Generation Bio (GBIO) investor relations material

Executive summary

• Initiated a strategic restructuring in August 2025, resulting in a 90% workforce reduction by October 2025 and a focus on exploring strategic alternatives, including potential sale, merger, or dissolution if no transaction is completed.

• Net loss for Q3 2025 was $5.5 million, a significant improvement from $15.3 million in Q3 2024.

• Settled litigation related to the Seyon Lease/Waltham facility with a $31.0 million payment, resulting in a $25.5 million to $26.2 million gain on lease termination in Q3 2025.

• Initiated a process to evaluate strategic alternatives aimed at maximizing shareholder value, with dissolution possible if no transaction occurs.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $89.6 million as of September 30, 2025, down from $192.9 million or $185.2 million at year-end 2024.

• Collaboration revenue was $1.6 million for Q3 2025 (down from $7.6 million in Q3 2024) and $11.1 million for the nine months ended September 30, 2025.

• Net loss per share improved to $0.82 from $2.29 year-over-year.

• R&D expenses increased to $21.7 million in Q3 2025 from $15.1 million in Q3 2024; G&A expenses rose to $12.2 million from $9.2 million.

• Operating expenses for Q3 2025 were $8.3 million, down from $25.4 million in Q3 2024, primarily due to the lease termination gain.

Outlook and guidance

• Cash and equivalents are expected to fund operating expenses and capital expenditures for at least 12 months from the reporting date.

• No committed external funding sources beyond potential future payments from the Moderna collaboration.

• No assurance that the strategic review will result in a transaction.