2020 Q1 Form 10-Q Financial Statement
#000129397120000029 Filed on May 11, 2020
Income Statement
Concept | 2020 Q1 | 2019 Q1 |
---|---|---|
Revenue | $0.00 | $12.47M |
YoY Change | -100.0% | -21.85% |
Cost Of Revenue | $1.025M | $430.0K |
YoY Change | 138.37% | 2429.41% |
Gross Profit | -$1.025M | $12.04M |
YoY Change | -108.51% | -24.46% |
Gross Profit Margin | 96.55% | |
Selling, General & Admin | $73.25M | $60.28M |
YoY Change | 21.51% | 72.72% |
% of Gross Profit | 500.61% | |
Research & Development | $154.1M | $122.6M |
YoY Change | 25.67% | 26.3% |
% of Gross Profit | 1018.52% | |
Depreciation & Amortization | $4.880M | $3.780M |
YoY Change | 29.1% | -5.97% |
% of Gross Profit | 31.39% | |
Operating Expenses | $227.4M | $182.9M |
YoY Change | 24.3% | 37.96% |
Operating Profit | -$144.5M | -$171.2M |
YoY Change | -15.6% | 46.77% |
Interest Expense | $5.355M | $10.10M |
YoY Change | -46.99% | 627.81% |
% of Operating Profit | ||
Other Income/Expense, Net | -$4.447M | -$3.389M |
YoY Change | 31.22% | -3046.96% |
Pretax Income | -$202.5M | -$164.5M |
YoY Change | 23.14% | 42.85% |
Income Tax | $94.00K | -$15.00K |
% Of Pretax Income | ||
Net Earnings | -$202.6M | -$164.4M |
YoY Change | 23.21% | 42.84% |
Net Earnings / Revenue | -1318.63% | |
Basic Earnings Per Share | -$3.64 | |
Diluted Earnings Per Share | -$3.64 | -$2.989M |
COMMON SHARES | ||
Basic Shares Outstanding | 55.61M shares | 54.95M |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2020 Q1 | 2019 Q1 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $1.018B | $1.731B |
YoY Change | -41.16% | 54.31% |
Cash & Equivalents | $346.6M | $221.7M |
Short-Term Investments | $671.7M | $1.509B |
Other Short-Term Assets | $54.40M | $39.40M |
YoY Change | 38.07% | -7.29% |
Inventory | ||
Prepaid Expenses | $40.21M | |
Receivables | $2.400M | $3.800M |
Other Receivables | $0.00 | $0.00 |
Total Short-Term Assets | $967.5M | $1.365B |
YoY Change | -29.12% | 17.26% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $153.9M | $298.6M |
YoY Change | -48.45% | 46.23% |
Goodwill | $13.13M | |
YoY Change | ||
Intangibles | $13.25M | |
YoY Change | ||
Long-Term Investments | $107.7M | $408.9M |
YoY Change | -73.66% | -8.07% |
Other Assets | $79.19M | $40.60M |
YoY Change | 95.05% | 65.04% |
Total Long-Term Assets | $561.6M | $773.6M |
YoY Change | -27.4% | 10.09% |
TOTAL ASSETS | ||
Total Short-Term Assets | $967.5M | $1.365B |
Total Long-Term Assets | $561.6M | $773.6M |
Total Assets | $1.529B | $2.139B |
YoY Change | -28.5% | 14.56% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $30.53M | $30.20M |
YoY Change | 1.08% | 151.67% |
Accrued Expenses | $115.5M | $63.00M |
YoY Change | 83.33% | 4.83% |
Deferred Revenue | $6.355M | $11.49M |
YoY Change | -44.69% | -74.66% |
Short-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Long-Term Debt Due | $0.00 | |
YoY Change | -100.0% | |
Total Short-Term Liabilities | $184.4M | $146.7M |
YoY Change | 25.71% | 36.09% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $0.00 | $0.00 |
YoY Change | -100.0% | |
Other Long-Term Liabilities | $2.784M | $219.8M |
YoY Change | -98.73% | 540.82% |
Total Long-Term Liabilities | $2.784M | $219.8M |
YoY Change | -98.73% | 16.42% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $184.4M | $146.7M |
Total Long-Term Liabilities | $2.784M | $219.8M |
Total Liabilities | $408.7M | $366.5M |
YoY Change | 11.51% | 23.57% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$2.480B | |
YoY Change | ||
Common Stock | $556.0K | |
YoY Change | ||
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $1.120B | $1.772B |
YoY Change | ||
Total Liabilities & Shareholders Equity | $1.529B | $2.139B |
YoY Change | -28.5% | 14.56% |
Cashflow Statement
Concept | 2020 Q1 | 2019 Q1 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$202.6M | -$164.4M |
YoY Change | 23.21% | 42.84% |
Depreciation, Depletion And Amortization | $4.880M | $3.780M |
YoY Change | 29.1% | -5.97% |
Cash From Operating Activities | -$206.1M | -$154.2M |
YoY Change | 33.71% | 41.66% |
INVESTING ACTIVITIES | ||
Capital Expenditures | $10.68M | $19.32M |
YoY Change | -44.74% | 159.27% |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | $235.3M | -$17.59M |
YoY Change | -1437.41% | -93.16% |
Cash From Investing Activities | $224.6M | -$36.91M |
YoY Change | -708.4% | -86.06% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | $963.0K | $10.22M |
YoY Change | -90.58% | -85.74% |
NET CHANGE | ||
Cash From Operating Activities | -$206.1M | -$154.2M |
Cash From Investing Activities | $224.6M | -$36.91M |
Cash From Financing Activities | $963.0K | $10.22M |
Net Change In Cash | $19.42M | -$180.8M |
