$BLUE
bluebird bio, Inc.

2019 Q2 Form 10-Q Financial Statement

#000156459019028020 Filed on August 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $13.30M $7.851M
YoY Change 69.35% -53.03%
Cost Of Revenue $613.0K $21.00K
YoY Change 2819.05% -95.0%
Gross Profit $12.68M $7.830M
YoY Change 61.98% -51.95%
Gross Profit Margin 95.39% 99.73%
Selling, General & Admin $68.63M $41.20M
YoY Change 66.58% 94.34%
% of Gross Profit 541.13% 526.18%
Research & Development $146.5M $115.0M
YoY Change 27.41% 78.84%
% of Gross Profit 1155.4% 1468.89%
Depreciation & Amortization $4.050M $4.180M
YoY Change -3.11% 21.51%
% of Gross Profit 31.93% 53.38%
Operating Expenses $215.2M $156.5M
YoY Change 37.52% 85.08%
Operating Profit -$202.7M -$148.6M
YoY Change 36.39% 119.12%
Interest Expense $9.387M $2.436M
YoY Change 285.34% -208.65%
% of Operating Profit
Other Income/Expense, Net -$2.936M $182.0K
YoY Change -1713.19% -121.82%
Pretax Income -$196.3M -$146.0M
YoY Change 34.42% 105.92%
Income Tax -$469.0K
% Of Pretax Income
Net Earnings -$195.8M -$146.0M
YoY Change 34.1% 105.92%
Net Earnings / Revenue -1472.49% -1859.58%
Basic Earnings Per Share
Diluted Earnings Per Share -$3.547M -$2.908M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.542B $1.077B
YoY Change 43.16% -1.68%
Cash & Equivalents $281.0M $333.9M
Short-Term Investments $1.261B $743.0M
Other Short-Term Assets $36.40M $28.80M
YoY Change 26.39% 53.19%
Inventory
Prepaid Expenses $25.43M
Receivables $10.50M
Other Receivables $0.00
Total Short-Term Assets $1.301B $1.106B
YoY Change 17.64% -1.15%
LONG-TERM ASSETS
Property, Plant & Equipment $129.1M $219.2M
YoY Change -41.09% 21.49%
Goodwill $13.13M
YoY Change
Intangibles $16.48M
YoY Change
Long-Term Investments $287.9M $380.3M
YoY Change -24.3% 274.31%
Other Assets $84.92M $28.10M
YoY Change 202.21% 14.69%
Total Long-Term Assets $722.6M $655.8M
YoY Change 10.18% 93.73%
TOTAL ASSETS
Total Short-Term Assets $1.301B $1.106B
Total Long-Term Assets $722.6M $655.8M
Total Assets $2.023B $1.762B
YoY Change 14.86% 20.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.46M $17.90M
YoY Change 64.57% 24.1%
Accrued Expenses $87.30M $68.70M
YoY Change 27.07% 63.57%
Deferred Revenue $9.484M $27.32M
YoY Change -65.29%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $1.200M
YoY Change -100.0%
Total Short-Term Liabilities $162.1M $116.3M
YoY Change 39.39% 49.41%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $154.1M
YoY Change -100.0% 0.06%
Other Long-Term Liabilities $1.699M $33.60M
YoY Change -94.94% 37233.33%
Total Long-Term Liabilities $1.699M $187.7M
YoY Change -99.09% 208455.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $162.1M $116.3M
Total Long-Term Liabilities $1.699M $187.7M
Total Liabilities $387.0M $304.0M
YoY Change 27.29% 18.24%
SHAREHOLDERS EQUITY
Retained Earnings -$1.852B
YoY Change
Common Stock $553.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.636B $1.458B
YoY Change
Total Liabilities & Shareholders Equity $2.023B $1.762B
YoY Change 14.86% 20.89%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$195.8M -$146.0M
YoY Change 34.1% 105.92%
Depreciation, Depletion And Amortization $4.050M $4.180M
YoY Change -3.11% 21.51%
Cash From Operating Activities -$137.9M -$100.4M
YoY Change 37.33% 87.52%
INVESTING ACTIVITIES
Capital Expenditures -$18.61M -$13.24M
YoY Change 40.56% -1.85%
Acquisitions
YoY Change
Other Investing Activities $251.0M -$14.25M
YoY Change -1861.61% -119.66%
Cash From Investing Activities $232.4M -$27.48M
YoY Change -945.78% -146.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.780M 5.300M
YoY Change -9.81% -98.86%
NET CHANGE
Cash From Operating Activities -137.9M -100.4M
Cash From Investing Activities 232.4M -27.48M
Cash From Financing Activities 4.780M 5.300M
Net Change In Cash 99.32M -122.6M
YoY Change -181.02% -126.06%
FREE CASH FLOW
Cash From Operating Activities -$137.9M -$100.4M
Capital Expenditures -$18.61M -$13.24M
Free Cash Flow -$119.3M -$87.16M
YoY Change 36.84% 117.63%

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<p id="Note_to_Condensed" style="margin-bottom:0pt;margin-top:6pt;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;text-indent:2.27%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 general and administrative support for these operations.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:2.27%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company’s programs in severe genetic diseases include ZYNTEGLO<sup style="font-size:85%; vertical-align:top">TM</sup> (autologous CD34+ cells encoding β<sup style="font-size:85%; vertical-align:top">A-T87Q</sup>-globin gene) gene therapy as a treatment for transfusion-dependent β-thalassemia, or TDT; its LentiGlobin<sup style="font-size:85%; vertical-align:top">®</sup> product candidate as a treatment for sickle cell disease, or SCD; and its Lenti-D<sup style="font-size:85%; vertical-align:top">TM</sup> 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 (formerly referred to as bb2121), and bb21217, which are product candidates in oncology under the Company’s collaboration arrangement with Celgene Corporation (“Celgene”), are CAR T cell product candidates for the treatment of multiple myeloma. Please <span style="color:#000000;">refer</span> to Note 9, “<span style="font-style:italic;">Collaborative arrangements</span>” for further discussion of the Company’s collaboration with Celgene<span style="color:#000000;">.</span></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:2.27%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 β<sup style="font-size:85%; vertical-align:top">0</sup>/β<sup style="font-size:85%; vertical-align:top">0</sup> genotype, for whom hematopoietic stem cell (HSC) transplantation is appropriate but a human leukocyte-matched related HSC donor is not available. T<span style="color:#000000;">hrough June 30, 2019, the Company had not generated any revenue from product sales and had not capitalized any inventory costs related to the production of ZYNTEGLO.</span></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:2.27%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of June 30, 2019, the Company had cash, cash equivalents and marketable securities of $1.54 billion. Although the Company has incurred recurring losses and expects to continue to incur losses for the foreseeable future, the Company expects that its existing cash, cash equivalents and marketable securities will be sufficient to fund current planned operations for at least the next twelve months.  </p>
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<p style="margin-bottom:0pt;margin-top:0pt;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;text-indent:2.27%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the <span style="color:#000000;">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</span> 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, as appropriate, 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 and income taxes.</p>
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