Summary by Futu AI
On August 13, 2024, bluebird bio, Inc. amended its Loan and Security Agreement with Hercules Capital, Inc. and other lenders, revising the terms for accessing future loan tranches and modifying financial covenants. The amendment introduces new milestones for drawing additional tranches of $25 million each, based on patient starts for LYFGENIA and drug product deliveries, with deadlines extending into 2025. The fourth tranche of $50 million remains at the lenders' discretion until December 2026. The terms also include interest-only payments until April 2027 or 2028, contingent on meeting a performance milestone, and an end of term charge of 6.45%. Additionally, the company adjusted the exercise price of warrants to purchase common stock. bluebird bio also announced its Q2 2024 financial results, reporting $16.1 million in net revenue and a cash position sufficient to fund operations into Q2 2025. The company highlighted its commercial progress, with 27 patient starts in 2024 and expectations of approximately 85 patient starts by year-end. The company's shares are registered under the ticker BLUE on the Nasdaq Stock Market LLC.
