Dear Shareholders,

We are living in extraordinary times, marked by extraordinary human suffering. The COVID-19 pandemic is impacting all people and industries. We salute the brave physicians, nurses, first responders, and medical staff who are working across the globe to care for patients.

In the face of these unprecedented challenges, we have been awed by the selfless work of our partners. I’m thinking of the doctor and his colleagues who travel daily to the home of a patient with molybdenum cofactor deficiency (MoCD) type A to infuse our investigational cPMP substrate replacement therapy, fosdenopterin. I’m thinking of the physicians who are helping us with home delivery of our study drug to patients with transthyretin (TTR) amyloidosis (ATTR). I’m thinking of the contract manufacturing organizations we work with which are finding new ways to ensure clinical trial materials are manufactured as supply chains face the risk of disruption across the globe. And I’m thinking of our contract research organization partners who continue key scientific experiments even as our labs, in some cases, are closed.

Despite the current focus on COVID-19 the burden of genetic disease remains unchanged. Many of the patients we work with are battling devastating diseases that will not wait for this pandemic to pass. We have not stopped and will not stop working for these patients.

BridgeBio’s COVID-19 Response

Current Snapshot of BridgeBio

We founded BridgeBio five years ago with the aim of creating one of the most productive engines for the generation of life-changing medicines for patients with genetic diseases. And we believe that we are just at the beginning of the journey we aspire to take as a company.

One of our goals in launching BridgeBio was to create a vehicle that could attract a new set of investors to fund critical biomedical research and drug development. We embraced a novel business model, building a pipeline of potential therapies big and small, where the success of one program is not scientifically correlated to the success of another, and where the scale of the pipeline allows us to access anticipated positive returns in an industry where modal returns are negative.

BridgeBio and Genetic Medicine

These are still the early days, both for BridgeBio, and indeed for the field of genetic medicine. The opportunity to help patients is vast – millions of Americans and millions more worldwide suffer from genetic diseases without treatment and we have built BridgeBio to help as many of those patients as possible. There is an ongoing boom in scientific innovation around genetic disease, driven by a confluence of advancements in three areas:

The boom in science has not been met, we feel, by a commensurate level of activity in drug development. The rate of first-time financings for biotech startups remains flat at about 200-300 new biotech companies per year (with the first quarter of 2020 showing the lowest total in the past five years). The diversity of ideas being funded forward is small, juxtaposed against the ~50,000 National Institutes of Health research grants awarded each year, or the 2,000-plus healthcare patents generated every year in academia, or the 300-plus disease-causing genes being identified each year. There is considerable innovation, and therefore significant opportunity – but not a lot of people are doing anything about it.

BridgeBio was founded to do something about it – to advance potential treatments for patients efficiently and at scale.

We Built BridgeBio To Develop Meaningful Treatments For Patients, At Scale

What does the optimal company to thrive in the genetic disease space look like? We believe it looks like BridgeBio. Our company is built around the following core attributes:

Distinctive early-stage asset selection

Experienced, world-class R&D team

Efficient corporate structure

The willingness and the scale to fail

Focus at the level of individual diseases and assets

Given this vision and the tenets that we think underlie a successful and productive genetic disease company, how should you expect BridgeBio to act?

We see BridgeBio as an attractive long-term investment for those who believe, as we do, that the healthcare industry stands at the beginning of the era of genetic medicine. We believe that what is needed at this juncture is not simply a new company, but a new type of company, one conceived and designed specifically as an engine for efficiently and repeatedly driving to translate the rapidly growing pool of scientific innovation around genetic diseases into life-changing medicines for patients. That is BridgeBio.

We are grateful for your partnership in this work. We believe that together we can deliver hope through rigorous science.

Chief Executive Officer