2022 Q2 Form 10-Q Financial Statement
#000186078222000026 Filed on May 12, 2022
Income Statement
Concept | 2022 Q2 | 2022 Q1 | 2021 Q4 |
---|---|---|---|
Revenue | $13.48M | $8.429M | $16.03M |
YoY Change | -29.89% | -29.17% | -93.54% |
Cost Of Revenue | $364.0K | $511.0K | $406.0K |
YoY Change | -79.68% | -70.01% | -92.48% |
Gross Profit | $13.12M | $7.918M | $15.63M |
YoY Change | -24.77% | -22.35% | -93.56% |
Gross Profit Margin | 97.3% | 93.94% | 97.47% |
Selling, General & Admin | $17.28M | $23.86M | $24.48M |
YoY Change | -62.46% | -3.11% | -73.07% |
% of Gross Profit | 131.71% | 301.35% | 156.65% |
Research & Development | $68.44M | $69.25M | $59.54M |
YoY Change | -51.55% | -10.73% | -79.92% |
% of Gross Profit | 521.72% | 874.53% | 381.0% |
Depreciation & Amortization | $3.301M | $3.530M | $3.535M |
YoY Change | -59.49% | -3.97% | -46.9% |
% of Gross Profit | 25.16% | 44.58% | 22.62% |
Operating Expenses | $85.80M | $93.11M | $84.00M |
YoY Change | -54.29% | -8.9% | -77.95% |
Operating Profit | -$72.68M | -$90.59M | -$68.37M |
YoY Change | -57.31% | -1.93% | -50.52% |
Interest Expense | $213.0K | $115.0K | $88.00K |
YoY Change | |||
% of Operating Profit | |||
Other Income/Expense, Net | -$644.0K | $4.762M | $7.307M |
YoY Change | -107.07% | -7.96% | -59.53% |
Pretax Income | -$77.40M | -$85.71M | -$60.98M |
YoY Change | -54.8% | -1.7% | -49.23% |
Income Tax | $17.00K | $0.00 | $0.00 |
% Of Pretax Income | |||
Net Earnings | -$77.42M | -$85.70M | -$60.98M |
YoY Change | -54.79% | -1.72% | -49.23% |
Net Earnings / Revenue | -574.25% | -1016.73% | -380.29% |
Basic Earnings Per Share | -$2.02 | -$3.20 | |
Diluted Earnings Per Share | -$2.017M | -$3.20 | -$2.552M |
COMMON SHARES | |||
Basic Shares Outstanding | 37.62M shares | 26.75M shares | 23.37M shares |
Diluted Shares Outstanding | 38.38M shares | 26.75M shares |
Balance Sheet
Concept | 2022 Q2 | 2022 Q1 | 2021 Q4 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $357.9M | $377.9M | $265.1M |
YoY Change | |||
Cash & Equivalents | $269.9M | $270.9M | $130.4M |
Short-Term Investments | $88.06M | $107.0M | $134.6M |
Other Short-Term Assets | $13.80M | $18.00M | $9.512M |
YoY Change | 90.24% | ||
Inventory | |||
Prepaid Expenses | $18.00M | $9.512M | |
Receivables | $12.16M | $16.93M | $17.00M |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $383.9M | $412.8M | $291.6M |
YoY Change | 1961.15% | 1061.42% | |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $304.1M | $35.04M | $34.91M |
YoY Change | 19.77% | -75.76% | |
Goodwill | $12.06M | $12.06M | |
YoY Change | -8.17% | ||
Intangibles | $8.774M | $9.892M | |
YoY Change | 75.27% | ||
Long-Term Investments | $40.64M | $74.68M | $97.12M |
YoY Change | |||
Other Assets | $39.03M | $37.75M | $38.59M |
YoY Change | 559.22% | 367.05% | |
Total Long-Term Assets | $403.5M | $439.1M | $468.1M |
YoY Change | 41.53% | 62.81% | |
TOTAL ASSETS | |||
Total Short-Term Assets | $383.9M | $412.8M | $291.6M |
Total Long-Term Assets | $403.5M | $439.1M | $468.1M |
Total Assets | $787.4M | $851.9M | $759.7M |
YoY Change | 159.23% | 143.0% | |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $6.685M | $13.65M | $6.024M |
YoY Change | -64.78% | -15.77% | |
Accrued Expenses | $79.81M | $68.54M | $65.18M |
YoY Change | 5.4% | ||
Deferred Revenue | $5.000M | $5.000M | |
YoY Change | 509.76% | ||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $99.01M | $106.3M | $98.39M |
YoY Change | -4.6% | 29.68% | |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $309.4M | $2.431M | $2.122M |
YoY Change | 104.54% | -14.78% | |
Total Long-Term Liabilities | $309.4M | $2.431M | $2.122M |
YoY Change | 104.54% | -14.78% | |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $99.01M | $106.3M | $98.39M |
Total Long-Term Liabilities | $309.4M | $2.431M | $2.122M |
Total Liabilities | $408.4M | $404.5M | $399.9M |
YoY Change | 60.13% | 68.01% | |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$125.2M | -$39.49M | |
YoY Change | |||
Common Stock | $4.000K | $2.000K | |
YoY Change | |||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $379.0M | $447.4M | $359.8M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $787.4M | $851.9M | $759.7M |
YoY Change | 159.23% | 143.0% |
Cashflow Statement
Concept | 2022 Q2 | 2022 Q1 | 2021 Q4 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$77.42M | -$85.70M | -$60.98M |
YoY Change | -54.79% | -1.72% | -49.23% |
Depreciation, Depletion And Amortization | $3.301M | $3.530M | $3.535M |
YoY Change | -59.49% | -3.97% | -46.9% |
Cash From Operating Activities | -$46.66M | -$74.10M | -$57.44M |
YoY Change | -56.08% | 14.44% | -50.8% |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$2.673M | $3.585M | -$975.0K |
YoY Change | -73.21% | -43.55% | -90.86% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $52.44M | $48.33M | $34.99M |
YoY Change | |||
Cash From Investing Activities | $49.77M | $44.75M | $34.01M |
