BridgeBio Oncology (Nasdaq: BBOT) widens Q1 2026 loss while advancing RAS-pathway cancer programs
Rhea-AI Filing Summary
BridgeBio Oncology Therapeutics reported a wider net loss for the first quarter of 2026 while advancing its three RAS‑pathway cancer programs. Net loss was $42.1 million for the quarter ended March 31, 2026, compared with $22.1 million a year earlier, driven mainly by higher research and development spending as multiple clinical trials progressed.
R&D expenses rose to $39.8 million from $20.6 million, and general and administrative costs increased to $6.4 million from $2.5 million, reflecting standalone operations after its de‑SPAC transaction. The company held $388.9 million in cash, cash equivalents and marketable securities as of March 31, 2026 and expects this to fund operations into 2028. BBOT highlighted encouraging early efficacy and safety signals from BBO‑8520, BBO‑11818 and BBO‑10203, with updated clinical data across all three programs expected in the second half of 2026.
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Insights
BBOT increased R&D to advance three oncology programs while maintaining a multi‑year cash runway.
BridgeBio Oncology Therapeutics is clearly in investment mode. R&D expenses nearly doubled to $39.8 million in Q1 2026 from $20.6 million, reflecting three ongoing Phase 1 studies and preparation for internal combination trials across its RAS‑pathway portfolio.
General and administrative costs also rose to $6.4 million from $2.5 million, tied to standalone operations following its de‑SPAC transaction. This contributed to the wider net loss of $42.1 million versus $22.1 million a year earlier, a typical pattern for early clinical‑stage companies scaling activity.
The company ended March 31, 2026 with $388.9 million in cash, cash equivalents and marketable securities, and states this should fund operations into 2028. Upcoming clinical data readouts in the second half of 2026 across BBO‑8520, BBO‑11818 and BBO‑10203, including internal combination work, will be key drivers of how this spending translates into future value, based on results disclosed in subsequent updates.
8-K Event Classification
Key Figures
Key Terms
objective response rate medical
progression-free survival medical
partial response medical
pan-KRAS inhibitor medical
Phase 1 medical
cash runway financial
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Item 2.02 Results of Operations and Financial Condition.
On May 12, 2026, BridgeBio Oncology Therapeutics, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is attached as Exhibit 99.1.
The information in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”) or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of the general incorporation language of such filing, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
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Description |
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99.1 |
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Press release dated May 12, 2026. |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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BRIDGEBIO ONCOLOGY THERAPEUTICS, INC. |
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Date: May 12, 2026 |
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By: |
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/s/ Pedro J. Beltran |
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Name: |
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Pedro J. Beltran, Ph.D. |
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Title: |
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Chief Executive Officer |
Exhibit 99.1
BBOT Reports First Quarter 2026 Financial Results and Update on Corporate Progress
SOUTH SAN FRANCISCO, Calif., May 12, 2026 — BridgeBio Oncology Therapeutics, Inc. (“BBOT”) (Nasdaq: BBOT), a clinical-stage biopharmaceutical company focused on RAS-pathway malignancies, today reported financial results for the first quarter ended March 31, 2026, and provided a business update, including highlights of pipeline progress.
BBOT's portfolio of late-stage RAS-pathway inhibitors is designed to enable direct dual inhibition of KRAS in both its ON and OFF states, pan-KRAS coverage across major KRAS mutations, and disruption of RAS-driven PI3Kα activation. Together, these assets uniquely position BBOT to achieve safe, concurrent, high-level suppression of both the MAPK and PI3Kα pathways through a wholly owned internal combination strategy.
"In the first quarter, we reported meaningful progress across all three clinical programs, including encouraging preliminary antitumor activity and a potentially differentiated safety profile for BBO-8520 in lung cancer; anti-tumor activity and a partial response (PR) in pancreatic cancer with BBO-11818 as monotherapy; and confirmation of full target engagement without hyperglycemia for BBO-10203," said Pedro J. Beltran, PhD, Chief Executive Officer of BBOT. "In addition, we announced the publication of BBO-11818 in Cancer Discovery, highlighting its role as a potent and selective pan-KRAS inhibitor. These results and our cash runway into 2028 position us well as we continue advancing our differentiated pipeline to provide new treatment options for patients with limited choices."
Key Clinical Highlights & Upcoming Milestones
BBO-8520: An orally bioavailable small molecule direct inhibitor targeting both the ON and OFF states of KRAS.
BBO-11818: An orally bioavailable small molecule pan-KRAS inhibitor that targets mutant KRAS in both the ON and OFF states.
