Following regulatory approval in the earlier
line setting this quarter, Abecma generated $54 million U.S.
commercial revenue and saw meaningful growth in demand
Recent completion of Hemophilia A and gene
editing technology sale to Novo Nordisk for up to $40 million
reinforces exclusive focus on Abecma with streamlined cost
structure
Approximately $28 million (43%)
quarter-on-quarter reduction in operating expenses due to
completion of sale of R&D business to Regeneron on April 1,
2024
Ended quarter with approximately $202 million
cash, cash equivalents, and marketable securities; cash runway
beyond 2027
Conference call today at 8:00 AM ET
2seventy bio, Inc. (Nasdaq: TSVT), today reported financial
results and recent highlights for the second quarter ended June 30,
2024.
“This year has been transformative for 2seventy, and we enter
the second half in a strong financial and operational position,
poised for commercial growth,” said Chip Baird, CEO. “We
dramatically reduced our cost structure and strengthened our
balance sheet with the completion of the sale of our oncology
R&D business to Regeneron and the sale of our Hemophilia A
program and gene editing technology to Novo Nordisk. These changes
move us closer to achieving quarterly profitability by the end of
2025. We were pleased to see that Abecma turned a corner in the
second quarter, recording modest growth in revenue in the U.S.
Importantly, we saw a meaningful increase in patients undergoing
apheresis, which we expect to translate to additional revenue
growth in the third quarter. We look forward to the continued
execution of our third line launch in the second half of 2024 and a
continued return to growth for Abecma.”
ABECMA COMMERCIAL AND REGULATORY HIGHLIGHTS
- Second quarter Abecma® (idecabtagene vicleucel; ide-cel) U.S.
revenues, as reported by Bristol Myers Squibb (BMS), were $54
million. Demand, as measured by new patients undergoing apheresis
in the quarter, saw meaningful growth.
- In order to restore growth for Abecma, 2seventy bio and BMS are
focused on competitively differentiating Abecma’s safety and
efficacy profile supported by the strength of the KarMMa-3 and
real-world data, and anticipates continued growth in the second
half of 2024.
- 2seventy bio and BMS share equally in all profits and losses
related to development, manufacturing, and commercialization of
Abecma in the U.S. The Company reported collaborative arrangement
revenue of $4.4 million related to the collaboration with BMS for
the three months ended June 30, 2024.
SELECT SECOND QUARTER FINANCIAL RESULTS
- Total revenues were $9.0 million for the three months ended
June 30, 2024, compared to $36.0 million for the three months ended
June 30, 2023. Total revenues were $21.4 million for the six months
ended June 30, 2024, compared to $77.7 million for the six months
ended June 30, 2023.
- Research and development expenses were $16.0 million for the
three months ended June 30, 2024, compared to $60.0 million for the
three months ended June 30, 2023. Research and development expenses
were $59.9 million for the six months ended June 30, 2024, compared
to $128.2 million for the six months ended June 30, 2023.
- Selling, general and administrative expenses were $9.9 million
for the three months ended June 30, 2024, compared to $19.5 million
for the three months ended June 30, 2023. Selling, general and
administrative expenses were $22.5 million for the six months ended
June 30, 2024, compared to $40.2 million for the six months ended
June 30, 2023.
- Restructuring expenses were $7.4 million for the three months
ended June 30, 2024, and $11.6 million for the six months ended
June 30, 2024. There were no restructuring expenses in the
comparable three- and six-month periods in 2023.
- The Company recognized a $48.0 million one-time gain on sale to
Novo Nordisk for the three months ended June 30, 2024.
Additionally, the Company recognized a $5.0 million one-time loss
on assets held for sale to Regeneron for the six months ended June
30, 2024.
- Net income was $24.9 million for the three months ended June
30, 2024, compared to net loss of $42.1 million for the three
months ended June 30, 2023. Net loss was $27.8 million for the six
months ended June 30, 2024, compared to net loss of $89.1 million
for the six months ended June 30, 2023.
