BBOT remains pre-revenue with operating losses scaling rapidly, as R&D expenses reached $49.2M in Q2 2026, constituting 82% of total operating costs and driving a net loss of $56.5M.
BridgeBio Oncology Therapeutics Inc. (BBOT) annual income statement — 5-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Goods Sold | 186K | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | -186K | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - |
| Operating Expenses | 198.77M | 145.82M | 80.86M | 64.77M | 3.52K | 43.36K |
| OpEx % of Revenue | - | - | - | - | - | - |
| Selling, General & Admin | 36.8M | 24.62M | 7.76M | 8.48M | 3.52K | 43.36K |
| SG&A % of Revenue | - | - | - | - | - | - |
| Research & Development | 162.15M | 121.2M | 73.11M | 56.29M | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | -186K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -198.96M | -145.82M | -80.86M | -64.77M | -3.52K | -43.36K |
| Operating Margin % | - | - | - | - | - | - |
| Operating Income Growth % | - | -80.33% | -24.84% | -1839985.23% | 91.88% | - |
| EBITDA | -194.66M | -145.21M | -80.66M | -64.68M | 0 | 30.97K |
| EBITDA Margin % | - | - | - | - | - | - |
| EBITDA Growth % | -106.13% | -80.04% | -24.7% | - | -100% | - |
| D&A (Non-Cash Add-back) | 561K | 610K | 208K | 92K | 3.52K | 74.33K |
| EBIT | -195.22M | -145.82M | -80.86M | -64.77M | -3.52K | -43.36K |
| Net Interest Income | 15.36M | 11.34M | 8.46M | 72K | 0 | 0 |
| Interest Income | 15.36M | 11.34M | 8.46M | 72K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 16.84M | 11.78M | 8.18M | 72K | 0 | 0 |
| Pretax Income | -182.11M | -134.04M | -74.28M | -64.7M | -3.52K | -43.36K |
| Pretax Margin % | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -182.11M | -134.04M | -74.28M | -64.7M | -3.52K | -43.36K |
| Net Margin % | - | - | - | - | - | - |
| Net Income Growth % | -108.13% | -80.47% | -14.8% | -1837939.77% | 91.88% | - |
| Net Income (Continuing) | -182.11M | -134.04M | 7.6M | -64.7M | -3.52K | -43.36K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2274.89 | -4.30 | 0.46 | -3.16 | -0.00 | -0.00 |
| EPS Growth % | -25520.94% | -1034.78% | 114.56% | - | - | - |
| EPS (Basic) | - | -4.30 | 0.46 | -3.16 | 0.00 | -0.00 |
| Diluted Shares Outstanding | 80.05K | 31.14M | 16.64M | 20.48M | 20.48M | 20.48M |
| Basic Shares Outstanding | 80.05K | 31.14M | 16.64M | 20.48M | 20.48M | 20.48M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Quick answers to the most common questions about buying BBOT stock.
For fiscal year 2025, BridgeBio Oncology Therapeutics Inc. (BBOT) reported total revenue of $0.0M.
BridgeBio Oncology Therapeutics Inc. (BBOT) reported a net loss of $134.0M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Pre-revenue burn with accelerating R&D
Metrics are mathematically derived from official filings.
Pre-Revenue Trajectory with Rising R&D
BBOT's income statement reflects a pre-commercial, clinical-stage operation, as zero reported revenue across all periods is paired with a 271% year-over-year surge in Q2 2026 R&D expense to $49.2 million, signaling a significant acceleration in pipeline investment.
The absence of revenue is characteristic of a development-stage biotech, focusing the analysis entirely on the magnitude and trajectory of its investment spend. The sharp escalation in R&D spending, particularly the jump from $27.4 million in Q2 2025 to $49.2 million in Q2 2026, suggests the company is advancing multiple programs into later-stage, more costly trials. This trajectory indicates the primary business driver is not top-line growth but the successful capitalization of research into tangible assets or partnerships.
R&D Dominance and Expense Scaling
Research and development costs are the overwhelming primary expense, constituting nearly 82% of total operating costs in Q2 2026, with SG&A also scaling materially to support the growing operational footprint.
The cost structure is fundamentally defined by R&D investment, which grew from $13.2 million in Q1 2024 to $49.2 million in Q2 2026. This scaling appears deliberate and correlates with the progression of clinical trials, which are typically the most capital-intensive phase. SG&A costs, while smaller in absolute terms, also show a clear upward trend, rising from $1.4 million to $11.0 million over the same period, which may indicate the company is building out a commercial or corporate infrastructure in anticipation of future product launches.
Negative Operating Leverage in Scale-Up
Operating losses are scaling faster than the underlying cost base, as evidenced by the operating loss widening from $15.4 million in Q1 2024 to $60.2 million in Q2 2026, reflecting the severe negative operating leverage inherent in a pre-revenue ramp.
With no revenue to offset costs, every dollar of increased R&D or SG&A spend directly translates to a dollar of additional operating loss. The data shows this relationship is accelerating; the quarterly operating loss has nearly quadrupled in just over two years. This dynamic underscores the critical importance of successful clinical milestones and partnership or financing events, as the current burn rate is not sustainable without external capital infusion.
Losses Dominated by Non-Cash Charges
Net losses are significantly influenced by non-cash stock-based compensation, which accounted for $7.2 million of the $56.5 million net loss in Q2 2026, representing a material portion of the reported deficit.
The quality of the net loss is impacted by SBC, which fluctuates quarterly and can distort the underlying cash burn. For instance, SBC was minimal in some quarters (e.g., Q1 2026 at $0) but spiked to $7.2 million in Q2 2026. This variability suggests that a portion of the loss is an accounting expense rather than a cash outflow. Investors should therefore monitor the cash flow from operations alongside net income to gauge the true pace of capital consumption.
Sustainability of Capital Consumption
The most significant challenge to the investment thesis is the accelerating and substantial cash burn without any corresponding revenue or clear de-risking catalyst, which may pressure future financing terms and shareholder dilution.
The income statement reveals a business consuming capital at an increasing rate, with the quarterly operating deficit expanding dramatically. While common for clinical-stage biotechs, the scale and trajectory warrant scrutiny of the company's cash runway and the feasibility of its financing plan. The lack of revenue means the company's value is entirely predicated on future clinical and commercial success, making the widening losses a focal point for assessing risk.