2Seventy Bio (TSVT) investor relations material

Executive summary

• Strategic realignment in 2024 focused operations exclusively on Abecma, with all other programs sold to Regeneron and Novo Nordisk.

• Entered into a definitive merger agreement with Bristol-Myers Squibb (BMS) in March 2025 for an all-cash acquisition at $5.00 per share, expected to close in Q2 2025.

• Abecma received expanded FDA approval in April 2024 for earlier-line treatment in multiple myeloma.

• Net income of $0.5 million for Q1 2025, a significant improvement from a net loss of $52.7 million in Q1 2024.

• Ended Q1 2025 with $173.4 million in cash, cash equivalents, and marketable securities.

Financial highlights

• Total revenue for Q1 2025 was $22.9 million, up from $12.4 million in Q1 2024, driven by increased Abecma sales.

• Operating expenses dropped to $25.5 million from $63.6 million year-over-year, mainly due to R&D program transfers and workforce reductions.

• Research and development expenses dropped to $5.4 million from $43.9 million year-over-year.

• Selling, general, and administrative expenses rose to $14.9 million from $12.7 million year-over-year.

• Interest income was $2.3 million, down from $2.9 million year-over-year due to lower securities held and interest rates.

Outlook and guidance

• Cash and marketable securities expected to fund operations for at least the next 12 months.

• Continued focus on Abecma commercialization and development, with significant expenses anticipated for site expansion, physician education, and manufacturing improvements.

• Merger with BMS anticipated to close in Q2 2025, after which the company will become a wholly owned subsidiary and delist from Nasdaq.

• No financial guidance for 2025 provided due to the pending acquisition by BMS.

• No plans to raise capital under the existing $150 million ATM facility as of the report date.