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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Summary of Stock Based Compensation for Employees and Non Employees | Under each of the legal entity’s equity plans, we recorded stock-based compensation in the following expense categories in our condensed consolidated statements of operations for employees and non-employees:
|  | Three Months Ended March 31, 2023 |
|  | BridgeBio Equity Plan |  |  | Other Subsidiaries Equity Plan |  |  | Total |
|  | (in thousands) |
Research and development |  | $ | 11,737 |  |  | $ | 42 |  |  | $ | 11,779 |
Selling, general and administrative |  |  | 11,698 |  |  |  | — |  |  |  | 11,698 |
Restructuring, impairment and related charges |  |  | — |  |  |  | — |  |  |  | — |
Total stock-based compensation |  | $ | 23,435 |  |  | $ | 42 |  |  | $ | 23,477 |
|  | Three Months Ended March 31, 2022 |
|  | BridgeBio Equity Plan |  |  |  | Other Subsidiaries Equity Plan |  |  | Total |
|  | (in thousands) |
Research and development |  | $ | 8,486 |  |  |  | $ | 71 |  |  | $ | 8,557 |
Selling, general and administrative |  |  | 14,523 |  |  |  |  | 29 |  |  |  | 14,552 |
Restructuring, impairment and related charges |  |  | 1,172 |  |  |  |  | — |  |  |  | 1,172 |
Total stock-based compensation |  | $ | 24,181 |  |  |  | $ | 100 |  |  | $ | 24,281 |
Summary of Stock Option Activity | The following table summarizes BridgeBio’s stock option activity under the Plans for the three months ended March 31, 2023:
| Options Outstanding |  |  | Weighted- Average Exercise Price per Option |  |  | Weighted- Average Remaining Contractual Life (years) |  |  | Aggregate Intrinsic Value (in thousands) |
Outstanding as of December 31, 2022 |  |  |  |  | 11,637,861 |  |  |  |  |  |  |  |  |  |
Regular equity program |  | 9,811,936 |  |  |  |  |  | $ | 28.00 |  |  |  | 7.7 |  |  | $ | — |
Eidos Awards Exchange |  | 1,445,885 |  |  |  |  |  | $ | 14.96 |  |  |  | 5.9 |  |  | $ | 1,427 |
Exchange Program |  | 380,040 |  |  |  |  |  | $ | 2.35 |  |  |  | 6.2 |  |  | $ | 2,246 |
Granted |  |  |  |  | 1,106,897 |  |  |  |  |  |  |  |  |  |
Regular equity program |  | 1,106,897 |  |  |  |  |  | $ | 11.48 |  |  |  |  |  |  |
Exercised |  |  |  |  | (44,464 | ) |  |  |  |  |  |  |  |  |
Eidos Awards Exchange |  | (5,776 | ) |  |  |  |  | $ | 11.82 |  |  |  |  |  |  |
Exchange Program |  | (38,688 | ) |  |  |  |  | $ | 3.22 |  |  |  |  |  |  |
Cancelled |  |  |  |  | (437,941 | ) |  |  |  |  |  |  |  |  |
Regular equity program |  | (434,179 | ) |  |  |  |  | $ | 23.90 |  |  |  |  |  |  |
Eidos Awards Exchange |  | (1,852 | ) |  |  |  |  | $ | 19.75 |  |  |  |  |  |  |
Exchange Program |  | (1,910 | ) |  |  |  |  | $ | 4.03 |  |  |  |  |  |  |
Outstanding as of March 31, 2023 |  |  |  |  | 12,262,353 |  |  |  |  |  |  |  |  |  |
Regular equity program |  | 10,484,654 |  |  |  |  |  | $ | 26.43 |  |  |  | 7.6 |  |  | $ | 15,878 |
Eidos Awards Exchange |  | 1,438,257 |  |  |  |  |  | $ | 14.96 |  |  |  | 5.5 |  |  | $ | 7,445 |
Exchange Program |  | 339,442 |  |  |  |  |  | $ | 2.24 |  |  |  | 6.1 |  |  | $ | 5,040 |
Exercisable as of March 31, 2023 |  |  |  |  | 7,456,207 |  |  |  |  |  |  |  |  |  |
Regular equity program |  | 5,832,486 |  |  |  |  |  | $ | 27.68 |  |  |  | 6.6 |  |  | $ | 102 |
Eidos Awards Exchange |  | 1,289,387 |  |  |  |  |  | $ | 13.75 |  |  |  | 5.4 |  |  | $ | 7,425 |
Exchange Program |  | 334,334 |  |  |  |  |  | $ | 2.18 |  |  |  | 6.0 |  |  | $ | 4,977 |
Summary of Restricted Stock Units Activity | The following table summarizes BridgeBio’s RSU activity under the Plans for the three months ended March 31, 2023:
|  | Unvested Shares of RSUs Outstanding |  |  | Weighted- Average Grant Date Fair Value |
Balance as of December 31, 2022 |  |  | 4,108,642 |  |  | $ | 21.60 |
Granted |  |  | 7,532,921 |  |  | $ | 11.78 |
Vested |  |  | (595,613 | ) |  | $ | 17.86 |
Cancelled |  |  | (167,085 | ) |  | $ | 19.56 |
Balance as of March 31, 2023 |  |  | 10,878,865 |  |  | $ | 15.04 |
Summary of Restricted Stock Award Activity | The following table summarizes our RSA activity under the Plans for the three months ended March 31, 2023:
|  | Unvested Shares of RSAs Outstanding |  |  | Weighted- Average Grant Date Fair Value |
Balance as of December 31, 2022 |  |  | 652,058 |  |  | $ | 7.29 |
Granted — Exchange Program |  |  | 194,350 |  |  | $ | 18.55 |
Vested — Exchange Program |  |  | (194,350 | ) |  | $ | 18.55 |
Vested — Regular equity program |  |  | (144,891 | ) |  | $ | 7.16 |
Cancelled — Regular equity program |  |  | — |  |  | $ | - |
Balance as of March 31, 2023 |  |  | 507,167 |  |  | $ | 7.33 |
2019 Employee Stock Purchase Plan |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Schedule of Assumptions Used to Determine Fair Value of Stock Purchase Rights | We used the Black-Scholes model to estimate the fair value of stock options and stock purchase rights under the ESPP. For the three months ended March 31, 2023, we used the following weighted-average assumptions in the Black-Scholes calculations:
| Stock Options |  |  | ESPP |
Expected term (in years) | 6.00 - 6.02 |  |  |  | 0.50 |
Expected volatility | 66.23% - 66.34% |  |  | 86.12% - 113.19% |
Risk-free interest rate | 3.90% - 4.12% |  |  | 3.12% - 4.98% |
Dividend yield |  | — |  |  |  | — |
Weighted-average fair value of stock-based awards granted | $ | 7.25 |  |  | $ | 5.54 |
Restricted Stock Awards |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Summary of Stock Based Compensation for Employees and Non Employees | For the three months ended March 31, 2023, we recognized stock-based compensation expense related to RSAs under the Plans as follows:
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
|  | (in thousands) |
Exchange Program |  | $ | 3,605 |  |  | $ | — |
Other RSAs |  |  | 1,026 |  |  |  | 1,485 |
Total stock-based compensation expense |  | $ | 4,631 |  |  | $ | 1,485 |

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