BridgeBio Pharma, Inc. (BBIO): Business Model Canvas [Dec-2025 Updated]

You're looking at a company right at a pivotal moment, and honestly, understanding the new operating map for BridgeBio Pharma, Inc. is key noww that they've hit commercialization. After years focused on advancing over 30 genetic disease programs, the real story is the transition: they booked $108.1 million in net product revenue from Attruby in Q3 2025 alone, shifting the entire cost structure and revenue stream focus. This Business Model Canvas breaks down exactly how they are managing that complex pivot-from heavy R&D spend to building out a dedicated U.S. commercial salesforce-so you can see the mechanics behind their value creation strategy. Dive in below to see the nine blocks defining their next chapter.

BridgeBio Pharma, Inc. (BBIO) - Canvas Business Model: Key Partnerships

You're looking at the core alliances that fuel BridgeBio Pharma, Inc.'s engine, especially around its key assets like acoramidis (Attruby/BEYONTTRA). These partnerships are critical for global reach and non-dilutive capital generation, which is a smart way to fund the pipeline.

The most significant recent financial move in this area was the royalty monetization deal in June 2025. BridgeBio Pharma, Inc. secured immediate, less-dilutive capital by selling a portion of future income streams.

The financial impact of these deals is visible in the reported revenues. For the three months ended June 30, 2025, BridgeBio Pharma, Inc.'s license and services revenue totaled $37.5 million, which included the $30.0 million regulatory milestone recognized under the Alexion agreement upon pricing approval in Japan in May 2025. Also, royalty revenue earned on net product sales of BEYONTTRA in the EU and Japan contributed $1.6 million in Q2 2025. For the nine months ended September 30, 2025, total revenues, net reached $347.9 million.

Regarding other specified partnerships, here's what we see:

• Strategic collaboration with Novartis for certain programs: Specific financial or program details for a late-2025 BridgeBio Pharma, Inc. collaboration with Novartis weren't immediately apparent in the latest filings, though Novartis has been active in cardiovascular deals.
• Exclusive license agreements with Kyowa Kirin Co., Ltd (KKC) for infigratinib in Japan: Kyowa Kirin paid BridgeBio Pharma, Inc. $100 million for exclusive rights to infigratinib for skeletal dysplasias in Japan (based on March 2024 data).
• Academic and research institutions for early-stage discovery: These relationships form the foundation, but concrete, standalone financial figures for late-2025 partnerships are not typically itemized in the same way as major commercial deals.

The structure with Bayer and Alexion, AstraZeneca Rare Disease, allows BridgeBio Pharma, Inc. to focus resources, like preparing for the U.S. launch of Attruby, while leveraging established infrastructure elsewhere.

BridgeBio Pharma, Inc. (BBIO) - Canvas Business Model: Key Activities

You're looking at the core engine of BridgeBio Pharma, Inc. (BBIO) right now, which is all about high-velocity execution across a deep pipeline. The key activities are tightly focused on translating late-stage data into approved products and maximizing the initial commercial momentum of their first approved drug.

Advancing a Diverse Pipeline of Over 30 Genetic Disease Programs

BridgeBio Pharma, Inc. maintains a commitment to targeting diseases with clear genetic drivers, which is reflected in the sheer volume of work happening simultaneously. This is managed through a structure designed for speed, which is a major activity in itself.

The company's portfolio is extensive, featuring over 30 development programs targeting various genetic diseases. This breadth requires significant, sustained investment to keep everything moving forward, which you can see reflected in the financials.

Here's a look at the investment level required to support this activity:

This structure is defintely the core reason for their high-velocity development engine, as they operate as a family of smaller, specialized drug development companies.

Executing the Commercial Launch of Attruby (acoramidis) in the U.S.

The commercial activity for Attruby (acoramidis), approved in the U.S. in late 2024, is the immediate financial driver. The launch momentum has been strong, moving from initial uptake to significant quarterly revenue generation.

You can track the commercial ramp-up with these adoption metrics as of late 2025:

• As of October 25, 2025: 5,259 unique patient prescriptions written.
• As of October 25, 2025: Prescriptions came from 1,355 unique prescribers.
• Q2 2025 U.S. net product sales reached $71.5 million.
• Q3 2025 U.S. net product revenue was $108.1 million.

Analysts were modeling a general range of $240-260 million in total U.S. net sales for the full year 2025, suggesting a very successful initial launch. The total third quarter revenue for BridgeBio Pharma, Inc. was $120.7 million, which included that $108.1 million from Attruby net product sales.