- The Company has lowered its net cash spend range to $40-60
million for 2024.
- Cash, cash equivalents, and marketable securities totaled
$201.9 million as of June 30, 2024; the Company continues to expect
to have cash runway beyond 2027.
Conference Call Information 2seventy bio will host a
conference call and live webcast today, August 7 at 8:00 a.m. ET to
discuss second quarter 2024 financial results and recent business
highlights. Participants can access the conference call live via
webcast which is available on the Investors and Media page of the
company’s website at https://ir.2seventybio.com. Participants who
wish to ask a question may register here to receive dial-in numbers
and a unique pin to join the call.
A replay of the webcast may be accessed from the “News and
Events” page in the Investors and Media section of our website at
https://ir.2seventybio.com/ and will be available for 30 days
following the event.
ABECMA U.S. INDICATION ABECMA is a B-cell maturation
antigen (BCMA)-directed genetically modified autologous T cell
immunotherapy indicated for the treatment of adult patients with
relapsed or refractory multiple myeloma after two or more prior
lines of therapy including an immunomodulatory agent, a proteasome
inhibitor, and an anti-CD38 monoclonal antibody.
U.S. Important Safety
Information
BOXED WARNING: CYTOKINE RELEASE SYNDROME, NEUROLOGIC
TOXICITIES, HLH/MAS, PROLONGED CYTOPENIA and SECONDARY
HEMATOLOGICAL MALIGNANCIES
- Cytokine Release Syndrome (CRS), including fatal or
life-threatening reactions, occurred in patients following
treatment with ABECMA. Do not administer ABECMA to patients with
active infection or inflammatory disorders. Treat severe or
life-threatening CRS with tocilizumab or tocilizumab and
corticosteroids.
- Neurologic Toxicities, which may be severe or life-threatening,
occurred following treatment with ABECMA, including concurrently
with CRS, after CRS resolution, or in the absence of CRS. Monitor
for neurologic events after treatment with ABECMA. Provide
supportive care and/or corticosteroids as needed.
- Hemophagocytic Lymphohistiocytosis/Macrophage Activation
Syndrome (HLH/MAS) including fatal and life-threatening reactions,
occurred in patients following treatment with ABECMA. HLH/MAS can
occur with CRS or neurologic toxicities.
- Prolonged Cytopenia with bleeding and infection, including
fatal outcomes following stem cell transplantation for
hematopoietic recovery, occurred following treatment with
ABECMA.
- T cell malignancies have occurred following treatment of
hematologic malignancies with BCMA- and CD19-directed genetically
modified autologous T cell immunotherapies, including ABECMA
- ABECMA is available only through a restricted program under a
Risk Evaluation and Mitigation Strategy (REMS) called the ABECMA
REMS.
Warnings and Precautions:
Early Death: In KarMMa-3, a randomized (2:1), controlled
trial, a higher proportion of patients experienced death within 9
months after randomization in the ABECMA arm (45/254; 18%) compared
to the standard regimens arm (15/132; 11%). Early deaths occurred
in 8% (20/254) and 0% prior to ABECMA infusion and standard regimen
administration, respectively, and 10% (25/254) and 11% (15/132)
after ABECMA infusion and standard regimen administration,
respectively. Out of the 20 deaths that occurred prior to ABECMA
infusion, 15 occurred from disease progression, 3 occurred from
adverse events and 2 occurred from unknown causes. Out of the 25
deaths that occurred after ABECMA infusion, 10 occurred from
disease progression, 11 occurred from adverse events, and 4
occurred from unknown causes.
