Fri, Sep 27, 8:24 PM (84 days ago)
bluebird bio, Inc. reported significant financial challenges in its Q2 2024 results, with a net loss of $81.4 million and an accumulated deficit of $4.4 billion as of June 30, 2024. Product revenue increased to $16.1 million, up from $6.8 million in Q2 2023, primarily driven by sales of SKYSONA and ZYNTEGLO. However, the cost of product revenue surged to $28.9 million, resulting in a gross margin loss of $12.8 million. Operating expenses rose to $75.5 million, reflecting increased selling, general, and administrative costs. The company faces substantial doubt about its ability to continue as a going concern, necessitating additional funding, which may not be readily available. Risks include regulatory scrutiny, competition, and uncertainties surrounding reimbursement for its therapies. The company is undergoing a restructuring, reducing its workforce by 25%, to optimize costs. As of June 30, 2024, cash and cash equivalents totaled $144.1 million, expected to fund operations into early 2025.