Financial Results
Revenues were
Net cash provided by operating activities during the six months ended
Total operating expenses for the quarter ended
bluebird bio reported a net loss of
Recent Operational Highlights:
-
Completed an initial public offering raising approximately
$104.9 million , net of underwriting discounts and commissions and estimated offering expenses - Initiated the HGB-205 study with LentiGlobin for the treatment of beta thalassemia major and severe sickle cell disease patients
-
Strengthened our Board of Directors with two additions,
Wendy Dixon , Ph.D. andDavid Schenkein , M.D. -
Signed a multi-year collaboration with
Celgene Corporation focused on the development of modified chimeric antigen receptor (CAR) T cells for the treatment of cancer
"bluebird has made substantial progress during the first half of 2013
both operationally and in the clinic," stated
Calendar Year 2013 Anticipated Milestones:
- Initiate the HGB-204 study with LentiGlobin for the treatment of beta thalassemia major in mid-2013
- Initiate the ALD-102 study with Lenti-D for the treatment of childhood cerebral adrenoleukodystrophy (CCALD) in late 2013
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 expected to enter a
phase 2/3 study in late 2013 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
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 our clinical trials. 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 trials and/or our development of our
product candidates, 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
| bluebird bio, Inc. | |||||||||||||||||||
| Condensed Consolidated Statements of Operations | |||||||||||||||||||
| (unaudited) | |||||||||||||||||||
| (in thousands, except per share data) | |||||||||||||||||||
| Three months ended | Six months ended | ||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
| Revenue: | |||||||||||||||||||
| Collaboration revenue | $ | 6,249 | $ | - | $ | 7,291 | $ | - | |||||||||||
| Research and license fees | 85 | 85 | 170 | 170 | |||||||||||||||
| Total revenue | 6,334 | 85 | 7,461 | 170 | |||||||||||||||
| Operating expenses: | |||||||||||||||||||
| Research and development | 7,247 | 3,354 | 12,531 | 7,212 | |||||||||||||||
| General and administrative | 3,281 | 1,331 | 5,605 | 2,694 | |||||||||||||||
| Total operating expenses | 10,528 | 4,685 | 18,136 | 9,906 | |||||||||||||||
| Loss from operations | (4,194 | ) | (4,600 | ) | (10,675 | ) | (9,736 | ) | |||||||||||
| Other (expense) income, net: | |||||||||||||||||||
| Interest income | 7 | 1 | 10 | 2 | |||||||||||||||
| Foreign currency gains (losses) | 3 | 6 | (22 | ) | 14 | ||||||||||||||
| Re-measurement of warrants | (399 | ) | 30 | (440 | ) | 89 | |||||||||||||
| Other (expense) income, net | (389 | ) | 37 | (452 | ) | 105 | |||||||||||||
| Net loss | $ | (4,583 | ) | $ | (4,563 | ) | $ | (11,127 | ) | $ | (9,631 | ) | |||||||
|
Reconciliation of net loss to net loss applicable to common stockholders: |
|||||||||||||||||||
| Net loss | $ | (4,583 | ) | $ | (4,563 | ) | $ | (11,127 | ) | $ | (9,631 | ) | |||||||
| Accretion and dividends on convertible preferred stock | - | (1,285 | ) | - | (2,570 | ) | |||||||||||||
| Net loss applicable to common stockholders | $ | (4,583 | ) | $ | (5,848 | ) | $ | (11,127 | ) | $ | (12,201 | ) | |||||||
|
Net loss per share applicable to common stockholders--basic and diluted |
$ | (2.13 | ) | $ | (23.21 | ) | $ | (8.94 | ) | $ | (51.48 | ) | |||||||
|
Weighted-average number of common shares used in net loss per share applicable to common stockholders--basic and diluted |
2,151 | 252 | 1,244 | 237 | |||||||||||||||
| bluebird bio, Inc. | ||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||
| (unaudited) | ||||||||||
| (in thousands) | ||||||||||
| June 30, | December 31, | |||||||||
| 2013 | 2012 | |||||||||
| Assets | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 228,847 | $ | 67,011 | ||||||
| Prepaid expenses and other current assets | 1,679 | 773 | ||||||||
| Total current assets | 230,526 | 67,784 | ||||||||
| Property and equipment, net | 2,515 | 1,288 | ||||||||
| Restricted cash | 1,503 | 250 | ||||||||
| Total assets | $ | 234,544 | $ | 69,322 | ||||||
| Liabilities, convertible preferred stock, and stockholders' equity (deficit) | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | $ | 1,609 | $ | 2,173 | ||||||
| Accrued expenses and other current liabilities | 3,409 | 2,115 | ||||||||
| Deferred revenue, current portion | 25,340 | 340 | ||||||||
| Total current liabilities | 30,358 | 4,628 | ||||||||
| Warrant liability | - | 215 | ||||||||
| Deferred rent, net of current portion | 38 | 46 | ||||||||
| Deferred revenue, net of current portion | 42,878 | 340 | ||||||||
| Total liabilities | 73,274 | 5,229 | ||||||||
| Convertible preferred stock | - | 119,840 | ||||||||
| Stockholders' equity (deficit) | 161,270 | (55,747 | ) | |||||||
| Total liabilities, convertible preferred stock and stockholders' equity (deficit) | $ | 234,544 | $ | 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