YoY Change | -598.9% | -804.6% | -418.72% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | -4.277M | $170.1M | 186.7M |
YoY Change | -103.68% | 139.24% | 46.53% |
NET CHANGE | |||
Cash From Operating Activities | -46.66M | -$74.10M | -57.44M |
Cash From Investing Activities | 49.77M | $44.75M | 34.01M |
Cash From Financing Activities | -4.277M | $170.1M | 186.7M |
Net Change In Cash | -1.168M | $140.8M | 163.3M |
YoY Change | |||
FREE CASH FLOW | |||
Cash From Operating Activities | -$46.66M | -$74.10M | -$57.44M |
Capital Expenditures | -$2.673M | $3.585M | -$975.0K |
Free Cash Flow | -$43.99M | -$77.69M | -$56.46M |
YoY Change | -54.31% | 9.26% | -46.77% |
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CY2022Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
4762000 | USD |
CY2021Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
5174000 | USD |
CY2022Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-85711000 | USD |
CY2021Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-87196000 | USD |
CY2022Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | USD |
CY2021Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | USD |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-85711000 | USD |
CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-87196000 | USD |
CY2022Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-3.20 | |
CY2022Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-3.20 | |
CY2021Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-3.73 | |
CY2021Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-3.73 | |
CY2022Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
26751000 | shares |
CY2022Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
26751000 | shares |
CY2021Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
23369000 | shares |
CY2021Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
23369000 | shares |
CY2022Q1 | us-gaap |
Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
|
0 | USD |
CY2021Q1 | us-gaap |
Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
|
0 | USD |
CY2022Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-2092000 | USD |
CY2021Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
0 | USD |
CY2022Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-2092000 | USD |
CY2021Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
0 | USD |
CY2022Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-87803000 | USD |
CY2021Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-87196000 | USD |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
359822000 | USD |
CY2022Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
1000 | USD |
CY2022Q1 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
165657000 | USD |
CY2022Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
9739000 | USD |
CY2022Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-2092000 | USD |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-85711000 | USD |
CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
447416000 | USD |
CY2020Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
74629000 | USD |
CY2021Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
17109000 | USD |
CY2021Q1 | tsvt |
Transfers From Transfers To Net Parent Investment
TransfersFromTransfersToNetParentInvestment
|
71101000 | USD |
CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-87196000 | USD |
CY2021Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
75643000 | USD |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-85711000 | USD |
CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-87196000 | USD |
CY2022Q1 | us-gaap |
Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
|
48000 | USD |
CY2021Q1 | us-gaap |
Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
|
369000 | USD |
CY2022Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
3530000 | USD |
CY2021Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
3676000 | USD |
CY2022Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
9739000 | USD |
CY2021Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
17109000 | USD |
CY2022Q1 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-1227000 | USD |
CY2021Q1 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-69000 | USD |
CY2022Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
7768000 | USD |
CY2021Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-2262000 | USD |
CY2022Q1 | tsvt |
Increase Decrease In Operating Lease Right Of Use Asset
IncreaseDecreaseInOperatingLeaseRightOfUseAsset
|
4710000 | USD |
CY2021Q1 | tsvt |
Increase Decrease In Operating Lease Right Of Use Asset
IncreaseDecreaseInOperatingLeaseRightOfUseAsset
|
3652000 | USD |
CY2022Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
6228000 | USD |
CY2021Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
4535000 | USD |
CY2022Q1 | us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
280000 | USD |
CY2021Q1 | us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
