BridgeBio Pharma, Inc.
For the period ended Sep 30, 2026. Filed Oct 29, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 29, 2026
BBIO$74.29+0.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-10.
0001743881-26-000027
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-29.
0001743881-26-000034
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 161 previous paragraphs and 161 current paragraphs.
105 unchanged; 48 reworded; 7 added; 7 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 14 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
(1)Including related party amounts of $(2,942) and $(13,878) for the period from July 1, 2026 to August 16, 2026 and for the period from January 1, 2026 to August 16, 2026, respectively, and $(5,383) and $(5,560) for the three and nine months ended September 30, 2025, respectively (as described in Note 9).
Current report
The increase of $30.6 million for the three months ended September 30, 2026 was primarily driven by an $18.2 million increase in external costs, a $9.8 million increase in personnel-related expenses due to headcount growth, and a $2.6 million increase in stock-based compensation expenses.
Current report
The increase of $84.1 million for the nine months ended September 30, 2026 was primarily driven by a $56.8 million increase in external costs, a $22.4 million increase in personnel-related expenses due to headcount growth, and a $4.9 million increase in stock-based compensation expenses.
Current report
Preferred Stock Dividends and Accretion
Current report
The following table summarizes our preferred stock dividends and accretion during the periods indicated:
Current report
On July 1, 2026 (the “Preferred Stock Closing Date”), the Company issued shares of a newly designated series of convertible preferred stock (see Note 13). The Company accounts for its Series A Cumulative Convertible Participating Preferred Stock, par value $0.001 per share (the “Preferred Stock”) as permanent equity. Dividends on the Preferred Stock accrue and accumulate on a daily basis at an initial annual rate of 7.00% of the accumulated amount per share, initially the $1,000 per share original issue price, whether or not declared by the Company’s Board of Directors, and are subject to contractual increases in the dividend rate over time and upon specified events. Dividends are payable quarterly in cash or in kind at the Company’s election.
Current report
The Preferred Stock has similar characteristics of an “Increasing Rate Security” as described by SEC Staff Accounting Bulletin Topic 5.Q, Increasing Rate Preferred Stock. The Preferred Stock’s initial carrying value was recorded at a discount to its liquidation preference (i.e., the difference between the issuance price and estimated call price) due to being issued with an increasing rate dividend, in addition to its issuance costs. Such discount is considered an unstated dividend cost and is amortized over the expected redemption period using the effective interest method, by charging the imputed dividend cost against additional paid-in capital in the absence of retained earnings and increasing the carrying amount of the Preferred Stock by a corresponding amount. The amortization in each period is the amount which, together with the stated dividend in the period, results in a constant rate of effective cost with regard to the carrying amount of the Preferred Stock. For the period from the Preferred Stock Closing Date to September 30, 2026, the Company recognized dividends of $26.3 million, which includes accretion of the implied discount of $9.9 million.
Removed paragraphs (7)
Previous report
(1)Including related party amounts of $(5,575) and $(10,936), respectively, for the three and six months ended June 30, 2026 (as described in Note 9 to our condensed consolidated financial statements).
Previous report
The increase of $38.2 million for the three months ended June 30, 2026 was primarily driven by a $28.8 million increase in external costs, an $8.0 million increase in personnel-related expenses due to increased headcount, and a $1.4 million increase in stock-based compensation expenses.
Previous report
The increase of $53.4 million for the six months ended June 30, 2026 was primarily driven by a $38.5 million increase in external costs, a $12.6 million increase in personnel-related expenses due to increased headcount, and a $2.3 million increase in stock-based compensation expenses.
Previous report
Net Loss Attributable to Redeemable Convertible Noncontrolling Interests and Noncontrolling Interests
Previous report
The following table summarizes our net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests during the periods indicated:
Previous report
Net loss attributable to redeemable convertible noncontrolling interests and noncontrolling interests on our condensed consolidated statements of operations consists of the portion of the net loss of those consolidated entities that is not allocated to us. Changes in the amount of net loss attributable to noncontrolling interests are directly impacted by changes in the net loss of our consolidated entities and are the result of ownership percentage changes.
Previous report
Subsequent Event - Series A Cumulative Convertible Participating Preferred Stock
Reworded paragraphs (48)
Previous wording
We currently generate material revenues from one commercial product and have multiple product candidates in late-stage development. Acoramidis received FDA approval in November 2024 as Attruby, and it received approval as Beyonttra from (i) the European Commission (“EC”) on February 10, 2025, (ii) the Japanese Ministry of Health, Labour and Welfare on March 27, 2025 (pricing approval from the National Health Insurance in Japan was subsequently obtained on May 21, 2025), and (iii) the United Kingdom Medicines and Healthcare Products Regulatory Agency in the UK in April 2025. On March 30, 2026, we submitted our New Drug Application (“NDA”) to the FDA for oral BBP-418 for the treatment of LGMD2I/R9. On May 27, 2026, the FDA accepted our NDA for filing, granted Priority Review and assigned a Prescription Drug User Fee Act (“PDUFA”) target action date of November 27, 2026 for BBP-418. On May 12, 2026, we submitted our NDA to the FDA for encaleret as a potential targeted treatment for ADH1. The FDA accepted our NDA for filing and assigned a PDUFA target action date of May 8, 2027 for encaleret. We submitted our NDA to the FDA for low-dose infigratinib for achondroplasia.
Current wording
We currently generate material revenues from one commercial product and have multiple product candidates that have advanced into registrational and late-stage development. Acoramidis received U.S. Food and Drug Administration (“FDA”) approval in November 2024 as Attruby and also received approval as Attruby from the Australian Therapeutic Goods Administration in late October 2026, and it received approval as Beyonttra from (i) the European Commission (“EC”) on February 10, 2025, (ii) the Japanese Ministry of Health, Labour and Welfare on March 27, 2025 (pricing approval from the National Health Insurance in Japan was subsequently obtained on May 21, 2025), (iii) the United Kingdom Medicines and Healthcare products Regulatory Agency in the UK in April 2025 and (iv) the Brazilian Health Regulatory Agency in Brazil in May 2026. On March 30, 2026, we submitted our New Drug Application (“NDA”) to the FDA for oral BBP-418 for the treatment of LGMD2I/R9. The FDA accepted our NDA for filing, granted Priority Review and assigned a Prescription Drug User Fee Act (“PDUFA”) target action date of November 27, 2026, for BBP-418. On May 12, 2026, we submitted our NDA to the FDA for encaleret as a potential targeted treatment for ADH1. The FDA accepted our NDA for filing, granted Priority Review and assigned a PDUFA target action date of May 8, 2027, for encaleret. On August 4, 2026, we submitted our NDA to the FDA for low-dose infigratinib for achondroplasia. The FDA accepted our NDA for filing, granted Priority Review and assigned a PDUFA target action date of February 4, 2027, for infigratinib.
