STOCK TITAN

2seventy bio Reports Fourth Quarter and Full Year 2024 Financial Results

Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags

2seventy bio (TSVT) has entered into a definitive merger agreement with Bristol Myers Squibb (BMS) at $5.00 per share in an all-cash transaction, expected to close in Q2 2025. The company reported key financial results for Q4 and full year 2024:

Their flagship product Abecma generated $242 million in U.S. sales for 2024. The company achieved a 79% reduction in year-over-year net cash spend through cost structure streamlining. Financial highlights include:

  • Q4 2024 revenues: $2.9 million (vs $10.7 million in Q4 2023)
  • Full year 2024 revenues: $37.9 million (vs $100.4 million in 2023)
  • Q4 2024 net loss: $19.5 million (vs $56.8 million in Q4 2023)
  • Full year 2024 net loss: $57.2 million (vs $217.6 million in 2023)

The company ended 2024 with $183.6 million in cash, cash equivalents, and marketable securities.

2seventy bio (TSVT) ha stipulato un accordo di fusione definitivo con Bristol Myers Squibb (BMS) a $5,00 per azione in una transazione interamente in contante, prevista per chiudere nel secondo trimestre del 2025. L'azienda ha riportato i risultati finanziari chiave per il quarto trimestre e l'intero anno 2024:

Il loro prodotto di punta Abecma ha generato $242 milioni di vendite negli Stati Uniti per il 2024. L'azienda ha raggiunto una riduzione del 79% della spesa netta in contante anno su anno grazie a una razionalizzazione della struttura dei costi. I punti salienti finanziari includono:

  • Entrate Q4 2024: $2,9 milioni (rispetto a $10,7 milioni nel Q4 2023)
  • Entrate dell'intero anno 2024: $37,9 milioni (rispetto a $100,4 milioni nel 2023)
  • Perdita netta Q4 2024: $19,5 milioni (rispetto a $56,8 milioni nel Q4 2023)
  • Perdita netta dell'intero anno 2024: $57,2 milioni (rispetto a $217,6 milioni nel 2023)

L'azienda ha chiuso il 2024 con $183,6 milioni in contante, equivalenti in contante e titoli negoziabili.

2seventy bio (TSVT) ha firmado un acuerdo de fusión definitivo con Bristol Myers Squibb (BMS) a $5.00 por acción en una transacción completamente en efectivo, que se espera cierre en el segundo trimestre de 2025. La empresa reportó resultados financieros clave para el cuarto trimestre y el año completo 2024:

Su producto insignia Abecma generó $242 millones en ventas en EE. UU. para 2024. La empresa logró una reducción del 79% en el gasto neto en efectivo año tras año mediante la optimización de su estructura de costos. Los aspectos destacados financieros incluyen:

  • Ingresos Q4 2024: $2.9 millones (frente a $10.7 millones en Q4 2023)
  • Ingresos del año completo 2024: $37.9 millones (frente a $100.4 millones en 2023)
  • Pérdida neta Q4 2024: $19.5 millones (frente a $56.8 millones en Q4 2023)
  • Pérdida neta del año completo 2024: $57.2 millones (frente a $217.6 millones en 2023)

La empresa terminó 2024 con $183.6 millones en efectivo, equivalentes de efectivo y valores negociables.

2seventy bio (TSVT)Bristol Myers Squibb (BMS)와 주당 $5.00에 현금 거래로 최종 합병 계약을 체결했으며, 2025년 2분기에 마감될 것으로 예상됩니다. 이 회사는 2024년 4분기 및 전체 연도에 대한 주요 재무 결과를 보고했습니다:

그들의 주력 제품 Abecma는 2024년 미국에서 $242 백만의 매출을 기록했습니다. 이 회사는 비용 구조 조정을 통해 연간 순 현금 지출을 79% 줄였습니다. 재무 하이라이트는 다음과 같습니다:

  • 2024년 4분기 수익: $2.9 백만 (2023년 4분기 $10.7 백만 대비)
  • 2024년 전체 연도 수익: $37.9 백만 (2023년 $100.4 백만 대비)
  • 2024년 4분기 순손실: $19.5 백만 (2023년 4분기 $56.8 백만 대비)
  • 2024년 전체 연도 순손실: $57.2 백만 (2023년 $217.6 백만 대비)

회사는 2024년을 $183.6 백만의 현금, 현금 등가물 및 시장성 있는 증권으로 마감했습니다.

