2Seventy Bio (TSVT) Goldman Sachs 45th Annual Global Healthcare Conference summary

Strategic positioning and recent developments

• Completed sale of R&D assets to Regeneron and restructured to focus on Abecma, with significant cost reductions and a streamlined organization.

• Achieved third line approval for Abecma, expanding the addressable market from 4,000 to over 16,000 patients in the US.

• Manufacturing process now delivers a 25-day turnaround and over 90% in-spec rate, supporting patient access and growth.

• Confident in runway through 2027 without need for additional capital or dilution.

Financial outlook and operational efficiency

• Guided to $150M in OpEx savings for 2024 and $200M for 2025, mainly from R&D reductions post-asset sale.

• Expecting company-wide cash flow breakeven as soon as 2025, with improving gross margins as volumes grow.

• COGS margin has been 40%-50% recently, with a target of 65%-80% as cell therapy volumes increase.

• SG&A and R&D spend expected to remain consistent, with breakeven achievable without requiring high growth.

Market dynamics and growth strategy

• Abecma’s third line approval positions it in a larger, less competitive market, with CAR-T therapies expected to capture significant share.

• Patient access expanded to 115 US sites, with ongoing geographic growth.

• Development strategy includes KarMMa-9 for newly diagnosed, suboptimal transplant responders, targeting a high unmet need.

• Focused on building physician experience and real-world evidence to support commercial adoption.