2Seventy Bio (TSVT) Q4 2024 earnings summary

Executive summary

• Entered definitive agreement to be acquired by Bristol Myers Squibb for $5.00/share in all-cash deal, expected to close Q2 2025.

• 2024 focused on cost streamlining and Abecma commercialization.

• No 2025 financial guidance due to pending acquisition.

Financial highlights

• Full-year 2024 revenue was $37.9M, down from $100.4M in 2023; Q4 revenue $2.9M vs $10.7M prior year.

• Net loss for 2024 was $57.2M, a significant improvement from $217.6M in 2023.

• Cash, cash equivalents, and marketable securities totaled $183.6M at year-end 2024.

• 79% year-over-year reduction in net cash spend.

Outlook and guidance

• No 2025 guidance provided due to the announced BMS acquisition.

• Transaction expected to close in Q2 2025, subject to customary conditions.