$TSVT
2seventy bio, Inc.

2023 Q3 Form 10-Q Financial Statement

#000186078223000098 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $12.03M $36.05M $13.48M
YoY Change -10.25% 167.38% -29.89%
Cost Of Revenue $551.0K $907.0K $364.0K
YoY Change 46.15% 149.18% -79.68%
Gross Profit $11.48M $35.14M $13.12M
YoY Change -11.88% 167.88% -24.77%
Gross Profit Margin 95.42% 97.48% 97.3%
Selling, General & Admin $13.00M $19.49M $17.28M
YoY Change -33.69% 12.8% -62.46%
% of Gross Profit 113.25% 55.46% 131.71%
Research & Development $51.32M $59.98M $68.44M
YoY Change -16.88% -12.36% -51.55%
% of Gross Profit 446.88% 170.68% 521.72%
Depreciation & Amortization $2.770M $2.238M $3.301M
YoY Change 16.53% -32.2% -59.49%
% of Gross Profit 24.12% 6.37% 25.16%
Operating Expenses $64.32M $79.47M $85.80M
YoY Change -20.93% -7.38% -54.29%
Operating Profit -$77.97M -$47.99M -$72.68M
YoY Change 14.04% -33.97% -57.31%
Interest Expense $3.626M $3.090M $213.0K
YoY Change 225.79% 1350.7%
% of Operating Profit
Other Income/Expense, Net $2.704M $2.812M -$644.0K
YoY Change -533.33% -536.65% -107.07%
Pretax Income -$71.64M -$42.09M -$77.40M
YoY Change 5.54% -45.62% -54.8%
Income Tax $0.00 $0.00 $17.00K
% Of Pretax Income
Net Earnings -$71.64M -$42.09M -$77.42M
YoY Change 5.54% -45.64% -54.79%
Net Earnings / Revenue -595.3% -116.76% -574.25%
Basic Earnings Per Share -$1.40 -$0.83 -$2.02
Diluted Earnings Per Share -$1.40 -$0.83 -$2.017M
COMMON SHARES
Basic Shares Outstanding 50.46M shares 50.20M shares 37.62M shares
Diluted Shares Outstanding 51.18M shares 50.97M shares 38.38M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $250.6M $282.8M $357.9M
YoY Change -22.44% -20.98%
Cash & Equivalents $90.23M $95.99M $269.9M
Short-Term Investments $160.4M $186.8M $88.06M
Other Short-Term Assets $7.100M $6.729M $13.80M
YoY Change -50.25% -51.25% 90.24%
Inventory
Prepaid Expenses $7.120M $6.729M
Receivables $19.50M $44.10M $12.16M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $277.3M $333.7M $383.9M
YoY Change -20.65% -13.08% 1961.15%
LONG-TERM ASSETS
Property, Plant & Equipment $60.68M $61.02M $304.1M
YoY Change 30.08% -79.94% 19.77%
Goodwill $0.00 $12.06M
YoY Change -100.0%
Intangibles $6.771M $6.948M
YoY Change -9.47%
Long-Term Investments $33.70M $23.71M $40.64M
YoY Change 2295.17% -41.66%
Other Assets $37.90M $37.60M $39.03M
YoY Change -0.98% -3.65% 559.22%
Total Long-Term Assets $363.6M $372.0M $403.5M
YoY Change 1.18% -7.8% 41.53%
TOTAL ASSETS
Total Short-Term Assets $277.3M $333.7M $383.9M
Total Long-Term Assets $363.6M $372.0M $403.5M
Total Assets $640.8M $705.7M $787.4M
YoY Change -9.59% -10.37% 159.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.307M $6.274M $6.685M
YoY Change -33.52% -6.15% -64.78%
Accrued Expenses $49.70M $47.98M $79.81M
YoY Change -21.05% -39.89% 5.4%
Deferred Revenue $13.03M $12.64M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $68.01M $66.90M $99.01M
YoY Change -14.88% -32.44% -4.6%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.409M $2.404M $309.4M
YoY Change -0.25% -99.22% 104.54%
Total Long-Term Liabilities $2.409M $2.404M $309.4M
YoY Change -0.25% -99.22% 104.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.01M $66.90M $99.01M
Total Long-Term Liabilities $2.409M $2.404M $309.4M
Total Liabilities $334.4M $338.2M $408.4M
YoY Change -13.27% -17.19% 60.13%
SHAREHOLDERS EQUITY
Retained Earnings -$454.4M -$382.8M
YoY Change 67.98%
Common Stock $5.000K $5.000K
YoY Change 25.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $306.4M $367.5M $379.0M
YoY Change
Total Liabilities & Shareholders Equity $640.8M $705.7M $787.4M
YoY Change -9.59% -10.37% 159.23%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$71.64M -$42.09M -$77.42M
YoY Change 5.54% -45.64% -54.79%
Depreciation, Depletion And Amortization $2.770M $2.238M $3.301M
YoY Change 16.53% -32.2% -59.49%
Cash From Operating Activities -$21.51M -$32.66M -$46.66M
YoY Change -64.7% -30.0% -56.08%
INVESTING ACTIVITIES
Capital Expenditures $2.740M $3.971M -$2.673M
YoY Change -120.42% -248.56% -73.21%
Acquisitions
YoY Change
Other Investing Activities $18.80M -$60.91M $52.44M
YoY Change -127.3% -216.15%
Cash From Investing Activities $16.05M -$64.88M $49.77M
YoY Change -119.5% -230.36% -598.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -70.00K 128.0K -4.277M
YoY Change -140.0% -102.99% -103.68%
NET CHANGE
Cash From Operating Activities -21.51M -32.66M -46.66M
Cash From Investing Activities 16.05M -64.88M 49.77M
Cash From Financing Activities -70.00K 128.0K -4.277M
Net Change In Cash -5.530M -97.42M -1.168M
YoY Change -96.13% 8240.41%
FREE CASH FLOW
Cash From Operating Activities -$21.51M -$32.66M -$46.66M
Capital Expenditures $2.740M $3.971M -$2.673M
Free Cash Flow -$24.25M -$36.63M -$43.99M
YoY Change -48.96% -16.72% -54.31%

Facts In Submission

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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 U.S. Food and Drug Administration (“FDA”)-approved CAR T therapy in multiple myeloma, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Abecma</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (idecabtagene vicleucel, or ide-cel), to patients in the United States. 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 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 beginning in 2021. 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 “Part III. Item 13. Certain Relationships and Related Transactions, and Director Independence,” included in our annual report on Form 10-K, which was filed with the SEC on March 16, 2023.</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 financial statements are issued. The Company has incurred losses and has experienced negative operating cash flows for all historical periods presented. During the six months ended June 30, 2023, the Company incurred a net loss of $89.1 million and used $81.8 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 and generate operating cash flows from the commercialization of its product candidates, if approved.</span></div>As of June 30, 2023, the Company had cash, cash equivalents, and marketable securities of $306.5 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. If the Company determines additional cash is needed to support operations, the Company may pursue a combination of public or private equity offerings, debt financings, collaborations, strategic alliances or licensing arrangements with third parties. This includes the potential sale of shares of the Company’s common stock of up to $150.0 million in gross proceeds under the at-the-market (“ATM”) facility established in November 2022 with Cowen and Company, LLC. No sales of common stock have occurred under this ATM as of the date of this Quarterly Report on Form 10-Q. 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.
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<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 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: future undiscounted cash flows and subsequent fair value estimates used to assess potential and measure any impairment of long-lived assets, including </span></div>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.
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tsvt Interest Receivable Write Off
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CY2022Q2 tsvt Interest Receivable Write Off
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