July 15, 2026; redemption floors of 120 to 140 per cent of the original issue price and a 13 per cent pre-tax internal rate of return floor in specified cases; covenants limiting BridgeBio’s ability to incur certain indebtedness and make certain restricted payments without the consent of holders of a majority of the preferred; and conversion at $137.79 into 6,777,705 common shares — a conversion price 105.9 per cent above the October 1, 2026 close of $66.91, a calculation, so on terminal data at that close the shares would have to roughly double before conversion is the better outcome for the holders, and until then the 7.00 per cent dividend and the redemption floors are what the common is paying. Net proceeds are not disclosed, and neither is the number of Series A shares designated in the certificate filed with Delaware, as against the 933,900 issued.
On the share count, it has been doing the reverse. Shares outstanding went from 190,188,626 on February 13, 2025 to 195,487,474 on August 3, 2026 — about 2.8 per cent in eighteen months, a calculation — driven by option exercises, restricted-unit vesting and the employee purchase plan, and that is net of $210,003 thousand of repurchases in the first half of 2026: 1,081,825 shares at about $76.26 for $82,500 from the note purchasers in January, and 1,904,001 shares at an average $66.96 for about $127.5 million in the open market under the $500.0 million programme the Board authorised in May 2026, leaving about $372.5 million authorised. Both at-the-market facilities have sold nothing: the 2023 programme was terminated on May 7, 2026 with $345.3 million unused after selling 3,233,208 shares for $104.7 million gross across its whole life in 2023 and 2024, and the replacement programme still had all $500.0 million available at June 30, 2026. No warrant of any kind is outstanding. The dilution that matters here is structural rather than issued: 58,338,446 antidilutive securities at June 30, 2026, of which 37,845,755 are the four note conversions, 10,041,746 options and 9,074,136 restricted units; adding the preferred’s 6,777,705 as-converted shares to the June 30 count of 195,284,352 gives about 260,400,503 fully diluted, a calculation. Against the October 1, 2026 close of $66.91 on terminal data, two of the four note series are in the money — the 2027 Notes at $42.71, with the close 56.7 per cent above them, and the 2031 Notes at $49.81, by 34.3 per cent — covering 24,422,753 shares between them, while the 2029 Notes at $97.04 and the 2033 Notes at $110.58 sit 45.0 and 65.3 per cent above the close across a further 13,423,002 shares, and the preferred’s $137.79 stands 105.9 per cent above it; each of those gaps is a calculation. The close is also above the $62.12 cap on the capped calls bought against the 2027 Notes, so that hedge is at its ceiling at this price — an inference from two published figures rather than a company statement. $229.0 million of restricted-unit compensation cost over 2.2 years was still unrecognised at December 31, 2025, and the weighted-average exercise price and intrinsic value of the options at June 30, 2026 are not disclosed because the quarterly report omits the table.
$720.2 million of cash, cash equivalents and marketable securities at June 30, 2026, with working capital of $202.5 million — down $220.0 million from $940.2 million at March 31 on $127.5 million of repurchases and $71.1 million of operating use, but up $132.7 million from $587.5 million at the start of the year, and down $36.7 million against $756.9 million twelve months earlier, each of those three a calculation. The $933.9 million preferred closed on July 1, 2026, the day after the balance-sheet date, and is in none of those figures. The deficit is the other half of the picture: total liabilities of $3,723,192 thousand against total assets of $1,217,299, a BridgeBio stockholders’ deficit of $(2,515,215) and an accumulated deficit of $(4,137,453). What that reflects, and this is an inference rather than a company statement, is cumulative losses plus $912,536 thousand of royalty proceeds booked as obligations rather than as revenue and $2,475,488 of convertible notes — it is an accounting position, not a measure of whether the bills can be paid. On that question the company says, verbatim, that cash, equivalents, marketable securities “and proceeds from Attruby product revenue will be sufficient to fund our operations through at least the next 12 months from the date of filing of this report.” No runway beyond that twelve-month assertion is stated anywhere, and no going-concern or substantial-doubt language appears in either filing, with no such paragraph in the audit opinion.