2seventy bio (TSVT) a conclu un accord de fusion définitif avec Bristol Myers Squibb (BMS) à 5,00 $ par action dans le cadre d'une transaction entièrement en espèces, qui devrait se terminer au deuxième trimestre 2025. L'entreprise a rapporté des résultats financiers clés pour le quatrième trimestre et l'année complète 2024 :

Son produit phare Abecma a généré 242 millions de dollars de ventes aux États-Unis pour 2024. L'entreprise a réalisé une réduction de 79 % de ses dépenses nettes en espèces d'une année sur l'autre grâce à une rationalisation de sa structure de coûts. Les points saillants financiers incluent :

  • Chiffre d'affaires Q4 2024 : 2,9 millions de dollars (contre 10,7 millions de dollars au Q4 2023)
  • Chiffre d'affaires annuel 2024 : 37,9 millions de dollars (contre 100,4 millions de dollars en 2023)
  • Perte nette Q4 2024 : 19,5 millions de dollars (contre 56,8 millions de dollars au Q4 2023)
  • Perte nette annuelle 2024 : 57,2 millions de dollars (contre 217,6 millions de dollars en 2023)

L'entreprise a terminé 2024 avec 183,6 millions de dollars en liquidités, équivalents de liquidités et titres négociables.

2seventy bio (TSVT) hat eine endgültige Fusionsvereinbarung mit Bristol Myers Squibb (BMS) zu einem Preis von 5,00 $ pro Aktie in einer vollständig baren Transaktion getroffen, die voraussichtlich im 2. Quartal 2025 abgeschlossen wird. Das Unternehmen hat wichtige Finanzkennzahlen für das 4. Quartal und das Gesamtjahr 2024 veröffentlicht:

Ihr Hauptprodukt Abecma erzielte 2024 einen Umsatz von 242 Millionen US-Dollar in den USA. Das Unternehmen erreichte eine Reduzierung der Nettobarzahlung um 79 % im Jahresvergleich durch die Optimierung der Kostenstruktur. Zu den finanziellen Highlights gehören:

  • Umsatz Q4 2024: 2,9 Millionen $ (gegenüber 10,7 Millionen $ im Q4 2023)
  • Umsatz Gesamtjahr 2024: 37,9 Millionen $ (gegenüber 100,4 Millionen $ im Jahr 2023)
  • Nettverlust Q4 2024: 19,5 Millionen $ (gegenüber 56,8 Millionen $ im Q4 2023)
  • Nettverlust Gesamtjahr 2024: 57,2 Millionen $ (gegenüber 217,6 Millionen $ im Jahr 2023)

Das Unternehmen schloss das Jahr 2024 mit 183,6 Millionen US-Dollar in bar, liquiden Mitteln und handelbaren Wertpapieren ab.

Positive
  • 79% reduction in year-over-year net cash spend
  • Significant decrease in net loss from $217.6M in 2023 to $57.2M in 2024
  • Strong cash position of $183.6M at year-end
  • Abecma generated $242M in U.S. sales
Negative
  • Revenue declined 62% from $100.4M in 2023 to $37.9M in 2024
  • Q4 revenue dropped 73% YoY to $2.9M from $10.7M
  • Reported $3.3M share of collaboration loss with BMS in Q4 2024

Insights

Bristol Myers Squibb's acquisition of 2seventy bio at $5.00 per share represents a minimal 0.8% premium to the current market price, signaling a strategic consolidation rather than a competitive bidding situation. This all-cash transaction effectively values 2seventy at approximately $260 million and provides certainty for shareholders while capping upside potential.

2seventy's financial results reveal a company that dramatically reduced expenses while still struggling with profitability. The 79% year-over-year reduction in cash spend demonstrates aggressive cost-cutting, with R&D expenses slashed by 67% to $76.9 million and SG&A reduced by 37% to $43.9 million. While these cuts helped narrow net losses from $217.6 million in 2023 to $57.2 million in 2024, they likely future growth potential.

Despite Abecma generating $242 million in U.S. sales, 2seventy still reported a $3.3 million collaboration loss in Q4 under their 50/50 profit-sharing arrangement with BMS. This underscores the challenges in achieving profitability with complex cell therapies despite meaningful revenue generation.

For BMS, this acquisition consolidates full control over Abecma, eliminating profit-sharing obligations and streamlining decision-making for the franchise. The minimal premium suggests BMS leveraged 2seventy's strategic options and challenging financial position to secure favorable terms.

With $183.6 million in cash at year-end, 2seventy wasn't facing immediate liquidity concerns, but the consistent losses and dramatic expense reductions indicate challenges in establishing a sustainable business model around their share of Abecma revenues.

Entered into definitive merger agreement to be acquired by Bristol Myers Squibb at a price of $5.00 per share in an all-cash transaction; expected to close in the second quarter of 2025

Abecma generated $242 million U.S. sales in 2024

79% reduction in year-over-year net cash spend reflects continued streamlining of cost structure

Ended 2024 with approximately $184 million in cash, cash equivalents, and marketable securities

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- 2seventy bio, Inc. (Nasdaq: TSVT), today reported financial results and recent highlights for the fourth quarter and full year ended December 31, 2024.