Cytokine Release Syndrome (CRS): CRS, including fatal or
life-threatening reactions, occurred following treatment with
ABECMA. Among patients receiving ABECMA for relapsed refractory
multiple myeloma in the KarMMa and KarMMa-3 studies (N=349), CRS
occurred in 89% (310/349), including ≥ Grade 3 CRS (Lee grading
system) in 7% (23/349) of patients and Grade 5 CRS in 0.9% (3/349)
of patients. The median time-to-onset of CRS, any grade, was 1 day
(range: 1 to 27 days), and the median duration of CRS was 5 days
(range: 1 to 63 days). In the pooled studies, the rate of ≥Grade 3
CRS was 10% (7/71) for patients treated in dose range of 460 to 510
x 106 CAR-positive T cells and 5.4% (13/241) for patients treated
in dose range of 300 to 460 x 106 CAR-positive T cells.
The most common manifestations of CRS (greater than or equal to
10%) included pyrexia (87%), hypotension (30%), tachycardia (26%),
chills (19%), hypoxia (16%). Grade 3 or higher events that may be
associated with CRS include hypotension, hypoxia,
hyperbilirubinemia, hypofibrinogenemia, ARDS, atrial fibrillation,
hepatocellular injury, metabolic acidosis, pulmonary edema,
coagulopathy, renal failure, multiple organ dysfunction syndrome
and HLH/MAS.
Identify CRS based on clinical presentation. Evaluate for and
treat other causes of fever, hypoxia, and hypotension. CRS has been
reported to be associated with findings of HLH/MAS, and the
physiology of the syndromes may overlap. HLH/MAS is a potentially
life-threatening condition. In patients with progressive symptoms
of CRS or refractory CRS despite treatment, evaluate for evidence
of HLH/MAS.
Of the 349 patients who received ABECMA in clinical trials, 226
(65%) patients received tocilizumab; 39% (135/349) received a
single dose, while 26% (91/349) received more than 1 dose of
tocilizumab. Overall, 24% (82/349) of patients received at least 1
dose of corticosteroids for treatment of CRS. Almost all patients
who received corticosteroids for CRS also received tocilizumab. For
patients treated in dose range of 460 to 510 x 106 CAR-positive T
cells, 76% (54/71) of patients received tocilizumab and 35% (25/71)
received at least 1 dose of corticosteroids for treatment of CRS.
For patients treated in dose range of 300 to 460 x 106 CAR-positive
T cells, 63% (152/241) of patients received tocilizumab and 20%
(49/241) received at least 1 dose of corticosteroid for treatment
of CRS.
Monitor patients at least daily for 7 days following ABECMA
infusion at the REMS-certified healthcare facility for signs or
symptoms of CRS and monitor patients for signs or symptoms of CRS
for at least 4 weeks after ABECMA infusion. At the first sign of
CRS, institute treatment with supportive care, tocilizumab and/or
corticosteroids as indicated. Ensure that a minimum of 2 doses of
tocilizumab are available prior to infusion of ABECMA. Counsel
patients to seek immediate medical attention should signs or
symptoms of CRS occur at any time.
Neurologic Toxicities: Neurologic toxicities, including
immune-effector cell-associated neurotoxicity (ICANS), which may be
severe or life- threatening, occurred concurrently with CRS, after
CRS resolution, or in the absence of CRS following treatment with
ABECMA.
In patients receiving ABECMA in the KarMMa and KarMMa-3 studies,
CAR T cell-associated neurotoxicity occurred in 40% (139/349),
including Grade 3 in 4% (14/349) and Grade 4 in 0.6% (2/349) of
patients. The median time to onset of neurotoxicity was 2 days
(range: 1 to 148 days). The median duration of CAR T
cell-associated neurotoxicity was 8 days (range: 1 to 720 days) in
all patients including those with ongoing neurologic events at the
time of death or data cut off. CAR T cell-associated neurotoxicity
resolved in 123 of 139 (88%) patients and median time to resolution
was 5 days (range: 1 to 245 days). One-hundred and thirty four out
of 349 (38%) patients with neurotoxicity had CRS. The onset of
neurotoxicity during CRS was observed in 93 patients, before the
onset of CRS in 12 patients, and after the CRS event in 29
patients. The rate of Grade 3 or 4 CAR T cell-associated
neurotoxicity was 5.6% (4/71) and 3.7% (9/241) for patients treated
in dose range of 460 to 510 x 106 CAR-positive T cells and 300 to
460 x 106 CAR-positive T cells, respectively. The most frequent
(greater than or equal to 5%) manifestations of CAR T
cell-associated neurotoxicity include encephalopathy (21%),
headache (15%), dizziness (8%), delirium (6%), and tremor (6%).
