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2seventy bio, Inc. (TSVT) is a pioneering immuno-oncology cell therapy company committed to disrupting the cancer treatment landscape. The name '2seventy bio' reflects the speed of translating human thought into action—270 miles per hour—emphasizing the company’s focus on time and precision. The company leverages its in-depth understanding of cancer cell metabolism, genomics, and the immune response to tumor cells to develop advanced cellular therapies.
Core Business: 2seventy bio specializes in the research, development, and commercialization of transformative cancer treatments. By focusing on cellular therapies that are designed to 'think' smarter and faster than cancer, the company aims to provide innovative solutions for people living with cancer. These therapies are developed with the goal of optimizing the body's immune response to target and eliminate tumor cells effectively.
Recent Achievements and Current Projects: The company has recently entered into a significant partnership with Bristol Myers Squibb, highlighting its cutting-edge research and potential in the oncology space. Current projects at 2seventy bio include the development of new classes of cellular therapies aimed at enhancing patient outcomes and pushing the boundaries of what is possible in cancer treatment.
Financial Condition and Partnerships: Operating in a single segment focused on cancer treatments, 2seventy bio has shown strong financial health backed by strategic partnerships, such as the one with Bristol Myers Squibb. These collaborations not only provide financial stability but also accelerate the company's research and development efforts.
Products: 2seventy bio's product pipeline includes several promising candidates in various stages of development. These products are designed to offer new, effective treatment options for cancer patients, with a focus on maximizing the immune system’s ability to fight cancer.
Overall, 2seventy bio, Inc. is at the forefront of cancer therapy innovation, leveraging advanced scientific knowledge and strategic partnerships to drive its mission forward. The company's dedication to developing therapies that work faster and smarter than cancer underscores its commitment to improving the lives of those affected by this devastating disease.
2seventy bio reported third quarter financial results, highlighting a 42% increase in Abecma U.S. commercial revenue to $77 million compared to the second quarter. The company anticipates Abecma revenues between $240-$250 million for 2024. Additionally, discontinuing the KarMMa-9 study is expected to save over $80 million. Operating expenses were reduced by 24% from the previous quarter, with a net loss of approximately $10 million for Q3. Cash reserves stood at $192 million, expected to last beyond 2027. Total revenues for Q3 were $13.5 million, up from $12.0 million in Q3 2023. R&D expenses dropped significantly to $8.3 million from $51.3 million in Q3 2023. The company will discuss these results in a conference call today.
2seventy bio (TSVT) has scheduled its third quarter 2024 financial results announcement for Tuesday, November 12, 2024, with a conference call and webcast at 8:00 a.m. ET. The company's management will also present at Guggenheim's Inaugural Healthcare Innovation Conference in Boston on November 13, 2024, at 10:00 a.m. ET. Both events will be accessible through the company's investor relations website, with conference replays available for 30 days following the events.
2seventy bio and Bristol Myers Squibb have decided to discontinue enrollment in the Phase 3 KarMMa-9 study evaluating Abecma in newly diagnosed multiple myeloma patients. This decision is expected to result in over $80 million in cost savings for 2seventy bio and accelerate their path to breakeven in 2025.
The company reports positive momentum for Abecma, with expected third quarter U.S. revenue growth of approximately 30% from the second quarter revenue of $54 million. Demand, measured by new patients undergoing apheresis, is also expected to show double-digit growth compared to Q2 2024.
2seventy bio remains committed to expanding Abecma's reach to multiple myeloma patients, citing its differentiated safety profile and competitive efficacy, particularly when combined with effective bridging therapies.
2seventy bio (Nasdaq: TSVT) announced its participation in the Morgan Stanley 22nd Annual Global Healthcare Conference on September 6, 2024 at 12:20 p.m. ET in New York. The company's management team will engage in a fireside chat, which will be webcast live on the company's website. Replays will be available for 30 days following the event.
2seventy bio is known for developing the first FDA-approved CAR T cell therapy for multiple myeloma. The company's name reflects its mission to work at maximum speed (270 miles per hour) to give cancer patients more time. 2seventy bio focuses on understanding the human body's immune response to tumor cells and translating cell therapies into practice.
2seventy bio reported its second-quarter financial results and operational progress. Key highlights include:
1. Abecma generated $54 million in U.S. commercial revenue, reflecting significant demand growth.
2. Successfully completed the sale of its Hemophilia A and gene-editing technology to Novo Nordisk for up to $40 million.
Financial Metrics:
- Net income: $24.9 million, compared to a net loss of $42.1 million in Q2 2023.
- Total revenues: $9.0 million, down from $36.0 million in Q2 2023.
- Cash reserves: $202 million, with a cash runway extending beyond 2027.
The company reduced operating expenses by 43% quarter-on-quarter due to the sale of its oncology R&D business to Regeneron.
2seventy bio aims for quarterly profitability by late 2025 and anticipates further revenue growth for Abecma in the third quarter of 2024.
2seventy bio (Nasdaq: TSVT) has announced it will release its second quarter 2024 financial results on August 7, 2024. The company will host a conference call and webcast at 8:00 a.m. ET to discuss the results. Investors can access the call via webcast on the company's website or register for dial-in details. 2seventy bio is known for developing the first FDA-approved CAR T cell therapy for multiple myeloma. The company's name reflects its mission to work at maximum speed (270 miles per hour) to give cancer patients more time. 2seventy bio focuses on understanding the human body's immune response to tumor cells and translating cell therapies into practice.
2seventy bio (Nasdaq: TSVT) has finalized an asset purchase agreement with Novo Nordisk, selling its Hemophilia A program and in vivo gene editing technology for up to $40 million. The divestiture includes the transfer of related intellectual property and the team working on the program to Novo Nordisk. This move allows 2seventy bio to concentrate exclusively on the development and commercialization of Abecma, its BCMA-targeted CAR T cell therapy for multiple myeloma, in partnership with Bristol Myers Squibb. Novo Nordisk aims to advance the Hemophilia A program, leveraging the megaTAL technology.
2seventy bio (Nasdaq: TSVT) has announced its participation in upcoming investor conferences. The management team will present at the TD Cowen 5th Annual Oncology Innovation Summit on May 28, 2024, and the Goldman Sachs 45th Annual Global Healthcare Conference on June 10, 2024. These events will include virtual fireside chats, available via live webcasts on the company's website, with replays accessible for 30 days. 2seventy bio focuses on developing CAR T cell therapies for multiple myeloma, leveraging their deep understanding of immune responses to tumor cells. Their name reflects their mission to rapidly translate human thought into action, aiming to extend the lives of cancer patients.
2seventy bio, Inc. (Nasdaq: TSVT) reported Q1 2024 financial results and operational progress, focusing on Abecma, generating $52 million in U.S. commercial revenue. The FDA approved Abecma for treating relapsed or refractory multiple myeloma, expanding potential patient eligibility. Despite a decrease in total revenues, operational restructuring and cost optimization aim to drive future growth and shareholder value. The company ended the quarter with $181.4 million in cash, cash equivalents, and marketable securities, ensuring financial sustainability beyond 2027.
2seventy bio, Inc. (Nasdaq: TSVT) will report its first quarter 2024 financial results on May 8, 2024. The company aims to accelerate cancer treatment development by leveraging cell therapies. They focus on delivering the first FDA-approved CAR T cell therapy for multiple myeloma. 2seventy bio emphasizes speed and efficacy in translating human thought into action, aiming to give patients more time. The company maintains a genuine approach and prioritizes its people and culture.
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