-1248000 | USD |
CY2022Q1 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-2860000 | USD |
CY2021Q1 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-5639000 | USD |
CY2022Q1 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
0 | USD |
CY2021Q1 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
-820000 | USD |
CY2022Q1 | tsvt |
Increase Decrease In Collaboration Research Advancement
IncreaseDecreaseInCollaborationResearchAdvancement
|
3487000 | USD |
CY2021Q1 | tsvt |
Increase Decrease In Collaboration Research Advancement
IncreaseDecreaseInCollaborationResearchAdvancement
|
1519000 | USD |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-74064000 | USD |
CY2021Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-64750000 | USD |
CY2022Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
3585000 | USD |
CY2021Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
6351000 | USD |
CY2022Q1 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
22450000 | USD |
CY2021Q1 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
0 | USD |
CY2022Q1 | us-gaap |
Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
70784000 | USD |
CY2021Q1 | us-gaap |
Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
0 | USD |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
44749000 | USD |
CY2021Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-6351000 | USD |
CY2022Q1 | us-gaap |
Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
|
0 | USD |
CY2021Q1 | us-gaap |
Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
|
71101000 | USD |
CY2022Q1 | us-gaap |
Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
|
170000000 | USD |
CY2021Q1 | us-gaap |
Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
|
0 | USD |
CY2022Q1 | tsvt |
Proceeds From Stock Options Exercised And Stock Plans
ProceedsFromStockOptionsExercisedAndStockPlans
|
99000 | USD |
CY2021Q1 | tsvt |
Proceeds From Stock Options Exercised And Stock Plans
ProceedsFromStockOptionsExercisedAndStockPlans
|
0 | USD |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
170099000 | USD |
CY2021Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
71101000 | USD |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
140784000 | USD |
CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
0 | USD |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
163266000 | USD |
CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
0 | USD |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
304050000 | USD |
CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
0 | USD |
CY2022Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
270893000 | USD |
CY2021Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
0 | USD |
CY2022Q1 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
33157000 | USD |
CY2021Q1 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
0 | USD |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
304050000 | USD |
CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
0 | USD |
CY2022Q1 | us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
2925000 | USD |
CY2021Q1 | us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
1954000 | USD |
CY2022Q1 | tsvt |
Accrued Stock Issuance Costs
AccruedStockIssuanceCosts
|
4343000 | USD |
CY2021Q1 | tsvt |
Accrued Stock Issuance Costs
AccruedStockIssuanceCosts
|
0 | USD |
CY2022Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
Description of the business<div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2seventy bio, Inc. (the “Company” or “2seventy bio”) was incorporated in Delaware on April 26, 2021 and is a cell and gene therapy company focused on the research, development, and commercialization of transformative treatments for cancer. The Company’s approach combines its expertise in T cell engineering technology and lentiviral vector gene delivery approaches, experience in research, development, and manufacturing of cell therapies and a suite of technologies that can be selectively deployed to develop highly innovative, targeted cellular therapies for patients with cancer. The Company is advancing multiple preclinical and clinical programs in oncology and, together with Bristol Myers Squibb (“BMS”), delivering the first FDA-approved CAR T therapy in multiple myeloma, ABECMA (idecabtagene vicleucel, or ide-cel), to patients in the United States. 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 and strategic partnerships </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 collaboration with BMS</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">.</span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2seventy bio Securities Corporation is a wholly-owned subsidiary of the Company which was incorporated in Massachusetts on December 13, 2021 and was granted securities corporation status in Massachusetts for the 2021 tax year. 2seventy bio Securities Corporation has no employees.