2seventy bio, Inc. (NASDAQ:TSVT) Q3 2023 Earnings Call Transcript November 14, 2023 8:00 AM ET Company Participants Elizabeth Hickin - Head of IR Nick Leschly - President and CEO Chip Baird - COO Steve Bernstein - Chief Medical Officer Conference Call Participants Yaron Werber - TD Cowen Kelsey Goodwin - Guggenheim Securities Daina Graybosch - Leerink Partners Samantha Semenkow - Citi John Newman - Canaccord Genuity Operator Good day, and thank you for standing by. Welcome to the 2seventy bio Third Quarter ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ For the transition period from _________ to ________ Commission file number 001-40791 2seventy bio, Inc. (Exact name of registrant as specified in its charter) Delaware 86-3658454 (State or other ju ...

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2seventy bio, Inc. (NASDAQ:TSVT) Q2 2023 Earnings Conference Call August 14, 2023 8:00 AM ET Company Participants Jenn Snyder - SVP of Corporate Affairs Nick Leschly - President and Chief Executive Officer Philip Gregory - Chief Scientific Officer Steven Bernstein - Chief Medical Officer William Baird - Chief Financial Officer Conference Call Participants Daina Graybosch - Leerink Partners Yaron Werber - TD Cowen Kelsey Goodwin - Guggenheim Vikram Purohit - Morgan Stanley Daina Graybosch - Leerink Partners ...

Financial Performance - The net loss for the three and six months ended June 30, 2023, was $42.1 million and $89.1 million, respectively[143]. - Total service revenue for the three months ended June 30, 2023, was $5.022 million, compared to $5.666 million for the same period in 2022, representing a decrease of 11.4%[151]. - Total revenue for Q2 2023 was $36.0 million, a significant increase of $22.6 million compared to $13.5 million in Q2 2022, primarily driven by higher collaborative arrangement revenue from BMS[174]. - Total revenue for the six months ended June 30, 2023, was $77.7 million, a significant increase of $55.8 million compared to $21.9 million for the same period in 2022[183]. - The net loss for Q2 2023 was $42.1 million, a reduction of $35.3 million compared to a net loss of $77.4 million in Q2 2022[172]. - Net loss for the six months ended June 30, 2023, was $89.1 million, an improvement of $74.0 million compared to a net loss of $163.1 million for the same period in 2022[190]. Revenue Sources - Collaborative arrangement revenue for the three months ended June 30, 2023, was $29.034 million, significantly up from $7.035 million in the same period of 2022[152]. - Revenue from the U.S. Abecma collaboration with BMS for the three months ended June 30, 2023, was $24.543 million, with no revenue recognized in the same period of 2022[152]. - The company has not recognized any revenue from product sales directly, relying solely on collaboration revenue from BMS[146]. - Collaborative arrangement revenue rose to $29.0 million in Q2 2023, compared to $7.0 million in Q2 2022, an increase of $21.9 million[172]. - Collaborative arrangement revenue increased by $47.9 million to $58.4 million for the six months ended June 30, 2023, primarily due to increased Abecma net sales[183]. Expenses - Research and development expenses for Q2 2023 were $60.0 million, down from $64.6 million in Q2 2022, reflecting a decrease of $4.6 million[175]. - Total research and development expenses for the six months ended June 30, 2023, were $128.2 million, slightly down from $130.4 million in the same period of 2022[161]. - Selling, general and administrative expenses increased to $19.5 million in Q2 2023 from $17.3 million in Q2 2022, an increase of $2.2 million due to higher consulting fees[178]. - Selling, general and administrative expenses decreased to $40.2 million for the six months ended June 30, 2023, from $41.1 million in 2022, reflecting reduced consulting fees[185]. - Total operating expenses for Q2 2023 were $84.0 million, down from $90.5 million in Q2 2022, a decrease of $6.4 million[172]. Cash and Financing - Cash, cash equivalents, and marketable securities as of June 30, 2023, totaled approximately $306.5 million, expected to fund operations for at least the next twelve months[189]. - Net cash used in operating activities was $81.8 million for the six months ended June 30, 2023, compared to $119.9 million for the same period in 2022[191]. - Net cash provided by financing activities was $127.2 million for the six months ended June 30, 2023, primarily from a public offering[196]. - As of June 30, 2023, the company had cash, cash equivalents, and marketable securities totaling $306.5 million, primarily invested in U.S. government agency securities and treasuries, corporate bonds, and commercial paper[207]. Future Outlook - The company anticipates its drug product manufacturing facility in Cambridge, Massachusetts, to be operational in the second half of 2023[144]. - The company plans to fund operations through public or private equity or debt financings, strategic collaborations, or other sources until significant revenues are generated[144]. - The company plans to continue incurring research and development expenses and expects to generate operating losses for the next few years[190]. - Future funding requirements will depend on the development of product candidates and operational needs, with potential increases in costs due to various factors[199]. Market and Economic Factors - Inflation has not materially affected the company's financial position or results of operations during the three and six months ended June 30, 2023, but future inflation could impact clinical trial costs and labor expenses[209]. - The company is currently not exposed to significant foreign currency exchange rate risks but is evaluating the costs and benefits of initiating a hedging program as it expands international operations[208]. - If market interest rates were to increase by 100 basis points, the net fair value of the company's interest-sensitive marketable securities and restricted investments would hypothetically decline by $1.1 million[207]. Clinical Development - The company has advanced multiple preclinical and clinical programs in oncology, focusing on transformative treatments for cancer[142]. - The company has incurred significant expenses related to the development and commercialization of Abecma and expects to continue incurring operating losses for several years[143]. - The change in fair value of contingent consideration as of June 30, 2023, was estimated at $2.3 million, reflecting adjustments based on clinical and commercial milestone probabilities[168].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ For the transition period from _________ to ________ Commission file number 001-40791 2seventy bio, Inc. (Exact name of registrant as specified in its charter) Delaware 86-3658454 (State or other jurisd ...

