bluebird bio, a biotechnology company, reported a net loss of $60.8 million for the third quarter of 2024, a decrease from the $87.2 million net loss in the same period of the previous year. Total revenue for the quarter was $10.6 million, down from $12.4 million in Q3 2023, with the decline primarily due to one fewer infusion compared to the previous year. Cost of product revenue increased to $11.8 million, up from $9.1 million in the prior year's quarter. Selling, general and administrative expenses slightly decreased to $39.8 million from $40.8 million, with reduced employee compensation and commercial readiness expenses, offset by increased professional fees. Research and development expenses saw a significant decrease to $23.2 million from $58.5 million, attributed to a reduction in employee-related expenses and decreased costs across...Show More

bluebird bio, a biotechnology company, reported a net loss of $60.8 million for the third quarter of 2024, a decrease from the $87.2 million net loss in the same period of the previous year. Total revenue for the quarter was $10.6 million, down from $12.4 million in Q3 2023, with the decline primarily due to one fewer infusion compared to the previous year. Cost of product revenue increased to $11.8 million, up from $9.1 million in the prior year's quarter. Selling, general and administrative expenses slightly decreased to $39.8 million from $40.8 million, with reduced employee compensation and commercial readiness expenses, offset by increased professional fees. Research and development expenses saw a significant decrease to $23.2 million from $58.5 million, attributed to a reduction in employee-related expenses and decreased costs across various development activities. The company has continued to focus on commercializing its gene therapies in the U.S., including ZYNTEGLO, SKYSONA, and LYFGENIA, which have been approved by the FDA. bluebird bio has also initiated a restructuring plan to reduce cash operating expenses by approximately 20% by the third quarter of 2025, which includes a workforce reduction of about 25%. The company expects to continue incurring operating losses and negative cash flows as it advances the commercialization of its products. As of September 30, 2024, bluebird bio had cash and cash equivalents of approximately $70.7 million and anticipates that its current cash will fund operations into the first quarter of 2025.