$BLUE
bluebird bio, Inc.

2020 Q4 Form 10-Q Financial Statement

#000129397120000066 Filed on November 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $0.00 $0.00 $8.910M
YoY Change -100.0% -100.0% -22.71%
Cost Of Revenue $1.500M $1.318M $862.0K
YoY Change 36.36% 52.9% 2872.41%
Gross Profit $9.200M -$1.318M $8.048M
YoY Change 3.37% -116.38% -30.01%
Gross Profit Margin 90.33%
Selling, General & Admin $77.00M $68.05M $66.25M
YoY Change 1.05% 2.71% 48.88%
% of Gross Profit 836.96% 823.19%
Research & Development $137.1M $140.4M $151.4M
YoY Change -15.27% -7.25% 29.7%
% of Gross Profit 1490.22% 1881.36%
Depreciation & Amortization $4.980M $4.950M $4.550M
YoY Change -1.39% 8.79% 3.17%
% of Gross Profit 54.13% 56.54%
Operating Expenses $214.1M $208.5M $217.7M
YoY Change -10.04% -4.22% 34.9%
Operating Profit -$139.4M -$131.7M -$210.4M
YoY Change -39.54% -37.39% 40.45%
Interest Expense $4.100M $1.964M $8.417M
YoY Change -25.45% -76.67% 83.34%
% of Operating Profit
Other Income/Expense, Net $1.200M -$6.686M -$4.298M
YoY Change 140.0% 55.56% 1605.56%
Pretax Income -$199.6M -$194.4M -$206.3M
YoY Change -10.53% -5.76% 41.8%
Income Tax $300.0K $329.0K -$264.0K
% Of Pretax Income
Net Earnings -$199.9M -$194.7M -$206.0M
YoY Change -10.51% -5.48% 41.62%
Net Earnings / Revenue -2312.38%
Basic Earnings Per Share -$3.01 -$2.94
Diluted Earnings Per Share -$3.01 -$2.94 -$3.725M
COMMON SHARES
Basic Shares Outstanding 66.37M shares 66.25M shares
Diluted Shares Outstanding 66.25M shares

