2Seventy Bio, Inc. ( (TSVT) ) has released its Q4 earnings. Here is a breakdown of the information 2Seventy Bio, Inc. presented to its investors.
2seventy bio, Inc. is a biotechnology company focused on developing cell therapies for cancer treatment, particularly in the field of multiple myeloma, with its flagship product being Abecma, the first FDA-approved CAR T cell therapy for this condition.
In its latest financial report, 2seventy bio announced a definitive merger agreement to be acquired by Bristol Myers Squibb for $5.00 per share in an all-cash transaction, expected to close in the second quarter of 2025. The company highlighted significant cost reductions and a strategic focus on Abecma, which generated $242 million in U.S. sales in 2024.
Key financial metrics from the report include a 79% reduction in year-over-year net cash spend, ending the year with $184 million in cash and equivalents. Total revenues for 2024 were $37.9 million, a decrease from $100.4 million in 2023, while net loss narrowed significantly to $57.2 million from $217.6 million the previous year. The company also reported a gain from the sale of assets to Novo Nordisk.
Looking ahead, 2seventy bio’s management remains optimistic about the future under Bristol Myers Squibb’s ownership, focusing on expanding the reach and improving outcomes for patients with multiple myeloma through Abecma. The merger is expected to bring additional resources and expertise to further enhance the company’s mission of delivering innovative cancer therapies.