[Form 4] BridgeBio Pharma, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Wag! Group Co. (Nasdaq: PET) filed its Q2-25 Form 10-Q while operating under Chapter 11 protection filed on 21 Jul 25. Revenue fell 10.4% YoY to $16.7 m and is down 23.8% YTD to $31.9 m, reflecting softer wellness and pet-food affiliate activity and a 7.9% drop in platform participants. Q2 net loss widened to $6.1 m (-36.8% margin) from a $2.3 m loss last year; YTD loss is $11.0 m. Adjusted EBITDA swung to a $2.2 m loss from a $1.6 m profit.

Liquidity remains strained: cash & equivalents decreased to $2.7 m (5.6 m YE-24), while total debt is $19.6 m, predominately a term loan maturing 9 Aug 25. A $5 m sale of the Furscription asset on 14 Jul 25 repaid $3.4 m of this loan. The company secured a $6.5 m DIP term facility (15% interest, 18% default) and negotiated an $18.3 m exit facility, but the Chapter 11 plan hands 100% of post-reorg equity to lender Retriever LLC and cancels current shares.

The filing triggered debt acceleration; enforcement is stayed by the court. Nasdaq issued a delisting notice on 23 Jul 25 and suspended trading 30 Jul 25. Management reiterates “substantial doubt” about going-concern status.

Balance sheet shows a stockholders’ deficit of $8.0 m versus $0.5 m at YE-24 and a current-liability overhang of $32.0 m against $10.9 m in current assets.

Positive

• DIP financing of up to $6.5 m provides short-term operating cash during Chapter 11.
• $5 m Furscription asset sale generated liquidity and reduced secured debt to $16.3 m.
• Adjusted opex cuts lowered platform operations spend 16% YoY and YTD operating cash burn to $1.3 m.

Negative

• Chapter 11 filing triggers equity cancellation and debt acceleration, signaling severe financial distress.
• Revenue down 24% YTD and EBITDA turned negative, undermining business model scalability.
• Stockholders’ deficit widened to $8.0 m; current liabilities exceed current assets by $21.1 m.
• Nasdaq delisting effective 30 Jul 25 eliminates market liquidity for current shares.
• High-cost DIP and exit loans carry 15–18% rates, adding financial burden post-emergence.

Insights

Distressed-Debt Analyst

TL;DR: Chapter 11 terms effectively wipe out existing equity; recovery hinges on court approval and exit financing.

The DIP and proposed exit facility provide near-term liquidity but at high cost (15-18% rates) and subordinate all pre-petition claims. Retriever obtains full equity via the plan, leaving current shareholders with zero recovery; warrants, RSUs and earn-out shares will be cancelled. Revenue contraction and negative EBITDA confirm the business cannot service the August 2025 maturity without restructuring. Bankruptcy court approval is likely given lender support, yet any obstacle could push the case into liquidation given $2.7 m cash vs. $19.6 m debt. Rating: -1.

Equity Analyst

TL;DR: Equity thesis is broken—stock suspended and slated for cancellation under the plan.

Operational metrics deteriorated: platform participants down 7.9%, revenue per participant lagging, and marketing spend still 74% of sales. Cash burn YTD is modest (-$1.3 m) after cost cuts, but leverage and covenant breaches precipitated the filing. Even if operations stabilize, existing shareholders receive no value post-reorg, and delisting removes liquidity. The only plausible upside would be a competing plan, which appears remote. Rating: -1.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ellis Andrea

(Last) (First) (Middle)

C/O BRIDGEBIO PHARMA, INC.

3160 PORTER DR., SUITE 250

(Street)

PALO ALTO CA 94304

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BridgeBio Pharma, Inc. [ BBIO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/05/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/05/2025		M(1)		17,167	A	$16.75	35,756	D
Common Stock	08/05/2025		S(1)		17,167	D	$49	18,589	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$16.75	08/05/2025		M(1)			17,167	(2)	06/21/2033	Common Stock	17,167	$0	34,334	D

Explanation of Responses:

1. This transaction was effected pursuant to a Rule 10b5-1 sales plan adopted by the Reporting Person on December 30, 2024.

2. The option vests in three annual installments from June 21, 2024 through June 21, 2026, subject to the Reporting Person's continued service on the Issuer's board of directors.

	/s/ Will Solis, Attorney-in-Fact	08/07/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Why did Wag! Group Co. (PET) file for Chapter 11?

The company lacked liquidity to repay its $19.6 m term loan maturing Aug 9 2025 and breached minimum liquidity covenants, prompting a pre-packaged restructuring.

What happens to PET common stock under the proposed plan?

All existing equity, warrants, RSUs and options will be cancelled; Retriever LLC will receive 100% of the reorganized shares.

How much cash does Wag! have post-quarter?

As of 30 Jun 25, cash and cash equivalents were $2.7 m, down from $5.6 m at 31 Dec 24.

What are the terms of the DIP financing?

Up to $6.5 m senior-secured super-priority term loan, 15% interest (18% upon default), 1% commitment fee, 2% exit fee.

Why was PET delisted from Nasdaq?

Nasdaq determined the bankruptcy filing and plan to cancel current shares violated listing rules; trading was suspended 30 Jul 25.

Did Wag! reduce its debt during Q2 2025?

Yes, proceeds from the $5 m Furscription sale paid down the term loan to approximately $16.3 m.