Previous wording
We have incurred significant operating losses since our inception. For the six months ended June 30, 2026 and 2025, we incurred net losses of $322.4 million and $353.4 million, respectively. Our ability to generate product revenue sufficient to achieve profitability will depend heavily on the success of our commercialization strategy for Attruby and Beyonttra, and the development and eventual commercialization of our product candidates at our wholly-owned subsidiaries and controlled entities. Further, we may not realize the anticipated efficiencies and other benefits of our past and any future restructuring initiatives. Failure to generate sufficient cash flows from operations, raise additional capital or reduce certain discretionary spending may have a material adverse effect on our ability to achieve our intended business objectives. We expect to continue to incur operating and net losses for at least the next several years.
Current wording
We have incurred significant operating losses since our inception. For the nine months ended September 30, 2026 and 2025, we incurred net losses of $382.9 million and $538.3 million, respectively. Our ability to generate product revenue sufficient to achieve profitability will depend heavily on the success of our commercialization strategy for Attruby and Beyonttra, and the development and eventual commercialization of our product candidates at our wholly-owned subsidiaries and controlled entities. Further, we may not realize the anticipated efficiencies and other benefits of our past and any future restructuring initiatives. Failure to generate sufficient cash flows from operations, raise additional capital or reduce certain discretionary spending may have a material adverse effect on our ability to achieve our intended business objectives. We expect to continue to incur operating and net losses for at least the next several years.
Previous wording
On July 1, 2026, we entered into an Investment Agreement (the “Investment Agreement”) with Chinotto Investments, LLC (the “Sixth Street Purchaser”) and HCRx Investments HoldCo, L.P. (the “HCR Purchaser”) (collectively, the “Purchasers”), providing for the issuance and sale of Series A Cumulative Convertible Participating Preferred Stock, par value $0.001 per share (the “Preferred Stock”). Pursuant to the Investment Agreement, the Purchasers purchased an aggregate of 933,900 shares of Preferred Stock at a purchase price of $1,000 per share, for an aggregate purchase price of $933.9 million, consisting of 800,000 shares purchased by the Sixth Street Purchaser for an aggregate purchase price of $800.0 million and 133,900 shares purchased by the HCR Purchaser for an aggregate purchase price of $133.9 million. The Preferred Stock is convertible into shares of our common stock at an initial conversion price of $137.79 per share, subject to adjustment as set forth in the certificate of designations for the Preferred Stock. The HCR Purchaser is an entity affiliated with Kohlberg Kravis Roberts & Co. L.P., a related party.
Current wording
On July 1, 2026, we entered into an Investment Agreement (the “Investment Agreement”) with Chinotto Investments, LLC (the “Sixth Street Purchaser”) and HCRx Investments HoldCo, L.P. (the “HCR Purchaser”) (collectively, the “Purchasers”), providing for the issuance and sale of Series A Cumulative Convertible Participating Preferred Stock, par value $0.001 per share (the “Preferred Stock”). Pursuant to the Investment Agreement, the Purchasers purchased an aggregate of 933,900 shares of Preferred Stock at a purchase price of $1,000 per share, for an aggregate purchase price of $933.9 million, consisting of 800,000 shares purchased by the Sixth Street Purchaser for an aggregate purchase price of $800.0 million and 133,900 shares purchased by the HCR Purchaser for an aggregate purchase price of $133.9 million. The Preferred Stock is convertible into shares of our common stock at an initial conversion price of $137.79 per share, subject to adjustment as set forth in the certificate of designations for the Preferred Stock.
Previous wording
In May 2026, our Board of Directors approved a stock repurchase program pursuant to which we may purchase up to $500.0 million of our outstanding common stock. Stock repurchases under the program may be made from time to time, in the open market, in privately negotiated transactions and otherwise, at the discretion of our management and in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act, and other applicable legal requirements. The timing, pricing, and amounts of these repurchases will depend on a number of factors, including the market price of our common stock and general market and economic conditions. The stock repurchase program does not obligate us to repurchase any dollar amount or number of shares, and the program may be suspended or discontinued at any time. As of June 30, 2026, we repurchased 1,904,001 shares in the open market at an average price of $66.96 per share for a total of approximately $127.5 million. The repurchased shares were held as treasury stock as of June 30, 2026.
Current wording
In May 2026, our Board of Directors approved a stock repurchase program pursuant to which we may purchase up to $500.0 million of our outstanding common stock. Stock repurchases under the program may be made from time to time, in the open market, in privately negotiated transactions and otherwise, at the discretion of our management and in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act, and other applicable legal requirements. The timing, pricing, and amounts of these repurchases will depend on a number of factors, including the market price of our common stock and general market and economic conditions. The stock repurchase program does not obligate us to repurchase any dollar amount or number of shares, and the program may be suspended or discontinued at any time. As of September 30, 2026, we had repurchased 2,616,166 shares in the open market at an average price of $66.88 per share for a total of approximately $175.0 million. The repurchased shares were held as treasury stock as of September 30, 2026.
Previous wording
On June 27, 2025 (the “Closing Date”), we and our subsidiary, Eidos Therapeutics, Inc. (“Eidos”), entered into a Royalty Interest Purchase and Sale Agreement (the “Royalty Purchase Agreement”) with Acoramidis Royalty SPV, LP (“ARS”), an affiliate of HealthCare Royalty Management, LLC (“HCRx”), as a purchaser and the purchaser representative (in such capacity, the “Purchaser Representative”), and LSI Financing Fund, LP, an affiliate of Blue Owl Capital Corporation, as a purchaser (together with ARS as a purchaserand any future permitted assignees of a purchaser, the “Royalty Agreement Purchasers”). Subsequent to the Closing Date, on July 30, 2025, KKR & Co. Inc., a beneficial holder of our common equity and a related party, acquired a majority ownership interest in HCRx. Accordingly, HCRx became our related party following KKR & Co. Inc.’s acquisition of HCRx.