At the safety update for KarMMa-3 study, one patient developed
fatal neurotoxicity 43 days after ABECMA. In KarMMa, one patient
had ongoing Grade 2 neurotoxicity at the time of death. Two
patients had ongoing Grade 1 tremor at the time of data cutoff.
Cerebral edema has been associated with ABECMA in a patient in
another study in multiple myeloma. Grade 3 myelitis and Grade 3
parkinsonism have occurred after treatment with ABECMA in another
study in multiple myeloma.
Monitor patients at least daily for 7 days following ABECMA
infusion at the REMS-certified healthcare facility for signs or
symptoms of neurologic toxicities and monitor patients for signs or
symptoms of neurologic toxicities for at least 4 weeks after ABECMA
infusion and treat promptly. Rule out other causes of neurologic
symptoms. Neurologic toxicity should be managed with supportive
care and/or corticosteroids as needed. Counsel patients to seek
immediate medical attention should signs or symptoms occur at any
time.
Hemophagocytic Lymphohistiocytosis (HLH)/Macrophage
Activation Syndrome (MAS): In patients receiving ABECMA in the
KarMMa and KarMMa-3 studies, HLH/MAS occurred in 2.9% (10/349) of
patients. All events of HLH/MAS had onset within 10 days of
receiving ABECMA, with a median onset of 6.5 days (range: 4 to 10
days) and occurred in the setting of ongoing or worsening CRS. Five
patients with HLH/MAS had overlapping neurotoxicity. The
manifestations of HLH/MAS include hypotension, hypoxia, multiple
organ dysfunction, renal dysfunction and cytopenia.
In KarMMa-3, one patient had Grade 5, two patients had Grade 4
and two patients had Grade 3 HLH/MAS. The patient with Grade 5
HLH/MAS also had Grade 5 candida sepsis and Grade 5 CRS. In another
patient who died due to stroke, the Grade 4 HLH/MAS had resolved
prior to death. Two cases of Grade 3 and one case of Grade 4
HLH/MAS had resolved.
In KarMMa, one patient treated in the 300 x 106 CAR-positive T
cells dose cohort developed fatal multi-organ HLH/MAS with CRS. In
another patient with fatal bronchopulmonary aspergillosis, HLH/MAS
was contributory to the fatal outcome. Three cases of Grade 2
HLH/MAS resolved.
HLH/MAS is a potentially life-threatening condition with a high
mortality rate if not recognized early and treated. Treatment of
HLH/MAS should be administered per institutional guidelines.
ABECMA REMS: Due to the risk of CRS and neurologic
toxicities, ABECMA is available only through a restricted program
under a Risk Evaluation and Mitigation Strategy (REMS) called the
ABECMA REMS. Further information is available at www.AbecmaREMS.com
or contact Bristol-Myers Squibb at 1-866-340-7332.
Hypersensitivity Reactions: Allergic reactions may occur
with the infusion of ABECMA. Serious hypersensitivity reactions,
including anaphylaxis, may be due to dimethyl sulfoxide (DMSO) in
ABECMA.
Infections: ABECMA should not be administered to patients
with active infections or inflammatory disorders. Severe,
life-threatening, or fatal infections occurred in patients after
ABECMA infusion.
In all patients receiving ABECMA in the KarMMa and KarMMa-3
studies, infections (all grades) occurred in 61% of patients. Grade
3 or 4 infections occurred in 21% of patients. Grade 3 or 4
infections with an unspecified pathogen occurred in 12%, viral
infections in 7%, bacterial infections in 4.3%, and fungal
infections in 1.4% of patients. Overall, 15 patients had Grade 5
infections (4.3%); 8 patients (2.3%) with infections of pathogen
unspecified, 3 patients (0.9%) with fungal infections, 3 patients
(0.9%) with viral infections, and 1 patient (0.3%) with bacterial
infection.