Conducting Late-Stage Phase 3 Clinical Trials (e.g., BBP-418, encaleret)

A critical set of activities involves driving the three major late-stage programs toward New Drug Application (NDA) submissions. All three trials-FORTIFY (BBP-418), CALIBRATE (encaleret), and PROPEL 3 (infigratinib)-were fully enrolled as of early 2025.

The results from the interim analyses are key to the next steps:

These late-stage readouts are what the market is focused on, as they solidify the path to becoming a multi-product company.

Securing Regulatory Approvals and Pricing in Global Markets

Beyond the U.S. launch, BridgeBio Pharma, Inc. has been active in securing international market access for Attruby, which unlocks important non-U.S. revenue streams and milestone payments.

Global regulatory achievements include:

• Attruby approval in the EU (February 2025), UK (April 2025), and Japan (March 2025).
• These European and Japanese approvals triggered a total of $105 million in regulatory milestone payments.

This activity is crucial because it widens the revenue base beyond the U.S. sales, which is important given the company's debt structure.

Managing a Decentralized Holding Company Structure for Efficiency

The operational activity of managing the decentralized structure is a core function. BridgeBio Pharma, Inc. uses this model where each program is housed in its own subsidiary. The goal here is to avoid the bureaucratic drag of a single large organization by enabling subsidiary leaders to make key operational decisions. This structure is designed to be more flexible and have variablized, flexible costs compared to high fixed-cost models. Finance: draft 13-week cash view by Friday.

BridgeBio Pharma, Inc. (BBIO) - Canvas Business Model: Key Resources

The Key Resources for BridgeBio Pharma, Inc. as of late 2025 are centered on its recently commercialized asset, its financial stability, and a deep pipeline of genetically-focused clinical programs.

Approved Product: Attruby for ATTR-CM

Attruby (acoramidis) is the Company's first near-complete (≥90%) transthyretin (TTR) stabilizer approved for treating transthyretin amyloid cardiomyopathy (ATTR-CM) following its FDA approval in November 2024.

• Attruby U.S. Net Product Revenue for Q3 2025 was $108.1 million.
• Total unique patient prescriptions written since FDA approval as of October 25, 2025, reached 5,259.
• These prescriptions originated from 1,355 unique prescribers as of October 25, 2025.
• Q1 2025 Net Product Revenue for Attruby was $36.7 million.
• U.S. Net Product Sales for Q2 2025 were $71.5 million.
• Post-hoc analysis shared at the European Society of Cardiology Congress demonstrated a 44% hazard reduction in the risk of cardiovascular mortality (CVM) through 42 months post-randomization.

Strong Cash Position of $645.9 million as of Q3 2025

BridgeBio Pharma, Inc. maintains a significant balance sheet resource to fund commercialization and pipeline advancement.

The cash, cash equivalents, and marketable securities position was $645.9 million as of September 30, 2025.

Here's the quick math: This figure is down from $681.1 million at the end of 2024.

Extensive Intellectual Property Portfolio for Genetic Medicines

The portfolio is evidenced by the approved product and the pipeline candidates targeting genetically defined diseases, which are protected by patents and regulatory exclusivities.

• The Company was founded in 2015 with a commitment to applying advances in genetic medicine.
• The business model leverages a focus on genetically defined diseases.

Specialized R&D Team and Clinical Development Expertise

The expertise is demonstrated by the successful navigation of late-stage trials and regulatory pathways for multiple assets.

BridgeBio Pharma, Inc. reported total revenues, net, of $120.7 million for the three months ended September 30, 2025.

Total operating expenses for Q3 2025 were $259.3 million.

Late-Stage Pipeline Assets with Blockbuster Potential

The pipeline includes several programs that have completed pivotal trial enrollment or achieved key data readouts, positioning them for potential first-in-class approvals.

The late-stage pipeline assets and their near-term expected milestones as of late 2025 include:

Also, BridgeBio plans to begin trials of BBP-418 in pediatric LGMD2I/R9 and in LGMD2M/2U in the near term.

BridgeBio Pharma, Inc. (BBIO) - Canvas Business Model: Value Propositions

You're looking at a company whose entire value proposition hinges on successfully navigating the high-risk, high-reward world of genetic medicine. BridgeBio Pharma, Inc. is built around delivering transformative therapies for conditions that often have no other options.

