Equity Method Investments	6 Months Ended
Jun. 30, 2026
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments GondolaBio Since inception through August 16, 2024, Portal Therapeutics, Inc. and Sub21, Inc. were majority-owned consolidated subsidiaries of the Company. On August 16, 2024, the Company contributed its equity ownership in these entities to GondolaBio, LLC (“GondolaBio”) and as a result, Portal Therapeutics, Inc. and Sub21, Inc. were deconsolidated in conjunction with the GondolaBio transaction, as further described below. GondolaBio was formed on June 5, 2024 and the Company was the sole member. In August 2024, the Company entered into the Transaction Agreement providing for the formation and funding by certain third-party investors of GondolaBio, a legal joint venture entity for the purpose of researching, developing, manufacturing and commercializing pharmaceutical products, including those contributed to GondolaBio by the Company. The third-party investors providing financing to GondolaBio consist of an investor syndicate, including Viking Global Investors LP, Patient Square Capital, Aisling Capital and an entity owned by Neil Kumar, the Company’s Chief Executive Officer, who are related parties of the Company. The Company contributed certain assets and its equity in Portal Therapeutics, Inc. and Sub21, Inc. to GondolaBio. Upon completion of the initial contributions, the Company’s equity ownership in GondolaBio was 45.5%. As of June 30, 2026, the Company’s equity ownership percentage in GondolaBio was 13.6%. In August 2024, in conjunction with the Transaction Agreement, the limited liability company agreement of GondolaBio was amended and restated (the “A&R LLC Agreement”). The A&R LLC Agreement sets forth, among other things, the economic and governance rights of the members of GondolaBio, including governance rights, economic preferences, privileges, restrictions and obligations of the members. The change in governance structure and composition of the board of managers was deemed a VIE reconsideration event, and GondolaBio was deemed a VIE. As a result of the change in governance structure and composition of the board of managers, BridgeBio is no longer the primary beneficiary, as it no longer has the power over key decisions that significantly impact GondolaBio’s economic performance. Accordingly, BridgeBio deconsolidated GondolaBio, inclusive of Portal Therapeutics, Inc. and Sub21, Inc., on August 16, 2024. Upon the deconsolidation of GondolaBio, BridgeBio accounted for its investment in GondolaBio, for which it has significant influence through its ownership interest, using the equity method of accounting under ASC 323. GondolaBio was also deemed a related party. For the three and six months ended June 30, 2026, the Company recognized a net loss from equity method investment of nil and $6.4 million, respectively. For the three and six months ended June 30, 2025, the Company recognized a net loss from equity method investment of $9.1 million and $15.9 million, respectively. During the three and six months ended June 30, 2026, the Company’s share of GondolaBio’s net loss exceeded the carrying value of its investment. Accordingly, the Company recognized losses only to the extent of its investment, and the carrying value of the investment was reduced to zero. As of December 31, 2025, the aggregate carrying amount of the Company’s equity method investment in GondolaBio was $6.4 million, and is presented as part of “Equity method investments” on the condensed consolidated balance sheets. In addition, the Company and GondolaBio ServiceCo, Inc., a wholly-owned subsidiary of GondolaBio, have an existing transition services agreement (the “GondolaBio Transition Services Agreement”) for the provision of certain transitionary consulting services by the Company and GondolaBio. In October 2024, the Company and GondolaBio entered into an agreement for a partial sublease of a facility which was amended and renewed in October 2025 (the “Sublease Agreement”). Under the GondolaBio Transition Services Agreement and Sublease Agreement, the Company recognized $2.2 million and $4.7 million, respectively, in other income, and $0.6 million and $2.5 million, respectively, of pass-through costs and sublease income recorded as an offset against operating expenses, during the three and six months ended June 30, 2026. Under the GondolaBio Transition Services Agreement and Sublease Agreement, the Company recognized $2.7 million and $5.4 million, respectively, in other income, and $1.9 million and $2.7 million, respectively, of pass-through costs and sublease income recorded as an offset against operating expenses, during the three and six months ended June 30, 2025. As of June 30, 2026 and December 31, 2025, the Company had $3.4 million and $4.5 million, respectively, in prepaid expenses and other current assets for transitionary consulting services provided by BridgeBio to GondolaBio and for sublease income. The Company also recognized $0.4 million in research and development expenses for the three and six months ended June 30, 2026 for transitionary consulting services provided by GondolaBio to BridgeBio. The Company recognized $0.5 million and $1.2 million, respectively, in research and development expenses for the three and six months ended June 30, 2025 for transitionary consulting services provided by GondolaBio to BridgeBio. As of June 30, 2026 and December 31, 2025, the Company also had $0.8 million and $1.5 million, respectively, in other current liabilities for transitionary consulting services provided by GondolaBio to BridgeBio. BridgeBio Oncology Therapeutics, Inc. On April 30, 2024, TheRas, Inc., doing business as BridgeBio Oncology Therapeutics (“Legacy BBOT”), a majority-owned subsidiary of the Company, completed a $200.0 million private equity financing with external investors to accelerate the development of its oncology portfolio. Upon completion of the private equity financing, the Company’s ownership of Legacy BBOT’s equity was reduced to approximately 37.9%. As part of the private equity financing transaction, Legacy BBOT’s Certificate of Incorporation and Investors’ Rights Agreement were amended and restated to reflect a change to BBOT’s governance structure and composition of the board of directors, which was determined to be a VIE reconsideration event. Based on the VIE reconsideration assessment, Legacy BBOT was deemed a VIE. As a result of the change in governance structure and composition of the board of directors, BridgeBio was no longer the primary beneficiary of BBOT, as it no longer had the power over key decisions that significantly impact Legacy BBOT’s economic performance. Accordingly, BridgeBio deconsolidated Legacy BBOT on April 30, 2024. Upon the deconsolidation of Legacy BBOT, BridgeBio accounted for its retained investment in Legacy BBOT, for which it has significant influence through its ownership interest, using the equity method of accounting under ASC 323. Legacy BBOT was also deemed a related party. On February 28, 2025, Legacy BBOT and Helix Acquisition Corp. II (“Helix”), a special purpose acquisition company, entered into a business combination agreement with Helix II Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Helix, and Legacy BBOT. On August 11, 2025, the business combination with Helix closed, and the combined company was renamed “BridgeBio Oncology Therapeutics, Inc.” BridgeBio Oncology Therapeutics, Inc. began publicly trading on the Nasdaq Global Market under the ticker symbol “BBOT” on August 12, 2025. The Company’s equity ownership percentage in BBOT was 18.2% as of June 30, 2026. BridgeBio continues to account for its retained investment in BBOT, for which it has significant influence, using the equity method of accounting. For the three and six months ended June 30, 2026, we recognized a net loss from equity method investment of $6.2 million and $17.9 million, respectively. For the three and six months ended June 30, 2025, we recognized a net loss from equity method investment of $11.1 million and $19.8 million, respectively. As of June 30, 2026 and December 31, 2025, the aggregate carrying amount of our equity method investment in BBOT was $54.6 million and $72.5 million, respectively, and is presented as part of “Equity method investments” on our condensed consolidated balance sheets. As of June 30, 2026 and December 31, 2025, the Level 1 fair value of our investment in BBOT was $111.2 million and $182.7 million, respectively, based on the quoted market price of BBOT's common stock as of those reporting dates. In addition, the Company and Legacy BBOT have an existing transition services agreement (the “BBOT Transition Services Agreement”) for the provision of certain transitionary consulting services by the Company and Legacy BBOT. All related amounts, including research and development expenses and related accrued liabilities, were immaterial for all periods presented.

