2seventy Bio Reports Revenue Decline to $37.9 Million, Focuses on Abecma Commercialization

2seventy bio, Inc. reported a significant decline in its financial performance for the fiscal year ending December 31, 2024, with total revenues of $37.9 million, down from $100.4 million in 2023. This decrease of $62.5 million was primarily attributed to a reduction in collaborative arrangement revenue from its partnership with Bristol-Myers Squibb (BMS), driven by lower sales of its CAR T-cell therapy, Abecma. The company also noted the termination of its collaboration with Regeneron, which further impacted revenue. Despite these challenges, 2seventy bio's net loss improved to $57.2 million in 2024 from $217.6 million in the previous year, reflecting a reduction in operating expenses due to workforce restructuring and decreased research and development costs.

Strategically, 2seventy bio has undergone significant changes, including a realignment to focus exclusively on the commercialization and development of Abecma. This shift involved the sale of its oncology and autoimmune research programs to Regeneron and the sale of its megaTAL platform to Novo Nordisk. The Regeneron transaction closed on April 1, 2024, resulting in a substantial portion of the workforce transitioning to Regeneron. The company also announced a 40% workforce reduction in September 2023, followed by an additional 14% reduction in January 2024, aimed at conserving financial resources and aligning its operations with its strategic focus.

Operationally, 2seventy bio reported that its research and development expenses decreased significantly, primarily due to the transition of personnel and responsibilities to Regeneron. The company employed approximately 65 full-time employees as of February 1, 2025, down from previous levels. The strategic realignment and workforce reductions are expected to yield cost savings, although the company acknowledged the potential for disruptions in its operations. The filing also highlighted the importance of maintaining relationships with healthcare providers and ensuring adequate reimbursement for Abecma to support its commercialization efforts.

Looking ahead, 2seventy bio's outlook remains cautious, with expectations of continued operating losses and negative cash flows in the near future. The company emphasized the need for additional funding to support its operations and the ongoing commercialization of Abecma. As of December 31, 2024, the company held cash, cash equivalents, and marketable securities totaling $183.6 million, which it believes will be sufficient to fund operations for at least the next twelve months. However, the company may need to pursue public or private equity offerings, debt financings, or strategic collaborations to secure the necessary capital for its future endeavors.

In summary, 2seventy bio is navigating a challenging financial landscape marked by declining revenues and strategic restructuring. The company's focus on Abecma and its efforts to streamline operations may position it for future growth, but uncertainties regarding market acceptance, reimbursement, and funding remain significant risks that could impact its long-term viability.