They are pipeline BridgeBio built and now owns only a minority of, which is the unusual part of this structure. The oncology business took a $200.0 million private financing on April 30, 2024 that cut BridgeBio’s holding to about 37.9 per cent and, with governance changes, triggered deconsolidation with a $126.3 million gain; it then agreed a combination with a special-purpose acquisition company on February 28, 2025, closed it on August 11, 2025 and began trading in its own right the next day. BridgeBio held 18.2 per cent at December 31, 2025, carrying value $72.5 million against a quoted fair value of $182.7 million. GondolaBio was formed on June 5, 2024 and funded on August 16, 2024 with $300.0 million of tranched commitments from investors the company identifies as all related parties, among them an entity owned by the chief executive; BridgeBio contributed assets and two subsidiaries, booked a $52.0 million gain, and saw its stake fall from 45.5 per cent to 27.5 per cent at December 31, 2025 with a carrying value of $6.4 million. Equity-method losses were $37.5 million and $35.1 million respectively across 2025 and $24,718 thousand in the first half of 2026, with total equity-method investments of $55,095 at June 30, 2026 against $79,972 at December 31, 2025. Inside the consolidated group the minority is small by comparison: $10,340 thousand of non-controlling interests within the deficit, $(1,018) of redeemable convertible interests in the mezzanine, and $3,675 of June-quarter loss attributable to both.
On aggregated terminal data read on October 2, 2026, the shares closed the October 1, 2026 session at $66.91, up 1.69 per cent, giving a market value of about $13.08 billion — which makes this a mid-cap rather than a small-cap, and it is worth saying plainly that none of those figures is a company disclosure: BridgeBio publishes no share price, no market value and no float. The same source gives 195.28 million shares outstanding and a float of 175.06 million, about 89.6 per cent of the count and a calculation, with insider ownership at 10.45 per cent and institutional ownership at 91.32 per cent, and a session volume of 3,550,066 against an average of 2,747,760. One note on share counts: that 195.28 million count corresponds to the 195,284,352 shares on the June 30, 2026 balance sheet rather than the 195,487,474 on the August 3, 2026 cover of the same report, so percentages of the share count in this analysis are computed on the filed August figure. The consensus price target is $112.11, which stands 67.6 per cent above the close — a calculation. That target is a third-party aggregate of other people’s estimates, reported here as an attributed fact and nothing more: it is not traceable to any named primary source on this page, nothing in this report is built on it, and Merlintrader publishes no price target of its own. For context on what the same close does to the capital structure: it leaves the 2027 and 2031 note conversion prices of $42.71 and $49.81 below it and the 2029 and 2033 prices of $97.04 and $110.58 above it, with the preferred’s $137.79 standing 105.9 per cent above.
21,549,349 shares at the September 15, 2026 settlement, on average daily volume of 2,044,711 and 10.54 days to cover. That is about 11.0 per cent of the 195,487,474 shares reported on the August 3, 2026 cover of the quarterly report — a calculation, not a figure Nasdaq publishes — and 12.31 per cent of the 175.06 million float on aggregated terminal data at the October 1, 2026 close, which is the terminal’s own calculation on its own float figure. The series low was 17,211,114 at December 31, 2025 and the high 25,415,150 at June 15, 2026, a rise of about 48 per cent between those two published settlements and a calculation, and it has eased in the three settlements since. Days to cover peaked at 14.73 at the March 31, 2026 settlement, when average daily volume fell to 1,586,799. Two settlements show the tape thickening sharply: average daily volume of 5,343,347 at June 30, 2026 and 4,789,357 at July 15, 2026, compressing days to cover to 4.51 and 5.38, before volume reverted to about two million, against an three-month average volume of 2,747,760 at the October 1 close. No figure for the September 30 settlement is published yet — a lag of 17 calendar days on the most recent available point — and the published series does not extend earlier than the October 15, 2025 settlement, so no comparison with the pre-launch period is possible from it. The float used for the percentage above is terminal data, not a company disclosure: BridgeBio publishes no float figure.
