BridgeBio Oncology Therapeutics, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Cash, cash equivalents, and marketable securities totaled $315.3 million as of September 30, 2026, down from $425.5 million as of December 31, 2025.
• Research and development (R&D) expenses were $29.6 million for the quarter ended September 30, 2026, compared to $35.1 million in the same period of 2025.
• General and administrative (G&A) expenses were $7.9 million for the quarter ended September 30, 2026, compared to $14.1 million in the same period of 2025.
• Net loss was $34.2 million for the quarter ended September 30, 2026, compared to $44.8 million in the same period of 2025.
• Total operating expenses were $37.5 million for the quarter ended September 30, 2026, compared to $49.2 million in the same period of 2025.
• Net loss per share (basic and diluted) was $0.43 for the quarter ended September 30, 2026, compared to $1.03 in the same period of 2025.
• Interest income was $3.3 million for the quarter ended September 30, 2026, compared to $3.4 million in the same period of 2025.
• Accumulated deficit was $(489.3) million as of September 30, 2026, compared to $(356.6) million as of December 31, 2025.
• Total stockholders' equity was $293.4 million as of September 30, 2026, compared to $411.1 million as of December 31, 2025.

Guidance and Future Outlook:

• Cash runway is expected to fund operations into 2029.
• Multiple data catalysts are expected through mid-2027.
• Monotherapy data updates for BBO-11818 and BBO-10203 are expected in the fourth quarter of 2026.

Business Segments and Product Lines:

• BBO-8520: In the ONKORAS-101 Phase 1 study, BBO-8520 combined with pembrolizumab in KRASG12C inhibitor-experienced NSCLC patients showed a 75% objective response rate (ORR) at the 500 mg once-daily dose and 53% across all dose levels (N=17). Monotherapy in 2L+ KRASG12C inhibitor-naïve NSCLC patients showed a 63% ORR (26/41) and 100% disease control rate (41/41).
• BBO-11818: Dosing initiated in combination cohorts with BBO-10203 and cetuximab for KRas-mutant colorectal cancer (CRC) and pancreatic ductal adenocarcinoma (PDAC).
• BBO-10203: Prioritized for internal combinations with BBO-11818 and standard-of-care agents in KRAS-mutant cancers; combination cohorts are enrolling in CRC and PDAC.
• The company's portfolio targets RAS-pathway malignancies, including direct dual inhibition of KRASG12C (BBO-8520), KRASG12D/V (BBO-11818), and disruption of RAS-driven PI3Kα activation (BBO-10203).

Market and Competitive Landscape:

• BBOT aims to address a new patient population of KRASG12C inhibitor-experienced patients in 1L KRASG12C positive NSCLC using BBO-8520 in combination with pembrolizumab.
• The company positions itself to achieve concurrent, high-level suppression of both the MAPK and PI3Kα pathways through a wholly-owned internal combination strategy.

Risks and Challenges:

• Forward-looking statements highlight risks related to the design and success of ongoing and planned clinical trials.
• Risks include adverse events encountered in clinical trials, uncertainty of projected financial information, and the timing of expected regulatory and business milestones.
• Potential risks involve the impact of competitive products, supply of materials, and changes in domestic and foreign business, market, financial, political, and legal conditions.

Management Commentary and Tone:

• CEO Pedro J. Beltran, Ph.D., described the third quarter as an important period for reporting updated clinical data and delineating strategic focus.
• Management expressed confidence driven by encouraging clinical data across all three programs and the execution of multiple combinations with potential for significant patient benefit.
• The CEO stated the company is well-positioned to advance differentiated therapies for patients with KRAS-driven cancers, citing a strong balance sheet and multiple data catalysts.

Other Key Points:

• The decrease in G&A expenses was primarily due to a $7.8 million charge recognized in the third quarter of 2025 related to common stock issuable to BridgeBio Pharma, partially offset by an increase in legal and other business expenses.
• The decrease in R&D expenses was primarily driven by a decrease in clinical stage program-related expenses.
• The company is a clinical-stage biopharmaceutical company focused on RAS-pathway malignancies with the goal of improving outcomes for patients with cancers driven by the two most prevalent oncogenes in human tumors.