YoY Change | -110.74% | -40.09% |
FREE CASH FLOW | ||
Cash From Operating Activities | -$206.1M | -$154.2M |
Capital Expenditures | $10.68M | $19.32M |
Free Cash Flow | -$216.8M | -$173.5M |
YoY Change | 24.97% | 49.2% |
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CY2019Q1 | blue |
Other Comprehensive Income Loss Unrealized Gain Loss And Foreign Currency Translation Adjustment On Securities And Pension And Other Postretirement Benefit Plans Arising During Period Net Of Tax
OtherComprehensiveIncomeLossUnrealizedGainLossAndForeignCurrencyTranslationAdjustmentOnSecuritiesAndPensionAndOtherPostretirementBenefitPlansArisingDuringPeriodNetOfTax
|
1835000 | USD |
CY2020Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-906000 | USD |
CY2019Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
1835000 | USD |
CY2020Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-203517000 | USD |
CY2019Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-162611000 | USD |
CY2019Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1284993000 | USD |
CY2020Q1 | blue |
Stock Issued During Period Value Vesting Of Restricted Stock Units
StockIssuedDuringPeriodValueVestingOfRestrictedStockUnits
|
0 | USD |
CY2020Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
750000 | USD |
CY2020Q1 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
1872000 | USD |
CY2020Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
36335000 | USD |
CY2020Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-906000 | USD |
CY2020Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-202611000 | USD |
CY2020Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1120433000 | USD |
CY2018Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1885070000 | USD |
CY2019Q1 | us-gaap |
Cumulative Effect Of New Accounting Principle In Period Of Adoption
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption
|
6564000 | USD |
CY2019Q1 | blue |
Stock Issued During Period Value Vesting Of Restricted Stock Units
StockIssuedDuringPeriodValueVestingOfRestrictedStockUnits
|
0 | USD |
CY2019Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
9504000 | USD |
CY2019Q1 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
1231000 | USD |
CY2019Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
32341000 | USD |
CY2019Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
1835000 | USD |
CY2019Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-164446000 | USD |
CY2019Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1772099000 | USD |
CY2020Q1 | us-gaap |
Profit Loss
ProfitLoss
|
-202611000 | USD |
CY2019Q1 | us-gaap |
Profit Loss
ProfitLoss
|
-164446000 | USD |
CY2020Q1 | blue |
Fair Value Of Contingent Consideration Non Cash
FairValueOfContingentConsiderationNonCash
|
-3108000 | USD |
CY2019Q1 | blue |
Fair Value Of Contingent Consideration Non Cash
FairValueOfContingentConsiderationNonCash
|
296000 | USD |
CY2020Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
4880000 | USD |
CY2019Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
3783000 | USD |
CY2020Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
36293000 | USD |
CY2019Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
32341000 | USD |
CY2020Q1 | us-gaap |
Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
|
-4520000 | USD |
CY2019Q1 | us-gaap |
Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
|
-3085000 | USD |
CY2020Q1 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
1387000 | USD |
CY2019Q1 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
3456000 | USD |
CY2020Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
10984000 | USD |
CY2019Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
12793000 | USD |
CY2020Q1 | blue |
Lessee Increase Decrease In Operating Lease Right Of Use Asset
LesseeIncreaseDecreaseInOperatingLeaseRightOfUseAsset
|
5842000 | USD |
CY2019Q1 | blue |
Lessee Increase Decrease In Operating Lease Right Of Use Asset
LesseeIncreaseDecreaseInOperatingLeaseRightOfUseAsset
|
5374000 | USD |
CY2020Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-9519000 | USD |
CY2019Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
10590000 | USD |
CY2020Q1 | us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
-20557000 | USD |
CY2019Q1 | us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
-21514000 | USD |
CY2020Q1 | blue |
Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
|
-5070000 | USD |
CY2019Q1 | blue |
Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
|
3224000 | USD |
CY2020Q1 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
-2118000 | USD |