2seventy bio, Inc. (NASDAQ:TSVT) Q1 2023 Earnings Call Transcript May 3, 2023 4:30 PM ET Company Participants Jenn Snyder - SVP of Corporate Affairs Nick Leschly - President, CEO & Director Philip Gregory - Chief Scientific Officer Steven Bernstein - Chief Medical Officer William Baird - CFO Conference Call Participants Daina Graybosch - SVB Securities LLC Operator Good day, and thank you for standing by. Welcome to the 2seventy bio First Quarter 2023 Financial Results Conference Call. (Operator Instruction ...

Financial Performance - The company reported net losses of $254.2 million, $292.2 million, and $120.1 million for the years ended December 31, 2022, 2021, and 2020, respectively[467]. - Total revenue for the year ended December 31, 2022, was $91.5 million, a 67.9% increase from $54.5 million in 2021[527]. - Selling, general and administrative expenses decreased to $79.5 million in 2022, down 15.1% from $93.5 million in 2021[530]. - Net loss for the year ended December 31, 2022, was $254.2 million, an improvement of 13.0% compared to a net loss of $292.2 million in 2021[538]. Cash and Financing - As of December 31, 2022, the company had cash, cash equivalents, and marketable securities totaling $267.7 million[469]. - The company expects its cash resources to be sufficient to fund operations for at least the next twelve months, including ongoing commercialization of Abecma[469]. - Net cash used in operating activities was $237.1 million for the year ended December 31, 2022, compared to $207.0 million in 2021[540]. - Net cash provided by financing activities was $166.2 million in 2022, primarily from the issuance of common stock[545]. - The company may pursue additional cash resources through public or private equity offerings, debt financings, and strategic collaborations[468]. Research and Development - The company is advancing multiple clinical programs, including SC-DARIC33 for pediatric patients with relapsed and refractory acute myeloid leukemia and bbT369 for patients with B-cell non-Hodgkin lymphoma[466]. - Research and development expenses are expected to be driven by advancing SC-DARIC33 and bbT369 clinical programs, funding Abecma development, and manufacturing clinical study materials[483]. - Total direct research and development expenses for 2022 were $248.735 million, a decrease of 1.5% from $252.617 million in 2021[486]. - The ide-cel program incurred $45.896 million in expenses in 2022, down from $71.958 million in 2021, representing a 36.2% decrease[486]. - The bbT369 program expenses increased to $29.256 million in 2022 from $20.172 million in 2021, marking a 45.1% increase[486]. Revenue Recognition - The company has not recognized any revenue from product sales directly, with all revenue derived from collaboration arrangements with BMS[473]. - Collaborative arrangement revenue for the year ended December 31, 2022, was $32.358 million, compared to $26.921 million in 2021 and $115.594 million in 2020[510]. - The U.S. Abecma collaboration with BMS generated $12.781 million in revenue for 2022, down from $19.425 million in 2021[510]. - The company recognized collaborative arrangement revenue net of share of collaboration loss of $3.1 million for 2022, down from $9.4 million in 2021[512]. Operational Developments - The company anticipates its drug product manufacturing facility in Cambridge, Massachusetts, to be operational by mid-2023, which will support future Phase 1 clinical trials[467]. - The company has operationalized drug product manufacturing capabilities at its Cambridge headquarters to support clinical trials and preclinical development activities[552]. - The company has initiated clinical studies for the bbT369 and SC-DARIC33 programs in the first quarter of 2022, presenting these programs separately in financial disclosures[486]. Future Obligations and Commitments - As of December 31, 2022, future contingent cash payments related to commercial milestones were estimated at $99.9 million, with a fair value of $2.2 million[493]. - The company has obligations to make future payments to third parties upon the achievement of certain development, regulatory, and commercial milestones, which are not yet recorded in financial statements[561]. - Under a license agreement with Biogen Inc., the company may be obligated to pay up to $23.0 million in aggregate for each licensed product upon the achievement of remaining milestones[562]. Market and Economic Conditions - The company is currently not exposed to significant market risk related to foreign currency exchange rates but is evaluating the costs and benefits of initiating a hedging program for future international operations[571]. - Inflation has not materially affected the company’s business or financial condition during the year ended December 31, 2022, but there may be future impacts on clinical trial costs and labor expenses if inflation rates rise[572].

| --- | --- | |------------------------------------------------|-------| | | | | | | | | | | | | | | | | Unleash Time 2seventy bio company presentation | | | January 2023 | | | | | Cautionary note regarding forward-looking statements 2 These slides and the accompanying oral presentation may contain "forward-looking statements". These statements include, but are not limited to: statements about our plans, strategies, timelines and expectations with respect to the development, manufacture or sale of our produ ...

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ For the transition period from _________ to ________ Commission file number 001-40791 2seventy bio, Inc. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Exact name of registrant as specified in its charter) Delaware 86-3658454 (State or other ju ...