2024 Q1 Form 10-K Financial Statement

#000186078224000027 Filed on March 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $12.44M $10.68M $100.4M
YoY Change -70.12% -80.98% 9.72%
Cost Of Revenue $0.00 $3.147M $2.099M
YoY Change -100.0% -79.46% 21.61%
Gross Profit $12.44M $7.537M $98.29M
YoY Change -69.66% -81.55% 9.49%
Gross Profit Margin 100.0% 70.54% 97.91%
Selling, General & Admin $12.66M $16.20M $69.41M
YoY Change -38.9% -13.37% -12.63%
% of Gross Profit 101.8% 214.95% 70.62%
Research & Development $43.93M $51.22M $230.8M
YoY Change -35.63% 3.86% -7.23%
% of Gross Profit 353.29% 679.54% 234.78%
Depreciation & Amortization $2.107M $3.030M $10.29M
YoY Change -6.56% 30.32% -10.82%
% of Gross Profit 16.94% 40.2% 10.46%
Operating Expenses $56.59M $67.47M $300.2M
YoY Change -36.39% -0.87% -8.54%
Operating Profit -$51.15M -$59.94M -$237.6M
YoY Change -1.08% 120.26% -9.7%
Interest Expense $2.861M $3.648M $12.41M
YoY Change 39.63% 144.67% 323.36%
% of Operating Profit
Other Income/Expense, Net $646.0K -$534.0K $7.625M
YoY Change -75.56% -120.85% 25.93%
Pretax Income -$52.67M -$56.82M -$217.6M
YoY Change 12.02% 145.35% -14.39%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$52.70M -$56.82M -$217.6M
YoY Change 12.13% 145.53% -14.39%
Net Earnings / Revenue -423.8% -531.84% -216.73%
Basic Earnings Per Share -$1.01 -$4.42
Diluted Earnings Per Share -$1.01 -$1.11 -$4.42
COMMON SHARES
Basic Shares Outstanding 51.31M shares 50.62M shares 49.28M shares
Diluted Shares Outstanding 52.07M shares 49.28M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $181.4M $217.0M $217.0M
YoY Change -46.64% -18.51% -18.51%
Cash & Equivalents $56.79M $74.96M $74.96M
Short-Term Investments $124.6M $142.0M $142.0M
Other Short-Term Assets $19.48M $7.365M $7.365M
YoY Change 125.63% -46.05% -46.05%
Inventory
Prepaid Expenses $6.697M $7.365M
Receivables $11.98M $13.41M $13.41M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $212.8M $237.8M $237.8M
YoY Change -45.4% -20.98% -20.98%
LONG-TERM ASSETS
Property, Plant & Equipment $38.23M $58.15M $278.1M
YoY Change -35.36% 4.33% -6.24%
Goodwill $0.00
YoY Change -100.0%
Intangibles $6.417M $6.594M
YoY Change -9.94% -9.7%
Long-Term Investments $0.00 $4.816M $4.816M
YoY Change -100.0% 240.59% 240.59%
Other Assets $38.24M $38.14M $38.14M
YoY Change 1.73% -0.65% -0.65%
Total Long-Term Assets $298.2M $327.7M $327.7M
YoY Change -15.43% -7.9% -7.9%
TOTAL ASSETS
Total Short-Term Assets $212.8M $237.8M $237.8M
Total Long-Term Assets $298.2M $327.7M $327.7M
Total Assets $511.1M $565.4M $565.4M
YoY Change -31.17% -13.89% -13.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.801M $6.028M $6.028M
YoY Change -34.32% -16.37% -16.37%
Accrued Expenses $35.27M $38.35M $38.35M
YoY Change -35.93% -41.76% -41.76%
Deferred Revenue $16.34M $15.40M
YoY Change 92.64% 413.43%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $60.41M $59.78M $59.78M
YoY Change -21.48% -25.08% -25.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $685.0K $2.416M $250.3M
YoY Change -71.47% 0.79% -6.03%
Total Long-Term Liabilities $685.0K $2.416M $250.3M
YoY Change -71.47% 0.79% -6.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $60.41M $59.78M $59.78M
Total Long-Term Liabilities $685.0K $2.416M $250.3M
Total Liabilities $303.6M $310.1M $310.1M
YoY Change -10.99% -10.42% -10.42%
SHAREHOLDERS EQUITY
Retained Earnings -$563.9M -$511.2M
YoY Change 65.52% 74.09%
Common Stock $5.000K $5.000K
YoY Change 0.0% 25.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $207.4M $255.3M $255.3M
YoY Change
Total Liabilities & Shareholders Equity $511.1M $565.4M $565.4M
YoY Change -31.17% -13.89% -13.89%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$52.70M -$56.82M -$217.6M
YoY Change 12.13% 145.53% -14.39%
Depreciation, Depletion And Amortization $2.107M $3.030M $10.29M
YoY Change -6.56% 30.32% -10.82%
Cash From Operating Activities -$41.90M -$63.60M -$166.9M
YoY Change -14.66% 14.63% -29.62%
INVESTING ACTIVITIES
Capital Expenditures $612.0K $1.071M $13.87M
YoY Change -89.93% -66.17% -39.3%
Acquisitions
YoY Change
Other Investing Activities $22.45M $48.96M $57.73M
YoY Change -55.88% 1758.81% 67.13%
Cash From Investing Activities $21.83M $47.89M $43.86M
YoY Change -51.26% -9101.88% 274.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.859M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $386.0K 253.0K $127.4M
YoY Change -99.7% 9.05% -23.36%
NET CHANGE
Cash From Operating Activities -$41.90M -63.60M -$166.9M
Cash From Investing Activities $21.83M 47.89M $43.86M
Cash From Financing Activities $386.0K 253.0K $127.4M
Net Change In Cash -$19.66M -15.45M $4.393M
YoY Change -116.01% -72.3% -107.42%
FREE CASH FLOW
Cash From Operating Activities -$41.90M -$63.60M -$166.9M
Capital Expenditures $612.0K $1.071M $13.87M
Free Cash Flow -$42.51M -$64.67M -$180.8M
YoY Change -22.96% 10.26% -30.47%

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CY2021 tsvt Increase Of Right Of Use Asset And Associated Lease Liability Due To Reassessment
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CY2023 us-gaap Nature Of Operations