Monitor patients for signs and symptoms of infection before and
after ABECMA infusion and treat appropriately. Administer
prophylactic, pre-emptive, and/or therapeutic antimicrobials
according to standard institutional guidelines.
Febrile neutropenia was observed in 38% (133/349) of patients
after ABECMA infusion and may be concurrent with CRS. In the event
of febrile neutropenia, evaluate for infection and manage with
broad-spectrum antibiotics, fluids, and other supportive care as
medically indicated.
Viral Reactivation: Cytomegalovirus (CMV) infection resulting in
pneumonia and death has occurred following ABECMA administration.
Monitor and treat for CMV reactivation in accordance with clinical
guidelines. Hepatitis B virus (HBV) reactivation, in some cases
resulting in fulminant hepatitis, hepatic failure, and death, can
occur in patients treated with drugs directed against plasma cells.
Perform screening for CMV, HBV, hepatitis C virus (HCV), and human
immunodeficiency virus (HIV) in accordance with clinical guidelines
before collection of cells for manufacturing. Consider antiviral
therapy to prevent viral reactivation per local institutional
guidelines/clinical practice.
Prolonged Cytopenias: In patients receiving ABECMA in the
KarMMa and KarMMa-3 studies, 40% of patients (139/349) experienced
prolonged Grade 3 or 4 neutropenia and 42% (145/349) experienced
prolonged Grade 3 or 4 thrombocytopenia that had not resolved by
Month 1 following ABECMA infusion. In 89% (123/139) of patients who
recovered from Grade 3 or 4 neutropenia after Month 1, the median
time to recovery from ABECMA infusion was 1.9 months. In 76%
(110/145) of patients who recovered from Grade 3 or 4
thrombocytopenia, the median time to recovery was 1.9 months. Five
patients underwent stem cell therapy for hematopoietic
reconstitution due to prolonged cytopenia. The rate of Grade 3 or 4
thrombocytopenia was 62% (44/71) and 56% (135/241) for patients
treated in dose range of 460 to 510 x 106 CAR-positive T cells and
300 to 460 x 106 CAR-positive T cells, respectively.
Monitor blood counts prior to and after ABECMA infusion. Manage
cytopenia with myeloid growth factor and blood product transfusion
support according to local institutional guidelines.
Hypogammaglobulinemia: In all patients receiving ABECMA
in the KarMMa and KarMMa-3 studies, hypogammaglobulinemia was
reported as an adverse event in 13% (46/349) of patients;
laboratory IgG levels fell below 500 mg/dL after infusion in 37%
(130/349) of patients treated with ABECMA.
Hypogammaglobulinemia either as an adverse reaction or
laboratory IgG level below 500 mg/dL after infusion occurred in 45%
(158/349) of patients treated with ABECMA. Forty-one percent of
patients received intravenous immunoglobulin (IVIG) post-ABECMA for
serum IgG <400 mg/dL.
Monitor immunoglobulin levels after treatment with ABECMA and
administer IVIG for IgG <400 mg/dl. Manage appropriately per
local institutional guidelines, including infection precautions and
antibiotic or antiviral prophylaxis.
Use of Live Vaccines: The safety of immunization with live viral
vaccines during or after ABECMA treatment has not been studied.
Vaccination with live virus vaccines is not recommended for at
least 6 weeks prior to the start of lymphodepleting chemotherapy,
during ABECMA treatment, and until immune recovery following
treatment with ABECMA.