Transformative, genetically targeted medicines for rare diseases

BridgeBio Pharma, Inc. focuses on diseases with clear genetic drivers. The pipeline reflects this deep specialization, featuring over 30 development programs as of late 2025. This focus allows for precision targeting, which is the core of their value proposition in the rare disease space.

The company's commitment to rapid scientific translation, having been founded in 2015, is evident in the progression of its portfolio.

Potential best-in-class therapy for ATTR-CM (Attruby)

Attruby (acoramidis) is positioned as a best-in-class therapy for transthyretin-mediated amyloid cardiomyopathy (ATTR-CM), indicated to reduce cardiovascular death and hospitalizations. It is the first near-complete (≥90%) stabilizer of Transthyretin (TTR) approved in the U.S.. Data presented in late 2025 showed that Attruby reduced cardiovascular mortality at 42 months in the ATTRibute-CM open-label extension study. At 30 months, it demonstrated improvements in NT-proBNP levels versus placebo.

The commercial uptake supports this value proposition:

• Net product revenue from Attruby in Q3 2025 was $108.1 million.
• Trailing twelve months (TTM) revenue as of September 30, 2025, reached approximately $353.78 million.
• As of October 25, 2025, there were 5,259 unique patient prescriptions written by 1,355 unique prescribers.

Oral small molecule convenience for chronic conditions

The convenience factor is a key differentiator for their lead assets. Attruby is an oral therapy for ATTR-CM. Furthermore, infigratinib for achondroplasia is also an oral FGFR1-3 selective tyrosine kinase inhibitor. This oral dosing offers significant convenience over potential intravenous treatments for chronic conditions.

For Attruby, the most common adverse reactions were mild, with diarrhea occurring in 11.6% versus 7.6% for placebo, and upper abdominal pain in 5.5% versus 1.4% for placebo. Discontinuation rates due to adverse events were similar: 9.3% for Attruby versus 8.5% for placebo.

Addressing urgent, unmet medical needs in small patient populations

BridgeBio Pharma, Inc. targets diseases where the patient population is small but the medical need is urgent. The pipeline shows progression in several such indications:

Rapid development model to accelerate drug delivery to patients

The company's structure is designed for speed, moving from early science to advanced clinical trials. The successful commercial launch of Attruby, approved in late 2024, demonstrates this delivery capability. The market is pricing in this acceleration, reflected in a Price-to-Sales (P/S) ratio of approximately 34.2x as of November 2025, which is over three times the US biotech industry average of around 10.8x.

However, this speed requires significant investment, as shown by the financials:

• Last twelve months (LTM) Free Cash Flow as of September 30, 2025, was $597 Million in the negative.
• Cash burn for the first nine months of 2025 was $389.5 million.
• The cash balance as of September 30, 2025, was $645.9 million.

The market is betting on the pipeline turning this investment into future revenue streams.

BridgeBio Pharma, Inc. (BBIO) - Canvas Business Model: Customer Relationships

You're focused on ensuring patients with genetic diseases get the transformative medicine they need, and BridgeBio Pharma, Inc.'s customer relationship strategy centers on access, education, and transparency.

High-touch patient support programs for rare disease access

BridgeBio Pharma, Inc. has established several industry-leading access programs to ensure patients can afford and access Attruby (acoramidis), which treats the cardiomyopathy of wild-type or variant transthyretin-mediated amyloidosis (ATTR-CM). The company offers a free 28-day trial to patients new to Attruby. For patients who are uninsured or underinsured, the company provides Attruby for free through its Patient Assistance Program (PAP). Furthermore, eligible commercial patients can access Attruby for free via the Commercial Co-Pay program. This high-touch support is critical in the rare disease space.

For Medicare patients, the Inflation Reduction Act (IRA) limits out-of-pocket costs (OOP) to $2,000 annually, effective January 1, 2025. The Medicare Prescription Payment Program allows these patients to spread their OOP costs into monthly payments not to exceed $167 per month, inclusive of all Part D medications. Dual-eligible and Low-Income Subsidy patients face an even lower maximum OOP of no more than $13 per month. To ensure ease of distribution, Attruby is dispensed through a limited network of specialty pharmacies, specialty distributors, and third-party logistics (3PL) providers, with medication available directly to patients or through approved hospital pharmacies.