Selling, and only selling. Across the eighteen months to October 2, 2026 there were 216 sale transactions totalling 12,393,645 shares and zero open-market purchases: the only purchase transactions anywhere in the record are three by one director, dated December 2021 and reported late on forms filed June 30, 2025, so there is no purchase with a transaction date after 2021 at all. The chief executive sold 1,327,615 shares at a weighted $60.26 and reported 495,686 held on September 17, 2026; one director sold 374,000 at $57.94, another 300,000 at $46.37, another 278,192 at $78.80; the president and chief financial officer sold 103,775 at $57.74. Most of that runs through pre-arranged plans — ten adoptions are disclosed, including the chief executive’s plan of May 13, 2026 covering all net vesting shares plus up to 120,000 trust shares, and no plan was terminated in any reported quarter. Two qualifications run the other way. The transactions at $79.86 on August 16, 2026 are shares withheld to pay tax on vesting, not discretionary sales. And the two largest disposals were by holders rather than managers: a 6,000,000-share block at $34.20 under Rule 144 in May 2025 and 3,500,000 at $44.00 in June 2025, while the 5,000,000-share secondary at $78.00 in August 2026 appears on no Form 4 at all, consistent with that holder having already fallen below the ten-per-cent reporting threshold. No Form 3 and no Form 5 was filed by any insider in the window, so the reporting roster did not change.
No. There is no securities class action, no derivative suit, no patent litigation, no abbreviated-application case, no government investigation and no accrual of any kind. Verbatim from the June-quarter report: “We are not currently a party to any material legal proceedings.” The annual report says the same and adds that the company does not believe it is party to any claim whose adverse outcome would be material to its financial position, results or cash flows. A commitments-and-contingencies note does exist — Note 8 — and it covers milestone compensation arrangements with a potential fixed monetary amount of $62,285 thousand of which only $17 is accrued as probable, minimum non-cancellable purchase commitments of $158.0 million, a statement that there were no material amounts accrued related to termination charges at either date, and indemnification obligations under which no material demand has been made and nothing has been accrued. Patent litigation is not merely absent but presently impossible: new chemical entity exclusivity on Attruby runs to November 22, 2029, which makes November 22, 2028 the earliest permissible generic filing date. No takeover interest, approach, strategic review or adviser appointment has been disclosed either, the only matches in either filing being generic anti-takeover boilerplate.
No. This Stock Hub is informational and educational. It sets out dated facts, their sources, the calculations it makes and labels as calculations, and the scenarios they leave open, and it says plainly where the record is silent. It does not recommend any action, and neither the outcome of three applications before a regulator nor the commercial trajectory of a product whose price has never been disclosed is knowable in advance.
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Figures are taken from public filings with the U.S. Securities and Exchange Commission, company press releases, official trial registries, regulatory agency documents and market-data providers, and are stated with their reference dates. Where a figure appears only in a press release and not in a periodic report, the page says so, as it does where two of the company’s own documents disagree. Data can change without notice, and figures published before a regulatory filing or a results release become outdated the moment the outcome is announced. Merlintrader makes no representation that the information is complete or current at the time of reading. Readers should verify every figure against the primary source before acting on it.
Biotechnology and healthcare companies carry binary risk. Clinical trials fail, regulatory decisions go against the applicant, approval does not guarantee commercial uptake, payers may decline to cover a product at its price, patents expire, and companies at this stage frequently raise equity at whatever price the market will bear. A single decision can change the value of the business overnight in either direction. This company has three applications before the FDA at once, with goal dates of November 27, 2026, February 4, 2027 and May 8, 2027; it discloses no list price, no gross-to-net rate and no guidance of any kind, and stopped publishing prescription counts in February 2026; it carries $2,505,000 thousand of convertible principal with $550,000 falling due on March 15, 2027 and none of it yet retired, $912,536 thousand of royalty obligations at effective rates of 22.4 and 10.7 per cent, and $933,900,000 of 7.00 per cent cumulative preferred stock ranking ahead of the common; and it reports a stockholders’ deficit of $2,515,215 thousand. Every reader is responsible for their own decisions and should do their own research and consult an authorised or licensed financial adviser where appropriate.
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