$BLUE
bluebird bio, Inc.

2020 Q2 Form 10-Q Financial Statement

#000129397120000047 Filed on August 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $0.00 $13.30M
YoY Change -100.0% 69.35%
Cost Of Revenue $1.554M $613.0K
YoY Change 153.51% 2819.05%
Gross Profit -$1.554M $12.68M
YoY Change -112.25% 61.98%
Gross Profit Margin 95.39%
Selling, General & Admin $68.63M $68.63M
YoY Change 0.0% 66.58%
% of Gross Profit 541.13%
Research & Development $156.3M $146.5M
YoY Change 6.67% 27.41%
% of Gross Profit 1155.4%
Depreciation & Amortization $4.550M $4.050M
YoY Change 12.35% -3.11%
% of Gross Profit 31.93%
Operating Expenses $224.9M $215.2M
YoY Change 4.54% 37.52%
Operating Profit -$143.7M -$202.7M
YoY Change -29.13% 36.39%
Interest Expense $2.939M $9.387M
YoY Change -68.69% 285.34%
% of Operating Profit
Other Income/Expense, Net $1.551M -$2.936M
YoY Change -152.83% -1713.19%
Pretax Income -$21.46M -$196.3M
YoY Change -89.07% 34.42%
Income Tax $10.00K -$469.0K
% Of Pretax Income
Net Earnings -$21.47M -$195.8M
YoY Change -89.04% 34.1%
Net Earnings / Revenue -1472.49%
Basic Earnings Per Share -$0.36
Diluted Earnings Per Share -$0.36 -$3.547M
COMMON SHARES
Basic Shares Outstanding 60.38M shares
Diluted Shares Outstanding 60.38M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.599B $1.542B
YoY Change 3.7% 43.16%
Cash & Equivalents $1.199B $281.0M
Short-Term Investments $400.0M $1.261B
Other Short-Term Assets $60.10M $36.40M
YoY Change 65.11% 26.39%
Inventory
Prepaid Expenses $39.36M $25.43M
Receivables $4.000M $10.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.613B $1.301B
YoY Change 24.04% 17.64%
LONG-TERM ASSETS
Property, Plant & Equipment $155.4M $129.1M
YoY Change 20.32% -41.09%
Goodwill $13.13M $13.13M
YoY Change 0.0%
Intangibles $12.18M $16.48M
YoY Change -26.07%
Long-Term Investments $49.40M $287.9M
YoY Change -82.84% -24.3%
Other Assets $74.78M $84.92M
YoY Change -11.94% 202.21%
Total Long-Term Assets $494.3M $722.6M
YoY Change -31.58% 10.18%
TOTAL ASSETS
Total Short-Term Assets $1.613B $1.301B
Total Long-Term Assets $494.3M $722.6M
Total Assets $2.108B $2.023B
YoY Change 4.17% 14.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.18M $29.46M
YoY Change -11.12% 64.57%
Accrued Expenses $125.9M $87.30M
YoY Change 44.22% 27.07%
Deferred Revenue $3.915M $9.484M
YoY Change -58.72% -65.29%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $197.2M $162.1M
YoY Change 21.63% 39.39%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $4.335M $1.699M
YoY Change 155.15% -94.94%
Total Long-Term Liabilities $4.335M $1.699M
YoY Change 155.15% -99.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $197.2M $162.1M
Total Long-Term Liabilities $4.335M $1.699M
Total Liabilities $425.8M $387.0M
YoY Change 10.02% 27.29%
SHAREHOLDERS EQUITY
Retained Earnings -$2.506B -$1.852B
YoY Change 35.27%
Common Stock $662.0K $553.0K
YoY Change 19.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.682B $1.636B
YoY Change
Total Liabilities & Shareholders Equity $2.108B $2.023B
YoY Change 4.17% 14.86%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$21.47M -$195.8M
YoY Change -89.04% 34.1%
Depreciation, Depletion And Amortization $4.550M $4.050M
YoY Change 12.35% -3.11%
Cash From Operating Activities $39.74M -$137.9M
YoY Change -128.82% 37.33%
INVESTING ACTIVITIES
Capital Expenditures -$4.800M -$18.61M
YoY Change -74.21% 40.56%
Acquisitions
YoY Change
Other Investing Activities $274.1M $251.0M
YoY Change 9.18% -1861.61%
Cash From Investing Activities $269.3M $232.4M
YoY Change 15.85% -945.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $541.5M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 543.1M 4.780M
YoY Change 11262.55% -9.81%
NET CHANGE
Cash From Operating Activities 39.74M -137.9M
Cash From Investing Activities 269.3M 232.4M
Cash From Financing Activities 543.1M 4.780M
Net Change In Cash 852.1M 99.32M
YoY Change 757.97% -181.02%
FREE CASH FLOW
Cash From Operating Activities $39.74M -$137.9M
Capital Expenditures -$4.800M -$18.61M
Free Cash Flow $44.54M -$119.3M
YoY Change -137.34% 36.84%

Facts In Submission

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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 betibeglogene autotemcel (beti-cel; formerly LentiGlobin for β-thalassemia 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 elivaldogene autotemcel (eli-cel; formerly Lenti-D gene therapy) 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, 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. ide-cel and bb21217 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 beti-cel as a treatment of patients 12 years and older with TDT who do not have a β</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;">0</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%;">/β</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;">0</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%;"> genotype, for whom hematopoietic stem cell (HSC) transplantation is appropriate but a human leukocyte-matched related HSC donor is not available. beti-cel is being marketed as ZYNTEGLO™ in the European Union. Through June 30, 2020, the Company had not generated any revenue from product sales of ZYNTEGLO.</span></div>As of June 30, 2020, the Company had cash, cash equivalents and marketable securities of $1.60 billion. The Company expects that 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 debt and equity financings and establish collaborations with or license its technology to other companies
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
116.30
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1306000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
72.50
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
27000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
40.91
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
296000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
135.10
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6466000 shares
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
106.90
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3442000 shares
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
102.07
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
6466000 shares
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
106.90
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
1100000 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8382000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6511000 shares

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