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:28.5pt">Description of the business</span><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2seventy bio, Inc. (the “Company” or “2seventy bio”) is a cell and gene therapy company focused on the research, development, and commercialization of transformative treatments for cancer. The Company’s approach combines its expertise in T cell engineering technology and lentiviral vector gene delivery approaches, experience in research, development, and manufacturing of cell therapies and a suite of technologies that can be selectively deployed to develop highly innovative, targeted cellular therapies for patients with cancer. The Company is advancing multiple preclinical and clinical programs in oncology and, together with BMS, delivering the first FDA-approved CAR T therapy in multiple myeloma, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Abecma</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, to patients in the United States. Please refer to Note 10, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Collaborative arrangements and strategic partnerships</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, for further discussion of the collaboration with BMS. </span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2seventy bio Securities Corporation is a wholly-owned subsidiary of the Company which was incorporated in Massachusetts on December 13, 2021 and was granted securities corporation status in Massachusetts for the 2021 tax year. 2seventy bio Securities Corporation has no employees.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 29, 2024, the Company began undertaking a strategic realignment to focus on the development and commercialization of </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Abecma. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In connection with the strategic realignment, the Company </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">entered into an asset purchase agreement with Regeneron Pharmaceuticals, Inc., or Regeneron, to sell to Regeneron substantially all of the assets related to its oncology and autoimmune cell therapy programs</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Upon closing of the transaction, which is subject to customary closing conditions, Regeneron will assume all of the ongoing program, infrastructure and personnel costs related to these programs. The transaction is expected to close in the first half of 2024.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to risks and uncertainties similar to other companies in the biotechnology industry. There can be no assurance that the Company’s clinical trials will be successfully completed, that it will maintain protection of proprietary technology, or that it will obtain the necessary regulatory approvals for </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Abecma </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">or any future product candidates. Even following approval, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Abecma</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or any future product candidates may not be commercially viable. The Company operates in an environment of rapid technological innovation and substantial competition from pharmaceutical and biotechnology companies. Additionally, the Company is dependent on key personnel and on third party organizations such as financial institutions, collaborators, and contract manufacturing organizations. </span></div><div style="margin-bottom:9pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">The separation from bluebird bio, Inc.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In January 2021, bluebird bio, Inc. (“bluebird bio”) announced its plans to separate its oncology portfolio and programs from its severe genetic disease portfolio and programs, and spin off its oncology portfolio and programs into a separate, publicly traded company. In furtherance of this plan, 2seventy bio was incorporated as a Delaware corporation in April 2021, and in September 2021, bluebird bio’s board of directors approved the distribution of all of the issued and outstanding shares of 2seventy bio common stock on the basis of one share of 2seventy bio common stock for every three shares of bluebird bio common stock issued and outstanding on October 19, 2021, the record date for the distribution. As a result of the distribution, which occurred on November 4, 2021, 2seventy bio became an independent, publicly traded company.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 3, 2021, the Company also entered into a separation agreement with bluebird bio, which is referred to in this annual report as the “Separation Agreement”, as well as various other agreements with bluebird bio, including a tax matters agreement, an employee matters agreement, an intellectual property license agreement, a transition services agreement under which 2seventy bio temporarily receives certain services from bluebird bio, and a second transition services agreement under which 2seventy bio temporarily provides certain services to bluebird bio. These agreements also govern certain of 2seventy bio’s relationships with bluebird bio after the separation. For additional information regarding the Separation Agreement and the other related agreements, refer to Note 14, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Related-party transactions.</span></div><div style="margin-bottom:9pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Going concern</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with Accounting Standards Codification (“ASC”) 205-40, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Going Concern</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, the Company evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the date that the consolidated and combined financial statements are issued. The Company has incurred losses and has experienced negative operating cash flows for all historical periods presented. During the year ended December 31, 2023, the Company incurred a net loss of $217.6 million and used $166.9 million of cash in operations. The Company expects to continue to generate operating losses and negative operating cash flows for the near future.