Current wording
On June 27, 2025 (the “Closing Date”), we and our subsidiary, Eidos Therapeutics, Inc. (“Eidos”), entered into a Royalty Interest Purchase and Sale Agreement (the “Royalty Purchase Agreement”) with Acoramidis Royalty SPV, LP (“ARS”), an affiliate of HealthCare Royalty Management, LLC (“HCRx”), as a purchaser and the purchaser representative (in such capacity, the “Purchaser Representative”), and LSI Financing Fund, LP, an affiliate of Blue Owl Capital Corporation, as a purchaser (together with ARS as a purchaserand any future permitted assignees of a purchaser, the “Royalty Agreement Purchasers”). Subsequent to the Closing Date, on July 30, 2025, KKR & Co. Inc. (“KKR”) acquired a majority ownership interest in HCRx. At that time, KKR beneficially owned more than five percent of the Company’s outstanding common stock, and HCRx accordingly became a related party. On August 17, 2026, KKR sold a portion of its shares of our common stock and is no longer a beneficial owner of more than five percent of our outstanding shares of common stock. Accordingly, KKR and HCRx ceased to be related parties of the Company as of August 17, 2026.
Previous wording
On March 1, 2024, our subsidiaries, Eidos, BridgeBio International GmbH and BridgeBio Europe B.V. (collectively, “the Seller Parties”), entered into an exclusive license agreement (the “Bayer License Agreement”) with Bayer Consumer Care AG, a wholly-owned subsidiary of Bayer AG (“Bayer”), to develop and commercialize acoramidis as a treatment for transthyretin amyloidosis in the EU and all member and extension states of the European Patent Organization (the “Licensed Territory”). Under the terms of the Bayer License Agreement, the Seller Parties granted Bayer an exclusive license on March 26, 2024 to certain of the Seller Parties’ intellectual property rights to develop, manufacture and commercialize acoramidis (previously known as AG10) in the Licensed Territory. In consideration for the license grant, the Seller Parties are entitled to receive an upfront payment of $135.0 million, up to $150.0 million in regulatory and sales milestone payments through 2026, and additional payments up to $450.0 million subject to the achievement of certain sales milestones under the Bayer License Agreement. To date, we have received $210.0 million relating to the upfront payment and regulatory and sales milestones. In addition, the Seller Parties are entitled to receive royalties according to a tiered structure starting in the low-thirties percent on net sales by Bayer of acoramidis in the Licensed Territory, subject to reduction under certain circumstances as provided in the Bayer License Agreement.
Current wording
On March 1, 2024, our subsidiaries, Eidos, BridgeBio International GmbH and BridgeBio Europe B.V. (collectively, “the Seller Parties”), entered into an exclusive license agreement (the “Bayer License Agreement”) with Bayer Consumer Care AG, a wholly-owned subsidiary of Bayer AG (“Bayer”), to develop and commercialize acoramidis as a treatment for transthyretin amyloidosis in the EU and all member and extension states of the European Patent Organization (the “Licensed Territory”). Under the terms of the Bayer License Agreement, the Seller Parties granted Bayer an exclusive license on March 26, 2024 to certain of the Seller Parties’ intellectual property rights to develop, manufacture and commercialize acoramidis (previously known as AG10) in the Licensed Territory. In consideration for the license grant, the Seller Parties are entitled to receive an upfront payment of $135.0 million, up to $150.0 million in regulatory and sales milestone payments through 2026, and additional payments up to $450.0 million subject to the achievement of certain sales milestones under the Bayer License Agreement. To date, the upfront payment and the regulatory and sales milestones achieved under the Bayer License Agreement total $285.0 million. In addition, the Seller Parties are entitled to receive royalties according to a tiered structure starting in the low-thirties percent on net sales by Bayer of acoramidis in the Licensed Territory, subject to reduction under certain circumstances as provided in the Bayer License Agreement.
Previous wording
Due to the inherently unpredictable nature of preclinical and clinical development, and given our novel therapeutic approaches and the stage of development of our product candidates, we cannot determine and are unable to estimate with certainty the timelines we will require and the costs we will incur for the development of our product candidates. Clinical and preclinical development timelines and costs, and the potential of development success, can differ materially from expectations due to a variety of factors.
Current wording
Due to the inherently unpredictable nature of nonclinical and clinical development, and given our novel therapeutic approaches and the stage of development of our product candidates, we cannot determine and are unable to estimate with certainty the timelines we will require and the costs we will incur for the development of our product candidates. Clinical and nonclinical development timelines and costs, and the potential of development success, can differ materially from expectations due to a variety of factors.
Previous wording
Total revenues, net increased by $133.1 million for the three months ended June 30, 2026, compared to the same period in 2025, which consisted of an increase of $150.9 million in net product revenue, a decrease of $31.6 million in license and services revenue, and an increase of $13.8 million in royalty revenue. Total revenues, net increased by $211.0 million for the six months ended June 30, 2026, compared to the same period in 2025, which consisted of an increase of $294.8 million in net product revenue, a decrease of $106.9 million in license and services revenue, and an increase of $23.1 million in royalty revenue.
Current wording
Total revenues, net increased by $232.5 million for the three months ended September 30, 2026, compared to the same period in 2025, which consisted of an increase of $145.3 million in net product revenue, an increase of $71.0 million in license and services revenue, and an increase of $16.2 million in royalty revenue. Total revenues, net increased by $443.5 million for the nine months ended September 30, 2026, compared to the same period in 2025, which consisted of an increase of $440.0 million in net product revenue, an increase of $39.4 million in royalty revenue, and a decrease of $35.9 million in license and services revenue.
Previous wording
Net product revenue from Attruby increased for the three and six months ended June 30, 2026, compared to the same periods in 2025, primarily due to continued commercial expansion driven by patient demand.
Current wording
Net product revenue from Attruby increased for the three and nine months ended September 30, 2026, compared to the same periods in 2025, primarily due to continued commercial expansion driven by patient demand.
Previous wording
License and services revenue decreased for the three months ended June 30, 2026, compared to the same period in 2025, primarily due to the achievement of a regulatory milestone of $30.0 million recognized under the Eidos-Alexion License Agreement in 2025. License and services revenue decreased for the six months ended June 30, 2026, compared to the same period in 2025, primarily due to $105.0 million recognized for regulatory milestone achievements following approval of Beyonttra in the EU and pricing approval of Beyonttra in Japan in 2025.
Current wording
License and services revenue increased for the three months ended September 30, 2026, compared to the same period in 2025, primarily due to the recognition of a $75.0 million sales milestone under the Bayer License Agreement, which was achieved during the three months ended September 30, 2026. License and services revenue decreased for the nine months ended September 30, 2026, compared to the same period in 2025, primarily due to $105.0 million recognized for regulatory milestone achievements following approval of Beyonttra in the EU and pricing approval of Beyonttra in Japan in 2025 compared to the $75.0 million recognized for sales milestone achievement under the Bayer License Agreement during the three months ended September 30, 2026.
Previous wording
Royalty revenue increased for the three and six months ended June 30, 2026, compared to the same periods in 2025, primarily due to royalties earned from net product sales of Beyonttra in the EU, following EC approval in February 2025, and in Japan, following pricing approval in May 2025.