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $741.7M $1.438B $1.406B
YoY Change -40.09% 2.27% -16.08%
Cash & Equivalents $260.6M $324.2M $300.4M
Short-Term Investments $481.0M $1.114B $1.105B
Other Short-Term Assets $63.90M $57.30M $40.00M
YoY Change 41.06% 43.25% 33.33%
Inventory $10.70M
Prepaid Expenses $25.72M $35.42M $26.93M
Receivables $400.0K $5.600M $0.00
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.216B $1.293B $1.220B
YoY Change 5.5% 6.0% -29.29%
LONG-TERM ASSETS
Property, Plant & Equipment $17.37M $157.7M $144.1M
YoY Change -88.51% 9.43% -38.12%
Goodwill $5.646M $13.13M $13.13M
YoY Change -56.99% 0.0% 0.0%
Intangibles $4.397M $11.11M $15.40M
YoY Change -69.31% -27.83% 9.13%
Long-Term Investments $122.9M $207.6M $225.9M
YoY Change -6.54% -8.1% -30.23%
Other Assets $65.73M $74.30M $82.07M
YoY Change -17.04% -9.46% 92.79%
Total Long-Term Assets $565.7M $652.3M $672.2M
YoY Change -1.66% -2.96% 7.3%
TOTAL ASSETS
Total Short-Term Assets $1.216B $1.293B $1.220B
Total Long-Term Assets $565.7M $652.3M $672.2M
Total Assets $1.781B $1.945B $1.892B
YoY Change 3.12% 2.82% -19.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.81M $25.31M $41.87M
YoY Change -67.88% -39.56% 224.83%
Accrued Expenses $149.8M $137.9M $113.9M
YoY Change 9.82% 21.07% 31.83%
Deferred Revenue $1.500M $1.061M $8.474M
YoY Change -82.3% -87.48% -62.46%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $203.6M $196.9M $196.0M
YoY Change -8.94% 0.45% 48.96%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $5.759M $4.751M $3.726M
YoY Change -44.7% 27.51% 41.46%
Total Long-Term Liabilities $5.759M $4.751M $3.726M
YoY Change -44.7% 27.51% 41.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $203.6M $196.9M $196.0M
Total Long-Term Liabilities $5.759M $4.751M $3.726M
Total Liabilities $426.2M $422.5M $420.5M
YoY Change -3.67% 0.46% 19.8%
SHAREHOLDERS EQUITY
Retained Earnings -$2.901B -$2.701B -$2.059B
YoY Change 27.11% 31.2% 52.51%
Common Stock $665.0K $663.0K $553.0K
YoY Change 20.04% 19.89% 1.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.355B $1.523B $1.472B
YoY Change
Total Liabilities & Shareholders Equity $1.781B $1.945B $1.892B
YoY Change 3.12% 2.82% -19.54%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$199.9M -$194.7M -$206.0M
YoY Change -10.51% -5.48% 41.62%
Depreciation, Depletion And Amortization $4.980M $4.950M $4.550M
YoY Change -1.39% 8.79% 3.17%
Cash From Operating Activities -$155.2M -$148.8M -$113.4M
YoY Change -2.38% 31.22% 52.23%
INVESTING ACTIVITIES
Capital Expenditures -$7.890M -$5.620M -$24.93M
YoY Change -41.08% -77.46% 12.55%
Acquisitions
YoY Change
Other Investing Activities $156.7M -$721.4M $154.0M
YoY Change -20.31% -568.5% 174.87%
Cash From Investing Activities $148.8M -$727.0M $129.0M
YoY Change -18.8% -663.4% 280.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.440M 1.190M 4.180M
YoY Change -28.36% -71.53% -99.37%
NET CHANGE
Cash From Operating Activities -155.2M -148.8M -113.4M
Cash From Investing Activities 148.8M -727.0M 129.0M
Cash From Financing Activities 1.440M 1.190M 4.180M
Net Change In Cash -4.940M -874.6M 19.84M
YoY Change -118.78% -4508.27% -96.79%
FREE CASH FLOW
Cash From Operating Activities -$155.2M -$148.8M -$113.4M
Capital Expenditures -$7.890M -$5.620M -$24.93M
Free Cash Flow -$147.3M -$143.2M -$88.45M
YoY Change 1.18% 61.85% 69.02%

Facts In Submission

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Description of the business<div style="margin-top:6pt;text-indent:18pt"><span style="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="margin-top:12pt;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’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><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="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="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="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="margin-top:12pt;text-indent:18pt"><span style="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><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">0</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">/β</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">0</span><span style="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 September 30, 2020, the Company had not generated any revenue from product sales of ZYNTEGLO.</span></div><div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of September 30, 2020, the Company had cash, cash equivalents and marketable securities of $1.44 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.</span></div>
CY2020Q3 us-gaap Investments And Cash
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<div style="margin-top: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-top:6pt;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. 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-</span></div>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.
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CY2020Q3 blue Accrued Property Plant And Equipment Current
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608000 USD
CY2019Q4 blue Accrued Property Plant And Equipment Current
AccruedPropertyPlantAndEquipmentCurrent
2354000 USD
CY2020Q3 blue Accrued License And Milestone Fees
AccruedLicenseAndMilestoneFees
286000 USD
CY2019Q4 blue Accrued License And Milestone Fees
AccruedLicenseAndMilestoneFees
300000 USD
CY2020Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1697000 USD
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1827000 USD
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
22633000 USD
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
25329000 USD
CY2020Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
138274000 USD
CY2019Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
141556000 USD
blue Decrease In Purchase Commitment Remaining Minimum Amount Committed
DecreaseInPurchaseCommitmentRemainingMinimumAmountCommitted
58300000 USD
CY2020Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
10500000 shares
CY2020Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
55.00
CY2020Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
541500000 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
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2500000 shares
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
38800000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
123600000 USD
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
38500000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
126000000.0 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
38818000 USD
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
38546000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
123640000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
125998000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
38818000 USD
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
38546000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
123640000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
123640000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
125998000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
125998000 USD
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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1421000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
71.50
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
55000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
24.44
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
486000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
129.11
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6363000 shares
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
106.11
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3611000 shares
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
104.72
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
6363000 shares
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
106.11
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
1300000 USD
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8167000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8167000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6616000 shares
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6616000 shares

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