</span></div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2023, the Company had cash, cash equivalents and marketable securities of $221.8 million. Based on the Company’s current operating plans, including with respect to the ongoing commercialization of </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Abecma </span>and not taking into consideration our strategic realignment and the Asset Sale to Regeneron which is expected to close in the first half of 2024, the Company expects that its cash, cash equivalents and marketable securities, will be sufficient to fund current planned operations for at least the next twelve months from the date of filing this Annual Report on Form 10-K. The Company may, in the future, pursue additional cash resources through a combination of public or private equity offerings, debt financings, collaborations, strategic alliances or licensing arrangements with third parties. This includes the potential sale of shares of the Company’s common stock of up to $150.0 million in gross proceeds under the at-the-market, or the ATM, facility established in November 2022 with Cowen and Company, LLC. No sales of common stock have occurred under this ATM as of the date of this Annual Report on Form 10-K and the Company does not currently have any plans to sell shares under the ATM.
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-217600000 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-166900000 usd
CY2023Q4 tsvt Cash Cash Equivalents And Marketable Securities
CashCashEquivalentsAndMarketableSecurities
221800000 usd
CY2021 us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
354900000 usd
CY2021Q4 tsvt Spinoff Transaction Recognized Identifiable Assets Acquired And Liabilities Assumed Net
SpinoffTransactionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
384500000 usd
CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
7332000 usd
CY2022 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-140000 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-228140000 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
30810000 usd
CY2022 us-gaap Payments To Acquire Restricted Investments
PaymentsToAcquireRestrictedInvestments
1976000 usd
CY2022 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
2000000 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
3753000 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-58158000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
130448000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
72290000 usd
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1258000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
72290000 usd
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1757000 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-206855000 usd
CY2021 us-gaap Payments To Acquire Restricted Investments
PaymentsToAcquireRestrictedInvestments
32997000 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-17586000 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
130448000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
130448000 usd
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
34000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
130448000 usd
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:9pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of estimates</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could materially differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including: expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Estimates and judgments are used in the following areas, among others: allocations of revenue, expenses, assets and liabilities from bluebird bio's historical consolidated financial statements to the Company for periods prior to the separation, future undiscounted cash flows and subsequent fair value estimates used to assess potential and measure any impairment of long-lived assets, including goodwill and intangible assets, the measurement of right-of-use assets and lease liabilities, contingent consideration, stock-based compensation expense, accrued expenses, income taxes, and the assessment of the Company's ability to fund its operations for at least the next twelve months from the date of issuance of these financial statements. In addition, estimates and judgments are used in the Company’s </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">accounting for its revenue-generating arrangements, in particular as it relates to determining the stand-alone selling price of performance obligations, evaluating whether an option to acquire additional goods and services represents a material right, estimating the total transaction price, including estimating variable consideration and the probability of achieving future potential development and regulatory milestones, assessing the period of performance over which revenue may be recognized, and accounting for modifications to revenue-generating arrangements.</span></div>
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-bottom:9pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations of credit risk and off-balance sheet risk</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that subject the Company to credit risk primarily consist of cash and cash equivalents, available-for-sale securities, and accounts receivable. Deposits are maintained with banks in the United States and such amounts may exceed the amount of insurance provided on such deposits. The Company has not experienced any losses on such accounts, and does not believe it is exposed to any unusual credit risk beyond the normal credit risk currently associated with commercial banking relationships. Cash deposits are insured by the Federal Deposit Insurance Corporations (“FDIC”) up to $250,000. The Company has cash deposits in excess of the FDIC insured limit. The Company’s marketable securities, which primarily consist of U.S. government agency securities and treasuries, corporate bonds and commercial paper, potentially subject the Company to concentrations of credit risk. The Company has adopted an investment policy that limits the amounts the Company may invest in any one type of investment and requires all investments held by the Company to be at least AA+/Aa1 rated, thereby reducing credit risk exposure. The Company’s accounts receivable balance primarily consists of amounts owed from collaborative arrangement partners and royalties receivable under out-license agreements with various third parties. The Company monitors economic conditions to identify facts or circumstances that may indicate that any of its accounts receivable are at risk of collection.</span></div>