Current wording
Royalty revenue increased for the three and nine months ended September 30, 2026, compared to the same periods in 2025, primarily due to royalties earned from net product sales of Beyonttra in the EU, following EC approval in February 2025, and in Japan, following pricing approval in May 2025.
Previous wording
Total cost of revenues increased by $11.4 million for the three months ended June 30, 2026, compared to the same period in 2025 primarily due to an increase of $7.7 million in cost of goods sold and an increase of $3.7 million in cost of license, services, and royalty revenue. Total cost of revenues increased by $18.7 million for the six months ended June 30, 2026, compared to the same period in 2025 primarily due to an increase of $13.4 million in cost of goods sold and an increase of $5.3 million in cost of license, services, and royalty revenue.
Current wording
Total cost of revenues increased by $13.9 million for the three months ended September 30, 2026, compared to the same period in 2025 primarily due to an increase of $8.3 million in cost of goods sold and an increase of $5.6 million in cost of license, services, and royalty revenue. Total cost of revenues increased by $32.6 million for the nine months ended September 30, 2026, compared to the same period in 2025 primarily due to an increase of $21.7 million in cost of goods sold and an increase of $10.9 million in cost of license, services, and royalty revenue.
Previous wording
Cost of goods sold for the three and six months ended June 30, 2026 and 2025 consists of contract manufacturing costs, transportation and freight-in, and indirect overhead costs (including salary and benefits related and stock-based compensation expenses) associated with the commercial manufacturing and distribution of Attruby, and third-party royalties associated with our net product revenue.
Current wording
Cost of goods sold for the three and nine months ended September 30, 2026 and 2025 consists of contract manufacturing costs, transportation and freight-in, and indirect overhead costs (including salary and benefits related and stock-based compensation expenses) associated with the commercial manufacturing and distribution of Attruby, and third-party royalties associated with our net product revenue.
Previous wording
Cost of license, services, and royalty revenue for the three and six months ended June 30, 2026 and 2025, consists mainly of third-party royalties associated with commercial sales of Beyonttra, contract manufacturing costs relating to product supply of Beyonttra to our collaboration partners, and amortization of intangible assets for milestones achieved upon FDA approval from our license and collaboration agreements. We began incurring royalties and manufacturing costs associated with commercial sales of Beyonttra upon its approval in the EU, Japan, and the UK in 2025.
Current wording
Cost of license, services, and royalty revenue for the three and nine months ended September 30, 2026 and 2025, consists mainly of third-party royalties and license fees associated with commercial sales of Beyonttra, contract manufacturing costs relating to product supply of Beyonttra to our collaboration partners, and amortization of intangible assets for milestones achieved upon FDA approval from our license and collaboration agreements. We began incurring royalties and manufacturing costs associated with commercial sales of Beyonttra upon its approval in the EU, Japan, and the UK in 2025.
Previous wording
Research and development expenses increased by $38.2 million and $53.4 million for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The increases are primarily driven by the development of late-stage programs.
Current wording
Research and development expenses increased by $30.6 million and $84.1 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in 2025. The increases are primarily driven by the development of late-stage programs.
Previous wording
Research and development costs consist primarily of external costs, such as fees paid to consultants, contractors, CMOs, and contract research organizations (“CROs”), as well as purchase of APIs in connection with our preclinical, contract manufacturing and clinical development activities; internal costs such as personnel and facility costs, and are tracked on a program-by-program basis. License fees and other costs incurred after a product candidate has been designated and that are directly related to the product candidate are included in the specific program expense. License fees and other costs incurred prior to designating a product candidate are included in early-stage development and research programs, which are presented in the following table in “Other development programs” and “Other research programs,” respectively.
Current wording
Research and development costs consist primarily of external costs, such as fees paid to consultants, contractors, CMOs, and contract research organizations (“CROs”), as well as purchase of APIs in connection with our nonclinical, contract manufacturing and clinical development activities; internal costs such as personnel and facility costs, and are tracked on a program-by-program basis. License fees and other costs incurred after a product candidate has been designated and that are directly related to the product candidate are included in the specific program expense. License fees and other costs incurred prior to designating a product candidate are included in early-stage development and research programs, which are presented in the following table in “Other development programs” and “Other research programs,” respectively.
Previous wording
Selling, general and administrative expenses increased by $57.1 million and $114.6 million for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025.
Current wording
Selling, general and administrative expenses increased by $63.2 million and $177.9 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in 2025.
Previous wording
The increase of $57.1 million for the three months ended June 30, 2026 was primarily driven by a $29.9 million increase in external costs, a $22.0 million increase in personnel-related expenses due to increased headcount, and a $5.2 million increase in stock-based compensation expenses, reflecting continued investment in the ongoing commercialization of Attruby and pre-commercial activities for our late-stage product candidates.
Current wording
The increase of $63.2 million for the three months ended September 30, 2026 was primarily driven by a $30.8 million increase in external costs, a $29.7 million increase in personnel-related expenses due to headcount growth, and a $2.7 million increase in stock-based compensation expenses, reflecting continued investment in the ongoing commercialization of Attruby and pre-commercial activities for our late-stage product candidates.
Previous wording
The increase of $114.6 million for the six months ended June 30, 2026 was primarily driven by a $73.8 million increase in external costs, a $33.4 million increase in personnel-related expenses due to increased headcount, and a $7.4 million increase in stock-based compensation expenses, reflecting continued investment in the ongoing commercialization of Attruby and pre-commercial activities for our late-stage product candidates.
Current wording
The increase of $177.9 million for the nine months ended September 30, 2026 was primarily driven by a $104.7 million increase in external costs, a $63.1 million increase in personnel-related expenses due to headcount growth, and a $10.1 million increase in stock-based compensation expenses, reflecting continued investment in the ongoing commercialization of Attruby and pre-commercial activities for our late-stage product candidates.
Previous wording
Interest income has historically consisted of interest income earned on our cash, cash equivalents and marketable securities. Generally, increases and decreases in interest income during the three and six months ended June 30, 2026 and 2025 are attributable to changes in the interest-bearing average balances of our cash, cash equivalents, marketable securities, and fluctuations in interest rates.
Current wording
Interest income has historically consisted of interest income earned on our cash, cash equivalents and marketable securities. Generally, increases and decreases in interest income during the three and nine months ended September 30, 2026 and 2025 are attributable to changes in the interest-bearing average balances of our cash, cash equivalents, marketable securities, and fluctuations in interest rates.