Since inception through August 16, 2024, Portal Therapeutics, Inc. and Sub21, Inc. were majority-owned consolidated subsidiaries of the Company. On August 16, 2024, the Company contributed its equity ownership in these entities to GondolaBio, LLC (“GondolaBio”) and as a result, Portal Therapeutics, Inc. and Sub21, Inc. were deconsolidated in conjunction with the GondolaBio transaction, as further described below.

GondolaBio was formed on June 5, 2024 and the Company was the sole member. In August 2024, the Company entered into the Transaction Agreement providing for the formation and funding by certain third-party investors of GondolaBio, a legal joint venture entity for the purpose of researching, developing, manufacturing and commercializing pharmaceutical products, including those contributed to GondolaBio by the Company. The third-party investors providing financing to GondolaBio consist of an investor syndicate, including Viking Global Investors LP, Patient Square Capital, Aisling Capital and an entity owned by Neil Kumar, the Company’s Chief Executive Officer, who are related parties of the Company. The Company contributed certain assets and its equity in Portal Therapeutics, Inc. and Sub21, Inc. to GondolaBio. Upon completion of the initial contributions, the Company’s equity ownership in GondolaBio was 45.5%. As of June 30, 2026, the Company’s equity ownership percentage in GondolaBio was 13.6%.

In August 2024, in conjunction with the Transaction Agreement, the limited liability company agreement of GondolaBio was amended and restated (the “A&R LLC Agreement”). The A&R LLC Agreement sets forth, among other things, the economic and governance rights of the members of GondolaBio, including governance rights, economic preferences, privileges, restrictions and obligations of the members. The change in governance structure and composition of the board of managers was deemed a VIE reconsideration event, and GondolaBio was deemed a VIE. As a result of the change in governance structure and composition of the board of managers, BridgeBio is no longer the primary beneficiary, as it no longer has the power over key decisions that significantly impact GondolaBio’s economic performance. Accordingly, BridgeBio deconsolidated GondolaBio, inclusive of Portal Therapeutics, Inc. and Sub21, Inc., on August 16, 2024.

