As of September 30, 2024, 2seventy bio, Inc. reported total assets of $503.8 million, a decrease from $565.4 million at the end of 2023. Current assets also fell to $218.5 million from $237.8 million, with cash and cash equivalents declining from $75.0 million to $60.0 million. Total liabilities decreased to $275.7 million from $310.1 million, while total stockholders’ equity dropped to $228.1 million from $255.3 million. The accumulated deficit increased from $(511.2 million) to $(548.9 million).

For the third quarter of 2024, total revenue reached $13.5 million, up from $12.0 million in the same period of 2023. Service revenue decreased to $2.9 million from $4.9 million, while collaborative arrangement revenue surged to $10.7 million from $5.9 million, primarily due to increased sales of Abecma under the collaboration with Bristol Myers Squibb (BMS). However, for the nine months ended September 30, 2024, total revenue fell to $34.9 million from $89.7 million, largely due to a significant drop in collaborative arrangement revenue from BMS.

Operating expenses for the third quarter of 2024 were $27.5 million, a substantial decrease from $90.0 million in the prior year. This reduction contributed to an improved loss from operations of $(13.9 million) compared to $(78.0 million) in 2023. The net loss for the quarter was $(9.9 million), significantly better than the $(71.6 million) loss reported in the same quarter of the previous year.

Research and development expenses for the nine months ended September 30, 2024, were $68.3 million, down from $179.5 million in 2023, reflecting workforce reductions and decreased operational costs following the asset sales to Regeneron and Novo Nordisk. The company also reported a restructuring plan initiated in January 2024, which included a workforce reduction of approximately 14% and is expected to be completed in the first half of 2025.

Strategically, 2seventy bio has focused on the development and commercialization of Abecma, following a realignment that began in January 2024. The company completed significant asset sales to Regeneron and Novo Nordisk in 2024, which included oncology and autoimmune research and development programs. The Regeneron collaboration agreement was terminated on April 1, 2024, impacting revenue streams.

As of September 30, 2024, the company had cash, cash equivalents, and marketable securities totaling approximately $192.4 million, which is expected to fund operations for at least the next twelve months. Future funding may involve public or private equity offerings, debt financing, or strategic partnerships.