2Seventy Bio (TSVT) TD Cowen 45th Annual Healthcare Conference summary

Market dynamics and product performance

• Four years post-launch, with one year in the expanded third-line setting, real utilization and uptake have been observed, especially in third-line myeloma patients.

• The class saw dramatic growth in Q3 2023, with a 42% increase, but Q4 was flatter due to seasonality and patient treatment deferrals during holidays.

• Over 140 U.S. sites are active, but about 50 major centers account for the majority of business; site-specific factors and capacity constraints are key growth governors.

• Community adoption is emerging as a future growth lever, with current penetration at roughly 20% of the third-line setting and strong patient demand for CAR-T therapies.

• The one-and-done nature of CAR-T is compelling, and real-world evidence supports efficacy and safety, especially with effective bridging therapy.

Operational and commercial strategy

• Commercial focus is on communicating robust safety and efficacy data, expanding site footprint, and tailoring messaging to different prescriber segments.

• Capacity constraints now lie mainly on the hospital side (apheresis, beds, staff), not manufacturing, with no current wait times for treatment slots.

• The company can further increase manufacturing capacity within existing facilities as demand grows.

• Real-world data and consortium studies are prioritized for ongoing evidence generation, with less emphasis on new registrational trials.

• Strategic focus has shifted to maximizing Abecma's commercial potential after divesting R&D and gene editing programs, streamlining costs, and targeting break-even.

Financial outlook and future plans

• Achieving $300 million in U.S. sales is expected to result in company-wide break-even, targeted before the end of 2025.

• The product has already delivered profitable quarters, and cost structure has been significantly reduced.

• Cash burn continues to decrease, with $180 million in cash at year-end and a glide path to cash flow break-even.

• Strategic optionality is a priority, with the business positioned as attractive for potential partnerships or acquisitions.

• Q1 2024 results were reported in February, with additional details to be filed by mid-March.