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bluebird bio, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's financial performance, including a net loss of $60.8 million for the quarter, compared to a net loss of $87.2 million in the same quarter the previous year.
Total revenues for the quarter were $10.6 million, a decrease from $12.4 million in the same quarter of the previous year, attributed to fewer infusions.
Cost of product revenue increased to $11.8 million from $9.1 million, reflecting higher inventoriable expenses.
Selling, general, and administrative expenses were $39.8 million, slightly down from $40.8 million, due to decreased employee compensation and marketing expenses.
Research and development expenses decreased significantly to $23.2 million from $58.5 million, primarily due to reduced manufacturing costs and headcount.
The company reported restructuring expenses of $2.8 million related to a workforce reduction.
bluebird bio's cash and cash equivalents stood at $70.7 million as of September 30, 2024.
bluebird bio continues to face challenges with its manufacturing processes and supply chain, impacting its commercialization efforts.
The company is focused on commercializing its three FDA-approved gene therapies: ZYNTEGLO, SKYSONA, and LYFGENIA, while managing ongoing regulatory and market acceptance challenges.
bluebird bio is addressing a material weakness in its internal control over financial reporting and is implementing remediation plans to strengthen its financial reporting processes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the bluebird bio Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.