Direct engagement with key opinion leaders and rare disease specialists

Engagement with Key Opinion Leaders (KOLs) is structured to build mutually beneficial partnerships and gain key insights. The Director of KOL Management & Engagement role specifically supports Attruby in ATTR-cardiomyopathy, requiring deep relationships within that community. Success in these engagements is measured by gaining and sharing key insights and developing knowledge related to the asset and disease state. A key tactical component of this relationship strategy involves developing and managing members of the Attruby speaker bureau, which includes program structure, speaker selection, and innovative approaches to further brand messaging.

• Design KOL identification, profiling, and mapping efforts.
• Lead the creation and maintenance of the commercial KOL engagement plan.
• Develop resources for tracking KOL partnership activities.
• Foster cross-functional collaboration and tactical alignment.

Dedicated U.S. commercial field team for Attruby prescribers

The commercial execution supporting Attruby has shown significant adoption across the U.S. market, which reflects the reach and effectiveness of the field team engaging healthcare providers. As of October 25, 2025, the cumulative number of unique patient prescriptions written reached 5,259, initiated by 1,355 unique prescribers since the November 2024 FDA approval. The Chief Commercial Officer noted that this launch provides an invaluable blueprint for bringing other best-in-class medicines to patients with genetic diseases.

Here's a look at the commercial momentum through the third quarter of 2025:

Investor relations and transparency with financial updates

BridgeBio Pharma, Inc. maintains transparency with its investor community through regular financial reporting and business updates. The company announced its financial results for the third quarter ended September 30, 2025, on October 29, 2025. Total revenues, net for the three months ended September 30, 2025, were $120.7 million, driven primarily by net product revenue from Attruby of $108.1 million. The company ended the third quarter with $645.9 million in cash, cash equivalents and marketable securities, positioning it well to commercialize Attruby and advance its late-stage pipeline. The company is also focused on upcoming pipeline milestones, with topline results for the PROPEL 3 study of infigratinib expected in early 2026.

Key financial and operational data points shared with investors include:

• Q3 2025 Net Product Revenue (Attruby): $108.1 million.
• Total Q3 2025 Revenues, net: $120.7 million.
• Cash, cash equivalents, and marketable securities (Sep 30, 2025): $645.9 million.
• Net loss for Q3 2025: $182.7 million.
• Upcoming milestone: PROPEL 3 topline results in early 2026.

BridgeBio Pharma, Inc. (BBIO) - Canvas Business Model: Channels

You're looking at how BridgeBio Pharma, Inc. gets its medicine, Attruby, and its pipeline candidates into the hands of doctors and patients. It's a multi-pronged approach, blending a proprietary sales team with established external networks, which is smart for a company scaling up a novel therapy.

Direct U.S. commercial salesforce for Attruby

The direct channel is centered on the U.S. commercial launch of Attruby. BridgeBio Pharma, Inc. has been investing heavily here, as evidenced by the increase in operating costs, which included expenses for marketing, advertising, and the hiring of a sales force in the U.S.. While the exact size of that dedicated sales force isn't public, the results show rapid adoption by prescribers.

Here's the quick math on Attruby's U.S. prescription growth leading up to the late 2025 snapshot:

The U.S. net product revenue for Attruby in the third quarter of 2025 alone was $108.1 million. That's a big number for a drug less than a year on the market.

Specialty pharmacy and distribution networks

BridgeBio Pharma, Inc. relies on established networks to get Attruby to patients. This involves working with specialty distributors who manage the complex logistics for these types of medicines. For context on the scale of these networks, major distributors in the space, like Cardinal Health, report partnerships with around 197 manufacturers and manage a portfolio covering numerous specialties. The goal here is simplifying delivery for specialty products, often including limited distribution drugs (LDDs).

International licensing partners for ex-U.S. commercialization (e.g., Alexion)

For markets outside the U.S., BridgeBio Pharma, Inc. channels access through licensing agreements. The partnership with Alexion is a clear example of this strategy in action. A significant event occurred in May 2025 when BridgeBio Pharma, Inc. recognized a $30.0 million regulatory milestone payment from Alexion following the pricing approval of BEYONTTRA (Attruby) in Japan. This channel also generates ongoing revenue streams.

Royalty revenue, which is tied to ex-U.S. sales of BEYONTTRA in the EU and Japan, was $4.3 million in the third quarter of 2025. BridgeBio Pharma, Inc. has built capabilities to deliver genetic medicines globally, often through these commercial infrastructures.