CY2019Q1 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
-8672000 | USD |
CY2020Q1 | blue |
Increase Decrease In Collaboration Research Advancement
IncreaseDecreaseInCollaborationResearchAdvancement
|
2302000 | USD |
CY2019Q1 | blue |
Increase Decrease In Collaboration Research Advancement
IncreaseDecreaseInCollaborationResearchAdvancement
|
1966000 | USD |
CY2020Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-206121000 | USD |
CY2019Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-154154000 | USD |
CY2020Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
10676000 | USD |
CY2019Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
19321000 | USD |
CY2020Q1 | us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
101421000 | USD |
CY2019Q1 | us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
381735000 | USD |
CY2020Q1 | us-gaap |
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
|
336675000 | USD |
CY2019Q1 | us-gaap |
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
|
364143000 | USD |
CY2020Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
224578000 | USD |
CY2019Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-36913000 | USD |
CY2020Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
963000 | USD |
CY2019Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
10223000 | USD |
CY2020Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
963000 | USD |
CY2019Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
10223000 | USD |
CY2020Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
19420000 | USD |
CY2019Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-180844000 | USD |
CY2019Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
381709000 | USD |
CY2018Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
417099000 | USD |
CY2020Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
401129000 | USD |
CY2019Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
236255000 | USD |
CY2020Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
346629000 | USD |
CY2019Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
221738000 | USD |
CY2020Q1 | us-gaap |
Restricted Cash Current
RestrictedCashCurrent
|
0 | USD |
CY2019Q1 | us-gaap |
Restricted Cash Current
RestrictedCashCurrent
|
100000 | USD |
CY2020Q1 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
54500000 | USD |
CY2019Q1 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
14417000 | USD |
CY2020Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
401129000 | USD |
CY2019Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
236255000 | USD |
CY2020Q1 | us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
1125000 | USD |
CY2019Q1 | us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
9302000 | USD |
CY2020Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
14425000 | USD |
CY2019Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
5500000 | USD |
CY2020Q1 | blue |
Tenant Improvements Included In Tenant Improvements Receivables Including Other Current Assets
TenantImprovementsIncludedInTenantImprovementsReceivablesIncludingOtherCurrentAssets
|
1516000 | USD |
CY2019Q1 | blue |
Tenant Improvements Included In Tenant Improvements Receivables Including Other Current Assets
TenantImprovementsIncludedInTenantImprovementsReceivablesIncludingOtherCurrentAssets
|
8009000 | USD |
CY2020Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
Description of the business<div style="text-indent:18pt;margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">bluebird bio, Inc. (the “Company” or “bluebird”) was incorporated in Delaware on April 16, 1992, and is headquartered in Cambridge, Massachusetts. The Company is a biotechnology company committed to researching, developing and commercializing potentially transformative gene therapies for severe genetic diseases and cancer. Since its inception, the Company has devoted substantially all of its resources to its research and development efforts relating to its product candidates, including activities to manufacture product candidates, conduct clinical studies of its product candidates, perform preclinical research to identify new product candidates and provide selling, general and administrative support for these operations, including commercial-readiness activities.