BBIO

BridgeBio is a commercial-stage rare-disease biopharma in the early innings of a major product launch. FY2025 revenue more than doubled — up 126.3% to $502M — the signature of a successful new-drug ramp (its ATTR-cardiomyopathy franchise). That top-line trajectory is the entire bull case: if the launch keeps compounding at anything close to this pace, the company grows into a valuation that currently sits at 25.6x sales.

But the financial profile is fragile. The company lost $733M in FY2025 (net margin -146.0%) with an operating loss of $523M, and it still burned $446M of operating cash. Stockholders' equity is deeply negative at -$2.09B, retained-earnings deficit is -$3.82B, and long-term debt ballooned to $2.01B (from a negligible base) to fund operations — so the balance sheet is highly levered with no equity cushion. Cash fell 16.3% to $570M, which against ~$446M annual cash burn is a thin runway absent the revenue ramp accelerating or further financing. R&D spend of $452M (down 10.8%) shows some cost discipline as the company pivots from pure development toward commercialization.