“2024 was a pivotal year for 2seventy as we made significant changes to our business to streamline cost structure and focus solely on Abecma,” said Chip Baird, chief executive officer, 2seventy bio. “This week marks four years since Abecma received FDA approval as the first anti-BCMA CAR T cell therapy approved for relapsed or refractory multiple myeloma. Together with BMS, we remain committed to expanding the reach of this important therapy. We launched 2seventy with the goal of providing more time to patients, and we believe with BMS’ experience and resources, we can continue to improve outcomes for people living with multiple myeloma.”

On March 10, 2seventy bio announced a definitive merger agreement to be acquired by Bristol Myers Squibb (BMS). Under the terms of the agreement, BMS will commence a tender offer to acquire all outstanding shares of 2seventy bio at a price of $5.00 per share in an all-cash transaction. 2seventy bio’s Board of Directors unanimously recommends that 2seventy bio stockholders tender their shares in the tender offer.

ABECMA COMMERCIAL AND REGULATORY HIGHLIGHTS

  • Full year Abecma® (idecabtagene vicleucel; ide-cel) U.S. sales, as reported by Bristol Myers Squibb (BMS), were $242 million.
  • 2seventy bio and BMS continue to focus on competitively differentiating Abecma’s safety and efficacy profile supported by the strength of the KarMMa-3 and real-world data.
  • The Company and BMS share equally in all profits and losses related to development, manufacturing, and commercialization of Abecma in the U.S. 2seventy bio reported share of collaboration loss of approximately $3.3 million related to the collaboration with BMS for the three months ended December 31, 2024.

SELECT FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL RESULTS

  • Total revenues were $2.9 million for the three months ended December 31, 2024, compared to $10.7 million for the three months ended December 31, 2023. Total revenues were $37.9 million for the twelve months ended December 31, 2024, compared to $100.4 million for the twelve months ended December 31, 2023.
  • Research and development expenses were $8.7 million for the three months ended December 31, 2024, compared to $51.2 million for the three months ended December 31, 2023. Research and development expenses were $76.9 million for the twelve months ended December 31, 2024, compared to $230.8 million for the twelve months ended December 31, 2023.
  • Selling, general and administrative expenses were $8.5 million for the three months ended December 31, 2024, compared to $16.2 million for the three months ended December 31, 2023. Selling, general and administrative expenses were $43.9 million for the twelve months ended December 31, 2024, compared to $69.4 million for the twelve months ended December 31, 2023.
  • Net loss was $19.5 million for the three months ended December 31, 2024, compared to $56.8 million for the three months ended December 31, 2023. Net loss was $57.2 million for the twelve months ended December 31, 2024, compared to $217.6 million for the twelve months ended December 31, 2023.
  • Cash, cash equivalents, and marketable securities totaled $183.6 million as of December 31, 2024.

Merger Agreement Details and Path to Completion
The closing of the transaction with BMS is expected to occur in the second quarter of 2025 and is subject to customary closing conditions, including the tender of a majority of the outstanding shares of 2seventy bio’s common stock and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Following the successful closing of the tender offer, BMS will acquire all remaining shares of 2seventy bio common stock that are not tendered in the tender offer through a second-step merger at the same price in the tender offer of $5.00 per share.

Following the completion of this transaction, 2seventy bio’s common stock will no longer be listed for trading on Nasdaq.

In connection with the execution of the merger agreement, certain stockholders of 2seventy bio owning approximately 5.3% of the outstanding shares of 2seventy bio’s common stock have entered into tender and support agreements pursuant to which they have agreed to tender all of their owned shares in the offer.

In light of the announced transaction, 2seventy will not be hosting an earnings conference call or providing financial guidance for 2025.

ABECMA U.S. INDICATION
ABECMA is a B-cell maturation antigen (BCMA)-directed genetically modified autologous T cell immunotherapy indicated for the treatment of adult patients with relapsed or refractory multiple myeloma after two or more prior lines of therapy including an immunomodulatory agent, a proteasome inhibitor, and an anti-CD38 monoclonal antibody.

U.S. Important Safety Information

BOXED WARNING: CYTOKINE RELEASE SYNDROME, NEUROLOGIC TOXICITIES, HLH/MAS, PROLONGED CYTOPENIA and SECONDARY HEMATOLOGICAL MALIGNANCIES

  • Cytokine Release Syndrome (CRS), including fatal or life-threatening reactions, occurred in patients following treatment with ABECMA. Do not administer ABECMA to patients with active infection or inflammatory disorders. Treat severe or life-threatening CRS with tocilizumab or tocilizumab and corticosteroids.
  • Neurologic Toxicities, which may be severe or life-threatening, occurred following treatment with ABECMA, including concurrently with CRS, after CRS resolution, or in the absence of CRS. Monitor for neurologic events after treatment with ABECMA. Provide supportive care and/or corticosteroids as needed.
  • Hemophagocytic Lymphohistiocytosis/Macrophage Activation Syndrome (HLH/MAS) including fatal and life-threatening reactions, occurred in patients following treatment with ABECMA. HLH/MAS can occur with CRS or neurologic toxicities.
  • Prolonged Cytopenia with bleeding and infection, including fatal outcomes following stem cell transplantation for hematopoietic recovery, occurred following treatment with ABECMA.
  • T cell malignancies have occurred following treatment of hematologic malignancies with BCMA- and CD19-directed genetically modified autologous T cell immunotherapies, including ABECMA
  • ABECMA is available only through a restricted program under a Risk Evaluation and Mitigation Strategy (REMS) called the ABECMA REMS.