BBO-10203: An orally bioavailable small molecule with a novel mechanism of action designed to block the physical interaction between RAS and PI3Kα, inhibiting RAS-driven PI3Kα-AKT signaling in tumors.
Other Key Corporate Updates
First Quarter 2026 Financial Results
About BBOT
BBOT is a clinical-stage biopharmaceutical company advancing a next-generation pipeline of novel small molecule therapeutics targeting RAS and PI3Kα malignancies. BBOT has the goal of improving outcomes for patients with cancers driven by the two most prevalent oncogenes in human tumors. For more information, please visit www.bbotx.com and follow us on LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, as amended, and other federal securities laws. Any statements in this press release that are not historical facts may be deemed forward-looking statements, which generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends. These forward-looking statements include, without limitation, statements regarding the clinical and therapeutic potential and safety profile of BBOT’s product candidates, including BBO-8520, BBO-10203 and BBO-11818, as monotherapy or in combination with other therapeutics, the design and conduct of clinical trials with BBOT’s product candidates, including expected timelines for clinical data readouts, ongoing and planned regulatory interactions, BBOT’s plans to continue and expand its clinical trials, including its planned internal combination studies, and BBOT's beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, including statements regarding anticipated operating expenses, BBOT’s cash runway and sufficiency of its cash and cash equivalents to fund its operations.
These statements are based on various assumptions, whether or not identified in this press release, and are the current expectations of BBOT’s management and are not predictions of actual performance. Many actual events and circumstances are beyond the control of BBOT. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; the design and success of ongoing and planned clinical trials; adverse events that may be encountered in BBOT’s clinical trials; risks relating to the uncertainty of the projected financial information with respect to BBOT; risks related to the preclinical and clinical development of BBOT’s product candidates, including BBO-8520, BBO-10203 and BBO-11818, and the timing of expected regulatory and business milestones, including the progress of enrollment in clinical trials and availability of data from ongoing and planned clinical trials; the impact of competitive products; risks relating to BBOT’s ability to obtain sufficient supply of materials; and those factors discussed in documents BBOT has filed or will file with the U.S. Securities and Exchange Commission.
In addition, forward-looking statements reflect BBOT’s expectations, plans, or forecasts of future events and views as of the date of this press release and are qualified in their entirety by reference to the cautionary statements herein. BBOT anticipates that subsequent events and developments will cause BBOT’s assessments to change. These forward-looking statements should not be relied upon as any guarantee, assurance, prediction or definitive statement of fact or probability or as representing BBOT’s assessments as of any date subsequent to the date of this press release. Neither BBOT, nor its affiliates undertake any obligation to update these forward-looking statements, except as required by law.
BBOT Contacts:
Investor Contact:
Heather Armstrong, Head of Investor Relations
BBOT
Investors@BBOTx.com
Media Contact:
Jake Robison
Inizio Evoke Comms
Jake.robison@inizioevoke.com
BridgeBio Oncology Therapeutics, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except shares and per share amounts)
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Three Months Ended March 31, |
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2026 |
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2025 |
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Operating expenses: |
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(unaudited) |
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Research and development |
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$ |
39,802 |
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$ |
20,635 |
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General and administrative |
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6,377 |
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2,502 |
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Total operating expenses |
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46,179 |
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23,137 |
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Loss from operations |
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(46,179 |
) |
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(23,137 |
) |
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Other income, net: |
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Interest income |
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3,944 |
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1,809 |
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Interest from transition services agreements |
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223 |
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— |
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Change in fair value of participation right liability |
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— |
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(725 |
) |
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Other income (expense) |
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(94 |
) |
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(2 |
) |
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Total other income, net |
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4,073 |
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1,082 |
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Net loss |
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$ |
(42,106 |
) |
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$ |
(22,055 |
) |
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Net loss per share attributable to common stockholders, basic and diluted |
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$ |
(526.11 |
) |
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$ |
(54.23 |
) |
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Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic and diluted |
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80,032 |
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406,723 |
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Selected Condensed Consolidated Balance Sheet Data
(in thousands)
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March 31, |
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December 31, |
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2026 |
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2025 |
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(unaudited) |
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Cash and cash equivalents and marketable securities |
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$ |
388,892 |
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$ |
425,460 |
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Total assets |
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417,646 |
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448,381 |
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Total liabilities |
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45,366 |
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37,285 |
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Accumulated deficit |
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(398,673 |
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(356,567 |
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Total stockholders’ equity |
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372,280 |
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411,096 |
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