Summary by Futu AI
bluebird bio, Inc. has announced that it will delay the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The company cited the identification of certain accounting errors related to U.S. GAAP applications in contracts with manufacturing organizations as the reason for the delay. These errors have led to the need to restate financial statements for the year ended December 31, 2022, and for the first three quarters of both 2022 and 2023. The restatement process requires additional time, preventing the company from meeting the April 1, 2024, filing deadline. bluebird bio also disclosed a material weakness in its internal control over financial reporting, which has resulted in ineffective disclosure controls and procedures. The company is currently evaluating its internal controls and will provide a remediation plan in the forthcoming 2023 Form 10-K. Despite the restatements, bluebird bio does not anticipate any impact on its cash position or revenue. The company has communicated that it expects to file the delayed report by the fifteenth calendar day following the original due date.