Warnings and Precautions:

Early Death: In KarMMa-3, a randomized (2:1), controlled trial, a higher proportion of patients experienced death within 9 months after randomization in the ABECMA arm (45/254; 18%) compared to the standard regimens arm (15/132; 11%). Early deaths occurred in 8% (20/254) and 0% prior to ABECMA infusion and standard regimen administration, respectively, and 10% (25/254) and 11% (15/132) after ABECMA infusion and standard regimen administration, respectively. Out of the 20 deaths that occurred prior to ABECMA infusion, 15 occurred from disease progression, 3 occurred from adverse events and 2 occurred from unknown causes. Out of the 25 deaths that occurred after ABECMA infusion, 10 occurred from disease progression, 11 occurred from adverse events, and 4 occurred from unknown causes.

Cytokine Release Syndrome (CRS): CRS, including fatal or life-threatening reactions, occurred following treatment with ABECMA. Among patients receiving ABECMA for relapsed refractory multiple myeloma in the KarMMa and KarMMa-3 studies (N=349), CRS occurred in 89% (310/349), including ≥ Grade 3 CRS (Lee grading system) in 7% (23/349) of patients and Grade 5 CRS in 0.9% (3/349) of patients. The median time-to-onset of CRS, any grade, was 1 day (range: 1 to 27 days), and the median duration of CRS was 5 days (range: 1 to 63 days). In the pooled studies, the rate of ≥Grade 3 CRS was 10% (7/71) for patients treated in dose range of 460 to 510 x 106 CAR-positive T cells and 5.4% (13/241) for patients treated in dose range of 300 to 460 x 106 CAR-positive T cells.

The most common manifestations of CRS (greater than or equal to 10%) included pyrexia (87%), hypotension (30%), tachycardia (26%), chills (19%), hypoxia (16%). Grade 3 or higher events that may be associated with CRS include hypotension, hypoxia, hyperbilirubinemia, hypofibrinogenemia, ARDS, atrial fibrillation, hepatocellular injury, metabolic acidosis, pulmonary edema, coagulopathy, renal failure, multiple organ dysfunction syndrome and HLH/MAS.

Identify CRS based on clinical presentation. Evaluate for and treat other causes of fever, hypoxia, and hypotension. CRS has been reported to be associated with findings of HLH/MAS, and the physiology of the syndromes may overlap. HLH/MAS is a potentially life-threatening condition. In patients with progressive symptoms of CRS or refractory CRS despite treatment, evaluate for evidence of HLH/MAS.

Of the 349 patients who received ABECMA in clinical trials, 226 (65%) patients received tocilizumab; 39% (135/349) received a single dose, while 26% (91/349) received more than 1 dose of tocilizumab. Overall, 24% (82/349) of patients received at least 1 dose of corticosteroids for treatment of CRS. Almost all patients who received corticosteroids for CRS also received tocilizumab. For patients treated in dose range of 460 to 510 x 106 CAR-positive T cells, 76% (54/71) of patients received tocilizumab and 35% (25/71) received at least 1 dose of corticosteroids for treatment of CRS. For patients treated in dose range of 300 to 460 x 106 CAR-positive T cells, 63% (152/241) of patients received tocilizumab and 20% (49/241) received at least 1 dose of corticosteroid for treatment of CRS.

Monitor patients at least daily for 7 days following ABECMA infusion at the REMS-certified healthcare facility for signs or symptoms of CRS and monitor patients for signs or symptoms of CRS for at least 4 weeks after ABECMA infusion. At the first sign of CRS, institute treatment with supportive care, tocilizumab and/or corticosteroids as indicated. Ensure that a minimum of 2 doses of tocilizumab are available prior to infusion of ABECMA. Counsel patients to seek immediate medical attention should signs or symptoms of CRS occur at any time.

Neurologic Toxicities: Neurologic toxicities, including immune-effector cell-associated neurotoxicity (ICANS), which may be severe or life- threatening, occurred concurrently with CRS, after CRS resolution, or in the absence of CRS following treatment with ABECMA.

