Financial Results
Revenues were
Net cash provided by operating activities during the nine months ended
Total operating expenses for the quarter ended
bluebird bio reported a net loss of
Recent Business Highlights:
-- In October bluebird bio announced the first patient was transplanted in the Starbeam (ALD-102) study for childhood cerebral adrenoleukodystrophy
-- In October bluebird bio joined the Russell 2000 Index
"bluebird continues to make solid progress on multiple fronts," stated
Calendar Year 2013 Anticipated Milestones:
-- Announce the first patient transplanted with LentiGlobin for beta thalassemia major
-- Attend the Deutsche Bank BioFest conference on
About bluebird bio, Inc.
bluebird bio is a clinical-stage company committed to developing
potentially transformative gene therapies for severe genetic and orphan
diseases. bluebird bio has two clinical-stage programs in development.
The most advanced product candidate, Lenti-D, is in a recently-initiated
phase 2/3 study for the treatment of childhood cerebral
adrenoleukodystrophy (CCALD), a rare, hereditary neurological disorder
affecting young boys. The next most advanced product candidate,
LentiGlobin, is currently in a phase 1/2 study in
bluebird bio also has an early-stage chimeric antigen receptor-modified
T cell (CAR-T) program for oncology in partnership with
bluebird bio has operations in
Forward-Looking Statements
This release contains “forward-looking statements” within the meaning
of the Private Securities Litigation Reform Act of 1995, including
statements regarding the advancement of the Company’s clinical studies
and the timing of data announcement. Any forward-looking
statements in this press release are based on management's current
expectations of future events and are subject to a number of risks and
uncertainties that could cause actual results to differ materially and
adversely from those set forth in or implied by such forward-looking
statements. These risks and uncertainties include, but are not
limited to, the risk of cessation or delay of any of the ongoing or
planned clinical studies and/or our development of our product
candidates, the risk of a delay in the enrollment of patients in the
Company’s clinical studies, the risk that the results of previously
conducted studies involving similar product candidates will not be
repeated or observed in ongoing or future studies involving current
product candidates, the risk that our collaboration with
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bluebird bio, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) (in thousands, except per share data) |
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| Three months ended | Nine months ended | |||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
| Revenue: | ||||||||||||||||||||||
| Collaboration revenue | $ | 6,251 | $ | - | $ | 13,542 | $ | - | ||||||||||||||
| Research and license fees | 134 | 85 | 304 | 255 | ||||||||||||||||||
| Total revenue | 6,385 | 85 | 13,846 | 255 | ||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||
| Research and development | 8,706 | 3,501 | 21,237 | 10,713 | ||||||||||||||||||
| General and administrative | 3,836 | 1,608 | 9,441 | 4,302 | ||||||||||||||||||
| Total operating expenses | 12,542 | 5,109 | 30,678 | 15,015 | ||||||||||||||||||
| Loss from operations | (6,157 | ) | (5,024 | ) | (16,832 | ) | (14,760 | ) | ||||||||||||||
| Other income (expense), net: | ||||||||||||||||||||||
| Interest income | 11 | 1 | 21 | 3 | ||||||||||||||||||
| Foreign currency gains | 33 | 4 | 11 | 18 | ||||||||||||||||||
| Re-measurement of warrants | - | (22 | ) | (440 | ) | 67 | ||||||||||||||||
| Other income (expense), net | 44 | (17 | ) | (408 | ) | 88 | ||||||||||||||||
| Net loss | $ | (6,113 | ) | $ | (5,041 | ) | $ | (17,240 | ) | $ | (14,672 | ) | ||||||||||
| Net (loss) income applicable to common stockholders - basic | $ | (6,113 | ) | $ | 315 | $ | (17,240 | ) | $ | 111 | ||||||||||||
| Net (loss) income applicable to common stockholders - diluted | $ | (6,113 | ) | $ | 632 | $ | (17,240 | ) | $ | 243 | ||||||||||||
| Net (loss) income per share applicable to common | ||||||||||||||||||||||
| stockholders: | ||||||||||||||||||||||
| Basic | $ | (0.26 | ) | $ | 1.15 | $ | (1.96 | ) | $ | 0.44 | ||||||||||||
| Diluted | $ | (0.26 | ) | $ | 1.14 | $ | (1.96 | ) | $ | 0.44 | ||||||||||||
| Weighted-average number of common shares used | ||||||||||||||||||||||
| in computing net (loss) income per share applicable to | ||||||||||||||||||||||
| common stockholders: | ||||||||||||||||||||||
| Basic | 23,623 | 275 | 8,786 | 250 | ||||||||||||||||||
| Diluted | 23,623 | 554 | 8,786 | 551 | ||||||||||||||||||
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bluebird bio, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands, except per share data) |
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| September 30, | December 31, | |||||||||
| 2013 | 2012 | |||||||||
| Assets | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 216,791 | $ | 67,011 | ||||||
| Prepaid expenses and other current assets | 4,676 | 773 | ||||||||
| Total current assets | 221,467 | 67,784 | ||||||||
| Property and equipment, net | 5,392 | 1,288 | ||||||||
| Restricted cash | 1,403 | 250 | ||||||||
| Total assets | $ | 228,262 | $ | 69,322 | ||||||
| Liabilities, convertible preferred stock, and stockholders' equity (deficit) | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | $ | 1,144 | $ | 2,173 | ||||||
| Accrued expenses and other current liabilities | 5,006 | 2,115 | ||||||||
| Deferred revenue, current portion | 25,340 | 340 | ||||||||
| Total current liabilities | 31,490 | 4,628 | ||||||||
| Warrant liability | - | 215 | ||||||||
| Deferred rent, net of current portion | 2,529 | 46 | ||||||||
| Deferred revenue, net of current portion | 36,543 | 340 | ||||||||
| Total liabilities | 70,562 | 5,229 | ||||||||
| Convertible preferred stock | - | 119,840 | ||||||||
| Total stockholders' equity (deficit) | 157,700 | (55,747 | ) | |||||||
| Total liabilities, convertible preferred stock and stockholders' equity (deficit) | $ | 228,262 | $ | 69,322 | ||||||
Source: bluebird bio, Inc.
Investor Relations:
bluebird bio, Inc
Richard E. T.
Smith, Ph.D., 617-588-3321
or
Media Contact:
Pure
Communications, Inc.
Dan Budwick, 973-271-6085