</span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">The separation from bluebird bio, Inc.</span></div><div style="margin-bottom: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, bluebird bio, Inc. (“bluebird bio”) announced its plans to separate its oncology portfolio and programs from its severe genetic disease portfolio and programs, and spin off its oncology portfolio and programs into a separate, publicly traded company. In furtherance of this plan, on September 30, 2021, bluebird bio’s board of directors approved the distribution of all of the issued and outstanding shares of 2seventy bio common stock on the basis of one share of 2seventy bio common stock for every three shares of bluebird bio common stock issued and outstanding on October 19, 2021, the record date for the distribution. As a result of the distribution, which occurred on November 4, 2021, 2seventy bio became an independent, publicly traded company.</span></div><div style="margin-bottom:12pt;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 3, 2021, the Company also entered into a separation agreement with bluebird bio, which is referred to in this quarterly report as the separation agreement, as well as various other agreements with bluebird bio, including a tax matters agreement, an employee matters agreement, an intellectual property license agreement, a transition services agreement under which 2seventy bio temporarily receives certain services from bluebird bio, and a second transition services agreement under which 2seventy bio temporarily provides certain services to bluebird bio. These agreements also govern certain of 2seventy bio’s relationships with bluebird bio after the separation. For additional information regarding the separation agreement and the other related agreements, refer to Note 13, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Related-party transactions</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and the section captioned “Transactions with Related and Certain Other Parties” in this Quarterly Report on Form 10-Q.</span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Going concern</span></div><div style="margin-bottom: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 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 condensed consolidated and combined financial statements are issued. The Company has incurred losses and has experienced negative operating cash flows for all historical periods presented. During the three months ended March 31, 2022, the Company incurred a net loss of $85.7 million and used $74.1 million of cash in operations. The Company expects to continue to generate operating losses and negative operating cash flows for the next few years. The Company's continued operations are dependent on its ability to raise additional funding. </span></div><div style="margin-bottom: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 March 31, 2022, the Company had cash, cash equivalents, and marketable securities of $452.5 million. The Company expects that 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. The </span></div>Company intends to pursue additional cash resources through a combination of public or private equity offerings, debt financings, collaborations, strategic alliances or licensing arrangements with third parties. There can be no assurance that such financing will be available in sufficient amounts or on acceptable terms, if at all, and some could be dilutive to existing stockholders. If the Company is unable to obtain additional funding on a timely basis, it may be forced to significantly curtail, delay, or discontinue one or more of its planned research or development programs or be unable to expand its operations. | |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-85700000 | USD |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-74100000 | USD |
CY2022Q1 | tsvt |
Cash Cash Equivalents And Marketable Securities
CashCashEquivalentsAndMarketableSecurities
|
452500000 | USD |
CY2022Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="margin-bottom:12pt;text-indent: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-bottom: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 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 </span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements.</span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Estimates and judgments are used in the following areas, among others: allocations of revenue, expenses, assets and liabilities from bluebird bio's historical consolidated financial statements to the Company for periods prior to the separation, 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, the measurement of right-of-use assets and lease liabilities, contingent consideration, stock-based compensation expense, accrued expenses, 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. In addition, estimates and judgments are used in the Company’s accounting for its revenue-generating arrangements, in particular as it relates to determining the stand-alone selling price of performance obligations, evaluating whether an option to acquire additional goods and services represents a material right, estimating the total transaction price, including estimating variable consideration and the probability of achieving future potential development and regulatory milestones, assessing the period of performance over which revenue may be recognized, and accounting for modifications to revenue-generating arrangements.</span></div> | |