In patients receiving ABECMA in the KarMMa and KarMMa-3 studies, CAR T cell-associated neurotoxicity occurred in 40% (139/349), including Grade 3 in 4% (14/349) and Grade 4 in 0.6% (2/349) of patients. The median time to onset of neurotoxicity was 2 days (range: 1 to 148 days). The median duration of CAR T cell-associated neurotoxicity was 8 days (range: 1 to 720 days) in all patients including those with ongoing neurologic events at the time of death or data cut off. CAR T cell-associated neurotoxicity resolved in 123 of 139 (88%) patients and median time to resolution was 5 days (range: 1 to 245 days). One-hundred and thirty four out of 349 (38%) patients with neurotoxicity had CRS. The onset of neurotoxicity during CRS was observed in 93 patients, before the onset of CRS in 12 patients, and after the CRS event in 29 patients. The rate of Grade 3 or 4 CAR T cell-associated neurotoxicity was 5.6% (4/71) and 3.7% (9/241) for patients treated in dose range of 460 to 510 x 106 CAR-positive T cells and 300 to 460 x 106 CAR-positive T cells, respectively. The most frequent (greater than or equal to 5%) manifestations of CAR T cell-associated neurotoxicity include encephalopathy (21%), headache (15%), dizziness (8%), delirium (6%), and tremor (6%).

At the safety update for KarMMa-3 study, one patient developed fatal neurotoxicity 43 days after ABECMA. In KarMMa, one patient had ongoing Grade 2 neurotoxicity at the time of death. Two patients had ongoing Grade 1 tremor at the time of data cutoff.

Cerebral edema has been associated with ABECMA in a patient in another study in multiple myeloma. Grade 3 myelitis and Grade 3 parkinsonism have occurred after treatment with ABECMA in another study in multiple myeloma.

Monitor patients at least daily for 7 days following ABECMA infusion at the REMS-certified healthcare facility for signs or symptoms of neurologic toxicities and monitor patients for signs or symptoms of neurologic toxicities for at least 4 weeks after ABECMA infusion and treat promptly. Rule out other causes of neurologic symptoms. Neurologic toxicity should be managed with supportive care and/or corticosteroids as needed. Counsel patients to seek immediate medical attention should signs or symptoms occur at any time.

Hemophagocytic Lymphohistiocytosis (HLH)/Macrophage Activation Syndrome (MAS): In patients receiving ABECMA in the KarMMa and KarMMa-3 studies, HLH/MAS occurred in 2.9% (10/349) of patients. All events of HLH/MAS had onset within 10 days of receiving ABECMA, with a median onset of 6.5 days (range: 4 to 10 days) and occurred in the setting of ongoing or worsening CRS. Five patients with HLH/MAS had overlapping neurotoxicity. The manifestations of HLH/MAS include hypotension, hypoxia, multiple organ dysfunction, renal dysfunction and cytopenia.

In KarMMa-3, one patient had Grade 5, two patients had Grade 4 and two patients had Grade 3 HLH/MAS. The patient with Grade 5 HLH/MAS also had Grade 5 candida sepsis and Grade 5 CRS. In another patient who died due to stroke, the Grade 4 HLH/MAS had resolved prior to death. Two cases of Grade 3 and one case of Grade 4 HLH/MAS had resolved.

In KarMMa, one patient treated in the 300 x 106 CAR-positive T cells dose cohort developed fatal multi-organ HLH/MAS with CRS. In another patient with fatal bronchopulmonary aspergillosis, HLH/MAS was contributory to the fatal outcome. Three cases of Grade 2 HLH/MAS resolved.

HLH/MAS is a potentially life-threatening condition with a high mortality rate if not recognized early and treated. Treatment of HLH/MAS should be administered per institutional guidelines.

ABECMA REMS: Due to the risk of CRS and neurologic toxicities, ABECMA is available only through a restricted program under a Risk Evaluation and Mitigation Strategy (REMS) called the ABECMA REMS. Further information is available at www.AbecmaREMS.com or contact Bristol-Myers Squibb at 1-866-340-7332.

Hypersensitivity Reactions: Allergic reactions may occur with the infusion of ABECMA. Serious hypersensitivity reactions, including anaphylaxis, may be due to dimethyl sulfoxide (DMSO) in ABECMA.

Infections: ABECMA should not be administered to patients with active infections or inflammatory disorders. Severe, life-threatening, or fatal infections occurred in patients after ABECMA infusion.

In all patients receiving ABECMA in the KarMMa and KarMMa-3 studies, infections (all grades) occurred in 61% of patients. Grade 3 or 4 infections occurred in 21% of patients. Grade 3 or 4 infections with an unspecified pathogen occurred in 12%, viral infections in 7%, bacterial infections in 4.3%, and fungal infections in 1.4% of patients. Overall, 15 patients had Grade 5 infections (4.3%); 8 patients (2.3%) with infections of pathogen unspecified, 3 patients (0.9%) with fungal infections, 3 patients (0.9%) with viral infections, and 1 patient (0.3%) with bacterial infection.