</span></div><div style="text-indent:18pt;margin-top:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The Company’s programs in severe genetic diseases include ZYNTEGLO™ (autologous CD34+ cells encoding βA-T87Q-globin gene) gene therapy as a treatment for transfusion-dependent β-thalassemia, or TDT; its LentiGlobin</span><sup style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;vertical-align:top;">®</sup><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;"> product candidate as a treatment for sickle cell disease, or SCD; and its Lenti-D™ product candidate as a treatment for cerebral adrenoleukodystrophy, or CALD. The Company’s programs in oncology are focused on developing novel T cell-based immunotherapies, including chimeric antigen receptor (CAR) and T cell receptor (TCR) T cell therapies. Idecabtagene vicleucel, or ide-cel, and bb21217, which are product candidates in oncology under the Company’s collaboration arrangement with Bristol-Myers Squibb ("BMS"), formerly Celgene Corporation ("Celgene") prior to its acquisition by BMS in November 2019, are CAR T cell product candidates for the treatment of multiple myeloma. Please refer to Note 9, </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Collaborative arrangements,</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;"> for further discussion of the Company’s collaboration with BMS.</span></div><div style="text-indent:18pt;margin-top:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">In June 2019, the Company received conditional marketing authorization from the European Commission for ZYNTEGLO (formerly referred to as LentiGlobin for TDT) for the treatment of patients 12 years and older with TDT who do not have a β0/β0 genotype, for whom hematopoietic stem cell (HSC) transplantation is appropriate but a human leukocyte-matched related HSC donor is not available. Since receiving conditional marketing authorization for ZYNTEGLO, the Company has continued to advance its commercialization readiness activities. Through March 31, 2020, the Company had not generated any revenue from product sales of ZYNTEGLO.</span></div><div style="text-indent:18pt;margin-top:12pt;"><span style="background-color:rgb(255,255,255, 0.0);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="background-color:rgb(255,255,255, 0.0);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="background-color:rgb(255,255,255, 0.0);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 financial statements are issued. The Company has incurred losses since inception and to date has financed its operations primarily through the sale of shares of the Company's stock and, to a lesser extent, through collaboration agreements and grants from governmental agencies and charitable foundations. As of March 31, 2020, the Company had an accumulated deficit of $2.48 billion. During the three months ended March 31, 2020, the Company incurred a loss of $202.6 million and used $206.1 million of cash in operations. The Company expects to continue to generate operating losses and negative operating cash flows for the next few years and will need additional funding to support its planned operating activities through profitability. The transition to profitability is dependent upon the successful development, approval, and commercialization of the Company’s products and product candidates and the achievement of a level of revenues adequate to support its cost structure. </span></div><div style="text-indent:18pt;margin-top:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">As of March 31, 2020, the Company had cash, cash equivalents and marketable securities of $1.02 billion. The Company expects its cash, cash equivalents and marketable securities will be sufficient to fund current planned operations for at least twelve months from the date of issuance of these financial statements, though it may pursue additional cash resources through public or private equity or debt financings, strategic collaborations or other sources. Management's expectations with respect to its ability to fund current planned operations is based on estimates that are subject to risks and uncertainties. If actual results are different from management's estimates, the Company may need to seek additional strategic or financing opportunities sooner than would otherwise be expected. However, there is no guarantee that any of these strategic or financing opportunities will be executed or executed on favorable terms, and some could be dilutive to existing stockholders. If the Company is unable to obtain additional funding on a timely basis, it may be forced to significantly curtail, delay, or discontinue one or more of its planned research or development programs or be unable to expand its operations or otherwise capitalize on its commercialization of its product candidates.</span></div> | |
CY2020Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-2480000000 | USD |
CY2020Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-202600000 | USD |
