We calculate basic net loss per share using the two-class method as a result of the issuance of the Preferred Stock in July 2026 (see Note 13). The two-class method determines net income (loss) per common share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires undistributed earnings for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Preferred Stock contractually entitles the holders of such shares to participate in dividends declared on Common Stock on an as-converted basis, but does not contractually require the holders of such shares to participate in the Company’s losses. Accordingly, no losses are allocated to the Preferred Stock, and the Preferred Stock is excluded from the computation of basic net loss per share in periods in which the Company reports a net loss. However, the cumulative dividends that accrete on the Preferred Stock for the period, whether or not declared, reduce net income or increase net loss attributable to common stockholders. For the period from the Preferred Stock Closing Date to September 30, 2026, the Company recognized dividends of $26.3 million, which includes accretion of the implied discount of $9.9 million.

Basic net loss per share attributable to common stockholders of BridgeBio is computed by dividing net loss attributable to common stockholders of BridgeBio by the weighted-average number of shares of common stock outstanding. Diluted net loss per share attributable to common stockholders of BridgeBio is computed by dividing net loss attributable to common stockholders of BridgeBio by the weighted-average number of shares of common stock outstanding, plus all additional common shares that would have been outstanding, assuming dilutive potential common shares had been issued for other dilutive securities. For the three and nine months ended September 30, 2026 and 2025, diluted and basic net loss per share attributable to common stockholders of BridgeBio were identical since potential common shares were excluded from the calculation, as their effect was antidilutive.


	As of September 30,
	2026	2025
Unvested RSUs	7,997,782	10,694,969
Unvested performance-based RSUs	285,973	194,943
Unvested market-based RSUs	—	375,000
Common stock options issued and outstanding	9,779,350	11,909,994
Estimated shares issuable under performance-based milestone compensation arrangements	1,735,060	1,330,341
Estimated shares issuable under the ESPP	39,429	42,842
Assumed conversion of 2027 Notes	12,878,305	12,878,305
Assumed conversion of 2029 Notes	7,702,988	7,702,988
Assumed conversion of 2031 Notes	11,544,448	11,544,448
Assumed conversion of 2033 Notes	5,720,014	—
Assumed conversion of Preferred Stock	6,777,704	—
	64,461,053	56,673,830

Holders of the Preferred Stock have the right, at any time and from time to time, to convert their shares of Preferred Stock into shares of common stock at the then-effective conversion price, which is initially $137.79 per share and, on and after the fifth anniversary of the Original Issuance Date, $153.10 per share, in each case subject to customary anti-dilution adjustments. As of September 30, 2026, the assumed conversion of the Preferred Stock excludes the accrued cash dividends of $13.7 million, which the Company has elected to pay in cash, as described in Note 13.

We have performance-based milestone compensation arrangements, whose vesting is contingent upon meeting various regulatory, development and sales milestones, with fixed monetary amounts known at inception that can be settled in the form of cash or equity at our sole election, upon achievement of each contingent milestone. The common stock equivalents of such arrangements were estimated as if the contingent milestones were achieved as of the reporting date and the arrangements were all settled in equity.