Free cash flow remains deeply negative with a $197.3 million burn in 2026Q1, further pressured by $33.2 million in stock-based compensation that obscures the true cost of operations.
| Cash from Operations | -443.95M | -445.91M | -520.73M | -527.72M | -419.49M | -497.93M | -399.71M | -253.59M | -136.64M | -40.49M |
| Operating CF Margin % | - | -88.81% | -234.66% | -5672.58% | -540.25% | -714.23% | -4845.61% | -625.21% | - | - |
| Operating CF Growth % | -96.59% | 14.37% | 1.33% | -25.8% | 15.75% | -24.57% | -57.62% | -85.58% | -237.49% | - |
| Net Income | -725.93M | -724.93M | -543.35M | -643.2M | -484.65M | -586.45M | -505.49M | -288.58M | -169.45M | -43.83M |
| Depreciation & Amortization | 5.99M | 5.97M | 6.08M | 6.49M | 6.77M | 5.84M | 3.09M | 859K | 245K | 260K |
| Stock-Based Compensation | 105.12M | 133.02M | 95.8M | 0 | 91.56M | 99.5M | 58.46M | 21.37M | 6.07M | 1.84M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -30.93M | -1.87M | -859K | -14.89M | -260K |
| Other Non-Cash Items | 227.9M | 191.09M | -111.3M | 103.93M | -61.25M | 18.5M | 31.16M | 24.54M | 18.89M | 260K |
| Working Capital Changes | -59.64M | -51.06M | 32.04M | 5.06M | 28.08M | -4.4M | 14.93M | -10.91M | 22.49M | 1.24M |
| Change in Receivables | -89.96M | -134.72M | -2.97M | 15.33M | 15.17M | -19.75M | 2.85M | -2.85M | 0 | 0 |
| Change in Inventory | -29.17M | -25.31M | 0 | 0 | 0 | 19.75M | -2.85M | 2.85M | 0 | 0 |
| Change in Payables | 1.87M | 26.61M | 1.51M | 2.78M | -349K | 2.83M | -735K | -4.66M | 16.7M | 1.58M |
| Cash from Investing | -65.03M | -24.49M | 60.78M | 54.03M | 453.15M | -200.83M | -52.99M | -217.25M | -21.04M | -464K |
| Capital Expenditures | -3.57M | -1.1M | -933K | -1.31M | -4.82M | -48.25M | -7.52M | -5.14M | -18.18M | -464K |
| CapEx % of Revenue | 0.61% | 0.22% | 0.42% | 14.04% | 6.21% | 69.2% | 91.14% | 12.67% | - | - |
| Acquisitions | 600K | 0 | -140K | 0 | 0 | -35M | 21.24M | -5.49M | -2.86M | 2.84M |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.2M | -6.19M | -7.97M | -503K | 118.5M | 48.65M | -21.09M | 784K | -2.86M | 0 |
| Cash from Financing | 848.26M | 359.29M | 748.46M | 451.54M | -13.13M | 736.45M | 447.19M | 398.79M | 501.55M | 112.98M |
| Debt Issued (Net) | 893.96M | 385.5M | 476.58M | 0 | -20.49M | 1.08B | 550M | 36.94M | 56.38M | 4.13M |
| Equity Issued (Net) | -35.21M | -14.13M | 307.21M | 442.93M | 3.29M | -204.75M | -75.71M | 366.24M | 430.53M | 107.02M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -997K | 0 | -1.15M |
| Share Repurchases | -84.5M | -48.28M | -7.53M | -6.88M | -1.56M | -204.75M | -75.71M | 0 | 0 | 0 |
| Other Financing | -10.49M | -12.08M | -35.34M | 8.61M | 4.06M | -138.49M | -27.1M | -4.38M | 14.64M | 1.83M |
| Net Change in Cash | 339.5M | -111.1M | 288.51M | -22.15M | 20.52M | 37.69M | -5.52M | -72.05M | 343.87M | 72.03M |
| Free Cash Flow | -454.12M | -447.01M | -521.66M | -529.03M | -425.81M | -546.18M | -407.23M | -258.73M | -154.82M | -40.95M |
| FCF Margin % | -78.3% | -89.03% | -235.09% | -5686.62% | -548.39% | -783.44% | -4936.74% | -637.88% | - | - |
| FCF Growth % | 10.86% | 14.31% | 1.39% | -24.24% | 22.04% | -34.12% | -57.4% | -67.11% | -278.05% | - |
| FCF per Share | -2.33 | -2.27 | -2.80 | -3.25 | -2.89 | -3.78 | -3.45 | -2.46 | -1.68 | -0.44 |
| FCF Conversion (FCF/Net Income) | 0.63x | 0.61x | 0.97x | 0.82x | 0.87x | 0.89x | 0.89x | 0.97x | 1.05x | 1.32x |
| Interest Paid | 0 | 0 | 0 | 61.11M | 54.44M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical regulatory outcomes