CY2020Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-206100000 | USD |
CY2020Q1 | us-gaap |
Investments And Cash
InvestmentsAndCash
|
1020000000.00 | USD |
CY2020Q1 | us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
1 | segment |
CY2019Q4 | blue |
Marketable Securities Amortized Cost
MarketableSecuritiesAmortizedCost
|
915152000 | USD |
CY2019Q4 | blue |
Marketable Securities Unrealized Gains
MarketableSecuritiesUnrealizedGains
|
2838000 | USD |
CY2019Q4 | blue |
Marketable Securities Unrealized Loss
MarketableSecuritiesUnrealizedLoss
|
7238000 | USD |
CY2020Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="margin-top:18pt;"><span style="background-color:rgb(255,255,255, 0.0);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="text-indent:18pt;margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);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. Estimates are used in the following areas, among others: 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, and the measurement of right-of-use assets and lease liabilities, contingent consideration, stock-based compensation expense, accrued expenses, revenue, 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.</span></div> | |
CY2020Q1 | us-gaap |
Equity Securities Fv Ni Cost
EquitySecuritiesFvNiCost
|
20017000 | USD |
CY2020Q1 | blue |
Equity Securities Unrealized Gain
EquitySecuritiesUnrealizedGain
|
0 | USD |
CY2020Q1 | blue |
Equity Securities Unrealized Loss
EquitySecuritiesUnrealizedLoss
|
11667000 | USD |
CY2020Q1 | us-gaap |
Equity Securities Fv Ni
EquitySecuritiesFvNi
|
8350000 | USD |
CY2020Q1 | blue |
Marketable Securities Amortized Cost
MarketableSecuritiesAmortizedCost
|
681166000 | USD |
CY2020Q1 | blue |
Marketable Securities Unrealized Gains
MarketableSecuritiesUnrealizedGains
|
3354000 | USD |
CY2020Q1 | blue |
Marketable Securities Unrealized Loss
MarketableSecuritiesUnrealizedLoss
|
12792000 | USD |
CY2020Q1 | us-gaap |
Marketable Securities
MarketableSecurities
|
671728000 | USD |
CY2019Q4 | us-gaap |
Equity Securities Fv Ni Cost
EquitySecuritiesFvNiCost
|
20017000 | USD |
CY2019Q4 | blue |
Equity Securities Unrealized Gain
EquitySecuritiesUnrealizedGain
|
0 | USD |
CY2019Q4 | blue |
Equity Securities Unrealized Loss
EquitySecuritiesUnrealizedLoss
|
7147000 | USD |
CY2019Q4 | us-gaap |
Equity Securities Fv Ni
EquitySecuritiesFvNi
|
12870000 | USD |
CY2019Q4 | us-gaap |
Marketable Securities
MarketableSecurities
|
910752000 | USD |
CY2019Q1 | us-gaap |
Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
|
0 | USD |
CY2020Q1 | us-gaap |
Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
|
0 | USD |
CY2019Q1 | us-gaap |
Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
|
0 | USD |
CY2020Q1 | us-gaap |
Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
|
0 | USD |
CY2020Q1 | us-gaap |
Interest Receivable
InterestReceivable
|
2900000 | USD |
CY2019Q1 | us-gaap |
Interest Receivable
InterestReceivable
|
3600000 | USD |
CY2020Q1 | blue |
Interest Receivable Write Off
InterestReceivableWriteOff
|
0 | USD |
CY2019Q1 | blue |
Interest Receivable Write Off
InterestReceivableWriteOff
|
0 | USD |
CY2020Q1 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
|
107072000 | USD |
CY2020Q1 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
|
1110000 | USD |
CY2020Q1 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
|
40614000 | USD |
CY2020Q1 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
|
15000 | USD |
CY2020Q1 | us-gaap |
Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
|
147686000 | USD |
CY2020Q1 | us-gaap |
Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
|
1125000 | USD |
CY2019Q4 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
|
67217000 | USD |
CY2019Q4 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
|
46000 | USD |
CY2019Q4 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
|
79618000 | USD |
CY2019Q4 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
|
45000 | USD |
CY2019Q4 | us-gaap |
Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
|
146835000 | USD |
CY2019Q4 | us-gaap |
Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
|
91000 | USD |
CY2020Q1 | us-gaap |
Equity Securities Fv Ni
EquitySecuritiesFvNi
|
8400000 | USD |
CY2019Q4 | us-gaap |
Equity Securities Fv Ni
EquitySecuritiesFvNi
|
12900000 | USD |
CY2020Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
|
0 | USD |
CY2020Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
|
0 | USD |
CY2020Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
194232000 | USD |
CY2019Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
187749000 | USD |
