$BLUE
bluebird bio, Inc.

2014 Q4 Form 10-Q Financial Statement

#000156459014005482 Filed on November 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q4
Revenue $6.386M $6.365M $6.335M
YoY Change 0.81% -0.31% 7352.94%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.300M $6.600M $4.700M
YoY Change 12.77% 73.68% 88.0%
% of Gross Profit
Research & Development $20.50M $16.65M $9.800M
YoY Change 109.18% 91.24% 50.77%
% of Gross Profit
Depreciation & Amortization $1.670M $1.540M $330.0K
YoY Change 406.06% 396.77% 266.67%
% of Gross Profit
Operating Expenses $25.80M $16.65M $14.50M
YoY Change 77.93% 91.24% 61.11%
Operating Profit -$19.61M -$17.01M -$8.115M
YoY Change 141.7% 176.27% -9.39%
Interest Expense -$200.0K -$100.0K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $100.0K -$20.00K
YoY Change -145.45%
Pretax Income -$19.50M -$17.03M -$8.100M
YoY Change 140.74% 178.59% -10.0%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$19.54M -$17.03M -$8.081M
YoY Change 141.85% 178.59% -10.19%
Net Earnings / Revenue -306.04% -267.56% -127.56%
Basic Earnings Per Share
Diluted Earnings Per Share -$663.3K -$605.0K -$338.9K
COMMON SHARES
Basic Shares Outstanding 28.82M 28.60M shares 23.78M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $473.6M $215.4M $206.3M
YoY Change 129.59% -0.65%
Cash & Equivalents $347.8M $89.60M $206.3M
Short-Term Investments $125.7M $125.8M $0.00
Other Short-Term Assets $6.400M $7.900M $5.700M
YoY Change 12.28% 68.09%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $480.0M $223.3M $212.0M
YoY Change 126.42% 0.84% 212.74%
LONG-TERM ASSETS
Property, Plant & Equipment $15.74M $14.98M $10.92M
YoY Change 44.14% 177.78% 747.83%
Goodwill $13.13M $13.13M
YoY Change
Intangibles $28.22M $29.16M
YoY Change
Long-Term Investments $18.40M $48.40M
YoY Change
Other Assets $1.215M $1.162M $1.483M
YoY Change -18.07% -17.0%
Total Long-Term Assets $76.75M $106.9M $12.40M
YoY Change 518.8% 1472.82% 706.44%
TOTAL ASSETS
Total Short-Term Assets $480.0M $223.3M $212.0M
Total Long-Term Assets $76.75M $106.9M $12.40M
Total Assets $556.7M $330.2M $224.4M
YoY Change 148.11% 44.66% 223.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.954M $3.641M $4.359M
YoY Change -32.23% 218.27% 100.6%
Accrued Expenses $12.70M $9.700M $4.900M
YoY Change 159.18% 94.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $42.98M $38.52M $34.87M
YoY Change 23.24% 22.34% 653.54%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $294.0K $323.0K $208.0K
YoY Change 41.35% -99.17%
Total Long-Term Liabilities $294.0K $323.0K $208.0K
YoY Change 41.35% -99.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.98M $38.52M $34.87M
Total Long-Term Liabilities $294.0K $323.0K $208.0K
Total Liabilities $65.48M $68.30M $72.72M
YoY Change -9.96% -3.2% 1290.76%
SHAREHOLDERS EQUITY
Retained Earnings -$147.4M -$127.8M -$98.68M
YoY Change 49.36% 41.11% 34.52%
Common Stock $323.0K $287.0K $239.0K
YoY Change 35.15% 21.61% 7866.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $491.3M $261.9M $151.7M
YoY Change
Total Liabilities & Shareholders Equity $556.7M $330.2M $224.4M
YoY Change 148.11% 44.66% 223.69%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q4
OPERATING ACTIVITIES
Net Income -$19.54M -$17.03M -$8.081M
YoY Change 141.85% 178.59% -10.19%
Depreciation, Depletion And Amortization $1.670M $1.540M $330.0K
YoY Change 406.06% 396.77% 266.67%
Cash From Operating Activities -$15.66M -$20.77M -$5.460M
YoY Change 186.81% 134.42% -17.65%
INVESTING ACTIVITIES
Capital Expenditures -$2.410M -$1.770M -$5.290M
YoY Change -54.44% -16.11% 1369.44%
Acquisitions
YoY Change
Other Investing Activities $30.00M -$173.8M $0.00
YoY Change -173920.0%
Cash From Investing Activities $27.60M -$175.6M -$5.290M
YoY Change -621.74% 8635.32% 1369.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 246.3M 110.2M 230.0K
YoY Change 106991.3% -9442.37% -1250.0%
NET CHANGE
Cash From Operating Activities -15.66M -20.77M -5.460M
Cash From Investing Activities 27.60M -175.6M -5.290M
Cash From Financing Activities 246.3M 110.2M 230.0K
Net Change In Cash 258.3M -86.11M -10.52M
YoY Change -2554.85% 614.61% 50.07%
FREE CASH FLOW
Cash From Operating Activities -$15.66M -$20.77M -$5.460M
Capital Expenditures -$2.410M -$1.770M -$5.290M
Free Cash Flow -$13.25M -$19.00M -$170.0K
YoY Change 7694.12% 181.48% -97.29%