CY2023Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
12100000 usd
CY2023 tsvt Contract With Customer Liability Revenue Recognized Including Opening Balance
ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance
71601000 usd
CY2022 tsvt Contract With Customer Liability Revenue Recognized Including Opening Balance
ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance
32358000 usd
CY2021 tsvt Contract With Customer Liability Revenue Recognized Including Opening Balance
ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance
26921000 usd
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
0 shares
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
146754000 usd
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
178000 usd
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
85000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Excluding Accrued Interest
DebtSecuritiesAvailableForSaleExcludingAccruedInterest
146847000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
198754000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
6000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
2108000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Excluding Accrued Interest
DebtSecuritiesAvailableForSaleExcludingAccruedInterest
196652000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
45850000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
60000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
1475000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
25000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
47325000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
85000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
91385000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
278000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
88674000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
1830000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
180059000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
2108000 usd
CY2023Q4 tsvt Restricted Investments Available For Sale Amortized Cost
RestrictedInvestmentsAvailableForSaleAmortizedCost
33072000 usd
CY2023Q4 tsvt Restricted Investments Available For Sale Accumulated Gross Unrealized Gain Before Tax
RestrictedInvestmentsAvailableForSaleAccumulatedGrossUnrealizedGainBeforeTax
67000 usd
CY2023Q4 tsvt Restricted Investments Available For Sale Accumulated Gross Unrealized Loss Before Tax
RestrictedInvestmentsAvailableForSaleAccumulatedGrossUnrealizedLossBeforeTax
365000 usd
CY2023Q4 tsvt Restricted Investments Available For Sale Excluding Accrued Interest
RestrictedInvestmentsAvailableForSaleExcludingAccruedInterest
32774000 usd
CY2022Q4 tsvt Restricted Investments Available For Sale Amortized Cost
RestrictedInvestmentsAvailableForSaleAmortizedCost
32880000 usd
CY2022Q4 tsvt Restricted Investments Available For Sale Accumulated Gross Unrealized Gain Before Tax
RestrictedInvestmentsAvailableForSaleAccumulatedGrossUnrealizedGainBeforeTax
0 usd
CY2022Q4 tsvt Restricted Investments Available For Sale Accumulated Gross Unrealized Loss Before Tax
RestrictedInvestmentsAvailableForSaleAccumulatedGrossUnrealizedLossBeforeTax
1112000 usd
CY2022Q4 tsvt Restricted Investments Available For Sale Excluding Accrued Interest
RestrictedInvestmentsAvailableForSaleExcludingAccruedInterest
31768000 usd
CY2023Q4 tsvt Restricted Investments Available For Sale Continuous Unrealized Loss Position Less Than12 Months
RestrictedInvestmentsAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
3496000 usd
CY2023Q4 tsvt Restricted Investments Available For Sale Continuous Loss Position Less Than12 Months Accumulated Loss
RestrictedInvestmentsAvailableForSaleContinuousLossPositionLessThan12MonthsAccumulatedLoss
4000 usd
CY2023Q4 tsvt Restricted Investments Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
RestrictedInvestmentsAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
13266000 usd
CY2023Q4 tsvt Restricted Investments Available For Sale Continuous Loss Position12 Months Or Longer Accumulated Loss
RestrictedInvestmentsAvailableForSaleContinuousLossPosition12MonthsOrLongerAccumulatedLoss
361000 usd
CY2023Q4 tsvt Restricted Investments Available For Sale Unrealized Loss Position
RestrictedInvestmentsAvailableForSaleUnrealizedLossPosition
16762000 usd
CY2023Q4 tsvt Restricted Investments Available For Sale Unrealized Loss Position Accumulated Loss
RestrictedInvestmentsAvailableForSaleUnrealizedLossPositionAccumulatedLoss
365000 usd
CY2022Q4 tsvt Restricted Investments Available For Sale Continuous Unrealized Loss Position Less Than12 Months
RestrictedInvestmentsAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
1942000 usd
CY2022Q4 tsvt Restricted Investments Available For Sale Continuous Loss Position Less Than12 Months Accumulated Loss
RestrictedInvestmentsAvailableForSaleContinuousLossPositionLessThan12MonthsAccumulatedLoss
27000 usd
CY2022Q4 tsvt Restricted Investments Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
RestrictedInvestmentsAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