Previous wording
Noncash interest expense on deferred royalty obligations increased by $15.3 million and $31.2 million for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The increase was primarily due to increases of $8.1 million and $16.1 million, respectively, in noncash interest expense recognized under the Royalty Purchase Agreement, reflecting a full quarter and full six months of accretion, respectively, in 2026 as compared with approximately three days following the execution of the agreement on June 27, 2025. The remaining increases of $7.2 million and $15.1 million, respectively, were driven by an increase in accretion expense under the Funding Agreement associated with our higher deferred royalty obligation balance and an increase in the effective interest rate from 20.4% as of June 30, 2025 to 22.4% as of June 30, 2026. The increase in the effective interest rate reflects a prospective adjustment resulting from updated projections of future global acoramidis net sales, revised upward to reflect the strong commercial performance of Attruby in the U.S. and the initiation of Beyonttra sales in Europe, Japan, and the UK, particularly during the second half of 2025.
Current wording
Noncash interest expense on deferred royalty obligations increased by $5.9 million and $37.0 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in 2025. The increase for the nine months ended September 30, 2026 was primarily due to an increase of $16.0 million in noncash interest expense recognized under the Royalty Purchase Agreement, reflecting a full nine months of accretion in 2026 as compared with approximately three months following the execution of the agreement on June 27, 2025. The increase for the three months ended September 30, 2026 and the remaining increase for the nine months ended September 30, 2026 of $5.3 million and $20.3 million, respectively, were primarily driven by an increase in accretion expense under the Funding Agreement associated with our higher deferred royalty obligation balance and an increase in the effective interest rate from 21.3% as of September 30, 2025 to 22.2% as of September 30, 2026. The increase in the effective interest rate reflects a prospective adjustment resulting from updated projections of future global acoramidis net sales, revised upward to reflect the strong commercial performance of Attruby in the U.S. and the initiation of Beyonttra sales in Europe, Japan, and the UK, particularly during the second half of 2025.
Previous wording
We account for our investments in GondolaBio and Legacy BBOT (now referred to as “BBOT” as the new combined company as more fully discussed in Note 5 to our condensed consolidated financial statements) using the equity method of accounting. For the three months ended June 30, 2026 we recorded net loss from the equity method investments in GondolaBio and BBOT of nil and $6.2 million, respectively. For the six months ended June 30, 2026 we recorded net loss from the equity method investments in GondolaBio and BBOT of $6.4 million and $17.9 million, respectively. For the three months ended June 30, 2025 we recorded net loss from equity method investments in GondolaBio and Legacy BBOT of $9.1 million and $11.1 million, respectively. For the six months ended June 30, 2025 we recorded net loss from equity method investments in GondolaBio and Legacy BBOT of $15.9 million and $19.8 million, respectively.
Current wording
We account for our investments in GondolaBio and Legacy BBOT (now referred to as “BBOT” as the new combined company as more fully discussed in Note 5 to our condensed consolidated financial statements) using the equity method of accounting. For the three months ended September 30, 2026, we recorded net loss from the equity method investments in GondolaBio and BBOT of nil and $7.1 million, respectively. For the nine months ended September 30, 2026, we recorded net loss from the equity method investments in GondolaBio and BBOT of $6.4 million and $25.0 million, respectively. For the three months ended September 30, 2025, we recorded net loss from equity method investments in GondolaBio and Legacy BBOT of $7.1 million and $8.7 million, respectively. For the nine months ended September 30, 2025, we recorded net loss from equity method investments in GondolaBio and Legacy BBOT of $23.0 million and $28.6 million, respectively.
Previous wording
The decrease for the six months ended June 30, 2026, compared to the same period in 2025, was primarily driven by a $5.2 million decrease in net gains on foreign currency transactions and a $1.3 million decrease in other income recognized under the respective transition services agreements with GondolaBio and BBOT (as described in Note 5 to our condensed consolidated financial statements), partially offset by $1.4 million of other nonrecurring expense, net incurred in the prior period.
Current wording
The decrease for the three months ended September 30, 2026, compared to the same period in 2025, was primarily driven by $7.8 million of nonrecurring noncash income from an equity method investment recognized in the prior period, a $4.2 million decrease in other income resulting from the change in fair value of the embedded derivative liability component of our deferred royalty obligation under the Funding Agreement, and a $1.6 million decrease in other income recognized under the respective transition services agreements with GondolaBio and BBOT (as described in Note 5 to our condensed consolidated financial statements).
Previous wording
The decrease for the three months ended June 30, 2026, compared to the same period in 2025, was primarily driven by a $3.4 million decrease in net gains on foreign currency transactions and an $0.8 million decrease in other income recognized under the respective transition services agreements with GondolaBio and BBOT (as described in Note 5 to our condensed consolidated financial statements), partially offset by a $2.0 million increase in other income resulting from the change in fair value of the embedded derivative liability component of our deferred royalty obligation under the Funding Agreement and $1.4 million of other nonrecurring expense, net incurred in the prior period.
Current wording
The decrease for the nine months ended September 30, 2026, compared to the same period in 2025, was primarily driven by $7.8 million of nonrecurring noncash income from an equity method investment recognized in the prior period, a $4.9 million decrease in net gains on foreign currency transactions, a $4.0 million decrease in other income resulting from the change in fair value of the embedded derivative liability component of our deferred royalty obligation under the Funding Agreement, and a $2.9 million decrease in other income recognized under the respective transition services agreements with GondolaBio and BBOT (as described in Note 5 to our condensed consolidated financial statements).
Previous wording
We have historically financed our operations primarily through the sale of our equity securities, issuance of convertible notes, debt borrowings, royalty monetization, cash proceeds from net product revenue and royalties, and upfront and milestone payments received from license and collaboration arrangements. As of June 30, 2026, we had cash, cash equivalents, and marketable securities of $720.2 million, including funds held by our wholly-owned subsidiaries and controlled entities. As of June 30, 2026, we had outstanding debt of approximately $2.5 billion related to our convertible senior notes, consisting of $548.0 million related to our 2027 Notes (which matures on March 15, 2027 and is classified as a current liability), $741.9 million related to our 2029 Notes, $565.5 million related to our 2031 Notes, and $620.1 million related to our 2033 Notes, in each case net of unamortized debt discount and issuance costs, and deferred royalty obligations of $908.7 million.
Current wording
We have historically financed our operations primarily through the sale of our equity securities, issuance of convertible notes, debt borrowings, royalty monetization, cash proceeds from net product revenue and royalties, and upfront and milestone payments received from license and collaboration arrangements. As of September 30, 2026, we had outstanding debt of approximately $2.5 billion related to our convertible senior notes, consisting of $548.4 million related to our 2027 Notes (which matures on March 15, 2027 and is classified as a current liability), $742.4 million related to our 2029 Notes, $566.0 million related to our 2031 Notes, and $620.5 million related to our 2033 Notes, in each case net of unamortized debt discount and issuance costs, and deferred royalty obligations of $920.1 million.