Clinical trial sites for pipeline drug access

For pipeline access, the channel is the network of clinical trial sites used to test and provide early access to investigational drugs. BridgeBio Pharma, Inc. emphasizes its broad clinical development capabilities across therapeutic areas and geographies. You can see the scale of enrollment in their late-stage programs:

• CALIBRATE (Encaleret for ADH1) is fully enrolled with 71 participants.
• PROPEL 3 (Infigratinib for achondroplasia) is fully enrolled with 114 participants randomized.

The company noted that delays can arise from reaching agreement on acceptable terms with prospective Contract Research Organizations (CROs) and clinical trial sites, which can vary significantly. The success of these trials directly feeds into future commercial channels.

Finance: draft 13-week cash view by Friday.

BridgeBio Pharma, Inc. (BBIO) - Canvas Business Model: Customer Segments

You're looking at the customer base for BridgeBio Pharma, Inc. (BBIO) as of late 2025. This is a focused group, primarily centered on patients with rare genetic diseases where BridgeBio Pharma has late-stage or approved assets. It's not a broad consumer market; it's about specialized medical professionals reaching specific, often underserved, patient populations.

Patients with Transthyretin Amyloid Cardiomyopathy (ATTR-CM)

This segment is central following the U.S. approval of Attruby (acoramidis) in November 2024. BridgeBio Pharma estimates there are around 240,000 ATTR-CM patients in the U.S. alone. Some analysts suggest the total U.S. market could be closer to 250,000 to 300,000 patients, representing about 11% to 13% of the HFpEF (heart failure with preserved ejection fraction) population. The customer base here is defined by the patients who are either newly diagnosed or those who may switch from existing therapies.

The commercial uptake data shows clear engagement from this segment:

• Total unique patient prescriptions for Attruby reached 5,259 as of October 25, 2025.
• Since its launch on August 1, Attruby added 1,508 unique patient prescriptions by October 25.
• In the second quarter of 2025, BridgeBio Pharma reported 3,751 unique patient prescriptions.

Rare Disease Specialists and Cardiologists

These are the key intermediaries-the physicians who diagnose and prescribe. For the ATTR-CM indication, cardiologists are the primary prescribers. The initial commercial momentum for Attruby indicated strong initial adoption by this group.

Here's a look at the prescribing base data we have:

You see growth in both the number of doctors starting to prescribe and the volume of prescriptions coming from existing prescribers. The initial two months saw 430 scripts written by those 248 unique HCPs.

Patients with Other Rare Genetic Diseases

BridgeBio Pharma's model extends to other rare diseases with late-stage pipeline assets. These patient populations are smaller but often have high unmet needs, which can translate to premium pricing and strong payer support if approved.

Key patient populations include:

• Autosomal Dominant Hypocalcemia Type 1 (ADH1): The genetic prevalence is estimated at 1 in 25,000 individuals. This suggests about 12,000 individuals in the U.S. may exhibit symptoms, though only 3,000 to 5,000 are currently diagnosed.
• Achondroplasia: The condition affects approximately 55,000 people in the United States and European Union, including up to 10,000 children and adolescents with open growth plates.
• Achondroplasia and Hypochondroplasia Combined: BridgeBio Pharma estimates 14,000 to 25,000 children in the U.S. and Europe would be eligible for treatment with their investigational drug infigratinib.

Global Pharmaceutical and Biotech Companies for Licensing

This segment represents strategic partners who provide capital, commercial infrastructure in specific geographies, or development expertise for assets outside BridgeBio Pharma's core focus or geographic priority. These are not patients, but they are critical customers for non-core assets or international commercialization rights.

Recent examples show substantial financial arrangements:

• Bayer: Received an exclusive license for acoramidis in Europe. BridgeBio Pharma is eligible for up to $310 million in upfront and near-term milestones, plus tiered royalties starting in the low-thirties percent on European sales.
• Bristol Myers Squibb (BMS): For the SHP2 inhibitor BBP-398 in oncology, BridgeBio Pharma received an upfront payment of $90 million, up to $815 million in milestones, and royalties in the low- to mid-teens.

Finance: draft 13-week cash view by Friday.

BridgeBio Pharma, Inc. (BBIO) - Canvas Business Model: Cost Structure

BridgeBio Pharma, Inc.'s Cost Structure is heavily weighted toward the high-risk, high-reward nature of drug development and the significant investment required for a successful commercial launch of a novel therapy like Attruby.