CY2022Q1 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
183817000 | USD |
CY2022Q1 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
3000 | USD |
CY2022Q1 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
2164000 | USD |
CY2022Q1 | us-gaap |
Debt Securities Available For Sale Excluding Accrued Interest
DebtSecuritiesAvailableForSaleExcludingAccruedInterest
|
181656000 | USD |
CY2021Q4 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
232332000 | USD |
CY2021Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
0 | USD |
CY2021Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
565000 | USD |
CY2021Q4 | us-gaap |
Debt Securities Available For Sale Excluding Accrued Interest
DebtSecuritiesAvailableForSaleExcludingAccruedInterest
|
231767000 | USD |
CY2022Q1 | us-gaap |
Interest Receivable
InterestReceivable
|
300000 | USD |
CY2022Q1 | tsvt |
Interest Receivable Write Off
InterestReceivableWriteOff
|
0 | USD |
CY2022Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
76629000 | USD |
CY2021Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
74991000 | USD |
CY2022Q1 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
41591000 | USD |
CY2021Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
40078000 | USD |
CY2022Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
35038000 | USD |
CY2021Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
34913000 | USD |
CY2022Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
14796000 | USD |
CY2021Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
24655000 | USD |
CY2022Q1 | tsvt |
Accrued Collaboration Research Costs Current
AccruedCollaborationResearchCostsCurrent
|
14082000 | USD |
CY2021Q4 | tsvt |
Accrued Collaboration Research Costs Current
AccruedCollaborationResearchCostsCurrent
|
2576000 | USD |
CY2022Q1 | tsvt |
Accrued Manufacturing Costs Current
AccruedManufacturingCostsCurrent
|
11097000 | USD |
CY2021Q4 | tsvt |
Accrued Manufacturing Costs Current
AccruedManufacturingCostsCurrent
|
5459000 | USD |
CY2022Q1 | us-gaap |
Accrued Royalties Current
AccruedRoyaltiesCurrent
|
4146000 | USD |
CY2021Q4 | us-gaap |
Accrued Royalties Current
AccruedRoyaltiesCurrent
|
6768000 | USD |
CY2022Q1 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
1942000 | USD |
CY2021Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
1688000 | USD |
CY2022Q1 | tsvt |
Accrued Clinical And Contract Research Organization Costs Current
AccruedClinicalAndContractResearchOrganizationCostsCurrent
|
1938000 | USD |
CY2021Q4 | tsvt |
Accrued Clinical And Contract Research Organization Costs Current
AccruedClinicalAndContractResearchOrganizationCostsCurrent
|
3229000 | USD |
CY2022Q1 | tsvt |
Accrued Property Plant And Equipment Current
AccruedPropertyPlantAndEquipmentCurrent
|
1311000 | USD |
CY2021Q4 | tsvt |
Accrued Property Plant And Equipment Current
AccruedPropertyPlantAndEquipmentCurrent
|
2241000 | USD |
CY2022Q1 | tsvt |
Accrued Separation Related Costs Current
AccruedSeparationRelatedCostsCurrent
|
818000 | USD |
CY2021Q4 | tsvt |
Accrued Separation Related Costs Current
AccruedSeparationRelatedCostsCurrent
|
762000 | USD |
CY2022Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
8345000 | USD |
CY2021Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
8032000 | USD |
CY2022Q1 | us-gaap |
Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
|
58475000 | USD |
CY2021Q4 | us-gaap |
Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
|
55410000 | USD |
CY2022Q1 | tsvt |
Number Of Performance Obligations
NumberOfPerformanceObligations
|
2 | performance_obligation |
CY2018Q3 | tsvt |
Number Of Accounting Units
NumberOfAccountingUnits
|
2 | accounting_unit |
CY2022Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
9739000 | USD |
CY2021Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
17109000 | USD |
CY2022Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
9739000 | USD |
CY2021Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
17109000 | USD |
CY2021Q4 | tsvt |
Number Of Transition Services Agreements
NumberOfTransitionServicesAgreements
|
2 | agreement |
CY2021Q4 | tsvt |
Transition Services Agreement Initial Term
TransitionServicesAgreementInitialTerm
|
P2Y | |
CY2022Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
4470000 | shares |
CY2021Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
0 | shares |