Monitor patients for signs and symptoms of infection before and after ABECMA infusion and treat appropriately. Administer prophylactic, pre-emptive, and/or therapeutic antimicrobials according to standard institutional guidelines.

Febrile neutropenia was observed in 38% (133/349) of patients after ABECMA infusion and may be concurrent with CRS. In the event of febrile neutropenia, evaluate for infection and manage with broad-spectrum antibiotics, fluids, and other supportive care as medically indicated.

Viral Reactivation: Cytomegalovirus (CMV) infection resulting in pneumonia and death has occurred following ABECMA administration. Monitor and treat for CMV reactivation in accordance with clinical guidelines. Hepatitis B virus (HBV) reactivation, in some cases resulting in fulminant hepatitis, hepatic failure, and death, can occur in patients treated with drugs directed against plasma cells. Perform screening for CMV, HBV, hepatitis C virus (HCV), and human immunodeficiency virus (HIV) in accordance with clinical guidelines before collection of cells for manufacturing. Consider antiviral therapy to prevent viral reactivation per local institutional guidelines/clinical practice.

Prolonged Cytopenias: In patients receiving ABECMA in the KarMMa and KarMMa-3 studies, 40% of patients (139/349) experienced prolonged Grade 3 or 4 neutropenia and 42% (145/349) experienced prolonged Grade 3 or 4 thrombocytopenia that had not resolved by Month 1 following ABECMA infusion. In 89% (123/139) of patients who recovered from Grade 3 or 4 neutropenia after Month 1, the median time to recovery from ABECMA infusion was 1.9 months. In 76% (110/145) of patients who recovered from Grade 3 or 4 thrombocytopenia, the median time to recovery was 1.9 months. Five patients underwent stem cell therapy for hematopoietic reconstitution due to prolonged cytopenia. The rate of Grade 3 or 4 thrombocytopenia was 62% (44/71) and 56% (135/241) for patients treated in dose range of 460 to 510 x 106 CAR-positive T cells and 300 to 460 x 106 CAR-positive T cells, respectively.

Monitor blood counts prior to and after ABECMA infusion. Manage cytopenia with myeloid growth factor and blood product transfusion support according to local institutional guidelines.

Hypogammaglobulinemia: In all patients receiving ABECMA in the KarMMa and KarMMa-3 studies, hypogammaglobulinemia was reported as an adverse event in 13% (46/349) of patients; laboratory IgG levels fell below 500 mg/dL after infusion in 37% (130/349) of patients treated with ABECMA.

Hypogammaglobulinemia either as an adverse reaction or laboratory IgG level below 500 mg/dL after infusion occurred in 45% (158/349) of patients treated with ABECMA. Forty-one percent of patients received intravenous immunoglobulin (IVIG) post-ABECMA for serum IgG <400 mg/dL.

Monitor immunoglobulin levels after treatment with ABECMA and administer IVIG for IgG <400 mg/dl. Manage appropriately per local institutional guidelines, including infection precautions and antibiotic or antiviral prophylaxis.

Use of Live Vaccines: The safety of immunization with live viral vaccines during or after ABECMA treatment has not been studied. Vaccination with live virus vaccines is not recommended for at least 6 weeks prior to the start of lymphodepleting chemotherapy, during ABECMA treatment, and until immune recovery following treatment with ABECMA.

Secondary Malignancies: Patients treated with ABECMA may develop secondary malignancies. In KarMMa-3, myeloid neoplasms (four cases of myelodysplastic syndrome and one case of acute myeloid leukemia) occurred in 2.2% (5/222) of patients following treatment with ABECMA compared to none in the standard regimens arm at the time of the safety update. The median time to onset of myeloid neoplasm from ide-cel infusion was 338 days (Range: 277 to 794 days). Three of these five patients have died following the development of myeloid neoplasm. One out of the five cases of myeloid neoplasm occurred after initiation of subsequent antimyeloma therapy.

T cell malignancies have occurred following treatment of hematologic malignancies with BCMA- and CD19-directed genetically modified autologous T cell immunotherapies, including ABECMA. Mature T cell malignancies, including CAR-positive tumors, may present as soon as weeks following infusion, and may include fatal outcomes.

Monitor life-long for secondary malignancies. In the event that a secondary malignancy occurs, contact Bristol-Myers Squibb at 1‑888‑805‑4555 for reporting and to obtain instructions on collection of patient samples for testing of secondary malignancy.

Effects on Ability to Drive and Operate Machinery: Due to the potential for neurologic events, including altered mental status or seizures, patients receiving ABECMA are at risk for altered or decreased consciousness or coordination in the 8 weeks following ABECMA infusion. Advise patients to refrain from driving and engaging in hazardous occupations or activities, such as operating heavy or potentially dangerous machinery, during this initial period.

