Under each of the legal entity’s equity plans, we recorded stock-based compensation in the following expense categories on our condensed consolidated statements of operations for employees and non-employees:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)				(in thousands)
Cost of goods sold	$	126	$	—	$	217	$	—
Research and development		14,000		4,937		25,255		17,716
Selling, general and administrative		23,213		16,471		41,211		32,542
Restructuring, impairment and related charges		—		43		46		43
Total stock-based compensation	$	37,339	$	21,451	$	66,729	$	50,301

We recorded $0.1 million and $3.6 million of stock-based compensation expense for the three and six months ended June 30, 2025, respectively, for performance-based milestone awards that were achieved during the periods and were settled in cash. We recorded nil and $11.8 million of stock-based compensation expense for the three and six months ended June 30, 2024, respectively, for performance-based milestone awards that were achieved during the periods and were settled in cash. During the three and six months ended June 30, 2025, $1.1 million and $1.9 million, respectively, of stock-based compensation expense was capitalized to inventories.

In December 2023, the 2019 Inducement Equity Plan was amended and restated to increase the number of shares authorized for issuance from 2,000,000 shares to 3,750,000 shares. In June 2024, our stockholders approved an amendment and restatement of our 2021 Amended and Restated Stock Option and Incentive Plan (the “2021 A&R Plan”) to, among other things, increase the number of shares of common stock authorized for issuance by 6,500,000 shares. In June 2025, our stockholders further approved an amendment and restatement of the 2021 A&R Plan to, among other things, increase the number of shares of common stock authorized for issuance by 5,000,000 shares. As of June 30, 2025, 10,160,349 shares and 891,435 shares were reserved for future issuances under the 2021 A&R Plan and the Amended and Restated 2019 Inducement Equity Plan (the “A&R 2019 Inducement Plan”), respectively. Pursuant to the Merger Transactions, we also reserved 2,802,644 shares specifically under the Eidos Award Exchange in 2021 (the “Eidos

Award Exchange Plan”), all of which were issued upon execution of the Eidos Award Exchange as discussed below. The 2021 A&R Plan and the A&R 2019 Inducement Plan and the Eidos Award Exchange Plan are collectively referred herein as the “Plans.”

On April 22, 2020, we completed our 2020 Stock and Equity Award Exchange Program (the “Exchange Program”) for certain subsidiaries, which was an opportunity for eligible controlled entities’ employees and consultants to exchange their subsidiary equity (including common stock, vested and unvested stock options and RSAs) for BridgeBio equity (including common stock, vested and unvested stock options and RSAs) and/or performance-based milestone awards tied to the achievement of certain development and regulatory milestones. The Exchange Program aligns our incentive compensation structure for employees and consultants across the BridgeBio group of companies to be consistent with the achievement of our overall corporate goals. In connection with the Exchange Program, we issued awards of BridgeBio equity under the 2019 Amended and Restated Stock Option and Incentive Plan (the “2019 A&R Plan”), which was amended and restated in December 2021 into the 2021 A&R Plan and further amended and restated in June 2024 and in June 2025, respectively, as mentioned above, to 149 grantees covering 554,064 shares of common stock, 1,268,110 stock options to purchase common stock, 50,145 shares of RSAs and 22,611 shares of performance-based RSAs. The exchange also included performance-based milestone awards of up to $183.4 million to be settled in fully-vested RSAs in the future upon achievement of the milestones. In consideration for all the subsidiaries’ shares tendered, BridgeBio increased its ownership in controlled entities included in the Exchange Program and the corresponding noncontrolling interest decreased.

On November 18, 2020, we completed a stock and equity award under our Exchange Program for a subsidiary. We issued awards of BridgeBio equity under the 2019 A&R Plan to 16 grantees covering 24,924 shares of common stock, 70,436 stock options to purchase common stock, and 10,772 shares of performance-based stock options to purchase common stock. The exchange also included performance-based milestone awards of up to $11.7 million to be settled in fully-vested RSAs in the future upon achievement of the milestones.

We considered the total shares of common stock and equity awards, whether vested or unvested, held by each participant in each controlled entity as the unit of account. The controlled entity’s common stock and equity awards in each unit of account was exchanged for a combination of BridgeBio’s common stock, time-based vesting equity awards and/or performance-based milestone awards. Other than the exchange of the controlled entity equity awards for performance-based milestone awards, all other exchanged BridgeBio equity awards retained the original vesting conditions. As a result, there was no incremental stock-based compensation expense resulting from the exchange of time-based equity awards.