Previous wording
Subsequent to quarter-end, on July 1, 2026, we issued and sold an aggregate of 933,900 shares of Series A Cumulative Convertible Participating Preferred Stock (the “Preferred Stock”) for aggregate gross proceeds of $933.9 million, pursuant to an Investment Agreement with Sixth Street-affiliated and KKR-affiliated purchasers. The Preferred Stock ranks senior to our common stock, accrues cumulative dividends at an initial rate of 7.00% per annum (payable in cash or in kind at our election, subject to escalation over time as described in Note 18), and is convertible into shares of our common stock at an initial conversion price of $137.79 per share. This financing strengthened our liquidity position following the balance sheet date. Refer to Note 18 to our condensed consolidated financial statements for additional details.
Current wording
On July 1, 2026, we issued and sold an aggregate of 933,900 shares of Series A Cumulative Convertible Participating Preferred Stock (the “Preferred Stock”) for aggregate gross proceeds of $933.9 million, pursuant to an Investment Agreement with affiliates of Sixth Street Partners, LLC and HCRx. The Preferred Stock ranks senior to our common stock, accrues cumulative dividends at an initial rate of 7.00% per annum (payable in cash or in kind at our election, subject to escalation over time as described in Note 13), and is convertible into shares of our common stock at an initial conversion price of $137.79 per share. This financing strengthened our liquidity position, and our cash, cash equivalents, and marketable securities were $1.5 billion as of September 30, 2026. Refer to Note 13 to our condensed consolidated financial statements for additional details.
Previous wording
Since inception, we have incurred significant operating losses. For the six months ended June 30, 2026 and 2025, we incurred net losses of $322.4 million and $353.4 million, respectively. We incurred net cash outflow from operations of $268.4 million and $279.9 million for the same periods, respectively. We had an accumulated deficit as of June 30, 2026 and December 31, 2025 of $4.1 billion and $3.8 billion, respectively. While we have historically undertaken a restructuring initiative to drive operational change in business processes, efficiencies and cost savings, we expect to continue to incur operating and net losses over the next several years as we continue to fund our drug development and discovery efforts, as well as costs related to commercial launch readiness for our late-stage programs. In particular, to the extent we advance our programs into and through later-stage clinical trials without a partner, we will incur substantial expenses. In addition, we may not be able to generate significant revenues from product sales of any of our product candidates, even if any of our product candidates are approved for commercial sale. Further, we may not realize the anticipated efficiencies and other benefits of our past and any future restructuring initiatives. Our current business plan is also subject to significant uncertainties and risks as a result of, among other factors, our ability to generate net product revenue sufficient to achieve profitability, which will depend heavily on the successful development and eventual commercialization of our product candidates at our consolidated entities as well as our ability to partner in the development of certain late-stage clinical programs.
Current wording
Since inception, we have incurred significant operating losses. For the nine months ended September 30, 2026 and 2025, we incurred net losses of $382.9 million and $538.3 million, respectively. We incurred net cash outflow from operations of $312.6 million and $389.5 million for the same periods, respectively. We had an accumulated deficit as of September 30, 2026 and December 31, 2025 of $4.2 billion and $3.8 billion, respectively. While we have historically undertaken a restructuring initiative to drive operational change in business processes, efficiencies and cost savings, we expect to continue to incur operating and net losses over the next several years as we continue to fund our drug development and discovery efforts, as well as costs related to commercial launch readiness for our late-stage programs. In particular, to the extent we advance our programs into and through later-stage clinical trials without a partner, we will incur substantial expenses. In addition, we may not be able to generate significant revenues from product sales of any of our product candidates, even if any of our product candidates are approved for commercial sale. Further, we may not realize the anticipated efficiencies and other benefits of our past and any future restructuring initiatives. Our current business plan is also subject to significant uncertainties and risks as a result of, among other factors, our ability to generate net product revenue sufficient to achieve profitability, which will depend heavily on the successful development and eventual commercialization of our product candidates at our consolidated entities as well as our ability to partner in the development of certain late-stage clinical programs.
Previous wording
We also have performance-based milestone compensation arrangements with certain employees, whose vesting is contingent upon meeting various regulatory and development milestones, with fixed monetary amounts known at inception that can be settled in the form of cash or equity at our sole election, upon achievement of each contingent milestone (refer to Note 7 to our condensed consolidated financial statements).
Current wording
We also have performance-based milestone compensation arrangements with certain employees, whose vesting is contingent upon meeting various regulatory, development and sales milestones, with fixed monetary amounts known at inception that can be settled in the form of cash or equity at our sole election, upon achievement of each contingent milestone (refer to Note 7 to our condensed consolidated financial statements).
Previous wording
Additionally, we have certain contingent payment obligations under various license and collaboration agreements in which we are required to make milestone payments upon successful completion and achievement of certain intellectual property, clinical, regulatory and sales milestones. We also enter into agreements in the normal course of business with CROs and other vendors for clinical trials and with vendors for preclinical studies and other services and products for operating purposes, which are generally cancelable upon written notice with potential termination charges.
Current wording
Additionally, we have certain contingent payment obligations under various license and collaboration agreements in which we are required to make milestone payments upon successful completion and achievement of certain intellectual property, clinical, regulatory and sales milestones. We also enter into agreements in the normal course of business with CROs and other vendors for clinical trials and with vendors for nonclinical studies and other services and products for operating purposes, which are generally cancelable upon written notice with potential termination charges.
Previous wording
We expect our cash, cash equivalents, and marketable securities, together with increasing cash collections from product sales of Attruby and Beyonttra, will fund our operations for at least the next 12 months from the date of filing of this Quarterly Report on Form 10-Q based on current operating plans and financial forecasts. If our current operating plans or financial forecasts change, as a result of general market and economic conditions, inflationary pressures, supply chain issues, our commercialization of Attruby/Beyonttra, and timing of commercialization of our product candidates we may require additional funding sooner in the form of public or private equity offerings, debt financings or additional collaborations and licensing arrangements. However, future financing may not be available in amounts or on terms acceptable to us, if at all.
Current wording
We expect our cash, cash equivalents, and marketable securities, together with increasing cash collections from product sales of Attruby and collections from our licensing and collaboration agreements with our strategic partners, will fund our operations for at least the next 12 months from the date of filing of this Quarterly Report on Form 10-Q based on current operating plans and financial forecasts. If our current operating plans or financial forecasts change, as a result of general market and economic conditions, inflationary pressures, supply chain issues, our commercialization of Attruby/Beyonttra, and timing of commercialization of our product candidates we may require additional funding sooner in the form of public or private equity offerings, debt financings or additional collaborations and licensing arrangements. However, future financing may not be available in amounts or on terms acceptable to us, if at all.