Adverse Reactions: The most common nonlaboratory adverse reactions (incidence greater than or equal to 20%) include pyrexia, CRS, hypogammaglobulinemia, infections – pathogen unspecified, musculoskeletal pain, fatigue, febrile neutropenia, hypotension, tachycardia, diarrhea, nausea, headache, chills, upper respiratory tract infection, encephalopathy, edema, dyspnea and viral infections.

Please see full Prescribing Information, including Boxed WARNINGS and Medication Guide.

About Bristol Myers Squibb and 2seventy bio
Abecma is being jointly developed and commercialized in the U.S. as part of a Co-Development, Co-Promotion, and Profit Share Agreement between Bristol Myers Squibb and 2seventy bio. Bristol Myers Squibb assumes sole responsibility for Abecma drug product manufacturing and commercialization outside of the U.S. The companies’ clinical development program for Abecma includes ongoing clinical studies (KarMMa-2, KarMMa-3) in earlier lines of treatment for patients with multiple myeloma. For more information visit clinicaltrials.gov.

About 2seventy bio
Our name, 2seventy bio, reflects why we do what we do - TIME. Cancer rips time away, and our goal is to work at the maximum speed of translating human thought into action – 270 miles per hour – to give the people we serve more time. With a deep understanding of the human body’s immune response to tumor cells and how to translate cell therapies into practice, we’re applying this knowledge to deliver the first FDA-approved CAR T cell therapy for multiple myeloma to as many patients as possible. Importantly, we remain focused on accomplishing our mission by staying genuine and authentic to our “why” and keeping our people and culture top of mind every day. For more information, visit www.2seventybio.com.

Follow 2seventy bio on social media: X (Twitter) and LinkedIn.

2seventy bio is a trademark of 2seventy bio, Inc.

Cautionary Note Regarding Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of applicable laws and regulations. These statements include but are not limited to: statements regarding the proposed acquisition of 2seventy bio, Inc. (“2seventy bio”) by Bristol Myers Squibb (“BMS”), the expected timetable for completing the transaction, future opportunities for the combined businesses, the expected benefits of BMS’s acquisition of 2seventy bio and the development and commercialization of Abecma. These statements may be identified by the fact they use words such as “should,” “could,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe,” “will” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance, although not all forward-looking statements contain such terms. These statements are only predictions, and such forward-looking statements are based on current expectations and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them, that are difficult to predict, may be beyond 2seventy bio’s control and could cause actual outcomes and results to differ materially from those expressed in, or implied by, the forward-looking statements. Actual results may differ materially because of numerous risks and uncertainties including with respect to (i) the timing of the tender offer and subsequent merger, (ii) the number of shares of 2seventy bio common stock that will be tendered in the tender offer, (iii) the risk that the expected benefits or synergies of the acquisition will not be realized, (iv) the risk that legal proceedings may be instituted related to the merger agreement, (v) any competing offers or acquisition proposals for 2seventy bio, (vi) the possibility that various conditions to the consummation of the tender offer or the acquisition may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the offer or the acquisition and (vii) unanticipated difficulties or expenditures relating to the proposed acquisition, including the response of business partners and competitors to the announcement of the proposed acquisition or difficulties in employee retention as a result of the announcement and pendency of the proposed acquisition. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many risks and uncertainties that affect BMS’s business and market, particularly those identified in the cautionary statement and risk factors discussion in BMS’s Annual Report on Form 10-K for the year ended December 31, 2024, and its subsequent Quarterly Reports on Form 10-Q, and 2seventy bio’s business, particularly those identified in the risk factors discussion in 2seventy bio’s Annual Report on Form 10-K for the year ended December 31, 2023, and its subsequent Quarterly Reports on Form 10-Q, as well as other documents that may be filed by BMS or 2seventy bio from time to time with the SEC. 2seventy bio undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made and readers are cautioned not to place undue reliance on such statements.

Additional Information and Where to Find It

The tender offer described in this document has not yet commenced. This document is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any shares of the common stock of 2seventy bio or any other securities, nor is it a substitute for the tender offer materials described herein. At the time the planned tender offer is commenced, a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents, will be filed by BMS (“BMS”) and Daybreak Merger Sub Inc., a wholly owned indirect subsidiary of BMS, with the Securities and Exchange Commission (“SEC”), and a solicitation/recommendation statement on Schedule 14D-9 will be filed by 2seventy bio with the SEC. The offer to purchase shares of 2seventy bio common stock will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed as a part of the Schedule TO.

INVESTORS AND SECURITY HOLDERS ARE URGED TO CAREFULLY READ BOTH THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A LETTER OF TRANSMITTAL AND RELATED DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 REGARDING THE OFFER, AS THEY MAY BE AMENDED FROM TIME TO TIME, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND SECURITY HOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SECURITIES.