29826000 usd
CY2022Q4 tsvt Restricted Investments Available For Sale Continuous Loss Position12 Months Or Longer Accumulated Loss
RestrictedInvestmentsAvailableForSaleContinuousLossPosition12MonthsOrLongerAccumulatedLoss
1085000 usd
CY2022Q4 tsvt Restricted Investments Available For Sale Unrealized Loss Position
RestrictedInvestmentsAvailableForSaleUnrealizedLossPosition
31768000 usd
CY2022Q4 tsvt Restricted Investments Available For Sale Unrealized Loss Position Accumulated Loss
RestrictedInvestmentsAvailableForSaleUnrealizedLossPositionAccumulatedLoss
1112000 usd
CY2023Q4 us-gaap Interest Receivable
InterestReceivable
800000 usd
CY2022Q4 us-gaap Interest Receivable
InterestReceivable
300000 usd
CY2022 tsvt Interest Receivable Write Off
InterestReceivableWriteOff
0 usd
CY2023 tsvt Interest Receivable Write Off
InterestReceivableWriteOff
0 usd
CY2023 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 usd
CY2022 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3655000 usd
CY2023Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
25688000 usd
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
54678000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
115061000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
103573000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
56911000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
47838000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
58150000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
55735000 usd
CY2023 us-gaap Depreciation
Depreciation
9600000 usd
CY2022 us-gaap Depreciation
Depreciation
8900000 usd
CY2021 us-gaap Depreciation
Depreciation
12100000 usd
CY2023Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
9702000 usd
CY2022Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
13094000 usd
CY2023Q4 tsvt Accrued Collaboration Research Costs Current
AccruedCollaborationResearchCostsCurrent
5681000 usd
CY2022Q4 tsvt Accrued Collaboration Research Costs Current
AccruedCollaborationResearchCostsCurrent
2005000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4639000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
14845000 usd
CY2023Q4 tsvt Accrued Manufacturing Costs Current
AccruedManufacturingCostsCurrent
1764000 usd
CY2022Q4 tsvt Accrued Manufacturing Costs Current
AccruedManufacturingCostsCurrent
17962000 usd
CY2023Q4 tsvt Accrued Clinical And Contract Research Organization Costs Current
AccruedClinicalAndContractResearchOrganizationCostsCurrent
990000 usd
CY2022Q4 tsvt Accrued Clinical And Contract Research Organization Costs Current
AccruedClinicalAndContractResearchOrganizationCostsCurrent
1619000 usd
CY2023Q4 tsvt Accrued Property Plant And Equipment Current
AccruedPropertyPlantAndEquipmentCurrent
279000 usd
CY2022Q4 tsvt Accrued Property Plant And Equipment Current
AccruedPropertyPlantAndEquipmentCurrent
1498000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2633000 usd
CY2023Q4 tsvt Purchase Obligation To Be Paid Year Two And Thereafter
PurchaseObligationToBePaidYearTwoAndThereafter
0 usd
CY2023Q4 us-gaap Purchase Obligation
PurchaseObligation
6671000 usd
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
32636000 usd
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
33738000 usd
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
24838000 usd
CY2023 us-gaap Lease Cost
LeaseCost
32636000 usd
CY2022 us-gaap Lease Cost
LeaseCost
33738000 usd
CY2021 us-gaap Lease Cost
LeaseCost
24838000 usd
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
27927000 usd
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
27140000 usd
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
25489000 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y10M24D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P10Y9M18D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P11Y9M18D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0548
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0547
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0547
CY2023 us-gaap Operating Lease Expense
OperatingLeaseExpense
43400000 usd
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
43900000 usd
CY2021 us-gaap Operating Lease Expense
OperatingLeaseExpense
34500000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
28672000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
29498000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
32920000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
35086000 usd
CY2023Q4 tsvt Lessee Operating Lease Liability To Be Paid Year Five And Thereafter
LesseeOperatingLeaseLiabilityToBePaidYearFiveAndThereafter
215296000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
341472000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
84799000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
256673000 usd
CY2023Q4 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
6671000 usd
CY2023Q4 tsvt Common Stock Number Of Votes Per Common Share
CommonStockNumberOfVotesPerCommonShare
1 vote
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
50600000 shares
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
50600000 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
37900000 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
37900000 shares
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
8098000 shares
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
6689000 shares
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
38600000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
32006000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
6594000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
38600000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
31298000 usd
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