Heavy research and development (R&D) expenditure remains a core cost, even as some programs advance or are divested. For the first quarter of 2025, R&D expenditure was reported at $111.431 million, as specified for this analysis. By the third quarter of 2025, R&D expenses had seen a decrease, with a $40.6 million decrease for the nine months ended September 30, 2025, compared to the prior year, due to reprioritization of R&D programs.

Selling, General, and Administrative (SG&A) costs reflect the scaling of commercial operations for Attruby. For the three months ended June 30, 2025, SG&A expenses increased by $69.6 million compared to the same period in 2024, largely reflecting investments to support the commercial launch and ongoing activities of Attruby. This trend continued into the third quarter of 2025, with SG&A expenses increasing by $68.8 million year-over-year for the three months ended September 30, 2025.

Costs of goods sold (COGS), referred to as total cost of revenues, directly correlate with the commercial success of Attruby. For the third quarter of 2025, total cost of revenues increased by $6.0 million, primarily due to the cost of Attruby products sold. This contrasts with the first quarter of 2025, where the cost of revenues increased by $2.0 million following the November 2024 launch.

Clinical trial execution and regulatory filing expenses are embedded within R&D and SG&A, but specific milestones drive costs. For instance, the company expects to submit a New Drug Application (NDA) to the FDA in the first half of 2026 for infigratinib. The cash position at the end of Q3 2025, $645.9 million, is intended to support these late-stage pipeline advancements.

Interest expense on debt financing contributes to the other expense line. For the second quarter of 2025, total other income (expense), net, was reported as ($47.4) million. For the six months ended June 30, 2025, the change in total other income (expense), net, compared to 2024 was driven in part by an increase in interest expense of $33.4 million.

You can see how the operating costs break down across the first three quarters of 2025 in the table below. Note that the total operating costs and expenses are the sum of R&D, SG&A, and Cost of Revenues, plus other minor charges.

The company's focus on commercial execution is clear from the SG&A increases, which are directly tied to Attruby's performance, evidenced by its U.S. net product revenue reaching $108.1 million in Q3 2025.

• Clinical trial advancement for BBP-418 and encaleret expected topline results in fall 2025.
• Planned NDA submission for infigratinib in first half of 2026.
• Repayment of previous term loan under credit facility of $459.0 million in February 2025.
• Cash, cash equivalents and marketable securities ended Q3 2025 at $645.9 million.

BridgeBio Pharma, Inc. (BBIO) - Canvas Business Model: Revenue Streams

You're looking at how BridgeBio Pharma, Inc. brings in the money now that Attruby is on the market. It's a mix of product sales, partnership payments, and ongoing royalties. This is the core of their current financial engine, so understanding the components is key.

The primary driver for BridgeBio Pharma, Inc. revenue streams as of late 2025 is the commercial performance of its flagship product, Attruby (acoramidis) in the U.S. The company reported a significant surge in revenue for the third quarter ending September 30, 2025, showing strong adoption post-FDA approval in November 2024.

Here's a breakdown of the revenue components for the third quarter of 2025:

The license and services revenue stream captures payments from collaboration agreements, including milestone achievements. For instance, in the second quarter ended June 30, 2025, BridgeBio Pharma, Inc. recognized a significant one-time payment related to its partnership for BEYONTTRA.

Regulatory and sales milestone payments are an important, albeit lumpy, part of the revenue picture. You saw this clearly in Q2 2025:

• Regulatory-related milestone cash payment from Alexion for the Japan approval of BEYONTTRA: $30.0 million in Q2 2025.

Also contributing to the non-product revenue is the royalty stream from BEYONTTRA, which is approved outside the U.S. BridgeBio Pharma, Inc. took action to monetize a portion of these future receipts in mid-2025 to bolster its current cash position. This is a good example of how they manage their asset base.

Here are the specifics on that royalty monetization transaction completed in June 2025:

• Upfront payment received: $300 million.
• Monetized asset: 60% of royalties on the first $500 million of annual BEYONTTRA net sales in Europe.
• The agreement includes an initial cap of 1.45x.
• BridgeBio Pharma, Inc. anticipates receiving a further $75 million in near-term milestone payments related to the Bayer agreement.
• The tiered royalties on European net sales generally start in the low-30% range.

The Q3 2025 figures show that the royalty revenue on BEYONTTRA net sales in the EU and Japan was $4.3 million for the quarter. That's definitely a step up from the $1.6 million seen in Q2 2025.