2021 Q2 Form 10-Q Financial Statement

#000129397121000065 Filed on August 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $143.0K $0.00
YoY Change -100.0%
Cost Of Revenue $15.22M $1.554M
YoY Change 879.09% 153.51%
Gross Profit -$15.07M -$1.554M
YoY Change 869.88% -112.25%
Gross Profit Margin -10539.86%
Selling, General & Admin $54.98M $68.63M
YoY Change -19.88% 0.0%
% of Gross Profit
Research & Development $84.65M $156.3M
YoY Change -45.85% 6.67%
% of Gross Profit
Depreciation & Amortization $5.993M $4.550M
YoY Change 31.71% 12.35%
% of Gross Profit
Operating Expenses $139.6M $224.9M
YoY Change -37.93% 4.54%
Operating Profit -$154.7M -$143.7M
YoY Change 7.69% -29.13%
Interest Expense $218.0K $2.939M
YoY Change -92.58% -68.69%
% of Operating Profit
Other Income/Expense, Net -$1.274M $1.551M
YoY Change -182.14% -152.83%
Pretax Income -$155.8M -$21.46M
YoY Change 625.97% -89.07%
Income Tax $216.0K $10.00K
% Of Pretax Income
Net Earnings -$241.7M -$21.47M
YoY Change 1026.03% -89.04%
Net Earnings / Revenue -169022.38%
Basic Earnings Per Share -$3.58 -$0.36
Diluted Earnings Per Share -$3.58 -$0.36
COMMON SHARES
Basic Shares Outstanding 67.49M shares 60.38M shares
Diluted Shares Outstanding 67.49M shares 60.38M shares

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $941.6M $1.599B
YoY Change -41.1% 3.7%
Cash & Equivalents $353.5M $1.199B
Short-Term Investments $588.2M $400.0M
Other Short-Term Assets $50.32M $60.10M
YoY Change -16.27% 65.11%
Inventory $13.50M
Prepaid Expenses $33.73M $39.36M
Receivables $0.00 $4.000M
Other Receivables $0.00 $0.00
Total Short-Term Assets $903.5M $1.613B
YoY Change -44.0% 24.04%
LONG-TERM ASSETS
Property, Plant & Equipment $158.8M $155.4M
YoY Change 2.22% 20.32%
Goodwill $13.13M $13.13M
YoY Change 0.0% 0.0%
Intangibles $16.26M $12.18M
YoY Change 33.49% -26.07%
Long-Term Investments $101.9M $49.40M
YoY Change 106.33% -82.84%
Other Assets $69.80M $74.78M
YoY Change -6.66% -11.94%
Total Long-Term Assets $550.9M $494.3M
YoY Change 11.45% -31.58%
TOTAL ASSETS
Total Short-Term Assets $903.5M $1.613B
Total Long-Term Assets $550.9M $494.3M
Total Assets $1.454B $2.108B
YoY Change -31.0% 4.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $39.29M $26.18M
YoY Change 50.09% -11.12%
Accrued Expenses $168.8M $125.9M
YoY Change 34.08% 44.22%
Deferred Revenue $2.687M $3.915M
YoY Change -31.37% -58.72%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $247.8M $197.2M
YoY Change 25.65% 21.63%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.891M $4.335M
YoY Change 82.03% 155.15%
Total Long-Term Liabilities $7.891M $4.335M
YoY Change 82.03% 155.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $247.8M $197.2M
Total Long-Term Liabilities $7.891M $4.335M
Total Liabilities $469.9M $425.8M
YoY Change 10.37% 10.02%
SHAREHOLDERS EQUITY
Retained Earnings -$3.350B -$2.506B
YoY Change 33.68% 35.27%
Common Stock $676.0K $662.0K
YoY Change 2.11% 19.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $984.6M $1.682B
YoY Change
Total Liabilities & Shareholders Equity $1.454B $2.108B
YoY Change -31.0% 4.17%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$241.7M -$21.47M
YoY Change 1026.03% -89.04%
Depreciation, Depletion And Amortization $5.993M $4.550M
YoY Change 31.71% 12.35%
Cash From Operating Activities -$145.6M $39.74M
YoY Change -466.49% -128.82%
INVESTING ACTIVITIES
Capital Expenditures -$3.574M -$4.800M
YoY Change -25.54% -74.21%
Acquisitions
YoY Change
Other Investing Activities $63.94M $274.1M
YoY Change -76.67% 9.18%
Cash From Investing Activities $60.37M $269.3M
YoY Change -77.58% 15.85%
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 392.0K 543.1M
YoY Change -99.93% 11262.55%
NET CHANGE
Cash From Operating Activities -145.6M 39.74M
Cash From Investing Activities 60.37M 269.3M
Cash From Financing Activities 392.0K 543.1M
Net Change In Cash -84.88M 852.1M
YoY Change -109.96% 757.97%
FREE CASH FLOW
Cash From Operating Activities -$145.6M $39.74M
Capital Expenditures -$3.574M -$4.800M
Free Cash Flow -$142.1M $44.54M
YoY Change -418.97% -137.34%