According to recent financial statements, BridgeBio's operating cash flow frequently deviates from net income, with the 2026Q1 period showing an OCF/NI ratio of 1.20, highlighting the significant impact of non-cash items and working capital fluctuations on the company's reported bottom-line performance metrics.
The persistent gap between net income and operating cash flow suggests that accounting earnings are currently poor proxies for the company's actual liquidity position. Investors should monitor these discrepancies, as they often reflect the timing of milestone payments and the heavy reliance on stock-based compensation to manage cash outflows.
As reported in quarterly filings, BridgeBio's free cash flow remains deeply negative, with a 2026Q1 burn of $197.3 million, underscoring the company's ongoing struggle to achieve self-sustaining operations while it continues to fund an extensive and capital-intensive clinical development pipeline across multiple therapeutic subsidiaries.
The trajectory of free cash flow indicates that the firm is in a high-burn phase, with no clear evidence of margin expansion in the near term. This trend suggests that the company remains highly dependent on external capital markets to maintain its current research and development velocity.
Based on historical data, BridgeBio experiences significant working capital volatility, exemplified by a $124.7 million outflow in 2026Q1, which suggests that the timing of milestone-related receivables and payables creates substantial, unpredictable pressure on the company's available cash reserves throughout the fiscal year.
These erratic swings in working capital appear to be a structural byproduct of the hub-and-spoke model, where individual subsidiaries may have disparate payment cycles. Such fluctuations warrant further investigation to determine if they represent operational inefficiencies or merely the inherent lumpiness of biotech collaboration accounting.
As evidenced by the $82.5 million in share repurchases during 2026Q1, BridgeBio's capital deployment strategy appears focused on managing equity dilution, even while the company continues to burn significant cash to support its core clinical programs and maintain its competitive position in the rare disease market.
The decision to allocate capital toward share repurchases while operating at a significant cash deficit may indicate management's desire to support the stock price during critical clinical phases. However, this strategy may be viewed as aggressive given the company's ongoing need for liquidity to fund its long-term pipeline.
Financial disclosures reveal that stock-based compensation remains a material component of the company's cost structure, with $33.2 million recorded in 2026Q1, effectively masking the true extent of the cash burn required to retain specialized talent within its decentralized hub-and-spoke organizational framework.
While SBC is a non-cash expense, it represents a significant dilution risk that is not fully captured in traditional cash flow metrics. Analysts should adjust for this recurring expense to better understand the true economic cost of maintaining the company's current R&D-heavy business model.
Quick answers to the most common questions about buying BBIO stock.
BridgeBio Pharma, Inc. (BBIO) generated $-445.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BridgeBio Pharma, Inc. (BBIO) reported negative free cash flow of $447.0M in 2025, indicating capital requirements exceeded cash from operations.
BridgeBio Pharma, Inc. (BBIO) spent $1.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, BridgeBio Pharma, Inc. (BBIO) spent $48.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.