Upon the deconsolidation of GondolaBio, BridgeBio accounted for its investment in GondolaBio, for which it has significant influence through its ownership interest, using the equity method of accounting under ASC 323. GondolaBio was also deemed a related party. For the three and six months ended June 30, 2026, the Company recognized a net loss from equity method investment of nil and $6.4 million, respectively. For the three and six months ended June 30, 2025, the Company recognized a net loss from equity method investment of $9.1 million and $15.9 million, respectively. During the three and six months ended June 30, 2026, the Company’s share of GondolaBio’s net loss exceeded the carrying value of its investment. Accordingly, the Company recognized losses only to the extent of its investment, and the carrying value of the investment was reduced to zero. As of December 31, 2025, the aggregate carrying amount of the Company’s equity method investment in GondolaBio was $6.4 million, and is presented as part of “Equity method investments” on the condensed consolidated balance sheets.

In addition, the Company and GondolaBio ServiceCo, Inc., a wholly-owned subsidiary of GondolaBio, have an existing transition services agreement (the “GondolaBio Transition Services Agreement”) for the provision of certain transitionary consulting services by the Company and GondolaBio. In October 2024, the Company and GondolaBio entered into an agreement for a partial sublease of a facility which was amended and renewed in October 2025 (the “Sublease Agreement”). Under the GondolaBio Transition Services Agreement and Sublease Agreement, the Company recognized $2.2 million and $4.7 million, respectively, in other income, and $0.6 million and $2.5 million, respectively, of pass-through costs and sublease income recorded as an offset against operating expenses, during the three and six months ended June 30, 2026. Under the GondolaBio Transition Services Agreement and Sublease Agreement, the Company recognized $2.7 million and $5.4 million, respectively, in other income, and $1.9 million and $2.7 million, respectively, of pass-through costs and sublease income recorded as an offset against operating expenses, during the three and six months ended June 30, 2025. As of June 30, 2026 and December 31, 2025, the Company had $3.4 million and $4.5 million, respectively, in prepaid expenses and other current assets for transitionary consulting services provided by BridgeBio to GondolaBio and for sublease income. The Company also recognized $0.4 million in research and development expenses for the three and six months ended June 30, 2026 for transitionary consulting services provided by GondolaBio to BridgeBio. The Company recognized $0.5 million and $1.2 million, respectively, in research and development expenses for the three and six months ended June 30, 2025 for transitionary consulting services provided by GondolaBio to BridgeBio. As of June 30, 2026 and December 31, 2025, the Company also had $0.8 million and $1.5 million, respectively, in other current liabilities for transitionary consulting services provided by GondolaBio to BridgeBio.

On April 30, 2024, TheRas, Inc., doing business as BridgeBio Oncology Therapeutics (“Legacy BBOT”), a majority-owned subsidiary of the Company, completed a $200.0 million private equity financing with external investors to accelerate the development of its oncology portfolio. Upon completion of the private equity financing, the Company’s ownership of Legacy BBOT’s equity was reduced to approximately 37.9%.

As part of the private equity financing transaction, Legacy BBOT’s Certificate of Incorporation and Investors’ Rights Agreement were amended and restated to reflect a change to BBOT’s governance structure and composition of the board of directors, which was determined to be a VIE reconsideration event. Based on the VIE reconsideration assessment, Legacy BBOT was deemed a VIE. As a result of the change in governance structure and composition of the board of directors, BridgeBio was no longer the primary beneficiary of BBOT, as it no longer had the power over key decisions that significantly impact Legacy BBOT’s economic performance. Accordingly, BridgeBio deconsolidated Legacy BBOT on April 30, 2024.

On February 28, 2025, Legacy BBOT and Helix Acquisition Corp. II (“Helix”), a special purpose acquisition company, entered into a business combination agreement with Helix II Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Helix, and Legacy BBOT. On August 11, 2025, the business combination with Helix closed, and the combined company was renamed “BridgeBio Oncology Therapeutics, Inc.” BridgeBio Oncology Therapeutics, Inc. began publicly trading on the Nasdaq Global Market under the ticker symbol “BBOT” on August 12, 2025.

For the three and six months ended June 30, 2026, we recognized a net loss from equity method investment of $6.2 million and $17.9 million, respectively. For the three and six months ended June 30, 2025, we recognized a net loss from equity method investment of $11.1 million and $19.8 million, respectively. As of June 30, 2026 and December 31, 2025, the aggregate carrying amount of our equity method investment in BBOT was $54.6 million and $72.5 million, respectively, and is presented as part of “Equity method investments” on our condensed consolidated balance sheets. As of June 30, 2026 and December 31, 2025, the Level 1 fair value of our investment in BBOT was $111.2 million and $182.7 million, respectively, based on the quoted market price of BBOT's common stock as of those reporting dates.