Secondary Malignancies: Patients treated with ABECMA may
develop secondary malignancies. In KarMMa-3, myeloid neoplasms
(four cases of myelodysplastic syndrome and one case of acute
myeloid leukemia) occurred in 2.2% (5/222) of patients following
treatment with ABECMA compared to none in the standard regimens arm
at the time of the safety update. The median time to onset of
myeloid neoplasm from ide-cel infusion was 338 days (Range: 277 to
794 days). Three of these five patients have died following the
development of myeloid neoplasm. One out of the five cases of
myeloid neoplasm occurred after initiation of subsequent
antimyeloma therapy.
T cell malignancies have occurred following treatment of
hematologic malignancies with BCMA- and CD19-directed genetically
modified autologous T cell immunotherapies, including ABECMA.
Mature T cell malignancies, including CAR-positive tumors, may
present as soon as weeks following infusion, and may include fatal
outcomes.
Monitor life-long for secondary malignancies. In the event that
a secondary malignancy occurs, contact Bristol-Myers Squibb at
1‑888‑805‑4555 for reporting and to obtain instructions on
collection of patient samples for testing of secondary
malignancy.
Effects on Ability to Drive and Operate Machinery: Due to
the potential for neurologic events, including altered mental
status or seizures, patients receiving ABECMA are at risk for
altered or decreased consciousness or coordination in the 8 weeks
following ABECMA infusion. Advise patients to refrain from driving
and engaging in hazardous occupations or activities, such as
operating heavy or potentially dangerous machinery, during this
initial period.
Adverse Reactions: The most common nonlaboratory adverse
reactions (incidence greater than or equal to 20%) include pyrexia,
CRS, hypogammaglobulinemia, infections – pathogen unspecified,
musculoskeletal pain, fatigue, febrile neutropenia, hypotension,
tachycardia, diarrhea, nausea, headache, chills, upper respiratory
tract infection, encephalopathy, edema, dyspnea and viral
infections.
Please see full Prescribing Information, including Boxed
WARNINGS and Medication Guide.
About Bristol Myers Squibb and 2seventy bio Abecma is
being jointly developed and commercialized in the U.S. as part of a
Co-Development, Co-Promotion, and Profit Share Agreement between
Bristol Myers Squibb and 2seventy bio. Bristol Myers Squibb assumes
sole responsibility for Abecma drug product manufacturing and
commercialization outside of the U.S. The companies’ broad clinical
development program for Abecma includes ongoing and planned
clinical studies (KarMMa-2, KarMMa-3, KarMMa-9) in earlier lines of
treatment for patients with multiple myeloma. For more information
visit clinicaltrials.gov.
About 2seventy bio Our name,
2seventy bio, reflects why we do what we do - TIME. Cancer rips
time away, and our goal is to work at the maximum speed of
translating human thought into action – 270 miles per hour – to
give the people we serve more time. With a deep understanding of
the human body’s immune response to tumor cells and how to
translate cell therapies into practice, we’re applying this
knowledge to deliver the first FDA-approved CAR T cell therapy for
multiple myeloma to as many patients as possible. Importantly, we
remain focused on accomplishing our mission by staying genuine and
authentic to our “why” and keeping our people and culture top of
mind every day. For more information, visit
www.2seventybio.com.
Follow 2seventy bio on social media: X (Twitter) and
LinkedIn.
2seventy bio is a trademark of 2seventy bio, Inc.
Cautionary Note Regarding Forward-Looking Statements This
release contains “forward-looking statements” within the meaning of
applicable laws and regulations. These statements include, but are
not limited to: statements about our plans, strategies and
expectations with respect to the commercial launch of ABECMA
(ide-cel) in additional indications and in earlier line settings,
including potential demand; statements regarding expected ABECMA
U.S. revenue; statements regarding expected benefits from our
strategic collaboration with BMS; statements about the efficacy and
perceived therapeutic benefits of ABECMA; statements regarding the
anticipated benefits of the sale of our oncology and autoimmune
research and development programs, clinical manufacturing
capabilities, and related platform technologies to Regeneron;
statements regarding the anticipated benefits of the sale of our
Hemophilia A program and gene editing technology to Novo;
statements about our strategic realignment and expected cost
savings; statements regarding our financial condition, expenses,
results of operations, expectations regarding use of capital, cash
runway, net cash spend and other future financial results; and
statements about our ability to execute our strategic priorities.