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, following marketing approval, 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 activities in Europe as well as commercial-readiness activities in the United States.</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 programs for transfusion-dependent β-thalassemia, or TDT, sickle cell disease, or SCD, and cerebral adrenoleukodystrophy, or CALD. The Company’s programs in oncology are focused on developing novel engineered cell and gene therapies for cancer, including the anti-BCMA CAR T programs for multiple myeloma under the Company’s collaboration arrangement with Bristol-Myers Squibb ("BMS"). 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,</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 March 2021, BMS received marketing approval from the U.S. Food and Drug Administration for idecabtagene vicleucel (ide-cel, marketed as ABECMA</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%">) as a treatment of adult patients with relapsed or refractory multiple myeloma after four or more prior lines of therapy, including an immunomodulatory agent, a proteasome inhibitor, and an anti-CD38 monoclonal antibody. In July 2021, the Company received marketing approval from the European Commission for elivaldogene autotemcel (eli-cel; formerly Lenti-D gene therapy) as a treatment for patients less than 18 years of age with early cerebral adrenoleukodystrophy and without a matched sibling donor. In June 2019, the Company received conditional marketing authorization from the European Commission for betibeglogene autotemcel (beti-cel; formerly LentiGlobin for β-thalassemia gene therapy) 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. </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 January 2021, the Company announced its intent to separate its severe genetic disease and oncology programs into two separate, independent publicly traded companies, bluebird bio, Inc. and 2seventy bio, Inc., a newly-formed Delaware corporation and wholly-owned subsidiary of the Company prior to the separation. bluebird bio, Inc. intends to retain focus on its severe genetic disease programs, with a focus on the U.S. market. As part of this strategy, bluebird bio, Inc. plans to execute an orderly wind down of its European operations. 2seventy bio, Inc. is expected to focus on the Company's oncology programs. The spin-off transaction is expected to be completed in late 2021 and is anticipated to be tax-free, subject to receipt of a favorable Internal Revenue Service (“IRS”) ruling. </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 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 financial statements are issued. The Company has incurred losses since inception and to date has financed its operations primarily through the sale of equity securities and, to a lesser extent, through collaboration agreements and grants from governmental agencies and charitable foundations. As of June 30, 2021, the Company had an accumulated deficit of $3.35 billion. During the six months ended June 30, 2021, the Company incurred a loss of $447.5 million and used $349.0 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 beti-cel, eli-cel, LentiGlobin for SCD, and its oncology product candidates, and the achievement of a level of revenues adequate to support its cost structure. </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 June 30, 2021, the Company had cash, cash equivalents and marketable securities of $941.6 million. The Company expects 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 issuance of these financial statements, although it intends to pursue additional cash resources through public or private equity or debt financings or by establishing additional collaborations with other companies. 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CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1731000 USD
CY2021Q2 us-gaap Inventory Net
InventoryNet
13502000 USD
CY2020Q4 us-gaap Inventory Net
InventoryNet
10698000 USD
blue Inventory Excess Valuation Reserves
InventoryExcessValuationReserves
15100000 USD
CY2021Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
217781000 USD
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
213891000 USD
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
58961000 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
51060000 USD
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
158820000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
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162831000 USD
CY2021Q2 us-gaap Employee Related Liabilities Current
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71749000 USD
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
55802000 USD
CY2021Q2 blue Accrued Manufacturing Costs Current
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24186000 USD
CY2020Q4 blue Accrued Manufacturing Costs Current
AccruedManufacturingCostsCurrent
22571000 USD
CY2021Q2 blue Accrued Clinical And Contract Research Organization Costs Current
AccruedClinicalAndContractResearchOrganizationCostsCurrent
19865000 USD
CY2020Q4 blue Accrued Clinical And Contract Research Organization Costs Current
AccruedClinicalAndContractResearchOrganizationCostsCurrent
23766000 USD
CY2021Q2 blue Accrued Collaboration Research Costs Current
AccruedCollaborationResearchCostsCurrent
20974000 USD
CY2020Q4 blue Accrued Collaboration Research Costs Current
AccruedCollaborationResearchCostsCurrent
20004000 USD
CY2021Q2 blue Accrued Property Plant And Equipment Current
AccruedPropertyPlantAndEquipmentCurrent
1201000 USD
CY2020Q4 blue Accrued Property Plant And Equipment Current
AccruedPropertyPlantAndEquipmentCurrent
789000 USD
CY2021Q2 blue Accrued License And Milestone Fees
AccruedLicenseAndMilestoneFees
183000 USD
CY2020Q4 blue Accrued License And Milestone Fees
AccruedLicenseAndMilestoneFees
278000 USD
CY2021Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1982000 USD
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1541000 USD
CY2021Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
27895000 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
20655000 USD
CY2021Q2 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
168035000 USD
CY2020Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
145406000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Other Increases Decreases In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOtherIncreasesDecreasesInPeriod
2700000 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Other Increases Decreases In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOtherIncreasesDecreasesInPeriod
2200000 shares
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
3900000 shares
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
31100000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
73500000 USD
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
48500000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
84800000 USD
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
31051000 USD
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
48529000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
73525000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
84822000 USD
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
31051000 USD
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
48529000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
73525000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
73525000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
84822000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
84822000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
100000 USD
CY2021Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
400000 USD
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
193900000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y1M6D
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6262000 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
105.02
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
811000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
29.52
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
209000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
6.02
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
765000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
108.51
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6099000 shares
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
97.93
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3854000 shares
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
110.83
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
6099000 shares
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
97.93
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
200000 shares
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
1300000 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8710000 shares
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8710000 shares
CY2020Q2 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
8382000 shares

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