CY2020Q1 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
40312000 | USD |
CY2019Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
36573000 | USD |
CY2020Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
153920000 | USD |
CY2019Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
151176000 | USD |
CY2020Q1 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
2604000 | USD |
CY2020Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
24018000 | USD |
CY2019Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
44679000 | USD |
CY2020Q1 | blue |
Accrued Manufacturing Costs Current
AccruedManufacturingCostsCurrent
|
25957000 | USD |
CY2019Q4 | blue |
Accrued Manufacturing Costs Current
AccruedManufacturingCostsCurrent
|
23126000 | USD |
CY2020Q1 | blue |
Accrued Clinical And Contract Research Organization Costs Current
AccruedClinicalAndContractResearchOrganizationCostsCurrent
|
21266000 | USD |
CY2019Q4 | blue |
Accrued Clinical And Contract Research Organization Costs Current
AccruedClinicalAndContractResearchOrganizationCostsCurrent
|
16799000 | USD |
CY2020Q1 | blue |
Accrued Collaboration Research Costs Current
AccruedCollaborationResearchCostsCurrent
|
19732000 | USD |
CY2019Q4 | blue |
Accrued Collaboration Research Costs Current
AccruedCollaborationResearchCostsCurrent
|
27142000 | USD |
CY2020Q1 | blue |
Accrued Property Plant And Equipment Current
AccruedPropertyPlantAndEquipmentCurrent
|
730000 | USD |
CY2019Q4 | blue |
Accrued Property Plant And Equipment Current
AccruedPropertyPlantAndEquipmentCurrent
|
2354000 | USD |
CY2020Q1 | blue |
Accrued License And Milestone Fees
AccruedLicenseAndMilestoneFees
|
768000 | USD |
CY2019Q4 | blue |
Accrued License And Milestone Fees
AccruedLicenseAndMilestoneFees
|
300000 | USD |
CY2019Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
1827000 | USD |
CY2020Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
23016000 | USD |
CY2019Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
25329000 | USD |
CY2020Q1 | us-gaap |
Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
|
118091000 | USD |
CY2019Q4 | us-gaap |
Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
|
141556000 | USD |
CY2020Q1 | blue |
Increase In Purchase Commitment Remaining Minimum Amount Committed
IncreaseInPurchaseCommitmentRemainingMinimumAmountCommitted
|
57600000 | USD |
CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Other Increases Decreases In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOtherIncreasesDecreasesInPeriod
|
2200000 | shares |
CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Other Increases Decreases In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOtherIncreasesDecreasesInPeriod
|
2200000 | shares |
CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
|
2500000 | shares |
CY2019Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
32300000 | USD |
CY2020Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
36300000 | USD |
CY2020Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
36293000 | USD |
CY2019Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
32341000 | USD |
CY2020Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
36293000 | USD |
CY2019Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
32341000 | USD |
CY2020Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
|
361800000 | USD |
CY2020Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P2Y8M12D | |
CY2019Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
5483000 | shares |
CY2019Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
116.30 | |
CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
1147000 | shares |
CY2020Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
75.65 | |
CY2020Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
20000 | shares |
CY2020Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
37.71 | |
CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
|
132000 | shares |
CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
|
148.55 | |
CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
6478000 | shares |
CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
108.68 | |
CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
3248000 | shares |
CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
99.92 | |
CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
|
6478000 | shares |
CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
|
108.68 | |
CY2020Q1 | us-gaap |
Proceeds From Stock Plans
ProceedsFromStockPlans
|
800000 | USD |
CY2020Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
8063000 | shares |
CY2019Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
6527000 | shares |