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<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. Description of the business </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">bluebird bio, Inc. (the &#8220;Company&#8221; or &#8220;bluebird&#8221;) was incorporated in Delaware on April&#160;16, 1992, and is headquartered in Cambridge, Massachusetts. The Company was formed to develop, manufacture and market therapies to safely and effectively deliver genes useful in the treatment of serious human diseases. Since its inception, the Company has devoted substantially all of its resources to its development efforts relating to its product candidates, including activities to manufacture product in compliance with good manufacturing practices (&#8220;GMP&#8221;), conduct clinical studies of its product candidates, provide general and administrative support for these operations and protect its intellectual property. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On June&#160;30, 2014, the Company acquired all of the outstanding capital stock of Precision Genome Engineering, Inc. (&#8220;Pregenen&#8221;) and in connection therewith, obtained the rights to Pregenen&#8217;s gene editing and cell signaling technology. See Note 7, &#8220;Business combinations,&#8221; for additional information. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In July 2014, the Company sold 3,450 shares of common stock (inclusive of 450 shares of common stock sold by the Company pursuant to the full exercise of an overallotment option granted to the underwriters in connection with the offering) through an underwritten public offering at a price of $34.00 per share. The aggregate net proceeds received by the Company from the offering were $109,765, net of underwriting discounts and commissions and estimated offering expenses payable by the Company of approximately $7,534. </p></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentrations of Credit Risk</p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Financial instruments that subject the Company to credit risk primarily consist of cash and cash equivalents and available-for-sale securities. The Company maintains its cash and cash equivalent balances with high-quality financial institutions and, consequently, the Company believes that such funds are subject to minimal credit risk. The Company&#8217;s available-for-sale investments primarily consist of U.S. government agency securities and certificates of deposit and potentially subject the Company to concentrations of credit risk. The Company has adopted an investment policy which limits the amounts the Company may invest in any one type of investment and requires all investments held by the Company to be at least AA+/Aa1 rated, thereby reducing credit risk exposure.</p></div>
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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: acquisition-date fair value and subsequent fair value estimates used to assess potential impairment of long-lived assets, including goodwill and intangible assets, contingent consideration, stock-based compensation expense, accrued expenses, revenue and income taxes. </p></div>
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SharesIssuedPricePerShare
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us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
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15
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174291000
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3000
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us-gaap Additional Cash And Cash Equivalent Related Text
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Three months or less
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0
us-gaap Available For Sale Securities Gross Realized Gain Loss Net
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0
CY2014Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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0
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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0
CY2014Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
144219000
CY2014Q3 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
0
CY2013Q2 us-gaap Lessee Leasing Arrangements Operating Leases Term Of Contract
LesseeLeasingArrangementsOperatingLeasesTermOfContract
P9Y
CY2013Q2 blue Area Of Leased Space
AreaOfLeasedSpace
43600
CY2013Q2 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
209000
CY2013Q2 blue Rent Abatement Credits
RentAbatementCredits
209000
CY2013Q2 blue Landlord Contribution For Leasehold Improvements
LandlordContributionForLeaseholdImprovements
6538000
CY2013Q2 us-gaap Lessee Leasing Arrangements Operating Leases Renewal Term
LesseeLeasingArrangementsOperatingLeasesRenewalTerm
P5Y
CY2013Q2 blue Letter Of Credit Related With New Lease Agreement
LetterOfCreditRelatedWithNewLeaseAgreement
1253000
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2015-03-31
CY2014Q2 blue Additional Lease Space Agreement
AdditionalLeaseSpaceAgreement
9869
CY2014Q2 blue Additional Lease Rent Payable
AdditionalLeaseRentPayable
47000
CY2014Q2 blue Lease Amendment Effective Month And Year
LeaseAmendmentEffectiveMonthAndYear
2014-09
CY2014Q2 blue Landlord Contribution For Leasehold Improvements
LandlordContributionForLeaseholdImprovements
1234000
CY2014Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
1881000
CY2014Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
3763000
CY2014Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
3763000
CY2014Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
3763000
CY2014Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
3763000
CY2014Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
13167000
CY2014Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
30100000
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Period Increase Decrease
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingPeriodIncreaseDecrease
960000
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
539000
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2914000
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2516000
CY2014Q3 blue Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Held By Former Employees
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesHeldByFormerEmployees
123000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
643000
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3958000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1023000
us-gaap Stock Issued During Period Shares Stock Options Exercised
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844000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1491000
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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3988000
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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5.21
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
24.78
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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14.75
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.39
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.18
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
10.46
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
2310000
CY2014Q3 us-gaap Class Of Warrant Or Right Outstanding
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338000
CY2013Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
338000
blue Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
0
CY2014Q3 blue Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
0
blue Class Of Warrant Or Right Cancelled Or Expired In Period
ClassOfWarrantOrRightCancelledOrExpiredInPeriod
0
CY2014Q3 blue Class Of Warrant Or Right Cancelled Or Expired In Period
ClassOfWarrantOrRightCancelledOrExpiredInPeriod
0
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4667000
CY2013Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4506000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4667000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4506000

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