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bluebird bio Inc. (BLUE-6.80%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, highlighting a net loss of $240.7 million for the year, with an accumulated deficit of $4.5 billion as of December 31, 2024. This reflects the significant expenses incurred in research and development, as well as selling, general, and administrative costs.
bluebird bio's revenue for 2024 was reported at $83.8 million, primarily driven by the sales of its gene therapy products ZYNTEGLO, SKYSONA, and LYFGENIA in the United States. This marks an increase from the previous year's revenue of $29.5 million.
The company continues to focus its efforts on commercializing its gene therapies in the U.S. market and scaling its manufacturing capabilities to support these activities.
bluebird bio has entered into a Merger Agreement with Beacon Parent Holdings, L.P. and Beacon Merger Sub, Inc., with the transaction expected to close in the first half of 2025, subject to customary closing conditions.
The filing also discusses the company's restructuring efforts aimed at reducing cash operating expenses by approximately 20% by the third quarter of 2025, including a workforce reduction of approximately 25% implemented in the fourth quarter of 2024.
As of December 31, 2024, bluebird bio reported cash and cash equivalents of approximately $62.3 million, with expectations to fund operations into the second quarter of 2025, supported by continued cost-saving initiatives and the anticipated closing of the Merger Transaction.
The company acknowledges the risks associated with its financial condition and the potential need for additional funding if the Merger Transaction does not close as planned.
bluebird bio's research and development expenses for 2024 totaled $94.3 million, a decrease from $167.7 million in 2023, reflecting the transition of its drug candidates to commercial products.
The company remains committed to advancing its gene therapy platform and addressing severe genetic diseases, with ongoing efforts to optimize its operations and financial resources.
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. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.