Why BridgeBio Pharma Shares Are Trading Lower Today - BridgeBio Pharma (NASDAQ:BBIO)

BridgeBio Pharma Inc BBIO estimates between $23 million to $25 million in restructuring-related costs, including write-offs of long-lived assets, severance and employee-related costs, and exit and other related costs.
“The restructuring initiative included, among other components, consolidation and rationalization of facilities, reprioritization of development programs, and the reduction of our workforce,” the company said.
In March, BridgeBio sold off fosdenopterin, an injection drug for molybdenum cofactor deficiency (MoCD) type A, a rare genetic disorder, to Sentynl Therapeutics, netting $10 million upfront in the deal.
The company is also looking to out-license six programs “due to the need to conserve capital and prioritize focused execution.
Those programs include two drugs in clinical trials — one for dystrophic epidermolysis bullosa, a condition in which people are missing a collagen protein in a Phase 2 extension study, and a topical PI3KA inhibitor for venous lymphatic malformations in Phase 1/2 study.
BridgeBio also said it plans to out-license its two preclinical AAV gene therapy programs – one for nonsyndromic hearing loss and one for classic galactosemia, an inherited condition in which people cannot digest a sugar found in milk.
The final two programs BridgeBio is hoping to out-license are also still in preclinical studies.
The company held cash, cash equivalents, and marketable securities of $633.5 million, providing a cash runway into 2024.
Price Action: BBIO shares are down 14.21% at $7.37 during the market session on the last check Thursday.

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BridgeBio Shares Plunge After it Details Out-Licensing Plans For 'Restructuring Initiative'