Previous wording
On March 1, 2024, our subsidiaries, Eidos, BridgeBio International GmbH and BridgeBio Europe B.V. (collectively, “the Seller Parties”), entered into the Bayer License Agreement with Bayer to develop and commercialize acoramidis as a treatment for transthyretin amyloidosis in the EU and all member states of the European Patent Organization (the “Licensed Territory”). Under the terms of the Bayer License Agreement, the Seller Parties granted Bayer an exclusive license on March 26, 2024 to certain of the Seller Parties’ intellectual property rights to develop, manufacture and commercialize acoramidis (previously known as AG10) in the Licensed Territory. In consideration for the license grant, the Seller Parties are entitled to receive an upfront payment of $135.0 million, up to $150.0 million in regulatory and sales milestone payments through 2026, and additional payments up to $450.0 million subject to the achievement of certain sales milestones under the Bayer License Agreement. To date, we have received $210.0 million relating to the upfront payment and regulatory and sales milestones. In addition, the Seller Parties are entitled to receive royalties according to a tiered structure starting in the low-thirties percent on net sales by Bayer of acoramidis in the Licensed Territory, subject to reduction under certain circumstances as provided in the Bayer License Agreement.
Current wording
On March 1, 2024, our subsidiaries, Eidos, BridgeBio International GmbH and BridgeBio Europe B.V. (collectively, “the Seller Parties”), entered into the Bayer License Agreement with Bayer to develop and commercialize acoramidis as a treatment for transthyretin amyloidosis in the EU and all member states of the European Patent Organization (the “Licensed Territory”). Under the terms of the Bayer License Agreement, the Seller Parties granted Bayer an exclusive license on March 26, 2024 to certain of the Seller Parties’ intellectual property rights to develop, manufacture and commercialize acoramidis (previously known as AG10) in the Licensed Territory. In consideration for the license grant, the Seller Parties are entitled to receive an upfront payment of $135.0 million, up to $150.0 million in regulatory and sales milestone payments through 2026, and additional payments up to $450.0 million subject to the achievement of certain sales milestones under the Bayer License Agreement. To date, the upfront payment and the regulatory and sales milestones achieved under the Bayer License Agreement total $285.0 million. In addition, the Seller Parties are entitled to receive royalties according to a tiered structure starting in the low-thirties percent on net sales by Bayer of acoramidis in the Licensed Territory, subject to reduction under certain circumstances as provided in the Bayer License Agreement.
Previous wording
On June 27, 2025 (the “Closing Date”), we and Eidos entered into a Royalty Interest Purchase and Sale Agreement (the “Royalty Purchase Agreement”) with Acoramidis Royalty SPV, LP (“ARS”), an affiliate of HealthCare Royalty Management, LLC (“HCRx”), as a purchaser and the purchaser representative (in such capacity, the “Purchaser Representative”), and LSI Financing Fund, LP, an affiliate of Blue Owl Capital Corporation, as a purchaser (together with ARS as a purchaser and any future permitted assignees of a purchaser, the “Royalty Agreement Purchasers”). Subsequent to the Closing Date, on July 30, 2025, KKR & Co. Inc., a beneficial holder of our common equity and a related party, acquired a majority ownership interest in HCRx. Accordingly, HCRx became our related party following KKR & Co. Inc.’s acquisition of HCRx.
Current wording
On June 27, 2025 (the “Closing Date”), we and Eidos entered into a Royalty Interest Purchase and Sale Agreement (the “Royalty Purchase Agreement”) with Acoramidis Royalty SPV, LP (“ARS”), an affiliate of HealthCare Royalty Management, LLC (“HCRx”), as a purchaser and the purchaser representative (in such capacity, the “Purchaser Representative”), and LSI Financing Fund, LP, an affiliate of Blue Owl Capital Corporation, as a purchaser (together with ARS as a purchaser and any future permitted assignees of a purchaser, the “Royalty Agreement Purchasers”). Subsequent to the Closing Date, on July 30, 2025, KKR & Co. Inc. (“KKR”) acquired a majority ownership interest in HCRx. At that time, KKR beneficially owned more than five percent of the Company’s outstanding common stock, and HCRx accordingly became a related party. On August 17, 2026, KKR sold a portion of its shares of our common stock and is no longer a beneficial owner of more than five percent of our outstanding shares of common stock. Accordingly, KKR and HCRx ceased to be related parties of the Company as of August 17, 2026.
Previous wording
As of June 30, 2026, we have borrowings under the 2027 Notes, 2029 Notes, 2031 Notes, and 2033 Notes, which are discussed below.
Current wording
As of September 30, 2026, we had borrowings under the 2027 Notes, 2029 Notes, 2031 Notes, and 2033 Notes, which are discussed below.
Previous wording
We received net proceeds from the 2020 Note Offering of approximately $537.0 million, after deducting the Initial Purchasers’ discount and offering expenses. We used approximately $49.3 million of the net proceeds from the 2020 Note Offering to pay for the cost of the Capped Call Transactions, and approximately $75.0 million to pay for the repurchases of shares of our common stock.
Current wording
We received net proceeds from the 2020 Note Offering of approximately $537.0 million, after deducting the 2027 Initial Purchasers’ discount and offering expenses. We used approximately $49.3 million of the net proceeds from the 2020 Note Offering to pay for the cost of the Capped Call Transactions, and approximately $75.0 million to pay for the repurchases of shares of our common stock.
Previous wording
We may not redeem the 2027 Notes prior to the maturity date, and no sinking fund is provided for the 2027 Notes. If we undergo a fundamental change (as defined in the Indenture), holders may require us to repurchase for cash all or any portion of their 2027 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2027 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the Trustee or the holders of not less than 25% in aggregate principal amount of the 2027 Notes then outstanding may declare the entire principal amount of all the Notes plus accrued special interest, if any, to be immediately due and payable. The 2027 Notes are our general unsecured obligations and rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2027 Notes; equal in right of payment with all of our liabilities that are not so subordinated; effectively junior to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries.
Current wording
We may not redeem the 2027 Notes prior to the maturity date, and no sinking fund is provided for the 2027 Notes. If we undergo a fundamental change (as defined in the 2027 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2027 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2027 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 2027 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2027 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the 2027 Notes then outstanding may declare the entire principal amount of all the 2027 Notes plus accrued special interest, if any, to be immediately due and payable. The 2027 Notes are our general unsecured obligations and rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2027 Notes; equal in right of payment with all of our liabilities that are not so subordinated; effectively junior to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries.