Any forward-looking statements in this press release are based on
management's current expectations and beliefs and are subject to a
number of risks, uncertainties and important factors that may cause
actual events or results to differ materially from those expressed
or implied by any forward-looking statements contained in this
press release, including, without limitation, our limited
independent operating history and the risk that our accounting and
other management systems may not be prepared to meet the financial
reporting and other requirements of operating as an independent
public company; the risk that Abecma will not be as commercially
successful as we may anticipate; the risk that our strategic
realignment to focus on the development and commercialization of
Abecma may not be as successful as anticipated, may fail to achieve
the anticipated cost savings, and may cause disruptions in our
business that could make it difficult to achieve our strategic
objectives; and the risk that we are unable to manage our operating
expenses or cash use for operations. For a discussion of other
risks and uncertainties, and other important factors, any of which
could cause our actual results to differ from those contained in
the forward-looking statements, see the section entitled “Risk
Factors” in our annual Report on Form 10-K for the year ended
December 31, 2023, as supplemented and/or modified by any other
filings that we will make with the Securities and Exchange
Commission in the future. All information in this press release is
as of the date of this release, and we undertakes no duty to update
this information unless required by law.
2seventy bio, Inc.
Condensed Consolidated
Statements of Operations and Comprehensive Loss
(unaudited)
(in thousands)
For the three months ended
June 30,
For the six months ended June
30,
2024
2023
2024
2023
Revenue: Service revenue
$
4,621
$
5,022
$
12,342
$
15,848
Collaborative arrangement revenue
4,346
29,034
9,060
58,406
Royalty and other revenue
-
1,992
-
3,415
Total revenues
8,967
36,048
21,402
77,669
Operating expenses: Research and development
16,013
59,980
59,944
128,226
Cost of manufacturing for commercial collaboration
3,453
3,610
6,722
7,264
Selling, general and administrative
9,857
19,489
22,516
40,209
Share of collaboration loss
-
-
1,230
-
Restructuring expenses
7,398
-
11,628
-
Cost of royalty and other revenue
-
907
-
1,548
Change in fair value of contingent consideration
(685
)
53
(2,415
)
126
Total operating expenses
36,036
84,039
99,625
177,373
Loss from operations
(27,069
)
(47,991
)
(78,223
)
(99,704
)
Interest income, net
2,527
3,090
5,388
5,139
Other income, net
1,434
2,812
2,080
5,455
Gain on sale to Novo Nordisk
47,987
-
47,987
-
Loss on assets held for sale to Regeneron
-
-
(5,026
)
-
Income (loss) before income taxes
24,879
(42,089
)
(27,794
)
(89,110
)
Income tax (expense) benefit
-
-
-
-
Net income (loss)
$
24,879
$
(42,089
)
$
(27,794
)
$
(89,110
)
Net income (loss) per share - basic
$
0.48
$
(0.83
)
$
(0.53
)
$
(1.89
)
Net income (loss per share - diluted
$
0.45
$
(0.83
)
$
(0.53
)
$
(1.89
)
Weighted-average number of common shares used in computing net
income (loss) per share - basic
52,186
50,966
52,129
47,238
Weighted-average number of common shares used in computing net
income (loss) per share - diluted
55,011
50,966
52,129
47,238
2seventy bio, Inc.
Condensed Consolidated Balance
Sheet Data
(unaudited)
(in thousands)
As of June 30,2024 As of December
31,2023 Cash, cash equivalents and marketable securities
$
201,873
$
221,805
Total assets
517,896
565,426
Total liabilities
283,092
310,126
Total stockholders' equity
234,804
255,300
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240807192042/en/
Investors and Media: Vicki Eatwell, CFO
vicki.eatwell@2seventybio.com
Kelli Koenig kkoenig@realchemistry.com
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