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2Seventy Bio (TSVT) investor relations material
2Seventy Bio Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2025 earnings summary7 May, 2025
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.
Explain Abecma's competitive differentiation.
Detail Regeneron transition service agreements.
What is the status of the 2024 restructuring plan?
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Frequently asked questions
2Seventy Bio Inc. (NASDAQ: TSVT) is a biotechnology company specializing in cell and gene therapy with a focus on developing and commercializing treatments for cancer within the United States. The company's research and development efforts are centered on advancing a pipeline of chimeric antigen receptor-T cell (CAR-T) product candidates, including idecabtagene vicleucel (ide-cel or Abecma) and bb21217, aimed at treating multiple myeloma. The company is headquartered in Cambridge, Massachusetts, and its shares are listed on the Nasdaq.
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