Investors and security holders may obtain a free copy of the offer to purchase, the related letter of transmittal, certain other tender offer documents and the solicitation/recommendation statement, when available, and other documents filed with the SEC on the SEC’s website at www.sec.gov or by directing such requests to the information agent for the offer, which will be named in the tender offer statement. The offer to purchase and related tender offer documents may also be obtained for free on BMS’ website at www.bms.com/investors or 2seventy bio’s website at https://ir.2seventybio.com/. In addition, BMS and 2seventy bio each files annual, quarterly and current reports and other information with the SEC, which are also available to the public at no charge at www.sec.gov.

2seventy bio, Inc.

Consolidated Statements of Operations and Comprehensive Loss

(unaudited)

(in thousands, except per share data)

 

For the three months ended

December 31,

 

For the twelve months ended

December 31,

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Revenue:
Service revenue

$

2,926

 

$

3,348

 

$

18,118

 

$

24,144

 

Collaborative arrangement revenue

 

-

 

 

7,336

 

 

19,744

 

 

71,601

 

Royalty and other revenue

 

-

 

 

-

 

 

-

 

 

4,642

 

Total revenues

 

2,926

 

 

10,684

 

 

37,862

 

 

100,387

 

Operating expenses:
Research and development

 

8,653

 

 

51,217

 

 

76,917

 

 

230,758

 

Cost of manufacturing for commercial collaboration

 

5,520

 

 

3,147

 

 

18,010

 

 

14,819

 

Selling, general and administrative

 

8,524

 

 

16,201

 

 

43,924

 

 

69,414

 

Share of collaboration loss

 

3,323

 

 

-

 

 

4,553

 

 

-

 

Restructuring expenses

 

171

 

 

-

 

 

12,303

 

 

8,614

 

Cost of royalty and other revenue

 

-

 

 

-

 

 

-

 

 

2,099

 

Change in fair value of contingent consideration

 

-

 

 

55

 

 

(2,415

)

 

235

 

Goodwill impairment charge

 

-

 

 

-

 

 

-

 

 

12,056

 

Total operating expenses

 

26,191

 

 

70,620

 

 

153,292

 

 

337,995

 

Loss from operations

 

(23,265

)

 

(59,936

)

 

(115,430

)

 

(237,608

)

Interest income, net

 

2,632

 

 

3,648

 

 

10,875

 

 

12,413

 

Other income (expense), net

 

1,114

 

 

(534

)

 

4,347

 

 

7,625

 

Gain on sale of assets to Novo Nordisk

 

-

 

 

-

 

 

47,987

 

 

-

 

Loss on assets held for sale to Regeneron

 

-

 

 

-

 

 

(5,026

)

 

-

 

Loss before income taxes

 

(19,519

)

 

(56,822

)

 

(57,247

)

 

(217,570

)

Income tax (expense) benefit

 

-

 

 

-

 

 

-

 

 

-

 

Net loss

$

(19,519

)

$

(56,822

)

$

(57,247

)

$

(217,570

)

Net loss per share - basic and diluted

$

(0.37

)

$

(1.11

)

$

(1.10

)

$

(4.42

)

Weighted-average number of common shares used in computing net loss per share - basic and diluted

 

52,344

 

 

51,383

 

 

52,218

 

 

49,276

 

2seventy bio, Inc.

Consolidated Balance Sheet Data

(unaudited)

(in thousands)

 

 

 

As of December 31,

2024

 

As of December 31,

2023

Cash, cash equivalents and marketable securities

$

183,621

$

221,805

Total assets

 

479,510

 

565,426

Total liabilities

 

268,704

 

310,126

Total stockholders' equity

 

210,806

 

255,300

 

Investors and Media:

Vicki Eatwell, CFO

vicki.eatwell@2seventybio.com

Morgan (Adams) Shields

Morgan.adams@2seventybio.com

Source: 2seventy bio, Inc.

FAQ

What is the acquisition price offered by Bristol Myers Squibb for TSVT shares?

Bristol Myers Squibb is offering $5.00 per share in an all-cash transaction for TSVT shares.

How much revenue did TSVT's Abecma generate in U.S. sales for 2024?

Abecma generated $242 million in U.S. sales during 2024.

What was TSVT's net loss for full year 2024?

TSVT reported a net loss of $57.2 million for the full year 2024, compared to $217.6 million in 2023.

When is the Bristol Myers Squibb acquisition of TSVT expected to close?

The acquisition is expected to close in the second quarter of 2025.

How much cash and equivalents did TSVT have at the end of 2024?

TSVT ended 2024 with $183.6 million in cash, cash equivalents, and marketable securities.
2Seventy Bio

NASDAQ:TSVT

TSVT Rankings

TSVT Latest News

TSVT Stock Data

259.34M
48.65M
6.59%
85.1%
9.31%
Biotechnology
Pharmaceutical Preparations
Link
United States
CAMBRIDGE