At the completion of the Exchange Program, we determined $17.4 million of the performance-based milestone awards were probable of achievement and represented the incremental stock-based compensation cost resulting from the modification of time-based equity awards to performance-based milestone awards. These performance-based milestone awards were to be recognized over a period ranging from 0.7 years to 1.7 years. There was no incremental stock-based compensation cost arising from the completion of the Exchange Program on November 18, 2020. Under ASC 718, we account for such performance-based milestone awards as a liability in “Accrued compensation and benefits” and in “Other long-term liabilities” on the condensed consolidated balance sheets due to the fixed milestone amount that will be converted into a variable number of shares of BridgeBio common stock to be granted upon the achievement date.

For the three and six months ended June 30, 2025, we recognized an immaterial amount of stock-based compensation cost associated with performance-based milestone awards whereby the milestones were determined to be probable of achievement as of June 30, 2025. For the three and six months ended June 30, 2024, we recognized reversals of $8.9 million and $8.7 million, respectively, of stock-based compensation cost associated with performance-based milestone awards as of June 30, 2024 as the obligation was no longer determined to be probable. Refer to Note 8 for contingent compensation accrued associated with performance-based milestones that are determined to be probable as of June 30, 2025.

The following table summarizes BridgeBio’s stock option activity under the Plans for the six months ended June 30, 2025:


	Options Outstanding					Weighted-Average Exercise Price per Option		Weighted-Average Remaining Contractual Life (years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2024				12,499,883
Regular equity program		11,172,627				$	25.76		6.2	$	78,764
Eidos Awards Exchange		1,014,175				$	14.18		4.3	$	13,734
Exchange Program		313,081				$	2.20		4.3	$	7,995
Granted				180,733
Regular equity program		180,733				$	38.59
Exercised				(473,820	)
Regular equity program		(376,191	)			$	23.08
Eidos Awards Exchange		(92,554	)			$	10.72
Exchange Program		(5,075	)			$	1.39
Cancelled				(7,183	)
Regular equity program		(7,183	)			$	36.37
Outstanding as of June 30, 2025				12,199,613
Regular equity program		10,969,986				$	26.06		5.8	$	205,275
Eidos Awards Exchange		921,621				$	14.53		3.8	$	26,408
Exchange Program		308,006				$	2.22		3.8	$	12,616
Exercisable as of June 30, 2025				10,912,545
Regular equity program		9,685,338				$	26.41		5.5	$	179,865
Eidos Awards Exchange		921,621				$	14.53		3.8	$	26,408
Exchange Program		305,586				$	2.21		3.8	$	12,519

The options granted to employees and non-employees are exercisable at the closing price as reported on the Nasdaq Global Select Market of BridgeBio’s common stock at the respective grant dates. The options granted have a service condition and generally vest over a period of three to four years.

The weighted-average grant date fair value of options granted during the six months ended June 30, 2025 was $30.15.

The aggregate intrinsic value of options outstanding and exercisable as of June 30, 2025 in the table above are calculated based on the difference between the exercise price and the current fair value of BridgeBio’s common stock. The total intrinsic value of options exercised for the six months ended June 30, 2025 was $8.0 million.

For the three and six months ended June 30, 2025, we recognized stock-based compensation expense of $4.2 million and $8.6 million, respectively, related to stock options under the Plans. For the three and six months ended June 30, 2024, we recognized stock-based compensation expense of $5.9 million and $12.2 million, respectively, related to stock options under the Plans. As of June 30, 2025, there was $19.0 million of total unrecognized compensation cost related to stock options under the Plans that is expected to be recognized over a weighted-average period of 1.6 years.

The RSUs have a service condition and generally vest over a period of two to four years.