Previous wording
The 2027 Notes are convertible for a limited period from July 1, 2026 through September 30, 2026, as an early conversion condition based on the price of BridgeBio’s common stock, as described above, was satisfied. The 2027 Notes have been classified as current maturities of long-term debt as of June 30, 2026 due to their contractual maturity on March 15, 2027.
Current wording
The 2027 Notes are convertible for a limited period from October 1, 2026 through December 14, 2026, as an early conversion condition based on the price of BridgeBio’s common stock, as described above, was satisfied. On or after December 15, 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date, a holder may convert all or any portion of its 2027 Notes at any time. The 2027 Notes, which mature on March 15, 2027, were classified as current liabilities as of September 30, 2026.
Previous wording
We may not redeem the 2031 Notes prior to March 6, 2028. We may redeem for cash all or any portion of the 2031 Notes, at our option, on a redemption date occurring on or after March 6, 2028 and on or before the 41 st scheduled trading day immediately before the maturity date, under certain circumstances. No sinking fund is provided for the 2031 Notes. If we undergo a fundamental change (as defined in the 2031 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2031 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2031 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 2031 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2031 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the 2031 Notes then outstanding may declare the entire principal amount of all the Notes plus accrued special interest, if any, to be immediately due and payable. The 2031 Notes are our general unsecured obligations and rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2031 Notes; equal in right of payment with all of our liabilities that are not so subordinated, including our 2029 Notes and 2027 Notes; effectively junior to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries.
Current wording
We may not redeem the 2029 Notes prior to February 6, 2026. We may redeem for cash all or any portion of the 2029 Notes, at our option, on a redemption date occurring on or after February 6, 2026 and on or before the 41 st scheduled trading day immediately before the maturity date, under certain circumstances. No sinking fund is provided for the 2029 Notes. If we undergo a fundamental change (as defined in the 2029 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2029 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2029 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 2029 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2029 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the 2029 Notes then outstanding may declare the entire principal amount of all the 2029 Notes plus accrued special interest, if any, to be immediately due and payable. The 2029 Notes are our general unsecured obligations and rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2029 Notes; equal in right of payment with all of our liabilities that are not so subordinated, including our 2027 Notes, 2031 Notes and 2033 Notes; effectively junior to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries.
Previous wording
On February 28, 2025, we issued an aggregate of $575.0 million principal amount of our 2031 Notes pursuant to the 2031 Indenture dated February 28, 2025 between us and the 2031 Notes Trustee in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act.
Current wording
On February 28, 2025, we issued an aggregate of $575.0 million principal amount of our 2031 Notes pursuant to the 2031 Notes Indenture dated February 28, 2025 between us and the 2031 Notes Trustee in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act.
Previous wording
We may not redeem the 2029 Notes prior to February 6, 2026. We may redeem for cash all or any portion of the 2029 Notes, at our option, on a redemption date occurring on or after February 6, 2026 and on or before the 41 st scheduled trading day immediately before the maturity date, under certain circumstances. No sinking fund is provided for the 2029 Notes. If we undergo a fundamental change (as defined in the 2029 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2029 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2029 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 2029 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2029 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the 2029 Notes then outstanding may declare the entire principal amount of all the Notes plus accrued special interest, if any, to be immediately due and payable. The 2029 Notes are our general unsecured obligations and rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2029 Notes; equal in right of payment with all of our liabilities that are not so subordinated, including our 2027 Notes; effectively junior to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries.
Current wording
We may not redeem the 2031 Notes prior to March 6, 2028. We may redeem for cash all or any portion of the 2031 Notes, at our option, on a redemption date occurring on or after March 6, 2028 and on or before the 41 st scheduled trading day immediately before the maturity date, under certain circumstances. No sinking fund is provided for the 2031 Notes. If we undergo a fundamental change (as defined in the 2031 Notes Indenture), holders may require us to repurchase for cash all or any portion of their 2031 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2031 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 2031 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the 2031 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the 2031 Notes then outstanding may declare the entire principal amount of all the 2031 Notes plus accrued special interest, if any, to be immediately due and payable. The 2031 Notes are our general unsecured obligations and rank senior in right of payment to all of our indebtedness that is expressly subordinated in right of payment to the 2031 Notes; equal in right of payment with all of our liabilities that are not so subordinated, including our 2027 Notes, 2029 Notes and 2033 Notes; effectively junior to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries.
Previous wording
In May 2026, we filed a shelf registration statement on Form S-3 (the “2026 Shelf”) with the SEC in relation to the registration of common stock, preferred stock, debt securities, warrants and units or any combination thereof. We also concurrently entered into an Equity Distribution Agreement (the “2026 ATM Agreement”) with Goldman Sachs & Co. LLC and Leerink Partners LLC (collectively, the “2026 ATM Sales Agents”), with respect to an “at-the-market” offering program under which we may issue and sell, from time to time at our sole discretion and pursuant to a prospectus supplement, shares of our common stock, par value $0.001 per share, having an aggregate offering price of up to $500.0 million through the 2026 ATM Sales Agents. Under the 2026 ATM Agreement, we have agreed to pay the 2026 ATM Sales Agents a commission of up to 3.0% of the aggregate gross proceeds from all sales of the common stock. As of June 30, 2026, $500.0 million remained available to be sold pursuant to the 2026 ATM Agreement under the 2026 Shelf.
Current wording
In May 2026, we filed a shelf registration statement on Form S-3 (the “2026 Shelf”) with the SEC in relation to the registration of common stock, preferred stock, debt securities, warrants and units or any combination thereof. We also concurrently entered into an Equity Distribution Agreement (the “2026 ATM Agreement”) with Goldman Sachs & Co. LLC and Leerink Partners LLC (collectively, the “2026 ATM Sales Agents”), with respect to an “at-the-market” offering program under which we may issue and sell, from time to time at our sole discretion and pursuant to a prospectus supplement, shares of our common stock, par value $0.001 per share, having an aggregate offering price of up to $500.0 million through the 2026 ATM Sales Agents. Under the 2026 ATM Agreement, we have agreed to pay the 2026 ATM Sales Agents a customary commission of up to 3.0% of the aggregate gross proceeds from all sales of the common stock. As of September 30, 2026, $500.0 million remained available to be sold pursuant to the 2026 ATM Agreement under the 2026 Shelf.
Showing the first 40 of 48 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Net Cash Flows Provided by (Used in) Investing Activities
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Net Cash Flows Used in Investing Activities