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2seventy bio Inc. (TSVT0.00%) has filed its 10-K filing for the fiscal year ended December 31, 2024.
The filing details a net loss of $57.2 million for the year, a decrease from the $217.6 million loss reported in 2023. This reduction is attributed to decreased research and development expenses following the strategic realignment to focus on the commercialization of Abecma.
Total revenue for 2024 was $37.9 million, down from $100.4 million in 2023. The decrease in revenue was primarily due to reduced collaborative arrangement revenue from the BMS partnership, driven by decreased Abecma sales.
Research and development expenses decreased to $76.9 million from $230.8 million in the prior year. This was largely due to the transfer of certain programs to Regeneron and workforce reductions.
The company reported $18.0 million in costs associated with the manufacturing of Abecma for commercial collaboration, an increase from $14.8 million in 2023, reflecting increased costs allocated to Abecma.
Selling, general, and administrative expenses were $43.9 million, a decrease from $69.4 million in 2023. This reduction was due to lower compensation expenses following workforce reductions.
2seventy bio recognized a gain of $48.0 million from the sale of assets to Novo and a loss of $5.0 million related to assets held for sale to Regeneron.
The company ended the year with $183.6 million in cash, cash equivalents, and marketable securities, which it expects to fund operations for at least the next twelve months.
2seventy bio continues to focus on the commercialization of Abecma, in collaboration with BMS, and anticipates further developments in this area.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the 2seventy bio Inc. annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.