Apart from the milestone awards under the Exchange Program described above, we also have performance-based milestone compensation arrangements with certain employees and consultants 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 discretion, upon achievement of each contingent milestone. Upon achievement of a contingent milestone and if such performance-based milestone awards are settled in the form of equity, these are satisfied in the form of fully-vested RSAs. We recognize such contingent stock-based compensation expense when the milestone is probable of achievement. For the three and six months ended June 30, 2025, we recognized $0.2 million and $0.4 million, respectively, of stock-based compensation cost associated with performance-based milestone awards whereby the milestones were determined to be probable of achievement as of June 30, 2025. For the three and six months ended June 30, 2024, we recognized $(1.0) million and $0.9 million, respectively, of stock-based compensation cost associated with performance-based milestone awards whereby the milestones were determined to be probable of achievement as of June 30, 2024; these amounts include reversals totaling $1.6 million as the obligation was no longer determined to be probable. Refer to Note 8 for contingent compensation accrued associated with performance-based milestone awards that are determined to be probable as of June 30, 2025.

In March 2025, the Company approved and granted performance restricted stock units under the 2021 A&R Plan to certain officers and employees with vesting based on achievement of positive top-line readout metric in targets (“performance-based RSUs”), which are subject to the continued service of the officers and employees through the applicable vesting date and are subject to accelerated vesting upon a change in control event. We recognize such contingent stock-based compensation expense when the top-line readout metric targets are probable of achievement. For the three and six months ended June 30, 2025, we recognized stock-based compensation cost of $0.7 million and $0.8 million, respectively, associated with performance-based RSUs whereby the top-line readout metric targets are probable of achievement as of June 30, 2025. As of June 30, 2025, 194,943 performance-based RSUs were outstanding with a weighted average grant date fair value of $33.75. As of June 30, 2025, there was $5.8 million of total unrecognized compensation cost related to performance-based RSUs under the Plans that is expected to be recognized over a weighted-average period of 2.1 years.

In December 2023, the Company approved and granted performance restricted stock units under the 2021 A&R Plan to certain employees with vesting based on achievement of market capitalization targets (“market-based RSUs”), which are subject to the continued service of the employees through the vest date and are subject to accelerated vesting upon a change in control event. The achievement of the market capitalization targets will be measured based on BridgeBio market capitalization data (available on the Nasdaq.com website) meeting the targets for 20-consecutive trading days during the performance period of up to six years from the date of grant.

The respective grant-date fair value of the market-based RSUs, which aggregated to $10.8 million, was determined using the Monte Carlo valuation model and are recognized as compensation expense over the derived service period of the awards. The assumptions used in the Monte Carlo valuation included expected volatility ranging from 96.8% - 113.7%, risk free rate ranging from 4.22% - 4.35%, no expected dividend yield, expected term of three to six years and possible future market capitalization over the derived service period based on historical stock prices and market capitalization.

For the three and six months ended June 30, 2025, we recognized $1.0 million and $2.0 million, respectively, of stock-based compensation expense related to market-based RSU awards. For the three and six months ended June 30, 2024, we recognized $2.4 million and $4.8 million, respectively, of stock-based compensation expense related to market-based RSU awards. As of June 30, 2025, 375,000 market-based RSUs were outstanding with a weighted average grant date fair value of $28.73. As of June 30, 2025, there was $0.5 million of total unrecognized compensation cost related to market-based RSUs under the Plans that is expected to be recognized over a weighted-average period of 0.1 years.

On June 22, 2019, we adopted the 2019 Employee Stock Purchase Plan, which became effective on June 25, 2019 and was amended and restated effective as of December 12, 2019. The ESPP initially reserves and authorizes the issuance of up to a total of 2,000,000 shares of common stock to participating employees. The ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2020, by the lower of: (i) 1% of the outstanding

number of shares of common stock on the immediately preceding December 31, (ii) 2,000,000 shares or (iii) such lesser number of shares as determined by the Compensation Committee.

Under the ESPP, eligible employees may purchase shares of BridgeBio’s common stock through payroll deductions at a price equal to 85% of the lower of the fair market values of the stock as of the beginning or the end of six-month offering periods. An employee’s payroll deductions under the ESPP are limited to 15% of the employee’s compensation and employees may not purchase more than 3,500 shares of BridgeBio’s common stock during any offering period.

For the six months ended June 30, 2025 and 2024, employees purchased 156,097 shares and 93,344 shares for $3.2 million and $2.4 million, respectively, under our ESPP. For the three and six months ended June 30, 2025, stock-based compensation expense related to our ESPP was $0.7 million and $1.4 million, respectively. For the three and six months ended June 30, 2024, stock-based compensation expense related to our ESPP was $0.5 million and $1.1 million, respectively. As of June 30, 2025, 3,205,677 shares were reserved for future issuance under the ESPP.